Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1992)43ITD659(Nag.)
..... output generated from those assets. by the new scheme relating to investment deposit account along with the proposed high depreciation rates which were provided by the finance act, 1986 and brought in by the income-tax amendment rules of 1987, the retained earnings and international resources generation of the company would improve. the new ..... undertakings, other than a small scale industrial undertaking, engaged in the manufacture or production of articles or things listed in the eleventh schedule to the income-tax act. in other words, the deduction is admissible to all the assessee who carry on eligible business or profession which as per section 32ab(2) means business ..... undertaking for the purposes only of business of construction, manufacture or production of any article or thing not specified in the eleventh schedule to the income-tax act. in the case of small scale industrial undertaking, this benefit is not denied even if such an undertaking produces a non-priority item listed in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1998)67ITD619(Nag.)
..... nexus with actual amount expended. it is also one of the arguments that the standard deduction is permitted, under section 16(1) of the income-tax act, it presupposes to cover the conveyance allowance expenditure and, therefore, no additional conveyance allowance is permissible.18. the conveyance allowance in addition to the standard ..... lordships held that until the assessee contravened any of the conditions required to be satisfied for the recognition of the provident fund and until the commissioner acting under the powers reserved to him withdraws such recognition the taxing authority must proceed on the basis that the provident fund has satisfied all the requisite ..... corporation as incentive bonus is fully taxable or whether any deduction could be allowed thereout under the provisions of section 10(14) of the income-tax act, 1961." after considering the issue tribunal held that in addition to additional conveyance allowance expenditure to the extent of 40% out of the incentive bonus .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1998)65ITD241(Nag.)
..... that in this opinion, experienced layman unites the principles of legal provisions. of all kind of evidence admitted, this is the most unsatisfactory".11. sec. 73 of the evidence act, permits comparison of signature, writing or seal with others admitted or proved. sec. 73 reads as under : "sec. 73. comparison of signature, writing or seal with others ..... is too true that persons may be found willing for a sufficient consideration, to swear to any statement of facts." (per grier, j), in turner vs. luciani 1 bal (us) 49.15. keeping in mind the above observations of the various courts, indian and foreign, we have to consider the evidence adduced now before us. answering to ..... to bring in evidence on record : (i) in the transaction of wcl when the assessee has repeatedly contended that payment was made to ravi vastra bhandar who acted as a middleman between cisw and wcl and when ravi vastra bhandar gave a confirmatory letter and also a bill in proof of it, the department without examining either .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2004)87TTJ(Nag.)519
..... and short-term deposits from which it earns interest at lower rates which receipts have given rise to these proceedings under the income tax act, 1961 (central act 43 of 1961) ("the act"). for the assessment years 1976-77 and 1977-78 relevant to the accounting years ending on 31-3-1976 and 31-3-1977, ..... ,224 is the income of the appellant earned in its agricultural business division, and, therefore, should not have been taxed in view of the scope of the act and the legal pronouncements available on the subject. the commissioner (appeals) should have, therefore, allowed capitalization/adjustment of this receipt in the agriculture division against the ..... amount is a revenue receipt earned by the appellant-company in its agricultural business division, thus falling beyond the scope of taxability provided by the income tax act, 1961, and the legal pronouncements available on the subject.(2) the learned commissioner (appeals) has erred in not discussing in detail the various arguments putforth .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2004)85TTJ(Nag.)285
..... learned counsel for the assessee. in conclusion, it was submitted by him that there is nothing on record to show that the ao did not act independently or acted only at the behest of his superiors or under their directions or dictates in framing the order of assessment.99. we have considered the rival ..... the cbi registered cases against the jain brothers as well as the persons whose names appeared in those diaries as recipients under the prevention of corruption act, foreign exchange regulation act, etc. these are matters, which are subject-matter of criminal prosecution against the assessee and his brothers. the it department in exercise of its ..... cbi registered cases against the jain brothers as well as the persons whose names appeared in those diaries as recipients under the prevention of corruption act, foreign exchange regulation act, etc. these are matters, which are subject-matter of criminal prosecution against the assesses and his brothers. the it department in exercise of its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2006)100ITD29(Nag.)
..... preceding the year in which the gratuity was paid, or 15 months salary so calculated, or rs. 24,000 whichever was the least. the finance act, 1974 has made the following modifications in the existing provisions relating to exemption of gratuities with a view to liberalizing the provisions in certain directions and removing ..... gratuity in respect of all government employees, sub-clause (ii) provided for exemption of entire gratuity which is received under the provisions of payment of gratuity act, 1972 sub-clause (iii) was the residuary clause which provided for any other gratuity other than falling under the preceding two clauses.in the case of ..... has since been collected and the appellant was unsuccessful before the commissioner of income-tax (appeals) against the order passed under section 201 of the income-tax act, 1961. the committee of disputes had not accorded approval to pursue the matter further before the income-tax appellate tribunal and therefore, the demand raised under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2007)108ITD409(Nag.)
..... learned cit(a)-ii, nagpur, dt. 18th june, 2004 in an appeal against assessment order framed under section 143(3) r/w section 147 of the it act (the act).2. all the assessees are relatives and partners in a firm m/s arun automobiles, having equal share therein. original assessments were completed under section 143(1)(a ..... of addition in respect of interest income, in the cross-objections the assessee challenges reopening of assessment and charging of interest under sections 234a and 234b of the act.6. learned special counsel for revenue shri jaiswal, narrating the facts submitted that the firm m/s arun automobiles is following mercantile system of accounting. the ..... a partner is assessable under the head "profits and gains of business or profession", such computation is subject to the provision contained in section 145 of the act. section 145 provides that the income chargeable under the head "profits and gains of business or profession" is to be computed as per the method of accounting .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (2007)108TTJ(Nag.)627
..... the hon'ble supreme court in the case of goh eswariah (supra), cgt(a) held that the transaction is not complete under the gt act if the act is unilateral. to this act, there must be two or more persons involved. in the instant case of the assessee, the ao has not mentioned as to who are ..... cit, jabalpur; meaning thereby that the tribunal did agree that this letter contained the directions for reopening the proceedings. (c) tribunal followed the normal presumption that official acts must be presumed to have been properly done.41. learned counsel further submitted, the aforesaid finding/conclusion of the tribunal cannot be applied to the present gift-tax ..... the additions without appreciating that the ingredients of gifts were not satisfied and no taxable gift had escaped assessment. it was submitted, under section 3 of the gt act, for a gift the following conditions must be satisfied: (c) there must be voluntary transfer of moveable/ immoveable property; (d) the transfer must be either .....
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