Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 6 enrolment Sorted by: old Court: income tax appellate tribunal itat ahmedabad Page 4 of about 94 results (0.147 seconds)

Mohmed Rafiqbhai and ors. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... decision in dhirendra nath gorai vs. sudhir chandra ghosh, air 1964 sc 1300, 1304, where their lordships had gone into this material question as to whether the act in breach of the mandatory provision is per force a nullity. the passage in macnamaron nullities and irregularities, referred to in ashutosh sikdar vs. bihan lal kirtania (1907 ..... cit would have had a valid jurisdiction to proceed with the proceedings for block assessment, such block assessment has become barred by statutory limitation under s. 158be of the act. (3) without prejudice to the above grounds, on the facts and circumstances of the case and in law, the entire proceedings for the block assessment from their ..... directed against separate orders dt. 19th march, 1998, passed by the asstt. cit, inv. cir. i, bhavnagar under s. 158bd r/w s. 158bc of the it act, 1961.3. briefly the facts are that all the three assessees along with smt.mumtazbanu mohmed rafiqbhai ghoghabori were regularly assessed to income-tax by the ito, ward-5, .....

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 .....

KevIn Enterprise Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... 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 facts and circumstances of the case as well as rival submissions made by the ld. representatives of both the sides. various ..... -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 income-tax act and an earlier decision on the same question cannot be reopened if that decision is not arbitrary of perverse and if it had been arrived at after due ..... the assessing officer in support of his conclusion that the method of accounting followed by the assessee is in conflict with the statutory provisions of the lt. act or that the accounts are incorrect or that true profits cannot be deduced therefrom. what the assessing officer has done is to change his opinion about the .....

Assistant Commissioner of Income Vs. Gujarat Bitumen Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)82ITD614(Ahd.)

..... 156 meaning thereby that no demand notice would be issued under section 156 along with the initiation. explanation appended below section 143, inserted by the finance (no. 2) act, 1991, specifically provided that an intimation sent under section 143(1)(a) shall be deemed to be an order for the purposes of sections 246 and 264. thus, ..... assessment contained under the provisions of section 143(1)(a) has undergone a sea change w.e.f. 1st april, 1989, with the enactment of taxation law (amendment) act, 1987. prior to 1st april, 1989, the provisions contained under section 143(1)(a) envisaged making an assessment of the total income without requiring the presence of the ..... of praful c. patel v. m.j. mackwana, asstt. cit (supra). at p 841 their lordships observed: "the function of the ao is to administer the act with solicitude for public treasury and with fairness to the taxpayers. he is necessarily armed with great powers. up to four years an assessment is open to his unreserved consideration .....

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 .....

Assistant Commissioner of Income Vs. Vadilal Finance Co. (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... pointed out that the question of granting deduction of interest in respect of reversal of interest income in a subsequent year is not permissible under any provisions of it act, 1961. he pointed out that the first document where the assessee in their capacity as a promoter company undertook to give interest-free loan at the ..... are clearly distinguishable, says the learned senior departmental representative. he submitted that in the case of godhra electricity co. ltd. (supra) there was a unilateral act on the part of the electricity company to account for the enhanced rate of electricity charges. the consumers had disputed the levy of enhanced rates and filed cases ..... whatsoever as can conveniently and efficiently be carried on with the business of a financial company.5. the learned counsel for the assessee explains that the appellant-company acting as promoter company decided to promote the company styled as super milk makers (p) ltd. (in short "smmpl") and invested rs. 13.04 lacs for .....

Asstt. Cit Vs. Vadilal Finance Co. (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)74TTJ(Ahd.)933

..... the question of granting deduction of interest in respect of reversal of interest income in a subsequent year is not permissible under any provisions of income tax act, 1961. he pointed out that the first document where the assessee in their capacity as a promoter company undertook to give interest-free loan at the ..... counsel are clearly distinguishable, says the learned senior departmental representative.he submitted that in the case of godhra electricity co. ltd. (supra) there was a unilateral act on the part of the electricity company to account for the enhanced rate of electricity charges. the consumers had disputed the levy of enhanced rates and filed ..... manner whatsoever as can conveniently and efficiently be carried on with the business of a financial, company.the learned counsel for the assessee explains that the appellant-company acting as promoter company decided to promote the company styled as super milk makers (p) ltd. (hereinafter referred to as the "smmpl") and invested rs. 13 .....

Soma Textiles and Industries Ltd. Vs. Deputy Commissioner of Income Ta ...

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)87ITD326(Ahd.)

..... .7.4 assuming the transaction as genuine, we proceed to consider whether the transaction of sale and purchase of units is a speculative transaction. section 43(5) of it act, 1961, defines "speculative transaction" which is reproduced below : (5) speculative transaction means a transaction in which a contract for the purchase or sale of any commodity ..... whereas the claim of the assessee was of short-term capital loss. first we take up the revenue's stand. the provisions relevant to speculation business/loss in it act are, expln, 2 to section 28, sections 43(5), 94 and 73. according to expln. 2 to section 28, where an assessee carries on speculative ..... business incomenet profit (before tax) as per profit & loss a/c prepared in accordance with the provisions of part-ii & iii of the sixth schedule of the companies act, (copy of annual reports & final accounts grouping attached herewith).bonus disallowed in last year under s. 43b and written back during the year less : earlier years unabsorbed .....

V.D. Vachhani (Huf) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)86ITD652(Ahd.)

..... material seized, marked or inventorised would be available before the assessing officer when he exercises his powers to assess the undisclosed income under chapter xivb of the act. in the instant case, the statements recorded by the authorized officer as well as the evidence found during the search operations pertain to non-genuineness of ..... assessing officer. the evidence found as a result of search would be evidence that has been gathered by authorized officer under sections 132 and 132a of the act. this would also include the statements recorded by the authorized officer during the course of search and seizure under section 132(4). the evidence so gathered ..... to circumvent legislation or to perpetrate fraud. in such circumstances there is absolutely no occasion for invoking the provisions of section 88 of the indian trust act. in the instant case vachhani brothers have in fact operated common pre-conceived and collective arrangement endorsed and approved by the kartas of the hufs who .....