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Judgment Search Results Home > Cases Phrase: customs act 1962 Court: income tax appellate tribunal itat delhi Year: 2001 Page 1 of about 16 results (0.066 seconds)

Aug 03 2001 (TRI)

Deputy Commissioner of Vs. Metro Tyres Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-03-2001

..... item of duty drawback. in order to appreciate the contentions of the parties, we would like to refer the provisions of section 75(1) of customs act, 1962 under which duty drawback is allowed. the same is reproduced as below : " 75. drawback on imported materials used in the manufacture of goods which ..... (2)." we are informed that similar provisions are also made in central excise act. since in the present case duty drawback was received under the customs act, we are referring to the provisions of section 75(1) of customs act, 1962 only.the perusal of section 75(1) clearly shows that the duty drawback is ..... given by way of incentive to boost the export of goods manufactured in india. if any imported goods on which custom duty has ..... and loading thereof for exportation has been made under section 51 by the proper officer a drawback should be allowed of duties of customs chargeable under this act on any imported material of a class or description used in the manufacture of such goods, the central government may, by notification ..... it directly affects the profits of industrial undertaking in as much as it is debited to manufacture & profit and loss account. such payment of custom duty increases the cost of manufacturing but when the same is received back as drawback, it nullifies the affect of aforesaid increase in the cost .....

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Nov 12 2001 (TRI)

Pearl Polymers Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Nov-12-2001

..... 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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Jan 17 2001 (TRI)

Assistant Commissioner of Vs. Amadeus India (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jan-17-2001

..... dated 17-2-1997 also clarifies that data entry are well covered within the scope of computer software. since ministry of finance has given detailed definition of computer software (for customs act) it would be appropriate that benefit under section 80hhe be extended to m/s. amadeus. in case of any doubt the matter be referred to department of electronics before any ..... available to one agent unless he asked for more programmes. the id. counsel further argued that there are certain words used in the income-tax act and customs act. unless the meaning of the words in both the acts were contrary to each other these should be considered together. he stated that as per doctrine of pari materia this has to be considered so ..... , deptt. of revenue (on which esc has placed reliance in its opinion the id. dr stated that the customs act and income-tax act, were two different acts. for the purpose of customs act certain activities might have been treated as computer software programme. but under the income-tax act, the word "computer software" has been defined in explanation (b) to section 80hhe and, therefore, the contents ..... the opinion given by the stp and nic. (6) even the opinion of the esc on which the assessee has placed reliance has referred to customs notification which was relevant for grant of exemption under the customs act.12. the assessing officer accordingly disallowed the claim of deduction under section 80hhe.13. aggrieved by the order of the assessing officer the assessee filed .....

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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

Decided on : Feb-28-2001

..... 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

Decided on : Oct-22-2001

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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Apr 23 2001 (TRI)

Assistant Commissioner of Vs. Gallium Equipment (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Apr-23-2001

..... been direct nexus between the profits and gains viz., interest income on the fdrs and the industrial undertaking. as narrated in detail assessee was a manufacturer and getting advances from customers who were asking for bank guarantee on such advancement. bank guarantee was being issued by the banks only against fdrs and for that the assessee admittedly borrowed funds from those ..... same point in which their lordships have discussed different case laws on the point and interest earned on investment of amounts in contingency reserve of securities specified by electricity (supply) act, was found attributable to priority industries and it was concluded that such interest has to be taken into account in computing special deduction under section 80-i. all these case ..... 1995-96, decided on 24th march, 2000. in this case the assessment under section 143(3) was completed.on a later stage proceedings under section 263 of the income-tax act were initiated and in the order under section 263, the commissioner of income-tax has directed the assessing officer to disallow deduction representing advance excise duty paid and reflected under ..... facts were identical as the facts in the case of pandian chemicals ltd. (supra). in this case the investments of amounts in contingency reserve in securities specified by electricity supply act and the interest on such sums was held attributable to priority industry and it was further held that the same has to be taken into account in computing special deduction .....

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May 18 2001 (TRI)

Hem Raj Vijay Kumar and Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : May-18-2001

Reported in : (2001)78ITD304(Delhi)

..... bills @ rs. 1.45 per bottle. according to the ld. cit, the assessee could not adduce any evidence before him to establish that payment to customers @ rs. 1.45 per empty bottle was made by it. the ld. cit, therefore, concluded that this issue was not examined by the assessing officer ..... the interest of revenue.hence, in our considered opinion, on this issue the ld. commissioner could not exercise his jurisdiction under section 263 of the act, to set aside the assessing officer's order.12. the facts relating to the issue of empty bottles have already been set out above. the ..... be treated as prejudicial to the interest of revenue. it has been judicially held that the phrase must be regarded as involving a conception of acts or orders which arc subversive of the administration of revenue. in malabar industrial co.ltd.'s case (supra), the hon'ble supreme court has laid ..... of the case, the material to which our attention was invited and the rival submissions. from a bare reading of section 263 of the income-tax act, 1961, it is quite evident that for the exercise of jurisdiction under the said provision, the commissioner has to be satisfied of two cumulative conditions, ..... citv. harnandrai shrikishan akodia [1996] 61 itr 50 is directly on the point and there was no prohibition under the provisions of the income-tax act to pay interest to the members of association of persons during the assessment year under consideration ?" he, particularly, drew our attention to the following observations .....

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Jun 22 2001 (TRI)

Delhi Automobiles Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jun-22-2001

..... question was not given for any business expediency nor wholly and exclusively laid out for business purposes as required under section 37 of the act but was on account of settling the family dispute and thus assessing officer was justified in not allowing the claim of the assessee and ..... under section 40a(5)/40(c) but he has simply made disallowance without referring any particular seclion of the act and it was submitted that no disallowance for personal use of the cars and telephone by managing director/directors, etc. can be effected particularly ..... cit(a) noted that assessing officer disallowed the claim under section 40a(5)/40(c) and not under section 40a(2)(6) of the act and following the earlier order he confirmed the action of the assessing officer.19. the learned counsel submitted that assessing officer has not disallowed the amount ..... allow the same.18. while completing the assessment the assessing officer made disallowance of rs. 94,558 under section 40a(2)(b) of the act after observing that assessee had paid remuneration to its chairman, managing director and directors which contained salary, hra, other allowances and expenses regarding car and ..... entertainment expenses and rest will be subject of disallowance under section 37(2a) of the act.12. so far as amount of rs. 46,192 claimed by the assessee on account of presentation of articles to customers is concerned, the contention of the learned counsel was that whole of the amount should .....

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Jun 13 2001 (TRI)

Dy. Cit Vs. Allen Bradley India Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jun-13-2001

Reported in : (2002)80ITD43(Delhi)

..... assessee as on 31st march, 1989 were to the tune of rs. 4.38 crores and rs. 114.37 lakhs as advances received from its customers were available with the assessee. if these two figures are taken into consideration, then there is no scope for charging any notional interest, because ..... invites application for allotting the shares to public, is entitled only to issue shares against the applications received by it. as per section 72 of the companies act, a company can only seek certain limited information from the shareholders. however, in the case of standard cyliners (p) ltd. v. cit (1988) ..... and, the company can call for only certain limited information from the shareholders for the purpose of allotment.3.14. section 75 of the companies act specifies that, whenever a company, having a share capital, makes any allotment of its shares, then it shall within 30 days thereafter, furnish to ..... ordinary cash credit and a credit by way of share capital. apparently, the court had in its mind the comprehensive law contained in the companies act, 1956, on the acceptance of share application money and allotment of shares in consideration therefor. while in the case of ordinary loans obtained, there ..... support of its claim. (ii) in allowing a relief of rs. 45 lakhs made on account of unexplained cash credit under section 68 of the it act, 1961 despite the fact that after availing sufficient opportunity the assessee-company did not place necessary material evidence in support of its claim. (iii) allowing .....

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Dec 31 2001 (TRI)

Sona Steering Systems Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-31-2001

Reported in : (2003)78TTJ(Delhi)213

..... debiting the purchase account. however, at the end of the year, the unused raw material was shown in the closing stock at cost including the customs duty. the customs duty included in the cost of raw material in the closing stock amounted to rs. 95,66,232. it appears from the assessment order that ..... is actually paid as per the provisions of section 43b. therefore, the question arises whether the claim of the assessee stands allowed if the cost of customs duty is included in the closing stock. according to the accounting principles, whenever the raw material purchased is shown in the closing stock and carried ..... assessee was not accepted since, according to the cit(a), there was.no change in the method of accounting followed by the appellant and the customs duty claimed to be included in the closing stock was never claimed in the accounts nor in the course of assessment proceedings.since the value of ..... accounting was followed, the deduction was allowable in the year under consideration. it was further stated by the assessee that the mul was the most important customer and the negotiations for escalation in the price and discount on sale price were carried on and the final settlement was reached at the end. of ..... (a) ever confronted the evidence, if any, furnished by the assessee to the ao. such inaction amounted to violation or rule 46a of it rules, 1962. the cit(a) has also not referred to any material on the basis of which it could be established that claim of rs. 45 lacs related .....

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