Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 2 definitions Court: income tax appellate tribunal itat delhi Page 1 of about 507 results (0.174 seconds)

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 .....

Escorts Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)104ITD427(Delhi)

..... that he was never informed about the proposed merger of the delhi society with the chandigarh society. thus the provisions of section 12 of the societies registration act, 1860, were violated. (c) the minutes books of the chandigarh society found during the course of survey by the investigation directorate, chandigarh, revealed that ..... the chandigarh society contemplates vesting of all assets of the delhi society with the chandigarh society and by virtue of the provisions of the societies registration act, 1860, in particular section 13 thereof the properties of the delhi society vest with the chandigarh society, the moment the formalities required for such ..... division related to production, planning, hr and payroll planning, etc.the expenditure has been claimed as revenue expenditure deductible under section 37(1) of the act. the ao held that the impugned expenditure resulted in enduring benefit to the assessee and therefore was liable to be considered as a capital expenditure. he .....

Housing and Urban Development Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)102TTJ(Delhi)936

..... state financial institutions besides banks and public financial institutions. the definition of the word 'interest' was also modified.10. in the scheme of the act, section 5 of the act defines the scope of chargeable interest to mean the total amount of interest of a credit institution other than interest on loans and advances to other ..... as well. the learned departmental representative further seeks to draw attention of the bench to the expression used in sub-section (7) of section 2 of the act is 'loans and advances'. the assessee's counsel however, has sought to rely upon the judgments of various courts which have considered the definitions of 'loan' and ..... , contended that in that view of the matter interest earned on deposits and securities bonds would fall outside the scope and ambit of chargeable interest under this act.7. shri dwivedi also states that if the tribunal is of the view that two interpretations are possible, then also the possible interpretation which reads favourable to .....

Motor and General Finance Ltd. Vs. Dcit, Spl. Range-16

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90ITD449(Delhi)

..... ., far in excess of the amount invested in shares and bonds, as per their charts, then the claim of the assessee for deduction under section 80m of the income-tax act shall be allowed. the issue shall, therefore, be considered and decided in the light of our observations made above and according to the directions given, of course, by providing ..... had to be drawn against the assessee (emphasis supplied by us). as the assessee could not produce any document, an adverse inference in terms of section 114 of the evidence act, 1872, had to be drawn to the effect that, had those documents been produced, they would have gone against the interest of the assessee." 9.25 in view of ..... income-tax officer was right in disallowing the difference between interest paid to the banks and interest recovered from the directors under section 36(1)(iii) of the income tax act, 1961." 9.21 it may be pointed out that in the case of h.r. sugar factory pvt.ltd. (supra), there was a director nexus between the borrowed .....

Dy. Cit Vs. M/S. Escorts Tractors Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)91TTJ(Delhi)905

..... the show at nehru stadium, i held that no justification has been given in support of their allowability as advertisement expenses under section 37(3) of the income tax act. hence, addition to the extent of rs. 76,625 is hereby confirmed." after considering the nature and details of the expenditure, we find that the learned commissioner ( ..... by the appellant's learned counsel the expenditure on cost of construction of score board could not be considered allowable under section 37(3) of the income tax act provided it was proved that the same was used for advertisement purposes by the appellant itself. appellant has a number of sister concerns under the escorts group of ..... the payment was made for development of crank-shafts. the amount is allowable as deduction under section 35(1) read with section 37(1) of the income tax act. it was stated that such payment had been allowed as deduction in the preceding assessment year. my attention was specifically drawn to the appellate orders in appellant's .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... payment as per details given below : -------------------------------------------------------------------- financialyear amount of short interest under s. deduction of tax deposited 201(1a) of the later act -------------------------------------------------------------------- rs. rs. -------------------------------------------------------------------- 1989-90 7,33,636 6,64,099 1990-91 47,17,597 37,11,590 1991-92 1,46 ..... infrastructural facilities incidental to trading activities. the company was granted permission by the reserve bank of india under the foreign exchange regulation act to set up a liaison office allowing to undertake only liaison work and not any activity of trading, commercial or industrial nature ..... separate books of account and also maintained separate bank accounts. each office was headed by a general manger. the general managers acting as disbursing officers paid salaries to its employees as per the terms of their appointment in india. both obtained tax deduction account .....

Satish Chandra Gupta Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD508(Delhi)

..... building of more residential houses. the above object was implemented by the assessee.in this connection shri ganesan drew our attention to section 13 of the general clauses act, 1987 under which residential house' should mean and include 'residential houses' as there was nothing repugnant in the above construction. shri ganeshan also drew our ..... therefore, not correct to insist that the assessee should establish that residential house is complete and then ask for benefit under section 54 of the income-tax act. what is required under the section is that the assessee should take steps to make investment in a residential house. alternatively, the assessee should deposit capital ..... by entries in books of account. the share broker of the assessee has also supported the transactions in statement recorded under section 131 of the income-tax act. the rate of purchase and sale of shares was further supported by quotations of stock exchange. the assessee thus claimed that the share loss was genuine .....

Joint Commissioner of Income Tax Vs. Steri Sheets Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)106TTJ(Delhi)460

..... held by the hyderabad bench of tribunal that no capital gains could arise on sale of undertaking prior to the insertion of section 50b in the statute by the finance act, 1999 w.e.f. 1st april, 2000 since it was not possible to ascertain capital gains on transfer of undertaking because of the impossibility to compute cost of arquisition ..... before the learned cit(a). as held by hon'ble delhi high court in the case of bharat general reinsurance co. ltd. (supra), there is no estoppel in the it act in raising a claim in accordance with law and the assessee can even resile from a position wrongly taken while filing the return. explaining further, hon'ble delhi high court ..... it was also held that there was a lacuna in the statute to provide for such computation provisions which has been removed by insertion of section 50b by the finance act, 1999 w.e.f. 1 april, 2000 and this provision being a substantive one is not retrospective in operation. to the similar effect is the decision of ahmedabad bench .....

Ramesh Batta Vs. Dy Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... income.9. we have carefully considered the facts and circumstances relating to this matter and rival submissions. the definition of agricultural income is given in section 2(1a) of the act which is as under (a) any rent or revenue derived from land which is situated in india and is used for agricultural purposes; (ii) the performance by a ..... been used for "agricultural purposes" and the income derived therefrom said to be "agricultural income" derived from the land by agriculture, under section 2(l) of the indian income tax act, 1922." in the case of raza buland sugar co. ltd. v. cit (1980) 123 itr 241 (all) the hon'ble allahabad high court also considered this issue in ..... that case. the assessee adopted lease on payment of rent from nawab of rampur and after the extension of the u.p. zamindari abolition and land reforms act, 1951, to the territory of the erstwhile state of rampur, the assessee had become the sirdar of the land. in that case the hon'ble high court considered .....

Campa Beverages (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)34ITD241(Delhi)

..... the business interests of the assessee company and its share holders would have been adversely affected. therefore, if by the arrangement in question, which has been actually acted upon, the assessee has taken over expenditure which it could incur in its own rights as well and thereby reducing the losses of the sister concerns and the ..... was contended by shri rajendra, the learned counsel for the revenue that this resolution was not registered with the registrar of companies under section 192 of the companies act. such a contention has never been raised by the authorities below and was raised for the first time during the course of arguments in the present appeal.whether ..... material when such evidence has been produced at this belated stage. it was also contended that the bottlers were independent companies and separate legal entities and the act of taking over their expenditure by the assessee so as to reduce their losses and to reduce the income of the assessee is a clear device to transfer .....