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 2 of about 84 results (1.130 seconds)

Smt. Krishna Verma and Subhash Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD655(Delhi)

..... and notice how it authorises and provides for passing of restraint orders and for what purpose. the second proviso to section 132(1) inserted by the finance act, 1988, w.e.f. 1st april, 1989 says that where it is not possible or practicable to take physical possession of any valuable article or thing and remove it to ..... and have been heard on the grounds omitted to be decided by the tribunal. in it(ss)a no.555/del/2003, the order of the tribunal dt. 9th march, 2007 was recalled to decide the following grounds: ground no. 1: the learned cit(a) erred on facts as well as in law in holding that: (i) search warrant dt. 10th ..... tribunal by not adjudicating upon other grounds raised. this miscellaneous application is allowed and to adjudicate upon other grounds raised in these appeals, the hearing is fixed on 22nd oct., 2007. the parties were informed in the open court on the conclusion of hearing and hence issue of notice for hearing is dispensed with.4. the appeals were, therefore, fixed for .....

Tulip Star Hotels Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and sale of shares, the return could not be said to be interest even if the return was pre-determined. he referred to the provision contained in section 5 of the act, under which the chargeable interest shall be the total amount of interest (other than interest on loans and advances made to other credit institutions or to any ..... of persons who are in over-bought or over-sold position. in such a situation, even if the delivery is taken, it would be only a security for the finance provided by the assessee as there was never any intention to purchase the shares and subsequently sell them. therefore, we are not in agreement with the learned counsel that ..... 21,67,970/- was included in the chargeable interest.3. the assessee repeated more or less the same facts before the learned cit(appeals). it was explained that badla finance was required by buyers and sellers of shares, who had outstanding positions on the date of the settlement. in the case of over-bought positions, the seller wanted to .....

Zauri Leasing and Finance Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)721

..... in the books of account or because the assessee had unilaterally written it off; (vii) despite the insertion of expln. 1 of section 41(1) w.e.f. 1st april, 1997 by the finance (no. 2) act, 1996, the judicial view still holds good so far as it has been held that even if the assessee had voluntarily written off ..... covered by the decision of jurisdictional high court in the case of morgan securities & credits (p) ltd. (supra) and by decision of cit v. autometers ltd. (2007) 210 ctr (del) 339 : (2007) 292 itr 345 (del). the learned counsel further argued that the remand cannot be directed by the tribunal merely for the sake of remand, particularly when material evidence ..... made resulting in a bad debt 'now being straightaway allowed in the year of write off. the interpretation of section 36(1)(vii) of the act was considered by this court in cit v. morgan securities & credits (p) ltd. (2007) 210 ctr (del) 336 : (2007) 292 itr 339 (del) in it appeal no. 1442 of 2006 decided on 7th dec, 2006. in .....

Dcit Vs. Nits Softech Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... ) satisfaction must be recorded by the assessing officer that any undisclosed income belongs to any person, other than the person with respect to whom search was made under section 132 of the act; (ii) the books of account or other documents or assets seized or requisitioned had been handed over to the assessing officer having jurisdiction over such other person; ..... non-application of mind. 20. it has been pointed out by the supreme court that the consequences arising out of invoking the provisions of chapter xiv-b of the act are drastic and draeonian. the accounts of the assessee may be reopened for ten years and not only a legal presumption is raised against the assessee but the burden ..... ble delhi high court in the case of new delhi auto finance (p) ltd. v. jcit dated 20-2-2008 rendered in ita no. 773 of 2007. in this case also the issue related to the validity of notice. the hon'ble high court has reproduced the notice issued under section 158bc on 26-10-1998. this notice reads as follows: .....

Klm Royal Dutch Airlines Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the appellant allowed unauthroisedly space to be used by csc and claimed same amount from the said company. thus, this does not qualify for deduction under section 37(1) of the act. the assessee is now in further appeal before us.5. learned counsel for assessee shri salil aggarwal submitted that as per para 1 of article 8 ..... the profits will not be liable to tax in the source country which are covered under article 8 notwithstanding the fact that there is unity of control and management, finance and the operations. on plain reading of article 8, there is no paragraph or clause which exempts the income derived from unauthorized exploitation of license. hence, the ..... s own claim are related directly to earning an income, which is exempt. since these are exempt and taxable income do not include the receipt, the provisions of section 14a shall be attracted. as all the expenses have been incurred and directly relatable to earnings of exempt income, no expense shall be attributable to the earning of .....

Assistant Commissioner of Income Vs. Mayur Recreational and

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD181(Delhi)

..... considered by the controller while determining the standard rent in the year 1971 itself. this being so, it was not permissible as per the relevant provisions of section 6 of the delhi rent control act, 1958 to substitute the said base price with the cost of the property to the assessee in order to determine/revise the standard rent and the said ..... the cases of director of it (exemption) v. guru nanak vidya bhandar trust , cit v. akash deep promoters & developers (p) ltd. (2005) 196 ctr (del) 99 and cwt v. allied finance (p) ltd. (2005) 195 ctr (del) 528.19. we have considered the rival submissions in the light of material available on record and the judicial pronouncements cited at the bar ..... ctr (del) 423 : (2006) 157 taxman 410 (del) and by delhi bench of tribunal in the case of midland international ltd. v.dy. cit (2007) 112 ttj (del) 210 : (2007) 13 sot 149 (del). he also contended that actual rent would be relevant only if it is higher than the standard rent w.e.f. 1976 and since the .....

Deputy Commissioner of Income Tax Vs. Maipo India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)116TTJ(Delhi)791

..... the paid up capital for the purpose of commuting the rebate allowable under para d, part 2 of the finance act. the object and scope of section 78 of the companies act has been stated as follows at p. 989 of "guide to the companies act by a. ramaiya, sixteenth edition by justice y.v. chandrachud, former chief justice of india: there was ..... the return being of capital itself.in p.k. badiani v. cit (supra), it was held by the supreme court that the /term "profits" occurring in section 2(6a)(e) of the 1922 act means profits in the commercial sense, that is to say, the profits made by the company in the real and true sense of the term. the share ..... 000 out of the reserves and surplus account of gorgeous chemical (p) ltd. as on 31st march, 1996 represented share premium collected by the said company. section 78(1) of the companies act deals with the application of premium received on issue of shares.it says that the premium received shall be transferred to a separate account styled "the share .....

Joint Commissioner of Income Tax Vs. Hero Honda Finlease Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)752

..... on the other hand contended that in the original return, the assessee had claimed 20 per cent depreciation. inviting attention to expln. 5 introduced by finance act, 2001 to section 32 of the it act which came into effect from 1st april, 2002, it...was stated that by virtue of the explanation, the ao was duty bound to consider the ..... difference of opinion between the members the following question is referred to the hon'ble president of the tribunal for deciding the same as contemplated in section 255(4) of the act: under the facts and findings whether there is any justification to restore the matter to learned cit(a) for addressing on maintainability of claim of ..... higher depreciation with reference to provisions of section 139(5) of the act or that the tribunal is bound to answer the question when it is raised before it and the decision taken thereon is justified? whether a .....

income Tax Officer Vs. Shambhu Mercantile Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)304ITR36(Delhi)

..... , the learned cit(a) relied on a circular no. 14 of 2001 [(2002) 172 ctr (st) 13] issued by the cbdt explaining the provisions of finance act, 2001 and the reasons for incorporating section 94(7) of the act. the relevant part of the said circular is reproduced hereunder for the sake of ready reference: 56. measures to curb creation of short-term losses ..... securities or units' in clauses (b) and (c) of section 94(7), also indicates that the three clauses have to be read together. thus they advocate for cumulative application of conditions and not otherwise. in support of this interpretation, we find that the circular no. 14 of 2001, which explains the finance act, 2001 issued by cbdt provides necessary stamp of approval to .....

Assistant Commissioner of Income Vs. Avdesh Kumar Parvinder S. Kochar

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)137

..... us.4. the learned departmental representative contended before us that there was admitted default in making the payments and therefore the assessee was liable to penalty under section 221 of the act. there was no stay granted by the ao for the payment of the disputed demand. the explanation furnished by the assessee for the delay in making the ..... covered by reasonable cause and therefore the cit(a) was justified in deleting so.6. in regard to the payment of interest our attention was invited to section 221 of the act, which provides for imposition of penalty in the event of default for making the payment of taxes. according to the learned counsel for the assessee no ..... the cit(a) has also referred to the cbdt circular no. 20(lxxxvi)-d of 1964 dt. 7th july, 1964 which contains a reference to the speech of the finance minister assuring the house that instructions will be issued to officers that wherever it is justifiable, no penalty should be imposed. the cit(a) has, after taking into account .....