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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 .....

Amitabh Bachchan Corpn. Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the view taken by the high court in cit v. madras auto service (p.) ltd. .41. learned counsel further submitted, it is not a universally true proposition that the capital receipts in the hands of the payee must necessarily be capital expenditure in the hands of the payer as well.the nature of ..... was abcl in the business of acquiring brands. he invited our attention to the decision of the hon'ble supreme court in the case of shriram chits (1993) (su4) scc 226a for the proposition that deferred revenue expenditure by definition is an intangible asset. he submitted, the expenditure in question must be regarded ..... other apparatus, articles, plant, machines and accessories capable of being used in that connection or in connection with cinernatograph or television shows, exhibitions and entertainments; 128i. to act as agents in the engaging, providing and employing of, artistes, actors, singers, dancers, variety performers, sportsmen, lecturers, instructors, entertainers and any other persons or .....

income Tax Officer Vs. Janak U. Bhatt

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101TTJ(Mum.)337

..... ., 1966, which describes the procedure for enforcing the summons. the said circular reads as under: subject: compelling attendance of witnessesdisobedience of summons under section 131 of it act, 1961instructionsregarding. the board has noticed that in recent years the ito has not fully or properly utilised the power for compelling attendance of witness, which are conferred ..... was requested to summon the creditor to verify the creditworthiness and genuineness of transactions. accordingly the creditor was summoned by the ao under section 131 of the it act but the creditor did not appear and the ao asked the assessee to produce him. since the assessee could not produce the creditor, the ao treated ..... nanak chahdra laxman das v. cit ; b. tex corp. v. ito (bom)(tm) 668 : (1993) 202 itr 17 (bom)(tm)(at). further, hon'ble bombay high court in velji deoraj & co. v. cit held that (under 1922 act) the assessee's duty to prove that an unexplained credit entry in his account books does not represent .....

Amitabh Bachchan Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)97TTJ(Mum.)516

..... numerous details or which is dependent on the personal qualification or volition of the parties, the court cannot enforce specific performance. in dr. s.b. dutt v. university of delhi , the supreme court considered a case in which a professor was dismissed from service and the dispute was referred to an arbitrator. the arbitrator gave the ..... possession of the disputed property. it was not a party in the award case and the earlier two orders passed on 11th jan., 1971 and 26th aug., 1993 on the basis of which direction was given to the appellant to deliver possession of the disputed property. in the circumstances, the application made by the appellant ..... in the memorandum to this effect as discussed above. in this regard, the learned departmental representative drew our attention to the provisions of section 17 of companies act which deals about the change of objects and approval thereof.6. we have considered the rival submission and have carefully gone through the discussions in the impugned .....

Rai Saheb Rekhchand Mohota Spg. and Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT561(Mum.)

..... -1986 between the assessee-company and shri vinay kumar mohota and the assessee company agreed to send mr. mohota for training abroad in united states of america at rhode island university for a period of five years and, company agreed to bear and pay cost of good lodging, boarding, training fee, if any, washing and other sundry expenses of the ..... these appeals are assessee's appeals directed against two separate orders of learned commissioner (appeals)-i, mumbai dated 30-7-1992 for assessment year 1989-90 and dated 20-7-1993 for assessment year 1990-91; and since, one issue in both the appeals is common, both these appeals are disposed off by this common order for the sake of convenience ..... nos. 1 and 2 in both the years is regarding not allowing the expenses incurred for the training of shri vinay kumar mohota under section 37(1) of income tax act, 1961 being rs. 1,27,526 in assessment year t989-90 and rs. 81,387 in assessment year 1990-91.briefly stated, the facts of the case are that .....

Acit (inv.) Vs. P.N. Writer and Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD446(Mum.)

..... to what a profession is.there are inherent difficulties in defining the term 'profession' or 'professional service' as there are no well defined parameters which could be universally applied to describe a particular service as professional or technical service. this is what makes our task difficult. in currie v. commissioners of inland revenue, (1921) ..... on the activity of clearing and forwarding operations, was a "shop" for the purpose of application of the employees' state insurance act, 1948. the supreme court held as under (at page 258 of air 1993 sc): "the appellant is carrying on stevedoring, clearing and forwarding operations. clearing the documents, even it be in the customs house ..... amounts to professional service is also covered by the law laid down by the hon'ble supreme court in cochin shipping co. v. esi corporation, air 1993 sc 252. in that case, the appellant was engaged in the business of clearing and forwarding operations. it was also authorised to transact its business at .....

Mahindra Sintered Products Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)95ITD380(Mum.)

..... thirdly, we have observed that the appellant company was required to seek necessary approval for the approval from the bank or financial institution. for that purpose one m/s. universal surveyors (p) ltd. was engaged to determine the fair market value of the building of ahmednagar unit. the fair market value was thus determined by the valuer at rs. ..... without diminishing any part of the transfer consideration. the assessing officer was not convinced with all these submissions and according to him provisions of section 50 of income tax act should be applied because the unit transferred had block of assets on which depreciation had been granted. after discussing the case laws cited by the assessee, the assessing ..... this is an appeal filed by, the assessee arising out of the order of cit (a), xxxiii, mumbai dated 22-1-1998 for the assessment year 1993-94.in the first ground the assessee has challenged the upholding of short-term capital gain of rs. 35,57,295 on the sale of building and rs .....

Mahindra Sintered Products Ltd. Vs. the Dcit, Spl.Rg.49

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)279ITR1(Mum.)

..... thirdly, we have observed that the appellant company was required to seek necessary approval for the approval from the bank or financial institution. for that purpose one m/s. universal surveyors pvt. ltd. was engaged to determine the fair market value of the building of ahmednagar unit. the fair market value was thus determined by the valuer at rs. ..... authorities have totally went wrong to restrict the claim to the ahmednagar unit in respect of considering the entire block of assets of the company. referring section 50 of it act he has vehemently argued that the legislature has no where specified that the sale consideration of depreciable assets should be restricted only to the assets transferred . since the ..... 1. this is an appeal filed by the assessee arising out of the order of cit (a) xxxiii, mumbai dated 22/1/98 for the assessment year 1993-94.2. in the first ground the assessee has challenged the upholding of short term capital gain of rs. 35,57,295/- on the sale of building and .....

Video Master Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD102(Mum.)

..... relied upon various court cases to support his contention, as has been mentioned above. the first case relied upon by the learned counsel is krishan v. the kurukshetra university (supra). in this case, the hon'ble supreme court has held that the admission made in ignorance of legal rights or under duress cannot bind the maker ..... wise electricity consumption and number of cassettes submitted during the course of assessment proceedings, the ao estimated the recording capacity at 80 per cent during the asst. yrs. 1993-94,1994-95 and 1995-96. according to the ao, the estimated production of video cassettes per year was 1,20,000 cassettes. thus, he estimated the ..... which were necessary as per the provisions of section 142(2) of the act. in support of his contentions, the learned counsel relied on the following court cases : (i) pullangode rubber produce co. ltd. v. state of kerala and anr. (supra);shri krishan v. kurukshetra university air 1976 sc 376; civil appeal no. 947 of 1975 (iii) sunder .....

Videsh Sanchar Nigam Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD456(Mum.)

..... circumstances so as to arrive at a decision as to what was the real nature of the transaction from the commercial point of view. no single test of universal application can be discovered for a solution to the question. the name which parties may give to the transaction which is the source of the receipt and the ..... held by hon'ble justice sikri that none of the tests laid down in the various authorities to distinguish between revenue expenditure and capital expenditure is exhaustive or universal and that each case must depend on its own facts and a close similarity between one case and another is not enough, because even a single significant detail ..... fact, there is a reference to the powers conferred upon the director general - telecommunications (telegraph authority) under s. 4 of the indian telegraph act, 1885, in the letter written by the dot on 31st march, 1993, to the assessee-company (p. 41 of the paper-book). the licence fee paid by the assessee derives its authority only from the .....