Judgment Search Results Home > Cases Phrase: financial obligations Court: income tax appellate tribunal itat mumbai Page 1 of about 243 results (0.129 seconds)

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... accordingly, the board's financial obligations under the lease arrangements have been provided as liability in the books of accounts and correspondingly the lease assets are taken ..... " accordingly the board's financial obligations under the lease arrangements have been provided as liability in the books of account and correspondingly the leased assets were taken ..... 1st february, 1993 and published the same in the gazette, granting exemption to the sale of plant and machinery to geb by a registered dealer or by a lease finance company or financial institution, provided the geb furnished to eh dealer to the lease finance company or financial institution a certificate in the form appended to the notification declaring inter alia that the plant and machinery so purchased shall be used by geb in the generation and public distribution of electricity. ..... same gazette, another notification was issued granting exemption from sales tax in respect of sale of plant and machinery by geb to any lease finance company or financial institution, if the authorized officer of the geb incorporates a declaration in the form appended to the notification in the bill or invoice issued by him in ..... as the need was supplied, it was prepared to act in accordance with the terms and conditions set by the financing/leasing companies.it hardly mattered to it as to whether a simple financial transaction of borrowing money for interest should take the form of a sale and lease back, so long as the funds were coming in. .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... accordingly, the board's financial obligations under the lease arrangements have been provided as liability in the books of accounts and correspondingly the lease assets are ..... " according the board's financial obligations under the lease arrangements have been provided as liability in the books of account and correspondingly the lease assets were ..... monies is the interest and the asset concerned is merely a security for the loan, can be cosmetically altered to bear the characteristics of a sale and lease back, so that the lessor-financier can claim to own the asset and use it in his leasing business and seek to set off the depreciation allowance (under section 32) against the lease rentals which are nothing but interest. ..... document contained a term that if the lease was renewed the lessee will deliver the equipment to the lessor even if the company had fulfilled all its obligations during the lease.attention of the court was drawn to clause (15) of the lease agreement which provided that on termination of the lease, the bank was entitled to sell the equipment. ..... published the same in the gazette, granting exemption to the sale of plant and machinery to geb by a registered dealer or by a lease finance company or financial institution, provided the geb furnishes to the dealer to the lease finance company or financial institution a certificate in the form appended to the notification declaring inter alia that the plant and machinery so purchased shall be used by geb in the generation and .....

M. Visvesvaraya Industrial Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD511(Mum.)

..... --the principal terms and conditions for leasing space in the trade centre have, upon counsel's advice been modified, although this does not presently involve any change in the financial obligations of the lessees. ..... the hon'ble court was seized with the question of rights and obligations of the assessee on the one hand and that of the company being wound up. ..... we have, in the earlier part of this order, on an analysis of the lease agreements found that there was no legal obligation on the part of the centre to refund any part of 'advance rent'. ..... section 11(4a) r/w section 11(4) left no doubt that if the business was held under trust or legal obligation, the income from the same was not chargeable. ..... the assessee argued before him that in the case of any premature termination of lease by any lessor, the assessee would be under legal obligation to refund the unadjusted balance of the primary basic rent. ..... in lieu of 'advance rent' received, the assessee was obliged to keep the lessees in possession for the entire lease period of 60 years. ..... in the absence of any right of refund of primary basic rent by the lessees, in the opinion of the ao, the deposit in effect was an unenforceable and unilateral obligation on the assessee centre. ..... though this council of management was not directly responsible to the government, it owed duty and obligation to the government. ..... for example, during the financial year 1988-89 a sum of rs. .....

General Glass Co. (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108TTJ(Mum.)854

..... failed to act in good faith in making the payment due and payable by them to the petitioner the respondent had failed and neglected in fulfilling, its financial obligations, liabilities and commitments. ..... instalments which the petitioner did in the spirit of co-operation and good faith and with the hope that the respondent would ultimately fulfil its financial obligations. ..... not possible to hold that the transferee was willing to perform his obligations in the financial year 1995-96 in which the capital gains are sought to be taxed ..... make payments at the above rates and within the above stipulated time, the petitioners shall be forthwith released of any further obligation to the respondent in this behalf and may then sell the said flats in the open market and at market rates without ..... after the consent terms were arrived at before the hon'ble high court, it is not necessary to go into whether or not the transferee was 'willing to perform' his obligation under these consent terms, it is sufficient to take note of the fact that the matter travelled to hon'ble high court in the year 2001, i.e. ..... of these tower flats, the escrow agent shall return the cheques referred to it in annexure a above and all the provisions relating to the respective rights and obligations of parties hereto set out in respect of the said flats in buildings 'b-l' to 'b-5' shall apply to these tower flats, mutatis mutandis. ..... financial year 1995-96, transferee expressed his inability to perform his payment obligations .....

Visveswaraya Industrial Vs. Deputy Commissioner

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)59ITD156(Mum.)

..... "lease of space - the principle terms and conditions for leasing space in the trade centre have, upon the counsel's advice been modified, although this does not presently involve any change in the financial obligations of the lessees. ..... . he pleaded that the council of management though, was not directly responsible to the government but, owed a duty & obligation to it and at the same time, it had the onerous duty of ensuring that the path chosen by the assessee is strictly in line with it its objectives and is intended in achieving its primary objective that is advancement in the research ..... he observed that for the purpose of generation finance for construction of the centre, a scheme of self-financing was evolved and to reduce the financial assistance needed from financial agencies according to which long term lease of space on first-cum-first served basis through intensive advertisements. ..... from business as in ay 1989-90, to the extent of the space of commerce centre given possession of after the lessees had paid in full the agreed amount of consideration called by the assessee as 'primary basic rent' during the financial year relevant to the ay 1990-91, it was treated as short-term capital gain. ..... the right to enjoy idbi centre was transferred in the financial year ending 31-3-1990.5.17 he considering the various facilities in consideration of which it charged common outgoing rent, concluded that it was a business activity and chargeable under the head 'profit and gains from .....

Crest Communication Ltd. Vs. Additional Director of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD558(Mum.)

..... other public body or association, every private employer and every other person responsible for deducting tax under the foregoing provisions of this chapter shall, within the prescribed time after the end of each financial year, prepare and deliver or cause to be delivered to the prescribed income-tax authority or such other authority or agency as may be prescribed, such returns in such form and verified in ..... appears that the assessee made the payment to non-residents within the financial year 1992-93, and, in view of the scope of section 206, the assessee, tax-deductor had an obligation to file the return within 'prescribed time' after the end of that financial year, but, in case assessee tax-deductor had to follow rule 37a, the assessee had an obligation to file the return by 21st august, 1992 which is well before ..... is extracted hereunder: we find that while, in terms of the provisions of section 206 of the act, the tax deduction is only under an obligation to file the tds returns "with prescribed time after the end of each financial year", rule 37a requires the tax deductor to file the return, termed as 'statement in form no. ..... it was further contended before the cit(a) that, section 206 mandates the filing of the tds return within the prescribed limit after the end of the financial year, whereas, rule 37a of income-tax rules (hereinafter called as rules) prescribed in this behalf in the context of furnishing of returns regarding tds in the case of non-residents, requires the .....

Joint Commissioner of Vs. Abbot Laboratories (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD343(Mum.)

..... it was contended that the employees and their union had indeed carried out their obligations in the financial year 1995-96 relevant to the assessment year 1996-97 and the co-operation that was referred to was also an event of 1995-96 and hence, ex gratia was allowable as an expenditure in the year under appeal ..... but where the liability is, during the whole of the period that the business is carried on, wholly contingent and does not arise any definite obligation during the time that the business is carried on, it cannot fall within the expression 'expenditure laid out or expended wholly and exclusively' for the purpose of the business.19 ..... with regard to the ex gratia payment, it was submitted that the same was also to be made in pursuance of the consent terms, to the employees as a matter of commercial expediency and for the employees carrying out certain obligations and for having cooperated with the appellant by not divulging any information acquired during the course of employment. ..... normally, the liability which occurs after the last date, unless its source is in a preexisting definite obligation, cannot be regarded as a part of the outgoing of the business debitable in the profit and loss account ..... lastly, it was contended that vrs was effective from 1-4-1996 which date fell within the financial year 1996-97 relevant to assessment year 1997-98 and, therefore, liability, if any, accrued in assessment year 1997-98 and, therefore, no claim could be allowed in assessment year 1996 .....

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... submitted, clause 4 of the agreement (page 166 of the paper book) provides for the payments in addition to the guaranteed payment for all other rights, which are defined in clause 6 "artist's warranties and obligations" (page 169 of the paper book).these payments represent full and final consideration for the rights assigned (as per clause 6), the engagements and all products of engagements and shall include any or all ..... 4.1 in addition to the guaranteed payment and subject to the full, complete and timely performance and observance by the artist of all his obligations under this agreement, the corporation shall pay to the artist in each year a sum not exceeding 7.5 (seven and a half) per cent of the profit earned by the corporation ..... further submitted, clauses 12 and 13 (page 175 of the paper book) "termination and effects of termination", provide that if the artist fails to perform or observe or breaches any of the obligations, undertakings or warranties or if the corporation fails to pay the consideration in terms thereof, the agreement shall be terminated ..... shooting during a financial year shall be sufficient compliance of the corporation's obligation herein contained. ..... the corporation and upon receiving reasonable notice shall make himself available during the pre-engagement and post-engagement periods also, 2.1-2 the artist shall during each and every financial year act/perform in one feature film which the corporation may in its absolute discretion produce or co-produce. .....

Grindwell Norton Ltd. Vs. the Dcit, Spl. Rg. 23

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD412(Mum.)

..... money was given to enable the companies to recover from the financial crisis and also to meet the day-to-day obligation. ..... since the subsidiary companies were not obliged to distribute by way of dividends the entire profits earned on account of their managerial remuneration paid by the assessee company and the assessee company was only entitled to dividend from the subsidiary company as and when declared, it ..... rescuing the subsidiary companies from the financial crisis is the other reason. ..... due to the weak financial position of the subsidiary, its share capital was taken over. ..... 3,19,590/- to meet the financial crisis.4. .....

inspecting Assistant Vs. Jeetendra Kapoor

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD259(Mum.)

..... . similarly, in regard to the agreement between the producer and the artist for payment of annuities agreed to be made, how the obligation of the producer should be ensured or secured is a matter between the parties and if an artist agrees to a guarantee given by a private party or limited company or any institution not necessarily the life insurance company, i fail to see how it is open ..... producers had depending on their financial position, entered into such agreement, whereby while carrying on the work in the present, they are obliged to make the payment only in the future partly out of recovery from the exploitation of films and partly from future ..... for their guaranteeing the due performance of the producers' obligation under the contract of service with the assessee cannot be treated as remuneration paid to him for services ..... lakhs for their agreeing to stand as guarantors for due performance by the producer of the obligation and the agreement with the assessee to pay annuity of rs. ..... for their agreeing to stand as guarantors for the due performance by the producer of the obligation of paying to the assessee the annuity agreed to by the producer. ..... a deposit in consideration of the said company standing as guarantors for due performance by the producer of the obligation of paying the annuity to the assessee. ..... be held to be under the absolute control of the assessee obliged to carry out his dictations ..... it is the obligation of every citizen to pay the taxes honestly without resorting to .....