Judgment Search Results Home > Cases Phrase: sale of goods act 1930 section 5 contract of sale how made Court: income tax appellate tribunal itat pune Page 1 of about 3 results (0.079 seconds)

Burhani Trading Company Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)89TTJ(Pune.)823

..... has not correctly appreciated the facts of the present case. the view taken by the assessing officer that each inward and outward entry in the supply act register represented purchase and sale was not a correct view. it was explained that there were various mistakes in the recording of entries in the register due to fact that ..... assessee's main contention was that the entries appearing in the 'supply register' did not reflect the purchases and sales as such. the said register was meant for showing the record of inward and outward movement of goods. furthermore, the said register was maintained in order to comply with the directions of tahsildar, dhule. from the records ..... 12 commodities against total 38 commodities dealt in by the assessee.the assessee also submitted that no proper verification of the goods was done as the register was not treated as a record of purchases and sales effected by the firm. the assessing officer did not find any merit in the above submissions of the assessee. he .....

Jalgaon Distt. Central Co-op. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)70ITD290(Pune.)

..... as such, the same is not eligible for deduction under section 80p(2)(a)(i). he further submitted that in view of various submissions being made there was good and sufficient reason for the hon'ble tribunal . to change its opinion arrived at in the case of ahmednagar distt. central co-op. bank ltd (supra) ..... treated the income earned on these securities as the assessee's non-business income on the ground that the assessee bank was not involved in day-to-day sale purchase transactions in these securities.on appeal, the commissioner (appeals) confirmed the action of the assessing officer.we have heard both the parties. this issue now ..... on charging of interest under section 234b. the commissioner (appeals) is accordingly, directed to entertain the ground and adjudicate upon the same afresh.as per banking regulation act co-operative bank was required to invest 25 percent of total deposits in government and trustee securities, income earned on such investment was income from banking activity of .....

Sharad Holding Leasing (P.) Ltd. Vs. Asstt. Cit, Cir. 1(1)

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)95ITD336(Pune.)

..... provisions of section 269ss. in a case of advance received towards the price of some goods as defined in section 2(1) of the sales of goods act, 1930 and which definition includes stock and shares also, the liability to return would arise when the sale of goods is not affected. that liability would not be there at the time of taking or ..... case. it was also submitted that the proceedings initiated under sections 271d and 271e after the date of completion of assessment were invalid as per section 275 of the act. it was also claimed that in the instant case provisions of section 275(1)(c) were applicable for the purposes of limitation regarding imposition of penalty. the assessee ..... accepting the advance by the seller. the basic character of such receipt would not be that of a loan or deposit. the enlargement of the meaning of deposit by the direct tax laws (amendment) act, 1987 so as .....

Sharad Holding Leasing P. Ltd. Vs. Asstt. Commissioner of It

Court : Income Tax Appellate Tribunal ITAT Pune

..... of section 269ss. in a case of 'advance' received towards the price of some goods as defined in section 2(1) of the sales of goods act, 1930 and which definition includes stock and shares also, the 'liability to return' would arise when the sale of goods is not affected. that liability would not be there at the time of taking or ..... case. it was also submitted that the proceedings initiated under section 271d and 271e after the date of completion of assessment were invalid as per section 275 of the act. it was also claimed that in the instant case provisions of section 275(1)(c) were applicable for the purposes of limitation regarding imposition of penalty. the assessee ..... accepting the advance by the seller. the basic character of such receipt would not be that of a 'loan' or 'deposit'. the enlargement of the meaning of 'deposit' by the direct tax laws (amendment) act, 1987 so as .....

income Tax Officer Vs. Rifox Engineering India (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)55TTJ(Pune.)432

..... .e., the assessee; (e) the span was to give form no. n14b prescribed under the bombay st act which was meant for exports; (f) central excise was not to be charged, since the goods were to be exported; (i) sale proceeds were received by the assessee through span in indian rupees.4. during the course of his investigations, which ..... findings and views, the learned cit(a) held that it was the assessee who had exported the goods and received the sale proceeds in deemed convertible foreign currency and, therefore, was entitled to the deduction under s. 80hhc of the it act.14. the findings and the order of the learned cit(a) was assailed by the learned senior ..... for the faithful discharge of his duties." commission : an order or authority to do some act. in the law of contracts and agency, a commission is an authority to an agent to enter into a contract especially one for the sale or purchase of goods; such a commission generally includes an engagement by the principal to remunerate the agent, and .....

income-tax Officer Vs. Rifox Engg. India (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1996)57ITD466(Pune.)

..... e., the assessee; (e) the span was to give form no. n-14b prescribed under the bombay sales-tax act which was meant for exports; (f) central excise was not to be charged, since the goods were to be exported; (i) sale proceeds were received by the assessee through span in indian rupees.4. during the course of his investigations, which ..... and views, the learned cit(a) held that it was the assessee who had exported the goods and received the sale proceeds in deemed convertible foreign currency and, therefore, was entitled to the deduction under section 80hhc of the income-tax act.14. the findings and the order of the learned cit(a) was assailed by the learned ..... learned cit(a) to the definition of 'exporter' under section 2(18) of the customs act, 1962 and the definition of the term 'exporter' within the meaning of that act. as regards the receipt of the convertible foreign exchange against the sale proceeds of the goods sold, it was contended that since u. s. s. r. was a bilateral account .....

Jalgaon District Central Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)70ITD290(Pune.)

..... as such, the same is not eligible for deduction under s. 80p(2)(a)(i). he further submitted that in view of various submissions being made there was good and sufficient reason for the hon'ble tribunal to change its opinion arrived at in the case of ahmednagar distt. central co-op. bank ltd. (supra) which ..... co-op. bank, (supra) the learned departmental representative drew our attention to the observations of the bench that the supreme court in broach distt. co-op. cotton sales, ginning & pressing society ltd. vs. cit have held that the object of s. 81 was to encourage and promote the growth of co-operative societies and as such ..... was concerned with the creation or contingencies reserve and development reserve and investment of the sums appropriated to the said reserve in securities authorised under the indian trusts act. referring to this activity on p. 577, the supreme court held that creation of this reserve and investment is a condition statutorily incorporated in the licence granted .....

Praj Industries Ltd. Vs. Jt. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)301ITR247(Pune.)

..... was not practical and mode of delivery, whether actual or constructive, is not a deciding factor in determining whether sale is genuine or not. in fact, section 33 of the sale of goods act postulates that the delivery of goods may be made by doing anything which the buyer and seller agree to treat as delivery. the a.o's ..... in favour of the assessee. it may also be appreciated that when the claim was made, the assessee had acted as any prudence man will act and under a genuine and bona fide belief that prakash industries was a good and creditworthy party. in fact, prakash had entered into similar transaction with many other reputed concerned like union bank ..... in favour of the assessee. it may also be appreciated that when the claim was made, the assessee had acted as any prudence man will act and under a genuine and bona fide belief that prakash industries was a good and creditworthy party. in fact, prakash had entered into similar transaction with many other reputed concerned like union bank .....

indocan Engg. Systems (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1997)60ITD649(Pune.)

..... be understood to be movable one. the word 'movable property' has not been defined under the income-tax act. the sale of movable articles is governed by the sale of goods act, 1930. this act also does not define the movable property. this act only defines the word 'goods' which means 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 land which are agreed to be severed before sale or under the contract of sale.even .....

Wadilal Dairy International Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)70TTJ(Pune.)77

..... 'carrying out any work' as used in section 194c did not cover the activity involved in the instant case and it was merely a contract for sale/supply of goods. however, rejecting the assessee's contention, the assessing officer held that the activity involved fell within the expression i carrying out any work' and it could ..... v. kumudam publications (p) ltd. (1991) 188 itr 84 (mad). apart from the above decision, the learned departmental representative relied on the following decisions under the bombay sales tax act:state of gujarat (commr of st, ahmedabad) v. variety body builders 38 stc 176.(6) sentinel rolling shutters & engg. co. (p) ltd. v. cst 42 stc ..... becomes a contract between two parties. he accordingly held that such transaction being of contract is hit by the provisions of section 194c of the income tax act.the income tax officer further observed that printing on the materials supplied is not incidental. specific printing on the packing material has got its own importance and .....