Judgment Search Results Home > Cases Phrase: tezpur university act 1993 section 24 the finance committee Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 43 results (3.306 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 .....

Sumit Bhattacharya Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . of shares grant value expiration date (in us $)26.2.1991 1,400 1,17,250 26.2.200124.2.1992 1,300 1,32,763 24.2.200226.2.1993 2,200 1,13,438 26.2.200325.2.1994 2,300 1,30,669 25.2.200428.2.1995 2,400 1,59,000 28.2.2205 6. the ..... securities offered under this plan must be pursuant to a valid registration statement on other than form s-8 or pursuant to an exemption from registration provided under the securities act of 1933, as amended other employees of the company or its subsidiaries are free to make resales of the securities offered hereunder, without further registration. appropriate adjustments in the ..... deoki nandan agarwal's case (supra), what is to be taxed under the head 'income from salaries' is whatever constitutes 'salary'. the expression 'salary', though not specifically defined under the act, is the reward or consideration for services rendered by a person in employment. the assessee's receipts of whatever nature, in connection with his employment, are, therefore, to be treated .....

Voltas Ltd. Vs. Asstt. Cwt

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)113ITD19(Mum.)

..... fruitfully quote the words of oliver wendell holmes : "it is sometimes more important to emphasize the obvious than to elucidate the 'obscure'." (extracted from the judgment in bhavnagar university v.palitana sugar mill . it is for this reason that we have emphasized the plain position emerging from bare perusal of section 4(8)(b) that it is the ..... at lucknow part of which has been leased out to a group company, i.e. telco. the assessee entered into a lease agreement with telco on 31-12-1993 for a period of five years, which has been renewed for a further period of five years. clause 1 of the said agreement provides that the lessees shall use ..... every individual, huf and company.according to section 2(m), "'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in the net wealth as on that date under .....

Voltas Ltd. Vs. Asst. Cwt

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)301ITR217(Mum.)

..... may fruitfully quote the words of oliver wendell holmes: "it is sometimes more important to emphasize the obvious than to elucidate the "obscure." (extracted from the judgment in bhavnagar university v. palitana sugar mill ). it is for this reason that we, have emphasized the plain position emerging from bare perusal of section 4(8)(b) that it is the ..... at lucknow part of which has been leased out to a group company, i.e. telco. the assessee entered into a lease agreement with telco on 31.12.1993 for a period of five years, which has been renewed for a further period of five years. clause 1 of the said agreement provides that the lessees shall use ..... , hindu undivided family and company. according to section 2(m), "net wealth" means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under .....

Deputy Commissioner of Income Tax Vs. Star Chemicals (Bom) (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)110TTJ(Mum.)753

..... asset.27. the learned cit (departmental representative) referred to "report on title" from m/s little & co. advocates, solicitors & notaries dt.9th june, 1993 and argued that apart from purchase price paid, from time to time the assessee incurred cost also by way of litigation, fees to solicitors, expenditure incurred for search ..... to her four sons who had thereby become the owners thereof. (j) on international airport authority of india (iaai) being constituted under the international airport authority act, 1971, all the assets, properties, rights and obligations of the civil aviation department of the government of india became the assets, properties, rights and obligations ..... owner of the land without incurring any expenses. that showed that the ao had not properly appreciated the legal principles contained in the indian limitation act in respect of adverse possession. the assessee further assailed the findings of the ao that it could acquire lands on adverse possession because of two .....

Assistant Commissioner of Income Vs. Asea Brown Boveri Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)11TTJ(Mum.)502

..... since the entire land was not transferred there was no slump sale. this finding is erroneous. the kalyan factory at all material times prior to 11th march, 1993 was located on an area admeasuring 7.23 lakh sq. meters. in fact, that area was bounded by a wall. in fact, that area always stood ..... control gear mfg. co. , cit v. narkeshari prakashan ltd. (supra) and cit v. premier automobiles ltd. (supra).61. he submitted that the fact that the act of the purchaser in allocating, in its accounts, the consideration paid by it for the individual assets acquired was irrelevant because in accordance with the accounting standards the purchaser ..... before the concerned authorities. in other words, the assessee, following the mercantile system of accounting, started recognizing and accounting, in its accounts prepared under the companies act, for the export incentives at the time when it filed its claims before the concerned authorities. for tax purposes, the assessee, however, continued to adopt cash .....

J.M. Shares and Stock Brokers Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)109ITD329(Mum.)

..... finance lease or not.the hon'ble supreme court referred to; (i) following dictionary meaning of lease finance" according to accounting and finance by r. brockington (pitman publishing, universal book trader, 1996, at p. 136): a finance lease is one where the lessee uses the asset for substantially the whole of its useful life and the lease payments ..... his order, he has mentioned the broad terms of the agreement which are being reproduced for the benefit of this order as under: (a) the agreement of 18th aug., 1993 is a master lease agreement wherein the lessor (the assessee) agrees to lease to the lessee (m/s sriram investments ltd.) vehicles of the total value of rs. ..... on account of stamp duty to registrar for increase in authorized capital while the ground no. 2 relates to disallowance of rs. 68,096 under section 35d of the it act, 1961 (act). these grounds have not been pressed before us and, therefore, the same are being dismissed as "not pressed".3. ground no. 3 in assessee's appeal as .....

Dresdner Bank Ag Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108ITD375(Mum.)

..... in this order, as well as the esteemed views of hon'ble andhra pradesh high court in the case of cit v. b.r.constructions (1993) 113 ctr (ap) 1 : (1993) 202 ttr 222 (ap), these tribunal decisions relied upon by the learned counsel cannot be said to have much of a precedence value. in ..... profits of permanent establishments of nonresidents in the international tax treaties, learned counsel submitted that profits of the assessee are to be computed under the provisions of the act and the statutory provisions could not, therefore, be disregarded. no specific provisions were, however, pointed out in support of the contention that income earned by ..... income, or by invoking the disallowance of expenses incurred 'on earning the tax exempt income.the ao has specifically invoked the disallowance under section 14a of the act. therefore, the exemption being allowed on gross basis would not make any difference to the situation inasmuch, because of the corresponding disallowance under section 14a for .....

Star India (P) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)103ITD73(Mum.)

..... be examined, is rejected.9.5 with regard to the aspect of commercial expediency, it is worthwhile to mention that the term commercial expediency cannot be defined for universal application and it will have to be examined on the facts and circumstances of each case. admittedly, the assessee is engaged in the business of mass entertainment. ..... meanings given to the word "earn", which is closer to the purpose in hand, at p. 775 of the first volume of "the new shorter oxford english dictionary" (1993 edn.) is as follows ; "1.receive or be entitled to (money, wages, etc.) in return for work done or services rendered; bring in as income; obtain or ..... the 'appellant') respectfully submits that the learned commissioner of income-tax (appeals) [cit(a)] has erred in upholding the assessment under section 143(3) of the it act, 1961 ('act'), on the following ground: 1. by not accepting the change in the accounting policy made by the appellant during the financial year ended 31st march, 1997 with respect .....

Gtc Industries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)105TTJ(Mum.)1010

..... ltd. (supra), was also concerned with the retrospective amendment to the provisions of section 143(1a) of the act by the finance act, 1993 w.e.f. 1st april, 1989 which was the date upon which sub-section (1a) itself was introduced in the act. the apex court applied the substituted provision for an assessment year earlier to its actual amendment. in fact, ..... to the rectification proposed by the ao in the following words: no rectification order under section 154 of the it act 1961 can be passed to disallow the provision for doubtful debts amounting to rs. 10,99,552 for asst. yr. 1993-94 because there is no apparent mistake which can be rectified and hence section 154 has no application. this ..... , and basing on the amendment made to section 36(1), clause (vii), which was amended by finance act, 2001? 2. the assessee is a limited company and for the asst. yr. 1993-94 it had debited its p&l a/c with a sum of rs. 10,99,552 on account of provision for doubtful debts, loans and advances. in .....