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 mumbai Page 1 of about 2 results (0.097 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 .....

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 .....

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 .....

Deepak Fertilisers and Vs. Dy. Cit(A), Range 3(1)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)752

..... of by the common order for the sake of convenience.1. the first issue relates to disallowance of interest under section 36(1)(iii) of 1.1. act, 1961 (the act). this issue arises in the appeals relating to assessment years 1997 98, 2000-01 and 2.001-02.since facts are identical and the issue originates from the ..... debentures and also procured loans on which interest was paid by the assessee. such payment of interest was claimed as deduction under section 36(1)(iii) of the act in the assessment year 1990-91 and the subsequent assessment years. the assessing officer following his earlier order, disallowed the claim of the assessee but the learned cit(a ..... on the ground that conveyance deed was not executed. after considering the submissions from both the sides, their lordships observed as under: section 32 of the income-tax act confers a benefit on the asses see. the provision should be so interpreted and the words used therein should be assigned such meaning as would enable the assessee .....

Videsh Sanchar Nigam Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)111ITD190(Mum.)

..... order.72. the question for consideration of the special bench is whether the assessee is entitled to exemption under section 80-ia of the it act, 1961 (act) in respect of the profits derived from the activity carried on by the assessee through the earth stations set up by it. since ..... private parties in view of the advanced technology of cellular phones. new enactment also came into existence i.e., telecommunication regulatory authority of india act, 1997 (trai). this act defines the expression "telecommunication services" as under: telecommunication services means service of any description (including, electronic mail, voice mail, data services, ..... regulation, 2003 notified by trai has included long distance services (std/isd) throughout the territory of india into basic telecommunication services. 7. the indian telegraph act, 1885 has defined telecommunication as any transmission, emission, reception of signs, signals, writing, images and sounds or intelligence of any nature by wire, radio .....

Deputy Cit Vs. Haria Exports Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)112ITD203(Mum.)

..... arrangements, rupee equivalent of the export proceeds received by the sister concerns in its export turnover while calculating deduction under section 80hhc of the income tax act. the aforesaid findings recorded in the assessment order are not in dispute. the assessing officer confronted the assessee with the aforesaid position. in reply, ..... within the stipulated period. according to him, the assessee might not have received the sale proceeds of the exports made through the sister concerns acting as agents in convertible foreign exchange in india but it had certainly brought the said proceeds in convertible foreign exchange into india within the stipulated time ..... to public policy. he emphasized that any agreement, which was illegal or opposed to public policy, was void and therefore incapable of being enforced or acted upon. (vi) inviting our attention to the agreements with the sister concerns, the learned departmental representative submitted that the agreements contained a clause to the .....

Sumaraj Seafoods (P) Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)112ITD177(Mum.)

..... from the industrial undertaking which operates its cold storage plant" and to grant suitable deduction under section 80-ib(1) read with section 80-ib(3) of the act. the assessing officer shall exclude such business profits which cannot be said to have been derived from the industrial undertaking, by keeping in mind the tests laid down by ..... purely storage of goods. he relied on circular no. 005 p, dated 9-10-1967 issued in the context of provisions of section 84 of the income tax act and submitted that the intention of the legislature, right from that time till date was expressed by this circular which states that "an industrial undertaking operating cold storage plant ..... the same. the common issue in all the three appeals is whether the assessee is entitled to deduction under section 80-ib(3)(ii) of the income tax act, 1961. the assessee filed its return of income claiming deduction under section 80-ib as well as under section 80hhc. the assessing officer observed that the deduction under .....