Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-23-2004
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-29-2004
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 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-08-2004
Reported in : (2005)2SOT81(Delhi)
..... . since the firm supplied material for century pulp pipes, the material were dispatched directly to them and documents were exchanged according to sec. 6(2) of the central sales tax act." the assessing officer, however, rejected the explanation of the assessee as factually incorrect with the following observations: "the billing of the sales were being raised as per schedule is not ..... the income tax act, 1961 on account of payment made to sister concerns.hence the order of cit(a) be quashed and that of assessing officer upheld." before we advert to the aforementioned grounds ..... (a) has erred in law and facts of the casein deleting an addition of rs. 1,94,622 on account of trading account under section 145 of the income tax act.2. that the learned cit(a) has erred in law and facts of the case in deleting an addition of rs. 11,05,000 under section 40a(2)(b) of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-29-2004
Reported in : (2005)92TTJ(Delhi)300
..... provided in the books of account of the assessee on account of investments written off. the learned counsel, however, pointed out that the assessee had not acted arbitrarily or unreasonably in this respect.the entries made in the books of account in this behalf were purely based on guidelines for writing off/writing down ..... the appeals for asst. yrs. 1982-83 and 1983-84, viz., whether entertainment expenditure incurred outside india is hit by the provisions of section 37(2a) of it act, 1961. during the course of hearing before us the learned authorised representative of the assessee fairly conceded that this issue is to be decided against the assessee. ..... of any business or profession' has to be computed in accordance with the rules contained in the first schedule and not under the general provisions of the act. the learned authorised representative further pointed out that in respect of insurance business other than life insurance business, rule 5 of the first schedule governed the matter .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Oct-12-2004
Reported in : (2005)92ITD333(Delhi)
..... upon the assessee.their lordships at page 78 of the report observed as under: "the language of the provisions of sections 32 & 34 of the income-tax act, 1961, is specific and admits of no ambiguity. section 32 allows depreciation as deduction subject to the provisions of section 34. section 34 provides that deduction under ..... income-tax computation, starting with profit as per profit and loss account before depreciation, a clerical mistake occurred by not deducting the depreciation as per the income-tax act. it is, therefore, humbly requested to kindly amend the original order passed under section 143(3) on 29.10.93 and allow us the depreciation while making ..... the only issue arising in this appeal is whether the assessee could claim depreciation under section 32 by moving an application for rectification under section 154 of income-tax act, 1961.2. the assessee is a public sector undertaking which filed its original return of income on 31^st december, 1991 declaring total income of rs. 7, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-14-2004
Reported in : (2005)92TTJ(Delhi)1087
..... rao manik rao (supra) held that the provisions of section 145 can be applied while assessing the undisclosed income under chapter xiv-b of the it act. since various seized materials found during the course of the search suggest that assessee has made undisclosed sales and purchases and also made unexplained investments ..... kishan rao manik rao (supra) held that provisions of section 145 can be applied while assessing the undisclosed income under chapter xiv-b of the it act.16. in this appeal, the revenue department during the course of the search recovered incriminating evidence from the assessee showing undisclosed income from the names ..... in the matter. the learned departmental representative relied upon findings of the ao. the learned departmental representative, lastly, argued that since strict principle of evidence act is not applicable to the income-tax proceedings, therefore, on the principle of preponderance of probability, the findings of the ao are justified the learned counsel .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-20-2004
Reported in : (2005)92TTJ(Delhi)818
..... cast upon it by the statute to deduct tax at source and, therefore, the assessee-company was defaulter within the meaning of section 271c of the it act. the learned jt. cit imposed penalty for the various financial years as under:__________________________________________________________________s. no. financial year amount of short deduction of tax (rs.)9 ..... multilateral international agencies. the overseas economic co-operation fund is not a multilateral agency/international organisation as envisaged in section 10(8a)/10(8b) of the it act, 1961. 2. the agreement relating to the assessee-company has not been approved by the prescribed authority as laid down in the explanation to the ..... the assessee has taken common grounds in these appeals to challenge the sustenance of order of penalty made by the ao under section 271c of the it act, 1961.4.1 the assessee-company, namely, pacific consultants international which had its headquarter in japan, was engaged in carrying on business of rendering .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-27-2004
Reported in : (2005)95TTJ(Delhi)1075
..... similar claims made by the assessee, further supports the assessee's case that such advice in fact was given by the ministry of civil aviation and the assessee indeed had acted upon such advice. in any case, the very fact that the similar claim made by the assesses was disallowed by the assessing officer in assessment year 1991-92 resulting into ..... be allowed treating the said building as plant. (ii) on the facts and circumstances of the case the appellant be granted exemption under section 10(29) of the income-tax act, 1961 in respect of income from letting out godowns and warehouses." 3. reliance was placed on behalf of the assessee company on the following case laws in support of his .....
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