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 : (1989)28ITD23(Ahd.)
..... the learned author has referred to the decision of the madras high court in 46 ilr (mad.) 19 where the controversy had arisen under the court fees act/land acquisition act. it was, therefore, contended that no value could be attached in respect of 30 idols.9.4 we have already seen, that the iac has already excluded ..... article intended for the personal use of the assessee and in that case, the particular jewellery would fall to be governed by section 5(1)(xv) of the act. the finance act, 1971, by deleting w.e.f. 1-4-1963 the exemption clause (xv) (jewellery belonging to the assessee subject to a maximum of rs. 25,000 ..... parts. firstly, ornaments which are studded with diamonds, precious stones and semi-precious stones for which exemption was claimed under section 5(1)(viii) of the wealth-tax act. secondly, the jewellery simpliciter required to be added on the basis of retrospective amendment. the commissioner (appeals) rejected the contention in respect of the retrospectivity of the amendment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1998)66ITD67(Ahd.)
..... suffered heavy losses and accordingly the maharashtra government declared it as a relief undertaking under the provisions of the bombay relief undertaking (special provisions) act, 1958 and it was also referred to bifr for revival. nirlon also suffered heavy losses and was not in a position to pay back even ..... ii) lease rentals 7,49,856 ----------- the government of maharashtra declared nsfcl as a relief undertaking under the provisions of the bombay relief undertaking (special provisions) act, 1958. nsfcl has made reference to the board for industrial & financial reconstruction (bifr) for determination of measures to be adopted with respect to the company ..... lakhs towards lease rental.fourthly, the government of maharashtra had declared nirlon as a relief undertaking under the provisions of bombay relief undertakings (special provisions) act, 1956. on 31st march, 1988, a reference was also made to the board for industrial reconstruction for determination of measures to be adopted for revival .....
Tag this Judgment!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 .....
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 .....
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.)55
..... ) or chapter xiv-b. the aforementioned contention advanced on behalf of appellants ignores the scheme for determination of undisclosed income. undisclosed income is defined under the act and the scheme provides for assessment of the same. for better appreciation of position of law, it would be useful to refer to section 158bb which has ..... provisions of section 158bb(2) would become redundant if under no circumstances section 68 could be invoked in proceedings for block assessment. all the provisions of the act are to be read in coherence and in conjunction with each other and reasonably interpreted in accordance with the legislative intention. i am, therefore, of the ..... received wherein they have denied in clear words to have made any such investment in acquisition of shares of champawat group. further, a summon under section 131 of it act was issued to shivkuwar viransingh r/o post-sowania, tal-bilara, dist. jodhpur, presently, she resides with her family at plot no. 161, ajeet colony, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)84ITD91(Ahd.)
..... the undisclosed income of the block period on the basis of evidence found and material available as a result of the search conducted under section 132 of the it act 26. it is apparent from the aforesaid discussion that the decisions cited by the learned counsel on behalf of the assessee do support the viewpoint canvassed on ..... of section 145 are not applicable to block assessments although section 158bh states as follows : "save as otherwise provided in this chapter, all other provisions of this act shall apply to assessment made under this chapter." 22. the learned am has opined that provisions of section 145 are not applicable but in my opinion the decisions ..... in the normal course. in the present case the revenue has not proved that the books were being maintained for a purpose other than the provisions of the it act and under these circumstances the income on the basis of the books regularly maintained in the normal course of business cannot be treated as undisclosed income. the indore .....
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. .....
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