Judgment Search Results Home > Cases Phrase: sale of goods act 1930 preamble 1 sale of goods act 1930 Court: income tax appellate tribunal itat mumbai Page 1 of about 7 results (0.216 seconds)

Abdulgafar A. Nadiadwala Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)75ITD394(Mum.)

..... turnover is also defined in s.80hhc, it was pointed out. our attention was also invited to s. 4 of the sale of goods act which provides that the transfer of property takes place on the payment of price for the sale of goods. inviting our attention to cl. (6) of the agreement, the learned departmental representative contended that the assessee had agreed to provide ..... the question that remains to be answered is as to whether any sale has taken place of any goods or merchandise. the sale as per sale of goods act, 1930 is defined as under : "4. (1) a contract of sale of goods is a contract whereby the seller transfers or agrees to transfer the property in goods to the buyer for a price. there may be a contract of .....

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... would be only an empty ritual without any legal effect. if there is a real intention, which could be gathered in terms of section 19(2) of the sale of goods act, to pass the property in the assets to the buyer, then the fact that there was no actual or physical delivery of the assets pales into oblivion. in such ..... 10), 13 (c), etc. these clauses show that he assessee did not undertake any risk incidental to ownership of the assets which is contrary to section 26 of the sale of goods act. no warranty for fitness, suitability or usability of the asset has been given in favour of rseb which is normally given. rseb has been made liable to the assessee ..... a symbolic or constructive delivery without any physical movement of the assets or change in location and this was sufficient for the validity of the sale. section 33 of the sale of goods act says that delivery of goods sold may be made by doing anything which the parties agree shall be treated as delivery or which has the effect of putting the .....

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... would be only an empty ritual without any legal effect. if there is a real intention, which could be gathered in terms of section 19(2) of the sale of goods act, to pass the property in the assets to the buyer, then the fact that there was no actual or physical delivery of the assets pales into oblivion. in such ..... (10), 13(c), etc. these clauses show that he assessee did not undertake any risk incidental to ownership of the assets which is contrary to section 26 of the sale of goods act. no warranty for fitness, suitability or usability of the asset has been given in favour of rseb which is normally given. rseb has been made liable to the assessee ..... a symbolic or constructive delivery without any physical movement of the assets or charge in location and this was sufficient for the validity of the sale. section 33 of the sale of goods act says that delivery of goods sold may be made by doing anything which the parties agree shall be treated as delivery or which has the effect of putting the .....

Dai-ichi Karkaria Ltd. Vs. Dcit, Special Range-37, Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD453(Mum.)

..... engg. house, 157 itr 86 (sc) for the proposition that acquisition of drawings, designs, etc., amount to acquisition of "plant" under section 43 of the act and, therefore, assessee is entitled 10 depreciation. this itself shows that payment for acquiring such items is on capital account.reliance was also placed on the judgment of ..... been that, gain on account of fluctuation in exchange rate amounts to benefit arising from the business and, therefore, is assessable under section 28(iv) of the act.further, it is the case of revenue that agreement was not for purchase of drawings, designs, etc., but for obtaining of technology for its use in its ..... 405. in that case, assessee sent 33,850 dollars to its agent in usa, after obtaining permission of exchange central authorities for purchase of capital goods. the assessee had also earned commission of 36,123 dollars on the sale of goods of american company - baldwin locomotive works. this amount was also retained with its us agent for purchase of .....

Satellite Television Asian Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD91(Mum.)

..... cannot be sold as an asset or property. the airtime does not have any right of property attached to it.7. as per section 18 of sale of goods act, no property in goods gets transferred to the buyer until the goods are ascertained. in the present case, every time to be utilized for airtime is a future time ..... , goods cannot be held as ascertained and, therefore, there could not be any sale.8. in an outright sale, the buyer does not have any obligation other than the payment of ..... executed outside india, the title in the goods (airtime) is transferred outside india, the consideration for sale of goods, i.e., airtime is received outside india, and the transaction is on a principal to principal basis.(iv) section 5(2) of the it act, 1961, enumerates the situations under which the income of a non-resident is taxable in india. .....

Dy. Cit Vs. Sarabhai Piramal

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... that the assessing officer has failed to appreciate the sequences of events from formation of jvc by ase and pel under shareholders' agreement to marketing and sale of goods by jvc. he was also failed to appreciate that ase and pel are independent separate companies and working under regulatory's approval. in fact, ase ..... of patent or proprietary medicines to which this tariff items apply are those medicines, which have brand name or registered trademark under the trade and merchandise marks act and carry such market symbol or monogram as to establish relation between medicine and producers and manufacturers, i.e., the writing of the monogram on the ..... was also placed. mr.agarwal further contended that analysis of the statutory provision will reveal that the following essential requirements for claiming deduction under section 35ab of the act are required to be satisfied: (a) that the assessee should incur a lump sum consideration in order to acquire the know-how; (b) that the expression .....

Kamat Hotels (i) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD241(Mum.)

..... that in consideration of mf allowing the assessee to run the food outlets, the assessee would pay by way of royalty 15 per cent of the gross sales including the sales tax. it further provided that mf would employ its own cashiers on the counter and the proceeds shall be collected by such cashiers. mf will settle account ..... provided the assessee with an inventory of all the articles and things including kitchen equipments and gadgets in the food outlets which the assessee had acknowledged as being in good working condition. under clause (4), mf would permit the assessee to install its own further equipment for cooking and catering purposes in the outlets. it was provided ..... question whether the payment of royalty/commission under the agreements can be described as 'rent' within the meaning of explanation (i) below section 194-i of the act. it is, therefore, necessary to notice the terms of the agreements in some detail in order to understand the intention of the parties and the real nature of .....

Tomas Cook (India) Limited Vs. the Dy./Jt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD119(Mum.)

..... exchange is a commodity, it does not cease to be "money" and, therefore, the same has to be excluded from the definition of "goods" in view of the provisions of sale of goods act, 1930.coming to the decision of the tribunal, the assessee had relied on the decision of central excise and gold appellate tribunal, mumbai, in ..... in the popular sense. therefore, we are of the view that foreign currency does amount to money and, therefore, cannot be considered as "goods" in the legal sense as defined in the sale of goods act, 1930.consequently, applying principles laid down by the constitution bench of the hon'ble supreme court in the case of m/s. gannon dunkerley ..... that foreign exchange could be considered as commodity. however, the court had no occasion to consider the meaning of the word "goods"for the purpose of section 80hhc or in the context of sale of goods act, 1930.accordingly, that judgment also cannot be applied to the present case.the english case in the case of imperial tobacco co .....

Mafatlal Holdings Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)85TTJ(Mum.)821

..... ownership in the shares under consideration. thus, the shares have been transferred to m/s arvi associates as per the provisions of law. the provision of sale of goods act, 1930, relied upon by the learned departmental representative are moreover in favour of the assessee. the genuineness of this transaction, therefore, cannot be challenged.50 ..... by the assessee-company. in this connection, we would like to refer to some of the provisions of sale of goods act. section 2(4) of the sale of goods act, 1930, pertaining to definitions reads as follows : "document of title of goods includes a bill of lading, dock-warrant, warehouse keeper's certificate, wharfingers' certificate, railway receipt, ..... with the transfer process itself. so far as the transfer of shares is concerned, the same is guided solely by the provisions of sale of goods act, 1930, and the companies act merely provides for the mechanism in which such shares already transferred in the eyes of law, will be mutated in the books of the .....

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT532(Mum.)

..... in the books of the assessee, this amount was shown to be recovered from the partnership firm. according to provisions of section 20 of the sales of goods act, if the goods are identified and parties intend to pass the property to the buyer, the payments can be deferred. but, in the instant case, necessary entries ..... in the shares under consideration. thus, the shares have been transferred to m /s. arvi associates as per the provisions of law. the provision of sale of goods act, 1930 relied upon by the learned departmental representative are moreover, in favour of the assessee.the genuineness of this transaction, thereforc, cannot be challenged.50. ..... the assessee-company. in this connection, we would like to refer to some of the provisions of sale of goods act. section 2(4) of the sale of goods act, 1930 pertaining to definitions reads as follows: '"document of title of goods" includes a bill of lading, dock-warrant, warehouse keeper's certificate, whare fingers 'certificate, railway receipt .....