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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... there was mention of the assessee's painting in the bulletin of the prince of wales museum of western india, 1953-54 and kanha dade prabandh of padmanabha written by professor k.b. .....

Sanchita Marine Products (P.) Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. these cross appeals, as also the cross objection filed by the assessee, are directed against the order dated 27th october, 2004, passed by the commissioner (appeals) in the matter of assessment under section 143(3) of the income tax act, 1961 (hereinafter referred to as 'the act'), for the assessment year 2001-02. as these appeals and the cross objection pertain to the same assessee, involve common issues and were heard together, both of these appeals as well as cross objection are being disposed of by way of this consolidated order.2. learned counsel for the assessee fairly accepts that cross objection filed by the assessee does not contain any ground requiring independent adjudication, and that the grounds raised therein are covered by the appeals filed by the assessee or the assessing officer. the cross objection filed by the assessee is, therefore, dismissed as infructuous. we now take up the cross appeals.4. in the first ground of appeal, following grievances have been raised: 1. hon'ble commissioner (appeals) has erred in law in sustaining the denial of deduction under section 80-ib by : (i) drawing an incorrect inference that only letting out the cold storage for hire, to others, for storage of their goods, amounted to 'operating cold storage' under section 80-ib; (ii) holding that as per the appellant company having maintained the cold storage plant only for the purpose of storing its own goods, it did not derive any income from operation of cold storage;cit v. .....

Pink Star Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)72ITD137(Mum.)

1. the assessee is in appeal before us against the order of the ld.cit(a) dated 28-9-1997 for assessment year 1994-95. there are two main grounds in the appeal, one relating to deduction under section 80hhc of the income-tax act, 1961 ("the act") and second, relating to deduction under section 80-i of the act. four main issues are involved in the ground relating to section 80hhc which are as follows : (a) whether premium received by the assessee on sale/surrender of import licences is to be included in the total turnover or not. (b) whether the profits of the business have to be reduced by 90% of gross labour charges or by 90% of net labour charges received by the assessee. (c) whether the profits of business have to be reduced by 9096 of gross interest received by the assessee or by 9096 of the net interest received by the assessee. (d) whether the profits of the business have to be increased by 90% of the net premium received from the government of india.2. the assessee firm is engaged in the business of importing of rough diamonds, processing them and exporting of cut and polished diamonds.the assessee furnished its return of income showing nil income. in the computation it had claimed a deduction of rs. 88,40,538 under section 80hhc. for the year under consideration assessee had no local turnover.so far as the first issue is concerned, it was observed that the assessee had credited its profit & loss account by a sum of rs. 15,47,005 as premium received on surrender of .....

Deputy Commissioner of Vs. AshwIn C. Shah

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD573(Mum.)

..... prince muffakham jah bahadur chamlijan [2001] 247 itr 351 : in this judgment relied on by mr. ..... prince muffakham jah bahadur chamlijan [2001] 247 itr 351 (sc) cannot be given effect to. .....

Mehratex India Ltd. Vs. Dy. Cit, Circle 6(5)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)3SOT539(Mum.)

..... (supra), such a decision of the co-ordinate bench was of no precedence value.for the reasons aforesaid, we are of the considered view that, what appear to be per incuriam decisions, orders passed by the co-ordinate benches in the case of prince swr systems (p. ..... to that extent tribunals decision in the case of prince swr systems (p. ..... /2001, dated 25-10-2004).we have heard the rival contentions, perused the material on record and duly considered the factual matrix of the case as also the applicable legal position.as far as tribunals decision in the case of prince swr systems (p. ..... our attention is invited to tribunals decision in the case of prince swr systems (p. .....

J.K.T. Fabrics (P) Ltd. Vs. Dy. Cit, Special Range 39

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)4SOT84(Mum.)

..... (supra), such a decision of the co-ordinate bench was no precedence value.for the reasons aforesaid, we are of the considered view that, what appear to be per incuriam decisions, orders passed by the co-ordinate benches in the cases of prince swr systems (p) ltd. v. dy. ..... ) of 2001, dated 25-10-2004).we have heard the rival contentions, perused the material on record and duly considered the factual matrix of the case as also the applicable legal position.as far as tribunal's decision in the case of prince swr systems (p) ltd. ..... our attention is invited to tribunal's decision in the case of prince swr systems (p) ltd. v. dy. ..... to that extent, tribunal's decision in the case of prince swr (p) ltd. .....

Overseas Chinese Cuisine (India) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

1. these are cross-appeals-three by the assessee and three by the department in respect of the assessment years 1988-89 to 1990-91, which arise out of a consolidated order dated november 29, 1991, by the commissioner of income-tax (appeals).2. the main thrust of these appeals revolves round the following additions made by the assessing officer on account of suppressed sales by the assessee.3. the first appeals filed by the assessee were partly allowed by the learned commissioner of income-tax (appeals) as a result of which the additions which survive now are tabled below : 4. thus, the two sets of appeal assail before us the additions sustained and the relief granted by the first appellate authority.5. the assessee runs a leading chinese restaurant in a prime area of this megametropolis which is known as "chinese garden".6. the premises of the assessee were subjected to a search on september 18, 1989, which falls during the assessment year 1990-91. on the basis of the materials collected during the search operations as well as on the consideration of certain facts that took place during the assessment proceedings, the assessing officer rejected the sales results of the assessee by invoking the provisions of the proviso appended to sub-section (1) of section 145 of the income-tax act, 1961 (hereinafter referred to as "the act" for brief).7. the main consideration that weighed with the assessing officer in discarding the assessee's books of account and making estimates instead .....

Overseas Chinese Cuisine Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1996)56ITD67(Mum.)

1. these are cross-appeals - 3 by the assessee and 3 by the department in respect of the assessment years 1988-89 to 1990-91, which arise out of a consolidated order dated 29th november, 1991 by the cit (appeals).2. the main thrust of these appeals revolve round the following additions made by the assessing officer on account of suppressed sales by the assessee.a. y. 1988-89 1989-90 1990-91 rs. 54,79,200 rs. 1,10, 10,950 rs. 82,80,285.the first appeals filed by the assessee were partly allowed by the learned cit(a) as a result of which the additions which survive now are tabled below :- 3. thus the two sets of appeals assail before us the additions sustained and the relief granted by the first appellate authority.assessee runs a leading chinese restaurant in a prime area of this megametropolis which is known as 'chinese garden'.4. the premises of the assessee were subjected to a search on 18th sept. 1989 which falls during the assessment year 1990-91. on the basis of the material collected during the search operations as well on the consideration of certain facts that took place during the assessment proceedings, the assessing officer rejected the sales results of the assessee by invoking the provisions of the proviso appended to sub-section (1) of section 145 of the it act (hereinafter referred to as the 'act' for brief).5. the main considerations that weighted with the assessing officer in discarding the assessee's books of account and making estimates instead are two-fold .....

Comet Foods and Metal Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95TTJ(Mum.)440

1. this appeal of the assessee has been directed against the order of the cit(a)--viii, mumbai, dt. 13th dec., 2002, for the asst. yr.1998-99. the grounds of appeal taken up by the assessee read as follows : "1. the learned cit(a) erred in sustaining the disallowance of rs. 1,03,99,474 out of deduction claimed under section 80-ia of the it act, 1961, without appreciating the fact that the appellant is engaged in the manufacturing of tin cans, containers and components, etc., and has complied with all the provisions of section 80-ia, and hence the deduction under section 80-ia is correctly claimed and ought to have been allowed as claimed. 2. the learned cit(a) erred in holding that the activity of cutting of tin plates into tin sheets cut to size is not a manufacturing activity and thereby in sustaining disallowance of rs. 1,03,99,474 out of claim of deduction under section 80-ia. the learned cit(a) failed to appreciate that entire income was derived from manufacturing activities and hence the disallowance of rs. 1,03,99,474 out of claim of deduction under section 80-ia ought to have been deleted." 2. the assessee is a manufacturer of tin container components, 'tin sheets cut to size' and tin containers having its factory situated at silvassa. in this case a survey action under section 133a was conducted on 7th jan., 2000, at the business premises of the assessee at a-62, industrial estate road no. 22, thane (west), and the assessee's factory premises at silvassa. a notice .....

Micoperi S.P.A. Milano Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD369(Mum.)

1. these cross appeals by the assessee and the department have been directed against the order of the cit(a)-xvii, mumbai, dt. 31st jan., 1992 for the asst. yr. 1985-86. we are disposing of these appeals with one consolidated order as the issues involved are identical, for the sake of convenience and brevity.2. the assessee is a limited company incorporated under the laws of italy. the company was engaged in the business of engineering, transportation, installation of platforms, raisers, pipe laying and testing site services etc. during the year, the assessee entered into two sub-contracts, one with m/s hyundai heavy industries co. ltd., korea (hereinafter referred to as hhi) on 5th dec., 1982 and another with mazagaon dock ltd., bombay (hereinafter referred to as mdl). both the hhi and mdl had entered into main contract with oil & natural gas commission (hereinafter referred to as ongc). under the said sub-contracts, hhi and mdl were obliged to discharge corporate tax liability of the assessee, if any, under their respective sub-contracts. the main installation and other activities were carried out outside the territorial waters of india but in the exclusive economic zone and continental shelf of india. the government of india had issued a notification bearing no, 304(e) (5147 f. no.133(7)/82-tpl), dt. 31st march, 1983 extending the provisions of it act, 1961 (hereinafter referred to as act) and the companies (profits) surtax act, 1964 to the exclusive economic zone and .....