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Judgment Search Results Home > Cases Phrase: comparative chart of corresponding sections of 1983 act Sorted by: recent Court: income tax appellate tribunal itat ahmedabad Page 1 of about 16 results (0.080 seconds)

May 22 2001 (TRI)

United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD553(Ahd.)

..... ,479 as part of total turnover while computing the deduction under section 80hhc of the act. 14.2 in doing so, the cit(a) erred in not appreciating the fact that the term "total turnover" in the context of the said section has to be made comparable with the term "export turnover" and since export turnover does ..... income made in the books of account in the relevant year. the chart showing the income by way of advance licence booked by the appellant company in the books of account for assessment years 1992-93 to 2000-2001 and the corresponding figures of such advance licences benefit actually utilised in these nine years given ..... assessing officer. he placed reliance on the decisions reported in parshotamlal sood & sons v. wto [1985]21 taxman 37 (delhi-trib.),champaklal k. parekh v. ito[1983] 15 ttj (bom.) 327 and the decision of the madras high court in the case of cit v. a.k.subbaraya chetty & sons [1980] 123 itr 592 ..... .cit [1977] 108 itr 358. the learned counsel also relied on the judgments of the gujarat high court in the cases of cit v. sarabhai sons ltd. [1983] 143 itr 473 and balapur vibhag jungle kamdar mandati ltd. v. cit [1982] 135 itr 91. the learned cit-dr, on the other hand, relied upon ..... of a particular deduction. he placed reliance on the judgement of the punjab and haryana high court in the case of mst. shanti v. mst. chhoto air 1983 punj. & har. 321 in which it was held that on account of subsequent events, the appeal filed on behalf of the appellants was liable to be .....

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May 22 2001 (TRI)

United Phosphorus Limited Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)73TTJ(Ahd.)404

..... part of total turnover while computing the deduction under section 80hhc of the act.14.2. in doing so, the commissioner (appeals) erred in not appreciating the fact that the term "total turnover" in the context of the said section has to be made comparable with the term "export excise duty, 1otal turnover" ..... in the books of accounts in the relevant year. the chart showing the income by way of advance licence booked by the appellant-company in the books of account for assessment years 1992-93 to 2000-2001 and the corresponding figures of such advance licenses benefit actually utilised in these nine ..... reasonableness of selling rates charged from the sister-concerns. he also placed reliance on the following judgments : 1. cit v. udhoji shrikrishnadas (1981) 21 ctr (mp) 171 : (1983) 139 itr 827 (mf); 2. vikshara trading & investment (p) ltd. v. dy. cit (1998) 61 ttj (ahd) 6; 3. holly hock engg. (p) ..... 108 itr 358 (sc). the learned counsel also relied on the judgment of the gujarat high court in the cases of cit v. sarabhai sons ltd. (1983) 33 ctr (guj) 268 : (1983) 143 itr 473 (guj) and balapur vibhag jungle kamdar mandali ltd. v. cit (1981) 22 ctr (guj) 214 : (1982) 135 itr 91 ..... benefits on accrual basis. shri soparkar then relied on the decision of the honble kerala high court in the case of cit v. madhavan nayar (1983) 35 ctr (ker) 81.shri girish dave, the learned commissionerdepartmental representative represented the department. he relied on the elaborate reasons mentioned in the .....

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Feb 03 1997 (TRI)

Deputy Commissioner of Income Tax Vs. Gujarat State Co-operative Bank

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1998)66ITD386(Ahd.)

..... act and s. 71 of the gujarat act provide various modes of investment for all the funds of the co-operative societies, ..... . in this connection he drew our attention of ss. 5 and 6 of the banking regulation act, 1949, reproduced at page 88 of the assessee's paper book. the learned counsel submitted before us a comparative chart of the corresponding sections of the rajasthan co-operative societies act and submitted that from the said chart it will be found that while s. 63 of the rajasthan ..... the co-operative societies, the m.p. act in s. 44(2) contains a restrictive clause as follows : "sec ..... short-term deposits as stated above. according to the learned counsel, the business of banking is not merely acceptance of deposits and lending the same to borrowers. sec.5(b) of the banking regulation act, 1949, defines banking as follows : "banking means accepting for the purpose of lending or investment all deposits of money from the public ......." the learned counsel .....

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Jun 05 2007 (TRI)

The Asstt. C.i.T. Vs. National Lamination Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)109ITD181(Ahd.)

..... to the state. this is for the reason explained in mangalore chemicals and other decisions, viz., each such exception/exemption increases the tax burden on other members of the community correspondingly. once, of course, the provision is found applicable to him, full effect must be given to it. as observed by a constitution bench of this court in hansraj gordhandas v ..... already been discussed in the above part. relying on photograph of raw material it was submitted that the raw material was different from finished product. attention was drawn to the comparative chart of properties of the material after the process of annealing to show that electrical property of raw material was materially different than the finished product and reliance was placed on ..... cutting adopted by them will not be manufacture. the process of slitting and cutting did not bring into existence a product having distinctive name, character and use. on 1.2.1983 the department wrote to the appellants that their request for permission under rule 56a could not be granted because the process carried on by them was not a process of ..... narrow and restrictive meaning compared to the word "attributable" or "referable to". the industrial undertaking must itself be the source of the profits and gains and it would not be sufficient if a commercial connection is established between the profits and gains earned and the industrial undertaking. from section 80hh(2) of the act it is clear that the act has not given any .....

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Sep 30 2005 (TRI)

Essar Steel Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

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

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

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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Feb 19 2003 (TRI)

Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)80TTJ(Ahd.)278

..... court in the case of miss dhun dadabhoy kapadia rendered under the old it act, 1922, will be applicable to the cases adjudicated under the provisions of it act, 1961, because the phraseology used in section 12b of the 1922 act is in pari materia with the language used in corresponding provisions contained in it act, 1961. (c) we also agree with the findings given by the tribunal in ..... assessees consequent to the sale of rights. even after considering all fluctuations in the market, the assessee's investment actually appreciated by almost three times during the previous year as compared to the original cost of acquisition. the ao, therefore, held that the amount of sale proceeds received by the assessee on transfer of right of fcds is liable to tax ..... basis of misinterpretation of the judgment of the hon'ble apex court in the case of miss dhun dadabhoy kapadia (supra).5.4. the ao has also given a detailed chart on pp. 10 and 11 of the assessment order in the case of ajax investments ltd., giving complete details of rights of fcd transferred by various companies of this group ..... to unjust results.5.11. likewise, the ao further relied upon the judgment of the hon'ble m.p. high court in the case of cit v. badri prasad agarwal (1983) 142 itr 353 (mp), manikchand & co. v. state of tamilnadu (1977) 39 stc 12, air 1977 sc 518 and the decision of the hon'ble supreme court in the case .....

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Jan 24 2003 (TRI)

N.K. Proteins Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)83TTJ(Ahd.)904

..... the seeds of future accounting of a loss of that amount. sica is not meant for rescuing companies/managements which make valuable assets disappear without corresponding value in cash being brought into the company's accounts." 158. the appellate authority for industrial and financial reconstruction has given very significant finding that ..... would, therefore, be no overlapping in the nature of the assessment made under chapter of undisclosed income and the regular assessment made under section 143(3) of the act. if the pending regular assessment proceedings were to be frozen and got substituted by the assessment of the undisclosed income of the block ..... the genuineness of purchases made from these alleged bogus parties and also proves the receipt of material purchased from them.23. the ao had also compared the purchase price of the material purchased from these parties with the prevailing market price at which the purchases were made from other regular dealers ..... cit(a) that so far as payments aggregating to rs. 2,83,41,440 and rs. 11,99,07,754 mentioned in the aforesaid chart are concerned, these payments were made by nkil and nkpl respectively to these suppliers by cheques. hence deposits in the bank accounts of these suppliers ..... (all) 728 : (2001) 75 ytd 183 (as), p.n. sasikumar and ors. v. cit (1988) 170 itr 80 (ker), madanlal agarwal v. cit (1983) 144 itr 745 (all) and cit v. govind kumar (2001) 119 taxman 110 (raj). a31 these cases are not applicable to the facts of the present case .....

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May 30 2002 (TRI)

V.D. Vachhani (Huf) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2003)86ITD652(Ahd.)

..... contrary to the express letter and spirit of the block assessment scheme as enacted by the legislature in chapter xvib of the act. under section 158bb of the act, for computing the undisclosed income of the block period, the assessing officer has to compute the total income of the relevant ..... substantive additions aggregating to rs. 7,16,52,533 made by the assessing officer in the cases of vachhani hufs and delete the corresponding protective additions in the cases of the group companies. we would summarise our findings and conclusions on the issue of assessment of undisclosed income ..... further observed that there was a difference in the closing stock inventory prepared by the search party as on 26-6-1996 as compared with the stock-reflected in the books on the date of search. the discrepancy observed by the assessing officer comprised of the following ..... 15201298 38201311993-94 2254473 48855371994-95 6280183 70984001995-96 2962513 75511411996-97 5355304 9160901----------------------------------------------------------------- rs. 44188712 rs. 38530702 12. from the aforesaid chart it would be clear that out of the total agricultural income shown by vachhani family at rs. 8,27,19,414 for ten assessment ..... comp. cas. 138 (mad. ) (10) dindas shankar thange v. state of maharashtra [1998] 17 scl 194 (bom.) (11) pnb finance ltd. v. shitalprasad jain [1983] 54 comp. cas. 66 (delhi) (12) jyoti ltd. v. kanwaljit kaur bhasin [1987] 62 comp. cas. 626 (delhi) 26. shri patel argued that the statements .....

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