Judgment Search Results Home > Cases Phrase: income tax act 1961 section 240 refund on appeal etc Court: income tax appellate tribunal itat mumbai Page 1 of about 223 results (0.312 seconds)

Caylx Chemicals and Pharmaceuticals Dcit Range 8(1), Ltd. Vs. Pa No.Aa ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ) 16 erred in disallowing depreciation on office building by wrongly applying provisions of explanation 4a to the provision of section 43 (1) of income tax act,1961." 17. at the time of hearing, ld counsel for assessee did not press ground no.1. hence, ground no.1 is rejected as not pressed for. 18. in respect of ..... cit(a) ought to have held that no adjustment to book profit be made while calculating taxable income u/s.115jb of the act otherwise than the prescribed adjustment in the act." 27. ground no.1 of appeal is similar to ..... the a.o be directed to allow the depreciation on building. ground no.ii "1. the ld cit(a) erred in not giving any decision in respect of addition of rs.9,69,894/- on account of depreciation in the computation of book profit u/s.115jb of income tax act, 1961 by the ao. 2. on the facts and circumstances of the case, ld .....

M/S. Sunil Mantri Realty Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... impugned order dated 27th august 2011, passed by the learned learned commissioner (appeals)-xxxx, mumbai, for the quantum of assessment passed under section 143(3) of the income tax act, 1961 (for short "the act"), for the a.y. 2009-10. m/s. sunil mantri realty ltd. 2. facts in brief:- the assessee is a company which is engaged in the ..... nature of misc. expenses to co-ordinate with various persons relating to project and were not accounted for in the books of account. this amount was offered as undisclosed income in the form of unaccounted expenditure in the hands of the assessee company. accordingly, the assessing officer made the addition of rs. 15.99 lakhs. 11. before ..... the assessee has either incurred any expenditure or has made investment out of the cash receipt of more than rs. 70 lakhs which has been confirmed as deemed income of the assessee under section 68 in the immediately preceding assessment year and secondly, in the absence of adverse material that sum of rs. 70 lakhs and odd .....

Glaxo Smithkline Pharmaceuticals Ltd. (Formerly Glaxo India Ltd.) and ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 07,645 being the advance licence benefit accounted for in the appellant's books of account had accrued to the appellants and was taxable as their income under section 28(iv) of the income tax act, 1961. (b) without prejudice to (a) above, the appellants submit that the amount of advance licence benefit actually credited in the pass book upto ..... 31st march, 1998 should only be included in computing income under the head profits and gains of business". 8.1 ground no.6(a) pertains to deduction ..... assessee and revenue and cross objections by assessee for assessment year 1998-99 arising out of the order of cit (a)-xxvi mumbai dated 25/03/2003 on order of ao under section 143(3) of the income-tax act. 2. we have heard the learned counsel and the learned departmental representative. learned counsel placed on record a .....

Plastiblends India Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD295(Mum.)

..... position has undergone material change. the ld. cit(a), therefore, upheld the order of the ao on this issue.4. the ld. counsel ..... case of ircl would squarely apply. referring to the ratio of the hon'ble bombay high court, the ld. cit dr submitted that income tax is charged on the total income computed in accordance with the provisions of it act and in cases where the total income comprises profits derived from an industrial undertaking eligible for deduction under section 80 ia, such profits of the industrial ..... thrust upon it by the ao. the ld. cit(a) rejected this argument mainly on the ground that most of the judgments relied upon by the assessee company related to ays prior to the ays 88-89. the ld. cit(a) took the view that after deletion of section 34 from the income tax act w.e.f. 1.4.88, the legal .....

Jcit, Sr-6 Vs. K. Raheja Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD414(Mum.)

..... revenue. the relevant assessment year is 1996-97. the appeal is directed against the order passed by the cit(a)-xlii, mumbai on20-03-2001. the appeal arises out of the assessment completed under section 143(3) of the income-tax act, 1961.2. the assessee company is engaged in the business of real estate investment in partnership firms, investment in ..... the assessing authority as incurred on capital account in respect of incomplete projects and, therefore, liable to be capitalized.6. smt. anuradha bhatia, the learned commissioner of income-tax appeared for the revenue and argued the case at length. she submitted that there is no dispute on the fact that the assessee is following the project completion ..... high court was within the confined limit of section 36(1)(iii) of the act. relying on the decision of the supreme court in india cement ltd. v. cit 60 itr 52 and bombay high court in calico dyeing and printing works v. cit 34 itr 265, the court held that if the capital borrowed was used for .....

Jcit, S.R. 26 Vs. Warner Bros (Fe) Inc.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD1(Mum.)

..... the member companies of mpa has been authorized and pronounced by the cbdt on the basis of the powers conferred on it under the enabling provisions of the income tax act, 1961. the board has made it clear later on that the settlement did apply only for those assessment years up to 31-3-1987 and more particularly to those ..... october, 2003 may be approved by the special bench holding that the assessments for the impugned assessment years have to be completed under the regular provisions of the income-tax act, 1961.24. sri w. hasan the learned counsel appeared for the assessee and argued the case. the learned counsel stated that the entire thrust placed by the revenue is ..... referred will be discussed and decided in the course of such disposal. this proposition is in fact in tune with the spirit of section 255 (3) of the income-tax act, 1961 wherein the law relating to the constitution of a special bench by the president of itat is provided. the law says that the president may, for the disposal .....

Mrs. Mudra G. Nanavati Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... has referred to a similar expression provided under section 148. 16. the gauhati high court in the above case held that - clause (b) of section 158bc of the income-tax act, 1961 provides that the provisions of section 142 as well as sub-section (2) and (3) of section 143 shall apply even in the case of a block assessment so ..... to the revenue can be adopted, such futile exercise may be avoided, for ultimately, the view in favour of the assessee might have to be taken. secondly, in income-tax matters, which are governed by an all-india statute, when there is decision of another high court on the interpretation of a statutory provision it would be a wise ..... squarely applicable to the present case, and therefore, the impugned block assessment may be declared as void. 10. the learned commissioner of income-tax, appearing (or the revenue invited our attention to the discussion made by the cit(a) on this point which is available in pages 2 to 8 of his order. she further relied on the decision of .....

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... rule 112a may be submitted to ac. cir. 14(1) (inv.) by shri s. m. khandhar only, for the purpose of order under section 132(5) of the income-tax act, 1961.42. further attention is also invited to the letter dated 29-4-1992 addressed by the assessee in which he gave explanation about the shareholdings of m/s. eshita dye ..... is not liable to be shut out. even though a search and seizure may be in contravention of section 132 of the income-tax act, 1961, still the material obtained thereby is liable to be used subject to law before the income-tax authorities against the person from whose custody it is seized and, therefore, no writ of prohibition in restraint of such use ..... on them kindly give us a time frame. ans. as regards quantification we require 21/2 months to work out and tax payment these will be paid as per tax norms as prescribed in the income-tax act, 1961. q. 8. in respect of the concerns referred in six pages as seized in annexure a3 please state whether in respect of concerns not .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 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 ..... as the issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the income-tax act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment the same ought to have been assessed in the regular ..... what is to be seen in the case is as to whether the facts which came to light pursuant to the search conducted under section 132 of the income-tax act, could come to light in the proceedings relating to regular assessment and whether such facts were brought to light as a result of the enquiries made in .....

Rakesh Ramani Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT547(Mum.)

..... came to the fair conclusion.accordingly, the addition of rs. 36,90,453 made by the assessing officer as investment in unexplained jewellery under section 69a of income tax act, 1961 is hereby deleted." aggrieved by the above order, the revenue came in appeal before the itat and the itat decided the appeal on 26-2-2003 and ..... appellant i am of the opinion that the assessing officer was not justified in making an addition of rs. 36,90,453 under section 69a of the income tax act, 1961 being unexplained investment of jewellery giving reason only that the explanation supported by documentary evidence now filed by the appellant were unacceptable on merit as such documentary evidences ..... pointed by the learned counsel, it would be proper to narrate the brief facts of the case.a search action was carried out under section 132 of the income-tax act 1961. one suitcase was found in the possession of assessee, as per panchnama dated 16-7-1999. this suitcase contained the jewellery of the value of rs. 36 .....