Judgment Search Results Home > Cases Phrase: the madras inams act 1869 Court: income tax appellate tribunal itat delhi Page 2 of about 58 results (0.094 seconds)

Rathi Ispat Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)45ITD540(Delhi)

..... insofar as the first condition is concerned, the assessee was allowed deduction in the earlier years when it provided the interest as per the compromise decree order of the delhi high court.insofar as the second condition of section 41(1) of the act is concerned, there is no evidence whatsoever that the depositors have remitted in favour of the assessee's interest indicating receipt of any benefit by the assessee, thus relinquishing the liability. ..... the liability remains and would continue to remain fastened on the company so long as the company exist, unless the depositors forego their interest, which is an act of remission to be performed since the depositors have not performed the act of remission in favour of the assessee-company in the light of the high court compromise order, the liability continues to subsist.12. ..... subsequently at the instance of the company at a meeting with the creditors, depositors and the company law department and the shareholders, the proposal of compromise or arrangement was placed and in accordance with the provision contained under the companies act, the various parties felt compromise or arrangement was a very reasonable proposition. ..... he had further impressed by the fact that the assessee credited the amount to the profit & loss a/c of the year and had initially offered it as income but subsequently withdrawn by the assessee, which act of withdrawal was treated as an afterthought. .....

Sheraton International Inc. Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)293ITR68(Delhi)

..... as such, considering all the facts of the case, the relevant provisions of the it act, 1961 as well as that of dtaa between india and usa and keeping in view the legal position emanating from various judicial pronouncements discussed above, we are of the opinion that the amount received by the assessee from the indian hotels/clients for the services rendered under the relevant agreements was not in the nature of 'royalties' within the meaning given in section 9(1)(vi) read with expln. ..... pursuant to one of its principal objects and maximizing foreign exchange earnings itc is also engaged through its hotels division (known by the name of welcomgroup) in the operation and/or construction of hotels consistent with international standards in different parts of india; and towards this end has already established hotels in madras, agra and delhi and has also leased or is otherwise operating hotels in association with third parties in bombay, bangalore, madras, aurangabad and at various other indian locations. ..... he also relied on the decision of hon'ble madras high court in the case of cit v. ..... in respect to their hotel park sheraton at madras. ..... , namely, welcomgroup, maurya sheraton, new delhi, welcomgroup mughal sheraton, agra and welcomgroup chola sheraton, madras. .....

Maruti Udyog Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92ITD119(Delhi)

..... also find merit in the stand of the department that the ao was not bound by the figure of profits shown in the accounts and the failure of the ito to make an explicit statement that from the method of accounting employed by the assessee profits made could not be properly deduced is not of much significance as the order clearly suggests such a finding because the account version of the assessee has been rejected and correct profits of the business computed by disallowing ..... anything contained in any other provision of this act, a deduction otherwise allowable under this act in respect of- (a) any sum payable by the assessee by way of tax, duty, cess or fee by whatever name called, under any law for the time being in force, or shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that ..... section 14a does not take away such right of assessee; (iii) that tax authorities have failed to establish any nexus between the borrowed funds and tax free income; (iv) that finding of cit(a) regarding existence of the nexus is incorrect as the assessee had not borrowed any amount for the purpose of making investment resulting in tax free income; (v) that investment was made out of mixed funds and as such there ..... ) 252 itr 43 (bom) and of madras high court in the case of chemicals & plastics india ltd. .....

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)558

..... committed by the ..... the hon'ble madras high court did not agree with the submission on behalf of the amalgamated company and it held as follows : it is not open to the amalgamated company which has taken over all the assets and liabilities of the amalgamating company to claim that it is not in any way liable for the tax payable by the amalgamating company, even though the order under section 104 came to be made after the order of amalgamation and after the dissolution of the amalgamating company, but on account of acts of omission and commission .....

Shri Saurabh Srivastava Vs. Dy Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)111ITD287(Delhi)

..... on further appeal, the hon'ble madras high court held as (headnote): that so far as the cash compensation paid by the new partners referable to the assets and goodwill of the firm was concerned, the cash took the place of the assets of the partnership and the compensation paid for restrictive covenant not to carry on similar business for a period of five years was in the nature of a separate transaction unconnected with the business of the asset of the partnership. ..... he submitted that sub-clause (a) of clause (ii) of section 28 of the act regards compensation which is received by any person, managing the whole or substantially the whole of the affairs of an indian company, at the time of termination of his management or on modification of the terms and conditions relating thereto, as liable to tax under the head "profits and gains from business or profession". ..... 28(ii)(c) of the income-tax act, 1961; (iii) that merely because the compensation had been quantified on three counts, viz; cost of trained man-power, compensation for cost of dealers and compensation for loss of profits, it could not be said that the assessee had recouped or been reimbursed the expenses in the past or that it had been reimbursed the profit that was not available as a result of the termination of the distribution agreement: (iv) that, therefore, the tribunal was right in treating the amount received by the assessee .....

Shri Saurabh Srivastava Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... on further appeal, the hon'ble madras high court held as under (headnote): that so far as the cash compensation paid by the new partner referable to the assets and goodwill of the firm was conccrncd, the cash took the place of the assets of the partnership and the compensation paid for restrictive covenant not to carry on similar business for a period of five years was in the nature of a separate transaction unconnected with the business of the asset of the partnership. ..... dr has submitted that section 28(h) of the act covers any compensation or other payment due to or received by the person, managing the whole or substantially the whole of the affairs of the indian company, at or in connection with the termination of its management or modification of the terms and conditions relating thereto. ..... he submitted that sub-clause (a) of clause (ii) of section 28 of the act regards compensation which is received by any person, managing the whole or substantially the whole of the affairs of an indian company, at the time of termination of his management or on modification of the terms and conditions relating thereto, as liable to tax under the head "profits and gains from business or profession". .....

Shri Manoj Aggarwal, Bemco Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... under vdis was raised even on behalf of the interveners and the same has not been found to be acceptable by us for the reasons given us hereinafter.as held by us in this regard, the immunity given by section 68 of the finance act, 1997 incorporating vdis is limited to the extent that the existence of jewellery stands accepted and the amount credited in the books of the declarant to the extent of value of the jewellery so declared cannot be assessed as income of the declarant for any assessment year under any provision of the income-tax act including the provisions of section 68. ..... (1) provides for the computation of undisclosed income as under: (1) the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed, fin accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the assessing officer and relatable to such evidence], as reduced by the aggregate of the total income, or as the case may be, as increased by the aggregated of the losses of such ..... mohana kala 291 itr 278, that of the madras high court in cit v. .....

New Delhi Television Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)1SOT116(Delhi)

..... therefore, respectfully following the above decision of the tribunal, other reasons discussed here by us and in view of the board instructions (supra), we hold that assessee is entitled to deduction under section 80hhe of the income tax act, and the assessing officer is directed accordingly to allow the deduction to the assessee.since we have allowed the main ground of the assessee, therefore, the other grounds have become infructuous and does not require any adjudication upon. ..... it was further stated that the intention of the legislature was very clear and deduction on account of television news software has been provided under section 80hhf with effect from 1-4-2000 and in subsequent years the assessing officer has himself allowed the deduction to the assessee under section 80hhf of the act.the words "processing data" have been used everywhere, therefore, for the put-pose of deduction under section 80hhe it cannot be included with the definition of computer software. .....

Deputy Commissioner of Income Tax Vs. Royal Jordanians Airlines

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)283ITR28(Delhi)

..... the learned cit-departmental representative emphasized that the recent developments in the field of private international law had made a distinction between transactions which were of commercial nature and the acts of the state which were performed in the sovereign capacity.hence, it was not correct to place reliance on the decision rendered in the case of iraqi airways (supra) so also the decision in the case of rja itself for the earlier years based on the decision in the case of iraqi airways (supra). ..... 1994-95 and 2000-2001 the assessee has also taken alternative grounds of appeal that while determining the assessee's income under section 44bba of the act with reference to the gross sales, the authorities below have erred in not reducing the same by the commission retained by the agents and the sums refundable to the customers. ..... stated, "most states have now abandoned or are in the process of abandoning the rule of absolute immunity, and now accept that, for what are usually described as acts of a private law or commercial nature, a foreign state may be subject to the jurisdiction of the courts:"according to the learned counsel for the assessee these extracts proved that till date immunities are granted and however, only in specific circumstances which have been mentioned in the european convention of 1972 and state immunities .....

Deputy Commissioner of Income Tax Vs. Panamsat International Systems

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)103TTJ(Delhi)861

..... a preliminary point was raised by him that under principles of delegated legislation the double taxation avoidance agreement entered into under section 90 of the it act cannot exceed the limits laid down by the act and in case of conflict between the act and the treaty the act shall prevail.elaborate submissions were permitted to be made on this point, but the issue has been completely settled by the judgments of the supreme court in azadi bachao andolan (supra) and p.v.a.l. ..... in this view of the matter, and on the basis of our humble understanding of the ratio of the judgment of the madras high court, we hold that the payment made to the assessee does not represent consideration for the use of any process.24. ..... the madras high court ruled that the payment cannot be termed as fees for technical services.from a close reading of the judgment it seems to us that the ratio laid down is that there is a distinction between payment made for the use of technical services and for utilising a facility or a service and merely because the provider of the service or the facility has to make use of certain technology in doing so would not change the character of the payment made therefor from a fee paid for services rendered to a fee ..... there was much debate before us on the applicability of the judgment of the madras high court in the case of skycell (supra) on this question. .....