Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1990)34ITD15(Pune.)
..... the meaning which is attached to this expression in the standard dictionaries and also under the motor vehicle act as well as in the depreciation table under the income-tax act would be applicable to said expression in clause (vii) of sub-section (3) of section 40 of the finance act, 1963.we are also supported but the decision of the kerala high court in the case of cait v. ..... in sub-section (1) of section 40 of the finance act, 1983, it has been provided that notwithstanding anything contained in section 13 of the finance act, 1960 relating to exemption of companies from levy of wealth-tax under the wealth-tax act, 1957, wealth-tax shall be charged under said act for every assessment year commencing from 1st day of april, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which public are substantially interested, at the rate of 2% of such net wealth.3. ..... in sub-section (2) of section 40 of the said finance act, 1983, it has been provided that for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in sub-section (3) belonging to the company on the valuation date is in excess of aggregate value of all debts which are secured on or which have been incurred in relation to the said assets.4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)106TTJ(Pune.)137
..... to stop such evasion, section 40a(2) was inserted by the finance act, 1968 with effect from 1st april, 1968.42. ..... business income or income from house property, held that each case had to be decided on its own facts and circumstances, that when the asset is in the nature of land or building, the income derived by the assessee by renting out the same would fall under the head 'income from house property', that in such cases it is not the factum of his business or commercial activity which brings income to him but it is his investment in property or his ownership of property ..... court, after discussing the decisions of the madras high court, the bombay high court and supreme court, observed that what was to be seen was the primary object of the assessee while exploiting the property, that if the main intention was to let out the property or any portion thereof, the same must be considered as 'income from house property', and that if it was found that the main intention was to exploit the immovable property by way of complex commercial activities in that ..... the kerala high court observed as under: ...section 40a(2)(b) of the act clearly provides for disallowance of amounts which the assessing authority considered to be in excess of the requirements of the ..... (supra), which was confirmed by the supreme court (2003) 263 itr 143 (sc) (supra), submitted that the leasing of the property involved complex commercial activities and therefore the receipts from leasing should be assessed as ' .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)104ITD199(Pune.)
..... were also considered by him in the context of the definition of 'industrial company' given in section 2(7)(d) of the finance act, 1965. ..... in these circumstances, the hon'ble court agreed with the tribunal that the assessee was engaged in the business of manufacture of sugar and tea machinery and, therefore, it was entitled to deduction under section 80-1.3.6 the learned counsel relied on the decision of hon'ble kerala high court in the case of p. ..... it was also pointed out that the decision of hon'ble bombay high court and hon'ble kerala high court in the case of cit v.shirke construction equipment ltd. ..... it was expressedly stated that section 80ab makes it clear that the computation of income has to be in accordance with the provisions of the act and if the income has to be computed in accordance with the provisions of the act, then, not only profits but also losses have to be taken into consideration. ..... no doubt, in that case, the matter was regarding setting off of the profits of manufactured goods against the losses from trading goods, yet the hon'ble supreme court very expressedly held that provisions of section 80ab have an overriding effect over the provisions of section 80hhc.nowhere the hon'ble court pointed out that such overriding effect was only in relation to the export business of manufactured and trading goods and, therefore, the aforesaid finding of the hon'ble court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)44ITD520(Pune.)
..... 166) issued under section 167a of the income-tax act, 1961 which is similar to section 21aa of the wealth-tax act and which has been inserted by the very same finance act 1981 with effect from 1-4-1981 to counter the tax avoidance adopted by persons by creating multifarious association of persons wherein the individual shares of the members in income of the aop remained indeterminate or unknown.while clarifying the intent and purpose of section 167a the board has pointed out that in the cases of registered societies, trade and ..... after considering all the aforesaid judgments, the kerala high court came to the conclusion that the assessee club in that case was not an assessable entity under the wealth tax act. ..... the kerala high court noted the difference between the definition of "person" contained in section 2(31) of the income tax act. ..... it is pertinent to point out that the kerala high court has followed the three judgments of the bombay high court, gujarat high court and also calcutta high court cited supra, but dissented from the judgment of the madras high court in the case of coimbatore club (supra) and state bank of india officers association v ..... the kerala high court had also an occasion to consider the issue with reference to section 21aa of the ..... according to the kerala high court a members' club is a voluntary association of persons joining together in accordance with rules and bye-laws of the club for enjoyment of one another's company and other facilities or for some other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)87ITD569(Pune.)
..... a clear distinction between primary credit society and a cooperative society engaged in carrying on business of the banking, it was held as under : the position as it stood before the amendment of section 194a by the finance act, 1996 was to the effect that all co-operative societies engaged in carrying on the business of banking were given the exemption. ..... regard it is to be submitted that once there were certain amendments or insertions in section 194a after finance act, 1971, the said circular will automatically become redundant and no more operative.19. ..... as assessing officers as well as assessee's reliance on kerala high court's decision is concerned, it is seen that the interpretation of the relevant provision came up for consideration before the kerala high court in the case of moolamattom electricity board employees' cooperative bank ltd. ..... so it is amply clear as per hon'ble high court of kerala that the exemption under section 194a(3)(viia)(b) is available to primary credit cooperative society and said society cannot be classified or equated with the co-operative society engaged in the banking business to which provisions of deduction of tax at source are ..... 'ble high court of kerala has given clear interpretation favouring the department, so if viewed from this angle, exemption as claimed by the assessee from deductibility of tax at source with respect to interest on time deposits paid/credited by a co-operative bank to its members cannot be to be available to the assessee. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)109ITD241(Pune.)
..... 2) act, 1996 with effect from 1.4.97 and by the finance act, 1998 with effect from 1.4.99, it is clear that any building or land appurtenant thereto whether used for residential or commercial purposes fall within the meaning of "assets", however, subject to the exceptions provided there-under. ..... he wealth tax act was amended by the finance act, 1992 " with the view to stimulating investments in productive assets by abolishing wealth lax on all assets except certain specified assets". ..... appurtenant thereto used for commercial purposes shall not be excluded from the "asset" as defined under sub-section (ea) of section 2 of the wealth-tax act, unless i) any house is occupied by the assessee for the purpose of any business or profession carried on by him (sub-clause 3), or ii) the property by its very nature is in the nature of commercial establishment or commercial complex, being used in a business or trade carried on in the said premises (sub-clause 5), or (iii) the house for commercial purposes which forms part of stock in trade ..... in law lexicon, commercial establishment' under the kerala shops & commercial establishments act, 1960 has also been referred to. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1991)36ITD98(Pune.)
..... explanation to section 263 was being inserted by the finance act, 1988 with effect from 1-6-1988. ..... the cit also found that the perquisites calculated by the ito in the matter of providing rent-free accommodation by the company to the managing director, there was mistake in the calculation, inasmuch as the ito has taken the interest-free deposits made by the company to the landlord of the property at rs. ..... , (supra), the cit was not justified in revising the order of the ito as there was complete merger of the ito's order with the order of the cit(a) dated 21-3-1986 in the light of the judgment of the bombay high court in the case of p. ..... the cit was not competent to revise the order of the ito on the ground of partial merger of only the issues agitated in appeal before the cit(a).in such a situation the judgment of the bombay high court in the case of p. ..... this is an appeal by the assessee which is directed against the revisional order of the cit kolhapur dated 3-9-1986 wherein he has held that the assessment order for the year 1981-82 passed by the ito on 20-9-1984 allowing depreciation at 20%, additional depreciation at 10% and investment allowance at 25% on the machinery "electric data processing machinery" purchased by the assessee on 3-9-1980 for rs. ..... 263 of the income-tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)84ITD1(Pune.)
..... what one has to see is the ratio of the decision and not the other facts which have no relevance or bearing on the decision given by the bench.moreover, the assessee has relied on the decision of the cochin bench in the case of south indian finance (supra) for the proposition that explanation 5 is not applicable and we have agreed with the learned counsel's submission in para 19 supra.21. ..... in the context of section 132(1)(c), (he three decisions which the cit(a) has referred, viz.decision of the kerala high court in m.k. ..... relied on the decision of the kerala high court in cit v. ..... in rejecting the contention of the department that there could be no concealment with reference to the income returned, this bench did not base its decision either on the fact that return was filed without delay or that sources were known to the department; but we based our decision on the fact that under the income-tax act, concealment is to be seen with reference to the income returned. ..... k.p.madhusudanan [2000] 246 itr 218 wherein the hon'ble kerala high court had dissented from the view of the hon'ble bombay high court in the above two cases. ..... based on the decision of the kerala high court in the case of k.p. ..... as regards investment in plot and building, he relied on the decision of the hon'ble kerala high court in m.k. ..... the decisions of kerala, delhi and gujarat high courts were in regard to the provisions of section 132(1)(c). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)105ITD146(Pune.)
..... the hon'ble tribunal took recourse to the budget speech of the finance minister while moving the finance bill and board circular no.762, dated 18.02.1998, the intent of which was that the amendment will have the effect that the cumulative unabsorbed depreciation brought forward as on 01.04.1997 could be set-off against the income under any other head in ay 1997-98 and seven subsequent years, while the depreciation for ay 1997-98, remaining unabsorbed, will be governed by the amended provisions.4.6 the learned counsel relied on circular no. ..... 794, dated 09.08.2000, being explanatory notes on the provisions relating to direct tax acts in finance act, 2000. ..... in this connection, reliance was placed on the decision of hon'ble kerala high court in the case of cit v. ..... in this order, the decision of hon'ble kerala high court in the aforesaid case of gtn textiles industries was referred to and that decision was followed for the purpose of computing deduction under section 115j(1a)(iii). ..... the learned counsel had relied on the decision of hon'ble kerala high court reported at 248 itr 372. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2003)81TTJ(Pune.)964
..... the commissioner also considered the clause (c), inserted by the finance act 2003 to section 45(5) with effect from 1-4-2003. ..... according to the ao, the provisions of section 45(5) was inserted in the act by the finance act, 1987 w.e.f. ..... 24.6 with a view to removing these difficulties, the finance act, 1987 has inserted a new sub-s. ..... the provisions of section 45(5) were inserted by the finance act, 1987, w.e.f. ..... , 1st april, 2003, there has been an amendment to the act, whereby clause (c) to section 45(5) has been introduced whereby it has been provided that where the amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year in which the compensation or consideration received was taxed shall be recomputed accordingly, this amendment according to the revenue can only mean that the provisions of s: 45(5) contemplate a situation where even when the dispute is not finally settled, enhanced compensation ..... an argument was advanced on behalf of the revenue that with effect from 1-4-2003, there has been an amendment to the act, whereby clause (c) to section 45(5) has been introduced whereby it has been provided that where the amount of the compensation or consideration is subsequently reduced by any court, tribunal or other authority, the capital gain of that year in which the compensation or consideration received was taxed shall be recomputed accordingly. .....
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