Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)112ITD1(Ahd.)
..... it was amended by taxation laws (amendment) act, 1970 with effect from 1-4-1971 to the following: (b) .. ..... in other words, if the statutory conditions are inserted simply for the security or benefit of the party to the proceeding and no public interests are involved, such conditions will not be considered as indispensable and either party may waive them without affecting the jurisdiction of the authority seized of the proceeding. ..... 1996-97 noted that the assessee having submitted to the jurisdiction of the ao and participated in the proceeding on each date of hearing, which lasted for more than one year, raising all possible pleas on merits of the case cannot challenge the validity of service of notice under section 143(2) for the first time before tribunal which is held it to be a clear case of waiver and/or abandoning the so-called ground, it being not a ground based on a pure question of law. ..... the contention of the department is that section 148 uses the phrase 'so far as may be and, therefore, the procedural set up in chapter xiv will apply to the extent it is practical or possible and consequently, the same is not applicable to the return filed in pursuance to notice under section ..... the scheme of the act broadly permits the assessment in three formats;(i) acceptance of the returned income; (ii) acceptance of returned income subject to permissible adjustments under section 143(1) of the act by issuance of intimation; and (iii) scrutiny assessment under section 143(3) of the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2004)83TTJ(Ahd.)904
..... the total undisclosed income relating to the block period is to be charged to tax at the higher rate of 60 per cent presently specified in section 113 of the act after such undisclosed income is assessed in accordance with the provisions of this chapter by the ao as income of the "block period" as defined in section 158b(a) of the act ..... the hon'ble gujarat high court while dealing with the reference application under section 256(2) has declined to refer the various questions suggested by the cit mainly on the ground that the questions proposed by the revenue did not raise any question of law and it has also been observed that where the assessee has disclosed the particulars of income or expenditure in the return/books of accounts, the ao cannot take a different view on the ..... clear that the assessee has sold the aforesaid material outside the books of accounts to defraud not only the department but the bankers from whom finance was obtained on the security of ..... keeping in view the argument of the appellant and the fact that the closing stock figures of castor oil and castor cake as discussed above, at the end of the financial year 1996-97 and financial year 1997-98 are much ..... the falsity of the claim for purchases shown as purchases made from these billing agents/name lenders resulting in addition on account of either bogus purchases or inflated purchases will surely come within the ambit of undisclosed income as defined in section 158b(b) as amended by the finance act, 2002 with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... 1996] 217 itr 768 in which it was, inter alia, held that the profits and gains of an industrial undertaking to which section 84 of the it act (provisions similar to sections 80j, 80-i and 80-ia) applies have to be computed in accordance with the provisions contained in chapter iv-d of the act and development rebate has first to be deducted from the total income and it is only thereafter, if any profits and gains remain from to is business, that the ..... the aforesaid amendment made in section 28 instead of supporting the case of the revenue, in fact, supports the stand taken by the assessee that no such income can be said to have been really accrued to the assessee until the goods are actually imported and used for production.4.5 shri soparkar submitted that merely because the entry was made in the books of account in the year when the exports were made, the income represented by albr cannot be taxed until the ..... claimed under section 36(1)(iii) representing interest capitalised in the books of account : 2.1 on the facts and in the circumstances of the case and in law, the commissioner of income-tax in holding that the deduction claimed in respect ..... , although the assessee has incurred the liability to pay the discount in the year of issue of debentures, the payment is to secure a benefit ..... the said allotment letter which is placed at page 196 of the paper book gives the details of various instalments commencing from 31-12-1994 to june, 2004 during which the appellant is required to pay the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... the system of accounting adopted by the revenue in assessment framed under chapter xtv-b of the act, which is the assessment of undisclosed income only upto the date of preparation of last 'panchnama', in the case in which action under section 132 of the act has been taken, can be enforced for future years in regular assessments also, or does the assessee has option to adopt a change in system of accounting (c) whether the revenue can change the system of accounting disclosed by the assessee in the return of income suo motu without complying with the requirement of the law that the ..... (iii)(a)(a)(iv) of this order].32.1 revenue's case, on the other hand, is that circular issued by (to) idbi on 12th march, 1996 and the press note issued by the board of 21st march, 2002 were not binding on the revenue authorities because these were not circulars as envisaged in the provisions of section 119 of the act ..... is that there could be a difference in the head of income under which the income arising on holding and on transfer would be assessable and, further, also on whether the same is held as a trading asset or by way of an investment.with regard to the operationalization of the aforesaid principles, the circular suggests the following mechanism: (i) ddbs, being actively traded securities in the debt/money market, the valuation as declared by the rbi and/or the participating institutions (in consonance with the rbi guidelines) would form the basis of their valuation as at each (financial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... the assessment proceedings for assessment year 1996-97 that the said amount should not be taxed as capital gains in assessment year 1996-97 otherwise it would result in double taxation of the said amount.shri soparkar further submitted that the interest capitalised in the books of account representing interest on borrowings in connection with the expansion of the existing business of the company can be claimed as deduction under section 36(1)(iii) of the act ..... 1996) 132 ctr (sc) 389 : (1996) 217 itr 768 (sc) in which it was, inter alia, held that the profits and gains of an industrial undertaking to which section 84 of the income tax act (provisions similar to sections 80j, 80-i and 80-ia) applies have to be computed in accordance with the provisions contained in chapter iv-d of the act and development rebate has first to be deducted from the total income and it is only thereafter, if any profits and gains remain from this business, that the benefit under section 84(1) would be applicable.the ..... , issued by the cbdt which clarifies that the deposit under oyt scheme for securing telephone connection should be allowed as deduction in the year of payment irrespective of the fact whether telephone has been installed or not.the assessing officer ..... amendment has been made in law, since the ..... the said allotment letter which is placed at page 196 of the paper book gives the details of various instalments commencing from 31-12-1994, to june, 2004, during which the appellant is required to pay the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)96ITD417(Ahd.)
..... the cit(a), before whom the matter travelled at the instance of the assessee, concurred with the findings of the assessing officer, again, after a detailed discussion vide his consolidated impugned order, citing case law, both to meet the arguments of the assessee, as well as to advance the revenue's case, in the process.the issue thus, as deciphered, is whether the industrial activity involved in the 'production' of demineralised water by the assessee-company amounts to manufacture within the meaning of the term as contemplated under section 80-i of the act; there being no dispute as to the assessee's satisfaction of the ..... covered under chapter 22.02 which include 'sweetened or flavoured mineral water'; and (c) that if such products are to be considered as excisable, tap water for domestic use supplied by the municipal corporation ..... the entry of the mncs 'pepsi' and 'coke' in the indian market, perceiving a threat to its leadership status or the strong-hold therein, sought to leverage its advantage and was able to secure a good price for the sale of its soft drink brands to 'coke', its deal for which was reportedly struck in the middle of 1993 and the ..... the principal issue in the present appeals of the assessee-company relates to the denial of deduction under section 80-i of the income tax act, 1961 ('act' hereinafter), which have been decided by the cit(a)-v, ahmedabad vide his consolidated order dated 27-12-1996, for the ..... amending its earlier circular, and thereby clarifying that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)279ITR106(Ahd.)
..... the assessee's case that it has produced drinking water but manufactured one from raw water and as it is not article or thing specified in the list in the eleventh schedule (to the act), the same would qualify the assessee for deduction under section 80-i of the act.further on, even if the process were to be regarded as only of purification of water for human consumption, the same leading to a new and different commercial product would amount to manufacture as understood in law ..... , not containing added sugar or other sweetening matters, not flavoured ice") nor is it covered under chapter 22.02 which includes "sweetened or flavoured mineral water"; and (c) that if such products are to be considered as excisable, tap water for domestic use supplied by the municipal corporation could also get covered since "waters" are specifically mentioned under heading 22.01 of hsn though ..... the entry of the mncs 'pepsi' and 'coke' in the indian market, perceiving a threat to its leadership status or the stronghold therein, sought to leverage its advantage and was able to secure a good price for the sale of its soft drink brands to 'coke', its deal for which was reportedly struck in the middle of 1993 and the formal agreement entered into in november, 1993.we observe that the ..... the learned authorised representative admitted that this process was indeed not carried out and, therefore, the description of the operational activity may be considered as amended ..... feb, 2004, filed by the assessee ..... 1996, for the ..... iii .....
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