Judgment Search Results Home > Cases Phrase: the tripura value added tax amendment ordinance 2007 Court: income tax appellate tribunal itat mumbai Page 1 of about 26 results (0.097 seconds)

Starline Ispat and Alloys Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)108TTJ(Mum.)321

..... " their lordships have added that "beyond those walls and de hors the milieu, we cannot impart the eternal vernal value to the decisions, exalting the doctrine of precedents into prison house of bigotry, regardless of varying circumstances and myriad developments. ..... the provisions of the 1961 act being in pan materia with the provisions of the 1922 act under which the above circular was issued and in the light of the provisions of section 297(2)(k), which are also explained by a co-ordinate bench in the case of madanlal mohanlal narang v. ..... 1st april, 1977, by the taxation laws (amendment) act, 1975, and that applicability of this explanation is confined to the companies, and, even amongst companies, it is not applicable to the companies whose gross total income mainly consists of income chargeable under the head interest on securities, income from house property, capital gains and income from other sources. ..... as we have noted earlier in this order, their lordships were then dealing with the provisions of section 24(1) and (2), which dealt with carry forward of business losses in the 1922 act, in the sense that while sub-section (1) dealt with the loss incurred under the head 'income from business', sub-section (2) referred to income of the business and not under the head under which it is taxed. .....

Shri Mahesh J. Patel Vs. the Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)109ITD35(Mum.)

..... hence, when the question comes up for consideration as to which is the relevant date, while computing the capital gains tax in case of transfer of his shares by a person who is a member in a co-operative housing society, the relevant date would be the date on which the member acquires the shares in the co-operative housing society and the date on which the member had sold his shares in the said co-operative society. ..... ) or a unit of a mutual fund specified under clause (23d) of section 10 (or a zero coupon bond), the provisions of this clause shall have effect as if for the words "thirty-six months", the words "twelve months" had been substituted.the sum and substance of the aforesaid provision is that if a capital asset is in the nature of share or security specified in the proviso to section 2(42a) that will give rise to long-term capital gains if the same is held by the assessee for more than 12 months immediately preceding ..... in this decision, the co-ordinate bench observed that stock exchange card is a property and it can be sold/transferred by nomination by the card holder with.the permission of the stock exchange and on being declared as defaulter by the stock exchange or his legal heir a right to be substituted on repayment of dues of cardholders.15. ..... although the share has a face value of rs. .....

Deputy Commissioner of Income Tax Vs. Star Chemicals (Bom) (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)110TTJ(Mum.)753

..... of acquisition in the hands of the assessee for the purpose of computation of capital gains.in the event the cost of acquisition incurred by the previous owners could not be ascertained, the provisions of section 55(3) lay down that fair market value on the date on which the capital asset became the property of the previous owner should be treated as cost of acquisition, the learned cit (departmental representative) argued that cost of acquisition in the case of the assessee may be determined on the basis of the fair market value of the lands in question as on the date when the assessee or his ..... of provisions of section 55(2) the sale consideration received by the assessee was chargeable to capital gains tax even if there was no cost of acquisition and in such a case cost of acquisition has to be assumed as nil.we may point out that the proposition that in the absence of cost of acquisition, sale consideration cannot be subjected to capital gains tax under section 45 has been upheld in the order of tribunal in the case of the assessee for asst. yr. ..... further the assessee argued that the reliance placed by the ao on the amended provision of section 55(2) was misplaced because there was no provision made in relation to acquisition of property ..... the mode of computation provided under section 48 comprises a two fold dimension, namely, the expenditure incurred in connection with transfer and cost of acquisition of the asset added by the ..... , 2007 against the order of the learned cit(a)- .....

Joint Commissioner of Income Tax Vs. Mukund Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106ITD231(Mum.)

..... 6,04,137 on account of provision for doubtful debts.the learned counsel for the assessee fairly conceded that in view of the retrospective amendment to section 36(1)(vii) of the act, the ground is to be decided in favour of the department. ..... " the hon'ble supreme court in this case has discussed the provision of section 105 of the transfer of property act and has observed that "under section 105 of the transfer of property act, a lease of immovable property is a transfer of a right to enjoy the property made for a certain time, express or implied, or in perpetuity, in consideration of a price paid or promised, or of money, a share of crops, service or any other thing of value, to be rendered periodically or on specified occasions to the transferor by the transferee, who accepts the transfer on such terms. ..... the issue being covered with the decision of the co-ordinate bench of the tribunal in favour of the assessee, is decided in its favour and the ground of appeal no. ..... " the hon'ble supreme court agreed with a finding of board of agricultural income-tax in concluding that salami is of a single non-recurring character and it is a payment prior to the creation of a tenancy. .....

M/S. Aditya Builders Vs. Commissioner of Income Tax Dheeraj Plaza

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the ld cit (adm) further erred in this connection in holding that:- a) in almost all cases, the appellant has received advances from buyers in excess of 70% of the agreement value; b) the payments received indicate the commitment of the buyer and seller as also indicates transfer of significant risk and reward to buyer; c) applying accounting standard 9, the appellant should have recognized revenue; d) notwithstanding non-recognition by the appellant, the ao ought to have recognized it; and e) in the premises, the foregoing non-action on the part of the ao is erroneous and prejudicial to the interest of the revenue. 4. ..... (del) 336 itr 374 held: dismissing the appeal, that where in relation to the project works undertaken by the assessee, the completed contract method of accounting is followed, which is consistent with the accounting standards and these accounting standards also lay down the norms indicating the particular point of time when provision for all known liabilities and losses has to be made, the making of such a provision by the assessee appeared to be justified especially when the assessee had recognised gain as well on such project ..... this appeal filed by the assessee on 3.4.2012 is against the order of the commissioner of income tax-15, mumbai dated 27th march, 2012 for the assessment year 2007-2008. 2. ..... 80-hhc(3) and therefore, subsequent amendment of s. .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... any event, it does not have precedence value in the context of india uae tax treaty, particularly as we take note of the provisions of art.25(l) of the tax treaty read with observations made by another co-ordinate bench in mtubishi's case (supra). ..... we find that all the three orders passed by the co-ordinate benches, which have been cited at the bar by the learned counsel, dealt with the issue as to whether or not artificial disallowances under the indian income tax act can be made while computing the profits attributable to a pe under the old india france tax treaty ((1970) 76 itr (st) 1). ..... in the first ground of appeal, the main grievance raised by the assessee is that the commissioner (appeals) erred in confirming the action of the assessing officer "of not accepting the appellant's contention that in view of the provisions of art ' 7(3) of the convention between the government of united arab emirates and the government of india (hereinafter referred to as 'the tax treaty'), no disallowance is required to be made in computing the total income in respect of expenses attributable to its pe in india".3. ..... at the outset, learned counsel fairly accepts that post 2004 amendments in explanation to section 90(2) of the income tax act, there are decisions against the assessee on this issue by various benches of the tribunal. ..... 72,746 out of employer's contribution to provident fund, under section 43b of the act, added rs. .....

Bajaj Auto Ltd. Vs. Dcit, Sr-43

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD287(Mum.)

..... he explained that whenever new assets are acquired, the value is added to the prevailing value available in the respective block of assets. ..... the learned senior counsel submitted that in the circumstances, it is not possible to know exactly what is the written down value of the block of assets deployed in the two wheeler unit of the assessee even though assets are used for the business of the two wheeler unit, the respective value of the assets could be either a positive value or a negative value depending upon the interpolation made by the acquisition cost and disposal proceeds of assets falling under that particular block. ..... gains of a new industrial undertaking must be computed in accordance with the provisions of the act in the same manner as they would be in determining the total income chargeable to tax and it must follow afortiori that if the losses, depreciation allowance and development rebate in respect of the new industrial undertaking in the past assessment years have been fully set off against the profit of the assessee from other business or in the matter of fact against the income of the assessee under any other head, no part of such losses, depreciation ..... the contention of the assessee is that in view of the amendment to section 32 and on introduction of the concept of "block of assets", depreciation has to be computed with reference to the undertaking as a whole and not to be computed separately for each unit of the undertaking. .....

Videsh Sanchar Nigam Ltd. Vs. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)111ITD190(Mum.)

..... that the document released by world trade organisation (wto) on coverage of basic telecommunications and value added services has divided telecommunication services into two categories of basic telecommunications and value added services. ..... service whether basic or cellular including radio paging, domestic satellite service or network of trunking and electronic data interchange services at any time on or after the 1st day of april, 1995 but before 31st day of march, 2000.perusal of the above shows that legislature has used the expression "profits derived from the business of providing telecommunication services whether basic or cellular" in sub-section (1) while sub-section (4c) provides that this section would apply to an undertaking ..... in order to encourage the investment by the private sector, the legislature amended the provisions of section 80-ia of the it act, 1961. ..... , electronic mail, voice mail, data services, audio tax service, video tax services, radio paging and cellular mobile telephone service) which is made available to users by means of any transmission or reception of signs, signals, writing, images and sounds or intelligence of any nature, by wire, radio, visual or other electromagnetic means but shall not include broadcasting services.the above statutory definitions reveal that the legislature has considered the expression "telecommunication services" of wide amplitude inasmuch ..... 10th july, 2007, though i agree that the appeal of the assessee is to be dismissed. .....

Cybertech Systems and Software Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)257

..... the value added service provided by the assessee-company is that the recruits are trained in a ..... by any means; (a) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (b) any customized electronic data or any product or service of similar nature, as may be notified by the board, which is transmitted or exported from india to any place outside india by any means; (i) any computer programme recorded on any disc, tape, perforated media or other information storage device; or (ii) any customized electronic data ..... read in conjunction with the decision in the case of isbc consultancy (supra) would imply in the context of section 10b that where customization entails production of new software the exemption would be available prior to 1st april, 2001, but, where such customization does not entail actual production of any software, the exemption under section 10b of the act would be available only subsequent to the amendment in section 10b and the issue of notification in ..... the ground relating to tax treatment of interest was concerned, the cit(a) held that the interest income received by the assessee-company was to be treated as forming part of the business income of the ..... fiscal legislation imposing liability is generally governed by the normal presumption that it is not retrospective and it is a cardinal principle of tax law that the law to be applied is that in force in the assessment year, unless, otherwise provided expressly .....

The Dy. Cit Vs. Lyka Labs Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... srinivasa shetty (supra); (iii) that the section 55(2) of the act was amended so as to tax various capital receipts i.e. ..... (3) where the assessing officer is not satisfied about the correctness or completeness of the accounts of the assessee, or where the method of accounting provided in sub-section (1) or accounting standards as notified under sub-section (2), have not been regularly followed by the assessee, the assessing officer may make an assessment in the manner provided in section 144 a bare reading of the above provisions makes it clear that from the assessment year 1997-98, assessee was permitted to follow either the cash system of accounting or mercantile system of accounting. ..... therefore, the consideration received was a capital receipt not chargeable to tax; (ii) even assuming that capital receipt is chargeable to tax under section 45 of the act under the head 'capital gains', the capital gain cannot be computed in as much as no cost was incurred in acquiring such asset as it was a self generated asset and therefore no income can be brought to tax in view of the judgment of the hon'ble supreme court in the case of b.c. ..... after hearing both the parties, we find that this issue is covered in favour the assessee by the tribunal dated 22.1.2007 in the assessee's own case for assessment year 1997-98 wherein it has been held that interest payment was allowable deduction under section 36(1)(iii). .....