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Indian Management Advisers and Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)51ITD566(Delhi)

..... statement of shri bharat goenka, director of altos recorded under section 132 in the course of search operations carried on above mentioned companies, it was claimed that from the statement and other material like details of computers with pcl, principal amount and interest payable shown by them, new facts have come to light which have a direct bearing on ..... since the whole transaction was a paper transaction from the very beginning, the assessee-company was not bothered about the clauses of the agreement or their violation. ..... the first issue relates to disallowance of depreciation on bottles.the assessee-company in the relevant period carried production of punching, binding and laminating machines and leasing business ..... it had claimed 100% depreciation on soft drink bottles which the company purchased from m/s arizona printers and packers ltd. ..... of accounts of pcl and altos as placed on record would further show that these companies are having very large volume of business. ..... both the lease and sub-lease agreement took place simultaneously there was no necessity for the assessee-company to have this clause if it fs to be violated simultaneously. ..... in support of propositions canvassed, shri vaish relied upon the decision of itat, delhi, in the case of oriental leasing co. v. dy. ..... in the said case, m/s goyal gas were not able to prove any delivery of leased equipment whereas here constructive delivery of identified equipments has been established.the lease and sub-lease have also been proved .....

Hemla Embroidery Mills Pvt. Ltd. Vs. Deputy Commissioner of Wealth

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)66ITD363(Delhi)

..... provisions clearly provide that a building or part thereof used by the assessee as a factory will not be liable to be included in the taxable wealth of the company.since the factory building is being used by the sister-company to whom the said building has been transferred, the same should be treated as having been used by the assessee as a factory building for his business purposes. ..... relied upon the judgment of hon'ble supreme court in the case of oriental gas co. ..... from the above, it is clear that for an asset belonging to the company need not necessarily mean that the assessee should be full owner of that ..... unfortunately did not bestow its pointed attention on the crucial words "belonging to the company" and also did not interpret the correct meaning of those words before deciding that leasehold interest of the assessee-company for more than six years is not covered under s. ..... 162 itr 888 (sc) held that the value of the said building is assessable in the hands of the appellant company as no registered sale deed was executed and registered in favour of the vendees.6.2. ..... it would appear that these words 'belonging to the company' are not synonymous to 'to be the owner of ..... the beneficial owner to be the owner for the purpose of taxation in the following situations : (i) a member of co-operative society or a company or any aops to whom a building or part-thereof is allotted or leased under a house building scheme of the society or the company or the association, as the case may be. .....

Consortium Finance Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)82ITD808(Delhi)

..... and this procedure had been completely bye-passed as the transaction was not mentioned to be a sale; (vii) the asset continued to remain with m/s kpcl even after the sale and the assessee-company did not have the option to take back the asset from m/s kpcl and lease it to" a third party or put it to any other use ; and (viii) the assessee was only a paper owner of the asset ..... march, 1996, issued by the government of karnataka exempting from sales-tax all transactions of sale of its machinery and electricity equipment to leasing companies or financial institutions, but subject to the condition that these are leased back to the karnataka power corporation ltd. ..... in the final analysis, the cit(a) agreed with the ao to hold that the transaction between the assessee-company and m/s kpcl was actually a financial transaction which had been given the garb of a lease transaction by paper ..... the books of m/s kpcl, which was an enterprise of the karnataka government the wdv was nil and their sale was shown to the assessee-company on 30th march, 1996, and the lease back to m/s kpcl was also on the same date.6. ..... was also placed on another judgment of the delhi benches of the tribunal in the case of oriental leasing company v. dy. ..... there was no physical movement of the equipment and the title passed to the lesser from the supplier on signing of the lease agreement and receiving the lease rent; (vi) even in the past the assessee-company had entered into similar transactions of sale-cum-lease back. .....

Oriental Insurance Company Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)589

..... interest payable under section 171 of the motor vehicles act as 'awarded by the claims tribunal is the revenue receipt taxable in the hands of the recipients and accordingly such payment of interest by insurance company would be liable for tax deduction at source in terms of the provisions of section 194a of the it act. ..... explained that the interest paid in mact claim was neither a money borrowed nor a debt and accordingly the insurance company was not liable to deduct tax at source as per provisions of section 194a of the it act. ..... to the facts of this case, it is clear from the above discussion that what the assessee-company has paid to the claimants through the mact may be known as compensation or interest but the assessee-company has in fact paid the decretal amount through the court. ..... thing is very clear from the facts available on record that the insurance company shall have to pay the decretal amount to the claimants through the ..... the point in issue is with regard to the taxability of compensation paid by the assessee-company to the victims of the accidents through the motor accident claim tribunal and the interest paid thereon.section 165 of the motor vehicles act provides compensation in respect of accident involving the death of or ..... for the assessee submitted that the point in issue is considered by chandigarh bench of the tribunal in the case of united insurance company, ambala and new india assurance company in which the departmental appeals on the same issue were dismissed. .....

Deputy Commissioner of Income Tax Vs. Oriental General Insurance Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92TTJ(Delhi)300

..... as a result, no exemption was provided in respect of the profits earned on the sale of investment.the insurance companies were required to work out profits on the sale of investments and the same continued to be income chargeable to tax.likewise, if there were any losses, the ao was required to allow the same as deduction. ..... in such circumstances, the guidelines permitted the insurance company to book the loss in the account rather than waiting for actual realisation of loss on sale of investment. ..... 1989-90, such reserve could not be added back to book profits of an insurance company, not being life insurance company for computing income chargeable to tax. ..... 144 and 146 of 1984 [reported as oriental fire and general insurance co. ..... the existence of clause (b) prior to its omission signified that the ao had otherwise no jurisdiction to interfere with the amounts debited to p&l a/c in respect of depreciation of value of investments held by an insurance company. .....

Oriental Building and Furnishing Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)53ITD198(Delhi)

..... income from sub-letting the stalls was assessable as business income under section 10 of the income-tax act, 1922 or as income from other sources under section 12, it was held that : (i) since the assessee company was not the owner of the property or any part thereof, no question of making the assessment under section 9 arose; (ii) the definition of "business" in section 2(4) was of wide amplitude and it could ..... 'income from other sources'.5.1 on appeal, the cit(a), after considering the detailed submissions made by the learned counsel for the assessee to the effect that the assessee-company had provided the premises to exploit commercial assets and the income accruing therefrom should be regarded as income from business, upheld the following additions/disallowances made by the assessing officer : (a) ..... said premises used by m/s cjhpl.it further claimed depreciation on the equipments let out to m/s cjhpl in respect of the said restaurant premises.2.1 on enquiry from the assessing officer, the assessee-company submitted that it had let out part of its premises at m-7, connaught circus to m/s cjhpl for running the mughlai restaurant and m-15, connaught circus to run dynasty, pantry and bistro restaurants. ..... . (supra) wherein the apex court, after examining the various clauses of the lease deed, held that the intention of the assessee-company was to part with the entire machinery of the factory and the premises with the obvious purpose of earning rental income and not to treat the factory and .....

income Tax Officer Vs. Oriental Insurance Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)100TTJ(Delhi)1140

..... therefore, one thing is very clear from the facts available on record that the insurance-company shall have to pay the decretal amount to the claimants through the mact. ..... the copy of the order of ao placed by the appellant is not very clear but from the portion legible, it can be made out that assessee-company paid compensation to different persons as per direction of mact. ..... what the assessee-company had paid to the claimants through the mact might be known as compensation or interest but the assessee-company in fact paid the decretal amount through the court ..... the claimants and the assessee-company as such had no connection whatsoever with regard to interest payable on moneys borrowed or debt incurred ..... in the instant case, the claimants had received the decretal amount from the assessee-company through the court of law (mact). ..... in the aforesaid decision, the assessee-company, as in the case before us, claimed that compensation amount is deposited by assessee with mact as per directions of court and it had no option but to comply with orders of the court ..... assessee would have to satisfy the decree of the court by all means, the assessee-company had to indemnify third parties i.e. ..... if the matter is settled in lok adalat, the decree is to be passed in pursuance of the compromise effected between the claimants and the insurance-company through the mact court. ..... the learned counsel for assessee brought to our notice decision of tribunal 'd' bench in the assessee's case, oriental insurance co. .....

Oriental Fire and General Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)13ITD15(Delhi)

..... besides, we are in respectful agreement with the reasonings and the decision of the hon'ble delhi high court.in view of the above, we direct the iac/assessing officer to pay interest to the appellant company in relation to refund worked out in its favour in respect of the assessment year under appeal. ..... the next ground of appeal is that the iac erred in not allowing the appellant company, interest payable by the government under section 244(1 a) of the income-tax act, 1961. ..... 3,21,570 in respect of entertainment expenses in recomputing the taxable income ; (b) that the appellant company was wrongly denied payment of interest by the government under section 244(1 a) in respect of refund worked out in favour of the assessee ; (c) that the credit for tax deducted at source should have been allowed at rs. ..... there is no dispute from the revenue that the assessee-company filed a valid appeal before the commissioner (appeals) and the latter did decide one ground in favour of the assessee and did not consider it necessary to decide the second ground because the grievance had ..... the authorised representative contended that, in the instant case, the provisions of section 244(1a) became applicable but the iac has not granted the interest due to the appellant company under section 244(1a). .....

Mange Ram Mittal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... next, it did not give any opportunity to the company to rebut the material furnished to it by him, and lastly, it declined to take all the material that the assessee wanted to produce in support of ..... 7003 with oriental bank of commerce, hansi that was opened and operated for the sole purpose of creating a garb of genuineness to the purchase of property by the ..... 7003 with oriental bank of ..... had purchased plot at yeti nagar in the name of shri subhash chander and shown him as partner in liquor concerns such as mange ram & company, hansi 1992-93 and m/s. ..... made by the learned assessing officer revealed that for financial year 1996-97, security deposit paid to excise department in respect of mittal & company, hansi amounted to rs. ..... found that the assessee had recorded the transaction in its books of account.according to the assessee he was under a bona fide belief that the transaction with regard to supply of gas cylinders was a genuine transaction. ..... mittal & company to whom the licences for country liquor and foreign liquor vends were granted in the year 1996-97 did not show shri mange ram anywhere as a partner in that firm, was conclusive under ..... assessed as undisclosed income within the meaning of section 158b(b) on the ground that the assessees transaction of purchase and lease of gas cylinders was bogus. ..... facts the tribunal held that there was no concealment in the manner provided under section 158b(b) of the act, more so when the assessee had not claimed depreciation on gas cylinders. .....

Degremont India Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1996)59ITD423(Delhi)

..... , (iii) placing orders for manufacture of machinery with turner hoare, (iv) to see that the manufacturing process is carried on by turner hoare under the direct supervision of the assessee-company, (v) to have a check on the quality control and last but not the least, to be responsible for the proper functioning of the machinery and guarantee after sale service for a stipulated period. ..... (iii) placing orders for manufacture of machinery with turner hoare; (iv) to see that the manufacturing process is carried on by turner hoare under the direct supervision of the assessee-company; (v) to have a check on the quality control and last but not the least, to be responsible for the proper functioning of the machinery and guarantee after sale service for a stipulated period. ..... - municipal waste and sewage treatment plants - desalination - chemical conditioning exhibit 'b' of the said agreement gives the details of equipments to be supplied by df to the appellant company (for short di) : - fouling index meter - sludge cohesion measuring device - field analysis sets - spectrophotometer - turniditymeter - conductivity meter - ph meter 16. ..... company thereafter entered into agreement with various industries for designing, procuring, supplying, erecting and commissioning the plant of the pre-determined capacity at their respective industries for the purposes of ensuring environment protection, pollution control and/or to recover usable products like methane gas ..... particularly orient longman ltd .....