Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 6 enrolment Court: income tax appellate tribunal itat mumbai Year: 2008 Page 1 of about 14 results (0.083 seconds)

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 .....

Sumit Bhattacharya Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... case (supra), what is to be taxed under the head 'income from salaries' is whatever constitutes 'salary'. the expression 'salary', though not specifically defined under the act, is the reward or consideration for services rendered by a person in employment. the assessee's receipts of whatever nature, in connection with his employment, are, therefore ..... this plan must be pursuant to a valid registration statement on other than form s-8 or pursuant to an exemption from registration provided under the securities act of 1933, as amended other employees of the company or its subsidiaries are free to make resales of the securities offered hereunder, without further registration. ..... 'ble supreme court in the case of nalinikant ambalal mody (supra), it was stated that incomes mentioned therein are taxable, but section 14 of the 1961 act says that all incomes are taxable and then it classifies these incomes. ourattention is then invited to comments on legislative history of section 14, as given in .....

Sumit Bhatttacharya Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113CTR(Mum.)633

..... case (supra), what is to be taxed under the head 'income from salaries' is whatever constitutes 'salary'. the expression 'salary', though not specifically defined under the act, is the reward or consideration for services rendered by a person in employment. the assessee's receipts of whatever nature, in connection with his employment, are, therefore ..... this plan must be pursuant to a valid registration statement on other than form section-8 or pursuant to an exemption from registration provided under the securities act of 1933, as amended. other employees of the company or its subsidiaries are free to make resales of the securities offered hereunder, without further registration. ..... 'ble supreme court in the case of nalinikant ambalal mody (supra), it was stated that incomes mentioned therein are taxable, but section 14 of the 1961 act says that all incomes are taxable and then it classifies these incomes. our attention is then invited to comments on legislative history of section 14, as given .....

The Income Tax Officer Vs. Ellora Silk Mills Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... business income'. hence, there was reason to believe that income has escaped assessment in this case. therefore, the case was reopened for assessment under section 147 of the act.3.3 before the cit (a), it was submitted that these warehousing structures are in possession of the assessee since about 1966. they are used for warehousing activities ..... the decision wax whether, in the facts and circumstances of the case, the ito had jurisdiction to reopen the assessment under section 147 (a) of the act and whether the order of reassessment was liable to be quashed. once the appellate assistant commissioner came to the conclusion that the income tax officer had no jurisdiction ..... legal cases and accordingly, the company submitted a scheme of compromise or arrangement before the bombay high court under section 391 (1) and (2) of the companies act, 1956. the hon'ble bombay high court accepted the scheme of the company and in order to rehabilitate the company, the high court allowed the company to .....

Jayram Rajgopal Poduval Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... this appeal and to provide completeness to this order we would like to mention that section 6(6) has been substituted by the finance act, 2003 w.e.f. 1st april, 2004. in the present appeal we are concerned with the pre-amendment era as the assessment ..... the petitioner is 'not ordinarily resident' in india and will be governed by the proviso to section 5(1)(c) of the act.the hon'ble supreme court affirmed the view of the hon'ble high court holding that the assessee was a person "not ordinarily ..... this juncture it would be apt to note down the material part of clause (6), section 6 prior to its substitution by the finance act, 2003, w.e.f. 1st april, 2004 which is as under: (6) a person is said to be 'not ordinarily resident' ..... india only. it implies that the income derived by such non-residents from any source outside india is immune from taxation under the it act, 1961.the third category of the assessees having status of "not ordinarily resident" within the meaning of section 6(6) is subject .....

Mahindra Holdings and Finance Vs. Dcit and Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of co-operative society or other society, from the applicability of the provisions of section 67-a even otherwise.3. further, provisions of section 2(31)(v) of the act are also relevant, hence, reproduced as under: (v) an association of persons^52 or a body of individuals^52, whether incorporated or not, (vii) every artificial ..... examined the arguments of the learned counsel for the.assessee that the words "other than company or a cooperative society or a society registered under the societies registration act" relate to the association of persons or body of individuals and not with the assessee. if the contention of the assessee is accepted, it would give an ..... were not used for the purpose of business. he accordingly confirmed the disallowance of the proportionate interest under section 36(1)(iii)/37(1) of the i.t. act.he further directed the assessing officer to disallow the proportionate interest relatable to non-business use of the borrowed funds of rs. 460 lakhs only.10. aggrieved, the .....

Mrs. Mudra G. Nanavati Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... very hon'ble high court, their lordships look note of revenue's stand as follows. referring to the observations of godavandevi (supra), that an all india tribunal acting anywhere should follow the decisions of any other high court on the point, it was submitted by the counsel of the revenue that this observation itself would show that ..... which reliance has been placed by the learned counsel for the assessee, in support of his contention that decision of any other high court on all india statute like it act, is binding even on this court and on the tribunals outside jurisdiction of that high court. on godavaridevi sarafs case (supra), which, was delivered by a division ..... issued under section 158bc. the assessing officer had also issued notice under section 142(1) and completed the assessment under section 158bc and section 143(3) of the act. but no notice was issued under section 143(2). it is also true that the assessing officer did not accept the returns filed by the assesses. the .....

Saroj Sales Organisation Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)485

..... applied for or the assessee had applied to the municipal corporation to make any difference in deciding the assessee's claim for deduction under section 80-1b(10) of the act. it must be appreciated that the main developer was m/s conwood agencies (p) ltd. the sanction plan have only approved the construction of the dwelling units of ..... section 80-ib(10)(d) w.e.f. 1st april, 2005. the legislature nowhere provided the definition of a housing project either in the section or anywhere in the it act. is it open for the revenue to consider all the housing activities undertaken by the assessee as one project or different projects the concise oxford dictionary (9th edition) defines ..... that the area of shopping complex exceeded 5 per cent of the limit prescribed, it is pointed out that this sub-section was amended by the finance (no. 2} act, 2004 w.e.f.1st april, 2005. prior to its substitution the section granting 100 per cent deduction of income arising from housing projects, it did not contain any .....

Extermpore Securities and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)525

..... what it is due to pay to the assessee company for its regular business transactions, is to be considered as deemed dividend under section 2(22)(e) of the act. we, accordingly, direct the ao to recompute the deemed dividend under section 2(22)(e) in accordance with our observations above. the assessee's ground of appeal ..... part of accumulated profit as business profits cannot be computed on the day-to-day basis; (e) whether the statutory reserve maintained under the reserve bank of india act, 1934 could be treated as part of the accumulated profits; and (f) whether the successive loans/advances paid by pipl to the assessee company need to be successively ..... the bombay high court in the case of cit v. p.k. badiyani high court while interpreting the phrase "accumulated profits" in section 2(6a)(e) of 1922 it act held that the accumulated profit means profits which have been accumulated before beginning of the accounting year where the account being a mutual, open and current account, every debit .....

Tata Infomedia Limited Vs. Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... accept such stand of the assessing officer. every printer of a book and a newspaper is governed by the provisions of 'the press and registration of books act, 1867'. this act defines 'book' and 'newspaper' separately. newspaper is defined to mean any printed periodical work containing public news or comments on public news. as per section ..... of convenience.2. the only issue arising in the appeals of the assessee relates to the eligibility of deduction under section 80q of the i.t. act, 1961 (the act). briefly stated the facts are that the assessee was engaged in the business of printing and publication of yellow pages directory. it claimed deduction under ..... officer. the registrar of newspapers is required to regulate the working of newspaper only and not the printing and publication of books. there is nothing in the act that printer or publisher of a book is required to get registered with registrar of newspapers. merely because the assessee got itself registered with registrar of newspapers .....