Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 2 definitions Court: income tax appellate tribunal itat delhi Page 10 of about 507 results (0.108 seconds)

Ram Saroop Saini (Huf) Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Delhi

..... officer with respect to similar sale transactions has accepted the income declared under the head 'capital gain' in an assessment proceeding finalized under section 143(3) of the act. in this regard our attention was invited to the assessment order dated 22-3-2002 at pages 49 and 50 of the paper book in the case of madan ..... the aforesaid, we may also briefly touch upon the meaning of the expression "in the nature of trade" appearing in the definition of business in section 2(13) of the act. the hon'ble supreme court in the case of g. venkataswami naidu & co. v. cit and sree meenakshi mills ltd. v. cit existence of certain elements in ..... trade or business or incidental to it; the nature and quantity of the commodity purchased and resold; any act subsequent to the purchase to improve the quality of the commodity purchased and thereby make it more readily resaleable; any act prior to the purchase showing a design or purpose; the incidents associated with the assessee purchase and resale; .....

Perot Systems Tsi (India) Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... following amount cannot be considered as profits and gains derived by an assessee from an industrial undertaking so as to allow exemption under section 10a of the act: 4. as regards amount by way of reimbursement by exim bank, shri butani submitted that during the year under consideration, the appellant had received a ..... nexus with the industrial undertaking or which cannot be considered as derived from the industrial undertaking cannot be allowed exemption as provided in section 10a of the act. he also relied upon following case laws to support his argument that such income cannot be considered as income derived from an industrial undertaking:pandian chemicals ..... of the municipal borough". the supreme court in shri balaganesan metals v. m.n. shanmugham chetty (1987) 2 scc 701 while interpreting the rent control act held that unless the legislature had intended that both classes of tenants can be asked to vacate by the rent controller for providing the landlord additional accommodation, .....

Ms. Shyam Lata Kaushik Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)114TTJ(Delhi)940

..... the assessee cannot be accepted. as rightly contended by the learned departmental representative, there is no requirement for an assessment made under section 153-a of the act being based on any material seized in the course of search. further under the second proviso to section 153-a pending assessment or re-assessment proceedings in relation ..... submissions. once the books of accounts are rejected, the assessing officer has to make an estimation of income in the manner provided under section 144 of the act. section 144 empowers the assessing officer to take into account all relevant material, which he has gathered and after giving an opportunity of being heard to the ..... -worthiness and genuineness of the transaction. in the circumstances the assessing officer ought to have exercised his discretion in not making an addition under section 68 of the act. accordingly, we delete the addition made in respect of the credits appearing in the name of shri mohan lal and shri p. k. sharma.ground no. .....

Ansal Properties and Industries Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)301ITR285(Delhi)

..... to insertion of section 28(va) w.e.f.1.4.2003, non compete fee received by assessee on account of restrictive covenant was not taxable under the act. finance act 2002, w.e.f. 1.4.2003 has inserted clause (va) to provide that following receipt (income) shall be chargeable under the head profits and gains ..... to any activity relating to business. the legal position that emerges from the decisions of courts/tribunal, instruction of the board and amendment of provisions of income-tax act is that: (a) prima facie compensation/consideration for agreeing to refrain from carrying on competitive business is a capital receipt. (b) restrictive covenant need not be ..... monetary return 'coming in'. it will take in voluntary and gratuitous payments, which are connected or linked with the office, vocation or occupation, income under the act connotes a periodical monetary return coming in with some sort of regularity or definite source. the source is not necessarily one, which is accepted to be continuously .....

Kamal Mishra Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... officer for deciding the issue afresh after considering the submissions of the assessee and the definition of the agricultural income contained under section 2(2a)(c) of the act.10. the cross-objection was in support of the commissioner (appeals)'s action, which we have decided hereinabove.11. in the result, both the appeals of ..... there is no justification in the action of the assessing officer for taking the annual value of the property as per provisions of section 23(1)(a) of the act. neither the assessing officer nor the commissioner (appeals) has alleged the action of the assessing officer regarding property at vasant vihar, new delhi remained vacant from december ..... of commissioner (appeals) dated 5-5-2006 for the assessment year 2002-03, in the matter of order passed under section 143(3) of the income tax act, 1961.2. rival contentions have been heard and record perused. during the course of assessment, the assessing officer found that the assessee was having income from various .....

Orient Craft Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... therefore, submitted that the show-cause notice issued by the commissioner was vague and it depicted an arbitrary approach in assuming jurisdiction under section 263 of the act. coming to the impugned order, the learned counsel pointed out that in para 9, the commissioner has observed that the assessment was completed and the claim of ..... officer under section 143(3) of the act for the impugned years have been cancelled since, in his opinion, they were erroneous, insofar as it were prejudicial to the interests of the revenue. the ..... the assessee against the order passed by the commissioner of income tax (hereinafter referred of as 'commissioner') under section 263 of the income tax act, 1961 (in short, 'the act') relating to the assessment years 2000-01 and 2001-02.the commissioner has passed similarly worded orders whereby the assessment orders passed by the assessing .....

Food Corpn. of India Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

..... of prosecution proceedings where an artificial veil was lifted to identify the individuals who had to be prosecuted and further because section 2(31) of income tax act, 1961 defines 'persons' where individuals and association of person etc., are distinctly and categorically mentioned as separate entities. therefore, considering the decision of income ..... supra) of the tribunal without adjudicating the issue regarding the status of the assessee-trust before holding it in default under section 194a of income tax act, 1961. learned authorised representative for the assessee further contended that since the various judicial authorities have held the status of such assessee-trusts as individuals the ..... officer shall proceed further with the assessment.he cannot proceed ahead without determining the status of an assessee and that is not the scheme of the act." 14. in this very decision their lordships further held that the trust was to be assessed as an individual for all purposes.15. similarly, .....

G.B. Pai Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the impugned addition.9. the fifth ground of appeal states that on the facts and circumstances of the case the learned commissioner (appeals) has erred in upholding the act of the assessing officer in withdrawing the credit for tax deduction at source certificates for rs. 9,725, whereas the amount of tax deduction at source has been ..... exist to render them 'personal effects' within the meaning of that expression used in clause (ii) of the exceptions in section 2(4a) of the indian income tax act, 1922. the legislature intended only those articles to be included within the expression 'personal effects' which are intimately and commonly used by the assessee.7. in the present ..... ) held for personal use by the assessee or any member of his family dependent on him. the meaning of 'personal effects' is not exhaustively defined in the act. it only refers to the movable property held for personal use by the assessee or any of his family dependent on him can be constituted as personal effects. .....

income Tax Officer Vs. De

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113CTR(Delhi)615

..... held that the ao having levied penalties under section 221 of the act without making necessary adjustments/rectifications and giving only three days time when stay petitions are pending before the ito, the penalties are liable to be cancelled. similar views ..... have held paucity of funds due to financial stringency constituted a reasonable cause for inability to pay the tax in time and, therefore, penalty under section 221 of the act was not leviable.20. taking a similar view the tribunal ahmedabad bench in the case of shri jyotindrasinhji ofgondal v. ito (1997) 59 ttj (ahd) 310, ..... interest levied under section 220(2), pursuing legal remedy against the order passed by the tribunal as also against penalty under section 271(1)(c) of the act levied by the ao. the appellant further contended to have filed various applications filed before the ao seeking grant of instalments for making payment of outstanding demand/waiver .....

Sanat Products Ltd. and Lucky Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)107TTJ(Delhi)238

..... rent by lower authorities was totally justified.16. we have considered the rival submissions carefully and have gone through the relevant material on record. section 30 of the it act, 1961 reads as under: 30. in respect of rent, rates, taxes, repairs and insurance for premises, used for the purposes of the business or profession, ..... give appeal effect.6. on the other hand, learned departmental representative picked up from the queries raised by the bench in submitting that no procedure under the act or rules was prescribed for carrying out appeal effect.he submitted, therefore, appeal effect order has been passed by resorting to common sense in the most practicable ..... at this stage bench raised three specific queries from the learned counsel of the assessee, which are as under: (1) what is the procedure prescribed under the it act, 1961 for passing appeal effect order (2) if certain additions are confirmed by cit(a), whether the ao is debarred from raising the demand in respect of .....