Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)102ITD45(Mum.)
..... are carrying on the same activities and not when they are carrying similar activities. 2.2 indian banking company carry many other activities such as advances to agriculture, and to weaker sections : which are not done by non-resident banking company. 2.3 indian banking companies distribute dividend in india. dividend is not ..... any legal person, partnership, association or other entity deriving its status as such from the laws in force in the contracting state.8.3 from this it appears to us that corporate bodies are not covered in the definition of nationals. since 'legal person' come side by side with individual in the above definition, ..... to be an essential criteria in determining whether two taxpayers are functioning 'in the same circumstances'. similar views were expressed in the decision by itat in credit llyonnais's case (supra). another distinction between domestic company and non-domestic company is the declaration of dividend or making arrangement therefor. indian domestic company .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)103ITD207Agra
..... loans and advances, particularly to small and marginal farmers and agricultural labourers, whether individually or in groups, and cooperative societies, including agricultural marketing societies, agricultural processing societies, co-operative farming societies, primary agricultural credit societies or farmers service societies, primary agricultural purposes or agricultural operations or for other purposes connected therewith; (b) the ..... out of investment in national savings certificates, indira vikas patras, kisan vikas patras, short-term deposits in banks and shares of maharashtra state financial corporation of india, were held to be eligible for deduction under section 80p(2)(a)(i). this view has been followed in ito v ..... the copy of judgment in these cases has already been filed before your goodself on 6th april, 2004. these cases are: (c) orissa state warehousing corporation v. cit (1999) 153 ctr (sc) 177; (ii) the preponderance of views of the courts, including the supreme court, is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD558(Hyd.)
..... to give credence to the patch work of defence as clobbered out by the assessee without a modicum of acceptable evidence. according to the cit(a), the nexus between agricultural income and the cash credit has to be established not by bland statements but in terms of data linking the two both in point of time and the quantum of ..... amount of rs. 31,931 was borrowed by the assessee-company from smt. samanthakala and with the said amount a d.d. was furnished in favour of premier engineering corporation to which the assessee was due. thus, the learned cit(a) held agreeing with the assessee-company that the amount in fact represents the amount drawn from the sb ..... money and as per her authorisation he had been temporarily advancing the money to the assessee-company and also has been receiving back monies on her behalf. further, she stated in her confirmatory letter that she had been visiting india occasionally especially between 10-6-1980 to 11-8-1980 she was in india and during her stay she used .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)49ITD453(Mad.)
..... reference to the individual transactions of the society in the normal course of its business. (ii) since co-operative societies are a class apart from other corporate bodies, and are governed by special statutes, the provisions of those statutes relating to classification or categorisation of societies become relevant. (iii) the madras co- ..... in relevant statutes. in this context the income-tax act makes reference both to central act iiofl912 (the cooperative societies act, 1912) and the various state enactments governing co-operative societies while making special provisions both for assessment and for tax relief concerning the income earned by those societies. it seems to us ..... 'credit society' as a society which has as its principal object the raising of funds to be lent to its members primarily for production or for any useful purpose. rule 11 (2)(g) defines 'marketing society' as a society which has as its principal object the arranging for the marketing of the agricultural produce .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1996)57ITD109(Delhi)
..... dated 16-6-1970, issued under section 194a(3)(iii)(f) of the i.t. act, 1961 whereunder the market committees established under the state agricultural produce markets acts in various states have been notified for the purposes of the said sub-clause (f).4.6 the learned counsel further referred to the provisions of section 2(31) ..... it is legally entitled to or entrusted by the government with the control and management of a municipal or local fund. the authorities must have separate legal existence as corporate bodies. they must not be mere governmental agencies but must be legally independent entities. next, they must function in a defined area and must ordinarily, wholly or ..... under sections 34 and 35. there are also provisions for the market fund under section 39 wherein all fees and other moneys received by the market committee are credited. the market committee defrays some percentage of the market fund, as a contribution, to the market board constituted under section 5 of that act. it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)8ITD354(Ahd.)
..... of the bank may be raised by (a) shares, (b) debentures, (c) government loans and deposits, (d) borrowing from state bank of saurashtra or state bank of india or any other bank or agricultural refinance and development corporation or any other financial institution under government guarantee, (e) non-government deposits, (f) other borrowings, (g) fees, and (h ..... the case of the assessee unless it is proved that the profits earned by investment in government securities have been derived in its business of providing credit facilities to its members. the assessee in the instant case failed to prove the same. the tribunal, therefore, was justified in bifurcating the amounts pertaining ..... 80p(2)(a)(i) and pointed out that the said section exempted income of a co-operative society engaged in carrying on business of banking or providing credit facilities to its members. the expression 'banking' was not defined under the act, therefore, according to the ito, the definition of the said expression .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)31ITD29(Delhi)
..... of commerce and industry, conveyed to the company a sanction of rs. 2 lakhs "as grant-in-aid". this letter was captioned as follows : state trading corporation - initial establishment and miscellaneous expenditure - transfer of funds - sanctioned.the amount in question was sanctioned before the company had commenced its trading activities. ..... context otherwise requires -- (4) (i) scientific research means any activities for the extension of knowledge in the fields of natural or applied science including agriculture, animal husbandry or fisheries; (ii) references to expenditure incurred on scientific research include all expenditure incurred for the prosecution, or the provision of facilities ..... decision taken by the earlier bench cannot be assailed or deviated from as incorrect.7. we fully, appreciate this argument and give due credit to the learned departmental representative for having advanced this brilliant argument. we agree with him for the aforementioned reasons that the assessee is an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)98TTJ(Chennai)449
..... or accepted from, or any loan or deposit taken or accepted by,- (b) any banking company, post office savings bank or co-operative bank; (c) any corporation established by a central, state or provincial act; (d) any government company as defined in section 617 of the companies act, 1956 (1 of 1956); (e) such other institution, association ..... . the commissioner of income-tax (appeals) ought to have accepted the factual position that no offence is committed under section 269ss as borrowing is from persons having agricultural income and having no income liable to tax under the income-tax act 1961 3. the assessing officer having accepted that all loans in question are genuine, the ..... and deliberating the case laws cited by the assessee held that there was no reasonable cause on the part of the assessee with regard to cash borrowals/cash credits. further he held that the assessee has not properly explained the circumstances under which and also the need for which he resorted to such practise. as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)99ITD259(Ahd.)
..... to be included. this decision therefore does not help the appellant in any way. sri agarwal then relied oh a decision of the supreme court in regional director, employees' state insurance corporation v. high land coffee works of p.f. x. saldanha and sons . in our opinion that decision too has no relevance to the present case as the supreme ..... not agree.firstly, all that has been held by the supreme court in the case of krishi utpadan mandi samiti [1993] supp 3 scc 361 (ii) is that agricultural produce in section 2(a) of the u. p. krishi utpadan mandi adhiniyam will not only include the items mentioned in that provision but also such items in the ..... ) defines interest only to mean interest on loans and advances. no doubt two other categories have also been included, i.e., commitment charges on unutilised portion of any credit sanctioned for being availed of in india, and discount on promissory notes and bills of exchange drawn or made in india. we are not concerned with these two additional .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1982)2ITD138(Nag.)
..... iii) a government company as defined in section 617 of the companies act, 1956 (1 of 1956), or a corporation established by or under a central, state or provincial act (being a company or corporation engaged in supplying milk to the public), the whole of the amount of profits and gains of such business ; ( ..... challenged before the supreme court. hence, the entire managing agency commission was held to be business expenditure. the question of determining separately income attributable to agricultural activities and income attributable to business activities, did not arise. the entire income was held to be business income and while determining the business income, ..... in sub-section (1) shall be the following, namely :- (i) carrying on the business of banking or providing credit facilities to (iv) the purchase of agricultural implements, seeds, livestock or other articles intended for agriculture for the purpose of supplying them to its members, or (v) the processing, without the aid of power, of .....
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