Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2008)300ITR410(Delhi)
..... , national housing bank etc. ..... bhaya (2005), 95 itd 313 (copy filed) that for the purpose of section 54 of the act, it is sufficient compliance with the section that the assessee purchased the new flat in the names of himself, his father and mother and that it was not the requirement of the section that the new flat should be in the assessee's exclusive name. ..... of this country; while everyone is given the freedom to make investments in any name he likes, there is no reason why such freedom should be taken away in the case of income-tax assessees, when the substantial ingredients of the section are complied with and the sale proceeds of the capital asset are channeled into the assets in the national interest which is the main and vital requirement of the ..... this appeal by the department is directed against the order of the cit(a) by which he directed the assessing officer to allow exemption under section 54ec of the income tax act to the assessee.2. ..... in spelling out the meaning of the words in a section, one must take into consideration the setting in which those terms are used and the purpose they are intended to serve". ..... in para.30.2, it was stated that section 54ec is being introduced in the place of sections 54ea and eb which were being terminated and that section 54ec "will allow exemption from tax on long-term capital gains, if invested in bonds, targeted exclusively on agricultural finance and highway infrastructure". .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)92ITD58(Delhi)
..... itr 700.the propositions enunciated by the hon'ble supreme court in the context of section 9 of income-tax act, 1922, which deals with income from house property, and section 10 of the said act, which deals with income from business, clearly run contrary to the view taken by ..... observed that since the properties let out have been shown in the balance sheet as stock-in-trade, these are trading asset and, therefore, rental income even if assessed under the head income from house property is to be treated as business income and set off of brought forward losses has been rightly claimed by the assessee.regarding other sources, cit (a) treated the receipts as attributable to business activity and ..... his conclusion, assessing officer placed reliance on the decision of supreme court in the case of national storage (p. ..... since then, the assessee company is receiving annual rent from union bank of india.the second property being hs-28, kailash colony was purchased by the ..... this case, the assessee company, which carried on banking business held securities as part of the trading assets ..... assessee company is receiving annual rent from union bank of india from this property. ..... bank ..... property hs-32, kailash colony in the year 1989-90 and the same was let out to union bank of india. ..... hs-32, kailash colony was completed in 1989-90 when the property was let but to union bank of india. ..... ----------------------------------------------------------------------------------union bank of india, april, 94 - 47, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)112TTJ(Delhi)917
..... act,-- (a) in the case of a public financial institution or a scheduled bank or a state financial corporation of a state industrial investment corporation, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed having regard to the guidelines issued by the rbi in relation to such debts; (b) in the case of a public company, the income by way of interest in relation to such categories of bad or doubtful debts as may be prescribed having regard to the guidelines issued by the national housing bank ..... of short term loans/ advances ..... section (6) of section 155 shall apply; (v) where such debt or part of debt relates to advances made by an assessee to which clause (viia) of sub-section ..... business of banking or money ..... act or omission on the part of the ..... in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank ..... terms of the agreement regarding interest and/ or principal ..... term ..... banking financial company, except a mutual benefit financial company (and a mutual benefit company), as defined in the non-banking financial companies acceptance of public deposits (reserve bank ..... bank not being a bank incorporated by or under the laws of a country outside india or a non-scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2006)104TTJ(Delhi)989
..... special bench.the regular bench while hearing appeal of shri om prakash (huf) found that different benches of tribunal, at different places, are interpreting section 45(5) of it act inserted by finance act, 1987 differently and there is a divergence of opinion on the issue. ..... as, stock-in-trade of a business carried on by him, such conversion or treatment; (v) any transaction involving the allowing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882 (4 of 1882); or (vi) any transaction (whether by way of becoming a member of, or acquiring shares in, a co-operative society, company or other aop or by way of any agreement or any arrangement or in any other manner whatsoever) ..... included under sub-clause (iii), specifically granted to the assessee to meet expenses wholly, necessarily and exclusively for the performance of the duties of an office or employment of profit; (iiib) any allowance granted to the assessee to meet his personal expenses at the place where the duties of his office or employment of profit are ordinarily performed by him or at a place where he ordinarily resides or to compensate him for the increased cost of ..... the decision of hon'ble supreme court in the case of hindustan housing & land development trust ltd (supra) has no application in the ..... was received on furnishing of bank guarantee or on certain terms and conditions imposed by ..... national .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD193(Delhi)
..... of the tribunal that it was considered fit and proper by the president to constitute the present special bench under section 255(3) of the income-tax act, 1961.the position as clarified by the third member in the case of export house (supra) namely that when conflicting decisions are there, the decision of the special bench, though it does ..... is not at the cost of the other, it is only macro and micro views of the same process and as such, in my opinion, it would be wrong to view the national goal as distinct from the individual units' goal, particularly in the field of export development, especially when means adopted are not coercive, but in the forming of provision of incentives and ..... paragraph 3.11, the committee traced the history of cash assistance/cash compensatory support by observing, inter alia, as follows : 3.11 cash assistance for exports, which has subsequently been termed as cash compensatory support, was introduced in 1966, the stated objective was to enable exporters to meet competition in foreign markets, to develop marketing competence and to neutralise disadvantages ..... aside the observations of the hon'ble delhi high court in the case of all india lakshmi commercial bank officers' union (supra) by saying that their lordships were referring to income-tax authorities and that they did not mean to suggest that the i.t.a.t ..... .31. after the hearing was completed on 27-11-1987, there was discussion between members constituting the bench and though there appeared to be not much .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2000)73ITD51(Delhi)
..... 625/92 taxman 541 (sc) in which their lordships, after concluding that amendment to section 27 by which clauses (iii) and (iiia) and (iiib) added by finance act, 1987 were clarificatory in nature and applicable with retrospective effect, concluded that in the context of section 22 of the act "owner is a person who is entitled to receive income in his own ..... concluded that assessee is beneficial owner of the property and owner of the building for the purpose of section 22 of the act.about second point, the assessing officer considered the case law cited before him and observed that ratio of the hon'ble supreme court in ..... it was also pointed out that it is in the year under consideration that department has treated that income from rent as income from house property but in assessment years 1989-90 and 1990-91, the department itself treated that income as income from business as evident from copies of assessment orders of these two assessment year's, which are appearing ..... officer further proceeded to find out as to why rent received from shops be not treated as income from house property and on the same reasoning the same was treated as income from property as in the case of rental income from bank ..... to what is a commercial asset it would appear that a commercial asset is a term utilised in the reported cases to define a capital asset which is used in a ..... of bombay high court in the case of national mills co. ..... approved by the apex court in the case of cit v.national storage (p. ..... national .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2008)113TTJ(Delhi)767
..... the assessee and the non-resident company and whether the assessee could be held an agent having 'business connection' with the non-resident company in terms of section 163(1)(b) of the income-tax act, 1961.the delhi high court, applying the test of real and intimate connection laid down by the supreme court in the case cit v. r. d. ..... the permanent establishment to the head office of the enterprise or any of its other officers, by way of royalties, fees or other similar payments in return for the use of patents, know-how or other rights, or by way of commission or other charges for specific services performed or for management, or, except in the case of a banking enterprise, by way of intersect on moneys lent to the head office of the enterprise or any of its other officers.reading the above article 7 of ..... crs in various countries, the appellant has entered the das with various national marketing companies (nmcs) incorporated in the respective countries for distribution/marketing ..... ltd, an indian corporation with principal offices at e-9 connaught house, connaught place, new delhi 110001, india (hereinafter referred to as "amadeus india") (a) amadeus marketing will pay to amadeus india a distribution fee of usd 0.84 (eighty four ..... ltd, an india corporation with principal offices at e-9 connaught house, connaught place, new delhi 110001, india (hereinafter referred to as 'amadeus india") whereas, the amadeus group has developed a fully automated reservations and distribution system .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)19ITD61(Delhi)
..... to enforce the awards in england (where the national bank of pakistan had a branch and substantial assets) firstly by summary enforcement under section 36 of the arbitration act, 1950 (of u.k. ..... considering the fact that the assessee's waiver application is pending before the ito, we direct that the question of chargeability of interest under section 215 be examined by the ito on the basis of the material already on the record, after giving to the assessee an opportunity of ..... he pointed out that either interest was received by the assessee on 3-5-1976 when the national bank of pakistan deposited the entire sum in the assessee's account in the bank of india (london branch) or on 20-7-1977 when the house of lords refused to grant leave to appeal, but definitely not on 16-11-1978 when money was remitted by the ..... bank guarantee got discharged when the house of lords dismissed the leave to appeal petition of the national bank ..... are the dates of the two final awards, namely 1-3-1971 and 3-3-1973 by which the arbitrator directed the national bank of pakistan to make payment to the assessee-company as already mentioned above. ..... in terms of section 41(1) since it cannot be said on the facts that in the assessment year in question the assessee obtained any benefit in respect of its liability by way of remission or cessation thereof, the question of taxing the ..... on the terms of the fixed deposit in question, therefore, since interest was not payable before its maturity, the accrued principle could .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1996)56ITD37(Delhi)
..... similarly, the assessee-trust got continued registration under section 80g of the income-tax act up to 30-6-1987 vide order cit-6/te/94/80 dated 19-8-1986. ..... , running rasayan shales and preparation and development of ayurvedic medicine and drugs was also one of the aims and objects.promoting, erecting, establishing, equipping, supporting, maintaining and granting aid to schools, colleges, boarding houses, including industrial homes, polytechnic institutions, laboratories, libraries, hostels, cultural centres and other social and educational institutions are also some of the objects and aims of the trust. ..... 3,125.25(v) postage & telegram 865.40(vi) travelling & conveyance 3,274.70(vii) general expenses 1,227.75(viii) bank charges 123.00(ix) audit fees 1,000.00(x) water filter 2,500.00(xi) telephone 784.00(xii) legal charges 500.00the excess of income over expenditure shown as 1,941.30 4. ..... basic aim and object of the trust stated to be to undertake, promote and assist in the relief of welfare and uplift of the poor, needy backward, under privileged, sick and handicapped people in the territory of india, irrespective of nationality, community, caste, creed, colour, religion and sex. ..... property tax officer [1980] 125 itr 531 that the term 'religious purposes or charitable purposes' are not to be rigidly and narrowly constructed so as to exclude all other incidental expenses which are directly connected with the upkeep, maintenance and expenses of the trust itself.29. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2008)297ITR228(Delhi)
..... following circumstances conjectively exist: (l)the assessee is an employee (individual) deriving income in the nature of a perquisite; and (2) the said perquisite is not provided by way of monetary payment within the meaning of clause (2) of section 17; and (3) taxes actually paid by employer at his option on behalf of employee on above perquisite is exempt and would not form part of the total income of the employee.this would be notwithstanding anything contained ..... argued that sub-section (1) of section 200 of the companies act prohibits the company from payment of tax free remuneration to its employee and is as under: 200(1) no company shall pay to any officer or employee thereof, whether in his capacity as such or otherwise, remuneration free of any tax, or otherwise calculated by reference to, or varying with, any tax payable by him, or the rate or standard rate of any such tax, or the amount thereof explanation - in this sub-section, the expression ..... saw no good reason to give restricted meaning to the term "benefit, amenity or perquisite" as the same would not serve the purpose of the section.their lordship saw no rationality in the view of the majority high courts, if it is held that cash allowance paid by the employer to an employee would be entitled to deduction, despite section 40(a)(v) and restrict the application of above provision to non-cash ..... national and grindlays bank ..... was rs 73,712 and rent free accommodation in the form of a house rented as rs 2400/- per month. ..... (1987) .....
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