Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2008)113TTJ(Mum.)227
..... the next issue deals with the computation of profits eligible for deduction under section 80-ia of the it act, 1961.21.1 the facts, in brief, are that the assessee was initially engaged in the business of distributing electricity in the suberban district of the city of mumbai. ..... in the present case, no nexus between tax-free income and interest expenses or any other administrative expense is brought on record by the ao or by the cit(a).under these facts, we are of the considered opinion that this issue is covered in favour of the assessee by the judgment of the special bench of the tribunal rendered in the case of punjab state industrial development corporation ltd. v. dy. ..... we find that the judgment of hon'ble jurisdictional high court relied upon by the learned departmental representative of the revenue rendered in the case of national organic chemical industries ltd. v. ..... the assessee, thus, took steps to protect and conserve the environment. ..... 1993-94, 1994-95 and 1995-96 in the case of the great. ..... 1995-96. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1996)59ITD156(Mum.)
..... be taxable as short-term capital gains; (3) the premium for allowing transfer of leasehold rights was business income; (4) the object of the trust was distributive and the primary object is still born and hence, the trust does not fall within the definition of charitable purpose; (5) the assessee cannot be entitled for exemption under section 11 of the act because, it did not apply its income for charitable purposes, the activity carried on fell within the mischief of section 11(4a) of the act and it is also caught by the mischief of section 13 of the act; (6) the secondary rent realised @ 20 paise per sq. ..... . the copy of the order of the tribunal in audit bureau of circulations 'c' bench, bombay dated 20-4-1995 has also been filed and our attention was drawn to para 19 of the said order.7.7 ..... peculiarity. any benefit that is to accrue to a specific person from amongst the community can never be a public utility because, it always implies a general application without any reference to any particular person.7.21 we had observed earlier that the objective of establishing wtc cannot be an object of public because, there is no law under which it is governed like the stock exchanges compelling the members to carry out their activities in line with wtc and within ..... sq.ft. built up area per month.the common outgoings rent shall consist of such proportion of the actual expenditure incurred by the centre in respect of centre i buildings with its environments on municipal rates and taxes, water .....
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