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Capital Gem Overseas Pvt. Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD117(Delhi)

..... appeared on behalf of the revenue.3. ground nos. 1 & 1.1: these grounds challenge the validity of the notice issued under section 143(2) of the income-tax act. it is alleged that the assessment made under section 143(3) deserves to be quashed as no notice under section 143(2) had been served upon the assessee within ..... which could not be allowed in absence of business activity. hence, loss claimed by the assessee was disallowed and income of the assessee was assessed at nil loss/income.9.1. in appeal, it was submitted before the learned cit(appeals) that the business loss was claimed by the assessee on account of various expenses incurred during the year ..... by observing as under: the allowability of the alleged business expenses has to be examined with reference to computation of income chargeable under the head profits and gains of business or profession under section 28 of the act. in order to compute the profits or loss assessable under the head profits and gains of business or profession .....

Hanemp Properties Pvt. Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101ITD19(Delhi)

..... court in a land acquisition proceeding, which, as is held hereinabove is included within the aforesaid expression used in sub-section (2) of section 150 of the income tax act. in view of our aforesaid understanding of the provisions of section 150, the interpretation that could be given thereto is that if there be an order of a ..... to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx c was introduced in the income tax act, namely, to counter attempts to evade tax. the conclusion that the provisions of chapter xxc are to be resorted to only where there is significant undervaluation of the immovable property to ..... case of k.p. varshese v. ito act, 1961, which has now been deleted, came up for consideration before a bench comprising two learned judges of this court. very briefly put, that section provided that where a person acquired a capital asset from an assessee connected with him and the income tax officer had. reason to believe that the .....

Additional Commissioner of Vs. Glad Investments (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102ITD227(Delhi)

..... the assessee himself on a property on which the assessee had absolute interest is not an expenditure incurred for effectively transferring the property as contemplated under section 48 of the income-tax act. it is not in dispute that in both the appeals which are before us, the property on which the encumbrance was created by the assessee was acquired by the assessee ..... before us the only possible inference is that the assessee made a kind of gift of these shares in favour of pertech and swati.shiv shankar lal v. cit assessee sold on july 25, 1961, 6120 sq. yds., out of a large plot of land belonging to him, to a company comprising of himself, his wife and his son as shareholders for ..... a sum of rs. 93,450. on august 25, 1961 the assessee sold 5678 sq. yds. from out of the remaining portion of the same land to another party at the rate of rs. 60 per sq. yd. the assessee .....

R and B Falcon Drilling Co. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... appeals)-i, dehradun, passed on 14-9-2004. the corresponding order of assessment was made by the addl. cit, range-i, dehradun (hereinafter called 'the assessing officer'), under the provisions of section 143(3) of the income tax act, 1961, on 27-2-2004.2. the assessing officer found that the assessee received an aggregate sum of rs. ..... and 6 are concerned, the decision of the aforesaid cases is that reimbursement of expenses is not includible in the receipts for computing presumptive income under section 44bb of the act. respectfully, following those decisions, it is held that the amounts reimbursed to the assessee cannot be included in the amounts referred to in section ..... the prima facie conclusion that mobilization charges, whether paid in india or outside india, are includible in the receipts for the purpose of computing presumptive income under section 44bb of the act. further, the hon'ble itat, in the case of saipem spa (supra), held that the non obstente clause in this section is with .....

M.M.T.C. Limited Vs. Dy. Commissioner of I. Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... that the cit(a) erred on the facts and in law in not holding that the impugned order dated 28.02.06 is illegal, bad ..... not holding that the order dated 28.02.06 passed by the ao under section 143(3) read with section 147 of the income tax act, 1961 ('the act') is beyond jurisdiction, bad in law and void-ab-initio. 1.1 that the cit(a) erred on the facts and in law in not holding that the impugned order dated 28.02.06 is illegal, bad ..... 234b and in confirming the withdrawal of interest under section 244a of the act. 1. that the cit(a) erred on facts and in law in not holding that the order dated 28.02.06 passed by the ao under section 143(3) read with section 147 of the income tax act, 1961 ('the act') is beyond jurisdiction, bad in law and void-ab-initio. 1.1 .....

Dcit Vs. Nits Softech Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... signed in accordance with the provisions of section 140 of the income-tax act, 1961.26. the hon'ble supreme court after considering the provisions of section 158bc and 158bd held that the notice dated 6-2-1996 did not record any satisfaction ..... respect of which you as individual/huf/firm/company/aop/body of individual/local authority are assessable for the block period mentioned in section 158b(a) of the income-tax act, 1961. the return should be in the prescribed form no. 2b and be delivered in this office within 16 days of service of this notice duly verified and ..... of the provisions of section 158bc r.w.s. 158 bd of the income tax act, 1961, you are required to prepare a true and correct return of your total income including the undisclosed income in respect of the block period as defined in section 158b(a) of the income tax act, 1961 i.e. from previous year ending 31.3.91 to previous year ending .....

Shriram Fibres Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD204(Delhi)

..... 1978-79 to 1982-83, upholding the rejection of application for rectification under section 154 of the income-tax act claiming relief of rs. 85,268 under section 40a(5) of the act.2. while making an assessment the iac (asst.) treated the cash allowances like house-rent and ..... to conduct of court and is liable to be proceeded against. therefore, in view of these decisions, it is clear that the income-tax officer was bound to follow the decision of the jurisdictional high court and if he has failed to do so, it is a ..... be rectified under section 154. we therefore, allow the assessce's appeal and direct the income-tax officer to consider the application under section 154 in the light of the decision of the delhi high court. ..... one is outside the purview and scope of section 154. your application is therefore dismissed.3. when the matter was carried before the cit (appeals) he confirmed the order of the iac (asst.) holding that it is a debatable question.therefore, no rectification lie under .....

income-tax Officer Vs. Prem Nagar Ashram

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)38ITD435(Delhi)

..... 3451/del/1985 for a.y. 1971-72 and 1972-73. (2) in holding that the trust was charitable in terms of section 2(15) of the income-tax act, 1961 ignoring the evidence brought on record by the ito in the assessment order. (3) without prejudice to the above in holding that the provisions of sections 11 and ..... the following common grounds, viz. - on the facts and in the circumstances of the case, the cit(a) erred in : 1. in holding that the assessee was a charitable trust within the meaning of section 2(15) of the income-tax act, 1961 without giving reasons. 2. in holding for this assessment year that the trust is 'charitable' when the ..... registration of the religious or charitable institution or trust with the commissioner of income-tax for purposes of obtaining benefit of sections 11 and 12 of the act. for that purpose, it required such institution or trust to move an application to the commissioner of income-tax within a specified period. admittedly, the assessee did not move an application .....

Pradeep Batra Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD406(Delhi)

..... income as such is not liable to tax. from assessment year 1973-74 the finance ..... has the power to determine the agricultural income in a case where the assessee does not have any other apparent source of income. the income-tax act, 1961 provides for taxation of income.income is defined under section 2(24) of the income-tax act, 1961.under section 10 certain incomes are excluded from forming part of total income and agricultural income is specifically excluded from the total income. there is thus no doubt that agricultural .....

Deputy Commissioner of Vs. Shashi Kapur

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)39ITD47(Delhi)

..... disclosed in the balance sheet shall not be taken into account for the purposes of rule 2a: (a) any amount paid as advance tax under section 15a of the indian income-tax act, 1922, or under section 210 of the income-tax act, 1961; (b) the debt due to the assessee according to the balance sheet or part thereof which has been allowed as a deduction ..... in sub-rule (1) where the market value of an asset exceeds its written down value or its book value or the value adopted for purposes of assessment under the income-tax act, 1961, as the case may be, by more than 20 per cent, the value of that asset shall, for the purposes of rule 2a, be taken to be its ..... part thereof has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, in computing the total income of the assessee for the relevant year for the purposes of assessment under that act, the amount of the debt as reduced by the deduction to be allowed; (b) in the case of goodwill purchased .....