Judgment Search Results Home > Cases Phrase: states reorganisation act 1956 section 3 transfer of territory from hyderabad to andhra and alteration of name Court: income tax appellate tribunal itat mumbai Page 1 of about 1 results (0.139 seconds)

Supreme Industries Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... in which business reorganisation was effected and other provisions of this act relating to set off and carry forward of loss and allowance for depreciation shall apply accordingly: provided that if any of the conditions laid down in the proviso to clause (xiii) or the proviso to clause (xiv) to section 47 are not complied ..... or otherwise transfers to the amalgamated company any ship, aircraft, machinery or plant, in respect of which investment allowance has been allowed to the amalgamating company under sub-section (1), (a) the amalgamated company shall continue to fulfil the conditions mentioned in sub-section (4) in respect of the reserve created by the amalgamating company and in respect ..... or reorganisation or with such modification or reorganisation as may be approved by the central government to enable the amalgamated company to carry on such business more economically or more efficiently; (ii) the amalgamated company furnishes, along with its return of income for the said assessment year, a certificate from the specified ..... , namely: (a) the amalgamating company was not, immediately before such amalgamation, financially viable by reason of its liabilities, losses and other relevant factors; (c) such other conditions as the central government may, by notification in the official gazette, specify, to ensure that the benefit under this section is ..... section 72a of the income tax act was specified and it was stated the carry forward accumulated loss including investment allowance and .....

Avaya Global Connect Ltd. Vs. Acit Range 7(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the course of the assessment, the assessing officer required the assessee to explain as to why the transaction between the assessee and itel for transfer of tfd should not be considered as transfer under section 2(47} of the act and why the gain arising from the same should not be charged to tax as capital gains.9. ..... above agreement as per clause 1, nelco agreed to the following: with effect from the date of this agreement and subject to the provisions of clause 2 below, nelco shall cease and desist directly or indirectly carrying on or engaging in india, whether the brand name of nelco or any other brand name, the manufacture and/or supply/marketing of telecommunication equipment for the territory of india, particularly the activities described in annexure "a". ..... section 2(19aa) defines 'demerger', in relation to companies, to mean the transfer, pursuant to a scheme of arrangement under section 391 to 394 of the companies act, 1956 (1 of 1956), by a demerged company of its one or more undertakings to any resulting company in such a manner that: (i) all the property of the undertaking, being transferred by the demerged company, immediately before the demerger, becomes the property of the resulting company by virtue of ..... in view of the legislative intention the conditions stated in (iv) and (v) of section 2(19aa) should be considered as satisfied in the case of ..... in view of the practical impossibility, the conditions stated in clause (iv) and (v) should deemed to be considered to be .....

Smt. Madhu Gupta Vs. Dy Cit, Central Circle-3 Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT691(Mum.)

..... transferred below 20 per cent, to avail the benefit under section 80-ib of the act.this stand of the revenue also does not stand scrutiny for the reasons stated hereinabove in this order.assessing officer heavily relied on para 7.1, 7.2 ..... the assessee and that even ..... the case he is expected to meet and further to give him opportunity to ..... section 80-ib of the act.assessing officer further records that survey under section 133a was conducted on the assessee by tds ward, pondicherry and ..... and dark room, it is the case of the assessee that same is part of the plot surrendered by ggpl and the assessee has not treated this as part of the plant and machinery and depreciation at higher rate relevant to plant ..... and manufacture of positive film, show the address of the proposed industrial unit as "industrial area, daman-396 210, daman ..... and/or that the provisions of clause (i) and/or (ii) of sub-section (2) of ..... and manufacture of positive film (page 83 of the paper book) shows the address of the proposed industrial unit as "industrial area, daman -396 210, daman ..... section ..... transferred to pondicherry in a different place other than the present premises of the assessee; ..... and the same was re-allotted to smt madhu gupta, wife of sushil gupta, director of ggpl shri natarajan further submitted, all the infrastructure used by the assessee are the same; only name changed on paper from ..... ..... and took steps for setting up an independent industrial unit at the union territory of daman .....

ito Vs. Mahyco Vegetable Seeds Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... speculation business) which such predecessor firm or the proprietary concern or amalgamating company or demerged company, would have been entitled to carry forward and set off under the provisions of section 72 if the reorganisation of business or amalgamation or demerger had not taken place; (b) "unabsorbed depreciation" means so much of the allowance for depreciation of ..... stated earlier in this order, section 72 allows carry forward and set off of business losses and not of unabsorbed depreciation or unabsorbed capital expenditure on scientific reserach.the assessee can claim the benefit of carry forward and set off of unabsorbed capital expenditure on scientific research under section 35(4) read with section 32(2) of the i-t act and not under section 72 of the i-t act ..... undertakings transferred to the resulting company, the accumulated loss and unabsorbed depreciation are required to be apportioned between the de-merged company and the resulting company in the same proportion in which the assets of the undertaking have been retained by the de-merged company and transferred to the resulting company, and be allowed to be carried forward and set ..... from the income under any other head, if any, assessable for that assessment year; (iii) if the unabsorbed depreciation allowance cannot be wholly set off under clause (i) and clause (ii), the amount of allowance not so set off shall be carried forward to the following assessment year and- (a) it shall be set off against the profits and .....

Assistant Commissioner of Vs. Hinditron Services (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD479(Mum.)

..... dissenting) that the agency agreement in respect of the territory outside the hyderabad state was as much an asset of the assessee's business as the agency business within the hyderabad state and though the expansion of the territory of the agency in 1939 and the restriction thereof in 1950 could be treated as grant of additional territory in 1939 and withdrawal thereof in 1950, both these agency agreements constituted ..... carrying on its business but was a sum paid in the ordinary course of business to adjust the relation between the assessee and the producers; the termination of the agreements did not radically or at all affect or alter the structure of the assessee's business; the amount received by the assessee was only so received "towards commission", i.e,, ..... private limited, a company incorporated under the companies act, 1956, and having its registered office at 69/al, jagmohandas marg, bombay - 400 006 (htipl) and (hinditron services private limited), a company incorporated under the companies act, 1956, and having its registered office at 69/al jagmohandas marg ..... to include whatever adds value to a business by reason of situation, name and reputation, connection, introduction to old customers, and agreed absence from competition, or any of these things.the various descriptions which different judges ..... transfer within meaning of section 2(47) of income-tax act ..... transfer agreement is only a business arrangement or business reorganisation ..... andhra pradesh, karnataka and tamil nadu and .....

Swastik Household and Industrial Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1988)25ITD479(Mum.)

..... situation covered by this circular was one where all assets (movable and immovable) and all liabilities forming the undertaking of the old banks stood transferred to the new banks under the banking companies (acquisition and transfer of undertaking) act, 1970, with effect from the appointed date ; and hence that circular [directing that no profit under section 41(2) shall be taxed] was not applicable to the facts of ..... transfer contemplated is only as between a holding company and its 100 per cen tsubsidiary company and is being done with a view to reorganising and restructuring of the industrial undertakings and businesses ..... and business in the name of swastik oil mills division and also the businesses and activities in the names of operations research group, sarabhai technical services division and sarabhai research centre, as going concerns, together with the assets, property, rights and benefits thereof including benefit of the goodwill of the said business ; and the liabilities, debts and obligations relating thereto, on the terms and ..... amendment made in the second proviso to section 10(2)(vii) of the indian income-tax act, 1922 by section 11 of the taxation laws (extension to merged states and amendment) act, 1949, even under a "realisation sale", the excess over the written down value not exceeding the difference between the original cost and the written down value is liable to ..... 4-6-1982 prepared under section 393(1)(a) of the companies act, 1956, recorded the following .....

Oudh Sugar Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1990)35ITD76(Mum.)

..... other like interests in that company which, under the compromise or arrangement, are to be allotted or appropriated by that company to or for any person.generally, the expression "reconstruction", "reorganisation" or "scheme of arrangement" is used where only one company is involved and the rights of its shareholders and/or creditors are varied and the term "amalgamation" is used where two or more companies are amalgamated or where one is merged in another or taken over by another. ..... transferred were transferred, as stated above, at book value.there was a difference in the book value and the written down value of the assets because the assessee was providing for depreciation in its books on straight line basis and such difference was brought to tax by the ito as profit under section ..... consented to the alteration in terms and conditions of issue of the preference shares as contained in the memorandum of association and prospectus dated 13th december 1972 of oudh.annexure 'a' specified the list of machines to be given on leave and licence basis to aoil ..... whom advances were made but who had ran away without completing the work and from whom the balance of advances made could not be recovered for more than ..... therefore that both under the sale of goods act and the transfer of property act, sale is a transfer of property in the goods or of the ..... transaction of the scheme of arrangement, namely, the assessee-company, aoil and the preference and ordinary shareholders of the assessee-company .....