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Judgment Search Results Home > Cases Phrase: comparative chart of corresponding sections of 1983 act Court: income tax appellate tribunal itat mumbai Page 1 of about 12 results (0.048 seconds)

Aug 14 2003 (TRI)

The Icici Ltd. Vs. Dy. Cit, Special Range 36

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... lease document in the cited decision and the lease document entered into between icici ltd. and geb on 29.1.1993. in fact, a comparative chart has also been filed in this regard. the question is not simply whether because of the similarities in the clauses of the lease agreement, ..... gathered from surrounding circumstances. these would include the negotiations held between the parties in the initial stages and during the pre-documentation period, the correspondence exchanged between them, any collateral or parallel documentation, conduct of the parties before, during and after the documentation, whether the assets are such ..... the relevant assets. accordingly, the board's financial obligations under the lease arrangements have been provided as liability in the books of accounts and correspondingly the lease assets are taken under the block of fixed assets. depreciation has also been provided for on the leased assets for the use ..... not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary ..... the madras high court. mcdowell could not be invoked by the ao in that case because the orders were all passed by him in 1983 and 1984, before mcdowell was decided (in 1985). while recognising that the rule would not apply to a genuine transaction or arrangement in .....

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Aug 14 2003 (TRI)

Mid East Port Folio Management Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD537(Mum.)

..... document in the cited decision and the lease document entered into between icici ltd. and geb on 29th jan., 1993. in fact, a comparative chart has also been filed in this regard. the question is not simply whether because of the similarities in the clauses of the lease agreement, the ..... gathered from surrounding circumstances. these would include the negotiations held between the parties in the initial stages and during the pre-documentation period, the correspondence exchanged between them, any collateral or parallel documentation, conduct of the parties before, during and after the documentation, whether the assets are such ..... the relevant assets. accordingly, the board's financial obligations under the lease arrangements have been provided as liability in the books of accounts and correspondingly the lease assets are taken under the block of fixed assets. depreciation has also been provided for on the leased assets for the use ..... not apposite to movable property and that the word "bailment" is the more appropriate word as has been used in section 140 of the contract act, 1872. section 160 of the contract act obliges the bailee to return the goods to the bailor after the purpose of the bailment has been served. contrary ..... the madras high court. mcdowell could not be invoked by the ao in that case because the orders were all passed by him in 1983 and 1984, before mcdowell was decided (in 1985). while recognising that the rule would not apply to a genuine transaction or arrangement in .....

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Feb 23 2006 (TRI)

Mishapar Investments Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)8SOT532(Mum.)

..... the assessee's case are quite identical with the facts of the case of m/s. mafatlal holdings ltd. the assessee has filed a comparative chart to demonstrate that the assessee's case is rather on better footing than the mafatlal holdings ltd. besides reiterating the submissions raised before the lower ..... it was either from the borrowed funds or from personal/own funds. if the assessee had made the investment from a common pool only a corresponding disallowance can be made not the entire interest. we, therefore, are of the view that this issue requires a fresh adjudication by the assessing ..... the buyer and the delivery and payment can be deferred. but, in the instant case, though physical delivery was not effected, but, the corresponding entries with regard to the consideration were passed in the books of the seller as well as of the buyer. with regard to the transfer ..... its various letters through which nature of transactions were explained to the assessing officer. copies of ledger accounts were also filed to establish that the corresponding entries on transfer of shares were made in the books of account of the assessee-company as well as of m/s. sumish associates. ..... they could have summoned the concerned bankers and other financial institution with whom the shares have been pledged by resorting to the provisions of section 131 of the act for producing such documents. the approach of the department in this connection appears to be quite casual. under the circumstances, the department .....

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Aug 31 2004 (TRI)

ito Vs. Surana Traders C/O S.G. Salecha

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)92ITD212(Mum.)

..... paper book) has also been filed. besides, there is an order of assessment tax under section 33/35 of the bombay sales act, 1959 (supra), at pages 92 to 95 of the apb.86. the comparative analysis of rates at which sales were made to m/s ashpon impex private limited, vis- ..... all its payments were received through account payee cheques. the assessee even produced the pay-in slips and bank statements including clearance statements. a comparative rate chart was also produced. still further, the alleged five per cent rate of hawala commission was not proved to have been earned by the assessee. ..... made, the stand of the learned counsel on behalf of the assessee is that all the details of party-wise sales were furnished, including comparative sales chart and rates. also, the aforementioned sales tax order was furnished.55. coming to the objection put forward by the revenue that merely accommodation entries ..... in such a situation, the assessee would most likely end up paying hawala commission to parties who might oblige him by making cheque payments against corresponding sale bills.24. it was observed by the learned cit(a) that it was evident from these contrary inferences possible, that no definite conclusion ..... payee cheques. the copy of the accounts of m/s ashpen impex (p) ltd., their pay-in slips and bank clearance statement were highlighted. a comparative chart of the sales rates charged to m/s ashpen impex (p) ltd. and those charged to other parties was enclosed. further, it was asserted by .....

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Sep 22 1993 (TRI)

Laxmichand Bhagaji Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1994)48ITD322(Mum.)

..... to the law as it existed at the relevant time.27. the following chart gives a comparative account of the relevant partssection 28(1) of the indian income- section 271(1) of the income-taxact,tax act, 1922 1961 section 28(1) of the indian incomsection 28(1): if the income-tax section 271(1): if the income-taxofficer, the appellate assistant officer, or the ..... the above evidence, he held that the cash credits were not satisfactorily explained, as required under section 68 of the act. he did not have the details regarding the fresh deposits taken during the year. in the circumstances, he compared the balances outstanding as on 31st december, 1983 and 31st december, 1984, under each head of deposit scheme. such a comparison revealed that ..... these judgments support the department's contention. we find further that both these judgments were delivered with reference to indian income-tax act, 1922 which did not have any provision corresponding to section 68 of the income-tax act, 1961. according to this section 68, which applies to the case before us, where any sum is found credited in the books of an assessee and ..... clearly showed that no fresh deposits had been accepted during the previous year relevant to the assessment year 1985-86. our attention was also invited to the banking laws (amendment) act, 1983, already referred to by us earlier, according to which the assessee was debarred from receiving fresh deposits with effect from 1st february, 1984, where the deposits were more than 250 .....

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Aug 26 2005 (TRI)

Jagmohan Singh Arora and ors. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101TTJ(Mum.)682

..... that the sales value of the products in the said registers tallied with the sales value as per the books of account. the assessee presented comparative charts, which showed that the production as per the registers tallied with the sales as shown in regular books of account.10.3 the assessee ..... here the very reason for adding the gp is not clear. if going by the ao's opinion of sales of milk being shown without corresponding purchases then obviously the appellants have offered more by way of profit than what is reflected in seized documents. similarly where the difference of ..... that the addition made by the department is legally incorrect. undisclosed income has to be computed in accordance with the manner laid down in section 158bb of the it act, 1961, and as per the definition of "undisclosed income" as provided therein. the different judicial pronouncements have held that unaccounted income has ..... departmental representative, relied strongly on the orders of the authorities below.10.13 on a perusal of the records including the seized documents and also comparing the same with the regular books of account (copies of which have been furnished before us), we are inclined to agree with the contentions ..... j.p. achnani were merely shown to him without affording him proper opportunity to study them, understand the meaning of the contents thereof, to compare them with the own books of account and records of the assessee-group and thus to be able mentally to refute the contents of such materials .....

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Mar 31 2008 (TRI)

Deputy Commissioner of Income Tax Vs. Ardeshi B. Cursetjee and Sons Lt ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)916

..... reopen the completed assessment. the ao also failed to appreciate that the extent of services rendered by the foreign agents could be ascertained from the correspondences exchanged between the two parties and also the increase in the volume of business of the assessee. the role of the foreign agents in the ..... dsl was fully justified in keeping with the exigencies of the assesse's business. according to him, there was ample evidence in the form of correspondences between abc dsl and the assessee to show that the services were indeed rendered by the said company and that these services had been of ..... disallowance of commission paid to foreign agents. it has been contended by the department that the learned cit(a) erred in stating that all the 15 correspondences referred by him in p. 7 of the appellate order originated in india and were written by the assessee, the only letter dt. 12th feb., ..... chargeable to tax in india in the hands of the recipient has to be examined with reference to the provisions of section 5 and section 9 of the act. according to the provisions of section 5, the total income of a non-resident includes all income from whatever source derived which (a) is received ..... able to obtain much higher rates from its principals such as apl lines and hoegh lines as compared to its competitors. this was during the period 1994-95 to 1999-2000. the assessee has submitted a chart, along with the written submissions, to substantiate this point. most importantly, the assessee was able .....

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Jul 25 2005 (TRI)

ito Vs. Novel Consumer Products (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)7SOT615(Mum.)

..... more sales than the excise returns. in this regard, the explanation of the assessee is that some of the stocks sold were subsequently returned and corresponding changes were not made in the books. though this explanation is not fully convincing, yet it is plausible. considering the fact that the assessee had ..... by the assessee, other parties margin of profit was as low as 3.41%. he further stated that the revenue authorities failed to bring any comparative case to show that the assessee had committed anything unhealthy. he submitted that the price of the products sold by the other supplier, hindustan latex ..... (appeals) asked the assessee to submit the working of the profit objectively in the year in which full tax holiday was available to compare it with other years. comparative figures of net profit varied from 35 to 39% or a little more. the learned commissioner (appeals) held that the dealing with ..... the price charged by the assessee, one has to take into consideration various other factors like quality, quantity and other relevant cost of production to compare the price charged by some other suppliers with the assessee. the assessing officer also held that while deciding the issue, it needs to be ..... in excluding the interest income of rs. 13,09,782 from the profits of undertaking of the appellant for the purpose of deduction under section 80-ia of the act." ground no. 4 has nothing to do with the ground that the learned commissioner (appeals) erred in stating the name of the .....

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Mar 31 1986 (TRI)

Raymond Woollen Mills Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1986)18ITD64(Mum.)

..... given the items and the relevant amounts which were not included in valuing the closing stock by the assessee as on 31-3-1983.shri p.n. shah's comparative chart is as under :--------------------------------------------------------------------items not included by the company figures in figures in tvain valuation of stock as at my report & co. ..... the assessee has followed some conservative system, that should not be rejected. to clarify this position regarding the difference among the figures given in the comparative chart as produced by shri palkhivala, shri p.n. shah has clarified this in his letter dated 23-8-1985. he has pointed out the reasons ..... years. the value of the closing stock has also gone up from rs. 94.77 lakhs to rs. 1,528.88 lakhs in the corresponding period. it is only in five years that the closing stock in terms of value has been a little less than the closing stock of ..... is crucial since even a fortnight's delay can result in cancellation of the order which may mean carry forward of stocks to the next corresponding season and, thus, the products will become obsolete.it is for this reason that stocks in particular cases are valued at raw material cost ..... also be stated, according to the learned counsel, that the profit of the business cannot be ascertained. the department's right of interference under section 145 of the act comes in only when the accounts do not give a correct picture and the profit cannot be properly ascertained. in other circumstances, the department .....

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May 25 1999 (TRI)

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2000)73ITD123(Mum.)

..... assessee. after receipt of the letter dated 16-1-1987 stating that summons were returned unserved from 70 shareholders, it is said that the assessee has corresponded with m/s. h. b. financial consultants (p.) ltd. on 29-1-1987 with a request to find out the change of addresses of shareholders ..... lent any money but only its name to cover up a bogus transaction and, after recording his satisfaction as required by the provisions of sec. 147 of the act, proposed to reopen the assessment proceedings. their lordships of the supreme court agreed that the same facts which were present at the time of ..... far as first shareholders who had purchased the share @ rs. 10 it is not known as to how they became so much interested in this comparatively unknown issue as to invest their so called life savings and again became so disenchanted with these investments within a short time only so as to ..... cheques from bank for remitting the share application money in consecutive numbers, even though they were living in different places and stations as evident from the chart in which 13 instances were quoted containing names, shares purchased, value as well as d.d. no. obtained from different banks bearing consecutive numbers.16 ..... also noted that the mansingka group have only purchased shares to the extent of 88,150 out of 1,70,000 even as on 20-5-1983 subsequently. the other shareholders are outsiders and there is no evidence to indicate that they also hold the shares only representing the mansingka group. one .....

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