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Judgment Search Results Home > Cases Phrase: debentures companies act Court: income tax appellate tribunal itat ahmedabad Year: 2003 Page 1 of about 4 results (0.134 seconds)

Nov 07 2003 (TRI)

Assistant Commissioner of Income Vs. Amtrex Appliances Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Nov-07-2003

Reported in : (2005)94TTJ(Ahd.)396

..... words 'being underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus, in connection with the issue, for public subscription, of shares in or debentures of the company', the submission of learned counsel for the revenue would have some force because this word 'being' as it stands today in the section cannot be read backwards, but has ..... payments were to secure a benefit over a number of years. there is a continuing benefit to the business of the company over the entire period. the liability should, therefore, be spread over the period of the debentures." 8.8 the assessee debited only 1/5th amount of the expenditure in its p&l a/c of the year under ..... "clause (c) of sub-section (2) of section 35d starts with the words 'where the assessee is a company, also 'expenditure', which if read with sub-clause (iv) "in connection with the issue for public subscription of shares in or debentures of the company, being underwriting commission, brokerage and charges for drafting, typing, printing and advertisement of the prospectus' would indicate that the ..... be considered for computing the amount of capital employed in the business of the company for purpose of determining the ceiling of expenditure on which amortisation is allowable under section 35d of the act. we are, therefore, inclined to accept the assessee's contention that the amount of debenture application money should also be included for purpose of computing the total capital .....

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Sep 15 2003 (TRI)

Addl. Cit Vs. Ataku Holdings (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Sep-15-2003

Reported in : (2004)87TTJ(Ahd.)293

..... main object of the memorandum of association is to carry on business of acquiring, holding and selling of shares and debentures, etc. in the course of this business the company has made investment in shares of nachmo knitex ltd. as detailed hereinabove. for the purpose of making these investments the ..... ground that such interest expenditure has not been incurred for the business purpose by the assessee- company and, therefore, the same is not allowable under section 36(1) (iii) of the income tax act, 1961. the assessing officer also placed reliance on the judgment of the hon'ble gujarat high ..... that the interest expenditure incurred on capital borrowed for purchase of shares was allowable as deduction under the corresponding provisions contained in the income tax act, 1922. the said judgment of the bombay high court has been approved by the hon'ble supreme court as already stated hereinbefore.the ..... the investments were made for the purpose of earning income, the interest paid thereon would be deductible under section 12(2) of the act." the learned counsel thus strongly supported the order of the commissioner (appeals).i have considered the submissions made by the learned representatives of the ..... view of this findings, i do not go into the aspects of the admissibility of the said interest under section 57(iii) of the act, although the authorised representative has argued on the basis of the supreme court judgment in the case of rrjendra prasad moody.the learned departmental representative .....

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Jan 10 2003 (TRI)

Pharmson Pharmaceuticals Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Jan-10-2003

Reported in : (2003)87ITD668(Ahd.)

..... from the transfer of a long-term capital asset, other than capital gain arising to a non-resident from the transfer of shares in, or debentures of, an indian company referred to in the first proviso, the provisions of clause (ii) shall have effect as if for the words "cost of acquisition" and " ..... sale of the r&d assets. as per these provisions, assessee has in fact earned the income chargeable under section 41(3) of the act. the decision quoted by the assessee-company of hon'ble gujarat high court in the case of cit v. bhavnagar trust corporation (p) ltd, (1968) 69 itr 278 (guj ..... since the "actual cost" of the transferred r & d assets in the hands of the assessee-company the following deduction under section 35 of the act is zero as per the provisions of section 43 of the it act, the whole of the sale proceeds is to be taxed as revenue receipt only. in view of ..... for cost of scientific research assets under section 35 both are under chapter iv to be taken into consideration while computing income under section 28 of the act, whereas section 80j deduction is under chapter vi-a which provides for the additional deduction from the total income of the assessee. the two deductions ..... basis as is arising on sale of assets used for scientific research, the entire cost thereof has been allowed as deduction under section 35 of the act, 3. the assessee has incurred capital expenditure on building and equipment and furniture in its scientific research centre and claimed 100 per cent deduction of .....

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Feb 19 2003 (TRI)

Assistant Commissioner of Income Vs. Affection Investments Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Feb-19-2003

Reported in : (2003)80TTJ(Ahd.)278

..... the deemed cost of acquisition of rs. 341 as on 1st jan., 1954, included the cost of right conferred on the assessee under section 105c of the companies act. he, therefore, wanted only an apportionment of cost of rs. 341 for arriving at the cost of acquisition of the right offer.this argument was not accepted ..... to get 2,800 rights in the ratio of 1:10. the assessee did not subscribe for the right offer of debentures but preferred to sell (renounce) these rights in favour of other group companies at the rate of rs. 200 per right. the sale proceeds of rs. 5,60,000 so received by way ..... of miss dhun dadabhoy kapadia and b.c. srinivasa setty (supra), gave the following findings : "we are of the considered view that when rights shares or debentures are issued, there can be a fall in the value of original shares and that cannot be ignored while computing the capital gain on sale of such rights ..... of the hon'ble supreme court in the case of miss dhun dadabhoy kapadia (supra) is applicable to all cases of sale/renunciation of right shares/convertible debentures under 1961 act also because w.e.f. 1st april, 1994, the legislature amended the law by introducing section 55(2) relating to the valuation of cost of ..... different from the case of miss dhun dadabhoy kapadia (supra) e.g.,. (a) that the assessee in the present cases have sold the rights to convertible debentures which was to be converted into 10 equity shares at a lower price after a gap of one and one-half years while in the case of miss .....

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