Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 152 effect of suspension and remission of sentence on dismissal Court: income tax appellate tribunal itat ahmedabad

The Dy. Commissioner of Vs. Bijal Investment Co. Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)108ITD432(Ahd.)

..... shares in respect of which it is a member, would not, thereby obviate, or cause to nullify or render nugatory, the effect of section 536(2) of the companies act, which shall have effect, as also confirmed by the ol, with all its incidental effects and consequences. the assessee has pressed an argument that it has, instead of ..... the surplus arising out of liquidation proceedings, as also contended by the assessee, so that the same having been declared as void under section 536(2) of the companies act, 1956, there was no question of any capital gain or loss arising out of the transaction(s) of said transfer.aggrieved, the assessee preferred an appeal before the ..... to secure the financial assistance by idbi to rmil, and to which transaction the asses see-company was/is a guarantor/surety; (d) section 536(2) of the companies act, 1956 proclaims any transfer of shares in a company, or alteration in the status of its members, after the commencement of its winding-up, as void, unless ordered .....

KevIn Enterprise Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... to income-tax proceedings. however, this principle is subject to limitations for there should be finality and certainty in all litigations including litigations arising out of the it act and an earlier decision on the same question cannot be reopened if that decision is not arbitray or perverse and if it had been arrived at after due ..... accounting for the receipts and the method of accounting followed consistently and regularly should not be disturbed by taking recourse to the provisions of section 145 of the act.14. we have carefully considered the fact and circumstances of the case as well as rival submissions made by the learned representatives of both the sides. various ..... of accounting followed by the assessee is not the correct method, the ao is entitled to reject the same by invoking the provisions of section 145 of the act. the learned cit(a) accordingly upheld the addition.9. shri s.n. soparkar, the learned counsel for the assessee assailing the orders of the tax authorities below .....

Cedan Vinmay (P) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)90TTJ(Ahd.)174

..... as the assessee-company had not done the business of consignment agent for any outside parties. the assessing officer had also pointed out that the assessee could not have acted as an agent without a specific resolution as per provisions of section 149(2a). the assessee furnished a reply which according to the assessing officer was not satisfactory. ..... that the findings of the revenue authorities in this regard may be reversed and the claim of the assessee that it carried on the business of financing, trading and acting as agent, etc. may be accepted. it was also contended that since the assessee has carried on the business during the year under appeal, the expenses incurred for ..... if it is assumed that such a resolution was passed, it cannot be said to be in compliance to the provisions of section 149(2a) of the companies act as no other resolution was passed after the incorporation of the company within the meaning of section 149(2a). therefore, the claim of the assessee that the business .....

Indian Petrochemicals Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD263(Ahd.)

..... of technical know-how. the ito treated that amount as a capital expenditure and allowed l/14th of the said amount as allowable expenditure under section 35a of the act. the appellant challenged that order before the aac on the ground that the whole expenditure ought to have been allowed as revenue expenditure. while so, the cit ..... in the case of eimco k.c.p. ltd. v.cit (supra). the relevant headnote is reproduced hereunder : "the appellant-assessee was a company registered under the indian companies act. it was incorporated in the year 1965. two companies, eimco, an american company, and k.p.c. ltd., an indian company, promoted the appellant-company. the authorised ..... income has been done by the company due to the crystalization of legal position on admissibility of know-how and engineering fees on insertion of section 35ab of the act. the assessee made written submissions in relation to the aforesaid matter which is reproduced on p 9 of the assessment order which reads as under : "ipcl has .....

United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD553(Ahd.)

..... material such as books of account etc. of the respective industrial undertakings, computation of depreciation attributable to such eligible industrial undertakings allowable under it act, verification of advance licence benefit on accrual basis included in the profits of such industrial undertakings will be made by the assessing officer by ..... recognition is postponed under the accrual basis of accounting. such postponement of revenue recognition is not unknown under the it act too which recognises in appropriate cases, the real income theory in determining income under the accrual basis of accounting. the bombay high court in ..... of the significant uncertainties. usually where the right to receive revenue has become vested in the recipient and therefore considered as accrued under the it act, its measurability and collectibility is not likely to be significantly uncertain. but in case its measurability and/or collectibility is significantly uncertain, its .....

income Tax Officer Vs. Skyjet Aviation (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1999)71ITD95(Ahd.)

..... in the circumstances, it could not be said that the assessee was denied a reasonable opportunity of adducing evidence. the officer could not be said to have acted in violation of the principles of natural justice.in the circumstances, he was entitled to draw an inference that the receipts were of an assessable nature.the tribunal, ..... of opinion between the learned accountant member and the learned judicial member, they referred their difference of opinion to the president under section 255(4) of the income tax act, 1961, and it is as follows :- "whether, on the facts and in the circumstances of the case, the learned commissioner (appeals) has erred in deleting cash ..... addition of rs. 1,05,263 made by way of adoption of net profit on gross profits. as stated above, the assessee-company carries on business of acting iata approval travel agents. the income tax officer while framing assessment order arrived at a conclusion that the operating results disclosed by the assessee-company were not .....

B and Brothers Engineering Works Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)78TTJ(Ahd.)876

..... ' over and above the invoice price in relation to the transactions with various parties, is correct?" 1. this is a reference under section 255(4) of the it act, 1961, pursuant to a difference of opinion between the learned members constituting the division bench. both the learned members have dissented on two issues and i must at ..... of the machinery, he could identify the instances where such cash was taken. in reply to question no. 20 of the statement recorded under section 133a of the it act, shri ashwinbhai b. patel admitted to have received the following cash from following parties on account of under-invoicing of sales bills : 7. subsequently, the ao recorded ..... assessee against the order dt. 28th jan., 1999, passed by the learned dy. cit circle-10(1), ahmedabad, under section 158bc r/w section 158bd of the it act, 1961. the learned dy. git has grievously erred in law and/or on facts in making following additions as undisclosed income : unaccounted income on account of various credits .....

B and Bros. Engg. Works Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)84ITD243(Ahd.)

..... of the machinery, he could identify the instances where such cash was taken. in reply to question no. 20 of the statement recorded under section 133a of the it act, shri ashwinbhai b. patel admitted to have received the following cash from following parties on account of under-invoicing of sales bills :name of the party amount taken ..... also denied the receipt of cash from m/s york fabrics after nearly one month from the original confessional statement recorded under oath under section 133a of the it act, to this effect which was made by the assessee under free will and without any pressure. the assessing officer further found from the various notings made in the ..... respect of which 'on money' receipts had been confirmed and such parties had in replies to the assessing officer furnished under section 133(6) of the i.t. act, 1961 stated that they had paid only the amount mentioned in the invoice; (5) all the purchasers aforesaid were assessed to tax and copies of the correspondence between .....

Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)80TTJ(Ahd.)278

..... applied and whether the conclusion arrived at by the tribunal in earlier decisions is in conformity with the clear provisions relating to computation of capital gains contained in the it act, 1961.17. the tribunal in the case of amazon investments ltd. (supra) has rendered three important findings; viz. (a) the first finding given by the ..... share for determination of cost of "right offer" embedded in original share in view of elaborate reasons given hereinafter.18. a plain reading of section 48 of it act, 1961, provides, that the income chargeable under the head "capital gains" shall be computed by deducting from the full value of consideration received or accruing as ..... kolah further contends that in the said cost of rs, 341 is included the cost of the right conferred on the assessee under section 105c of the companies act. when the board of directors of the company decided by passing the resolution of 12th march, 1956, to issue additional capital, that right became crystallised. referring .....

Cas Card Finance Ltd., Rathore Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)78TTJ(Ahd.)55

..... ) or chapter xiv-b. the aforementioned contention advanced on behalf of appellants ignores the scheme for determination of undisclosed income. undisclosed income is defined under the act and the scheme provides for assessment of the same. for better appreciation of position of law, it would be useful to refer to section 158bb which has ..... provisions of section 158bb(2) would become redundant if under no circumstances section 68 could be invoked in proceedings for block assessment. all the provisions of the act are to be read in coherence and in conjunction with each other and reasonably interpreted in accordance with the legislative intention. i am, therefore, of the ..... received wherein they have denied in clear words to have made any such investment in acquisition of shares of champawat group. further, a summon under section 131 of it act was issued to shivkuwar viransingh r/o post-sowania, tal-bilara, dist. jodhpur, presently, she resides with her family at plot no. 161, ajeet colony, .....