Judgment Search Results Home > Cases Phrase: office or place of profit Court: income tax appellate tribunal itat ahmedabad Page 1 of about 486 results (0.155 seconds)

Asstt. Cit Vs. Gautam Sarabhai Trust No. 23

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)75TTJ(Ahd.)151

..... 8,58,07,700 prior to reduction of share capital which took place on 22-6-1988.the assessing officer computed the accumulated profits of aipl considering the balance sheet as on 31-3-1988 as under : addition made by assessing officer on proportionate current profit for financial year 1988-89 in the aforesaid computation of accumulated profits the assessing officer had considered the issue of bonus shares by amalgamating companies, viz. ..... patel, learned counsel for the assessee, have, addressed detailed arguments before us regarding the various amounts aggregated by the assessing officer for the purpose of computation of accumulated profits paper books have been filed by the learned representatives and written submissions have been made.shri girish dave, the learned senior departmental representative at the very outset assailed the motive and the ..... . 17,38,04,000 the learned counsel referred to the written submissions made before the assessing officer placed at page 31 of the paper book whereby deduction of rs ..... 1 falling outside the purview of "accumulated profits" in terms of the provisions of section 2(22)(d) of the act.the learned departmental representative on the other hand placed reliance on the order of the assessing officer on the issue.we have already discussed the basic principles governing the surplus realisation on amalgamation/merger and held that such surplus is not liable to income-tax. .....

Asstt. Cit Vs. Atul Shopping Centre

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)72TTJ(Ahd.)535

..... day be wholly discarded and disbelieved on the specious plea that on the search day they were all frightened and mentally upset.does it mean to say that on 30-3-1990, when they appeared before the assessing officer, in reply to summons issued under section 131 they were all mentally well and, therefore, whatever is stated at that time should be believed and accepted as true is it to say or suggest that on search day ..... (1970) 77 itr 10 (sc) as follows : "the conditions of registration prescribed in this section and the relevant rules are : (1) on behalf of the firm, an application should be made to the income tax officer by such person and at such times and containing such particulars, being in such form and verified in such manner as are prescribed by the rules-(2) the firm should be constituted under an instrument of partnership,. ..... i, reiterate, i do not find any such evidence on record nor the assessees counsel was able to draw our attention to any such evidence on record.the assessing officer found that partnership to be not genuine mainly on the basis of the admissions made on search day by the aforesaid three alleged partners establishing beyond doubt that all three of them were mere name-lenders or ..... that case, an inference of benami could be drawn if other tests as per settled law of benami were satisfied.however, in the present case, the revenue authorities had not placed any material on record to show that entire profit of partnership was being taken by shri h.j. .....

Assistant Commissioner of Vs. Atul Shopping Centre

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD349(Ahd.)

..... the specious plea that on the search day they were all frightened and mentally upset.does it mean to say that on 30th march, 1990 when they appeared before the assessing officer in reply to summons issued under section 131 they were all mentally well and, therefore, whatever is stated at that time should be believed and accepted as true is it to say or ..... 77 itr 10 as follows :-- "the conditions of registration prescribed in this section and the relevant rules are: (1) on behalf of the firm, an application should be made to the income-tax officer by such person and at such times and containing such particulars, being in such form and verified in such manner as are prescribed by the rules; (2) the firm should be constituted under an instrument ..... be entitled to registration.8.1 before the learned cit (appeals), it was submitted on behalf of the assessee that the assessing officer did not appreciate the basic principle governing relationships between partners; one partner could carry on business on behalf of the other ..... vadodaria, the learned counsel for the assessee submitted that there is no justification for the impugned action of the assessing officer in holding that the assessee-firm was not a genuine one and the business under the name and style of ..... other tests as per settled law of benami were satisfied.however, in the present case, the revenue authorities had not placed any material on record to show that entire profit of partnership was being taken by shri h.j. .....

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... they were independent and closure of one could not affect the continuance of another ; (b) each estate has its own subsidiary accounts and is managed locally although overall the head office controls all the estates and maintained a single profit and loss account ; (c) there are separate staff for the various estates and even for tea and coffee estates in waterfall estates separately; (d) the various estates are ..... far flung and not in one place; the characters of the business ventures in the various estates are different ; (e) apart from the existence of a centralized management and head office where a single set of ..... estate. the hon'ble high court observed that apart from the existence of head office, no material was placed before the tribunal to show that the day today functioning of the various estates and the coffee curing works was inter-dependent or that there were transactions inter se of such nature so as to ..... reliance was placed on the decisions stated below : the assessee further submitted revised working of capital employed for the purpose of deduction under section 35d as under : the assessing officer after considering the submissions of the assessee held that the assessee was entitled to deduction under section 35d at 2.5% of the capital employed which .....

Assistant Cit, Special Range-1 Vs. Abir Chemicals Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)8SOT29(Ahd.)

..... respect of service charges and commission, conversion charges and miscellaneous receipts observed that the assessing officer has already excluded 90% of the income relating to these items for the purpose of calculating the deduction under section 80hhc and, therefore, he held "when the assessing officer has excluded the above four items for the purpose of calculating export profit i am of the view that none of the above income should form part of ..... mumbai high court in the case of kantilal chhotalal (supra) laid down the same preposition of law.in this case, we find that the assessing officer has excluded 90% of the service charges & commission and also miscellaneous receipts from the business profit, therefore, in our opinion, the commissioner (appeals) was correct in law in directing the assessing officer to exclude from total turnover service charges & commissions and miscellaneous receipts. ..... view, if any receipt does not form part of the total turnover it should be excluded from the profit of the business also, because only the numerator and the denominator will show the correct picture. ..... the amendment was clearly intended to remove the defect in the formula for calculating export profits even before 1-4-1992, in fact, the legislature has clarified that receipts like interest ..... in this regard was placed on the following decisions ..... the reliance was also placed on the decision of challapalli ..... reliance was also placed on the decision of ahmedabad bench in the case of kayal ..... place .....

Producers Union Ltd. Vs. Assessing Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)37TTJ(Ahd.)145

..... of the commissioner (a) i do not think it is necessary for me to refer to the reasons given by the commissioner (a) as well as the income-tax officer that he was not prepared to accept the contention of the assessee society that the prices determined at the end of the year was a business requisite and not an apportionment of profits and that there was an obligation on the part of the assessee society to make the final payment as the prices earlier fixed ..... paid by the assessee society being higher than the price paid by other, it led to the conclusion that what was paid on the last day was the profit distribution, was an untenable proposition and was against the practice adopted by the assessee society in the past and also similarly placed societies and also against the undertaking given by the assessee society to its members at the time of fixing the prices. ..... statement showing the provisional and final purchase price paid in all the previous years commencing from 1979-80 to the year under appeal, which showed that the revision of price was taking place very frequently and the prices were being adjusted at the end of the year by making a final payment. ..... he was also not prepared to place realise on the sample collected by the income-tax officer as the assessee in that case was a small trader with a different ..... to bring home this point, reliance was placed upon the preamble of the co-operative act, the genesis of the co-operative movement in the country, which is to promote self help .....

Shivani Builders Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)108ITD520(Ahd.)

..... parita v.acit (1994) 49 ttj (indore) 295 the view, taken was that the assessment under the act shall have to be in terms of section 44ac (prescribing the presumptive rate in respect of profits from business of trading in certain goods), even if the assessee's books disclosed a higher income.and which, we find for the same reason to be, rather, supportive of the view advanced in this order ..... of such business or, as the case may be, a sum higher than the aforesaid sum as declared by the assessee in his return of income, shall be deemed to be the profits and gains of such business chargeable to tax under the head "profits and gains of business or profession: provided that nothing contained in this sub-section shall apply in case the aforesaid gross receipts paid or payable exceed an amount of forty lakh rupees.8.2 ..... (vide his order under section 143(3) of the income-tax act, 1961 ("act" hereinafter) dated 30-3-1998), by placing reliance on the assessee's books of account and the final accounts (being profit & loss and balance sheet) produced therefrom, in preference to the assessee's claim of being assessed under the presumptive regime ..... for a case where the assessee chooses to declare a higher income, which would, in that case, be deemed as the income chargeable to tax under the head 'profits and gains of business or profession' in preference to the presumptive income equal to 8 per cent (of the gross receipt). ..... confirmation of the assessment as made by the assessing officer (a.o. .....

Geetanjali Woollens (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)50ITD558(Ahd.)

..... as per schedule vi of the companies act and the same shall, inter alia, be reduced by : (iv) the amount of the loss or the amount of depreciation which would be required to be set off against the profit of the relevant previous year as if the provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956(1 of 1956), are applicable.the learned counsel for the assessee submitted ..... of the explanation to section 115j(1), the losses suffered by the company in any of the years since the year 1960 will be eligible to be set off against the profit of the relevant previous year regardless of the fact that there was a profit in one or more of the intervening year or years from the year in which the loss or depreciation remained unabsorbed and the year in which the set off against the ..... assessee.4.2 the cit (appeals) has dealt with this point in para 6 to 6.4 and has confirmed the computation of book profit under section 115j as determined by the assessing officer.4.3 the learned counsel for the assessee submitted that on a plain reading of the relevant provisions contained in section 115j the computation of book profit as made by the assessee deserves to be accepted. ..... submitted that the interpretation sought to be placed by the learned counsel is apparently incorrect and is contrary to the interpretation based on a plain reading of ..... and placed on ..... for assessment year 1991-92, completed under section 143(3) on 31-3-1994 has been placed on records. .....

Patel Chemical Works Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)74ITD322(Ahd.)

..... during the course of penalty proceedings, apart from issuing a formal show-cause notice under section 271(1)(c), the assessing officer has vide his letter dated 2-8-1989, placed at page 6 of the paper book, specially confronted the assessee with the facts pertaining to diversion of profits through the instrumentality of sham sale transactions with the sister concerns and called upon the assessee to explain why penalty for concealing the particulars of ..... the assessing officer's letter dated 2-8-1989 is placed in the paper book at page 6 wherein the assessing officer observed that the transactions made by the assessee with the sister concerns are sham and bogus and profits amounting ..... requirement has been, in our opinion, duly complied with by the assessing officer inasmuch as the assessing officer has indicated that the penalty under section 271(1)(c) is proposed to be levied for concealing the particulars of income represented by diversion of profits through sham transactions with the sister concerns. ..... both the assessment years 1981-82 and 1982-83 the additions made by the assessing officer for diversion of profits to the sister concerns have been upheld.10. ..... assailed the impugned penalty on the ground that the assessing officer has taxed the profits in the hands of the sister concerns. ..... 1,61,018 on account of diversion of profits to the sister concerns with the help of sham transactions, the assessing officer referred to similar addition made in the immediately preceding assessment .....

Abhi Developers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... gains from the aforesaid business during the previous year relevant to the assessment year commencing on the 1-4-1997 or any earlier assessment year, are lower than the profits and gains specified in sub-section (1), and thereupon the assessing officer shall proceed to make an assessment of the total income or loss of the assessee and determine the sum payable by the assessee on the basis of assessment made under sub-section (3) of section (6) notwithstanding anything ..... to the assessee in the previous year on account of such business or, as the case may be, a sum higher than the aforesaid sum as declared by the assessee in his return of income, shall be deemed to be the profits and gains of such business chargeable to tax under the head 'profits and gains of business or profession': provided that nothing contained in this sub-section shall apply in case the aforesaid gross receipts paid or payable exceed an amount of forty lakh rupees. ..... we have carefully considered the rival submissions in the light of material placed before us. ..... notice of hearing was sent to assessee which has duly been served vide acknowledgement placed on record. ..... the same has been made good by making payment vide receipt dated 6-6-2006 placed on record.4. .....