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Judgment Search Results Home > Cases Phrase: comparative chart of corresponding sections of 1983 act Court: income tax appellate tribunal itat delhi Year: 1997 Page 1 of about 2 results (0.047 seconds)

Mar 06 1997 (TRI)

Narayan Glass Works Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-06-1997

..... commission @ 2 per cent on sales of glassware which has been accepted by the revenue. he invited our attention to p. 73 of the paper-book being comparative chart of payment of commission. he also submitted that opinion formed by the cit(a) that provisions of s.40a(3) are violated is formed without affording necessary ..... of semi-automatic presses had been started in the nearby areas. the assessee further submitted that cost of raw material and packing had gone up substantially without corresponding increase in the sale of end product, resulting in fall in margin of gross profit. the assessee supported its submission by giving instances of purchase rate of ..... payable to this party has been allowed by the ao himself, question of liability of rs. 5,473 being non-genuine did not arise. he submitted that acting behind the back of the assessee the ao obtained copy of account of the assessee in the books of madan & co. learned representatives of the parties are ..... disallowance.6. the next grievance is against additions sustained by the learned cit(a) on account of suppressed sales, bogus liabilities and addition under s. 68 of the it act. in turn, the revenue is in appeal against relief allowed by the learned cit(a) as under :---------------------------------------------------------------------- addition sustained relief allowed---------------------------------------------------------------------- rs. rs. rs.----------------------------------------------------------------------(a) suppressed .....

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Aug 29 1997 (TRI)

Eastern Construction Company Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-29-1997

..... the corresponding contract receipts. the expenditure should be real and if it is incurred for the purpose of business, the same will be clearly allowable under the provisions of it act. (i) the learned counsel also invited our attention towards the chart placed at p. 1 of the paper-book in which the comparative figures ..... of past history. the ao could apply a net profit rate by taking into consideration the past records or the results shown by the other comparable cases of civil contractors. instead of adopting such a method of estimating the assessee's taxable income, the ao has made various ad hoc ..... and where the contract receipts are more than 40 lakhs. however, the presumptive rate of net profit of 8 per cent. incorporated in the aforesaid section represents a just, fair and equitable rate of net profit, which can be taken into consideration for determining the income from contract business in a ..... been given. the details mentioned in the said chart inter alia reveals that the ..... of gross contract receipts, net profit declared by the assessee in asst. yr. 1983-84 to asst. yr. 1985-86 have .....

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Feb 28 1997 (TRI)

Associated Teckno Plastics (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-28-1997

Reported in : (1997)62ITD212(Delhi)

..... for the shares of hcl-hp ltd. a figure of rs. 40 per share was adopted the corresponding figure for share of hcl ltd. (new) being rs. 20.24. another aspect which requires mention is the claim for deduction under section 54-e in respect of an investment of rs. 1,30,42,000 made in uti and ..... an attractive offer to dispose of 2.64 lakh shares but it divested itself off only 1.52 lakh shares and this was also a small percentage as compared to the total of 14.95 lakhs at the beginning; (6) that nothing in law precluded an assessee to dispose of at the best available price ..... of the assessee company to earn profit on sale of the shares leading to an adventure in the nature of trade. rather it would be seen from the chart annexed to the paper book that all along and onwards from the accounting period 30th june, 1984, the assessee company continued to acquire shares in hcl ltd ..... that the transaction under consideration does not constitute "an adventure in the nature of trade" since the apparent motive or intention of the assessee company was not to act as a dealer in shares, but to keep intact its share-holding of hcl ltd. (old) whether in the original form or otherwise. the pattern of ..... number of shares. further decision relied upon by the assessee's counsel were :- (i) cit v. mrs. a ghosh [1983] 139 itr 119/[1986] 25 taxman 81 (cal.); (ii) cit v. gillanders arbuthnot & co & ltd. [1983] 139 itr 337/[1982] 8 taxman 184 (cal.); 16. we have examined the rival submissions and have also perused the .....

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