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Judgment Search Results Home > Cases Phrase: customs act 1962 Court: income tax appellate tribunal itat delhi Page 9 of about 572 results (0.094 seconds)

Feb 23 1998 (TRI)

Escorts Tractors Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

..... and investment allowance] 50 per cent of which amounting to rs. 44,101 has been necessitated by business expediency and is neither lavish hospitality nor amusement provided to the business customers/constituents of the appellant-company. 50 per cent of the balance amounting to rs. 44,101 being partly expenditure on food, beverages having been provided to the employees during ..... from either interest paid on capital borrowed or interest paid on unpaid price. the tribunal also considered the provisions contained in expln. 8 to s. 43(1) by the finance act, 1986, with retrospective effect from 1st april, 1974. after considering the entire material, the amended provisions and the above referred decisions, the tribunal, came to the conclusion that the ..... rediscounting scheme as being capital expenditure and hence, eligible to depreciation, additional depreciation and investment allowance within the meaning of ss. 32, 32(1)(ii) and 32a of the it act, 1961 respectively." 17.1 the learned counsel for the assessee submitted that this point is covered in favour of the assessee by an order of the tribunal in assessee's ..... management gave notice for "lock out" of the factory with effect from second shift of 19th october, 1993, until further decision as per the relevant provisions of industrial dispute act, 1947. in view of the serious labour trouble in the factory, the services of faridabad industries association were taken for settling the industrial dispute during the lock out period following .....

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Nov 12 2001 (TRI)

Pearl Polymers Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... section applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962)." 10. in the light of the aforesaid facts and the provisions of law as applicable for the assessment year under appeal, the learned counsel for the ..... elt 769 which was always relied upon by the department was not applicable as that was a case of classification/ interpretation under the customs and excise act and not under the it act. it was the submission that under the it act it was a well-settled proposition that "if there is an ambiguity in language employed then the provision must be construed in a manner ..... the plea of "separate businesses" was not canvassed. according to him "separate businesses" were accepted by law and a reference was made to provisions of section 2{13) of the it act, 1961. as regards the cbdt circular (supra) relied upon by the learned departmental representative the learned counsel contended that this was effective from 1st aril, 1992, and not applicable to ..... foreign exchange "means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder; (b) "export turnover" means the sale proceeds receivable by the assessee in convertible foreign exchange of any goods or merchandise .....

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Sep 18 2002 (TRI)

Centex Publication (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)79TTJ(Delhi)265

..... both the years was illegal and the same is deleted.14. in the asst. yr. 1994-95, the issue of deduction under section 80q of the act was also raised. this issue has been challenged on the computation of deduction under section 80q. while the ao has calculated the deduction in one way, ..... and ors. v. ranchi club ltd. (2001) 247 itr 209 (sc), the learned counsel stated that the levy of interest under section 234b of the act was illegal as there is no direction to charge interest under any of the sections.12. after hearing the rival submissions, we hold that as the additional ..... .7. thus, interest accrued on the short-term deposits of such advance amount is a business income and eligible to the benefit of section 80-i of the it act.8. the reliance was further placed on the decisions rollatainers ltd. v. dy. cit (2000) 69 ttj (del) 8, honda siel power products ltd. v ..... other sources rather than business income and thereby denying deduction under section 80-i of the act on such income.3. the assessee is a company engaged in the business of publishing of books and journals of indian customs and central excise law and other related matters. it has earned certain income by way ..... of interest.claiming such income as business income, the assessee claimed deduction under section 80-i of the act on such income. however, the ao assessed the interest .....

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Apr 16 2004 (TRI)

income Tax Officer Vs. Selchem Engineers (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)90ITD732(Delhi)

..... under section 151a of the customs act which is in para materia with section 119 of the income tax act and further held that when such circular issued by the board remains in operation, the revenue is bound by ..... property for the year under consideration, we dismiss the same.8. as already discussed, the hon'ble supreme court in the case of commissioner of customs v. india oil corporation (supra) has reiterated the well established position regarding binding nature of the board circulars while holding that it is not ..... cannot be treated as inconsistent with provisions of statute and the same are binding on the departmental authorities. in the case of commissioner of customs etc.v. indian oil corporation & another, their lordships of hon'ble apex court have again reiterated this position in the context of circular issued ..... its provisions by issuing circulars in exercise of its statutory powers under section 119 which are binding on the authorities in the administration of the act. this power is given to the cbdt for the purpose of just, proper and efficient management of work of assessment and in public interest. ..... " shall have the meaning assigned to it in clause (ga) of sub-section (1) of section 3 of the sick industrial companies (special provisions) act, 1985, (1 of 1986).]" 4. a comparative reading of the aforesaid provisions prior to the amendment as well as subsequent to the amendment clearly shows .....

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Jun 30 2006 (TRI)

Dy. Cit Vs. Coastal Power Co.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... employment or a service contract. this clause has to be read with clause 4, which defines the nature of the relationship. the relationship is one of customer and independent contractor acting as a temporary consultant.the customer is the assessee and the independent contractor is the consultant. this clause makes it clear that the consultant will not in any way be entitled to ..... transferred from one place to the other. he pointed out that clause 4 of the agreement clearly defined the nature of the relationship as that of customer and independent contractor, acting as a temporary consultant. the customer is the assessee and the independent contractor was mr. vijay kumar sirse. the clause proceeded to state that the consultant will not be eligible to participate ..... consultant as would enable one to conclude that the relationship is one of master and servant. the non-compete clause 7 is also not inconsistent with the relationship of a customer and independent contractor. it is open to an independent contractor or a professional such as lawyer to agree to render services to a single client full time. nevertheless, his earnings ..... 's paper book and our attention was drawn to clause 6 thereof.at the same time, this clause also clarified that the consultant can merely call himself a director while acting for the assessee-company, but it does not create or constitute an employer-employee relationship between the company and the consultants in any manner whatsoever. mr.kapila explained that it .....

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May 27 1991 (TRI)

Mid East Shipping Co. (P.) Ltd. Vs. Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1992)40ITD611(Delhi)

..... sale proceeds of any goods or merchandise exported out of india but does not include freight or insurance attributable to transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962.9. in the instant case, though there was export in the immediately preceding previous year but there was no export turnover in that year.therefore, the assessee ..... the export turnover of the immediately preceding assessment year.8. i have considered the rival submissions as also the facts on record.section 80hhc has been introduced by the finance act, 1983 w.e.f.1-4-1983. it was intended to provide fillip to indian exporters, (a) to start export in goods outside the country so as to earn foreign ..... 1. this appeal is directed against the order dated 20-3-1990 passed by the commissioner of income-tax under section 263 of the it act, 1961.2. for the a.y. 1985-86 original return was filed by the assessee on 29-11-85 declaring a loss of rs. 95,210. a revised return was .....

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Jul 05 1993 (TRI)

Ashwini Kumar Consultants (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)47ITD1(Delhi)

..... applies and which are exported out of india, but does not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); (c) 'export house certificate' or trading house certificate' means a valid export house certificate or trading house certificate, as the case may be, ..... defined earlier. there has been lack of uniformity amongst the assessing authorities and many assessing authorities are treating export incentives to be a part of the total turnover. the finance act, 1990, has, therefore, clarified the position by inserting the definition for the term "total turnover" in the explanation below section 80hhc. according to this definition, "total turnover ..... existing provisions, means the sale proceeds (excluding freight and insurance) receivable by the assessee in convertible foreign exchange, in other words, the fob value of exports. the finance act, 1990, has restricted the definition of the term "export turnover" to mean the fob sale proceeds actually received by the assessee in convertible foreign exchange within six months of ..... of what could strictly be described as "profits derived from the export of goods or merchandise out of india". the deduction is computed in the following manner:- 5. the finance act, 1990, has amended section 28 by inserting therein, clauses (iiia), (iiib) and (iiic) with retrospective effect with a view to ensuring that cash compensatory support (ccs), duty .....

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Feb 08 1996 (TRI)

Deputy Commissioner of Vs. Kicha Sugar Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the sole subject of profit-based bonus, but is silent on, and cannot, therefore, annihilate by implication, other distinct and different kinds of bonus such as the one oriented on custom. we confess that the gravitational pull on judicial construction of part iv of the constitution, has, to some extent, influenced our choice." 58. at paragraph 41, which is ..... bonus. incentive bonus was an expenditure laid out wholly and exclusively for the purpose of the business and accordingly it was an admissible deduction under section 37 of the act. ultimately, the calcutta high court permitted the deductions.71. one of the decisions relied upon by the learned departmental representative was the latest kerala high court decision in ..... other hand, indicates the independent existence of customary bonus although to some extent, its quantum is adjustable towards statutory bonus. again, section 34 provides for giving effect to the bonus act, thus - 'notwithstanding anything inconsistent therewith contained in any other law .... or in the terms of any award, agreement, settlement or contract of service made before 29th may, 1965 ..... any establishment or class of establishments from entering into agreement with their employer for granting them an amount of bonus under a formula which is different from that under this act : provided that no such agreement shall have effect unless it is entered into with the previous approval of the appropriate government : provided further that any such agreement whereby .....

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Feb 28 2001 (TRI)

Punj Sons (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... two parts of the explanation put together would read as under: "for the purpose of this sub-clause wealth-tax means wealth-tax chargeable under the wt act, 1957 (27 of 1957), but does not include any tax chargeable with reference to the value of any particular asset of the business or profession".8. ..... to section 40(a)(iia) provides as under : explanation--for the purpose of this sub-clause, "wealth-tax" means wealth-tax chargeable under the wt act, 1957 (27 of 1957), or any tax of a similar character chargeable under any law in force in any country outside india or any tax chargeable under ..... the supreme court decision in the case of acc ltd. (supra) and delhi high court decision associated cement companies ltd- v. director of inspection, customs & central excise 6. the learned departmental representative, on the other hand, supported the orders of the ao and the learned cit(a).7. we ..... was prohibited by section 40(a)(iia) of the act.3. in the first, appeal, it was submitted on behalf of the assessee that the claim was allowable -in view of the supreme court's decision in associated cement companies ltd. v. director of inspection customs & central excise case reported in (1985) 153 itr ..... 322 (sc). the learned cit(a) did not accept the assessee's contention. he observed that the wealth-tax in question paid in pursuance to section 40 of the finance act, 1983 was wealth-tax and was covered .....

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Oct 22 2001 (TRI)

Lloyds Insulations (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD465(Delhi)

..... held that levy of special excise duty was chargeable under section 80 of finance act, 1965, and, therefore, the assessee was not entitled to tax credit certificate inasmuch as section 280zd provided for such certificate only with reference ..... not entitled to have any tax credit in respect of any other excise duty levied under a different enactment, namely, section 80 of finance act. such action of the concerned authority was challenged before the high court by the assessee but remained unsuccessful. on further appeal, the supreme court ..... each house of parliament. (7) subject to the provisions of sub-section (5), this section shall be construed as one with the wt act." 40, amounts not deductible.--notwithstanding anything to the contrary in sections 30 to 38, the following amounts shall not be deducted in computing the income ..... of companies was not chargeable to wealth-tax under section 3 of 1957 act.to support his contentions, he has relied heavily on the decision of supreme court in the case of associated cement companies ltd. v.director of inspection, customs & centra; excise (1985) 153 itr 322 (sc), wherein it has ..... been held that levy of such excise duty under section 80 of finance act, 1965, was different from the levy of excise duty under central excises and .....

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