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Judgment Search Results Home > Cases Phrase: customs act 1962 Court: income tax appellate tribunal itat delhi Year: 1994 Page 1 of about 17 results (0.075 seconds)

Feb 21 1994 (TRI)

Vikas Chemicals Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-21-1994

Reported in : (1994)50ITD233(Delhi)

..... imported under the various rep licences and this is the reason that, they had proceeded to invoke the provisions of section 11 l(d) of the customs act, 1962. he submitted that, it is in continuation of the process of confiscation that, they had called upon the assessee to pay the redemption fine and ..... the net margin of profit available is rs. 1,15,37,243.12. against the aforesaid confiscation i give an option under section 125 of the customs act, 1962 to m/s vikas chemicals, new delhi, an option to pay a fine of rs. 90 lakhs in lieu of confiscation within a period of ..... for the sake of facility.having carefully considered all the relevant facts and circumstances of the case, i order confiscation under section 111(d) of the customs act, 1962 of isabutanol weighing 629.250 mt of cif value rs. 29,62,486.70.the market value of isabutanol is rs. 30 per kg. and accordingly ..... as either not leviable or as excessive. he made reference to the provisions of sections 125 and 126 of the customs act, 1962 and to the observations contained therein from the treatise on customs law by beotra 5th edition.19. shri gupta contended that, the assessee had replied to the show-cause notice issued ..... the penalty under section 125 of the customs act, which if not so paid, the goods were liable for confiscation under section 126 of the customs act, 1962. he pleaded that, since the assessee did not opt for the fine, because, it was claiming that .....

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Dec 13 1994 (TRI)

income-Tax Officer Vs. Lall'S Gem Exports

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-13-1994

Reported in : (1995)52ITD385(Delhi)

..... meaning of explanation (aa) to section 80hhc. we will have, therefore, to refer to the customs act of 1962. under section 2(13) of the said act custom station has been defined to mean any custom port, customs airport or in land custom station. sections 50 and 51 of the customs act, 1962 deal with the clearance of export goods. these sections are reproduced hereunder: 50. entry of goods ..... way of sale or otherwise in shop, emporium or any other establishment situate in india not involving clearance at any custom station as defined in the customs act, 1962 (52 of 1962).the expression 'not involving clearance at any custom station' as denned in the customs act of 1962 has been considered by 'b' bench of the tribunal in the case of gem arts (supra) where it has ..... emporium or any other establishment situate in india but for those goods which involve clearance at any custom station as defined in the customs act, 1962 (52 of 1962). the traders selling goods to the foreigners against foreign exchange generally take an undertaking from the buyers that such goods are meant to be taken outside ..... not include any transaction by way of sale or otherwise, in a shop, emporium or any other establishment situate in india, not involving clearance at any custom station as defined in the customs act, 1962 (52 of 1962).the explanation referred to above excludes from the definition of 'export out of india' such goods which have been sold by the assessee in a shop, .....

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Sep 30 1994 (TRI)

Deputy Commissioner of Vs. Mahajan Overseas (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Sep-30-1994

Reported in : (1994)51ITD507(Delhi)

..... declared that, the expression 'sale proceeds' in this sub-section 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). explanation 2 : for the purposes of this sub-section, a person who exports any goods or merchandise in respect of which the declaration in pursuance of ..... of any goods or merchandise 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).provisions of section 280zc as they stood at the relevant period of time, read as under:- 280zc. tax credit certificate in relation to exports.-(1) subject ..... been realised through their bankers. the question arose as to who was entitled to the tax credit certificate in relation to the export under section 280zc of the income-tax act, 1965, the party, ferro alloys corpn. ltd. or the government trading corporation. their lordships after examining the provisions of section 280zc, in the light of the barter scheme and ..... s. mahajan international was put by the reserve bank of india, held that the assessee being not a real exporter is not entitled to deduction under section 80hhc of the act. the learned cit(a) allowed the claim of the assessee after holding that as the prerequisite conditions for allowance of deductions under section 80hhc were satisfied the assessee was entitled .....

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Jul 25 1994 (TRI)

international Research Park Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-25-1994

Reported in : (1994)50ITD37(Delhi)

..... , 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) ;" the next important change introduced in the section was by the taxation laws (amendment and miscellaneous provisions) act, 1986, with effect from april 1, 1987 : "(1) where an assessee, being an indian company or a ..... export profits, but deliberately diluting them by placing an interpretation which is queer and unintended. to support his argument, he took the aid of section 80ab of the income-tax act, 1961. by tracing its history of introduction, he submitted that under that section, each activity must be regarded as separate for the purposes of deductions to be allowed under ..... head 'profits and gains of business or profession (which again will include the three export incentives). the operation of section 80hhc read with section 28, as amended by the finance act, 1990, can be illustrated by way of the following examples : deduction under section 80hhc, if entire export proceeds, i.e., rs. 100 lakhs is brought into india within deduction ..... death an interest in a mitakshara coparcenary property, his interest in the property shall devolve by survivorship upon the surviving members of the coparcenary and not in accordance with the act. however, in a case, inter alia, where the deceased leaves behind a female relative specified in class-i of the schedule, then the interest of the deceased shall devolve .....

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Feb 02 1994 (TRI)

income-tax Officer Vs. Food Specialities Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-02-1994

Reported in : (1994)49ITD21(Delhi)

..... manufacturing profit and excludes post-manufacturing cost and the profit arising from post-manufacturing operation, namely, selling." 38. sea customs act (1878) section 20(2), in re (special reference no.1 of 1962), air 1963 sc 1760, their lordships of the supreme court observed (at page 1776) : "the taxable event in ..... ] 51 itr 329 (ker); (v) cit v. k. sankarapandia asari and sons [1981] 130 itr 541 (mad) ; (vii) sea customs act [1878] section 20(2), in re (special reference no. 1 of 1962) air 1963 sc 1760 ;union of india v. bombay tyre international ltd. [1986] 59 comp cas 460 ; [1983] 15 taxman 29 ( ..... him, the display of goods by the assessee on these shelves constituted expenditure under the head "advertisement and publicity" with a view to attract customers. on further appeal before the commissioner of income-tax (appeals), the assessee submitted a written note and which finds place in paragraph 3.2 ..... to full deduction subject to the amount having been actually paid during the previous year, but by including a part of the excise duty/customs duty in the closing stock the deduction was given only in part whereas their lordships of the gujarat high court intended full deduction to ..... in the assessment order can be summarised as follows : (a) that although the provisions of section 43b superseded the other provisions of the act, these had a limited overriding effect since they were intended to allow deduction for certain items on actual payment basis although the assessee's consistent .....

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Jan 28 1994 (TRI)

Indian Communication Network P. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-28-1994

Reported in : (1994)49ITD56(Delhi)

..... inasmuch as closing stock of one year would become the opening stock of the next year and such a situation is not stipulated or anticipated by section 43b ; (6) that customs and excise duties are admittedly admissible deductions for computing business income under section 28 and under the "mercantile system" of accounting these were eligible for deduction on accrual basis ; (7 ..... of his arguments, shri vaish relied on the following reported decisions :all-india lakshmi commercial bank officers union v. union of india (vii) hariprasad jayantilal and co. ltd. v. ito [1962] 45 itr 294 (guj) ; and (viii) cambay electric supply industrial co. ltd. v. cit [1978] 113 itr 84 (sc).18. learned counsel at this stage referred to the three ..... alternative one claiming depreciation and investment allowance on the capital expenditure.52. grounds nos. 6 to 9 involve an identical issue, namely, the disallowance under section 37(3a) of the act. these grounds are disposed of by the following common discussion : 53. the assessing officer in the course of the assessment proceedings worked out an aggregate expenditure of rs. 16,97 ..... under the permissible deductions. under the mercantile method of accounting, as stated earlier, the moment the liability is incurred, it would be an admissible deduction. what section 43b of the act states is that irrespective of the fact that the liability is already incurred, that would be an admissible deduction only when the actual amount in that regard is paid. therefore .....

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Apr 29 1994 (TRI)

Indian Communication Network Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Apr-29-1994

Reported in : (1994)50ITD411(Delhi)

..... charges, is inoperable. he contended that, the brain, which is the software, controls the operation of the typewriter, which the company felt was non-excisable, had charged it customers separately. but, nonetheless, it remains the important part of the typewriter and therefore, the income there from, must be aggregated to the income from sale of typewriters, for arriving ..... the effect that, the said expression cover only those small-scale industrial undertakings which are regarded as such undertakings under section 1 ib of the industries (development and regulation) act, 1951. this further fortifies our view that, the intention of the government is only to give uniform treatment to small-scale industrial undertakings under different statutes.the claim ..... we are giving a fresh look into the present claim of investment allowance.10. the legislative history indicates that, investment allowance came into the statute of income-tax act, by the finance act, 1976. this was substituted for the then existing provision for development rebate.under the provisions for development rebate, there was no mention of small scale unit being ..... respectfully following the said decision, we reject this claim of the assessee, for the present assessment year under appeal.5. shri ganesan submitted that, section 37(3a) of the act, had been applied on the conveyance expenses and two-thirds had been considered for purposes of disallowance under that section. this issue was also considered by the special bench ( .....

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Feb 21 1994 (TRI)

Mcdermott International Inc. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-21-1994

Reported in : (1994)49ITD590(Delhi)

..... single stage basis; the single stage grouping should be by applying a rate of 10% and wherever possible the tax may be recovered from the customers because of lapse of long period after the original receipts.4. the assessing officer (ao) in the proceedings consequent to the direction of the ..... rendered or provided before actual prospection etc.12. the claim of the appellant that, section 44bb overrides the provisions of sections 28 of the act, is fully justified because, the said section begins with the words notwithstanding anything contained in sections 28 to 41. whatever is provided in ..... the commencement of any of those three activities. he submitted that, the alternative plea is concerning section 44bb and section 28(1)[iv) of the act. he contended that, section 44bb starts with the words 'notwithstanding anything to the contrary contained in sections 28 to 41, and section 43 & ..... , especially when there is no ambiguity in it. he contended that, the legislature by this notification has extended the applicability of the income-tax act, to the territorial waters of bombay high and therefore, it is an absolutely must that, the courts give such notification strict interpretation. he pleaded ..... completed contract basis, which has been modified to cash receipt basis. this started with the initiation of the proceedings under section 263 of the act and the assessment proceedings for the assessment years 1985-86 and 1986-87. the assessee had agreed before the commissioner of income-tax (cit .....

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Jan 19 1994 (TRI)

Prabha Vs. Hali Chit Fund Co. (P.)

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-19-1994

Reported in : (1994)49ITD566(Delhi)

..... dates on which the cash was so brought in, coincided with the dates of draw and it is accepted by the appellant company that, the customers or subscribers had to be shown the physical existence of money which was why it was brought in by cash, so as to exhibit the genuineness ..... officer, i.e., it is from a firm in which the two directors of the company are partners.we may observe that, under the indian companies act, 1956, as is applicable to private limited companies, there is no restriction in issuing of further shares, of course subject to the ceiling of its ..... explalned the intention behind the provision, is reproduced for the sake of facility: clause 28 seeks to insert a new section 269ss in the income-tax act, relating to the mode of taking or accepting loans and deposits. the proposed provision seeks to provide that after 30th june, 1984, no person shall ..... placing a proposal of issuing further shares of the company.he contended that, the definition of the term 'deposit' is contained in section 269t of the act, which governs the mode of repayment of the deposits and since, the two sections, viz., section 269ss and section 269t are part materia identical and also ..... calculated depending upon the period for which, the money is retained by the company. he contended that, every company that is governed by the indian companies act, 1956, have to necessarily conform to the provisions contained therein and it could accept deposit or a loan within the framework of the companies acceptance of .....

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Jul 06 1994 (TRI)

Mahila Sidh Nirman Yojna Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-06-1994

Reported in : (1994)50ITD472(Delhi)

..... be worth mentioning that all receipts are not income. it is only the receipt, which has the character of 'income' is chargeable to tax. the income-tax act, 1962 defines the word income in sub-section (24) of section 2. its clause (iia) is the relevant clause which considers voluntary contribution received by trust. this ..... the circumstances of the case, the cit(a) erred in holding that the appellant trust does not satisfy the condition of section 12a of the income-tax act. 2. that on the facts and in the circumstances of the case, the cit(a) erred in holding that the donation of rs. 3,91,678 ..... be granted the special allowance for scientific research and not the routine annual one for depreciation. even before the 1980 amendment, the 1961 act did not permit a deduction for depreciation in respect of the cost of a capital asset acquired for purposes of scientific research to the extent that such ..... cost had been written off under section 10(2)(xiv) of the 1922 act or under section 35(1) and (2) of the 1961 act, and there was no difficulty at all in the interpretation of the provisions. the 1980 amendment has effected no change at ..... permit an assesses two deductions both under section 1o(2)(xiv) and section 10(2)(vi) of the 1922 act or both under section 32(1)(ii) and section 35(1)[iv) of the 1963 act. these provisions mandate that the assessee should, in a case where the assessee qualifies for both the allowances, .....

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