Judgment Search Results Home > Cases Phrase: state agricultural credit corporations act 1968 section 7 management Court: income tax appellate tribunal itat ahmedabad Page 3 of about 110 results (0.088 seconds)

Core Health Care Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)70TTJ(Ahd.)490

..... under consideration on advertisements in various newspapers, periodicals and magazines in different languages all over india and the advertisements were issued with the object of raising corporate image of the company and to make known to the people at large the company's projects, its activities and its success. it was submitted ..... ltd. v. cit (1975).para 11 of the statement suggests that interest payable for the period after commencement of production in respect of assets purchased on deferred credit should not be capitalised." the tribunal, hyderabad bench (sb) in the case of deputy cit v.nagarjuna investment trust ltd. (supra) had inter alia considered ..... purchased machinery on deferred payment basis. the hon'ble allahabad high court held that assessee was entitled to include inter alia, such interest paid to the state government and foreign suppliers of machineries on deferred payment terms in computing 'actual cost' for purposes of depreciation and development rebate. this was not a .....

Shri Kamrej Vibhag Sahakari Khand Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)1113ITD539(Ahd.)

..... sugarcane is raw material for manufacture of sugar which is procured by the assessees from the farmer-agriculturists; that for procurement of sugarcane from the agricultural field, cutting and transportation is done by the farmers collectively by forming their committee at the beginning of every season which is known as zone ..... in both the advance accounts are thereafter transferred to sugarcane purchase account; (8) the assessee society also maintains the individual farmer account by debiting and crediting individual farmer account also on the basis of advance payments made in three instalments; (9) the above details of each instalment paid for purchase of sugarcane ..... transporters were made by the zone samiti from the amount received in such way. (iii) shri pravinsinh umedsinh kunvardia, chief accountant of the factory stated that the farmers themselves were cutting sugarcane and transporting through zone samiti by trucks and bullock carts at the factory gate; that khedut zone samiti is .....

Asstt. Cit Vs. Adani Export Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)111TTJ(Ahd.)556

..... the benefit of section 10(29) of the act. it was assessed on nil income. the exemption was granted on the basis of the allahabad high court decision in up state waiehousing corporation , this was the only decision available on the point. the assessee acted bona fide in conformity with the decision of the high court. just because the decision was reversed ..... as under: 195 any person responsible for paying to a non-resident, any interest or any other sum chargeable under the provisions of this act shall, at the time of credit of such income to the account of the payee or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.13. section 201 provides ..... for use of money belonging to another or for the delay in paying the money after it has become payable. it can be said to be the cost of using credit or funds of another. liability for payment of interest at the rate stipulated accrues automatically on a failure to pay the amount of tax by the due date. this is .....

Rakshak Chemicals Pvt. Ltd. and Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)98TTJ(Ahd.)357

..... regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that act); (a) deposits with a primary agricultural credit society or a co-operative land mortgage bank or a co-operative land development bank; (b) deposits (other than time deposits made on or after the 1st day ..... on the business of banking (including a co-operative land mortgage bank), or (b) any financial corporation established by or under a central, state or provincial act. or (c) the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), or (d) the unit trust of india established under the unit ..... act. see also the answer given by the supreme court order dated 13-5-1998 to the question posed by the custodian regarding mortgaged property. the court stated that the property belonging to the notified person is the interest of the notified person in that mortgaged/pledged property and not the entire property. similarly, when .....

Rakshak Chemicals (P) Ltd., Vapi Vs. Ito, Tds, Valsad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)135

..... regulation act, 1949 (10 of 1949) applies (including any bank or banking institution referred to in section 51 of that act); (a) deposits with a primary agricultural credit society or a cooperative land mortgage bank or a co-operative land development bank; (b) deposits (other than time deposits made on or after the 1-7-1995 ..... carrying on the business of banking (including a cooperative land mortgage bank), or (b) any financial corporation established by or under a central, state or provincial act, or (c) the life insurance corporation of india established under the life insurance corporation act, 1956 (31 of 1956), or (d) the unit trust of india established under the unit ..... deducted in a separate account under intimation to the custodian and the income tax department. the commissioner (appeals), in our opinion, therefore, was not right in stating by virtue of the word "now" that the assessees were exempted from liability to tds only from assessment year 2000-01 and not earlier. in fact, it .....

Gujarat Industrial Development Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)102TTJ(Ahd.)928

..... . while taking this view, we derive support from the decision of the hon'ble apex court in the case of cit v. ap state road transport corporation , it is also not in dispute that the assessee-institution is genuinely engaged in the activities of development and maintenance of ports in the ..... ports and, growth and development in agricultural activities is unfounded. in the case of gujarat maritime board v. cit (supra) similar reasons have been given by the same cit for rejecting the application ..... opportunities for the public at large for development. the industrial activity is equally important as it is in the case of development of ports and regulation of agricultural produce. thus the contention of learned departmental representative that promotion and assistance given to industrial growth cannot be treated at par with the growth and development in .....

The Asst. Commissioner of Vs. Adani Export Limited and Adani

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... benefit of section 10(29) of the act. it was assessed on nil income. the exemption was granted on the basis of the allahabad high court decision in u./p. state warehousing corporation's case (1992) 195 itr 275. till march 31, 1992, this was the only decision available on the point. the assessee acted bona fide in conformity with the decision ..... for use of money belonging to another or for the delay in paying the money after it has become payable. it can be said to be the cost of using credit or funds of another. liability for payment of interest at the rate stipulated accrues automatically on a failure to pay the amount of tax by the due date. this is ..... reads as under: 195 any person responsible for paying to a nonresident, any interest or any other sum chargeable under the provisions of this act shall, at the time of credit of such income to the account of the payee or by any other mode, whichever is earlier, deduct income-tax thereon at the rates in force.13. section 201 provides .....

Reva Investment (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)35ITD90(Ahd.)

..... it, enjoy its income for sometimes and then sells it at a profit, it would be a case of capital accretion. in that case an agriculturist businessman had acquired agricultural lands and had sold the same at profits. but in a subsequent case of p.d. ghanekar (supra) the same high court found the transaction of purchase of the ..... which represented profit realised on sale of rs. 2 national defence gold bonds, 1980 (hereinafter referred to as gold bonds) worth 10 kg. gold.this amount had been shown credited to profit and loss account and, therefrom transferred to "capital reserve account". it had been reflected as such in the balance sheet as on 31-3-1979. the company ..... nature of trade and proposed addition of that amount as business profits to the total income of the company. for the reasons recorded for a.y. 1979-80, as stated in earlier part of this order, the iac approved the proposed addition in his directions under section 144b of the act. the ito, therefore, finalised the assessment at rs .....

Hasmukhlal Dahyabhai Reshamwala Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1983)4ITD201(Ahd.)

..... this order was clearly passed by the ito to revise the assessee's assessed income downwards by taking note of his assessed share of income from the firm, jaylaxmi credit corporation.for this purpose, it is undisputed that the ito could make the rectification without notice. the only dispute raised by the assessee is in respect of last sentence ..... issued any notice before the passing of the order. he stated that on making enquiries, the assessee found that the ito had earlier passed an order dated 7-2-1979 under section 155 in order to revise the assessee's share of income from the firm jaylaxmi credit corporation. as a result of order under section 155, the assessee ..... were made: assessed under section 143(3). tax shall be worked out on the above income. notice of demand together with the challan shall be issued after giving credit for taxes paid under section 210. interest under section 139(8) shall be charged. notice under section 274 read with section 271 shall also be issued, also issue .....

Narendra Ceramics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)24ITD135(Ahd.)

..... purchase agreement, (for which additional ground was taken which was admitted by the tribunal), and 12. relying on the decision in the cases of addl. cit v. u.p. state agro industrial corporation ltd. [1981] 127 itr 97 (all.), cit v.shahney steel & press works (p.) ltd. [1987] 165 itr 399 (ap), punjab national bank ltd. v. cit [1983] 141 itr 886 ..... [1968] 69 itr 598 (delhi) (fb) and r.b.jodha mai kuthiala v. cit 14. thereafter, he referred to the decisions in the case of addl. cit v. general industries corporation [1985] 155 itr 430 (delhi) wherein the hon'ble high court had considered assets acquired on hire purchase agreement as well aa a circular issued by the board in this ..... . the total of these items works out to rs. 5,00,923. in the account of shri narendra tanna in the books of the assessee rs. 5,00,923 was credited on 1-4-1972.5. the assessee had claimed depreciation of rs. 60,807, rs. 63,146, rs. 48,550 and rs. 47,708 in respect of the aforesaid assets .....