Judgment Search Results Home > Cases Phrase: tezpur university act 1993 section 22 the planning board Sorted by: old Court: income tax appellate tribunal itat mumbai Page 1 of about 23 results (1.510 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 .....

Dr. J.N. Mokashi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1983)3ITD774(Mum.)

..... appeal. the assessee before us is one dr. j.m. mokashi, who was in government service from 1955 to 1968. he is a md of bombay university and a consulting cardiologist. he started independent practice as a physician and consultant in 1965. in 1967, his wife was employed by him as a receptionist-cum- ..... or participating for gain or livelihood in an activity or field of endeavour often engaged in by an amateur. the shorter oxford english dictionary (second edition, p.1993) defines 'profession' to mean 'someone engaged in one of the learned or skilled profession or someone who follows an occupation as his (or her) profession ; ..... that though the word 'business', as generally understood, would include a 'profession', a definite distinction between business as contradistinguished from profession has been maintained throughout the act. alighting upon the maxim that all businesses are not professions though all professions are businesses. shri patil went on to submit that section 64(1)(ii) should .....

D.R. Desai Vs. Thirteenth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)47ITD103(Mum.)

..... that arose on these facts was whether these unclaimed wages and bonus were taxable in the year under consideration under section 41(1) of the income-tax act.the hon'ble rajasthan high court held that where amounts represent time-barred trading liability of the assessee, there is neither remission nor cessation of the trading ..... a distinction between real profits ascertained on commercial principles and profits fixed by the statute for a specified purpose. under section 10(1) of the indian income-tax act, 1922, profits and gains of a business carried on by an assessee are not profits regulated by any statute, but profits in a business computed on commercial ..... assessee also undertook to refund to the customers the balance amount. in these circumstances, there is no benefit to the assessee as contemplated by section 41(1) of the act, by way of complete remission or cessation of the liability, as laid down by the high courts of allahabad, madras, madhya pradesh, calcutta, punjab and haryana, .....

Cadell Weaving Mill Co. Pvt. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... casual and non-recurring but they were found to be assessable to tax in the hands of the assessee under section 10(3) of the income-tax act. in universal radiators v. cit [1993] 201 itr 800 (sc) at page 805, it is held that what is essential to be proved before a particular receipt is to be taken ..... the learned departmental representative cited two decisions reported in : 50. he requested us particularly to take into consideration the assessment years involved in both the abovecited decisions. in universal radiators' case [1993] 201 itr 800 (sc), he pointed out that the assessment year involved is 1967-68. therefore, though the receipt in that case was considered to be casual ..... as casual and non-recurring. after quoting section 10(3) of the income-tax act, 1961, their lordships held at page 805, the following : "in the substantive clause, .....

Nirmal Udyog Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)65ITD73(Mum.)

..... no relation to the type of the case which is before us. our attention was invited to the following authorities :tribhovandas bhimji zaveri vs. union of india (1993) 204 itr 368 (sc); and the learned departmental representative did not agree with the contention of the assessee that there was no capitalisation of the disclosure. in ..... disclosed income" or "voluntary disclosure scheme" as appearing in this act had universal application to such term appearing at any other place in the it act. in our opinion, the term 'voluntary disclosure scheme' appearing in this act was only relevant for ss. 3 and 14 of this act itself and was not applicable to the disclosures made under s ..... kishorilal f.jhunjhunwala recorded during search, order under s. 132(5) and order of the hon'ble supreme court in tribhovandas bhimji zaveri vs. union of india (1993) 204 itr 369 (sc). relying on the statements, he submitted that kishorilal jhunjhunwala has admitted the concealment whereas from the order under s. 132(5), he .....

institute of Banking Personnel Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1998)67ITD160(Mum.)

..... we may, however, clarify that the assessee cannot be given the benefit of section 10(22) of the i.t. act. this section exempts the income of an university or other educational institution, existing solely for educational purposes and not for purposes of profits. the appellant society cannot be equated to ..... this context he relied upon the decision of the hon'ble patna high court in the case of cit v. tata steel charitable trust [1993] 203 itr 764. it is also pleaded that the assessee cannot be regarded as an educational institution and so it cannot be extended the ..... income and expenditure accounts of the assessee for the respective years :------------------------------------------------------------------------- year ended------------------------------------------------------------------------ 31-3-1990 31-3-1991 31-3-1992 31-3-1993 31-3-1994------------------------------------------------------------------------(1) materialfees 1,85,83,480 2,15,85,479 2,10,27,000 2,40,04,219 3,21,67,715( .....

Grasim Industries Ltd Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the aforesaid reason and also because the said question is essentially a question of fact. no single test can be devised as universal and conclusive. the question has to be decided on a consideration of all the relevant facts and circumstances. some facts may ..... into account distinction between primary and secondary evidence and applied test not known under the indian evidence act. from a conclusion that no production was made on 30th/31st march, 1993, he held that sale could not be made and accordingly excise register and other documents produced, ..... chart of original temperature and tampered with temperature :----------------------------------------------------------------------"sr.log book date & time temperature figuresno. page original tampered----------------------------------------------------------------------5. 206 31-3-1993/6.00 587/388 deg. c 887/388 deg. c"---------------------------------------------------------------------- 29.2 ao's conclusion was that sponge iron could not be .....

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . it is claimed that the said statement was given in ignorance of his legal rights and so cannot be acted upon. in this context, reliance is placed upon the apex court decision in the case of shri krishan v. kurukshetra university 1976 air sc 376. it is also claimed that the said decision of the apex court has been followed ..... for the year ended 31-3-1991, relevant for the assessment year 1991-92, these amounts do not appear. (c) in the assessee's statement dated 23-9-1993 recorded by the assessing officer, the assessee clearly stated that wherever he borrowed amounts from the others, he would produce necessary evidence in support of such borrowals made and if ..... income-tax purpose thus you have given a false statement in response to the question no. 7 of your statement being recorded under section 131 today that is 23-9-1993. please clarify your position. ans. it is to be noted that documents relating to bank transactions are found at the residence of shri bipin m. khandhar and cheque- .....

Bombay Burmah Trading Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD531(Mum.)

..... submitted that in that event the rental income would be assessable as income from other sources in which case depreciation would automatically follow as per section 58 of the it act, 1961 (the act). for this proposition, decision in cit v. katihar jute mills (p) ltd (1979) 116 itr 781 (cal) was relied upon. it was further submitted that this was not ..... at the outset, we may clarify that, as held by the mumbai bench of the tribunal in the case of berlia chemicals & traders (p) ltd. (ita no. 7510 (bom.) of 1993 dt. 25th oct., 1999) [reported at (2002) 76 ttj (mumbai) 974--ed.] since expln.4a to section 43(1) was brought into effect from 1st oct., 1996, the present transaction ..... the tax liability, we may refer to the decision of the mumbai bench of the tribunal in the case of berlia chemicals & traders (p) ltd. (ita no. 7510/bom/1993, dt. 25th oct., 1999) to which both of us are a party.16. while dealing with this aspect in the said case, tribunal observed that while striking a business deal .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , physical education college, oriental college, school of institute of social work and music college maintained by the educational agency and approved by, or affiliated to the university" it was urged before the supreme court that in rule 2(b) the expression "means and includes" has been used which indicates that the definition is inclusive ..... cit(a), dt. 28th nov., 1995, 24th july, 1996, 30th july, 1997, 28th july, 1998, and 29th oct., 1999, for asst. yrs.1992-93, 1993-94, 1994-95, 1995-96 and 1996-97, respectively. approval of the committee on disputes permitting the assessee to pursue the appeals before the tribunal is placed on record ..... "loans and advances" and "securities" as understood in the commercial sense; (c) the definitions of "government security" and "promissory note" as defined in public debt act, 1944; (5) we have also considered the commercial aspects that guide the investor in making investment decisions.58. we reiterate that deletion of specific exclusion of interest on .....