Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1992)40ITD595Indore
..... of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee : provided that in computing the tax or interest payable by, or refundable to, the assessee, the following adjustments shall be made in the income or loss declared in the return, namely:- (i) any arithmetical errors in the ret urn, accounts or documents accompanying it shall be rectified; (ii) any loss carried forward, deduction, allowance or relief, which, on the basis of the information available in such return, accounts ..... again section 143 was amended and the said clauses (ii) and (iii) were again introduced by the direct tax laws (amendment) act, 1987, with effect from 1-4-1989. ..... to a query made by the assessing officer, the icici in their letter dated 9th october, 1990 made it clear that since the company had been incurring cash losses it had requested the icici during 1988-89 to fund interest fallen due upto march 31, 1989 and to re-schedule the payment of installments. ..... 1989-90.the assessing officer made assessment under section 143(1){a) of the income-tax act, 1961 (for brevity, the act), and, thereby adjustments of rs. ..... 3,563 being the amount of professional tax deducted from the salary of employees could not be an item of disallowance under section 43b. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2006)7SOT387Indore
..... . we thus while setting aside the orders of the lower authorities direct the assessing officer to verify the claim of the assessee as per explanation to section 40a(7)(b) and allow the claimed deduction on those payments of gratuity which have been made during the accounting year relevant to the assessment year under consideration.the ground nos ..... . it was due to business expediency and expenditure was incurred wholly and exclusively for the business of the assessee.he submits further that statements giving the names of the workers, their designations, date of joining, total service, salary and the amount of gratuity paid to them were available with the assessee ..... . this judgment rather supports the case of the assessee.2.4.8 the definition of income as amended in section 2(24), clause (va) was inserted in section 28 by which the non-compete amount has been made chargeable to the income tax under the head "profits and gains of business or profession" and also section 55 was simultaneously amended by adding the words 'or right to carry on any business' ..... (vi) compensation for non-compete (consideration) will become due and payable on : (a) transferors obtaining certificate under section 269uc of the income tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2004)88TTJIndore717
..... cit (1971) 80 itr 415 (bom).assessing officer observed that these two decisions relate to allowability of expenditure as deduction under section 10(2)(xv) and the same were not applicable to the case of assessee because under the old act there was no provision corresponding to provision of section 35d of income tax act, 1961. ..... according to him, from these details, it is clear that this advance was given to bengal paper mills for meeting their day-to-day expenses, repairs, payment of salaries and electricity bills, etc. ..... to bombay party for such manufacturing of chips but that was in last year and company also had to incur transport charges, commissioner (appeals) found merit in these contentions and allowed the deduction under section 80-i.before us, learned departmental representative brought to our attention pages 171 to 177 of the compilation which contain various details regarding computation, etc. ..... for this purpose and the amount being quite substantial, though not claimed in our computation, we have made a foot note to consider at the time of assessment and allow the same against the total income shown. ..... industries where renovation of office premises has been held to be revenue expenditure we set aside the order of commissioner (appeals) and allow expenditure incurred on renovation of bombay office as revenue expenditure. ..... union of india (1985) 155 itr 120 (sc) and amended provisions of the act in the form of section 80-aa, it was held that interest amounting to rs. .....
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