Court : Delhi
Decided on : Jul-02-2009
Reported in : 187TAXMAN171(Delhi)
..... matters was referred to full bench for decision on the following questions of law:whether satisfaction of the officer initiating the proceedings under section 271 of the income-tax act can be said to have been recorded even in cases where satisfaction is not recorded in specific terms but is otherwise discernible from the order passed by ..... of the assessee has been allowed. the primary contention of the assessee before the itat was that before initiating proceedings under section 271 of the income-tax act, no satisfaction was recorded by the assessing authority in the assessment order about the fulfilment of requirements contained in section 271(1)(c) of the ..... of rs. 11,48,852 under section 271(1)(c) of the income-tax act, 1961. appeal of the assessee against that order filed to the cit (appeals) was dismissed vide its order dated 31-3-2005, however, on further appeal of the assessee before the income-tax appellate tribunal, the assessee had succeeded inasmuch as vide impugned order dated 19 ..... in view of the supreme court decisions in cit v. s.v. angidi chettiar (supra) and d.m. manasvi v. cit, gujarat, ii ahmedabad (supra), that power to impose penalty under section 271 of the act depends upon the satisfaction of the income-tax officer in the course of the proceedings under the act. it cannot be exercised if he is ..... order1. in the relevant income-tax return filed by the assessee in the assessment year 1985-86, it had claimed a deduction of purported consultancy fee of rs. 14,45,927 .....Tag this Judgment!
Court : Delhi
Decided on : Apr-01-2009
Reported in : (2009)224CTR(Del)383; 180TAXMAN8(Delhi)
..... rajiv shakdher, j.1. this is an appeal preferred by the assessee-company under section 260a of the income tax act, 1961 (hereinafter referred to as the 'act') against the judgment dated 31.01.2008 passed by the income tax appellate tribunal (hereinafter referred to as the 'tribunal') in ita no. 3234/del/2005 pertaining to assessment ..... the claim of the assessee-company.5. aggrieved by the same the assessee-company preferred an appeal to the commissioner of income tax (appeals) [hereinafter referred to as the 'cit(a)']. the cit(a) rejected the assessee's appeal. it sustained the order of the assessing officer.6. in a further appeal to ..... for the period december 1, 2000 to november 30, 2001.3.8 it is in this background that the assessee-company filed a return of income for the assessment year 2001-02 on 31.10.2001. the assessee's case was picked up for scrutiny. accordingly on 18.10.2002 ..... basis. the proposed new company would be a non-profit enterprise governed by the principle of mutuality and no part of the contribution or other income would enure to the benefit of the contributor. it was envisaged that the contributions shall be optimally utilized by the proposed new company to ..... following facts require to be noted:3.1 the assessee-company which is a private limited company was incorporated on 17.03.1994 under the companies act, 1956. the main business of the assessee-company was to develop and manage franchisees for running restaurants. the assessee-company had obtained licences from .....Tag this Judgment!
Court : Delhi
Decided on : Aug-11-2009
Reported in : 162(2009)DLT341
..... opinion, are sufficient to show that the plaintiff proved existence of an agreement to purchase the suit property; though it was conditional on the defendant obtaining income tax clearance, particularly under section 37-i of the income tax act, that stipulation is no longer relevant. the agreement proved, and placed on record, is certain about the total consideration, about the property, and the parties' ..... that the balance amount was to be paid by the plaintiff, by 5th august 1996, subject to the defendants securing permissions under section 37-i and section 34 of the income tax act, which were mandatory at that point in time. the plaintiff adverts to reminding the defendants to comply with these requirements, through letters dated 26th july, 1996 and 31st july, ..... consideration amount, agreed to be an advance under the agreement to sell, entered into by the parties, on 21.07.1996. it was deposed that the defendants were to secure income tax clearances, and obtain certificates, in accordance with law, before 05.08.1996. they could not do so; the time for performance, was extended initially to october, and later to ..... . postal receipts have been marked as ex. pw-1/5 and ex. pw-1/5a.3. it is contended that the defendants, despite their obligations to apply and obtain the income tax clearances, did not do so. the second defendant, according to the plaintiff, stated that some more time was required for obtaining the necessary clearances. the plaintiff, therefore, extended the .....Tag this Judgment!
Court : Delhi
Decided on : Aug-11-2009
Reported in : (2009)225CTR(Del)410; 187TAXMAN251(Delhi)
..... whether the process activity undertaken by the assessee would fall within the expression 'manufacturing process'. manufacturing process is not defined in the income tax act though finance amendment act, 2009 defines this expression. in the case titled as aspinwall and company limited v. cit : 251 itr 323 the supreme court opined that in the absence of any expressed definition of the word 'manufacture. it has ..... circumstances, we are of the opinion that the tribunal rightly relied upon the judgment of the rajasthan high court in the case of arihant tiles and marbles pvt. ltd. v. income tax officer 295 itr 148(raj.). in this case, rajasthan high court, after taking into account the various judgment of the supreme court and other high courts observed as under:6 ..... the following discussion contained thereunder:the language used in section 10b is 'manufacture or production'. this language is similar to the language used in section 80ib. the supreme court in cit v. sesa goa ltd. had an occasion to consider the expression 'production'. the rajasthan high court in arihant tiles & marbles (p) ltd. v. ito (supra) for the purpose of section ..... . the language used in section 10b is 'manufacture or production'. this language is similar to the language used in section 80ib. the supreme court in cit v. sesa goa ltd. had an occasion to consider the expression 'production'. the rajasthan high court in arihant tiles & marbles (p) ltd. v. ito (supra) for the purpose of section .....Tag this Judgment!
Court : Delhi
Decided on : Sep-11-2009
Reported in : (2009)226CTR(Del)526; 320ITR430(Delhi)
..... mehta, j.1. three issues are urged by the appellant m/s. triveni engineering & industries ltd. in this appeal under section 260a of the income tax act, 1961. the same are as under:(i) the first issue pertains to the addition of rs. 1,68,71,980/- on account of valuation ..... liability?2. each of the aforesaid issues have been held against the appellant concurrently by all the three authorities below, namely, the assessing officer, cit(appeals) and the income tax appellate tribunal. the relevant assessment year is 1991-92. 3. as regards the issue raised with regard to rejecting the method in the change of ..... which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him) only in computing the income referred to in section 28 of that previous year in which such sum is actually paid by him:..5. the aforesaid provision makes it more than ..... due for payment before the end of the relevant previous year such amount though having accrued could not be disallowed under section 43b(d) of the act, cannot be accepted by this court because the same would negate the intention of existence of section 43b(d) and would render otiose the expression ' ..... deduction with respect to interest payable amounting to rs. 21,15,615/- in terms of section 36(1)(iii) and section 43b(d) of the act.(iii) whether the liability to pay interest on the excess realization for levy sugar pursuant to the order of the allahabad high court was a contingent liability .....Tag this Judgment!
Court : Delhi
Decided on : Aug-28-2009
Reported in : 319ITR276(Delhi); 188TAXMAN39(Delhi)
..... ,881 is directed to be deleted.7. we are in agreement with the aforesaid interpretation given by the tribunal to section 142a of the income-tax act. our discussion on this aspect proceeds as under:8. section 142a is to the following effect:142a. for the purposes of making an assessment or ..... construction of yusuf sarai project at rs. 19,99,559 as against rs. 39,69,440 declared by the asses-see ?(b) whether the income-tax appellate tribunal was correct in law in holding that the reference made by the assessing officer to the dvo for determining the cost of construction was ..... does not deal with the unexplained expenditure under section 69c of the act.6. before we advert to the interpretation to the aforesaid provision, we deem it proper to reproduce the following discussions detailed in the order of the income-tax appellate tribunal on this aspect:the next point to be determined is ..... whether the assessing officer is justified in referring to the dvo for computing the cost of construction claimed as revenue expenditure. prior to the insertion of section 142a by the finance (no. 2) act, 2004, with ..... however, the income-tax appellate tribunal reversed the aforesaid decision on the ground that it was not permissible for the assessing officer to refer the matter to the dvo for obtaining the cost of construction. the tribunal held that even if the insertion of section 142a by the finance (no. 2) act, 2004, .....Tag this Judgment!
Court : Delhi
Decided on : Sep-01-2009
Reported in : 187TAXMAN260(Delhi)
..... loose papers along with two cpus and one hard disk were seized. however, notice under section 158bc of the income-tax act was issued to the respondent/assessee on 16-3-2004 and the assessment was completed on 30-6-2004. as per the income-tax act, the period of limitation for completion of assessment in the cases of search is prescribed as two years from .....Tag this Judgment!
Court : Delhi
Decided on : Apr-16-2009
Reported in : 166(2009)DLT108
..... further found that the valuation relied upon by the petitioner was on the basis of a notice issued by the income tax department under section 269ud(1a) of the income tax act, in relation to a plot of land at rajpur road, civil lines, delhi but there was nothing to show that ..... the income tax department had pursuant to the notice acquired that property at said rates. the arbitrator also found that the valuer of the petitioner had taken double the rate than that in the income tax ..... pendency of the present petition before this court by the counsel for the petitioner to a query under right to information act from the mcd department which showed that the property tax on the property had been charged on commercial rates since 1969. 18. per contra, the counsel for the respondents ..... urged that there could no interference with arbitral award of such a nature, under section 34 of the act. para 46 of mcdermott international inc. v ..... facts addresses most of issues raised in the present case also. firstly, the method of computation has to be of fair rent and not of income/profit or of mesne profits. secondly, nothing is payable for the open areas. thirdly, the amount being paid during the period of requisitioning without .....Tag this Judgment!
Court : Delhi
Decided on : Oct-15-2009
Reported in : 2009(41)PTC529(Del)
..... the judgments in morgan stanley mutual fund v. kartick dass : 1994 (4) scc 225; the king v. the general commissioners for the purposes of the income tax act for the district of kensington 1917 (1) kb 486; basheshar nath v. moga municipality air 1940 lahore 69; seemax construction (p) ltd. v. state ..... of the trademark 'prince' is without substance. the said fact is further fortified from the certificate of registration of the plaintiff with the sales tax authorities placed on record by the defendant no. 2, which clearly records the details about the aforementioned agreements between the parties before the said statutory ..... or counter claim had been filed by the defendants nor the defendants had cared to file any application under section 124(5) of the trademarks act for stay of the instant suit to facilitate the defendants in filing cancellation petition. the plaintiff, on the other hand, had filed two affidavits, ..... prince' of the defendant no. 2. the plaintiff is further estopped by virtue of the provisions of sections 91 and 92 of the evidence act from asserting that there was a manufacturing agreement between the parties where under the defendant no. 2 was manufacturing wheel covers for the plaintiff. the ..... of the defendant no. 2, which fact is endorsed on the sales tax certificate of the plaintiff filed in the present proceedings. having executed the stockiest agreements dated 19.08.2002 and 20.09.2002 and having acted as a stockiest of the defendant no. 2 for almost three years, .....Tag this Judgment!
Court : Delhi
Decided on : Dec-23-2009
Reported in : (2010)229CTR(Del)418
..... these cases, which falls for consideration in almost identical factual backdrop. in fact, it is a matter of pure interpretation of the provisions of the income tax act, 1961 (for short, the 'act'), particularly section 36(1)(va) of the act. however, in order to understand the implication, it would be necessary to take note of facts of one appeal. we, accordingly, are stating the ..... on delayed payment but can incur penalties also, for which specific provisions are made in the provident fund act as well as the esi act. therefore, the act permits the employer to make the deposit with some delays, subject to the aforesaid consequences. insofar as the income tax act is concerned, the assessee can get the benefit if the actual payment is made before the return is ..... fund and esi made by the assessing officer under section 36(1)(va) of the income tax act, 1961?5. section 36 of the act deals with certain deductions which shall be allowed in respect of matters dealt with therein, in computing the income referred to in section 28 of the act. different types of deductions are provided therein in various clauses of section 36. clause ..... actually made.12. since the itat while holding that the amount would qualify for deduction even if paid after the due dates prescribed under the provident fund/esi act but before the filing of the income tax returns by placing reliance upon the supreme court judgment in vinay cement (supra), at this juncture we take note of the discussion of itat on this aspect .....Tag this Judgment!