Judgment Search Results Home > Cases Phrase: tezpur university act 1993 section 2 definitions Court: income tax appellate tribunal itat mumbai Page 1 of about 344 results (0.309 seconds)

Sandvik Asia Ltd. Vs. Income-tax Officer

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 .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... have been made alio intuitu will be found to the effect that trade is carried on with a view to a profit. but this proposition is not universally true, nor can it be tested merely by ascertaining the difference between the purchase price (or, it may be, the manufacturing cost) of an article ..... 014/- and appellant earned dividend income at rs. 1,82,12,862/- which was not taxable in view of section 10(33) of the income-tax act.particulars purchase sale gain/loss dividend date amount date amount date amountunits of 24.3.00 80000000-------------------------------------------------------------------------------- 29.3.00less 2376778 27.3.00 59055207.75 ( ..... for investment. g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its 'equalization reserve' comprising profits and premium charged on sale of units as per sebi regulations." 35. the learned special .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... that have been made alio intuitu will be found to the effect that trade is carried on with a view to a profit.but this proposition is not universally true, nor can it be tested merely by ascertaining the difference between the purchase price ( or, it may be, the manufacturing cost) of an article ..... for investment.(g) dividend is distributed from accumulated profits of a company with reference to its subscribed share capital in accordance with the provisions of companies act; whereas mfs distribute income from its equalization reserve comprising profits and premium charged on sale of units as per sebi regulations." the learned special counsel explained ..... , the assessee filed appeal before the learned cit(appeals). the assessee submitted that units of mutual funds were regulated by an independent body constituted under the act of parliament, viz., sebi. the assessee had followed the prescribed procedure and the transactions with the mutual funds were at arms length. the assessee argued .....

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... advance tax/tds. again it is an undisputed fact that at the instance of the assessee, the i.t.o. had framed provisional assessment under section 141 a of the act, whereby he granted certain refund to the assessee. till this stage it cannot be disputed that the tax collected from the assessee was under the authority of law. therefore, ..... of any return required to be furnished under section 139 or section 148, after taking into account the amount of tax, if any already paid under any provision of this act, the assessee shall be liable to pay such tax before furnishing the return and the return shall be accompanied by proof of payment of such tax. (2) after ..... chargeable to tax at the time, in the sense explained above. indeed, it can also be said that the very fact of regulation iv of 1942, having brought the finance act of 1939 into operation retrospectively, in this area, has factually brought about, in any case, the chargeability of the tax during that very year. the relevant portion of the .....

Assistant Cit, Circle 19(3) Vs. Mariwala Family (No. 2) Trust

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT38(Mum.)

..... the market value of marico shares by employing the break-up method as prescribed under rule 11 of schedule-iii of the wealth tax act, particularly as the said rule stood deleted with effect from 1-4-1993.on the authority of the supreme court of india, the principle was established that the unquoted shares of a going-concern are to be ..... , be even a rough indicator of its fmv. similar will be the position with respect to valuation of shares as per rule 11 of schedule-iii of the wealth tax act. incidentally, this rule had been deleted with effect from 1-4-1993 pursuant to shares having been excluded from the definition of assets in section 2(e) of the wealth tax ..... act. thus, this rule did not exist on the statute book during the assessment year under appeal, i.e., assessment year 1996-97. besides, insofar as the rule prescribed a method .....

Modern Woollens Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)47ITD154(Mum.)

..... the assessee thereafter invited attention to the decision of the special bench of the tribunal in the case of sutlej cotton mills ltd. v. asstt. cit [1993] 199 itr 164 (at).although the issue under consideration in that case was not rates of depreciation, there was observations regarding computing of book profits under section ..... 350, which in turn was referred to in sub-section 2(1) of this section. in the recent years, the depreciation rates under the income-tax act having undergone steep upward revision, companies were not left with sufficient profits, after providing for depreciation, to enable declaration of reasonable dividend by them to their ..... shareholders. this section has, therefore, been amended by the amendment act of 1988 vide note 26 of notes on clauses which reads as follows: "this clause seeks to amend section 205 to provide that, in future, depreciation .....

Nusli N. Wadia Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)46ITD31(Mum.)

..... in the section.keeping in view these detailed provisions, the board issued instructions for determination of the location of shares and stocks under the wealth-tax act by simply stating that they are located at the place where the company is incorporated.30. sterling industrial agencies p. ltd. was incorporated sometime in ..... place where the company is incorporated." this instruction has been issued in the aforesaid manner for the simple reason that the term "incorporation" under the companies act, 1956, fully covers all the relevant issues required for determination of the location of both movable and immovable assets including the domicile of the company itself ..... of maharashtra, central administration department, bombay, that the assessee was to be registered as a citizen of india under section 5(1)(a) of the citizenship act, 1955, and vide this communique, the assessee was asked to renounce his present nationality by applying to the british mission in india/british high commission in .....

Tangerine Exports Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD386(Mum.)

..... by it shall be allowed in relation to the assessment year commencing on the 1st day of april 1994 (later on deferred to 1995 by finance act, 1993) or any subsequent assessment year. it may also be pointed out that the legislature also took into consideration the possibility of some overlapping in the two ..... property; merchandise, wares, things for transaction by rail, etc. similarly the term "merchandise" is defined as commodities of commerce, goods for sale.as per the reader's universal dictionary the term "goods" have been defined as under: (i) merchandise wares (ii) portable personal property (iii) merchandise to be transferred (iv) physical commodities usually ..... of drawings, designs, plans, processing data, etc., could be treated as "book" and constitute "plant" within the meaning of section 43(3) of the act and whether depreciation was allowable on documentation service. it was held that the various documents such as drawings, designs, charts, plans, processing data and other literature .....

ilyas Kader Sheikh Vs. Tenth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)49ITD108(Mum.)

..... days. when the assessee was called upon to explain as to why the appeal could not be dismissed as barred by time, he has filed an affidavit dated 11-9-1993 stating that to the best of his knowledge and belief, he had gone out of station from 26-1-1989 to 13-2-1989 for business purposes. this affidavit is ..... income returned was below the taxable limit applicable to a registered firm. the calcutta high court held that where the return has been filed under section 139(4) of the act, it does not exonerate the assessee from the liability to penalty under section 271 (1)(a) which is applicable for violation of the requirements of section 139(1) of the ..... therefore the assessee ought to have filed the return in time declaring the correct income.therefore, he levied minimum penalty of rs. 560 under section 271(1)(a) of the it act, 1961.5. at this juncture, it must be stated for the purpose of completion of record that the assessee appealed against the quantum assessment and obtained relief of rs. 5 .....

income-tax Officer Vs. Subhash Metal Indl.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)44ITD677(Mum.)

..... exhaustive. it is only enumerative. we for the present are concerned with the meaning of the word "person responsible for paying". this word is defined in the act itself and according to the definition given, the payer himself is person responsible for paying. without dragging the matter into the labyrinth of precedents we simply enquire who ..... without loss of identity: subsisting as one: pertaining to one only or to each one separately of a group single, separate....section 3 of the indian trust act, 1882 defines trust as an obligation annexed to the ownership of property, and arising out of confidence reposed in and accepted by the owner, or declared and ..... the assessing officer in the course of the proceedings noticed from the records that the assessee has failed to deduct income-tax under section 194a of the it act, 1961 (hereinafter called the act) read with rule 37(2a) of the income-tax rules, 1962 (hereinafter called the rules). accordingly, a show-cause notice under section 201(1) .....