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Search Results Judgments > Phrase:karnataka value added tax act Section 15 Page:7

Apr 29 1999

Titanor Components Ltd. Vs. Deputy Commissioner Of

  • Decided on : 29-Apr-1999

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

Reported in : (2000)72ITD514(Delhi)

... a careful reading of section 80HH of the Income-tax Act, 1961, in the light of the scheme thereof and other provisions of the Act, it is clear that the Legislature intended to extend the benefit of deduction under section 8OHH only to the industrial undertakings which manufacture or produce articles. This section was not intended to ... 'manufacture' in context of claim for deduction under section 32A and their lordships after following the reasoning of Hon'ble Supreme Court in the case of Pio Food Packers (supra), N. C. Buddharaja & Co. (supra) and that of Sterling Food v. State of Karnataka 63 STC 239 have again reiterated the ... at the cost of assets for depreciation. It appears that CIT (Appeals) while deciding the appeal for assessment year 1990-91 took the value of depreciable assets as valued by M/s. Mehta & Padamsee Pvt.Ltd. without looking into the cost of depreciable assets. Appeal for assessment year 1990-91 was ... The original commodity is titanium metal anode and after the above process of coating, it still remains titanium metal anode but, the word 'coated' is added to it.23. The contention of the assessee is that initially the article is Titanium Substrates and after coating, it becomes C.T.M.A ... relied upon by the assessee. These two Professors have given their opinion on the basis of encyclopaedia of Chemical Technology by Kirk and Othmer Vol. 15 and have also filed the relevant pages relating to metal anodes as appearing at pages 172 to 183 which is also made part of the ...

Dec 03 1999

Surendra M. Khandhar Vs. Assistant Commissioner Of

  • Decided on : 03-Dec-1999

Court : Income Tax Appellate Tribunal (ITAT) - Mumbai

... section 132(4) of the Income-tax Act or under other provisions of the Income-tax Act, it still cannot be regarded as an invalid statement without any evidentiary value. It is claimed that even if the seizure of the document Annexure A-3 is illegal inasmuch as there is no warrant under section ... section 234B, it is mentioned that the advance tax paid is less than 90% of the assessed tax and, therefore, the provisions of section 234B are attracted, and in this context reliance is placed upon the decision of the Punjab and Haryana High Court in the case of Sant Lal (supra) and that of the Karnataka ... section 69 of the Income-tax Act. The Assessing Officer also made a few other additions. He estimated the professional fees at Rs. 62,500 and disallowed an amount of Rs. 20,000 out of the expenses by way of salary and bonus claimed by the assessee. He also added an amount of Rs. 5,70,000 under the provisions of section ... of Ahmedabad, Narshi Natha Street Branch. (14) Cristal Inds. Co-op. Bank of Ahmedabad, Narshi Natha Street Branch. (15) Mamta Sales Agencies Co-op. Bank of Ahmedabad, Narshi Natha Street Branch. (16) Supreme Agencies Indian Bank, Mandvi ... section 132(1), but we are of the view that this is only a typographical error and the evidentiary value of the statement cannot be detracted by such an error, specially in view of the provisions of section 292B of the Income-tax Act. The power exercised by a competent authority cannot be regarded as illegal simply because a wrong section ...

Jul 08 2002

Wipro Ge Medical Systems Ltd. Vs. Deputy Commissioner Of Income Tax

  • Decided on : 08-Jul-2002

Court : Income Tax Appellate Tribunal (ITAT) - Bangalore

Reported in : (2003)81TTJ(Bang.)455

... (1997) 62 TTD 113 (Bang) has been upheld by the Karnataka High Court inasmuch as reference has been dismissed on 4th June, 2001 in CP No. 580 of 1988. Consequent to this, the Tribunal is obliged to follow its own decision wherein it is held that deduction under Section 80-0 should be allowed without any artificial allocation of ... ,55,01,543 and computed the profits of the business at Rs. 1,14,39,002 and arrived at a smaller deduction under Section 88HHE of the Act. The AO had added excise duty and sales-tax to paid to arrive at the total turnover which the CIT(A) has directed to be excluded.31. The learned counsel for ... was clearly for acquiring resources for a new line of business which were used by another person for running such a business earlier and which was of enduring value to the new line of business of the assessee. The payee was not a competitor to the assessee in the new line of business, as its ability ... assessee. We, therefore, direct the AO to allow the deduction as claimed by the assessee for the asst. yr.1993-94 itself. The CIT(A) in para 15 of his order has given a direction to consider it as deduction for the asst. yr. 1995-96. In view of the fact that we have accepted ... of the Karnataka High Court decision. Further, the same issue was considered in detail by the Tribunal in the case of Wipro Ltd. in ITA Nos.651/Bang/94, 521 to 523/Bang/97, etc, The Bangalore Bench of the Tribunal in the case of MM Dastur & Co. (supra) has held that deduction under Section 80- ...

Jan 16 2003

Subhash Gupta (Individual) Vs. Deputy Commissioner Of Income Tax

  • Decided on : 16-Jan-2003

Court : Income Tax Appellate Tribunal (ITAT) - Jaipur

Reported in : (2003)78TTJ(JP.)692

... of Karnataka High Court in the case of P.R.Basavappa & Sons v. CIT (2000) 243 ITR 776 (Kar) by pointing out that the starting words in Section 271(1)(iii) i.e. "in addition to any tax payable" were there all along both in asst. yr. 1970-71 as also in asst. yr. 1991-92, The tax ... of some countries banned on using azo-dyes which were used earlier in processing of fabrics. We had good business in Germany and was expecting better export value in 1996-97, but due to ban on azo-dyes,' we could not retain our business in Germany. 3. There is a universal practice that once the ... assessee was not to gain much if loss claimed was allowed to be carried forward as the assessee's income from business was exempt under Section 80HHC of the IT Act.37. After having scanned the facts and circumstances of the case, I would like to refer to the provisions of penalty applicable in asst.yr. ... found to be false by the AO or the first appellate authority, or an explanation is offered which is not substantiated. In such a case, the amount added or disallowed in computing the total income is deemed to represent the income in respect of which particulars have been concealed. As per the provisions of Expln. ... disapprove the finding of the CIT(A). Hence, the facts of the cited case are distinguishable and not applicable to the facts of the present case.12.15. In the case of Prabhat Oil Traders v. ITO (supra), the penalty was deleted on the ground that the assessee's explanation had not been disproved. Whereas ...

Sep 01 2003

Hindustan Hotels Ltd. Vs. Deputy Commissioner Of Income Tax

  • Decided on : 01-Sep-2003

Court : Income Tax Appellate Tribunal (ITAT) - Panji

... the judgment of Hon'ble Karnataka High Court reported in 109 ITR 52 (Kar) was concerned, it did not make any difference that the same had been delivered in relation to a wealth-tax assessment proceeding. After all, wealth-tax was also a levy on fair market value of the same.15. We have carefully considered the ... due on or before 15.9.95, 15.12.95 and 15.3.96.On assessee's appeal against levy of interest u/s 234C, the learned ICT(A) held that there was no appeal provided under the provisions of section 246(1) of the Act against levy of interest u/s 234C. Section 246(1)(a) ... acquisition of this plot acquired on 17.3.88 would be the same as the percentage of appreciation on the cost of the building construction added by the assessee between January to June 1995. In this view of the matter, these directions of the learned CIT(A) are required to be quashed ... value of what the assessee already had. The same therefore had to be treated as cost of improvement. As far as the judgment of Hon'ble Karnataka High Court reported in 109 ITR 52 (Kar) was concerned, it did not make any difference that the same had been delivered in relation to a wealth-tax assessment proceeding. After all, wealth-tax ... tax attributable to capital gains arising there from in the remaining instalments which fell due on or before 15.9.95, 15.12.95 and 15.3.96.On assessee's appeal against levy of interest u/s 234C, the learned ICT(A) held that there was no appeal provided under the provisions of section 246(1) of the Act ...

Mar 23 2004

Apollo Tyres Limited Vs. Acit

  • Decided on : 23-Mar-2004

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

Reported in : (2004)89ITD235(Delhi)

... ITR 228, Karnataka High Court in CIT Vs. Motor Industries company Limited 173 ITR 374 and Hindustan Machines Limited Vs. CIT 175 ITR 220.21. At this stage, it would be useful to refer the legislative changes made by the Parliament reacting to the situation created by devaluation of Indian Rupees in 1966 by effecting amendments in the Income-tax Act, 1961, as ... by effecting amendments in the Income-tax Act, 1961, as well as Companies Act, 1956. The first legislative provision enacted to meet the situation was the insertion of section 437 in the Income -tax Act, 1961 by the Finance (No. 2) Act, 1967, with effect from April 1m 1967. The second statutory provision was an amendment of Schedule VI of the Companies. Act, 1956 in the form of ... and contemplated when the investment was made and the possibility of enhanced values motivated the investment (see Leeming v. Jones (1930) 15 TC 333 (HL) ) and also the decisions of this court is Saroj Kumar Mazumdar v. Commissioner of Income-tax(SC) and Janki Ram Bahadur Ram v. Commissioner of Income-tax An accretion to capital does not become income merely because the original ... foreign currency specifically for the purpose of acquiring such asset, the amount by which the liability is so increased shall be added to the actual cost of the asset as defined in clause (1) of section 43 of the Act. This section specially provides for the treatment of increased liability of the assessee as expressed in Indian currency for repayment of the moneys borrowed ...

Jul 15 2005

The Dy. Commissioner Of Vs. Shri Bhim Singh Lather

  • Decided on : 15-Jul-2005

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

Reported in : (2006)282ITR151(Delhi)

... right thereto cannot, therefore, be regarded as an accrued income for the purpose of the Income-tax Act. The above principles are squarely applicable and Section 45(5)(b) does not change the position in any manner. Section 45(5)(b) shifts the date of "income" from the date of acquisition and from the ... . Similarly the case of A.B.V. Gowda (deceased) 157 ITR 697 before the Karnataka High Court is a case prior to insertion of Sub-section (5) of Section 45 and the entire discussion was on the provisions- of Section 5 (1)(b) with regard to accrual of income and, therefore, this case is ... taking the compensation or consideration as so reduced by such court, Tribunal or other authority to be the full value of the consideration.18. Sub-section (16) as also inserted by Finance Act, 2003 in Section 155 reads as under:- (16) Where in the assessment for any year, a capital gain arising from ... various stages of determination of the additional compensation. To obviate this difficulty Sub-section (5) was added to Section 45 by the Finance Act, 1987 with effect from 1-4-1988. If read as under:- (5) Notwithstanding anything contained in Sub-section (1), where the capital gain arises from the transfer of a capital asset ... on the basis that it is to be charged on accrual basis.15. Section 45 provides for the charging of capital gain arising on transfer of a capital asset. As stated above, it provided charge originally under Sub-section (1) of Section 45 to be in the year of transfer. Cases have arisen ...

Aug 31 2005

The Income-Tax Officer Vs. D.C.C. Bank Ltd.

  • Decided on : 31-Aug-2005

Court : Income Tax Appellate Tribunal (ITAT) - Bangalore

Reported in : (2007)104ITD280(Bang.)

... is attributable to the Banking activities, the interest income is exempt from tax Under Section 80P(2)(a)(i). Further, this is to state that the facts of the case of Madhya Pradesh State Cooperative Bank v. Addl. Commissioner of Income-tax are not applicable to the co-operative banks in Karnataka as held by the Apex Court in Bangalore District Central Co-operative ... of debentures, reserve for replacement of plant an machinery, reserve for buying new plant to be added to the existing ones, reserve for bad and doubtful debts, reserve for payment of dividend and general reserve. Depreciation reserve with the limit prescribed by the Income-tax Act or the Rules there under is the only reserve which is a permissible allowance in the computation ... . (b) A reserve is not designed to meet any liability contingency, commitment or diminution in the value of assets known to exist at the date of the balance sheet. (c) A reserve is something set apart for future use or enjoyment, - Commissioner of Income-tax & Super Profits Tax, v. Eyre Smelting Pvt. Ltd. The term 'reserve' means something specially kept apart for future ... 14. It is not the case of revenue that such reserve funds have been created voluntarily. Schedule III to Banking regulation Act prescribes the form of Balance sheet. As per this form, the following reserves are to be specifically mentioned.15. From above, it is clear that reserves mentioned from (i) to (vii) are to be created as per guidelines of Reserve ...

Feb 23 2006

Farrukhabad Gramin Bank Vs. Assistant Commissioner Of Income

  • Decided on : 23-Feb-2006

Court : Income Tax Appellate Tribunal (ITAT) - Agra

Reported in : (2006)103ITD207Agra

... purpose of IT Act, 1961 and Interest tax Act, 1974 the status of co-operative society has been assigned under RRB Act, 1976.3.1 The working area of the assessee bank has been notified in terms of Section 3(1) of the Regional Rural Banks Act, 1976 (hereinafter called as RRB Act, 1976), ... was in the context of Sections 24 and 56 of the Banking Regulation Act, 1949 as well as Section 57(2) of the Karnataka Co-operative Society Act, 1959 and Rule 23(3) of the Karnataka Co-operative Societies Rules, 1960 and in the context of these specific Acts/Rules their Lordships of ... price of Government bonds. Issuing ad hoc treasury bills at 4 per cent interest was another way of borrowing at artificially cheap rates. Bonds sold to the RBI were financed by the RBI simply printing money. This then fuelled inflation, reducing the real value of Government debt and ... contention that SLR cannot be as per the amount at p. 5 of the assessment order, which is 21,93,00,000.7.15 In reply, the learned Departmental Representative vehemently contended that the assessee has allocated the expenditure incurred on a proportionate basis arbitrarily itself, thus ... Act, 1976 sponsored by Bank of India, Farrukhabad, having the following share capital:SI. No.Share ratio Shareholder No. of shares subscribed However, for the purpose of IT Act, 1961 and Interest tax Act, 1974 the status of co-operative society has been assigned under RRB Act, 1976.3.1 The working area of the assessee bank has been notified in terms of Section ...

May 19 2006

Indian Plywood Mfg. Co. Ltd. Vs. Deputy Commissioner Of

  • Decided on : 19-May-2006

Court : Income Tax Appellate Tribunal (ITAT) - Mumbai

Reported in : (2006)100ITD318(Mum.)

... then they had to be added for the purposes of computation of eligible profits because they are not an allowable deduction under the Income-tax Act, whereas the ascertained liabilities are allowable deduction under the Income-tax Act. From this, it follows that the pith and substance of section is the determination of current year's profits on which deduction under Section 32AB can be allowed. ... were already assessed by the Assessing Officer on 15-1-1990.This order, in the opinion of the department, was for bringing the cessation of the liability to tax in the assessment year 1983-84.Similar findings are given in relation to the liability in respect of the royalty payable to the Government of Karnataka.5. It was argued by the learned ... amount cannot be determined with substantial accuracy. (ii) The expression "reserve" shall not include any amount written off or retained by way of providing for depreciation, renewal or diminution in value of the assets or retained by way of providing for any known liability. (iii) The expression "capital reserve" shall not include any amount regarded as free for distribution through ... section (1) of Section 32 from the amount of profits computed in accordance with the requirements of Parts II and III of the Schedule VI to the Companies Act, 1956 (1 of 1956) as increased by the aggregate of-- (ii) the amount of income-tax paid or payable, and provisions therefor; (iii) the amount of sur-tax paid or payable under the Companies (Profits) Sur-tax Act ...

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