Judgment Search Results Home > Cases Phrase: merchant shipping amendment act 2002 section 14 amendment of section 317 Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 44 results (0.343 seconds)

Tata Sons Limited Vs. the Deputy Cit, Special Range-1

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... submitted that the bombay high court itself noted that the merchant shipping act was not in pari materia with the income-tax act. therefore, the provisions thereof did not apply to the income-tax act and more so when the term "india" was specifically defined in section 2(25a) of the act.19. with regard to the decision in indian hotels ..... treating cash compensatory support of rs. 24,15,820/- as revenue receipt and not as capital receipt as claimed by the assessee. in view of retrospective amendment in the act with regard to the taxability of this item, the ground is not pressed by the assessee and hence, the same is dismissed.1. i have carafully ..... held as a "company in which the public are substantially interested", has unnecessarily affected some companies and the legislature realised this difficulty and by fiance act, 1971 suitably amended section 2(18) to bring within its fold companies which were registered under section 25 of the companies this was also explained in explanatory notes on .....

Tata Sons Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD45(Mum.)

..... representative, it was submitted that the bombay high court itself noted that the merchant shipping act was not in paxi materia with the it act. therefore, the provisions thereof did not apply to the it act and more so when the term "india" was specifically defined in section 2(25a) of the act.19. with regard to the decision in indian hotels co. ltd. ..... against treating cash compensatory support of rs. 24,15,820 as revenue receipt and not as capital receipt as claimed by the assessee. in view of retrospective amendment in the act with regard to the taxability of this item, the ground is not pressed by the assessee and hence, the same is dismissed.1. i have carefully ..... are relatives of one another and persons who are nominees of any other person together with that person are treated as a single person. 141. under the proposed amendment, a company whose shares are not listed in a recognised stock exchange in india will not be treated as a widely held company. however, a company whose equity .....

Sm Energy Teknik and Electronics Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)109TTJ(Mum.)34

..... similar facts, the mumbai bench 'a' of the tribunal held that the assessee was entitled to deduction under section 80hhc of the act where he had purchased in bangladesh a ship belonging to shipping corporation of india and sold the same in bangladesh itself. the learned authorised representative of the assessee pleaded that the assessee's case ..... , the central government may from time-to-time formulate and announce by notification in the official gazette the export and import policy and may also in like manner amend the policy. in exercise of powers vested in section 5, ftrda, 1992, ministry of commerce, government of india, had issued a notification on 31st march, ..... for this purpose. it was submitted that under e & ip, 92-97, under chapter xiv in clause 154d, a specific provision was made enabling the merchant trade to import and export goods which need not physically brought into india and exported thereafter. the above position clarifies that the assessee had imported goods from germany .....

Deputy Commissioner of Income Tax Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD209(Mum.)

..... draft or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force." he further submitted that section 195 of the act was amended by the finance act, 1987, to provide for deduction of tax at source on payment of certain sums to non-residents either at the time of credit of the same ..... department of revenue had clarified that no income-tax was payable in respect of freight on import of cargo unless such freight is paid in india to nonresident shipping company or its agent. it has been clarified by the ministry of surface transport that according to normal international practice and also according to the agreements with the ..... of the words "business connection". he placed reliance on the following judgments :kalwa devadattam and ors. v. union of india and ors. (1963) 49 itr 165 (sc) (iv) bikaner textile merchants syndicate ltd. v. cit (1965) 58 itr 169 (raj) (v) performing right society ltd. and ors. v. cit (1974) 93 itr 44 (cal) (vi) performing right society ltd .....

Capt. A.L. Fernandes Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD203(Mum.)

..... is not subjected to tax in india. 2. after the amendment made in section 6 of the it act, 1961 by the finance act, 1990 w.e.f. 1st april, 1990, an indian citizen who is a member of the crew of an indian ship as defined in clause (18) of section 3 of the merchant shipping act, 1958, is regarded as a resident in india only if ..... authorities and by court decisions. claims to jurisdiction over foreign vessels, when within the waters of a given state, have varied. according to united states practice, private merchant ships are subject to the jurisdiction of the united states only when they disturb the 'public peace', acts involving the "internal order of the vessel", are under the jurisdiction of the state whose flag the .....

Hercules Hoists Limited Acit Vs. Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... sc; k.p. varghese vs. ito [1981] 131 itr 597 (sc)). in fine, the absence of definition of the initial assessment year in section 80-ia, as amended by finance act, 1999 w.e.f 01.04.2000, even as its earlier version bore the same (per section 80-ia(12)), is not an 'omission' (which in any case ..... the relevant provision as a whole, in consistence with the purpose it sets out to seek, as explained and gathered from the clear language of the provision, including the amendments to the provision; notes on clauses; the memorandum explaining the provisions and the board circular. the decisions by the tribunal, including by the special bench, also confirm and ..... who does not have any other source of income. in the result, the losses, depreciation and investment allowance of earlier years in respect of the new industrial undertaking, ship or approved hotel will be taken into account in determining the quantum of eduction admissible under the new section 80-i even though they may actually have been set .....

Asst. Commissioner of Income-tax Vs. Star India Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)577

..... that 'profits of the business' for the purpose of section 80hhc will not include profits, of any branch, warehouse, etc., situated overseas. 32.15. these amendments will take effect from 1st april, 1992, and will, accordingly, apply in relation to assessment year 199293 and subsequent assessment years.36. the perusal of the above clearly reveals ..... deemed to be exported out of india when they are transferred by an assessee to on overseas branch office, etc. the value of such goods declared in the shipping bill, etc., will be deemed to be the sale proceeds thereof for the purpose of computing the deduction under section 80hhc. 32.14. it has also been clarified ..... by the learned dr. it would be appropriate to mention that the explanation i to section 32 of the act was brought on the statute book w.e.f. 1.4.1988 by taxation laws (amendment and misc. provisions) act, 1986. the said explanation reads as under: explanation 1.--where the business or profession of the assessee is .....

Saroj Sales Organisation Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)485

..... out that the exemption acquired under section 80-ib(10) under the pre-substituted provision cannot be taken away by way of retrospective amendment by the finance (no. 2) act even if it were taken technically so. reliance was placed on the decision of the hon'ble supreme court in the case of ..... that the area of shopping complex exceeded 5 per cent of the limit prescribed, it is pointed out that this sub-section was amended by the finance (no. 2} act, 2004 w.e.f.1st april, 2005. prior to its substitution the section granting 100 per cent deduction of income arising from ..... projects cut off date ofapproved before the approved before the approval till march,31st day of march, 31st day of march, 2007 after2005 2007 amendment-------------------------------------------------------------------------------has commenced or has commenced or date ofcommences commences commencement isdevelopment and development and sameconstruction of the construction of thehousing project on or housing project .....

Sumit Bhattacharya Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... united states of which such a person is a resident and/or citizen optionees who are subject to section 1g(b) of the securities exchange act of 1934, as amended (the "exchange act") including officers of the company, may not realize taxable income from the exercise of non statutory stock options for periods of up to six months ..... plan must be pursuant to a valid registration statement on other than form s-8 or pursuant to an exemption from registration provided under the securities act of 1933, as amended other employees of the company or its subsidiaries are free to make resales of the securities offered hereunder, without further registration. appropriate adjustments in the ..... the authority for advance ruling are not binding on the tribunal. our attention 'is also invited to tribunal's decision in the case of adit v. green emirates shipping & travels 100 itd 203 in support of this proposition. we are thus urged not to be guided by the advance ruling referred to, and heavily relied upon .....

Sumit Bhatttacharya Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113CTR(Mum.)633

..... the united states of which such a person is a resident and/or citizen.optionees who are subject to section lg(b) of the securities exchange act of 1934, as amended (the "exchange act"), including officers of the company, may not realize taxable income from the exercise of nonstatutory stock options for periods of up to six months after ..... plan must be pursuant to a valid registration statement on other than form section-8 or pursuant to an exemption from registration provided under the securities act of 1933, as amended. other employees of the company or its subsidiaries are free to make resales of the securities offered hereunder, without further registration.appropriate adjustments in the ..... views of the aar are not binding on the tribunal. our attention is also invited to tribunal's decision in the case of asstt. director of it vs.green emirate shipping & travels (2006) 99 ttj (mumbai) 988 : (2006) 100 itd 203 (mumbai) in support of this proposition. we are thus urged not to be guided by .....