Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 147 computation of period of sentence Sorted by: recent Court: income tax appellate tribunal itat Page 1 of about 11 results (0.072 seconds)

The Acit, Cir 4(2) M/S. Harinagar Sugar Mills. Mumbai-. Ltd Vs. World ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . the hon'ble apex court, in the case of p.j. chemicals ltd. (supra), has held that the expression 'actual cost' in section 43(1) of the income tax act needs to be interpreted liberally and subsidy does not partake the incidents which attract the conditions for its deductibility from actual cost. the amount of subsidy is not to be ..... further, the ld. counsel has explained that the amount of such subsidy cannot be held to reduce the actual cost of assets u/s 43(1) explanation 10 of the act. the ld. counsel has also placed reliance on the decisions of the tribunal in the cases of m/s. godrej agrovet ltd. in ita no. 1629/mum/2009 for ..... computing the income under section 115j has only the power to examine whether the books of account are certified by the authorities under the companies act as having been properly maintained in accordance with the said act. the ao, thereafter, has the limited power of making increases and reductions as provided for in the explanation to the said section. to put .....

M/S. Jindal Drugs Ltd., Vs. the Dy. Commissioner of Income Bakhtawar

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... to continuously work for full year; (ii) contract or contingent workers also qualify to meet the requirements of the provisions of section 80-ib(2)(iv) of the act. ld counsel only relied on various binding judgments to support the above. in our opinion, the above arguments merits acceptance. however, these issues are covered by the ..... / workers, who are capable of loading and unloading the chemicals to the boilers for distillation, as the case may be. further the provisions of section 80ib of the act refers to the expression "employs ten or more workers" and not specialists such as chemists, scientists etc. regarding the role of rituja enterprises, ld counsel further mentioned that ..... or fabricated requisite machinery to produce the product before 31.3.2004. other reasons mentioned by the ao for reduction of deduction u/s 80-ib of the act are summarized in the paras 13 and the 14 of the impugned order which read as under: "13. assessing officer has also relied upon circumstantial evidence to .....

M/S. Johnson and Johnson Limited Vs. the Addl.Commissioner of Income-t ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... deduction on 'payment basis' as against the 'provision basis' claimed by the assessee. however, it is important to note that section 35dda has been inserted by the finance act, 2001 with effect from 01.04.2001. this section provides for amortization of expenditure incurred under voluntary retirement scheme (vrs) . as per this section, the entire amount ..... income and not claiming deduction u/s 80m. obviously, provisions of section 14a would apply in respect of exempt dividend income u/s 10(33) of the act. in our considered opinion the authorities below were more than justified in disallowing a mere 2% of the gross dividend as incidental expenses for earning exempt income. ..... the total dividend claimed as exempt from tax. the assessee claimed exemption of rs.3.45 crore in respect of dividend income u/s 10(33) of the act. as no disallowance was offered by the assessee towards expenses incurred in earning such exempt income, the assessing officer disallowed 2% of the gross dividend as incidental .....

Hercules Hoists Limited Acit Vs. Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... assessment years (ays) 2005-06 to 2008-09, partly allowing the assessee's appeals against its assessments u/s.143(3) of the income tax act, 1961 ('the act' hereinafter) for the relevant years. 2. the appeals raising common issues, were heard together and are being disposed of vide a common, consolidated order. ..... sec.80-i(6): deduction in respect of profits and gains from industrial undertakings, etc., established after a certain date - new section 80-i [the finance (no.2) act, 1980] "19.4 the new "tax holiday" scheme differs from the existing scheme in the following respects, namely:- (i) ....................... (ii) ....................... (iii) in computing the ..... appeal, the assessee reiterated its submissions, reinforcing the same with several decisions by the tribunal in relation to the adoption of the standard rent where rent control act applies, and in its absence, the municipal ratable value, which find mention at para 4.2 of the impugned order; also enclosing a certificate stating .....

M/S United Leasing and Industries Ltd. Vs. Dy. Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... delhi, which was dishonoured and the assessee company has filed criminal complaint against m/s crest export pvt. ltd. u/s 138 r/w section 142 of the negotiable instruments act, 1981. 6. the ar submitted that the authorities below ignored the above dispute between the assessee and m/s crest export pvt. ltd. and made the disputed addition of ..... accordingly, the services of a company secretary were used who concluded that the said crest exports pvt. ltd. was not a company covered under section 301 of the company's act 1956 and issued a certificate. " 3.2 in this regard, it is found that ao has made addition by observing that interest paid to unsecured loans to related person ..... institutions to that extent cannot be held to be use of funds for business purposes and no deduction accordingly can be permitted under section 36(1)(iii) of the act. in that judgment it is inter-alia held that the theory of nexus has no relevance for consideration of point in issue as different sources of receipts in a .....

Acit - 1 (3) Vs. Weizmann Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... business or profession for any previous year, deduction of depreciation under section 32 shall be mandatory. therefore, the provisions of section 32(2) as amended by finance act, 2001 would allow the unabsorbed depreciation allowance available in the a.y. 1997-98, 1999-2000, 2000-01 and 2001-02 to be carried forward to the ..... a provision to that effect. however, it does not contain any such provision. hence keeping in view the purpose of amendment of section 32(2) of the act, a purposive and harmonious interpretation has to be taken. while construing taxing statutes, rule of strict interpretation has to be applied, giving fair and reasonable construction to ..... on account of short term capital gains and dividend income. the appellant has placed reliance in this regard on the provisions of section 32(2) of the act read with provisions of section 71. a combined reading of both the provisions clearly show that a carry forward unabsorbed depreciation merges with the depreciation of the .....

The Assistant Commissioner of the Karur Vysya Bank Ltd., Income Tax, C ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... mumbai in computing depreciation and it had not offered any interest accrued on securities for taxation. therefore, the assessing officer issued reopening notice under section 148 of the "act". in response to reopening notice, the assessee chose to file another 'return'. this time, it disclosed income of `.116,88,68,080/-. the assessing officer, ..... . in the instant case, the undisputable facts on record establish beyond doubt that the reasons recorded for initiation of proceedings under section 147/148 of the act were never furnished to the assessee by the assessing officer before completion of the assessment proceedings on 29/12/2008, 33 months after the request was made ..... cited by the revenue. in principle, the revenue is not even disputing that the assessee is entitled for writing off debts under relevant provisions of the "act". its submission is for the purpose of verification so as to avoid double deduction, the assessing officer be directed to reverify assessee's claim in view of .....

Avaya Global Connect Ltd. Vs. Acit Range 7(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , the decisions of the tribunal relied upon by learned counsel for the assessee are authority for the proposition that prior to insertion of section 50b of the act in the event of transfer of business undertaking as a going concern, there was impossibility of computation of cost of acquisition, date of acquisition etc.; and ..... follows: a scrutiny of the definitions of 'apparent consideration' given in clause (b) and transfer' given in clause (1) of section 269ua of the income tax act, 1961, would unmistakably indicate that the transfer to which the provisions of chapter xx-c are intended to apply, are transfers under agreements or contractual transfers and not ..... on the first issue, which we have formulated for consideration, learned counsel for the assessee submitted that section 2(19aa) was introduced in the income tax act vide the finance act, 1999. he drew out attention to the memorandum explaining the provisions in finance bill, 1999. the relevant portion of which reads. 3. with a view .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... regular assessment including re-opening a completed assessment but he cannot drag these items into the block assessment proceeding envisaged under chapter xiv-b of the act. thus, a block assessment proceeding is distinct and different from the regular assessment proceeding and the chapter with which we are concerned deals exclusively ..... if the seized material and evidence available indicated that the undisclosed income belongs to some person other than the person searched, section 158bd of the act provides the manner of assessing such undisclosed income of the other person in the following words: where the assessing officer is satisfied that any undisclosed income ..... it cannot be based on assumptions and surmises or guesswork. the learned departmental representative argued that the term satisfaction appears in various parts of the act itself and that even in sections 147/148 dealing with cases of reassessment for assessing income which had escaped assessment, the only requirement is that .....

Smt. Krishna Verma and Subhash Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD655(Delhi)

..... the panchnamas, the signatures of the panchas and the assessees therein, the orders of restraint, their revocation, etc., all of which show that the official acts were regularly performed by the departmental authorities. in the light of this material, the averments in the affidavit cannot be relied upon and it cannot be said ..... for the assessee that the affidavit filed by the assessees remained uncontroverted. besides the affidavit, which is insufficient to displace the presumption flowing from the acts regularly performed by the authorised officers conducting the search, there is no other evidence to show that the search was actually completed on 12th march, 1999 ..... drawer and seized the files. therefore, the order passed under section 158bc on 30th april, 2001 was barred by limitation provided in section 158be of the act and hence requires to be annulled. further, in continuation to his arguments, the learned authorised representative submitted that the affidavit of the assessee dt. 24th .....