Judgment Search Results Home > Cases Phrase: income tax act 1961 section 240 refund on appeal etc Court: income tax appellate tribunal itat mumbai Page 11 of about 223 results (0.204 seconds)

Pushpam Synthetics (P) Ltd. Vs. Asstt. Cit.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT257(Mum.)

..... case the question arose as to whether the new industrial undertaking engaged in the process of calendering of gray cloth was entitled to deduction under section 80j of the income tax act. the ratio of this decision is extracted below from the head note : "held, that, in the present case, the assessee purchased gray cloth and added to ..... various processes of sizing of yarn, is entitled to higher development rebate under section 33 of the income tax act. it was observed by the hon'ble high court that as per item no.32 of schedule v of the income tax act higher development rebate was available where the plant and machinery has been used in manufacture of textiles ..... in all the earlier years orders the department has allowed the relevant deduction to the assessee. even though the principle of res judicata does not apply to the income-tax proceedings, the rule of consistency must be followed when the facts and circumstances are identical. in view of the above we hold that the assessee is entitled .....

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD241(Mum.)

..... difference to the president under section 255(4) of the income-tax act, 1961: whether long-term capital gain is subject to tax at the rate of 60 per as provided under section 113 being part of undisclosed income assessed under chapter xiv-b of it act or the same is subject to tax at the rate of 20 per cent under section 112 which ..... gain charged accordingly. he emphasized that all provisions applicable to a regular assessment are applicable to the assessment made under chapter xiv-b of income-tax act as is clear from section 158bh of the income-tax act. in this connection shri trivedi referred to two decisions of itat, kerala bench, wherein it was held that even in cases of block ..... assessees are directed against the block assessment years each dated 28-3-2002 passed by acit, central circle 2, thane under section 158bc(c) read with section 254 of the income-tax act.2. i. t.ss(a) nos. 222 & 223/mum/2004 - the following grounds of appeal (as concised) have been raised in these appeals- 1. the .....

Novartis Ag, Basle Vs. Addl. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD42(Mum.)

..... the impugned order be recalled for fresh hearing.3. in our opinion, the above submission and the prayer sought are untenable and beyond the scope of section 254(2) of income-tax act, 1961 (act). this provision permits the tribunal to amend the order if there is mistake apparent from the record. this presupposes the existence of an order, which is otherwise valid. therefore, in ..... ' was to be reduced before levying interest under sections 215 or 217 of the act.however, explanation i to section 234b defines 'assessed tax' as tax on the total income determined under section 143(1) or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with provisions of chapter xvii. so there is material change in language .....

Mrs. Meena S. Banerji Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... where assessee failed to claim the same". the relevant observations of the apex court are as under : an obligation is imposed on the income tax officer by section 84 of the income tax act, 1961, to grant relief thereunder and the relief cannot be effused merely because the assessee had omitted to claim the relief, but the mere ..... existence of such an obligation on the income tax officer is, not sufficient. precise factual material and clear data must be contained in the record sufficient to enable the income tax officer ..... mineral oil and minerals and ores.reliance was placed on the decision of the bombay bench of the tribunal in the case of tangerine exports v. income tax officer 386. it was contended that this decision of the tribunal is applicable to the instant case. therefore, the deduction under section 80hhc is allowable .....

Smt. Madhu Gupta Vs. Dy Cit, Central Circle-3 Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT691(Mum.)

..... of objection by the assessee is directed against the order of the commissioner (appeals) in confirming the disallowance of rs. 3,39,32,311 under section 80-ib of the income tax act, 1961.the third ground was addressed before us first by the learned counsel for the assessee.the assessee filed the return on 31-10-2001, declaring ..... 2)(ii) is that the machinery or plant should be "transferred" to the new business.transfer of an asset, as per the definition provided in section 2(47) of the income tax act and also in other legal usages, required due processes of sale, exchange, lease, gift etc. in this particular case, there is no evidence anywhere that the items of machinery ..... to the assessee is real and substantive and not merely nominal as such it cannot be treated as reconstruction for the purpose of income tax to deny the benefit to the assessee under section 80-ib of the act.it is the stand of the revenue that the assessee failed to meet the requirement under section 80-ib(2)(ii) read with .....

National Plastic Industries Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... against the order of commissioner (appeals)-1 dated 30-8-2002 at mumbai for assessment year 1999-2000 in the matter of assessment under section 143(3) of the income tax act, 1961.2. we have heard both the parties, perused the records and other applicable legal position.3. the assessee has raised various issues which are of independent nature, therefore, ..... whether the value of the opening stock is required to notionally adjusted by the amount of modvat referable to such on account of insertion of section 145a of the income tax act with effect from 1-4-1999 is to be decided after finding out how the excise duty is accounted for by the assessee in the books of account. we ..... rs. 2,03,309 pertaining to employees' contribution of pf and esic after due dates. the employees' contribution was included in the income of the assessee as per provisions of section 2(24)(x) of the act, however, since it was deposited after the due dates, no deduction under section 36(l)(va) was allowed to the assessee and .....

Joint Cit, Special Range-23 Vs. Milton'S Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... should be rectified. this should have been done by the appellate tribunal in exercise of the powers vested in it under section 254(2) read with section 154 of the income tax act." 12. it has been held in bhagwandas kevaldas case (supra) that where an order is made by an authority, on the basis of a particular decision, the ..... provided for in order 47, rule i of the code of civil procedure in reference matters under section 260 of the income tax act and not in the context of the provisions of section 154/254(2) of the income tax act. scope of order 47, rule 1 of the cpc is altogether different from the provisions of section 154/254(2) of ..... error of law apparent on the face of the record." 9. whittaker, charles e, has very appropriately remarked in "some reminiscences", 47, american bar association journal 1087 (november, 1961) that "being composed of human beings, the court has doubtlessly made mistake and will make them in future, regardless of who may be its justices." to the same effect .....

Prakash Heat Treatment and Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 50,000 for purchasing the shares and earning the dividend thereon. he therefore proceeded to examined the issue in terms of provisions of section 14a of the income tax act and accordingly issued a notice to the assessee. in reply, the assessee submitted that it had made investment in shares of the sister concern for earning ..... 14a, which prohibits deduction of any expenditure incurred by the assessee in relation to income, which does not form part of the total income under the income tax act.sub-sections (2) and (3) have been inserted in section 14a of the income tax act by the finance act, 2 006. sub -section (2) provides that the assessing officer shall determine ..... the assessee is not satisfied with the correctness of the claim of the assessee in respect of such expenditure in relation to income which does not form part of the total income under the income tax act. the prohibition for allowing the deduction under section 14a for and from assessment year 1962-63 is "in respect of .....

Dy. Cit Vs. Ms. Aishwarya K. Rai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in view of the discussion as above, it is requested that the hon'ble tribunal may kindly amend its order under reference under section 254(2) of the income tax act, 196 l 6. learned departmental representative, at the outset, raised preliminary technical objection that the notice of this hearing has not been issued on the department, therefore ..... who makes it. the reason behind this is a person making a statement stops the opposite party from making further investigation. moreover under the income tax act the legislature itself has provided that the statement given under section 132(4) can be used against the person given such statement. therefore, the statement under ..... of any books of account, documents or any valuable article or thing. the above statement can be used against the assessee in the proceedings under the income tax act. it is a settled law that admission by a person is good piece of evidence though not conclusive and the same can be used against the person .....

Van Oord Dredging and Marine Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... crores received by the assessee in relation to nmpt in the assessment year 2001 -02 without determining the issue of applicability of section 176(3 a) of the income tax act,, 1961. he submitted that the order of the tribunal that accrual source of arbitration award amount of rs. 33.78 crores is not from the order of the court ..... submitted that the assessing officer may be directed to verify whether the assessee has claimed these losses against world income in netherland and if yes, then not to allow set off of losses under section 72 of the income tax act. the ld. counsel for the assessee could not controvert these submissions of the ld. departmental representative at the ..... of judgment stated before the tribunal constitutes a mistake apparent from the record within the meaning of section 254(2) of the act and relied on decision of delhi tribunal in mohan meakin ltd. v. income tax officer (2004) 89 itd 179 (delhi)(tm) in support of his argument. he submitted that tribunal has tried to create .....