Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter vii incomes formaing part of total incomeon which no income tax is payable Court: income tax appellate tribunal itat delhi Page 1 of about 29 results (1.929 seconds)

Ranbaxy Laboratories Ltd. Vs. Addl. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)299ITR175(Delhi)

..... in the open market; or (ii) reasonably accurate adjustments can be made to eliminate the material effects of such differences. further "rule 10b(1)(e) of income tax act providing for determination of arm's length price under section 92c required that following steps are to be taken while applying tnmm after selection and evaluation of controlled ..... because another reasonable view was also possible, the assessment could not be treated as erroneous and prejudicial to invoke provisions of section 263 of the income tax act. vi) that ld. cit failed to appreciate that under the transfer pricing mechanism "tested party" out of two parties of a multinational involved in the transaction, the least complex ..... i. t. act 1961 for revision of order passed under section 143(3) of the i.t. act in your case for asstt. year 2004-05 reg. in your case, return of income was filed on 20.10.2004 declaring an income of rs. 330,64,05,014/-. assessment order under section 143(3) of the income tax act was passed .....

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

Court : Income Tax Appellate Tribunal ITAT Delhi

..... ld. ar contended that the us regulations incorporate the bright line test within its legislation. in the absence of any such incorporation under the relevant provisions of the income-tax act, 1961, the ld. ar contended that taking cognizance of this test for denial of deduction of amp expenses was unwarranted. it was further submitted that the revenue authorities ..... notice during the course of proceedings. 7.2. the ld. counsel submitted that section 92ca of the income-tax act, 1961 (hereinafter also called `the act') has undergone certain changes. he referred to sub-section (2a) of section 92ca, inserted by the finance act 2011 w.e.f. 1-6-2011, as per which, where any other international transaction, apart ..... arm's length, it can 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 .....

Amarjit Singh Bakshi (Huf) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)263ITR75(Delhi)

..... 1997-98 (upto 6th nov., 1996) adding rs. 6,83,50,000 (rs. 7.07 crores--rs. 23,50,000) as unexplained investment under section 69b of the it act, 1961. addition of the same amount was also made in the case of shri a.s. bakshi, huf on protective basis.4. the ao observed that the sale consideration of rs ..... found during search evidencing the payment of the said sum. (k) it is restated that the provisions of chapter xiv-b of the it act are the special provisions and have been enacted to tax the undisclosed income which has been found as a result of search. it is submitted nothing has been found as a result of search to establish that ..... .s. atwal, the proceedings under section 158bd were initiated against shri a.s. bakshi, individual and huf separately. a survey was conducted on assessee under section 133a of the it act, 1961. the statement of assessee was recorded by the asstt. director of it (investigation) on 29th jan., 1997. after this date a notice under section 158bd was issued on assessee .....

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

Court : Income Tax Appellate Tribunal ITAT Delhi

..... to question the loan amount which was the subject matter of a regular assessment, while making block assessment, the court held as follows: the explanation to section 158ba of the income-tax act, 1961 makes it clear that the legislature thought it fit to make a distinction between the block assessment and the regular assessment. in the case of regular assessment, the assessing officer ..... country. it has an independent board having 3 non-resident directions in addition to mr. shiv nadar as director. further, as per clause (ii) of section 6(3) of the income tax act, 1961, m/s vsipl (m) is not a company resident in india as the control and management of its affairs is situated wholly outside india and all decisions are taken by .....

Sunil Agarwal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the considered view that the addition of rs. 1,36,41,971 cannot be said to be the undisclosed income of the assessee?" 1. the following questions have been referred to me under section 255(4) of the it act, 1961 : "1. whether, on the facts and in the circumstances of the present case, the addition of rs ..... . shri rakesh minocha chartered accountant also gave similar statement that gopal singh approached him and in lieu of introducing these parties in the bank the work of income-tax was assigned to mr.1 rakesh mahajan, chartered accountant. therefore, for this purpose he helped the assessee. from these statements and from other records, which were ..... singh proprietor m/s. new fashion plastic and shri kishore kumar proprietor india plastics who are all independent persons having independent existence and identities and assessed to income-tax for a period prior to opening of the bank accounts by them. the record reveals that introduction, of accountant under whose control or directions or in .....

Mange Ram Mittal Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)103ITD389(Delhi)

..... , therefore, it cannot be treated as undisclosed income. the view is contrary to the provisions of chapter xiv-b of the it act, 1961. in chapter xiv-b of the act, special provisions for assessment in search cases have been given and if any amount of income has not been taxed and during the course of search, if some 'undisclosed' income is found on the basis of material ..... well as the claims made by the assessee with regard to exemption and/or deduction. those can be considered under section 143(3) of the said act of 1961, whereas the third income being 'the undisclosed income' is taxed and by way of block assessment resulting in search and seizure. such block assessment is made under section 158ba. the logic behind the two different modes .....

Sedco Forex International Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2000)72ITD415(Delhi)

..... charging ss. 4 and 5 (d) even if income attributable to mobilisation fee is chargeable to tax, what is the reasonable proportion of income which can be charged to tax under s. 44ab of the act 4. the learned counsel invited ..... fall within the ambit of s. 44bb of the act (c) since the mobilisation fee for transportation of the drilling rig/drilling equipment relate to services rendered outside india and the payment was also made to the appellant company outside india, whether income on such payments can be charged to tax under the provisions of it act, 1961, as it is clearly beyond the scope of .....

Herbalife International India Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD450(Delhi)

..... , 2000, and has allowed the assessee to remit only 10,00,000 us $ as reimbursement of head-office expenses and has also directed that income-tax should be paid on the remittances as per the provisions of the it act, 1961. since the payment was conditional on obtaining the rbi approval, the assessee pleaded that the expenditure in question cannot be deemed to have accrued ..... have a pe in india. if the income is considered as having accrued or arisen to m/s hiai in india, yet they can be taxed in india only if they are fees for included services. even if the payment is considered as "fees for technical services" within the meaning of it act, 1961, yet they cannot be taxed because 'fees for technical services' and 'fees .....

Millennium Infocom Technologies Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)117TTJ(Delhi)456

..... as under: sub : remittance to a non-resident-- deduction of tax at source--submission of no objection certificate--dispensing with--regarding 1. section 195 of the it act, 1961 provides that any person responsible for paying to a non resident any sum chargeable under the act shall, at the time of credit of such income to the account of the payee, or at the time of ..... payment thereof in cash or by cheque or draft or any other mode, whichever is earlier, deduct income tax thereon at the rates .....

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

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD655(Delhi)

..... in the said decision, the hon'ble kerala high court held as under: secection 132 of the it act, 1961, authorizes search and seizure, if the authorized officer has reason to believe in consequence of information that any person is in possession of money, income, etc., which has not been disclosed. sub-section (5) of section 132 of the ..... : provided that where any building, place, vessel, vehicle or aircraft referred to in clause (i) is within the area of jurisdiction of any chief cit or cit, but such chief cit or cit has no jurisdiction over the person referred to in clause (a) or clause (b) or clause (c), then, notwithstanding anything contained in section 120 ..... may be prescribed, shall, within one hundred and twenty days of the seizure, make an order, with the previous approval of the jt. cit,- (i) estimating the undisclosed income (including the income from the undisclosed property) in a summary manner to the best of his judgment on the basis of such materials as are available with him; .....