Judgment Search Results Home > Cases Phrase: sale of goods act 1930 section 10 agreement to sell at valuation Court: income tax appellate tribunal itat chennai Page 1 of about 1 results (0.096 seconds)

Joint Commissioner of Income-tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR106(Chennai)

..... . according to the assessing officer since the boiler was firmly embedded to earth, it becomes an immovable property. therefore, the sale of such boiler cannot be construed as sale of goods under the sale of goods act, 1930.therefore, the assessing officer concluded that the transaction is only a financial transaction and the assessee is not entitled to ..... assessing officer in the assessment order itself specifically mentioned that the boiler is embedded to the earth and it does not fit into the definition of "goods" in the sale of goods act. being so, the assessee has not produced any material to show that the boiler is not attached to the earth. from this point of view ..... equipment was fixed was not transferred to the assessee. the learned accountant member held that as it does not fit into the definition of goods as defined in the sale of goods act, depreciation was rightly denied by the assessing officer.63. it was submitted before me that recuperator is the equipment. it is a movable .....

Tamil Nadu Chlorates Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)99TTJ(Chennai)80

..... the language of a particular statute. as such this meaning cannot be extended to the facts of the present case.7. as per section 2(7) of the indian sale of goods act, 1930, goods is every kind of movable property other than actionable claims and money; and includes stock and shares, growing crops, grass and things attached to or forming part of the ..... different applications having different degrees of generality. in the case of ferens v.o'brien 11 qbd 21, it was held that electricity cannot be classed as goods for the purposes of the sale of goods act. similar view was taken in the case of county of durham electric power co. v. irc 2 kb 604; eric county fuel co. v. carroll ac 105 .....

Tamilnadu Chlorates Vs. the Jt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

..... language of a particular statute. as such this meaning cannot be extended to the facts of the present case.7. as per section 2(7) of the indian sale of goods act, 1930 goods is every kind of moveable property other than actionable claims and money; and includes stock and shares, growing crops, grass, and things attached to or forming part ..... degrees of generality. in the case of ferens v.o'brien (11 q.b.d. 21) it was held that electricity cannot be classed as goods for the purposes of the sale of goods act. similar view was taken in the case of county of durham electric power co. v.commissioners of inland revenue (2 k.b. 604; eric county ..... of the land which are agreed to be severed before sale or under the contract of sale. under section 3(36) of the general clauses act, 1897 moveable property of every .....

First Leasing Company of India Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)94TTJ(Chennai)649

..... claim of depreciation was made to reduce the tax incidence. the learned departmental representative also referred to the definition of 'goods' as per the sale of goods act and also placed reliance on the registration act. in view of the above, he argued that the so-called leased transaction between the assessee and the lessee is ..... equipments which are attached to the earth. to this transaction, the provisions of sale of goods act and the registration act apply and the sale made to the assessee by the lessee under the sale and lease back transaction is not a valid sale under the above-mentioned enactments. the learned departmental representative further argued that the ..... pointed out several other inconsistencies in transaction like movement of goods, difference between the date and actual purchase date and the invoices issued by the supplier show the place at lucknow and the sales office at new delhi and this only shows up sales-tax and central-tax registration number and not central excise .....

Preeti Tex Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)304ITR266(Chennai)

..... to sale is an executory contract. in a sale, the property in the goods passes from the seller to the buyer so ..... not. if we answer it is a complete sale of goods, then the assessee is entitled to the claim and contra is against the assessee. as far as the sale of goods is concerned, the sale of goods act, 1930 governs the contract relating to sale of goods before this act, the laws relating to sale of goods were contained in indian contract act, 1872 a sale is an executed contract, whereas an agreement .....

Shri. C.V. Sunny, Prop. Pavizham Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

..... reported in 90 itr271. this was a case where best judgment assessment was permissible under the relevant provisions of sales-tax act equivalent to section 145 of the income-tax act. the hon'ble surpeme court in this case held as under: some-times there may necessarily or preferably be ..... was really not known at early stages to common law. when it was the first time introduced, it was confined only to stolen goods, but its usefulness soon forced its recognition and was, from time to time, extended to suchlike search and seizure. section 132 is ..... .11.02) after this the assessing officer determined the undisclosed income as follows:--------------------------------------------------------------------assessment year gross profit on income from balance suppressed sale other aadyayam undisclosed--------------------------------------------------------------------1997-98 6,630,150 6,50,000 5,980,150--------------------------------------------------------------------1998-99 1,380,356 2,027,500 638 .....

The Income-tax Officer Vs. Shri P.C. Ramakrishna, Huf

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)108ITD251(Chennai)

..... ground.16. the next issue in this revenue's appeal is as to whether the assessee is enti led to deduction under section 54 of the act in view of capital gains in regard to sale of two separate residential flats at cathedral road which are situated one in the ground floor and other in the third floor or not.17. we ..... s property a seven storeyed building i.e. crowns court has also come up. in view of this, he argued that due to loration advantage coupled with hotel facility and good transportation the value of the property is very high and this property is a block piece of land of more than 4 grounds, eventually the value is higher. in spite ..... assessee under section 54, since the assessee has fulfilled the conditions laid down under section 54, namely, that he had purchased a house for his own residence by investing the sale proceeds of his former residential house in the purchase of the assessee's family with ten members, the accommodation acquired by the assessee in the form of four flats in .....

P.K. Ganeshwar Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2004)91TTJ(Chennai)970

..... to bank was not a complete or a total list. he submitted that the practice followed by the mill owners in and around erode and using the market for sale of goods for cash is substantiated. he contended that the facts as are -submitted in the case of mr. ramamurthy, similar and identical facts in the case of mr. ..... to rs. 2.83 crores. there is no dispute about that. as for the source, the appellant came up with the explanation that the same was out of sale proceeds of goods which were surreptitiously taken out from the godown of others and then sold immediately in erode shandy and then deposited in bank. no evidence has been produced. on ..... established about the transaction. it was also contended that the appellant had sold goods belonging to another for cash and the cash was then used for taking fixed deposits with the bank and that sale proceeds could never be considered for addition under section 68 of the act. the appellant drew our attention to the various documents placed in the paper .....

Deputy Commissioner of Income Tax Vs. Indian Syntans Investments (P)

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD457(Chennai)

..... business; and 4. by mr. n. narayanan, mrs. m. narayanan, mr. k. narayanan, ms. m. narayanan to enter into any employment or to act as consultant for any other person, firm or body corporate other than the transferee engaged in the business of manufacturing, marketing or selling products similar or identical to the ..... assessments for the four years in question. having second thoughts on the same material does not warrant the initiation of a proceeding under section 147 of the it act, 1961. mr. manchanda, the learned counsel for the appellant, took us through several sections of mulla's principles of mohamedan law including section 268 and ..... a bank account in british india in which 'for recovering from merchants dues in respect of goods delivered at porbandar' were credited. the assessee also produced the bank pass books. the finding that 'the question of receipt of sale proceeds was bypassed' cannot be accepted as correct. the statement that the cheques were 'subsequently transferred .....

Dxn Herbal Manufacturing (India) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)110ITD99(Chennai)

..... had considered this issue in a slightly different context. it was considering the meaning of the term "produce" used in the kerala general sales-tax act, 1963. the expression used was "the person who sells goods produced by him by manufacture, agriculture, horticulture or otherwise". the question has arisen whether spontaneously grown plants which were cut by the assessee ..... applied to the present case on hand. similarly, the judgment in the case of dy. cst v. coco fibres (supra) was delivered in the context of kerala general sales act, 1963 and hence the ratio of this case also cannot be applied to the present case. the supreme court in the case of aspinwall & co. ltd. v. cit ..... . in dy. cst v. pio food packers (1980) 46 stc 63 (sc), the supreme court was considering the expression "manufacture" used in the kerala general sales-tax act, 1963. the question has arisen in the context of an activity carried on. by pio food packers of processing the fruit pineapple into slices for the purpose of .....