Judgment Search Results Home > Cases Phrase: under an agreement Sorted by: old Court: income tax appellate tribunal itat lucknow Page 1 of about 38 results (0.168 seconds)

Commercial Motors Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD176Luck

..... and other assets as being absolutely true and correct which has induced the owners to enter into this agreement and whereas they have declared that they shall neither sell, alienate, encumber nor charge their property or any part thereof till such time their liability in fully discharged under this agreement and the owners the first and per amount lien on all the assets stated by the hirer ..... recovery. in this form, the goods were purchased by the financier from the dealer and the financier obtained a hire-purchase agreement from the customer under which a later became the owner of the goods on payment of all instalments of the stipulated hire and exercising his option to purchase the goods on payment of ..... clause iv, if the hirer shall duly perform and observe the terms and conditions of this agreement and shall have paid to the owners the total amount by way of hire as stipulated in the schedule b and earlier and has also paid all other dues and expenses due to the owners, under the terms and conditions of this agreement, the hirer will have the option to purchase the said motor vehicle on payment of ..... option. this class of hire-purchase agreement must be distinguished from a transaction in which the customer is the owner of the goods and with a view to finance his purchase he enters into an arrangement which is in the form of a hire-purchase agreement with the financier, but in substance evidence a loan transaction, subject to a hiring agreement under which the lencer (sic) is given the licence .....

Principal Officer, Somani Iron Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)86ITD750Luck

..... and, therefore, the provisions of section 194c are clearly attracted.7(1) in support of this stand, the department has assigned following reasons: (a) that the agreements were basically for setting up of 220 kva sub-station in the factory premises of the assesses, thus, the contractor was asked to carry out the entire work on turnkey job ..... the synopsis submitted by the assessee, these arguments have been elaborated and in support of these arguments, reference has been made to the following salient features of the agreements: "(a) the contracts were for designing, development, manufacture and sale of a particular machine on one hand; and guarantee for its performance after erection and commissioning; ..... agreements were as under: (i) agreement ..... it was also submitted that the agreements were not under indian contract act, but were contract under the sale of goods act, (c) the ao considered the contracts/agreements and also reply of the assessee and held that the terms of contracts fall within the meaning of section 194c of the act and, ..... the mechanical and electrical work also done by the assessee company though under supervision of the supplier company as per the terms of agreement. ..... held that the rendering of services in the course of one's own business of being required by others cannot be equated with carrying on any work for others under a contract, as contractor, merely because one had been paid fees/charges or consideration for any agreement. ..... to the contractor under the agreement. .....

Deputy Commissioner of Income Tax Vs. Sahara India Financial Corpn.

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)81TTJLuck389

..... where identity of the shareholder is established and further shareholder confirms that he has invested money in the purchase of shares, then no further inquiry can be made against the company for the purposes of making addition under section 68 of the it act, 1961, but in case after the above test is satisfied, an additional test of proving shareholder as genuine investor is applied, then his capacity to invest has also to be ..... the dvo also cannot be equated with the report of the special auditor, because sub-clause (6) of section 16a of the wt act, 1957, provides that on receipt of the order under sub-section (3) or sub-section (5), from the valuation cell, the ao shall, so far as the valuation of the asset in question is concerned, proceeds to complete the assessment in ..... under an agreement ..... (1999) 237 itr 570 (sc), it was observed by the hon'ble supreme court of india in the context of section 69 that although discretion has been conferred on the ito under section 69 of the act to treat the source of investment as the income of the assessee if the explanation offered by the assessee is not found satisfactory and the discretion has ..... company was collecting deposits under various schemes and for mobilizing the resources, it entered into an agreement and an mou was ..... section 10(2)(x) of the act; it was held that even if there was an express agreement to pay commission at certain rates, the question of its admissibility can be considered under section 10(2)(x) of it act, 1961. .....

Hotel Arti Delux P. Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2005)97TTJLuck342

..... the assessee has gone out of business whereas the assessee company established that it firmly remained in the business and in order to overcome the losses in hotel business, it entered into lease agreement temporarily and under these facts and circumstances, in our opinion, yielded income earned by the assessee company from leasing out its commercial assets to deva nursing home(p) ltd the business income remained in tact and ..... that the assessee has gone out of business whereas the assessee company established that it firmly remained in the business and in order to overcome the losses in hotel business, it entered into lease agreement temporarily and under these facts and circumstances, in our opinion, yielded income earned by the assessee company from leasing out its commercial assets to deva nursing home (p) ltd. ..... nature of income arose out of contractual relationship between the principal and the agent and it was held that income received under agreement was to be assessed as income from business. ..... and ld.cit(a) and contended that running of nursing home under the lease agreement was not one of the objects of the assessee company and thus income received by the assessee out of lease deed executed in between assessee and ..... singhania, sr.dr submitted that running of nursing home under lease agreement is not one of the object of the assessee company but he could not answer the query of the bench in respect of the resolution dated 12.3.89, a copy of which appears at page 20 of the .....

Assistant Commissioner of Income Vs. Sharad Thadani [Alongwith Ita No.

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2006)104TTJLuck567

..... flat in its physical form at best can be said to have additional rights added to the rights originally held by the assessees flowing from the original agreement.in view of the aforesaid discussion, we confirm the order of the learned cit(a) in all the three cases.10. ..... he referred to various clauses of agreement reproduced in the assessment order and pointed out that as per clause 14, under no circumstances, possession of the residential flat and garage shall be given by the sellers to the buyer(s) until and unless all payments required to be made under the agreement by the buyer(s) have been paid in full to the ..... he further referred to clouse 44 of the agreement and pointed out that no right, title or interest would pass to the buyer(s) unless all the money due and payable under this agreement has been paid and valid receipt(s) obtained from the sellers.in the event of failure to pay money due and payable, all money already paid to the sellers shall stand forfeited to the ..... ao negated this claim on the ground that the said circular pertained to purchase of flats under self-financing of the dda and was also relevant only for purchase of new assets. ..... the hon'ble gujarat high court examined the contention of revenue regarding exemption under section 5(1)(xxviii) of the wt act and observed that in respect of shares in a co-operative housing society, the legislature intended to grant exemption in favour of all the rights flowing from shares in a co-operative housing society except the .....

Khattri Perfumers (P.) Ltd. Vs. Deputy Cit, Special Range-11

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2006)7SOT675Luck

..... it was vehemently pleaded that both the incomes, namely, consultancy charges as well as interest, were eligible for deduction under sections 80hh and 80-i.the learned departmental representative referred to the agreement with hll and contended that it was merely an agreement granting license for the use of the formulae for which royalty was paid and there was no scope for the ..... we find it convenient to dispose of all the five appeals together by this combined order.in the appeals by the assessee, the grievance is two-fold, namely, that it was denied deduction under sections 80hh and 80-i of the income tax act, 1961 (hereinafter referred to as the act) on book profits and secondly, not treating consultancy charges and interest income as business income eligible for deductions ..... the light of the aforesaid discussion, we have no hesitation in holding that consultancy charges earned by the assessee is an income derived from the industrial undertaking and is eligible for deduction under sections 80hh and 80-i of the act.so far as interest income is concerned, it is not in dispute that the said interest is earned on fdrs which are pledged with the bank ..... further, the assessee was under an obligation to disclose to hll during the term of the agreement, all available information in respect of the said formulae and also provide assistance necessary in the development work relating to this perfume.it was submitted that along with ..... entitled to receive royalty under the agreement, it makes no .....

Sandip Kohli and Vishal Kohli Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)82ITD498Luck

..... he was working as whole-time director, in view of article 58 of the articles of association, it may be pointed out that there is no such order or resolution on record by which he was appointed as whole-time director, further, it may be pointed out that under article 58 of the articles of association, the board of directors may appoint one or more whole-time directors to carry out day-to-day business operations but in our view such an appointment has to be specific in all respects. ..... cit (1979) 117 itr 1 (sc), the hon'ble supreme court of india, while defining the terms 'salary' in the context of company, has observed as under: "salary is payment for the work done or service rendered, made by an employer to his employee, but every person who works for the company is not necessarily its servant. ..... the hon'ble court has also observed as follows: "the nature of his employment may be determined by the articles of association of the company and the agreement, if any, under which a contractual relationship between the director and the company has been brought about, where under the director is constituted as an employee of the company. ..... and the payment received by the assessee from the company was taxable as salary in support of this plea, reference was also made to article 59(b) of article of association which is as follows : "the whole-time director shall work under the control and supervision of the board of director and shall exercise such powers as may be determined by the board. .....

Smt. Savitri Devi, Anil Kumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... in reply, shri garg, learned counsel submitted that the ao of delhi who issued earlier notices had no power or jurisdiction to issue the notice under section 158bc and, therefore, the notice issued from the ao of delhi cannot be treated to be valid notices.it may be pointed out that the cases on which the reliance has been placed by the ..... 1st july, 1995, clears all doubts on the issue and states that the assessment made under this chapter shall be in addition to regular assessment and the ao has to deduct from the computation of block period income, the income returned and assessed already in the ..... the purpose of the act would be wide enough to include a case where employer submits his return of tax deduction from salaries under section 206 in which the incomes earned by the various employees have been disclosed." 44. ..... , 1997.according to him, since a period of not less than 15 days has been prescribed under section 158bc for filing the return, the notice issued to the assessee was not a legal notice, because it did not provide statutory period of 15 days for ..... since regular assessment for these two years has been made by the ao under section 143 of the it act, 1961, addition if any on account of renovation or repairs could at the most have been made in ..... of the agreement as under: 31. on ..... 66 ttj (pune) 678 : (2000) 72 itd 552 (pune) also, the same bench again considered the issue and observed as under : "the ao had taken a very narrow view in interpreting undisclosed income. .....

Smt. Savitri Devi Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)76TTJLuck628

..... representative that in compliance to the statutory provisions as contained under section 158bc, a valid notice on 29-8-1997, was issued by the assessing officer having jurisdiction over the case at that time and this notice was validly served upon the assessee, who also filed her ..... cit kanpur, again transferred the jurisdiction over the case of the assessee from income tax officer, ward kanpur to circle 2(3) of kanpur vide his order dated 31-10-1997, and accordingly a fresh notice under section 158bc was issued by the deputy commissioner, circle 2(3), kanpur, which was served on 6-11-1997.after considering the above factual aspect, we find sufficient force in the submissions of the learned senior departmental ..... filed against the notice dated 29-8-1997, on 9-9-1997.in reply, shri garg, learned counsel submitted that the assessing officer of delhi who issued earlier notices had no power or jurisdiction to issue the notice under section 158bc and, therefore, the notice issued from the assessing officer of delhi cannot be treated to be valid notices.it may be pointed out that the cases on which the reliance has been placed by ..... " in the sale agreement also, the position of payment made through cheque as advance has been shown on page 4 of the agreement as under : on page 6, para 1 of the agreement, it is clearly mentioned that .....

Assistant Commissioner of Vs. Sahara India

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2006)100ITD93Luck

..... 20,000.9.1 in view of the above and on the facts and in the circumstances pertaining to the case of the present assessee, in our opinion, no case for imposition of penalty under section 271d is made out against the assessee who was simply collecting the deposits of being authorized by the companies, who were its principals and violation, if any, of the provision of section 269ss might have ..... , was applicable to the assessment year 1994-95.8.7 in view of the above agreement, the assessee had made its position very clear and against show-cause notice issued by the revenue for imposing penalty under section 271(1)(c), following written submission was made vide letter dated 12-1-1998:the additional commissioner date 12-1 -1998of income-tax, central circle, sub: reply to notice under section 271d of the income-tax act, 1961 for the ..... therefore, the agreement is enforceable for the assessment year under consideration.8.6 a similar agreement has been entered into by another company, namely, m/s. ..... (supra).the itat allahabad bench vide its order dated 30-1-1998, on examination of the terms of the agreement, has clearly held that the assessee was carrying out its responsibility assigned by the company, as an agent.the relevant observations of the itat are being reproduced as under: 27. ..... the relevant covenants of this agreement are as under: 1. .....