Court : Income Tax Appellate Tribunal ITAT
Reported in : (2008)110ITD520(Bang.)
..... to waste its words or to say anything in vain and a construction which attributes redundancy to the legislature will not be accepted except for compelling reasons.bhavnagar university v. palitana sugar mill p. ltd. construction of statute that statutory enactment must ordinarily be construed according to their plain meaning and no words should be added ..... to prevent a provision from being unintelligible, absurd, unreasonable, unworkable or totally irreconcilable with the rest of the statue.8. section 54(2) was substituted by the finance act, 1987. the scope and effect of amendments were elaborated vide circular no. 495 dt.22^nd october, 87. section 54(2) and 54f(4) were introduced to ..... section 139. hence, one cannot interpret that section 139 mentioned should be read as section 139(1). similar language is appearing in section 54(2) of the it act.cit v. rajesh kumar jalan 286 itr 274 has held that section 139 mentioned will not only include section 139(1) but will also include all sub- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2006)100ITD142(Ahd.)
..... judges have set themselves in this branch of the law to try to frame the law as they would like to have it. . . .'" [see samples of law making (oxford university press), pp. 70-71.] a statute", says max radin, "is neither a literary text nor a divine revelation. its effect is, therefore, neither an expression laid on immutable emotional ..... and sale of shares should take place in the same year.referring to the calcutta high court in the case of cit v. sun distributors & mining co. ltd. [1993] 68 taxman 223 the ld. dr contended that what is to be seen is whether the business of the assessee consists of purchase and sale of shares. he also ..... held that it would be wholly unreasonable to import the observations and findings of such distinct and distinguished surroundings to an altogether independent and unrelated field viz., the income-tax act, 1961. in the second case, he observed that the supreme court was called upon to give a definition of the words "consumer", "goods" and to decide whether " .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2001)78ITD327(Chd.)
..... years, namely, the year in which the lump sum consideration is paid and the five immediately succeeding years. where the know-how is developed in a laboratory, university or institution referred to in sub-section (2b) of section 32a, the consideration shall be spread equally over three years." now in this case, the assessee had ..... is whether the expenditure could be allowed under section 35ab. it was the contention of the ld counsel for the assessee that there being specific section in the act, expenditure incurred should be allowed under section 35ab. for this purpose, it would be relevant to refer to the memorandum explaining the purpose of provisions of ..... law arising from facts which are on record in the assessment proceedings. he, therefore, submitted that expenditure incurred by the assessee is allowable under section 35ab of the act.subsequently the ld counsel for the assessee furnished the page of the judgment of the supreme court in the case of madras auto service (p.) ltd. (supra .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1996)59ITD625Indore
..... that in common parlance word 'plant' includes within its ambit buildings and equipments used for manufacturing purposes. it further observed that section 43 (3) of the act gives an inclusive definition of the expression 'plant' which indicates that the legislature intended to give to the word 'plant' an extended meaning which went even ..... a question arose whether the portion of the walls of the freezing chamber containing insulation materials constituted 'plant' within the meaning of section 43 (3) of the act. the assessee had claimed that the factory building was part of an air-conditioning machinery or plant. the assessee's claim was negatived by the revenue authorities. ..... as plant in the facts and circumstances of the assessee's case. the expression 'plant' has been defined in sub-section (3) of section 43 of the act as under : "plant' includes ships, vehicles, books, scientific apparatus and surgical equipments used for the purposes of the business or profession." the above definition of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD292(Hyd.)
..... years, namely the year in which the lump sum consideration is paid and the five immediately succeeding years. where the know-how is developed in a laboratory, university or institution referred to in sub-section (2b) of section 32a, the consideration shall be spread equally over three years.therefore, it was argued that this ..... the contracts themselves with the foreign buyers. the entire documentation thus established that this export business was done only by the assessee and the sister concern acted as an agent of the assessee. the other objection that the deduction under section 80hhc is not available where there is no profit from the export ..... that the provisions of section 35ab were intended to give special deduction as special incentive to persons who are already in business. this provision was introduced under finance act, 1985. memorandum explaining the provisions of the finance bill, 1985 are found given in 152 itr, and the relevant provision, namely section 35ab were explained at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1991)38ITD323(Ahd.)
..... and undertaking job work. the business of the assessee had no connection with computer science. in the course of business management which the partner was to pursue at american university the subjects were as submitted before the income-tax officer, computer science, economics, operation research, computer programming, automatic and speedy process management, systems, analysis, etc. the ..... 1986-87 the assessee had incurred expenses of rs. 80,953 and the return of the assessee was accepted by the department under section 143(1) of the act. mere fact that the return of subsequent year was accepted under section 143(1) would not mean that the expenses for assessment year 1984-85 were allowable. ..... the business of the assessee. considering the entire circumstances, we hold that the expenses in question were not allowable as deduction under section 37(1) of the act. the learned cit(a) has not at all applied his mind to the facts of the case and his order cannot be sustained.12. we may mention .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD35(Mum.)
..... learned counsel has referred to several authorities. the indian edition 1976 of managerial economics by joel dean of graduate school of business, columbia university, gives the following : last in first out (lifo) inventory accounting can, in periods of inflation, help approximate contemporary dollar earnings. ..... and legality of the assessment. 3. disallowance of surtax liability and the expenses disallowed under section 40a(5) of the income-tax act, 1961 ('the act').2. the assessee-company manufactures various tungsten carbide products such as tips, dyes, nibs, drill steels, cutters, etc. the ..... lifo method is not acceptable. however, this can be said to be an author's view but there is nothing in the act that lifo method is totally banned. j.batty has observed as under :--------------------------------------------------------------------------------method of pricing brief definition base of likely--------------------------------------------------------------------------------last in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)4ITD231(Hyd.)
..... that the institution is existing solely for educational purposes and not for purposes of profit.instructions were issued in the context of the question of treatment of a university or other educational institution within the meaning of section 10(22) or a hospital or other institution under section 10(22/a) and the instructions have been ..... is owned by the society. it was the assessee's case that its surplus income was exempt from tax under section 10(22) of the income-tax act, 1961 ('the act'). this claim was negatived by the ito on the ground that the assessee is a society which runs the school, while according to him, it is only ..... 'manifestly erroneous'. the madras high court in addl.cit v. aditanar educational institution [1979] 118 itr 235 found that a similar society registered under the societies registration act, 1960 to run educational institution could be treated as an educational institution itself under section 10(22). we also have a decision of the andhra pradesh high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107ITD343(Chd.)
..... considered the issue in the case of raj & sandeep ltd. v. asstt. cit in ita no. 1853/chd/1992 through their order dt. 18th feb., 1993. the tribunal decided the matter in the following manner: ...we, therefore, hold that excise duty which is deposited in the account-current by way of advance excise ..... . apparently this section does not include auction purchase and resultantly excluded altogether the auction purchaser who had sought protection under section 100 of transfer of property act.19.5 the supreme court excluded application of section 5 defining "transfer" with the following observations: in our opinion, the positive provision contained in section ..... from giving the history of the amendments also indicates the legislative intention behind incorporation of section 43b: prior to the insertion of section 43b in the it act, 1961, income chargeable under the head "profits and gains" of business or profession was computable in accordance with the method of accounting regularly employed by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Agra
Reported in : (2006)99TTJAgra212
..... is a public charitable trust, which has set up and established an engineering and management college in farah, district mathura in affiliation with uttar pradesh technical university and approval of all india council of technical education, ministry of human resources development, government of india. the college admits students who pass out the all ..... section 269ss would not be attracted in the nature of transactions will constitute reasonable cause in this case--muthoot m. george bankers v. asstt. cit (1993) 47 ttj (coch) 434 : (1993) 46 itd 10 (coch) and ito v. rajendra trading co. (1994) 48 itd 210 (chd) relied on.(vii)(c)(iii). the ..... first submission, advanced by the counsel for the assessee was that as per provisions of section 275, there is limitation for imposition of penalty under the it act and this section prescribes different limitations under different circumstances. referring to provisions of section 275, the counsel submitted that limitation prescribed under clauses (a) and .....
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