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Judgment Search Results Home > Cases Phrase: contract of indemnity contract Court: income tax appellate tribunal itat kolkata Page 1 of about 56 results (0.048 seconds)

Feb 18 1993 (TRI)

Indian Shipping Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD352(Kol.)

..... or the transfer of any right in the property in favour of the insurance company and that the payment was by virtue of the contract of insurance or indemnity and under the terms of the said contract.7. respectfully following these two decisions, we hold that the cit (appeals) was not right in directing the assessment of the amount of rs. 8 ..... ) of the act and the provisions of section 45 were not attracted. it was held that the money received under the insurance policy in such case was by way of indemnity or compensation for the damage, loss or destruction of the property. it was further held that the compensation cannot be stated to be consideration for the transfer of the property .....

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Feb 08 2005 (TRI)

Peerless Securities Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)60SCL59NULL

..... . you will abide by such code of conduct and non-compliance of the same may result in review of your dealership. 7. you will be required to comply with securities contracts (regulations) act & rules & multiple membership rules. in addition you will also be required to comply with the guidelines/enactments, notification issued/modified by sebi & ministry of finance from time to ..... , the assessee, during the assessment year in question, had to make all preparations and had also to provide on the spot the necessary infrastructure. even conceding that entering into advance contracts with fishermen for collection of fish during the monsoon season may not be taken as a first step towards setting up of business, at least from august 15, 1970, when ..... "enduring or abiding benefit" is not a static expression. an asset or advantage may endure for the duration of the business of the assessee or for the duration of a contract. the question whether the advantage was of an enduring or transient nature has to be decided on considering the nature of the asset or advantage in the context of the ..... for a substantial replacement of equipment; vide lord sandsin commissioners of inland revenue v. granite city steamship company [1927] 13 tax cas. 1 at page 14. in city of london contract corporation v. styles [1887] 2 tax cas. 239 at p. 243; bowen, l.j. observed as to the capital expenditure as follows: "you do not use it 'for the purpose .....

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Feb 08 2005 (TRI)

Peerless Securities Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94ITD89(Kol.)

..... . you will abide by such code of conduct and non compliance of the same may result in review of your dealership. 7. you will be required to comply with securities contracts (regulations) act & rules & multiple membership rules. in addition you will also be required to comply with the guidelines/enactments, notification issued/modified by sebi and ministry of finance from time ..... , the assessee, during the assessment year in question, had to make all preparations and had also to provide on the spot the necessary infrastructure. even conceding that entering into advance contracts with fishermen for collection of fish during the monsoon season may not be taken as a first step towards setting up of business, at least from 15th aug., 1970, when ..... "enduring or abiding benefit" is not a static expression. an asset or advantage may endure for the duration of the business of the assessee or for the duration of a contract. the question whether the advantage was of an enduring or transient nature has to be decided on considering the nature of the asset or advantage in the context of the ..... business, or for a substantial replacement of equipment; vide lord sands in irc v. granite city steamship co. (1927) 13 tax cases 1 at p. 14. in city of london contract corporation v. styles (1887) 2 tax cases 239 at p. 243; bowen, l.j., observed as to the capital expenditure as follows : 'you do not use it 'for the purpose .....

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Jan 31 2007 (TRI)

The Statesman Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)112TTJ(Kol.)593

..... given to the developers possession of the said land or allowed the developers to retain possession of the said land or of any part thereof in part performance of the contract referred to in 53a of the transfer of property act, 1882 nor is it intended to be nor will it be construed to be "transfer" as defined by chapter xx .....

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Feb 18 2005 (TRI)

Gentex Merchants Pvt. Ltd. Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2005)94ITD211(Kol.)

..... case of raymond ltd. the payment was effected by the assessee to a company, resident of u.k. the nature of activities contemplated in the contract between the indian company and the u.k.company were totally different as the question was whether the amount so paid were fees for technical services in ..... plan. even where the technical design or plan is transferred for the purpose of mere use of such design or plan by the person of other contracting state and for which payment is to be made.article 12(4)(b) will be attracted the facts on record clearly indicate that under the ..... the moment a person resident of one state makes available technical knowledge, experience or transfers a technical plan or technical design to the person of other contracting state. from the agreement between the assessee and the american company it is apparent that the later was to deliver the technical drawings and designs to ..... a whole, we note that various phases contemplated in the agreement were composite and cumulative. every phase was related to each other and the contract was a single composite contract and the american company was to undertake the work on cumulative basis for which composite non-divisible fee was to be paid. it is ..... argued that as per article 12(4) of the agreement the country of source had right to tax the fees paid to the person resident of other contracting state @15%. he, therefore, urged that no interference is called for in the order of the cit(a).6. we have heard the arguments on .....

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Oct 20 1981 (TRI)

Ram Gopal Neotia Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1982)1ITD160(Kol.)

..... against the government at the instance of the promisee, notwithstanding that there is no consideration for the promise and the promise is not recorded in the form of a formal contract as required by article 299 of the constitution. since the doctrine of promissory estoppel is an equitable doctrine, it must yield when equity so requires. if it can be shown ..... some state of facts alleged to be at the time actually in existence and not to the promises de futuro which, if binding at all, must be binding only as contracts and here there was no representation of an existing state of facts by the plaintiffs but it was merely a promise or representation of intention to act in a particular .....

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Mar 25 2003 (TRI)

itc Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2003)86ITD135(Kol.)

this is assessee's appeal against the order, dt. 27th march, 1998, of cit(a)-xv, kolkata, for the asst. yr. 1994-95. the revised grounds of appeal have been tiled by the assessee.the ground taken by the assessee is that on the facts and in the circumstances of the case, the learned cit(a) erred in confirming the action of the ao in rejecting the appellant's claim for being allowed deduction under section 36(1)(iii) of it act, 1961, while computing the income chargeable under the head "profits and gains of business or profession for the relevant assessment year, for interest paid by the appellant during the relevant previous year amounting to rs. 8,25,01,104 on loans taken to acquire fixed assets for its existing business operations, where the said sum of interest, being related to the period prior to the putting into use of the said fixed assets, had been capitalised in the books of account of the appellant prepared for the relevant previous year.1. this sum of rs. 8,25,01,104 represents interest on loan taken from financial institutions and banks and capitalized during the relevant accounting year. this amount of interest is capitalized to plant and machinery and capital work-in-progress in respect of triveni tissues divisions and paper packaging and printing divisions of the assessee's company. for the income-tax purpose, the assessee has claimed deduction of rs. 8,25,01,104 a portion of expenditure of rs. 16,13,52,102 not debited to p&l a/c but claimed as allowable under .....

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Mar 19 2007 (TRI)

Usha Ranjan Sarkar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2007)109TTJ(Kol.)673

..... back. for alipurduar project, the rate was below the priced schedule of the department and payment term was back-to-back. the assessee undertook government contracts through mbl. the assessee submitted estimate of work done through ra bill, subject to approval and finalization by the principal. we find that the ..... book containing 71 pages. it is an admitted position that the assessee follows mercantile system of accounting. there is also no dispute about sub-contract offered to the assessee by mbl for performing government projects on the terms and conditions applicable to the said contractor company.during the accounting year ..... . in that view of the matter, it is obvious that as and when the appellant crystallizes the accrued income by raising bills against these sub-contracts, the appellant is legally entitled to receive the accrued income as per the bills, subject to certain documents, if any, out of the gross ..... government department, income will at first accrue in the hand of mbl and it will be liable to be assessed at first on the total contract receipt as it receives entire bill amounts from the government department, whereas as per agreement, the mbl receives only the agreed percentages on account of ..... to the assessee on back-to-back with the corresponding payment to mbl by its client, i.e. government of west bengal. with regard to alipurduar contract, vide agreement dt. 8th march, 2002, the assessee was awarded with the said work by mbl @ 7.50 per cent below the priced schedule .....

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Oct 26 1992 (TRI)

Sutlej Cotton Mills Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1993)45ITD22(Kol.)

1. this appeal raises the question whether the profit arising from sale of a capital asset could be added to the book profits shown by the assessee for the purpose of imposing tax under section 115j of the income-tax act, 1961.2. preliminary objection. --this appeal was posted for hearing before a special bench constituted by the president of the income-tax appellate tribunal under section 255(5) of the income-tax act, 1961. when the bench assembled on september 8, 1992, to take up the matter, the revenue presented a petition dated september 8, 1992, signed by shri s.halder, appellate assistant commissioner, central circle-xii, calcutta, stating that there was no difference of opinion on the point raised in this case, that the decisions so far rendered by the benches of the tribunal in the cases of v.v. trans-investments (p) ltd. v. ito [1992] 42 itd 242 (hyd), asst. cit v. lallacherra tea co. (p) ltd. [1992] 42 itd 446 (gauhati) and buttwelded tools (p) ltd. v. asst. cit [1991] 39 itd 432 (mad) were in favour of the revenue and references have been made to different high courts that, when the matter was seized of by the high court concerned, the question of referring the matter to a special bench of the tribunal could not arise, that sub-sections (3) and (4) of section 255 should be read conjunctively so that unless there was a difference of opinion between the members of the bench, a special bench cannot be constituted by the president and the views taken by the three .....

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Jan 14 2003 (TRI)

Peerless Hotels Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)84TTJ(Kol.)504

..... under him any right in respect of the property of which the transferee has taken or continued in possession, other than a right expressly provided by the terms of the contract. it was submitted that provisions of section 53a of the transfer of property act are not applicable. it was furthermore submitted that delhi high court in the case of cit ..... to above. our attention was drawn to pp. 436-437 of mulla's the transfer of property act, 1882, ninth edition which reads as under : "section 53a : where any person contracts to transfer for consideration any immovable property by writing signed by him or on his behalf from which the terms necessary to constitute the transfer can be ascertained with reasonable ..... acquiring flats particularly in multistoreyed construction in big cities. the definition also does not cover cases where possession is allowed to be taken or retained in past performance of a contract of the nature referred to in section 53a of the transfer of property act, 1882. new sub-sections (v) and (vi) have been inserted in section 2(47) to prevent ..... certainty, and the transfer has, in part performance of the contract, taken possession of the property or any part thereof, or the transferee, being already in possession, continues in possession in part performance of the .....

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