Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD1a(Hyd.)
..... -price shops. as a matter of fact, the corporation was promoted by the state of andhra pradesh under g.o.ms.no. 701 of food and agriculture (cs-iii) department dated 26-7-1974.the order stated that "the government have decided to set up a corporation for handling civil supplies matter in respect of procurement, ..... and sale of foodgrains, foodstuffs and any other essential articles and to provide service and assistance of all kinds including capital, credit and technical and managerial service. the authorised share capital of the corporation will be rs. 3 crores divided into 30,000 equity shares of rs. 1,000 each. the initial subscribed capital will ..... ensuring quality control, to train personnel in the technique of quality control and to provide services and assistance of all kinds of the said purchases including capital credit, means, resources, technical and managerial services, advice and assistance.27. the assessee is to deal in food grains, foodstuffs and other essential commodities. it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1997)61ITD420(Delhi)
..... buy or sell commodities for itself. he further submitted that the hon'ble high court had held that the u.p. state warehousing corporation having been established under the 1962 act to function for running warehouses, for storage of agricultural produce and for their transport, was an authority established for marketing of commodities and that it was entitled to exemption in ..... by the department relates to deletion of the addition of rs. 27,01,231 earned on account of supervision charges.13.1 the ao had held that supervision charges credited to the p&l a/c were not part of income earned by the assessee by letting out warehouses and the same were not exempt under s. 10(29 ..... the element of storage charges included in the sale proceeds of wheat received from the fci was included in the warehousing charges and that only the other receipts had been credited to wheat trading account.4.3 the learned cit(a) also noted that in the case of the assessee the entire income under s. 10(29) was exempted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2003)262ITR1(Ahd.)
..... any net balance in current accounts. explanation.--for the purposes of this sub-section, (a) approved securities, or a portion thereof, representing investment of moneys of agricultural credit stabilisation fund of a co-operative bank shall not be deemed to be unencumbered approved securities, (b) in case a co-operative bank has taken an, advance ..... v. addl. cit (1974) 93 itr 168 (ori);cit v. co-op. cane development union ltd. (1979) 118 itr 770 (all); andcit v. orissa state co-op. housing corporation ltd. (1976) 104 itr 157 (ori). the decision of the hon'ble gujarat high court in the case of addl. cit v. ahmedabad distt. co-op. ..... ) the effecting, insuring, guaranteeing, underwriting, participating in managing and carrying out of any issue, public or private, of state, municipal or other loans or of shares, stock, debentures, or debenture stock of any company, corporation or association and the lending of money for the purpose of any such issue; (e) carrying on and transacting every .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (2006)103ITD399(Bang.)
..... proceedings were complete.other wise also, the judgments given adjudicating on section 147 and 148 are not relevant for deciding issue under section 263. o bihar state road transport corporation v. cit (1986) 162 itr 115 (pat) above judgments in fact support contention of the department for rectifiable error, time limit should commence from ..... the same as power of commissioner (appeals) under section 251 of the income-tax act. however, the revision power by commissioner under section 35 of karnataka agricultural income-tax act extends to the order of deputy commissioner (appeals) even on issue considered and decided by him as he is the authority subordinate to commissioner. ..... a notice under section 143(3) dated 6.12.2000 proposing revision of orders passed under section 143(3). learned cit was of the opinion that the credit as available under double tax avoidance agreement (dtaa) between india and canada was granted without properly applying the provision of article 23 of the said dtaa. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Amritsar
Reported in : (2007)104ITD325(Asr.)
..... he observed that it was only a devise for manipulating funds for the sister-concerns as whenever they needed money, the same was provided in the guise of credits of agricultural produce. he also observed that in the subsequent assessment years i.e.2002-03 and 2003-04, out of amounts shown as sundry creditors amounting to rs. 35 ..... these persons.these details were furnished and appeared on p. 8 of the assessment order, where credits amounting to rs. 62,55,097 in the names of 52 persons have been listed. the assessee stated that all these persons had sold their agricultural produce to the assessee. the ao sent enquiry letters by registered post to 12 out of the ..... and narma produce were being sold to factory/mill owners in auction in the presence of officials of the market committee and the government agency, i.e., the cotton corporation of india (cci) buys crops only if the same falls below the minimum support price fixed by the government. therefore, 'kacha arhatias' are not very well known .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)112TTJ(Delhi)917
..... by or under the laws of a country outside india or a non-scheduled bank or a co-operative bank other than a primary agricultural credit society or a primary co-operative agricultural and rural development bank, an amount not exceeding seven and one-half per cent of the total income (computed before making any ..... in relation to such debts, shall be chargeable to tax in the previous year in which it is credited by the public financial institution or the scheduled bank or the state financial corporation or the state industrial investment corporation or the public company to its p&l a/c for that year or, as the case may be ..... bad and doubtful debts made by scheduled bank, a non-scheduled bank, a co-operative bank, a foreign bank, a public financial institution, a state financial corporation, a state industrial investment corporation etc., are allowable as such within the limits prescribed therein. if the legislature intended to provide such benefit of allowing provision for bad and doubtful .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1983)5ITD449(Pune.)
..... to the federal society notified as aforesaid. 69a. constitution of co-operative state cadre of secretaries of certain societies and establishment of employment fund for such cadre.-(1) there shall be constituted a co-operative state cadre of secretaries of primary agricultural credit societies, multipurpose co-operative societies and service co-operative and such other ..... the rules of the assessee's society also compelled making the payment as the bye-laws thereof indicated. the decision in the case of bombay state road transport corporation (supra) directly applied.3. it is also pointed out that as an expenditure the payment has a direct bearing on the production cost of ..... income under the act. a mere obligation to pay an amount simpliciter is not enough. the decisions in malayalam plantations ltd.'s case (supra), bombay state road transport corporation's case (supra) and life insurance corpn. of india's case (supra) are relevant in this connection. there are several situations when an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)55ITD195(Hyd.)
..... supply, sanitation facilities and for the welfare of agriculture labour or for any other scheme approved by the state government for the development of the rural areas. this sub-section authorises the state government to spend the money credited to the fund virtually on any object which the state government considers to be the development of rural areas ..... a local area as it is ordinarily understood. ordinarily, a local area means a municipal corporation, a town municipality, a panchayat, a notified area, a sanitary board, etc...." ultimately, observing that it is constitutionally impermissible for any state government to collect any amount which is not strictly of the nature of a fee ..... place, and then the central government may make payments out of it, after deducting expenses on collection, to the board from time to time, the agricultural market cess directly vests with the market committee which applies the same for the purpose and objects, for which it was constituted. in this view of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)34ITD381(Hyd.)
..... a finance and marketing corporation established under an order of the a.p. govt. for providing the members of the scheduled tribes of the state with credit facilities to procure and supply them their, domestic requirements and other necessities of life and to arrange for the marketing of their agricultural produce. it was ..... provision for declaration of dividend such provision does not detract from the predominant objective of the state government in forming the corporation finances fully subscribed by the state, for the rapid and orderly industrial development of the state.9. taking up the other objection raised by the learned departmental representative that the objectives ..... . even in viridian co-operative corpn. ltd.'s case (supra), the corporation was established for providing only the members of the scheduled tribes in the state with certain facilities. in the case before us, the activities of the corporation certainly serve a cross section, as is evident from its objectives which are .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)94TTJ(Delhi)692
..... 1. explanation to s. 10(20) of the it act inserted w.e.f. 1.4.2003, making intention of legislature clear that income of punjab state agriculture board is taxable w.e.f. 1.4.2003 2. assessee not registered as charitable trust with registrar of trusts nor with registrar of societies.3. ..... higher learning)." 6. it was further submitted that chartered accountants society created under a statute, sport bodies, federation of chamber of commerce, other chambers, transport corporations created under statutes, trade associations, etc., have been treated as charitable institutions by different high courts and the hon'ble supreme court of india. the mere ..... dictionaries is understood as under : an establishment, especially one of the eleemosynary or public character or one affecting a community. an established or organized society or corporation. it may be private in its character, designed for profit to those composing the organization, or public and charitable in its purposes. an organized society, .....
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