Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Aug-27-2007
Reported in : (2008)113TTJ(Ahd.)1018
..... sent to the assessee notwithstanding that no tax or refund was due from him after making such adjustments. with effect from 1st april, 1998, second proviso to section 143(l)(a) was substituted by the finance act, 1997, which was operative till 1st june, 1999. the requirement was that intimation was to be sent to the assessee whether or not any adjustments had ..... applicable as it was a case of continuing proceedings and in that connection, he relied on the decision of allahabad high court in cat v. smt shashi agarwal (2007) 210 ctr (all) 205 : (2007) 159 taxman 340 (all) and the decision of the tribunal, delhi benches, in the case of asstt cat v. shakti builders (2005) 93 ttj (del) 425. he ..... report of the dvo cannot be a basis for reopening the assessment in view of the decision of the gauhati high court in the case of bishnu talkies v. cit (2007) 208 ctr (gau) 248 : (2006) 287 itr 372 (gau). he also relied on the decision of the tribunal, delhi benches, in the case of asstt. cit v.o.p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-29-2007
Reported in : (2008)113TTJ(Ahd.)300
..... 1st april, 2000 extending the outer limit for completion of the housing project on or before 31st march, 2002 as against 31st march, 2001 originally enacted.this sub-section was again amended by finance act, 2003 removing the time-limit for completion of the project meaning thereby that for the asst. yrs. 2002-03, 2003-04 and 2004-05, the assessment years ..... /ahd/2006), m/s kismat construction (ita no. 2823/ahd/2006), m/s rutu developers (ita no. 2856/ahd/2006) and m/s sahjanand developers (ita no. 672/ahd/2007), a question has also been raised by the revenue that the profit earned by the assessee are not for developing and building housing project alone but for the sale of ..... said to be unjustified.it was, accordingly, rightly upheld by the cit(a). his order is, thus, confirmed.in case of m/s sahjanand developers (ita no. 672/ahd/2007), the assessee's other disputes were against the addition of rs. 4,780 for purchase of fan and rs. 3,908 for telephone expenses as they are of earlier years .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jan-19-2007
Reported in : (2008)112ITD1(Ahd.)
..... would it only be an irregularity, which can be cured? (iii) what is the effect of retrospective amendment brought by the finance act 2006 by inserting the proviso to section 148 of the it act, 1961? and (iv) whether there was compliance of provisions of section 143(2)? 14. as regards first part of the question the ld. departmental representative dr. banwarilal, submitted that the proceedings ..... as may be, apply accordingly as if such return were a return required to be furnished under section 139. (2) the ao shall, before issuing any notice under this section, record his reasons for doing so.12. certain provisos are added by the finance act, 2006 to section 148 to save the assessments completed on the assumption that no such notice need be issued for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Aug-17-2007
Reported in : (2008)114TTJ(Ahd.)145
..... financial year 2000-01 for interest transactions. it would have followed the same system for the financial year 2001-02 also had the finance act, 2002 had not omitted section 44 of the nddb act. it was only in the post-financial year 2001-02 that the appellant decided through its board's resolutions to change its ..... now stands covered against the assessee by the decision of madras high court in cit v. synergy financial exchange ltd. (2006) 205 ctr (mad) 481 : (2007) 288 itr 366 (mad) wherein the court held that retrospectivity of amendment cannot be presumed; operation of amendment is prima facie prospective unless expressly or by necessary implications ..... we upon hearing the parties find that matter stands covered against the assessee by the recent decision of the supreme court in enterprising enterprises v. dy. cit (2007) 208 ctr (sc) 433 wherein it is held that proportionate lease rent paid by the mining lessee for acquiring leasehold right for extracting minerals from mineral bearing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jan-12-2007
Reported in : (2008)298ITR140(Ahd.)
..... , he must be taxed, however great the hardship may appear to the judicial mind to be.in fact, the provisions of section 47(xiii) and section 72a[(4) & (5)] stand co-opted statute by finance (no. 2) act 98. w.e.f. 1-4-99, and which, clearly provide for the case of the succession of a proprietary firm ..... allowed in the hands of the succcssor-company. the carry forward of unabsorbed business loss and unabsorbed depreciation is governed by the provisions of section 78(2) and section 32(2) of the act. respectively. section 32(2) restricts the allowance of claim of an unabsorbed depreciation only where the business continues to be carried on by the assessee himself ..... the contractual relationship between them, and the firm name only a compendious name given to all of them together. a company, as defined under section 2(10) r/w section 3 of the companies act, 1956, on the other hand, is a separate legal entity, a creature of the statute, separate and distinct from the several persons, natural .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : May-31-2007
Reported in : (2007)111TTJ(Ahd.)556
..... with retrospective effect, which in the present case it is not so.12. parties are heard and rival submissions considered. section 195 under which liability to deduct tax is there of the assessee reads as under: 195 any person ..... under section 80p(2) to a co-operative society in respect of commission on collection of electricity bills could not be rectified by withdrawing such exemption. the decision of star india (p) ltd. (supra) is also on different facts as in that case liability to pay interest on service-tax was extended by way of amendment to finance act ..... circumstances mentioned mandatory and there is no precondition of consideration of "reasonable cause" for non-payment in time of tax deducted under section 192 of the act. we hold that section 201(1 a) of the act is mandatory and the tribunal was right in law in taking the view that the income tax officer was not required to take .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Oct-26-2007
Reported in : (2008)116TTJ(Ahd.)225
..... ), five hundred rupees: provided that no such fee shall be payable in the case of an appeal referred to in sub-section (2) or a memorandum of cross-objections referred to in sub-section (4). clause (d) was inserted by the finance act, 1999 w.e.f. 1st june, 1999.5. we find that the kolkata "d" special bench in the case of bidyut ..... no. 1014/ahd/2005 for asst. yr. 2001-02, dt. 15th june, 2005 : reported at .; (ii) popatlal ishwarlal cotton co. v. cit ita no. 2044/ahd/2006, dt. 12th jan., 2007.12. the learned departmental representative, on the other hand, contended that the ao has not made any inquiry or verification and in this regard he relied on the following decisions ..... 1. this appeal by the assessee is directed against the order passed by the commissioner of income-tax-i, ahmedabad ("cit" for short) dt. 21st march, 2007 for the assessment year (asst. yr.) 2003-04.2. an objection has been taken by the registry that the tribunal fee was short by rs. 9,500. the assessee contended .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jun-05-2007
Reported in : (2007)109ITD181(Ahd.)
..... was not pointed out to the high court that the question in that case was whether the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975, and that, in answering that question, the high court had held that raw diamonds and cut and polished diamonds were different and distinct ..... was not pointed out to the high court that the question in that case was whether the assessee was an industrial company within the meaning of section 2(8) of the finance act, 1975, and that, in answering that question, the high court had held that raw diamonds and cut and polished diamonds were different and distinct marketable ..... . there was no dispute about the language of the statutes which provide that the assessees engaged in the manufacturing activities alone could claim exemption under section 80ib of the act. but the dispute was as to whether various activities performed by the assessee would amount to manufacture or not. the factual position of various processes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Nov-02-2007
Reported in : (2008)113TTJ(Ahd.)918
..... a clarificatory note or press release issued by the cbdt does not have statutory force like circulars issued by the board under section 119 of the act. wherein it was held that, "the press notifications issued by the ministry of finance, government of india, on 19th may, 1951 and 18th july, 1951 dealing with a concessional scheme for the payment of arrears ..... bench "c" mumbai in the case of ito v. m/s kulgam holdings (p) ltd. for asst. yr.2001-02 in ita no. 3785/mum/2004, dt. 25th april, 2007, wherein the hon'ble mumbai bench had occasion to consider the date of applicability of circular no. 2 of 2002 and after considering the circular and the press note dt ..... subsequent press release. similar question had arisen in the case of nirma chemical works ltd. for asst. yr. 2003-04 wherein vide appellate order passed recently on 8th feb., 2007, i have not accepted the contentions of the assessee and the addition made by the ao on account of accrued interest was confirmed. as discussed on pp. 4 and 5 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Apr-10-2007
Reported in : (2007)108ITD1(Ahd.)
..... of admissibility of depreciation on such assets, by holding that such assets are of depreciable nature, we are of the opinion that amendment made in section 32 of the act for granting depreciation on intangible asset can be extended for grant of depreciation in years prior to coming of this amendment on the statute. it is ..... expenses had to be capitalised, and that, therefore, the interest income of rs. 2,92,440 should go to reduce the pre-production expenses (including interest and finance charges), which would ultimately be capitalised. during the previous year relevant to the assessment year 1983-84, the assessee had received interest income of rs. 1,08 ..... vice-president has agreed with the directions given by the judicial member, subject however to the observations contained in paragraph no. 7 of order dated 10-4-2007 {supra), both the appeals are disposed of as per observation/directions of the hon'ble third member (supra). consequently, the assessing officer is directed to decide .....
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