Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1992)43ITD272(Ahd.)
..... amount, it is seen that the private limited company m/s banyan and berry construction private limited was assessed on the following income as per pages 219 to 222 of the paper book: 15.5 we also find that the assessment order of the registered firm m/s banyan & berry for assessment year 1985-86 under section 147 read with section 143(3) shows that the original assessment was completed under section ..... is contained in clause 7 thereof, which is reproduced below: the parties hereto are not undertaking any further business actively in the said firm and have no outstanding business save and except to the extent of pursuing the aforementioned claim against the government of gujarat in respect ..... transferred from the firm to the company but the income was also not transferred from the firm to the company.if the firm is treated as dissolved on 16-8-1984 then both the actionable claim and the income therefrom were transferred ..... section 28(iv) of the act being the value of any benefit or perquisite, whether convertible into any money or not, arising from the business; (2) the amount was taxable under the provisions of sections 60 and 63 of the it act (however, neither the provisions of sections 60 and 63 were set out in full nor was it explained how these sections can be invoked); (3) the provisions of section ..... engineer, irrigation department on 21-11-1986 (page 76 of the paper book) that there was no objection to the proposal regarding making the payment of interim award to the respective .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1993)45TTJ(Ahd.)58
..... notwithstanding anything herein contained the benefits of the said claims shall not stand transferred to the company and the vendors shall be entitled to pursue the said claims and retain any amount that may be allowed by the government or otherwise recovered in respect of the said claim or any part thereof and for the purpose of such recovery the vendors shall be entitled to use the firm name and style and to be in the said name and style." 4. ..... 7 thereof, which is reproduced below : "the parties hereto are not undertaking any further business actively in the said firm and have no outstanding business save and except to the extent of pursuing the aforementioned claim against the government of gujarat in respect of the contract of construction of earthern dam for mazam irrigation scheme in the sabarkantha district. ..... the fiction introduced by the section had a limited application and was only meant for completing the assessment. ..... 25th may, 1984 from the firm to the executive engineer, irrigation department (see page 133 of the paper book). ..... it is also seen that as per dissolution deed, three of the partners were appointed to do certain acts on behalf of all the erstwhile partners which included opening of bank account.15.10 that question arises as to what was the purpose of dissolving the firm at all. ..... , 1986 (page 76 of the paper book) that there was no objection to the proposal regarding making the payment of interim award to the respective partners of the dissolved firm m/s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... in not appreciating the fact that deductions under section 80-i and section 80-la ought to have been allowed on the profits of the concerned undertakings without deducting depreciation eligible under section 32 in view of the fact that depreciation under section 32 is eligible on the basis of the "block of assets" for the company as a whole and not in respect of individual assets of the concerned industrial undertakings and accordingly depreciation cannot be allocated to the different industrial undertakings as per the scheme of the income tax act, 1961, in respect of allowance of ..... payment of premium of leasehold, in fact, represents purchase price for acquisition of long-term lease for 99 years, which is transferable, assignable and alienable subject to certain restrictions ..... to terminate the agreement, power to enter into and inspect, power to extend time, etc.however, clauses 9 and 10 of the said licence agreement clearly provide that when the executive engineer of the licensor certifies that the factory building and works have been erected in accordance with, the terms thereof and if the licensee shall have observed all the stipulations and conditions, the licensor will grant and the licensee will accept a lease in ..... representative was fair enough to admit that the aggregate amount of remuneration paid to the directors including the aforesaid commission is below the said limit prescribed under section 309 of the companies act ..... ) 37 ctr (bom) 189 : (1984) 150 itr 266 (bom) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... cit , bus transport undertaking of the assessee was taken over by the state government and there was compulsory acquisition of capital assets of the assessee used in this business amounting to sale of those assets which was held to be a compulsory acquisition of assets within the meaning of the term "sold" found in sections 32 and 41 and also in the definition of "transfer" in section 2(47) of the act. ..... ); current assets including interest accrued on investments, the securities, shares, debentures, bonds and other investments; any other asset appearing in the books; technical collaboration and operating agreements, human resources, technical expertise and supporting designs and drawings, warrantees, inventions, power of attorneys, assignments, deed of confirmations, mortgages, goodwill, permits, licences, quotas and other intangible benefits, ongoing contracts, tenancies, pending claims, lease of various premises, right and other easements, technical and engineering data, design data, etc. ..... the foreign exchange contracts are entered into by the company with a view to limiting the company's obligation for future payments in foreign exchange. ..... (supra);hooghly trust (p) ltd. v. ..... , 1984, it filed a revised return showing business loss of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... (1999) 235 itr 21 (mad), bus transport undertaking of the assessee was taken over by the state government and there was compulsory acquisition of capital assets of the assessee used in this business amounting to sale of those assets which was held to be a compulsory acquisition of assets within the meaning of the term "sold" found in sections 32 and 41 and also in the definition of "transfer" in section 2(47) of the act. ..... assets including interest accrued on investments, the securities, shares, debentures, bonds and other investments; any other asset appearing in the books; technical collaboration and operating agreements, human resources, technical expertise and supporting designs and drawings, warrantees, inventions, power of attorneys, assignments, deed of confirmations, mortgages, goodwill, permits, licences, quotas and other intangible benefits, ongoing contracts, tenancies, pending claims, lease of various premises, right and other easements, technical and engineering data, design data, etc. ..... foreign exchange contracts are entered into by the company with a view to limiting the company's obligation for future payments in foreign exchange, the assessee-company is not engaged in the financing business or dealing in foreign exchange and as such, the exchange acquired by the assessee-company does not partake the character of a trading ..... (supra);hooghly trust (p) ltd ..... the company later on realised its mistake and on 26-12-1984, it filed a revised return showing business loss .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)108ITD1(Ahd.)
..... trading company, budapest, for undertaking the manufacture of microscopes and theodolites, under which the said foreign collaborator, in consideration of payment of ..... such documentation service by supplying these documents to the appellant was to enable it to undertake its trading activity of manufacturing the odolites and microscopes and these documents had a vital function to perform in the manufacture of these instruments; in fact, it was with the aid of these complete and up-to-date set of documents that the appellant was able to commence its manufacturing activity and these documents really formed the basis of the business of manufacturing the instruments in question. ..... contractee's project being of the same genre, would not similarly require the acquisition of the technical know-how, the essence of its transfer being that it enables the acquirer to apply the same? ..... provisions of section 32 of the act are concerned, its clear that the tangible assets have been made entitled to depreciation only with effect from 1 -4-1999 and if strict interpretation of these provisions is considered, the assessee may not be entitled to depreciation also, but for the decisions in the case of scientific engineering house (p. ..... eastern generation limited ('egl'), though the amount thereof is not specified separately, and it is presumed in the ensuing discussion that its nature is not different from of ..... the company later on realised its mistake and on 26-12-1984, it filed a revised return showing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)111TTJ(Ahd.)593
..... metrimpex hungarian trading company, budapest, for undertaking the manufacture of microscopes and theodolites, under which the said foreign collaborator, in consideration of payment of rs. ..... the purpose of rendering such documentation service by supplying these documents to the appellant was to enable it to undertake its trading activity of manufacturing theodolites and microscopes and these documents had a vital function to perform in the manufacture of these instruments; in fact, it was with the aid of these complete and up-to-date set of documents that the appellant was able to commence its manufacturing activity and these documents really formed the basis of the business of manufacturing the instruments in question. ..... , why, the contractee 'sproject being of the same genre, would not similarly require the acquisition of the technical know-how, the essence of its transfer being that it enables the acquirer to apply the same? ..... , the grantor, the assessee and gujarat maritime board/eastern generation limited, and of which there is no evidence (and/or claim); and (c) the decision in scientific engineering house pvt. ..... the assessing officer, companies ward-7(1) while issuing intimation under section 143(1)(a) of the income-tax act has carried out the adjustment in respect of the amount of rs. ..... the company later on realised its mistake and on december 26,1984, it filed a revised return showing business loss of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2007)109ITD181(Ahd.)
..... respect of an industrial undertaking which is formed as a result of the re-establishment, reconstruction or revival by the assessee of the business of any such industrial undertaking as is referred to in section 33b, in the circumstances and within the period specified in that section; ii) it is not formed by the transfer to a ..... 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 commodities having different uses; therefore, a company engaged in ..... of a manufactured product; and (ii) which is specified in relation to any goods in the section or chapter notes of schedule i to the central excise tariff act, 1985 as amounting to manufacture, and the word "manufacture" shall be construed accordingly and shall include not ..... ..... and to avoid hot spots and reduce no load losses, no load current and low noise level and during building the core and ensure that stacking factor, building factor, window height, air gapping and other technical aspects are within technical ..... (1984 edition), in chapter 1, under the heading "what is heat treatment, classification and commercial importance" (at page 1), the learned author has summarisedh that: the generally accepted definition for heat treating metals and metal alloys is n heating and cooling a solid metal or alloy in a way so as to obtain specific conditions .....
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