Judgment Search Results Home > Cases Phrase: the kerala sports act 2000 1 Court: income tax appellate tribunal itat mumbai Page 10 of about 214 results (0.159 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... for disallowance particularly when there is no express provision regarding the mandatory appearance of the name of the assessee in the act for allowance of advertisement expenses.9.2 the learned cit(a) after considering the submissions made by the assessee and the cases cited by the assessee was of the opinion that the expenses had a bearing on the business of the assessee and accordingly allowed 20 per cent of the advertisement expenses.9.3 on this fact and background, the moot questions, which requires consideration are as follows: (i) whether the expenditure incurred on advertisement can be termed as incurred by ..... . 1997-98 to 1999-2000: on the facts and in the circumstances of the case and without prejudice to the other grounds of appeal, where the income of the appellant is a profit, the appellant ought to have been allowed to deduction under section 80hhc of the act in respect of films/tv serials, etc ..... ., bombay high court decision in aziende colon nazionali affini v.cit ; kerala high court decisions in janatha contract co. v .....

Dresdner Bank Ag Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

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

..... , by providing for mechanism to compute profits accruing or arising in india in the hands of the foreign entities, the profits attributable to indian pe of foreign enterprise are required to be computed in terms of general provisions of the it act, and the normal accounting principles.therefore, ascertainment of a foreign ge's taxable business profits in india involves an artificial division of the overall profits of the gebetween profits earned in india and profits earned outside india.indian it act can only be concerned with the profits earned in india, and, therefore, a method is to be found to ascertain ..... between enterprise and its pe, may not always reflect the arm's length transactions, as is evident from the following provision in the same draft convention : the fiscal authorities of the contracting state shall, when necessary, in execution of the preceding paragraph, rectify the accounts produced, notably to correct errors or omissions to re establish the prices or remuneration entered in the books at the value which would prevail between independent persons dealing at arm's length.38. ..... in the case of state of kerala v. ..... (2000) 162 ctr (mad) 467 : (2000) 244 ttr 256 (mad). .....

Rohan Software Pvt. Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR314(Mum.)

..... 227 itr 260 (sc), were decided before the introduction of section 50b by the finance act, 1999, with effect from 01.04.2000 and also the definition of "slump sale" in the newly inserted section 2(42c), which came into effect from 01.04.2000.therefore, the decisions relied upon by the learned revenue authorities cannot be applied in the instant case of the assessee.24. ..... capital gains in case of slump sale,: (1) any profits or gains arising from the slump sale effected in the previous year shall be chargeable to income-tax as capital gains arising from the transfer of long-term capital assets and shall be deemed to be the income of the previous year in which the transfer took place: provided that any profits gains arising from the transfer under the slump sale of any capital asset being one or more undertakings owned and held ..... assets" included a group of assets falling within a class of assets, being buildings, machinery, plant or furniture, in respect of which the same percentage of depreciation is prescribed.however, the substituted definition of "block of assets" has been divided into two parts - (a) tangible assets, being buildings, machinery, plant or furniture (which is similar to "block of assets" before the substitution of the definition with effect from 01.04.1999); and (b) intangible assets, being know-how, patents, copyrights, trade marks, licences, franchises ..... support of the above contention, he relied upon the decision of the hon'ble kerala high court in the case of cit .....

Makers Development Services Ltd. Vs. Dy. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1992)40ITD185(Mum.)

..... apart from the fact that, in that case, the amalgamation was sanctioned under section 45(7) of the banking regulation act, 1949, and under that scheme, the investment held by the assessee-company were to be valued at the market price and transferred to the amalgamated company, it has to be remembered that the court in that case decided the issue in favour of the assessee on the consideration that under the banking regulation act, holding of securities by a bank is obligatory and such transaction of securities and shares were as a general rule, in the course of its business. ..... price for determining the profits of the firm prior to the dissolution.in that case the madras high court has held that as the stock-in-trade of a firm did not cease to become stock-in-trade on its dissolution and there was no authority for the proposition that the option to value the stock-in-trade at cost or market value whichever is lower was available to the firm even at the point of termination of the business, the revaluation of the properties at the prevailing market value was justified and the assessment of the profit arising ..... in the light of this discussion, the reliance placed by the departmental representative on the decision of the kerala high court in the casc of josna bank ltd. ..... this enabled the assessee to bid successfully and execute a massive construction project in iraq which involved construction of 2000 tenements. .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the act, therefore, amends section 4 of the interest-tax act to provide that the interest-tax act shall not be applicable in relation to interest arising to credit institutions on or after the 1st day of april, 2000".thus, from the above also it was sought to be emphasized that the institution was not expected to bear the burden of interest-tax but the same was to be recovered from the borrower which it could not do in respect of interest on government securities and debentures.22. ..... on interest earned on one of the forms of investment and that is, loans and advances; (4) while arriving at the above conclusion, we have interpreted the definition of the term "interest" in section 2(7) of the act, keeping in view the following : (a) rules of interpretation as enunciated by the hon'ble supreme court; (b) meaning of "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. ..... v.cit (1966) 60 itr 52 (sc) is referred to kerala high court decision in western india plywood ltd. v. .....

Echjay Industries Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)257ITR1(Mum.)

..... if we go through the facts of the present case, it will be clear that the asses-see-company incurred the impugned expenditure in the larger interest of the business necessity or expediency because it was necessary for it to get rid of the minority shareholders, who were undisputedly creating hurdles in the smooth working of the company.therefore, the payments were made to the shareholders to secure smooth running of the company and avoiding its possible winding up under the provisions of section 397 and section 398 read with section 402 of the companies act, 1956. ..... 9,21,23,100 in respect of payments made to buy out certain recalcitrant shareholders in terms of the decree of the high court under section 402 of the companies act, 1956, ignoring the fact that the said payments were wholly and exclusively laid out for the purposes of the assessee's business; laid out during the course of carrying on the business and to ensure growth of the business by removing inhibitions.29. ..... [2000] 245 itr 769 to submit that the receipts on these heads do not give rise to any profit and such items not generating profit, should not form part of turnover under the provisions of section 80hhc of the act.alternatively, he submitted that if those receipts are considered as part of turnover, the expenses incurred by the assessee under the same heads should be reduced from such receipts. ..... cit [1995] 212 itr 175 and also on the decision of the kerala high court in the case of united catalysts india ltd. v. .....

Smt. Sudhadevi Modi Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD604(Mum.)

..... ; (b) absence of certain bills showing the sales in the ledger account; (c) difference between the figure of assessee's sales to the company and the company's purchase figure from the assessee; (d) minor discrepancy in the cash flow statement filed by the assessee regarding the figure of sales to the company and the amount of cash received; (e) reason for heavy cash payments by the company to the assessee in violation of the provisions of the income-tax act; (f) verification of the claim that the trucks claimed to have been engaged in me transportation of the soyabean to the company were actually so engaged; (g) storage of goods ..... we see force in the contention of the assessee that the assessing officer, instead of taking up the fresh assessment proceedings within a reasonable time from the date of the order of the cit(a), took them up only in the month of january 2000, after a delay of 2 years. ..... (c) the assessee has furnished all the details called for by the above notice vide letter dated 10-3-2000 and the assessing officer has not considered that, but has merely brushed them aside by relying on the findings given in the earlier assessment years (1991-92 and 1992-93). ..... he expressly stated that he was relying upon the comprehensive findings given in the those assessment years by the assessing officer.thereafter, he issued a notice under section 142(1) dated 12-1-2000 calling upon the assessee to furnish certain information. .....

Deputy Commissioner of Income Tax Vs. Govind Rubber (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)89ITD457(Mum.)

..... (iii) of section 115j of the act which reads as follows : "(iii) the amounts as arrived at after increasing the net profit by the amounts referred to in clause (a) to (f) and reducing the net profit by the amounts referred to in clause (i) and (ii) attributable to the business, the profits from which are eligible for deduction under section 80hhc or section 80hhd; so, however, that much amounts are computed in the manner specified in sub-section (3) or sub-section (3a) of section 80hhc or sub-section (3) of section 80hhd, as the case may be, or. ..... a mandatory step by step chronology as well as the methodology for determining the book profits "attributable to the business" upto the stage of clause (iii) just prior to making the computation under clause (iii), he contended that the net amounts as arrived at after increasing/reducing net profit by amounts in the clauses preceding clause (iii) are only to be reckoned and considered for the purpose of examining the basic eligibility to section 80hhc as also for the propose of working out the quantum of deduction under section 80hhc. ..... in our opinion, the present issue is squarely covered with the above decision of the kerala high court. ..... (2000) 246 itr 429 (bom) and contended that the hon'ble bombay high court has categorically held that section 80ab has no application to section 80hhc since it is a self-contained code and not controlled by section 80ab. ..... (2000) 245 itr 384 (bom). .....

Deputy Commissioner of Vs. Indian Hotels Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)92ITD97(Mum.)

..... after hearing both the parties, we hold that the issue stands squarely covered in favour of the assessee by the following judgments: - on the facts and in the circumstances of the case and in law, the learned cit(appeals) erred in holding that the assessing officer was not justified in estimating 10% of the total receipts in foreign currency as pertaining to foreigners visiting india on business trips and denying the assessee's claim on the said receipts under section 80hhd without appreciating the fact that a foreign visitor coming to india ..... such portion of borrowed capital which is lent to the subsidiary company is not allowable.he next relied upon the decision of the kerala high court in the case of citv. v.i. ..... without prejudice to the above contentions, the learned counsel for the assessee submitted that in view of specific provisions contained in section 32ab(1) read with sub-section (3), the computation of profits of business is to be made in accordance with the requirements of parts ii and iii of schedule vi of companies act and not in accordance with the provisions of income-tax act and hence, bifurcation of profits of business of the company in two different heads such as "income from business" or "income from other ..... hearing both the parties, we hold that the issue stands covered in favour of the assessee by the order of the tribunal in the assessee company's own case for the assessment year 1988-89 vide order dated 9-8-2000 wherein in paras 2 to 5, the disallowance of .....

Goa Carbon Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT152(Mum.)

..... further seen is that the appellate order (ita no.107/pnj/2000-01 for assessment year 1998-99) as well as assessing officer's consequential order dated 17-10-2002 passed under section 250 of the act, are in the same manner, as in earlier years.assessment year 2000-01 (ita no. ..... ) 'mineral oil'- item 3 of- part tv of the first subject : scope of the term 'mineral oil'- item 3 of the part iv of the first schedule to the finance act, 1964, item 3 of part iii of the first schedule to the finance act, 1965, and item 3 in both the fifth and sixth schedules to the income tax act, 1961 a question has been raised whether a company carrying on the business of refining crude oil into motor spirit, aviation spirit, kerosene and allied articles can be said to be engaged in the manufacture of production of 'mineral oil ..... ' for purpose of calculating the super-tax .....