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The Triveni Engg. Works Ltd. Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

..... provisions of section 36(1)(iii) and 43(2) of the act and we find that payment of interest on borrowed capital is an allowable deduction but in the light of provisions of section 43b payment of interest and the loan instalment to state financial corporation is allowable only in those years in which such sum is ..... the assessee preferred an appeal before the cit(a) with the submission that as per the supreme court directions, the assessee was required to pay half of the amount which became due in 4 monthly installments with interest of 12.5% from the date of the order and for the balance amount, the assessee had to ..... since the supreme court while granting leave petition has ordered that interest @12.5% is to be only on the instalments payable in four months (which is half of the amount due) from the date of the order, the liability, if any, not only of the principal amount but also of the interest would depend on the ..... that the writ petition filed by the assessee in the high court challenging the fixation of levy price was dismissed and the assessee was asked to pay half of the amount in monthly instalments by the hon'ble supreme court of india on a stay petition of the assessee while staying the outstanding demand. ..... the claim of the assessee was re-examined by the cit(a) in the light of various judgements but he was not convinced with the explanation of the assessee and confirmed the disallowance after making the following observations :- "i have carefully considered the observations .....

Slocum Investment P. Ltd. (Now Vs. the Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... considering all the facts of the case and keeping in view the legal position as emanating from the interpretation of the relevant provisions of section 92 in the light of various judicial pronouncements as discussed above, we are of the considered opinion that although the transaction of sale of shares in question was between a resident i.e ..... attention to paragraph 1 and 2 of page 38 of the order of the assessing officer wherein the assessing officer has given the following finding: now, in the light of the above discussion, one can observe all the ingredients as listed by the hon'ble itat is completely met in the present case. ..... therefore, necessary to appreciate the facts of the case on hand in the light of material available on record to ascertain as to whether these two entities ..... we also wish to add that the documents found at the time of search itself did not throw any light on the conclusions arrived at by the assessing officer. ..... it was only consequent to search and the material found in the course of such a search that it came to light that the shares of hcl consulting ltd. ..... we have considered the rival submissions in the light of material available on record and the case laws ..... a comparison of the value at which a similarly placed company which is half the size of m/s hcl consulting ltd. ..... the assessee submitted that in the light of the fact that this transaction of sale of shares was already disclosed as income under the head capital gain could only mean that there was a proper .....

Oil and Natural Gas Commission Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1999)69ITD69(Delhi)

..... 3.2 that the learned cit(a), dehra dun, ought to have allowed the expenditure incurred by the appellant in light of the decision of the tribunal, delhi bench and several decisions of the high courts and the accounting standards laid down by the institute of chartered accountants of india as well as the account's standard notified by the central ..... commission for its functioning of 10 months during the previous year and half of the admissible depreciation has been claimed in the hands of the corp. ..... 43a which are clearly applicable in the light of several decisions of the supreme court and high courts. ..... after considering the submissions made by the learned representatives, and after considering the admissibility of such evidence in the light of provisions contained in r. .....

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)558

..... such, considering all the facts of the case and keeping in view the legal position as emanating from the interpretation of the relevant provisions of section 92 in the light of various judicial pronouncements as discussed above, we are of the considered opinion that although the transaction of sale of shares in question was between a resident, i.e ..... 38 of the order of the ao wherein the ao has given the following finding : now, in the light of the above discussion, one can observe all the ingredients as listed by the hon'ble tribunal is completely met in the ..... therefore, necessary to appreciate the facts of the case on hand in the light of material available on record to ascertain as to whether these two entities, i.e ..... the learned departmental representative it was only consequent to search and the material found in the course of such a search that it came to light that the shares of m/s hcl consulting ltd. ..... we have considered the rival submissions in the light of material available on record and the case laws cited at ..... it was further contended that in the light of evidence found in the course of search, it was clear that the domain and control of m/s wipl was with ..... also a comparison of the value at which a similarly placed company which is half the size of m/s hcl consulting ltd. ..... the assessee submitted that in the light of the fact that this transaction of sale of shares was already disclosed as income under the head capital gain, could only mean that there was a proper disclosure by .....

Asstt. Commissioner of Vs. Shri Gian Chand Dhawan

Court : Income Tax Appellate Tribunal ITAT Delhi

..... has taken a particular view that the annual letting value as defined in section 23(1) should be determined as per the standard rent determinable under the rent control act, we have again re-examined the impugned issue in the light of the judgments referred to by the parties and the rival submissions and we are of the considered opinion that whenever the rate of rent on which the property is let out is disputed for different reasons, the best ..... turning to the case in hand, in the light of aforesaid judgments, i find that the assessee has received substantial amount of rs. ..... of other companies of the group were found to be occupying the premises, the assessing officer turn down the contentions of the assessee to be effect that it was let out only for one and a half months. ..... this letting was only for one and a half months. .....

Marchon Textile Ind. P. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)41ITD15(Delhi)

..... in the context of facts which have emerged (as stand reproduced in paragraph 4 above), when we examine the same in the light of the above sections of the sale of goods act, it has to be held that, whereas the written date of the purchase order is march 14, 1983, the appellant-assessee as vendor had made an invoice on march i, 1983. ..... there is no doubt left that, for the second half of that period, the buyers treated it as their property and, for that last period, the ownership in that property cannot vest in the assessee as well as the buyer -- messrs. .....

Pradeep Oil Corpn. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1987)21ITD430(Delhi)

..... referring to this decision of the delhi high court the submission was that even in that case the manufacture of ethyl alcohol from molasses was half to be a mineral oil product as the product was similar to the one which could be derived by cracking up petroleum products. .....

Shiv Cable and Wire Industries Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)99TTJ(Delhi)106

..... the assessee's explanation in this behalf has been lightly taken by the authorities below. ..... taneja, who had expired one and a half month ago. .....

Orbitel Communication (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)107TTJ(Delhi)112

..... late by about one and a half month. .....

Sanjeevan Medical Centre Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... this contention of the learned authorised representative for the assessee has no force in the light of the decision of hon'ble bombay high court in melmould corpn's case (supra) wherein their lordships have observed that the value of the closing stock of the preceding year must be the value of the opening ..... 1,25,000 so, taking the unused closing stock at the end of the year for one and a half month, the tax authorities below were justified in taking the closing stock value at rs. ..... on the other hand, the learned authorised representative for the assessee, submitted that the unused stock value taken for one and a half months is on a higher side and it should be taken for the last 15 days only.25. ..... 15 lakhs, because the assessee must be having at least one or one and a half month stock at the end of the previous year relevant to assessment year under consideration so, the assessing officer had the basis to estimate the stock at rs. ..... submitted that in the light of these observations all the case law relied upon by the learned authorised representative for the assessee, stands negated and the addition made by the assessing officer stands justified. ..... 1,75,000 considering the un-used closing stock at the end of the year, treating the same to be stock for one and a half month.16. .....