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Judgment Search Results Home > Cases Phrase: contract of indemnity contract Court: income tax appellate tribunal itat delhi Year: 1988 Page 1 of about 3 results (0.071 seconds)

Mar 25 1988 (TRI)

Godore Tools (India) (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-25-1988

Reported in : (1988)25ITD193(Delhi)

..... to be exported ; (d) furnishes samples and other technical information for the promotion of exports ; and (e) maintains branches outside india and sends the executives outside india for negotiating export contracts.on the basis of these services it was held by the special bench of the tribunal that the commission paid to state trading corpn. was eligible for weighted deduction.54 ..... receipt under the laws in question. there are certain salient aspects which are common to all these incentives. it is not a payment under any mutual or commercial arrangement or contract nor for any services rendered nor can it be said to flow out of love and affection. however, it can also not be treated to be a pure bounty or ..... -1975, was in no way different from the cash assistance) scheme. however, much cannot be read into this letter as it also clarified that the scheme of registration of export contracts for cash assistance purposes also covered products, the exports of widen qualified for the grant of cos. this letter is therefore not of assistance to us regarding the contents of ..... give an outright grant to a few for earning foreign exchange/exports. referring to the nature of the receipt, he submitted that it was neither voluntary nor paid under a contract, or for services rendered or out of natural love and affection. he pointed out that the assessee was to get the benefit under the policy if the conditions and stipulations .....

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Jul 29 1988 (TRI)

inspecting Assistant Vs. Dhampur Sugar Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-29-1988

Reported in : (1989)28ITD57(Delhi)

..... the additional cane price arises no sooner than the purchase of sugarcane is made and the supply to the producer exceeds 85 per cent of the contracted quantity. this view was followed by the same high court in the case of kundan sugar mills v.cit [1977] 106 itr 704. in ..... 5a when he realises that the sugarcane grower had. supplied more than 85 per cent of the contracted quantity of sugarcane. what remains then is only the quantification of the additional cane price payable.with the help of the formula any assessee can estimate ..... each sugarcane grower as to how much quantity of sugarcane, each grower had supplied and whether it was in excess of 85 per cent of the contracted quantity or less. the formula is already given in the second schedule. the liability to pay additional cane price accrues to the assessee under clause ..... . in other words, the eligibility for the sugarcane grower to claim additional cane price arises when he supplies more than 85 per cent of the contracted sugarcane so a right always accrues--to quote the observations of the learned accountant member--to the sugarcane grower the moment he supplies more than 85 ..... per cent of the contracted sugarcane. this can be verified from the accounts of the assessee even by the assessee-company before the accounting year comes to a close.normally .....

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Mar 30 1988 (TRI)

D.D. Kochhar and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-30-1988

Reported in : (1988)25ITD317(Delhi)

1. these appeals pertain to assessment years 1976-77 and 1977-78. the facts giving rise to both the appeals are common. they were, therefore, heard together and are being disposed of by a combined order, for the sake of convenience.2. the assessee is a firm manufacturing full range horizontal single screw, semi-automatic plastic injection and rotary fully automatic machines. the accounting year of the assessee-company ends on 81st of march every year. in respect of asst. years under consideration, the ito made additions of rs. 19,763 in respect of asstt. year 1976-77 and rs. 1,23,391 in respect of asstt. year 1977-78 on account of admittedly bogus purchases to the above extent having been debited to the respective trading accounts. the purchases in question of the various items, as detailed by the ito in paragraph 1 of his order for asst.year 1977-78 and in the asst. order for asst. year 1976-77, had been admitted by the assessee as having never been made by the firm and so, according to the assessee, the question of the said purchases being reflec ted in the closing stocks or in the stocks pledged with the banks in any of the aforesaid two years did not arise. the assessee's plea, however, has been that the addition to the above extent on account of purchases having been inflated should not be made to the assessee's trading results because that would yield a gross profit rate in respect of asst. year 1977-78 of 28.9 per cent, which according to him, would be entirely .....

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