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Judgment Search Results Home > Cases Phrase: comparative chart of corresponding sections of 1983 act Court: income tax appellate tribunal itat ahmedabad Year: 2005 Page 1 of about 3 results (0.056 seconds)

Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Sep-30-2005

Reported in : (2005)97TTJ(Ahd.)985

..... that in fact in real terms there was no gain to the assessee. he pointed out that on the date when forward contract was cancelled, there was corresponding increase in the cost of machinery to be acquired. the increase showed that cost had gone up in the same proportion when calculated in indian rupee. so ..... which will be generated from the steel business will not be comparable to the turnover of construction and oil businesses. it was submitted that the transfer of undertaking was not the transfer of capital asset within the meaning of section 2(14) of the act and that the entire business of both the divisions have been ..... 51,41,347 14,92,74,847 21.20 from these details we find that the expenses actually incurred on trial run are only those shown in the aforesaid chart as "start-up" expenses as reduced by the element of interest, i.e., rs. 6,77,43,836 (9,73,02,843 - 2,96,59 ..... . the learned counsel of the assessee relied upon the decisions reported in cit v. girish bhagwat prasad and in samngpur cotton manufacturing co. ltd. v. cit (1983) 143 itr 166 (guj) and submitted that it was actually written off. the assessee's contention is that the cit was not justified in stating that it ..... be an allowable revenue expenditure. in that case, the expenditure was incurred on non-convertible secured debentures of the total value of rs. 80 lakhs in 1983 and the said debentures were redeemable after expiry of seven years from the date of allotment.31.3 in the case of universal cables ltd. (supra), .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Sep-30-2005

Reported in : (2005)97ITD125(Ahd.)

..... in fact in real terms there was no gain to the assessee. he pointed out that on the date when forward contract was cancelled, there was corresponding increase in the cost of machinery to be acquired. the increase showed that cost had gone up in the same proportion when calculated in indian rupee. ..... will be generated from the steel business will not be comparable to the turnover of construction and oil businesses. it was submitted that the transfer of undertaking was not the transfer of capital asset within the meaning of section 2(14) of the act and that the entire business of both the divisions have ..... the cost of steel plant module-iii from these details we find that the expenses actually incurred on trial run are only those shown in the aforesaid chart as "start-up" expenses as reduced by the element of interest, i.e., rs. 6,77,43,836 (9,73,02,843-2,96,59 ..... go to reduce the pre-production expenses (including interest and finance charges), which would ultimately be capitalised. during the previous year relevant to the assessment year 1983-84, the assessee had received interest income of rs. 1,08,336. the assessee filed its return in which it claimed that the interest income of ..... be an allowable revenue expenditure. in that case, the expenditure was incurred on non-convertible secured debentures of the total value of rs. 80 lakhs in 1983 and the said debentures were redeemable after expiry of seven years from the date of allotment.in the case of universal cables ltd. (supra), the .....

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Jul 28 2005 (TRI)

Smartchem Technologies Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Jul-28-2005

Reported in : (2005)97TTJ(Ahd.)818

..... ) in this connection, our attention was invited to the relevant extract of circular no. 372, dt. 8th dec., 1983 giving explanatory notes in respect of amendments made in finance act, 1983, stating the intention of the introduction of section 43b in the it act : "several cases have come to notice where taxpayers do not discharge their statutory liability such as in respect of excise ..... or resembling to in many respects, somewhat like, or having a general likeness. the expression, if interpreted restrictively, will include only business or commercial rights if they are corresponding to or resembling to any one of the preceding assets in many respects. however, the use of word 'or' instead of 'and' enlarges the ambit and commercial rights ..... with key management personnel, business contacts and money received from sale of businesses. manufacturing and supply of ammonium nitrate in eastern parts of india has not been adequate as compared to demand for the same from explosives manufacturers catering to major mining areas of east central india. this is mainly because of dwindling production of an from other manufacturers ..... or commercial rights of similar nature' has not been defined in the act. but, such right should be in the nature of the intangible assets specifically mentioned in section 32. but the expression 'similar' indicates that such business or commercial right will include such rights which are corresponding to or resembling to any one of the preceding assets in many respects .....

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