Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113ITD209(Ahd.)
..... during the assessment year 1966-67, the assessee commenced another activity, viz., manufacture of alloy steels. both the activities fell within the fifth schedule to the act. the assessee sustained a loss in the manufacture of alloy steel, whereas profits were earned from the manufacture of automobile spares. the assessee claimed relief under section ..... initial assessment year or in subsequent assessment year.42. the fourth sub-head for our consideration is that the provision overrides all other provisions of the act only for computing profit and gains of the eligible business for the determining the quantum of deduction under the section. this restricts the application of ..... be admissible to all small-scale industrial undertakings even if they are engaged in the production of articles listed in the eleventh schedule to the income-tax act. in the case of other industrial undertakings, however, the deduction will be available, as at present, where the undertakings are engaged i the production .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... circular no. 2 of 2002 dt. 15th feb., 2002 issued by the central board of direct taxes ('cbdt for short) under section 119 of the it act, 1961 (the act' hereinafter).the criticism of the said circular is enumerated at paras 30 to 33, with the latter enlisting the infirmities as found therein. prior to that, ..... making assessments likely to result into demands and in effecting their recovery, they are lethargic and indifferent in granting refunds and giving reliefs due to assessees under the act. dilatoriness or indifference in dealing with refund claims (either under section 48 or due to appellate, revisional, etc. orders) must be completely avoided so that ..... assessee did not appeal against the assessment for block period because assessed undisclosed income was 'nil', but thereafter, moved an application under section 154 of the act dt. 23rd march, 2005 stating therein that the assessee's system of accounting being cash system and the ao having mentioned the system as mercantile system without .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)298ITR163(Ahd.)
..... the shares. the cbdt has notified two accounting standards vide notification dated 25.1.1996 on the basis of the power entrusted under section 145(2) of the income tax act. the accounting standard no. 1 and accounting standard no.2. these accounting standards are mandatory to be followed in view of section 145(3). due to this change, the ..... overstated by rs 16,88,76,463/- 4. on further verification of details, it is seen that the revaluation has been made for the following shares:sl. name of op.bal purchase sale cl. val no. of value no. of value no. of value no. shares shares shares shares1. core 4792930 193882249 0 0 0 0 4792932. core 5550 155806 ..... by the assessing officer in the income of the assessee.15. the next issue relates to the charging of interest under section 234a, 234b and 234c of the income-tax act.16. both the parties agreed that this issue is consequential. we, accordingly direct the assessing officer to recompute the interest in accordance with law on the income as may be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)928
..... register the institution. therefore, the moot question to examine is whether the object of the assessee-institution is charitable or not? section 2(15) of the it act defines the words "charitable purpose" as under: 2(15)"charitable purpose" includes relief of the poor, education medical relief, and the advancement of any other object ..... which the corporation is established and all matters connected therewith. thus he pleaded that the assessee should be held entitled to registration under section 12a of the act.5. on the other hand, the learned departmental representative vehemently objected to such grant of registration. he tried to distinguish the case laws relied upon ..... organization of industries in industrial areas and industrial estates in the state of gujarat. he in this regard referred to the chapter of the gujarat industrial development act, 1962. the provisions of section 3 are as under: 3. (1) for the purposes of securing and assisting in the rapid and orderly establishment and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)98ITD119(Ahd.)
..... ltd. (supra) decided by the same learned accountant member. the said case related to assessment year 1991-92 whereas explanation with retrospective effect was added through finance act, 1990. thus, the amended provision was introduced much before the date of filing of return and assessee could not claim benefit of decision of hon'ble supreme ..... additional tax where returned income is increased as a result of adjustment made under section 143(1)(a). -the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to show lesser ..... order of learned judicial member. he argued that adjustment made was perfectly justified in view of amendment of section 36(1)(vii) of the income-tax act. once adjustments were made the adjusted income was to be considered for purposes of charging of additional tax which in his view was automatic and mandatory. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)102TTJ(Ahd.)375
..... pvt. ltd. decided by the same learned accountant member. the said case related to assessment year 1991-92 whereas explanation with retrospective effect was added through finance act, 1990. thus the amended provision was introduced much before the date of filing of return and assessee could not claim benefit of decision of hon'ble supreme ..... tax -where returned income is increased as a result of adjustment made under section 143(1)(a). - the new section 143, as substituted by the amending act, 1987, while dispensing with the necessity of passing assessment orders in all cases, did not contain any deterrent provision against filing of incorrect returns to show lesser tax ..... the proposed order of learned judicial member. he argued that adjustment made was perfectly justified in. view of amendment of section 36(1)(vii) of income-tax act. once adjustments were made the adjusted income was to be considered for purposes of charging of additional tax which in his view was automatic and mandatory. it .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
Tag this Judgment!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 .....
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