Judgment Search Results Home > Cases Phrase: leeman s acts Court: income tax appellate tribunal itat mumbai Page 1 of about 346 results (0.061 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the course of the search in the case of the assessee and, therefore, it falls in the domain of the assessments that may be made under the general provisions of the act.during the course of hearing before us, the learned counsel for the assessee made considerable submissions to support his contention that the findings of the learned assessing officer in the impugned order ..... consideration 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 assessment and not in the block assessment ..... section 158bb provides for computation of undisclosed income to be the aggregate of the total income of the previous failing within the block period computed in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the ..... of undisclosed income in section 158b (b), it is submitted that the income or property, which has been disclosed or which would have been disclosed for the purpose of this act shall not form part of the undisclosed income and before an attempt is made to hold that the amount has not been disclosed, it is necessary to establish that any .....

Mahindra and Mahindra Ltd. Vs. Dy. Cit Spacial Range 49 Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT217(Mum.)

..... by the assessee for the acquisition and installation of plant and machinery forms part of the 'actual cost' of the assets to the assessee within the meaning of the expression in section 10(5) of the indian income tax act, 1922, and the assessee will be entitled to depreciation allowances and development rebate with reference to such interest also.as the expression 'actual cost' has not been defined, it should be construed in the sense which no ..... liability towards repayment of loan.the concept of cost is enshrined in section 43 and it cannot go beyond the statutory definition by invoking the accounting standard (as) in the context of deciding the issue on the anvil of the income tax act in which dimunition of the cost and wdv is defined in terms of section 43 supplemented by the provisions of section 43a. ..... from the above, it is obvious that forall practical purposes, exim bank was only acting as an agent of the assessee-company insofar as the repayment of loan to ifc is concerecd at this stage, the itat delhi special bench decision in the case of apollo tyres ..... 'actual cost of the assets to the assessee' are nowhere defined in the income tax act except that in various explanations, there are certain adjustments, which have to be made. ..... counsel drew our attention to the provisions of section 43(1) of the income tax act which contains the definition of the words 'actual cost'. ..... also observed that the expression 'actual cost' has not been defined in the indian income tax act, 1922. .....

Morarjee Goculdas Spg. and Wvg. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)201

..... section 158bb provides for computation of undisclosed income to be the aggregate of the total income of the previous falling within the block period computed in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the ao and relatable to such evidence as reduced by the aggregate of ..... referring to the definition of undisclosed income in section 158b(b), it is submitted that the income or property, which has been disclosed or which would have been disclosed for the purpose of this act shall not form part of the undisclosed income and before an attempt is made to hold that the amount has not been disclosed, it is necessary to establish that any property which would include ..... in my opinion, therefore, the assessment made under section 158bc is required to be vacated as the same is not authorised by the provisions of chapter xiv-b of the act, it being based on the material already collected and appearing on record or on the material collected after the search proceedings was over and it is not made on the basis of the material and evidence ..... (supra) before the jaipur bench of rajasthan high court, cash credit addition was made by the ao in assessment under chapter xiv-b of the act, which was deleted by the tribunal on the ground that entry shown in the regular books of account and, therefore, it cannot be stated that income .....

Bombay Oil Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD626(Mum.)

..... under the income-tax act, the income-tax authorities are empowered to go behind the apparent to find out the real and if a transaction, on the basis of the evidence and the surrounding circumstances of the case, appears to them to be non-genuine or a facade or a ..... 7,10,99,252 were computed under section 46(2) of the income-tax act in the assessment. ..... he acted under. .....

icici Limited Vs. the Jt. Commr. of Income Tax, Spl.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , it cannot be said in anyway that the sale of lease back transaction are not genuine transactions.30.4 the hon'ble orissa high court in case of industrial development of orissa (supra) has allowed depreciation under section 32 of the act on account of purchase and lease back of assets. ..... accordingly the claim of the assessee was allowed by the hon'ble high court.30.3 the id counsel has rightly placed reliance on explanation 4a(2) section 43(1) of the act, board circular no. ..... it is a valid delivery/sale as per that the definition of the delivery of goods in section 33 of sale of goods act 1930. ..... further submitted that on the facts of the present case, these provisions are not attracted and no interest can be levied for alleged default due to variations made in assessment order beyond envisaged or provided under the act. ..... the said expenses could not once again be deducted from the dividend income for the limited purpose of computing the deduction under section 80m of the act. .....

Sharyans Resources Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD340(Mum.)

..... the assessing officer therefore issued a show cause letter to the assessee on 15-3-1999 in which the assessing officer argued that while the assessee claimed, for the purposes of claiming depreciation under section 32(1) of the act, to be the absolute owner of these assets, there were terms in the alleged lease agreements which were contrary to the legal norms regarding mutual rights and liabilities of a lessor and a lessee. ..... the assessee-company also did not observe its obligation under section 31 of the sale of goods act which stipulated the duty of the seller to deliver the goods and of the buyer to accept and pay for them in accordance with the contract of sale. ..... depreciation allowance under the income-tax act is governed by the provisions of section 32 of the act which lay down only two essential requirements for grant of depreciation, viz. ..... there was no legal requirement even under sale of goods act that the delivery of the equipment could not be made at the premises of the lessee as per the instructions of the assessee-company.8. ..... (supra), relied upon by the assessee's counsel, the learned dr argued that this judgment had not been delivered in the context of income-tax act. ..... learned cit(a), all these clauses went to establish the fact that the assessee-company had not assumed any risk of ownership of the asset which was contrary to the provisions of section 26 of the sale of goods act. .....

J.F. Laboratories Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)98TTJ(Mum.)389

..... dr invited our attention to the short headnote of this case, which is as under: "section 57 of the it act, 1961 - income from other sources - deductions - ay 91-92 -assessee borrowed funds for its business purposes but same were not used for its business purpose but were invested somewhere else on which interest was ..... " shri yogesh thar further submitted that for the purposes of the income tax act, what is important is the actual use of the borrowed funds and not the motive at the time when the funds are borrowed. ..... on a reference: held, (i) that in view of the provisions of sections 36(1)(iii) and 57(iii) of the it act, 1961, the tribunal was right in law in not allowing the claim of the assessee that the entire interest payment should be allowed as business expenditure for the ays 74-75 and 75-76. ..... in these cases, the hon'ble courts were called upon to adjudicate the deductibility of certain expenses under section 10(2)(xv) of the indian income-tax act, 1922, which corresponds to section 37(1) of the it act, 1961. ..... the three assessment years, pertains to the finding of the revenue authorities that no expenditure against the gross interest income earned by the assessee during the pre-operative period, is deductible under section 57(iii) of the it act. .....

Third Income-tax Officer Vs. Nawab Iqbal Mohd. Khan of Palanpur

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD396(Mum.)

..... in that case, the bombay high court held that the deduction which is permissible under sub-section (2) of section 12 of the indian income-tax act, 1922, is an expenditure incurred solely for the purpose of making or earning the income which has been subjected to tax, and the dominant purpose of the expenditure incurred must be to earn income. ..... , to some of which we have made reference, dealt with section 12(2) of the indian income-tax act, 1922, or section 57(iii) of the income-tax act, 1961. ..... decided to act on the guarantee given by the assessee and made him pay for the losses of the company. ..... was wrong in applying cases which were mostly determined under section 37 of the act. .....

Gripwell Industries Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD368(Mum.)

..... sale of specific immovable property in writing; (b) the transferee has, in part performance of the contract, taken possession of the property, or any part thereof; or (c) the transferee already in possession in part performance of the contract, has done some act in furtherance of the contract; and (d) the transferee has performed or is willing to perform his part of the contract; then (e) the transferor or any person claiming under him is debarred from enforcing against the transferee any right ..... what is in dispute is whether there was a transfer of property when the bank had a lien on the property for proper appreciation of the case, section 45(1) of income-tax act, reads as under : any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54, 54b, 54d, 54e, [54ea, 54eb], 54f and 54h be chargeable to income- ..... 1 crore in march, 1998 and delivered the physical possession of the premises to the vendee on 31-3-1998 and therefore, as per section 2(47)(v) of the income-tax act, there is a transfer of the property and, hence, capital gains have arisen in the assessment year 1998-99.5. ..... therefore, in our opinion, the condition under section 53 a of the transfer of property act are satisfied in this case and as per section 2(47)(v), there is a transfer of immovable property in the assessment year 1998-99 only. .....

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... was provided and was being provided till date for the purpose of arriving at the actual profit or loss for the year in terms of the provisions of section 59 read with section 63 of the electricity (supply) act, 1648 and that however while working out the taxable income of the board, a decision was taken to add back the realised value of the assets sold to their net block according to the income-tax ..... act and not to claim any depreciation on the assets obtained on lease.we were also referred to an earlier letter dated 20.3.1996 written by gseb to the assessing officer wherein it was clarified that the accounting treatment ..... the assessing officer further noted that geb has provided depreciation on the assets for the purpose of company law as per the rates provided by the electricity supply act, 1948, because these assets form part of the block of assets and from this it was clear that the "agreement of lease and papers relating to sale are sham transactions and are ..... working out the taxable income of the board, the board has taken a decision to add back the realised value of sold assets to their net block according to the income tax act and not to claim any depreciation on the assets obtained on lease during the assessment year relevant to financial year in which lease transaction has taken place. .....