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Judgment Search Results Home > Cases Phrase: income tax act Court: authority for advance rulings Year: 2004 Page 1 of about 49 results (0.043 seconds)

Apr 19 2004 (TRI)

In Re: Norasia Container Lines

Court : Authority for Advance Rulings

Decided on : Apr-19-2004

Reported in : (2004)267ITR722AAR

..... air-craft in international traffic shall be taxable only in malta in view of article 8 of dtaa.1. in this application under section 245q(1) of the income-tax act, 1961 (for short "the act"). the applicant a non-resident, seeks an advance ruling of this authority on the following question : "whether norasia container lines limited, a company incorporated and registered in malta ..... , and being a resident in malta is assessed to tax in malta and a world wide income basis, be subjected to income-tax in india on its freight income earned in india for ..... 2003, make it clear that : (a) this new company is registered under the companies act, 1995 of malta ; and (b) it is liable to tax in malta, as it has produced its tax residency certificate. in view of this it has claimed dit relief as regards its shipping income as per article 8 of the indo-malta dta. considering the facts presented, it appears ..... enterprises ; (c) the rental of ships or aircraft incidental to any activity directly connected with such transportation.9. it transpires from the report of the director of income-tax referred to above, that the income in respect of which advance ruling is sought falls within the meaning of "profits derived by an enterprise from the operation of ships or aircraft in international traffic .....

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Dec 17 2004 (TRI)

In Re: National Hydroelectric

Court : Authority for Advance Rulings

Decided on : Dec-17-2004

Reported in : (2005)193CTRAAR594

..... power corporation ltd. vs.for appellant/petitioner/plaintiff: v.u. eradi, pawan kumar and piyush kaushik, advs.income tax act, 1961 - sections 32 and 115jb; electricity (supply) act; companies act - section 209surana steels (p) ltd. v. dy. cit, (1999) 237 itr 777 (sc); apollo tyres ltd. v. cit, (2002) 255 itr 273 (sc); cit v. anand theatres, (2000) 244 itr 192 (sc); vazir sultan tobacco co. ltd. v ..... the act, in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 2001, is ..... the said question, it would be necessary to read section 115jb of the act, which runs as follows : 115jb. (1) notwithstanding anything contained in any other provision of this act, where in the case of an assessee, being a company, the income-tax, payable on the total income as computed under this act in respect of any previous year relevant to the assessment year commencing on ..... as the total income of a company where the tax on its total income of any previous year (after 1st april, 2001) under the act is less than 7-1/2 per cent of its book profit. it provides that notwithstanding anything contained in any other provision of the act if in the case of a company, the income-tax payable on the total income as computed under .....

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Dec 17 2004 (TRI)

National Hydroelectric Power Corporation Limited Vs. C.i.T., Faridabad

Court : Authority for Advance Rulings

Decided on : Dec-17-2004

..... of electricity and was shown as such against the gross sales by the applicant; deducting the aad component from the gross sales, was not in accordance with either the income-tax act or the companies act. the certification by the auditor is qualified and that qualification was accepted both by the cag as well as the annual general meeting of the company. in any ..... on a capital asset in future years before it becomes due as an allowable deduction under section 32. aad is an expression which is neither used in the income-tax act nor in the companies act. to enable the electricity generating companies to raise additional revenue to discharge the loan raised on equipments/projects, the cerc coined the expression of aad for including it ..... consider the aforementioned question which requires us to give advance ruling on, whether the aad is to be included for the computation of book profit under section 115jb of the income-tax act in the year of receipt or in the year depreciation relates to. indeed the proper query should be whether aad could be deducted from the sale price for the computation ..... practice and policy of the company in regard to aad cannot override the statutory provisions and mandatory accounting standards. the prescribed accounting standards are mandatory both under the income-tax act as well as companies act. if aad is treated in the nature of capital reserve it has to be adjusted/added back while computing book profit for purposes of section 115jb; if the .....

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May 14 2004 (TRI)

In Re: Danfoss Industries P. Ltd.

Court : Authority for Advance Rulings

Decided on : May-14-2004

Reported in : (2004)268ITR1AAR

..... the payments to be made by the applicant to danfoss singapore for the services obtained would be subject to tax witholding under section 195 of the income-tax act, in view of the fact that the payments are only in the nature of reimbursement of a portion of the actual expenditure incurred by danfoss singapore and ..... required to be deducted at source while making payments of the service fee to danfoss singapore under section 195 of the income-tax act, 1961 (for short "the act"), in order to confirm its position advance ruling is sought on the following question : "whether pursuant to the agreement proposed to be entered into between the applicant with danfoss singapore, ..... (24) of the act) enumerates twenty items, some of which may and the others may not be "income" in stricto sensu. the definition is inclusive and not exhaustive. if the ..... is a common ground that to apply section 195 of the act the amount in question should be income of the payee and not a mere reimbursement of the cost incurred by the payee.10. one of the difficult terms in the income-tax act which admits of no precise definition is the term "income". it is an elusive term. even the definition clause (section 2 .....

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May 31 2004 (TRI)

In Re: Sopropha S.A.

Court : Authority for Advance Rulings

Decided on : May-31-2004

Reported in : (2004)268ITR37AAR

..... also be of the same quality/quantity of goods as are held in stock ?" 5. the applicant's learned counsel explained that section 43(5) of the income-tax act, 1961 (the act), and the central board of revenue (the board) circular no. 23d (f. no. 4(124) -- 60/tpl dated september 12, 1960) are relevant ..... was stated even such a transaction was taken by the assessing officers to fall within the mischief of the explanation 2 to section 24(1) of the income-tax act on the ground that there was no actual delivery of the twenty bales. we are certain that this extreme view could never have been the intention of ..... from the purview of speculation. . . . 3.58. the hardship caused by a too literal interpretation of explanation 2 to section 24(1) of the income-tax act was illustrated to us by a case where a dealer having ready cloth business entered into a contract for the purchase of 1,000 bales of cloth from a ..... as speculative losses. in this connection, the distinction in the phraseology of clauses (a) and (b) of explanation 2 to section 24(1) of the indian income-tax act, 1922, was brought to our notice. it was pointed out that while one clause made a reference to stocks held, the other did not and that some ..... , hedging in respect of stock in which the applicant deals in will be covered by clause (a) of the proviso to section 43(5) of the income-tax act, 1961 2. whether the existence of contract of sale of stock-in-trade is a condition precedent to attract clause (a) of the proviso to section 43 .....

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May 31 2004 (TRI)

In Re: Yogesh Prabhakar Modak

Court : Authority for Advance Rulings

Decided on : May-31-2004

Reported in : (2004)268ITR26AAR

..... the applicant has not rendered any services in india and therefore, the amounts received are not liable to tax in india.6. he has contended that he has fulfilled the conditions laid down in section 10(13) of the income-tax act, 1961, which exempts payments received from approved superannuation fund. in this regard the applicant contends that ..... that it is not the case of the applicant that the amount has been taxed in the usa also. (iv) that the reference to rule 6 of part b of ..... case india), such remuneration as is derived from there is to be taxed in that other state (india). in the present case since the employment was exercised in india, the salary will be taxable in india. salary for the purposes of section 15 of the income-tax act, 1961, includes salary received from a former employer also. (iii) ..... the term retirement includes resignation and that as the applicant is entitled to receive payment from the aforesaid fund, he is deemed to have retired at specified age. he has relied upon the decisions in cit v. j ..... no. (ii) : the amount received from superannuation fund on resignation before specified age is not eligible for exemption under section 10(13) of the income-tax act, 1961. .....

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May 31 2004 (TRI)

In Re: Connecteurs Cinch S.A.

Court : Authority for Advance Rulings

Decided on : May-31-2004

Reported in : (2004)268ITR29AAR

..... that since it intends to make a substantial investment in the unit, it has sought ruling from the authority, whether the indian subsidiary would be entitled to tax exemption under section 10a of the income-tax act, 1961, for the period from march 18, 2002, to march 31, 2010 or at least up to march 18, 2009.3. the jurisdictional commissioner has pleaded that ..... the application is not maintainable because the non-resident company has sought an advance ruling on the tax liability of the indian company, which is not permissible under section ..... to be undertaken by the non-resident applicant. the application is, therefore, not maintainable and is hereby rejected.advance rulings--maintainability of applicationincome of industiral undertaking in free trade zone--income of wholly owned indian subsidiary the applicant, is a non-resident company in france, has a wholly owned indian subsidiary having its factory at bangalore. the indian company has been ..... 245n of the act.4. as per section 245n(a)(i) of the act an advance ruling means a determination by the authority in relation to a transaction undertaken or proposed to .....

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Sep 27 2004 (TRI)

In Re: Fidelity Advisor Series

Court : Authority for Advance Rulings

Decided on : Sep-27-2004

Reported in : (2004)192CTRAAR201

..... (ii) whether, on the facts and circumstances of the case, the applicant will be absolved from filing a tax return in india, under the provisions of section 139 of the indian income-tax act, 1961 (hereinafter referred as the "ha"), if its entire income is subject to tax only in the united states of america (iii) whether, on the facts and the circumstances of the case ..... within article 8 (shipping and air transport) each contracting state, i.e., india, as well as the usa, may tax "capital gains" in accordance f with the provisions of its domestic law, i.e., under the indian income-tax act or under the investment company act, 1940, or any other law of the united states of america as the case may be.16. from a ..... ) 250 itr 194; a.v. thomas and co. ltd. v.cit, (1963) 48 itr (sc) 67; cit v. p.k.n. co. ltd., (1966) 60 itr 65; cit v. associated industrial development co. (p.) ltd., (1971) 82 itr 586 1. in this application under section 245q(1) of the income-tax act, 1961 (for short "the act"), the applicant (fidelity advisor series viii) is a non-resident ..... company in india. it is a tax resident of the united states of america, it is registered under the provisions of the investment company act, 1940 of the usa. it is a trust, set up to .....

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Oct 18 2004 (TRI)

In Re: Hindustan Powerplus Ltd.;

Court : Authority for Advance Rulings

Decided on : Oct-18-2004

Reported in : (2004)192CTRAAR311

..... sumanth, advs.for respondents/defendant: anu j. singh and v. palanivelrajan, advs.for the cit concerned income tax act, 1961 - section 2, 2(24), 9(1), 10(14) and 245n; finance act, 2003 cit v. s.g. pgnatale, (1980) 124 itr 391 (guj); cit v. goslino mario and ors., (2000) 241 itr 312 (sc); cit and anr. v. moigenstern werner, (2003) 259 itr 486 (sc) 1. these three ..... applications, under section 245q(1) of the it act, 1961 (for short the "act"), raise common points. the ..... that the assessee was not ordinarily resident in india and was, therefore, governed by the proviso to section 5(1) (c) of the act. it also held that daily allowance received by him as a technician was exempt from income-tax as per notification no. s.o. 143(e), dt. 21st feb., 1989. on appeal by the revenue to the hon'ble supreme ..... ,15,895 per annum to caterpillar-usa, as fee for technical services, after deducting tax under section 195 of the act. the technician received his salary in us $ 1,17,627 from caterpillar-usa. however, the applicant provided to the technician the following expenses and facilities free of income-tax : (iii) air fare and per diem expenses for the rest and recuperation travel once .....

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Nov 25 2004 (TRI)

In Re: Instrumentarium

Court : Authority for Advance Rulings

Decided on : Nov-25-2004

Reported in : (2005)193CTRAAR347

..... for appellant/petitioner/plaintiff: rahul krishna mitra and parikshit datta, advs.income tax act, 1961 - sections 92 to 92(f), 92(1), 92(2), 92(3), 245n, 245r(2) and 245s 1. m/s datex-ohmeda (india) (p) ltd. (for short the 'datex') is an indian company and is a tax resident of india. it is a wholly-owned subsidiary company of m/s instrumentarium ..... width of the language of sub-clause (i) a proposed question of law or of fact must relate to tax liability (income-tax including capital gains) of the applicant arising out of such transaction and not to consequences of implementation of provisions of the act on the state exchequer and the like. the second category relates to a transaction which has been undertaken or ..... to its related parties, e.g., subsidiary companies, situated in india, inasmuch as, the act is not empowered, in absence of any transfer pricing legislation relating to an element of income with respect to transaction between two entities, both of which are tax residents of india, to impose any income-tax on any notional interest in the hands of the indian company granting the loan ..... transfer pricing cannot be determined by the authority, if otherwise it is open to it so to do.8. chapter x of the act embodies special provisions relating to avoidance of tax. section 92 which deals with computation of income from international transaction having regard to arm's length price, section 92a which defines "associated enterprise" and section 92b which incorporates "meaning of .....

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