Judgment Search Results Home > Cases Phrase: sashastra seema bal act 2007 section 6 enrolment Sorted by: old Court: income tax appellate tribunal itat delhi Year: 2007 Page 9 of about 159 results (0.142 seconds)

Gaurav Khullar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)110TTJ(Delhi)914

..... hand, learned departmental representative relied on the order of the lower authorities.5. we have considered the rival contentions, carefully gone through the relevant provisions of the it act, 1961 with regard to claim of depreciation and also deliberated on the case laws referred to by the learned authorised representative during the course of hearing before ..... the addition of new assets acquired during the year and reduction of money payable in respect of any assets falling within that block. the taxation laws (amendment) act, 1986, had changed thoroughly the system of allowing depreciation w.e.f. 1st april, 1988. by these provisions, the concept of block of assets brought into ..... came to be transferred and vested in the statutory corporation w.e.f. 1st feb., 1994 under the oil & natural gas commission (transfer of undertaking & repeal) act, 1993. this was not treated by the tribunal as a transaction of sale, on the plea that there was no "transfer" by way of exchange, corporation has not .....

Moser Baer India Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 25-4-2006. in ground nos.1 and 2 the assessee challenges validity of assumption of jurisdiction for framing reassessment under section 147 of the income tax act income tax act. in ground nos. 3 to 3.5 the assessee challenges manner of computing book profit under section 115 jb whereby the action of assessing officer in ..... and sale of optical/magnetic storage media products, viz,, cds and floppies. the appellant is eligible for deduction under section 10a/ 10b of the income-tax act income tax act for its100 per cent eou units. for the relevant previous year the return of the appellant was filed on declaring loss of rs. 8,73,72,570 ..... 10a unit." the assessing officer in the impugned reassessment has only varied the conscious stand originally taken while concluding the original assessment under section 143(3) of the act af ter due application of mind, without any fresh material/information coming his possession such circumstances, the reopening is based on mere change of opinion and cannot .....

Saraswati Holding Corporation Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)334

..... contended that the ao has no jurisdiction to treat the funds brought into india from mauritius for purchase of investments as unexplained cash credits under section 68 of the it act. firstly, there cannot be any cash credit in the books of accounts of the appellant as no books of account are maintained by the assessee company in india. ..... of the companies incorporated in mauritius. the hon'ble supreme court upheld the validity of this circular and held that such companies were not liable to taxation under the it act, 1961 in respect of capital gains on sale of shares. even on the basis of this decision, the action of the revenue authorities bringing to tax the ..... at p. 3 of the assessee's paper book. the assessee had applied for permission to the rbi under section 29(1)(b) of the foreign exchange regulation act, 1973 for permission to purchase shares etc. of indian companies through stock exchanges with repatriation benefits and the rbi had accorded such permission vide its letter dt. 27th .....

Ge Capital Transportation Vs. Asstt. Cit, Special Range 2

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)113ITD22(Delhi)

..... . thereafter, the requirements of preparing the profit and loss account by the companies in accordance with parts ii & ih of schedule vi to the companies act, 1956 were also discussed by the tribunal in the light of the provisions of section 115ja including especially explanation below sub-section (2) laying down the ..... standards. sub-section (3c) of section 211 defines accounting standards to mean the standards of accounting recommended by the ic ai constituted under the chartered accountants act, 1949 as may be prescribed by the central government in consultation with the national advisory committee on accounting standards established under sub-section (1) of section ..... in these direction as tcaf)shall be followed insofar as they are not inconsistent with any of thesedirections. 5. section 211 (3 a) of the companies act, 1956 clearly states that the profitand loss account and balance sheet of a company shall comply with theaccounting standards. sub-section (3ca) of section 211 states .....

Virtual Software and Training (P) Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)116TTJ(Delhi)920

..... sale. the argument of the learned counsel for the assessee that the transaction is not covered within the definition of "transfer" under the sales of goods act and transfer of property act is not tenable because definition of 'transfer' has been given in section 2(47) which includes sale, exchange or relinquishment of the asset. the argument ..... of assets in business of the company should not be taxed as a slump sale in view of the provisions contained under section 50b of the income tax act. the assessee submitted the following reply: the assessee-company is engaged in the business of development of computer software and imparting training for computer professionals. the assessee ..... against the findings of assessing officer and that of the learned commissioner (appeals) in working out the taxable short-term capital gain under section 50b of the income tax act, 1961 at rs. 3,14,58,832. ground nos. 11 & 12 challenge the levy of interest under sections 234b and 234c. these grounds have to be .....

Bhp Minerals International Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... assessment year 2000-01, the commissioner (appeals) has wrongly disallowed the claim of the assessee merely placing reliance on the provisions of section 35(e) of the act which are not applicable to the case of the assessee, firstly, because the assessee was a foreign company whereas this section was only applicable to the indian companies ..... the assessee in exploration of the minerals could only be allowed as per provisions of section 35e/37 of the act i.e. when the new company for commercial exploitation of the minerals, comes into existence. thereafter, the commissioner (appeals) concluding that as the new company ..... mou between the assessee and hzl, firstly came to the conclusion that the allowable expenditure on prospect of certain mineral was governed by section 35e of the act and second on considering the various case laws relied upon by the assessee and the assessing officer, came to the conclusion that the expenditure incurred by .....

ito Vs. Monnet Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and exclusively for the purpose of the assessee's business and was therefore allowable as a deduction under section 10(2)(iv) of the indian income tax act, 1922. the act of borrowing money was incidental to the carrying on of business, the loan obtained was not an asset or an advantage of enduring nature, the expenditure ..... the genuineness of the claim of the purchase had dealt with the financial soundness and health of the supplier. assessing officer further observed that under the income tax act the onus squarely vests on the person making a claim to prove that the claim made was genuine supported by evidence in this regard. the default in ..... the order of the assessing officer.9. during the course of hearing, the assessee moved an application for admission of additional evidence under rule 29 of the income tax act (appellate tribunal) rules, 1963. the learned counsel for the assessee has submitted that the assessee was engaged in the business of ferro-alloys. during the relevant previous .....

Lavleen Singhal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)326

..... made before the tax authorities below submitted that since the agricultural land sold by the assessee does not fall within the definition of section 2(14) of the it act, 1961, hence the tax authorities below were not justified in coming to the conclusion that the land sold by the assessee was not an agricultural land and was ..... owners or possessors, so as to connect it with an agricultural purpose, the land could not be 'agricultural land' for the purpose of earning an exemption under the act. entries in revenue records are, however, good prima facie evidence. on the facts of that case the supreme court found that the relevant considerations were not kept in ..... agricultural land.gemini pictures circuit (p) ltd. v. cit once it is established that the land is agricultural land in the hands of the assessee until some act on the part of the assessee has been established which has converted the property into non-agricultural property or the user of the land was actually changed or other .....

Eastman Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)110TTJ(Delhi)798

..... of the cbdt behind issuing the said circular apparently was to mitigate the rigours of the application of the relevant amendments made by the taxation laws (amendment) act, 2005 with retrospective effect from 1st april, 1998 in certain cases like the one in hand and such beneficial circular providing remedy for the genuine hardship being ..... decided that no penalty shall be levied or interest shall be charged in respect of any fresh demand raised consequent to the enactment of taxation laws (amendment) act, 2005, on account of variation in the returned/assessed income attributable to profits on sale of depb credits or dfrc. further, in such cases where assessments ..... could not be taken into account for the purpose of computing deduction under section 80hhc as per the second proviso to section 80hhc(3) inserted by the amended act of 2005 with retrospective effect from 1st april, 1988. the deduction claimed by the assessee under section 80hhc and allowed in the original assessment, therefore, was .....

Pranav Vikas (India) Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)300ITR159(Delhi)

..... revenue recognition should be postponed. although it is mandatory on the part of the assessees like the one in the present case being companies registered under the companies act, 1956 to follow the accounting standards issued by icai and as held by hon'ble supreme court in the case of collector of central excise etc. v. ..... to the assessee during the year under consideration. he also held that the taxability of a particular amount has to be determined according the provisions of the act as well as the method of accounting regularly followed the assessee and not on the basis of accounting entries made by the assessee the accounting standards issued by ..... not recognized as 'income' of the year under consideration as per accounting standard-9 issued by the icai which was mandatory under section 211(3c) of the companies act, 195. it was also submitted that the board of directors of the assessee company had accepts and acknowledged the uncertainty of collection of the said interest taking into .....