Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)262ITR1(Ahd.)
..... working or circulating capital.8.8. the learned counsel further contended that the hon'ble supreme court once again reaffirmed the view so taken by it in the case of karnataka state coop. apex bank (supra) in a subsequent decision in the case of mehsana district central co-op. bank ltd. and gujarat state co-op. bank ltd. (supra). ..... of the above referred subsequent judgments of the hon'ble supreme court.8.7. the learned counsel submitted that the hon'ble supreme court in the case of cit v. karnataka state co-op. apex bank (supra) while overruling the decision of m.p. co-op. bank ltd. (supra) has held that interest arising from investment made, in compliance ..... course of banking business. the learned counsel pointed out that the hon'ble supreme court by referring to section 6(1)(a) of the b.r. act has held that the locker rent constitutes income attributable to banking business carried on by cooperative banks. this clearly supports that all activities referred to in section 6(1)(a) of the br .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)90TTJ(Ahd.)154
..... the case of m.p. state co-op. bank ltd. (supra) relied upon by the learned departmental representative is reversed by the hon'ble apex court in the case of karnataka state co-op. apex bank (supra).similarly, the decision of the hon'ble jurisdictional high court in the case of gujarat state co-op. bank ltd. (supra) is partly ..... addl. cit (1996) 218 itr 438 (sc) the learned counsel for the assessee, on the other hand, stated that the hon'ble apex court in the case of cit v. karnataka state co-op.apex bank (2001) 251 itr 194 (kar) has overruled its decision in the case of m.p. state co-op. bank ltd. (supra) relied upon by the ..... ., out of surplus/idle money available from working capital including voluntary reserves, excess collection of interest-tax and locker rent are all income attributable to business of banking and are eligible or grant of deduction under section 80p(2)(a)(i) of the act." in this case, the assessee's counsel has pointed out that the income of the assessee was interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... assessable as capital gain.15.6 in the case of syndicate bank ltd. (supra) before their lordships of the karnataka high court the assessee was carrying on the banking business which was nationalised and on transfer of its business undertaking ..... of us $ 500,000 and above should be kept on record with the authorized dealers for verification by the exchange control authorities if necessary. a contract booked with an authorized dealer and subsequently cancelled, may be booked again with another authorized ..... in para 26.5 of cit's order as under : name of the property admitted alv as estimated (rs.) rent actually realised (rs.) difference now to be assessed (rs.) jolly makers chambers in para 20.6 of this order 1 ..... and integrated business : (i) life insurance and general insurance business irrespective of the different mode of computation of business income under the it act in prithvi insurance co. ltd. (supra);hooghly trust (p) ltd. v. cit (iii) share business and business in diverse commodities .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... excess is assessable as capital gain.in the case of syndicate bank ltd. (supra) before their lordships of the karnataka high court the assessee was carrying on the banking business which was nationalised and on transfer of its business undertaking the ..... of us $ 500,000 and above should be kept on record with the authorized dealers for verification by the exchange control authorities if necessary. a contract booked with an authorized dealer and subsequently cancelled, may be booked again with another authorized ..... given in para 26.5 of cit's order as under: the learned counsel of the assessee submitted that the rent payable has been actually settled in the next year and, therefore, the assessee offered the full amount in the next ..... the details filed and submissions made in response to show-cause notice, under relevant provisions of section 263 of the it act, various issues arose. first issue was regarding cancellation of forward exchange contract. during the period relevant to assessing officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)8SOT29(Ahd.)
..... is duly covered by the decision of the special bench of this tribunal in the case of ifbagro industries ltd. v. dy. cit(2002) 83 itd 96 (cal.).honble karnataka high court in the case of cit v. bharat earth movers ltd. (2004) 268 itr 232 and honble madras high court in the case of cit v. wills ( ..... have no nexus with sale proceeds from export activity.held accordingly, that for the purpose of section 80hhc total turnover cannot include reassortment charges, labour charges, commission, interest, rent or receipts of similar nature." we have gone through the order of the kerala high court in the case of cit v. k. ravindranathan nair (2004) 265 itr ..... which stipulates that total turnover shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station, as defined in the customs act, 1962. the definition given is exclusive.the word means has not been used. therefore, the natural meaning of total turnover has not been taken away. the word .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)100ITD142(Ahd.)
..... the present case neither is there any contradiction to any provision, nor this provision prohibits any mischief to be remedied, nor against the constitutional provisions.19. in karnataka high court in mysore rolling mills (p.) ltd. (supra) the facts that the assessee-private limited company purchased shares of another company and subsequently sold them ..... seek. it is the considered opinion of the legislature that a provision was needed to be introduced, only to check the malpractice: adopted by business houses controlling companies by manipulating the share dealings inter se. further, such transactions, even; in the case of certain categories of companies were permitted and were treated as ..... therefore, the buildings of khas bagh palace which were let to different persons and for which rent was received, were not in the occupation of the assessee within the meaning of section 5(1)(iii) of the act and in that context the supreme court observed that the intention of the legislature is primarily .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)235
..... in the nature of trade, commerce or manufacture; noting this definition from the viewpoint of explanation to section 73, it has been observed by their lordships of karnataka high court in the case of mysore rolling mills (p) ltd. v. cit (supra) that any kind of venture will not fall within this inclusive definition ..... venkateswara rice & oil mills (1987) 62 ctr (ap) 26 : (1985) 154 ttr 756 (ap)--to contend that transactions made under compulsion which are beyond the control of the assessee would not make the transaction a speculative transaction in the absence of any evidence to show that the transaction was speculative. in the said case the assessee ..... business is to be understood in the normal commercial parlance, the ingredients are totally different and a 'speculation transaction' artificially defined in section 43(5) of the act does not amount to 'speculation business' as is commercially understood. a full bench of the gujarat high court in pankaj oil mills v. cit , has succinctly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... soparkar pointed out that the provisions of section 28(iv) (iiia) are applicable in respect of profits on sale of licences granted under the import (control) order, 1955, made under the import & export (control) act, 1947. the profit on sale of licence has been brought within the ambit of profits and gains of business liable to tax under section 28. ..... purpose of the assessees business and was eligible for deduction.on the said facts, the karnataka high court held that the tribunal had found, as a fact, that what was paid by the assessee in a lumpsum to midc was the future rent payable by it and which the assessee had to pay periodically. this was evident from ..... the lease premium mentioned in the lease agreement actually represented advance rent in view of the fact that the yearly rent was nominal and could not be termed as economic rent,- (b) in not appreciating that the facts in the instant case were identical to the facts before the karnataka high court in the case of cit v. hmt ltd ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... pointed out that the provisions of section 28(iv)(iiia) are applicable in respect of the profits on sale of licences granted under the import (control) order, 1955 made under the import & export (control) act, 1947. the profit on sale of licence has been brought within the ambit of profits and gains of business liable to tax under section 28. ..... that the lease premium mentioned in the lease agreement actually represented advance rent in view of the fact that the yearly rent was nominal and could not be termed as economic rent; (b) in not appreciating that the facts in the instant case were identical to the facts before the karnataka high court in the case of cit v. hmt ltd. [1993 ..... of the assessee's business and was eligible for deduction. on the said facts, the karnataka high court held that the tribunal had found, as a fact, that what was paid by the assessee in a lump sum to midc was the future rent payable by it and which the assessee had to pay periodically. this was evident from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)87ITD475(Ahd.)
..... to such collective good. today, not tomorrow, is the first charge of pragmatic law of western heritage. so we are confined to material, not ethereal end products." (d) the karnataka high court in the case of shankar construction co. v. cit [1991] 189 itr 463 : 56 taxman 98, held that the activities of a firm carrying on business in ..... sequence of causes, they say that it is obvious that interest in circumstances such as these must be classified as revenue derived from land. the interest clearly is not rent. rent is a technical conception, its leading characteristic being that it is a payment in money or in kind by one person to another in respect of the grant of ..... of the tenancy. that is one way of putting it. the other way of putting it is that interest on arrears of rent is something which in this case has been introduced by the united provinces tenancy act as a condition of the relationship between landlord and tenant. arguing from that, it is said that, whether or not such interest .....
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