Judgment Search Results Home > Cases Phrase: income tax act 1961 section 35cc omitted Court: income tax appellate tribunal itat ahmedabad Page 1 of about 348 results (0.442 seconds)

Pratibha Syntex Ltd. Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)75TTJ(Ahd.)124

..... . had the legislature used the word "income", the word may have negative connotation also in the light of the inclusive definition on income under section 2(24) of the act.the fact that the word "profit" is intended by the legislature to have positive connotation, as commonly understood in the commercial world, is further manifested by the other computation provisions enacted in the income tax act, 1961, like section 67a which lays down the method of computing a member's share in income of association of persons or body ..... there is no enforceable liability for such expenditure, so it is not allowable under section 37 of the income tax act following the decision of gujarat high court in the case of cit v. ..... (2001) 248 itr 799 (sc) that the term "reduced" 'in section 225(3) would include a case where the demand consequent upon any appeal or any proceedings under the income tax act has been reduced to nil also ..... . while considering the word "reduced" in section 225(3), of the income tax act it has been held by the supreme court in sri mohan ..... . we may note here that a similar method of computation had been earlier laid down in section 67 for computing a partner's share in the income of a firm (since omitted by the finance act, 1922, with effect from 1-4-1994).the afroresaid provisions fully reinforce the view taken by us as above that first profit component as per main section 80hhc(3)(a) is envisaged as a positive figure which is to be further increased by the amount arrived as per .....

United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD553(Ahd.)

..... kamdar, ca the learned counsel representing the appellant, submitted during the appellate proceedings, that, in view of the decision of the itat in 41 itd 142, the benefit is not taxable since section 28(tv) of the income-tax act, 1961 applies only when the benefit is received or accrues to the appellant, and that no benefit accrued at the time of export, and, the time of accrual is the time, when the raw ..... of the above grounds of appeal, the appellant prays that the assessing officer be directed to recompute the deduction eligible under section 80-i and section 80-m on the profits and gains of each eligible industrial undertaking without excluding from the profits of the concerned ..... 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 depreciation on the concept of "block of assets".13.3 in view .....

Puransingh M. Verma and anr. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)72TTJ(Ahd.)399

..... (huf) and secondly whether exemption should be allowed in that case under section 10(1) of the act (income from agriculture).after hearing both the sides at length this tribunal held that the income earned by the assessee is not agricultural income as defined in section 2(1a) of the income tax act, 1961, and hence not exempt under section 10(1) of the income tax act. ..... interpret the words-agriculture, horticulture and nursery, the help of chambers 20th century dictionary new edition, is taken and it defined them as follows : it has been held that the income derived by the assessee from running the nursery does not fall within the definition of agricultural income and, therefore, the assessee is not entitled to exemption under section 10 of the income tax act, 1961.it is in the light of these facts i hold that the material contained in the survey report ..... assessing officer while making assessment for assessment year 1986-87 held that the income of the assessee from running the nursery business is not agricultural income and accordingly he denied exemption claimed under section 10(1) read with section 2(1) of the income tax act, 1961.in the return of income the assessee had claimed nil status ..... cit (1992) 188 itr 398 (all) had opined that in a case where tribunal fails or omits to deal with an important contention affecting maintainability/merit of appeal, it must be deemed to be a mistake apparent from record, which empowers the tribunal to reopen the appeal and rectify the same if it is so .....

Nandlal H. Ramani Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)58ITD525(Ahd.)

..... 1,56,155 received by the assessee as incentive bonus is part of salary by virtue of section 17(1)(iv) of the income-tax act, 1961 (hereinafter referred to as the act) and further held that the assessee was not entitled to any deduction much less 50% thereof as claimed as no deduction other than standard deductions provided under section 16(1) of the act were permissible. ..... decision of any high court unless the decision of that high court in which the tribunal is situated comes with a different view and it was based on the rule of judicial discipline and further on the ground that income-tax act is an all india statute and it was desirable to follow uniformity in i.t.matters.not only this, even our hon'ble high court in the case of cit v.sarabhai sons ltd. ..... the issue involved before us has got two parts and the first point to be considered is whether incentive bonus earned by development officer is part of salary under the income-tax act or not. ..... once these were the specific findings nothing can be allowed to be added as against this.14.1 the argument of the learned counsel about the application of theory of real income in the case of assessee will also be treated as impliedly overruled in view of the specific findings of their lordships that only those deductions which are prescribed under section 16(1) of the act will be allowable under the salary of the assessee treating the amount of incentive bonus as part of salary. .....

Puransingh M. Verma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD277(Ahd.)

..... after hearing both the sides at length this tribunal held that the income earned by the assessee is not agricultural income as defined in section 2(1a) of the income-tax act, 1961 and hence not exempt under section 10(1) of the income-tax act. ..... to a survey operation under section 133a, a notice under section 148 had been issued to the assessee in response to which nil returns has been filed claiming exemption in respect of the entire income earned from nursery business on the ground that it was agricultural income within the meaning of section 2(1), read with section 10(1) of the income-tax act, 1961. ..... their lordships of the allahabad high court held that the power exercisable by the tribunal under section 254(2) of the income-tax act, 1961, is confined to rectifying any mistake apparent from the record.11. ..... discussing the entire case law on the issue putforth before the tribunal by both the sides this tribunal gave a clear finding in para 7.1 as follows :-- "in the light of above discussion, we hold that the income earned by the assessee is not agricultural income as defined in section 2(1) and 2(1a) of the income-tax act, 1961 and hence not exempt under section 10(1) of the same act. ..... cit [1991] 188 itr 398 had opined that in a case where tribunal fails or omits to deal with an important contention affecting maintainability/merit of appeal, it must be deemed to be a mistake apparent from record, which empowers the tribunal to reopen the appeal and rectify the same if it is so .....

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... interest paid, for the period prior to commencement of production on amounts borrowed by the assessee for acquisition and installation of plant and machinery forms part of actual cost of the assets within the meaning of section 43 of income-tax act, 1961 and will qualify for grant of depreciation and development rebate under sections 33 and 34 of income-tax act, 1961.the judgment of the hon'ble supreme court in challapalli sugars ltd ..... . (supra) relating to admissibility of claim of deduction on account of interest paid under section 10(2)(iii) of the income-tax act, 1922 [which is analogous to section 36(1)(iii) of the income-tax act, 1961] as under : "(a) the loan obtained is not an asset or an advantage of an enduring nature; (b) that the expenditure was made for securing the use of money for a certain period; and (c) that it is irrelevant to consider the ..... . 1,56,76,000 is allowable as a deduction under section 36(1)(iii) of the income-tax act, 1961, particularly when such interest has been capitalised in the books of account as a part of actual cost of the new machineries installed in the new unit of ..... was no unanimity in identifying the difference of opinion between the learned members of the division bench, both of them have referred the following separate point of difference to the hon'ble president, itat under section 255(4) of the income-tax act, 1961 ..... of the decision cannot be made applicable after insertion of various explanations below section 43(1) of the income-tax act, 1961. .....

Additional Commissioner of Vs. New Nandi Seeds Corpn.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99ITD702(Ahd.)

..... raw uncut diamonds to a process of cutting and polishing, which yields the polished diamond, cannot be said to amount to manufacture or production of an article or thing, for the purpose of obtaining the benefit of deduction under section 80-i of the income-tax act, 1961. ..... and did not amount to manufacture and the assessee was not entitled to the special deductions under sections 80hh, 80-i and 80j of the income-tax act, 1961. ..... that the tribunal was right in coming to the conclusion that the seeds were processed by the assessee and that, therefore, the assessee was entitled to the deduction under section 80hh of the income-tax act. ..... on a question of fact and no question of law arose which could be directed to be referred under section 66(2) of the income-tax act. 8. ..... commensurate to the new development and also because each year and each assessee is a separate year and a separate assessee and the principle of res judicata and estoppels did not apply to income-tax proceedings even though the department is one and also because in the earlier order some of the decisions of supreme court and the high court were not considered.10. ..... seeds cannot be termed to be agricultural produce for the purposes of the rajasthan agricultural produce market act, 1961 and its schedule, as amended from time to time by the state government in exercise of powers under section 40 enabling it to add, amend or cancel any of the items of agricultural produce specified in ..... shown to have omitted to consider the .....

Dy. Commisioner of Income Tax Vs. Pramukh Builders

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)112ITD179(Ahd.)

..... on 4-5-1994, and again on 29-6-1994, under section 132(4) of the income-tax act, 1961 ("act" hereinafter), conceded to have received, among others, non money' amounting to rs. ..... there being a difference of opinion between the two learned members of the ahmedabad bench of the tribunal, in this case, the honourable president was pleased to appoint me as a third member vide his order dated 24-4-2007 under section 255(4j of the income tax act, 1961 (the act). ..... brief facts relating to the issue and as have been revealed from the records are that- (i) search under section 132(1) of the income-tax act was carried out in the premises of the assessee on 04-05-1994 resulting into seizure of incriminating documents. (ii) ..... the income returned under the income-tax act is not required to be determined on the basis of statement recorded under section 132(4). (b) ..... lacs claimed to have been earned by the assessee-firm outside the books of account, both in statements recorded under section 132(4) as well as 131(1) of the it act, 1961, but the revenue having not found either any material or any asset, which could be correlated to the alleged undisclosed income, the assessee was quite justified in retracting his disclosure statements.14. coming ..... lacs in the statement recorded under section 132(4) of the act on 04/05/1994, but had again, admitted the income of rs. 10 .....

Gujarat State Forest Development Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)51ITD147(Ahd.)

..... (supra) was dealing with the question as to whether levy of cess on royalty is within the competence of state legislature and the said judgment did not relate to the interpretation of the scope and meaning of the expression "tax" or "duty" used in section 43b of income-tax act, 1961.8.1. ..... . the first ground in the appeal relates to the finding given by the cit(a) holding that for the purpose of allowing deficiency under section 80j(3) of the income-tax act, only the profits and gains of the industrial undertaking are to be considered and not the profits and gains earned by the assessee from other activities ..... . (supra), after taking into consideration the various decisions, came to the conclusion that the only difference between old section 15(c) of the income-tax act, 1922 and section 80j(3), is that in section 80j(3), the legislature has allowed the carry forward of the deficiency allowable under section 80j ..... this appeal is directed against the order under section 263 passed by the commissioner of income-tax, baroda on 8-3-1990.3. ..... . a perusal of the statement of total income submitted for assessment year 1985-86 indicates that the assessee claimed deduction under section 43b in respect of certain expenditure pertaining to previous year and offered for tax in assessment year 1985-86 but claimed that on payment basis in assessment year 1986-87 under section 43b .....

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD165(Ahd.)

..... 84 and cit v gautam sarabhai (1981) 129 itr 133 (guj), holding that unabsorbed losses and unabsorbed depreciation have to be deducted before arriving at the figures that would be quantified for the purpose of deduction under section 80hh of the income-tax act, 1961. ..... however, we find that the above decision given by the supreme court was for asstt year 1974-75, when section 34 was on the statute book, which is omitted by the taxation laws (amendment & miscellaneous provisions) act, 1986 with effect from 1-4-1988, as per section 34, the assessee was entitled to depreciation under section 32 only if the prescribed particulars have been furnished by the assessee. ..... supreme court has decided the issue before them for the assessment year prior to 1-4-88 and this decision can not be applied for the assessment year starting from 1-4-1988 as not only the provisions of section 32 have been amended but-the vital section 34 has been omitted from the statute book w.e.f. 1-4-88. ..... provisions) act, 1986 with effect from 1-4-1988 whereby section 34 was omitted. ..... he stated that though section 34 is omitted with effect from 1-4-1988, however, there is no change in the legal position with regard to choice of the assessee to claim or not to claim depreciation. ..... in view of block of assets, the provisions of section 34 have become redundant and therefore, it was omitted. .....