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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Page 1 of about 3,907 results (0.073 seconds)

Feb 08 2013 (TRI)

Caylx Chemicals and Pharmaceuticals Dcit Range 8(1), Ltd. Vs. Pa No.Aa ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ) 16 erred in disallowing depreciation on office building by wrongly applying provisions of explanation 4a to the provision of section 43 (1) of income tax act,1961." 17. at the time of hearing, ld counsel for assessee did not press ground no.1. hence, ground no.1 is rejected ..... the case, ld cit(a) ought to have held that no adjustment to book profit be made while calculating taxable income u/s.115jb of the act otherwise than the prescribed adjustment in the act." 27. ground no.1 ..... allow the depreciation on building. ground no.ii "1. the ld cit(a) erred in not giving any decision in respect of addition of rs.9,69,894/- on account of depreciation in the computation of book profit u/s.115jb of income tax act, 1961 by the ao. 2. on the facts and circumstances of ..... 16. grounds of appeal taken by the assessee are as under: "1) on the facts and circumstances of the case the learned commissioner of income tax (appeal) 16-cit(a)-16 erred in confirming the disallowance of esic payments made within the time allowed under the statute and ignored the submission regarding payment made during ..... m/2011. grounds of appeal taken by assessee are as under: ground no.1 "1. the learned commissioner of income tax (appeals) 16 mumbai [the cit (a)1 erred in confirming the disallowance made by deputy commissioner of income tax range 8 (1), mumbai (the ao) of rs. 12,37,420/- on account depreciation on building purchased from .....

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May 03 2013 (TRI)

M/S. Sunil Mantri Realty Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... august 2011, passed by the learned learned commissioner (appeals)-xxxx, mumbai, for the quantum of assessment passed under section 143(3) of the income tax act, 1961 (for short "the act"), for the a.y. 2009-10. m/s. sunil mantri realty ltd. 2. facts in brief:- the assessee is a company which ..... expenses to co-ordinate with various persons relating to project and were not accounted for in the books of account. this amount was offered as undisclosed income in the form of unaccounted expenditure in the hands of the assessee company. accordingly, the assessing officer made the addition of rs. 15.99 lakhs ..... either incurred any expenditure or has made investment out of the cash receipt of more than rs. 70 lakhs which has been confirmed as deemed income of the assessee under section 68 in the immediately preceding assessment year and secondly, in the absence of adverse material that sum of rs. ..... issue back to the file of the learned commissioner (appeals) for deciding the matter afresh after examining the issue whether this amount has already been taxed in the assessment year 2008-09 or whether any benefit of telescoping can be given. needless to say that the learned commissioner (appeals) will ..... (appeals), the assessee has raised specific ground being ground no.3 and 3.1, inter-alia, contending that this amount has already been brought to tax as unexplained expenditure in the earlier assessment year 2008-09. the learned commissioner (appeals), in paras-6 and 6.1, has held that the assessee .....

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Jun 12 2013 (TRI)

Glaxo Smithkline Pharmaceuticals Ltd. (Formerly Glaxo India Ltd.) and ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... ,78,07,645 being the advance licence benefit accounted for in the appellant's books of account had accrued to the appellants and was taxable as their income under section 28(iv) of the income tax act, 1961. (b) without prejudice to (a) above, the appellants submit that the amount of advance licence benefit actually credited in the pass book upto 31st march, 1998 ..... cross appeals by assessee and revenue and cross objections by assessee for assessment year 1998-99 arising out of the order of cit (a)-xxvi mumbai dated 25/03/2003 on order of ao under section 143(3) of the income-tax act. 2. we have heard the learned counsel and the learned departmental representative. learned counsel placed on record a paper book and ..... should only be included in computing income under the head profits and gains of business". 8.1 ground no.6(a) pertains to deduction u/s 80hhc. there are ..... a chart indicating the issues which are covered by earlier orders. these are considered while disposing of these appeals. 3. ground no.1 raised by assessee is as under: "the commissioner of income-tax (appeals)-xxvi mumbai .....

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Feb 10 2004 (TRI)

Plastiblends India Ltd. Vs. the I.T.O.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)94ITD295(Mum.)

..... has undergone material change. the ld. cit(a), therefore, upheld the order of the ao on this issue.4. the ld. counsel appearing ..... case of ircl would squarely apply. referring to the ratio of the hon'ble bombay high court, the ld. cit dr submitted that income tax is charged on the total income computed in accordance with the provisions of it act and in cases where the total income comprises profits derived from an industrial undertaking eligible for deduction under section 80 ia, such profits of the industrial undertaking ..... be thrust upon it by the ao. the ld. cit(a) rejected this argument mainly on the ground that most of the judgments relied upon by the assessee company related to ays prior to the ays 88-89. the ld. cit(a) took the view that after deletion of section 34 from the income tax act w.e.f. 1.4.88, the legal position ..... on behalf of the assessee company contended before us that the controversy has been settled by the hon'ble supreme court in the case of cit v. mahendra .....

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Jan 28 2005 (TRI)

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... reasons.2. what is to be seen in the case is as to whether the facts which came to light pursuant to the search conducted under section 132 of the income-tax act, could come to light in the proceedings relating to regular assessment and whether such facts were brought to light as a result of the enquiries made in the course on ..... no consideration as the issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the income-tax act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment the same ought to have been assessed in the regular assessment and not ..... the circumstances of the case and in law, the learned assessing officer had jurisdiction and justification in including the depreciation allowance in the computation of undisclosed income in the order under section 158 bc of the income tax act? 2. if the answer to question no. 1 is in the affirmative, whether grounds of appeal nos. ii to iv raised by the assessee are ..... the circumstances of the case and in law, the learned assessing officer had jurisdiction and justification in including the depreciation allowance in the computation of undisclosed income in the order under section 158 bc of the income tax act? 2. if the answer to question no. 1 is in the affirmative, whether grounds of appeal nos. ii to iv raised by the assessee are .....

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May 11 2005 (TRI)

Jcit, Sr-6 Vs. K. Raheja Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD414(Mum.)

..... assessment year is 1996-97. the appeal is directed against the order passed by the cit(a)-xlii, mumbai on20-03-2001. the appeal arises out of the assessment completed under section 143(3) of the income-tax act, 1961.2. the assessee company is engaged in the business of real estate investment in ..... as incurred on capital account in respect of incomplete projects and, therefore, liable to be capitalized.6. smt. anuradha bhatia, the learned commissioner of income-tax appeared for the revenue and argued the case at length. she submitted that there is no dispute on the fact that the assessee is following ..... completion method, the expenditure is to be deferred till completion of the project and it could be allowed only on the final computation of income from the completed project. the learned commissioner stated that this distinction should not be overlooked while relying on the decision of the bombay high ..... as far as the development and construction of properties are concerned, the assessee company is following the completed contract method for recognizing its income/loss. the return of income was filed by the assessee company for the impugned assessment year, on the above basis.3. in the course of assessment proceedings, the ..... within the confined limit of section 36(1)(iii) of the act. relying on the decision of the supreme court in india cement ltd. v. cit 60 itr 52 and bombay high court in calico dyeing and printing works v. cit 34 itr 265, the court held that if the capital borrowed .....

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Jan 20 2006 (TRI)

Jcit, S.R. 26 Vs. Warner Bros (Fe) Inc.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)99ITD1(Mum.)

..... on by the member companies of mpa has been authorized and pronounced by the cbdt on the basis of the powers conferred on it under the enabling provisions of the income tax act, 1961. the board has made it clear later on that the settlement did apply only for those assessment years up to 31-3-1987 and more particularly to those assessments ..... . dated 23rd october, 2003 may be approved by the special bench holding that the assessments for the impugned assessment years have to be completed under the regular provisions of the income-tax act, 1961.24. sri w. hasan the learned counsel appeared for the assessee and argued the case. the learned counsel stated that the entire thrust placed by the revenue is on ..... . the issue referred will be discussed and decided in the course of such disposal. this proposition is in fact in tune with the spirit of section 255 (3) of the income-tax act, 1961 wherein the law relating to the constitution of a special bench by the president of itat is provided. the law says that the president may, for the disposal of ..... )- xxi at mumbai passed on 17-10-2002. all the appeals and the cross objection arise out of the respective assessments completed under section 143 (3) of the income tax act, 1961.3. these appeals and the cross objection are placed before us, the special bench, to consider and decide the following issue : whether on the facts and circumstances of the .....

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May 23 2008 (TRI)

Mrs. Mudra G. Nanavati Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... supreme court has referred to a similar expression provided under section 148. 16. the gauhati high court in the above case held that - clause (b) of section 158bc of the income-tax act, 1961 provides that the provisions of section 142 as well as sub-section (2) and (3) of section 143 shall apply even in the case of a block assessment so ..... view favourable to the revenue can be adopted, such futile exercise may be avoided, for ultimately, the view in favour of the assessee might have to be taken. secondly, in income-tax matters, which are governed by an all-india statute, when there is decision of another high court on the interpretation of a statutory provision it would be a wise judicial ..... is squarely applicable to the present case, and therefore, the impugned block assessment may be declared as void. 10. the learned commissioner of income-tax, appearing (or the revenue invited our attention to the discussion made by the cit(a) on this point which is available in pages 2 to 8 of his order. she further relied on the decision of the supreme ..... or same such or similar infirmily is manifestly perceivable in the decision such practice or policy is followed in income-tax matters by the bombay high court since a long time, as is evident from the decisions in maneklal chunilal & sons ltd. v. cit and cit v. chimanlal j dalai & co. . this high court is an offspring of the bombay high court and there .....

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Dec 03 1999 (TRI)

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... even assuming that the statement dated 20-12-1991 cannot be regarded as a statement recorded under section 132(4) of the income-tax act or under other provisions of the income-tax act, it still cannot be regarded as an invalid statement without any evidentiary value. it is claimed that even if the seizure ..... officer was entitled to take his deposition under section 132(4) so in terms of the said section utilise it in any proceedings under the income-tax act, which includes proceedings against the deponent himself, i.e., the assessee. we may also mention that the question is not whether there are any ..... the evidentiary value of the statement cannot be detracted by such an error, specially in view of the provisions of section 292b of the income-tax act. the power exercised by a competent authority cannot be regarded as illegal simply because a wrong section is mentioned if the said authority has jurisdiction ..... of a typographical error, does not invalidate the statement, and in this context, reliance is placed upon the provisions of section 292b of the income-tax act. it is also mentioned that the contention of the learned counsel for the assessee that the said statement dated 20-12-1991 was given in ..... it was for the assessee to prove that the contents of seized paper were not authentic as per the provisions of section 132(4a) of the income-tax act; (iii) ignoring the facts that the assessee neither proved the authenticity of the seized paper nor the address etc. of the parties involved in .....

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Jul 30 2004 (TRI)

Technova Imaging Systems Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)2SOT116(Mum.)

..... ) is not acceptable. the hon'ble supreme court in the case of national thermal power co. ltd. (supra) has held as under: "under section 254 of the income tax act, the appellate tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit. the power of the tribunal ..... assessee withdraws amount from its od account, the debit balance increases. the bank gives the od facility; to meet. the working capital of the assessee and not for payment. of income-tax. when the assessee withdrawn funds from the current account, the debit balance increases and thereby there is a commitment increase in the interest expenditure.the interest expenditure incurred by the ..... itat of the assessment year 1992-93.apropos ground no. 6, the case of the assessee is that interest on deposits required to be placed with the banks is income chargeable to tax under the head 'business' and not under the head 'other sources'.however, the learned counsel contended that he has no objection if decision of special bench of delhi tribunal ..... of rs. 2,59,419 by holding it to be interest paid on borrowals for payment of tax.6. the learned cit(a) erred in holding that interest of rs. 7,46,107 on deposits required to be placed with the banks is income chargeable to tax under the head 'other sources' and not 'business'." ground of appeal no. 2 was not pressed by .....

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