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 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 Ahmedabad
Reported in : (2006)98ITD119(Ahd.)
..... by the assessing officer, the loss declared in the return alone stood reduced. the court after making a reference to the amended provisions of section 143(1a) by the finance act, 1993 w.r.e.f. 1-4-1989 held as follows : the substituted sub-section (1a), therefore, made it clear that even where the loss declared by tin assessee had ..... year 1989-90 and subsequent years.15. the validity of levy of additional tax in the context of the provisions as it existed prior to its retrospective amendment by finance act, 1993 w.e.f. 1-4-1989, had come for consideration before the hon'ble supreme court. the facts of the case before the hon'ble supreme court in the ..... committed by the taxpayers in their returns of income or loss.13. sub-section (1a) was amended by the finance act, 1993, with retrospective effect from 1-4-1989, which was the date upon which sub-section (1a) had been introduced into the act. the substituted sub-section (1a) read thus : (1a)(a) where as a result of the adjustments made under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2002)81ITD553(Ahd.)
..... accrued to the assessee.' the assessing officer further observed that the cit(a), surat in his appellate order for assessment years 1992-93 and 1993-94 has confirmed the order of the assessing officer. the assessing officer relying upon the assessment orders and the orders of the cit(a) pertaining ..... resolution of the significant uncertainties. usually where the right to receive revenue has become vested in the recipient and therefore considered as accrued under the it act, its measurability and collectibility is not likely to be significantly uncertain. but in case its measurability and/or collectibility is significantly uncertain, its recognition ..... the material such as books of account etc. of the respective industrial undertakings, computation of depreciation attributable to such eligible industrial undertakings allowable under it act, verification of advance licence benefit on accrual basis included in the profits of such industrial undertakings will be made by the assessing officer by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)73TTJ(Ahd.)404
..... accrued to the assessee. the assessing officer further observed that the commissioner (appeals), surat, in his appellate order for assessment years 1992-93 and 1993-94 has confirmed the order of the assessing officer. the assessing officer relying upon the assessment orders and the orders of the commissioner (appeals) ..... as books of accounts, etc., of the respective industrial undertakings, computation of depreciation attributable to such eligible industrial undertakings allowable under income tax act, verification of advance licence benefit on accrual basis included in the profits of such industrial undertakings will be made by the assessing officer by ..... significant uncertainties. usually where the right to receive revenue has become vested in the recipient and therefore considered as accrued under the income tax act, its measurability and collectibility is not likely to be significantly uncertain. but in case its measurability and/or collectibility is significantly uncertain, its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)51ITD147(Ahd.)
..... assessee's appeal for assessment year 1986-87.the assessee has raised three grounds in this appeal and raised an additional ground along with an application dated 16th april, 1993. we will first take up the additional ground of appeal which reads as under: the additional royalty of rs. 2,71,855 fixed by the resolution of the ..... french time industries ltd. (supra), after taking into consideration the various decisions, came to the conclusion that the only difference between old section 15(c) of the income-tax act, 1922 and section 80j(3), is that in section 80j(3), the legislature has allowed the carry forward of the deficiency allowable under section 80j. but so far as ..... ground in the appeal relates to the finding given by the cit(a) holding that for the purpose of allowing deficiency under section 80j(3) of the income-tax act, only the profits and gains of the industrial undertaking are to be considered and not the profits and gains earned by the assessee from other activities. it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97TTJ(Ahd.)985
..... exchange is not a commodity as understood in the sense as a commodity as mentioned in section 43(5) of the act.6.2 the cit referred to the printed balance sheet for the year ended march, 1993, and for the earlier period ended on may, 1992, demonstrating that profit and loss arising out of cancellation of forward ..... on devaluation of rupee repatriated was held to be on capital account even though originally the foreign currency was its income from commission.8.1 in the case of universal radiators (supra), the assessee manufacturer of radiators for automobiles, booked copper ingots from a corporation in usa for being brought to bombay where they were to be ..... allowed to be deducted on the basis of the period for which the debentures were retained by the debentureholders. similarly the case of the calcutta high court in universal cables ltd. (supra) was in respect of premium on loan convertible secured debenture was allowed to be spread over and allowed as deduction during the period of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2005)97ITD125(Ahd.)
..... referred in this connection to the decisions of the supreme court in the case of cit v. tata locomotive & engineering co.ltd. (1966) 60 itr 405 (sc), universal radiators v. cit (1993) 201 itr 800 (sc), swadeshi cotton mills co. ltd. v. cit (1967) 63 itr 65 (sc), sutlej cotton mills ltd. v. cit (1978) 116 itr ..... assessable receipt. it was a business gain.shri dave further submitted that special bench did not correctly appreciate import of expln. 3 to section 43a of the act. he submitted that foreign exchange contracts were of executory nature. no inference whether these contracts could operate in capital or in revenue field was possible unless ..... high court in beco engineering co. ltd. v. cit (supra).thereafter, the special bench examined implication of provisions of sections 43 and 43a of the income tax act. after considering the relevant case law and explanations to section 43a, the special bench observed as under: "24. forward foreign exchange contracts entered into by the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2008)113TTJ(Ahd.)918
..... whereby appellant is entitled to raise such contention under section 254 before this hon'ble tribunal. on merits also this aspect is noted in two decisions as stated below: (i) universal subscription agency (p) ltd. v. jt. cat (2007) 207 ctr (all) 62 : (2007) 159 taxman 64 (all); however, now appellant finds a detailed order ..... of circular no. 2 of 2002 dt. 15th feb., 2002 issued by the central board of direct taxes ('cbdt for short) under section 119 of the it act, 1961 (the act' hereinafter).the criticism of the said circular is enumerated at paras 30 to 33, with the latter enlisting the infirmities as found therein. prior to that, the ..... making assessments likely to result into demands and in effecting their recovery, they are lethargic and indifferent in granting refunds and giving reliefs due to assessees under the act. dilatoriness or indifference in dealing with refund claims (either under section 48 or due to appellate, revisional, etc. orders) must be completely avoided so that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (2001)70TTJ(Ahd.)490
..... estate ltd. (supra) held that in order to determine whether various activities constitute the same or separate business, 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.the learned senior departmental representative also placed heavy ..... of cit v.alembic glass industries ltd. (supra). the hon'ble high court quashed the notice of reassessment issued under section 148 for assessment year 1993-94 and thus confirmed the allowability of such interest for pre-production period, although the interest had been capitalised in the books of account.cit v. ..... such a view ought to have been accepted by the learned a.m.the learned senior departmental representative drew my attention to section 35d of the act relating to amortization of preliminary expenses. such preliminary expenses include expenses incurred before the commencement of business as well as expenses incurred after the commencement of .....
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