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Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... 1341/bom/1987 and 1380/born/1989) wherein it was held that various restrictions prescribed under the income tax act would not be applicable while computing the profits of pe, and that computation of profits of the pe is to take into account all the expenses attributable to the pe - whether in india, or outside india. ..... it is submitted that in this decision, the tribunal has held that definition of 'royalty' under the income tax act will not have any bearing in deciding the scope of expression 'royalty' for the purposes of the tax treaty. ..... therefore, for the reasons stated above while dealing with the netherlands dtaa, we hold that no tax was required to be deducted under section 195 of the act from the payment of interest by the pe to its head offlce or other offshore branches of the assesseeenterprise, bank of tokyo. ..... this restriction, which mc commentary expressly refers to in connection with non-discrimination of nationals applies mutatis mutandis to the rule of non-discrimination for pe." 34. ..... boston consulting group (p) ltd (2005) 93 ttj (mumbai) 293 : (2005) 94 itd 31 (mumbai) has observed as follows: 19. ..... director of it (2005) 98 ttj (kol)(sb) 295 : (2005) 97 itd 89 (kol)(0) wherein, on materially identical provision, the special bench has held that provisions of section 40(a)(i) are not applicable in the case of interest paid by the banks. .....

Third Income-tax Officer Vs. Shivaji Park Gymkhana

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)4ITD462(Mum.)

..... apart from the fact that all the three cases hereinabove are distinguishable inasmuch as: (1) notice under section 19(2) of the assam agricultural income-tax act, 1939, was not served in the case of shashi prasad baruah (supra) and this notice was the very foundation of the order, (2) in the case of jai prakash singh (supra) the assessment was to be made on the ..... the objections and after going through (wherever necessary) the records relating to the draft order, issue, in respect of the matters covered by the objections, such directions as he thinks fit for the guidance of the income-tax officer to enable him to complete the assessment: provided that no directions which are prejudicial to the assessee shall be issued under this sub-section before an opportunity is given to the assessee to be heard. ..... such exclusion, however, is inferred where the statute gives finality to the order of the tribunal on which it confers jurisdiction and provides for adequate remedy to do what the courts would normally do in such a proceeding before it. ..... it is pertinent to mention that in the case of national taj traders (supra), the commissioner had passed his order under section 263 of the act without allowing the assessee an opportunity of being heard as required under section 33b of the 1922 act. ..... national taj traders [1980] 121 itr 535 and kapurchand shrimal v. .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... indo korean dtaa showed that those who may be entitled to invoke article 25 of indo korean dtaa arc individuals (possessing the nationality of a contracting state), legal persons, partnerships and associations.article 3(g) of indo korean dtaa reads as under: 3(g) the term 'national' means any individual possessing the nationality of a contracting state and any legal person, partnership, association or other entity deriving its status as such from the laws ..... provision shall not be construed as preventing a contracting state from charging the profits of a permanent establishment which an enterprise of the other contracting state has in the first-mentioned state at a rate of tax which is higher than that imposed on the profits of a similar enterprise of the first-mentioned contracting state, nor as being in conflict with the provisions of paragraph 4 of article 7 of this convention ..... the granting of relief in respect of (i) income on which have been paid both income-tax under this act and income-tax in that country; or (ii) income-tax chargeable under this act and under the corresponding law in force in that country to promote mutual economic relations, trade and investment, or (b) for the avoidance of double taxation of income under this act and under the corresponding law in force in that country, or (c) for exchange of ..... port trust and tribunal decisions in the ..... ) of 1995 assessment year 1991-92]; [2005] 94 itd 401, mumbai and in ..... 2005 ..... cit [2005] 4 sot 643 itat kolkata 'e' third member .....

A.C.i.T. Vs. Shri Narendra I. Bhuva

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)84TTJ(Mum.)208

..... not effected with a motive of making profit but to serve the national interest of the country and that the articles were his personal effects. ..... here we must mention that while deciding the case hon'ble tribunal has considered the affidavit filed by shri sardar singh, elder brother of late maharaja shri sumer singhji sahib of kishanagarh who has deposed before the ito that the painting in ..... issue, the same is reproduced below : "i) the assessee has bought and kept the car as his personal assets meant for personal use and has also claimed deduction u/s 5(i)(viii) of the wealth-tax act, 1957 over the years which has been allowed to him. ..... while agreeing to the authorities below, tribunal was of the view that expression "personal effect" meant such items of movable property as were necessary adjuncts to an individual's own personality and the nature of sale being voluntary ..... was upheld by appellate assistant commissioner and the tribunal also agreed to the authorities below. ..... act, 1961 and therefore the sale of these jewellery did not give rise to any taxable capital gains, the same was not accepted by the tribunal ..... on appeal hon'ble tribunal held that the language of section 2(14) makes it clear that articles other than jewellery in which there is an intimate connection between the effect and the person must be ..... therefore the tribunal was right in holding that the assessee was neither carrying on any business of purchase and sale of paintings nor the transaction was an adventure in .....

Technova Imaging Systems Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT116(Mum.)

..... . (supra) has held as under: "under section 254 of the income tax act, the appellate tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass ..... , as a result of a judicial decision given while the appeal is pending before the tribunal, it is found that a non-taxable item is taxed or a permissible deduction is denied, we do not see any reason why the assessee should be prevented from raising that question before the tribunal for the first time, so long as the relevant facts are on record in ..... counsel of the assessee contended that the point at issue stands covered in favour of the assessee by the following orders of the tribunal passed in assessee's own case: (i) order dated 6-5-2002 of itat mumbai bench i passed in ita no.1454/m/94 for ..... the assessing officer in the assessment order has clearly pointed out that the bank has given overdraft facilities to make the payment of advance tax and nothing has brought on record by the appellant to counteract the findings of the assessing officer in the assessment order and in view of the supreme court decision in the case of ..... -97.the learned counsel further submitted that the matter was restored back to the file of the assessing officer by the following orders of the tribunal passed in assessee's own case: (i) order dated 2-5-2003 of itat mumbai bench b in ita no ..... the case of national thermal power ..... of the assessee by relying upon the judgment of supreme court in the case of national thermal power co .....

Asstt. Cit, Rg. 4(1) Vs. Claridges Investments and

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in this report the special auditor makes only the observations (1) in the absence of bills or contract notes it cannot be commented whether the transactions are in compliance of the provisions of the securities contract (regulation) act, 1956 and (2).in the absence of the supporting proof in the form of contract notes, proof of prevailing market price on the date of transactions, time of execution of the transactions, proof of having executed the ..... the hon'ble supreme court has laid down the legal proposition in the following words: ...when a claim is made for a deduction for which there is no specific provision in section 10(2) (of the old act), whether it is admissible or not will depend on whether, having regard to accepted commercial practice and trading principles, it can be said to arise out of the carrying on of the business and to ..... . cit held that the phrase "pass such order thereon" occurring in section 254 empowers the tribunal to permit additional grounds to be raised even though they may not arise from the order of ..... . hon'ble supreme court has observed: a direction issued under section 142(2a) of the income tax act, 1961, for special audit of the accounts of the assessee is not administrative in nature: it is ..... in this context has been set to rest by the judgment of hon'ble supreme court in the case of national thermal power co ..... subhash chand shorewala (2005) 91 ttj ..... cit (2005) 92 ..... cit (2005) 92 ..... cit (2005) 275 ..... ito (2005) 96 itd 1 (mum) completely covers the issue in .....

Sigma Securities Vs. the Jcit, Spl. Rg. 28

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD342(Mum.)

..... disclosing his income correctly after incriminating material has been found in the possession of the revenue authority before such returns can be rejected and thereafter to frame assessment estimating the income liable to tax to the best of judgment on the basis of the material that is available with him.the hon'ble bombay high court had also an occasion to examine the concept of block assessment ..... in the books of account and other documents maintained in the normal course on or before the date of the search or requisition where such income does not exceed the maximum amount not chargeable to tax for any previous year falling in the block period; (ca) where the due date for filing a return of income has expired, but no return of income has been filed, as nil, in ..... undisclosed income, -- (a) the total income or loss of each previous year shall, for the purpose of aggregation, be taken as the total income or loss computed in accordance with the provisions of this act without giving effect to set off of brought forward losses under chapter vi or unabsorbed depreciation under sub-section (2) of section 32; provided that in computing deductions under chapter vi-a for the purposes of the said ..... in section 113 of the act subsequent to the search, therefore, assessee would not be liable to levy of surcharge.respectfully following the decision of the tribunal(supra) we allow this ..... hon'ble supreme court reported in 229 itr 383 rendered in the case of national thermal power corporation v. .....

Shah Investments Financial Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT334(Mum.)

..... ; the facts merely constitute the body and similarity between the bodies does not ipso facto mean that the souls are also identical.we have perused the orders of the various benches of the tribunal cited before us and we generally find that in each of those cases the bench was satisfied with the genuineness of otherwise of the slb transaction, whatever may be their reasons, we would resist the temptation to generalize ..... action or inaction or for any proceeds with respect thereto in the event that the lessor sells the leased equipment at a public or private sale, the sale proceeds (net and clear of all taxes and costs) shall be adjusted against the arrears of rentals including late payment charges and the balance lease rentals then remaining unpaid. ..... and 2001-02 and thus the intention of the slb transaction was to avoid payment of legitimate tax by the assessee-company, which reduced its taxable income by claiming 100 per cent depreciation on leased assets, when the matter came tip before the learned commissioner (appeals), it was contended ..... pointed out that in this case the supreme court has made it very clear that an act which is otherwise valid in law cannot be treated as non est merely on the basis of some underlying motive supposedly resulting in some economic detriment or prejudice to the national interests. ..... we are informed, has become final and no further action either under section 147 or under section 263 of the income tax act has been taken to disturb that assessment. .....

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)73ITD123(Mum.)

..... court summarized their conclusions at page 477 as follows : "from a combined review of the judgments of this court, it follows that an ito acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by reason of omission or failure on the part of the assessee to make a true and ..... in this case also, reasons said to have been recorded and said to be available before the issue of notice under section 147 ultimately were not made available to the tribunal, despite the fact that the assessee had raised a specific ground at 8.2 as follows : "the appellant had submitted to the cit(a) that the ito's action of reopening the assessment without disclosing the reasons therefor was ..... necessary remittances along with the share applications received by the punjab national bank and canara bank were enclosed to the reply under reference. ..... on 15-10-1981, the assessee's bankers to the issue, namely, punjab national bank gave details of collection from their branches as follows : 3. ..... can that fact by itself convey the falsity of the subscription in the face of particulars given by the applicants offering themselves to subscribe for a certain number of shares in each of their applications.the deposit of moneys either in punjab national bank or canara bank, the appointment of manager m/s. .....

Lloyds Realty Limited Vs. the D.C.i.T., Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)90ITD710(Mum.)

..... "4(7) where the assessee is a member of an association of persons, being a co-operative housing society, and a building or a part thereof is allotted or leased to him under a house building scheme of the society, the assessee shall, notwithstanding anything contained in this act or any other law for the time being in force, be deemed to be the owner of such building or part and the value of such building or part shall be included in computing the net wealth of the assessee; and, in determining ..... cit - 239 itr 383, it has been held by the hon'ble supreme court that tribunal can admit and decide such questions which are raised for the first time before the tribunal.accordingly, the additional grounds are admitted and are first dealt with.8. ..... 2 prays for exclusion of the value of borivali flat from the assessee's net wealth on the ground that it is covered by exception of section 2(ea) of the wt act as the flat has been allotted to the employee, mr.kailash parihar for residential purposes, whose gross annual salary is below rs. ..... as per sub-section 5, it is stipulated that section 5 and clause (d) of section 45 of the wt act and part 2 of schedule 1 to the wt act shall not apply for the purposes of levy of wealth tax in pursuance of the provisions of section 40 of the finance act, 1983. ..... cwt - 208 itr 958, that tribunal can permit additional grounds to be raised even though these do not arise out of the order of the first appellate ..... further, in the case of national thermal power co. .....