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Assistant Commissioner of Income Vs. Malu Khan and Party

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2004)84TTJ(Jodh.)31

..... by deducting the cost price of jeeps, scooter and furniture from the fair market value taken of these assets despite the special provisions contained in section 50(ii) of the it act, 1961.5. we have heard the rival submissions and have also perused the material on record.6. at the very outset, we would like to observe that the department ..... has, for the first time, sought the application of section 50(ii) of the act, which are the special provisions for computation of capital gains in case of depreciable assets. neither the ao ever applied the provisions of section 50(ii) to the facts of ..... but to meet the ends of justice and for the sake of settling the issue in question for good, we would consider the application of the said provision of the act to the facts of this case.7. the undisputed facts are that the aop was dissolved and on such dissolution, the constituents of the aop got assets. now the .....

Malwa Cotton Spinning Mills Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)83TTJ(Chd.)72

..... the aforesaid decisions , we direct that st and cst be not included in total turnover for purposes of calculating relief under section 80hhc of income tax act. this ground of appeal is accepted." respectfully following the aforesaid decision, we accept this ground and direct the assessing officer to allow cst and st collected ..... as per decision in hunsur plywood works ltd. v. dy. cit (1995) 54 itd 394 (bang). after referring to the relevant provisions of the income tax act and the circular relied upon by the assessee, commissioner (appeals) confirmed the impugned disallowance of rs. 68,859 observing thus : "............. i have considered the above facts ..... under section 43b.assessing officer observed that the assessee had made certain payments under esi and pf to the government account beyond the due dates specified in these acts. therefore, such payments amounting to rs. 65,859 were disallowed. details are given in the assessment order as under : before commissioner (appeals), it was .....

Motor and General Finance Ltd. Vs. Dcit, Spl. Range-16

Court : Income Tax Appellate Tribunal ITAT Delhi

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 .....

The D.C.i.T, Special Range and Vs. Prem Cables (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... that the hon'ble president, itat may be pleased to kindly nominate a third member for deciding the same as required under section 254(4) of the income-tax act, 1961: whether the genuinity or ingenuinity of the impugned "agreement" can be determined on the basis (sic) facts on record; or further investigation of facts is necessary ..... a colourable device for shrinking the total tax liability of the group.if it had been genuinely entered into on the stated dated, the same must have been acted upon during the year and the invoices properly raised and the payments accordingly made. it is highly unbelievable that rate of job charges is settled at rs. 1000 ..... deduction of tax at source. the facts which are clear to the naked eye cannot be brushed aside. the tribunal, being a final fact finding authority cannot act as a mute spectator to the glaringly unbelievables going on, which is nothing but an arrangement between two interconnected concerns aimed at defrauding the revenue and reducing the .....

Assistant Commissioner of Vs. Jagat Explosives

Court : Income Tax Appellate Tribunal ITAT Jodhpur

Reported in : (2006)98ITD50(Jodh.)

..... partner were made suo moto and there had been no inducement, threat or coercion at the time of making the disclosure under section 132(4) of the income-tax act is, however, affirmed.12. in the case of pullangode rubber produce co. ltd. (supra), their lordships of supreme court held that an admission is an extremely ..... .5. the statement recorded under section 131 in such circumstances are not in parity with the statements recorded while carrying out search proceedings under section 132 of the act. the search procedures are special procedures wherein retraction of the statement is permitted by legal provisions itself in a certain fashion. so, the factum of retraction being ..... in smt. rina sen v. cit and ito v. james joseph o'gorman . the specified authorities are empowered to record statement under section 131 of the act only to make enquiry or investigation in respect of suspected concealment and not otherwise.the partner shri harilal t. mashru had denied any knowledge of jagat explosives in .....

Colorcraft Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD599(Mum.)

..... issue of unsecured loans, the audit report, vide annexure-o, provides the details of loans, accepted by the assessee, exceeding the limit prescribed in section 269ss of the act (pages-30 and 31 of the paper book). it also appears that the assessing officer asked the assessee to furnish the details of unsecured loans along with confirmation letters ..... duty of the assessing officer to apply his mind to the evidences so collected and ascertain whether such material is sufficient and in consonance with the provisions of the act. he then drew our attention to the details filed by the assessee and reference to its claim under section 40a(2)(b). according to him, the details of ..... order could not be said to be erroneous.5. proceeding further, it was submitted that necessary details in respect of each loan falling under section 269ss of the act were furnished in annexure-0 to the audit report. then he referred to page-39 of the paper book to point out that assessing officer had made enquiries vide .....

Sushmita Holdings Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... supported the orders of the departmental authorities.26. we have considered the rival submissions including the judicial authorities cited by them. section 37 of the income tax act allows deduction for any expenditure (not being expenditure of the nature described in sections 30 to 36 and not being in the nature of capital expenditure or ..... under section 36(1)(iii). the legal position with regard to the allowability of interest on borrowed capital under section 36(1)(iii) of the income tax act is fairly well-settled. section 36 occurs in chapter iv, which deals with the computation of income under the head "profits and gains of business or profession ..... in the preceding paras, i hold that the revenue has legally correctly and rightly disallowed the claim of deduction of interest under section 36(1)(iii) of the act. the contentions raised by the learned counsel, being devoid of merits, are hereby rejected.6. aggrieved by the aforesaid order passed by the learned commissioner (appeals), .....

Ramesh Batta Vs. Dy Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... income.9. we have carefully considered the facts and circumstances relating to this matter and rival submissions. the definition of agricultural income is given in section 2(1a) of the act which is as under (a) any rent or revenue derived from land which is situated in india and is used for agricultural purposes; (ii) the performance by a ..... been used for "agricultural purposes" and the income derived therefrom said to be "agricultural income" derived from the land by agriculture, under section 2(l) of the indian income tax act, 1922." in the case of raza buland sugar co. ltd. v. cit (1980) 123 itr 241 (all) the hon'ble allahabad high court also considered this issue in ..... that case. the assessee adopted lease on payment of rent from nawab of rampur and after the extension of the u.p. zamindari abolition and land reforms act, 1951, to the territory of the erstwhile state of rampur, the assessee had become the sirdar of the land. in that case the hon'ble high court considered .....

Sanghvi Movers P. Ltd. Vs. Dy. C.i.T. Special Range-3

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD1(Pune.)

..... be placed now before the regular bench for an appropriate order, in accordance with law.1. by virtue of the provisions contained in section 255(4) of it. act, we differ in opinion on the certain points, therefore, refer the following points to the honourable president, itat, for necessary orders: 1) whether under the facts ..... this is what has been consistently held by the supreme court and the bombay high court in the decisions cited supra. permanent registration under the motor vehicles act is not sin qua non for claim of depreciation. temporary registration for a limited period pending permanent registration is good enough to claim depreciation on asset owned ..... v. dilip singh sardarsingh bagga 201 itr 995, the bombay high court on the question of allowing depreciation and after considering relevant provisions of the motor vehicle act, observed as under: in view of the foregoing discussion, we are of the clear opinion that the assessee, who had purchased the motor vehicle for valuable .....

Joint Commissioner of Income Tax, Vs. I.T.C. Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2008)112ITD57(Kol.)

..... case of cit v.lakshmi machine works reported in 290 itr 667, wherein your lordship held as under: the object of the legislature in enacting section 80hhc of the act was to confer a benefit on profits accruing with reference to export turnover. therefore, "turnover" was the requirement, commission, rent, interest, etc. did not involve ..... the assessee will get the deduction therefor under section 36(1)(va) only if he deposits the sum received from employees before the due date specified under the act, rule, order or notification governing the funds mentioned above. thus the provision of section 43b, which is applicable in respect of employer's contribution, is quite ..... the expression "residential accommodation including any accommodation in the nature of guesthouse" used in sub-sections (3), (4) and (5) of section 37 of the act. while the two expressions can be similarly interpreted, a distinction has been sought to be introduced for the purposes of section 37 by specifying the nature of .....