Judgment Search Results Home > Cases Phrase: finance act 2007 section 8 amendment of section 12a Sorted by: recent Court: income tax appellate tribunal itat delhi Page 1 of about 84 results (0.133 seconds)

Dy. Commissioner of Income-tax Vs. M/S. Honeywell International India ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... international transactions with its associated enterprises and as the value of international transaction was more than rs.15 crores after following the procedure laid down in sec. 92ca of the act the international transaction entered into by the assessee with the associated enterprises was referred to the transfer pricing officer for determining the arms length price. ..... is correct in holding that computer peripherals an accessories are eligible for depreciation @ 60% ignoring the fact that the apex court in the case of citi corp maruti finance ltd. observed that there is a question of law involved therein? 3. whether on the facts and circumstances of the case and in law, the ld. cit( ..... (1) and thereafter the case was selected for scrutiny by way of issuance of notice under sec. 143(2) on 07.09.2007 followed by another notice under sec. 143(2) sent along with questionnaire under sec. 143(1) on 29.04.2008/08.09.2009. the assessing officer observed that in the year under consideration the .....

M/S Filatex India Ltd. and Another Vs. Dcit and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... aforesaid: provided that where an addition to or deduction from the actual cost or expenditure or cost of acquisition has been made under this section, as it stood immediately before its substitution by the finance act, 2002, on account of an increase or reduction in the liability as aforesaid, the amount to be added to, or, as the ..... taken on the basis of the increase cost minus depreciation earlier allowed on the basis of old cost c.i.t. vs. woodward governor india (p) ltd. (2007) 162 taxman 60 delhi, it was held in case where foreign currency is held on revenue accounts. increase in liability on accounts of fluctuation in rate of foreign ..... amicably resolve all differences and disputed, filed an application for settlement of its case with the excise settlement commission, on 22.2.2007. the settlement commission accepted the application in terms of its order dated 18.2.2007. the assessee company paid excise duty of rs. 143,73,644/- on alleged sales aggregating rs. 91,84,006/- during .....

M/S United Leasing and Industries Ltd. Vs. Dy. Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... india, overseas branch, new delhi, which was dishonoured and the assessee company has filed criminal complaint against m/s crest export pvt. ltd. u/s 138 r/w section 142 of the negotiable instruments act, 1981. 6. the ar submitted that the authorities below ignored the above dispute between the assessee and m/s crest export pvt. ltd. and made the disputed ..... a direction that he would decide the issue de novo in the light of directions of hon'ble jurisdictional high court of delhi given in the case of motor general finance ltd. (supra) after giving reasonable opportunity of hearing to the assessee. 12. accordingly, the appeal of the assessee is disposed of with a direction to the assessing officer as ..... has been preferred by the assessee against the order of commissioner of income tax(a)-xxi, new delhi in appeal no. 72/09-10 dated 1.3.2012 for ay 2007-08. 2. the sole ground raised in this appeal reads as under:- "that on the facts and in the circumstances of the case, the ld. cit(a) has erred .....

Sumitomo Corporation India Private Limited Vs. Deputy Commissioner of ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... , am. 1. this appeal by the assessee is directed against the order of the assessing officer passed u/s. 143(3) read with section 144c of the i.t. act for assessment year 2007-08. 2. the grounds raised read as under:- 1. that the learned deputy commissioner of income tax, circle 9(1), new delhi has ..... aes. 23. we agree with the assessee's proposition that the nature of indenting transaction is different from the trading transactions. the trading transaction involves risks and finances, whereas in the indenting transaction the assessee has not to incur any such financial obligation or carry any significant risk. moreover, we note that in respect of ..... contentions in light of the material produced and precedent relied upon. ld. counsel of the assessee submitted that the activity of purchase and sale involves risks and finances; whereas in the activity of 'indenting transactions' which are undertaken by the assessee, the assessee has either not to incur any such financial obligation or carry any .....

Dcit, Circle2(1) Vs. M/S Bharti Cellular Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the licence fee calculation on the basis of annual revenue, the expenditure was a revenue expenditure covered u/s. 37(1) of the i.t. act, and not covered under section 35abb as it was not merely payment of capital nature confirming a benefit on the assessee for more than one year. considering the above, ld. ..... assessee submitted that the revenue expenditure of rs. 2,52,25,000/- represents network operating expenditure, personnel expenditure, sales and marketing expenditure, administrative and other expenditure and finance expenses. it was submitted that the assessee is in the business of providing telephone services. it has already been in commercial operation as it was providing cellular telephone ..... project. further, the assessee relied upon the decision of the itat, delhi in the case of bharti infotel ltd. (assessee's group company) for a.y. 2007-08 and a.y. 98-99. in this case it was held that "revenue expenditure incurred is only on the expansion of business which form part of telephone .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... lease of tangible or intangible property etc. it was submitted that the expression in the nature of has been clarified by way of insertion of explanation to section 92b by the finance act, 2012 with retrospective effect from 1-4-2002, but the case under consideration does not fall in any of the sub-clauses of clause (i) of ..... be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions, income arising from an international transaction between associated enterprises shall be ..... vs. acit [(2007) 107 itd 141 (bang.) (sb)], has clearly held that the burden to establish that international transaction was carried at arm's length price is on the tax payer. in view of the above discussion it is amply clear that sec. 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted .....

Ukt Software Technologies Pvt. Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... not served by the ao during the course of assessment proceeding the action of ao making assessment u/s 143(3) read with section 147 of it act was fully justified. 14. section 292bb as inserted by finance act 2008 reads as under: 292bb where an assessee has appeared in any proceeding or cooperated in any inquiry relating to an assessment or ..... time iii. served upon him in an improper manner. 15. provided that nothing contained in this section was applicable where the assessee has raised such objection before the completion of such assessment or reassessment. the above section was inserted by finance act 2008 w.e.f. 1.4.2008 and hon'ble delhi high court in the case of ..... cit vs. mani kakar 2009 (supra) had held that provisions of section 292bb are applicable from assessment year 2008-09 and the cases under .....

Sony India (P) Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... exceeded the permissible +5% range. subsequently, the relaxation extended by the above circular was, in substance, brought on the statute by the finance act, 2002 by amending the proviso to section 92c(2) of the act with retrospective effect from 01.04.2002 so as to provide that besides the arithmetical mean of the prices, the arm's length price ..... technology services ltd. v. acit, cir.11(1), bangalore 107 itd 141 (bangalore) (sb) and in the case of mentor graphics (nodia) pvt. ltd. v. dy. cit (2007) 109 itd 101 (del), considered the principles which are applicable under the indian transfer pricing regulations. in the present case, we need not repeat them. in the beginning the taxpayer ..... by the revenue are cross-appeals which are directed against three separate orders passed by the learned cit(a) dated 31.12.2004, 21.12.2006 and 31.1.2007 for ay 2001-02, 2002-03 & 2003-04 respectively. as some common issues are involved therein, the same have been heard together and are being disposed of .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... circular referred to by the assessee was not applicable because it was issued before the concept of block assessment was introduced in the act. he also referred to section 292bb of the act introduced by the finance act, 2008, with effect from 1.4.2008 which says that where an assessee has appeared in any proceeding or cooperated in any ..... assessee to the alleged entry provider and for this proposition, reliance was placed on the judgment of the delhi high court in cit v. divine leasing and finance limited (2007) 207 ctr 38.reliance was also placed on the judgment of the supreme court in cit, orissa v. orissa corporation limited 159 itr 78 where it was ..... prayed that the questions may be reframed in a suitable manner. the department did not have nay objection to this.vide our order sheet entry dated 14.5.2007, the following question was framed by the bench for consideration: whether and under what circumstances, consideration claimed to have been received on account of sale of jewellery etc .....

income Tax Officer Vs. Ekta Promoters (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)289

..... any scope for interpreting the said expression as 'may'. this is clear from the fact that prior to the amendment brought about by the finance act, 1987, the legislature in the corresponding section pertaining to imposition of interest used the expression 'may' thereby giving discretion to the authorities concerned to either reduce or waive the interest. the ..... (1) maruti udyog ltd.-the departmental appeal in this case for asst. yr. 1992-93 is pending for disposal in ita no. 4701/del/2007 in which the issue is regarding levy of interest under section 234d. the application to become intervener is dt. 15th april, 2008. (2) areva t&d india ltd. v. asstt. cit- one ..... 2004-05.70. it may be pointed out here that we have carefully gone through the decision of sigma aldrich foreign holding co. v. asstt. cit (2007) 106 ttj (bang) 581 : (2007) 104 itd 95 (bang), a decision relied upon by learned departmental representative. all the aspects of the issue discussed in the said decision have been considered .....