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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat mumbai Year: 1999 Page 1 of about 60 results (0.211 seconds)

Dec 03 1999 (TRI)

Surendra M. Khandhar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-03-1999

..... 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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Nov 19 1999 (TRI)

R.B. Singh Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-19-1999

Reported in : (2000)75ITD250(Mum.)

..... not comply with this notice. under the circumstances, i have no alternative but to pass an ex parte assessment order under section 144 of the income-tax act estimating the income to the best of my judgments with the materials available on record. the assessee has not produced the details of rent, salary, wages, loans ..... the observation - "as it is a time barring case, i have no alternative but to resort to the provisions of section 144 of the income-tax act as there is no time to fix the case again". we agree that this is not the same as stating that the assessee had refused to ..... penalty could have been levied under section 271(1)(c) as the assessments for all these years had been made under section 144 of the income-tax act, more or less on estimate basis. shri phadkar submitted that for the assessment year 1975-76 the assessment was originally completed on 7-3-1979 ..... that as the assessee was entitled to the benefits under the amnesty scheme, he was not liable for penalty under the various sections of the income-tax act. the assessing officer did not accept the above contention. he had already initiated penalty proceedings under section 271(1)(c) as could be seen ..... should be conscious concealment. the provisions should be construed strictly. even after the addition of the explanation to section 271(1)(c) of the income-tax act, 1961, conscious concealment is necessary and the presumption under explanation to section 271(1)(c) can be displaced by the assessee proving that the failure .....

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Nov 29 1999 (TRI)

Ramesh T. Salve Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-29-1999

Reported in : (2000)75ITD75(Mum.)

..... the assessing officer (q. no. 13) was - "please give the final qualification of the confession made by you under section 132(4) of the income-tax act." 15. as a matter of fact, it was not a question of the assessing officer to the assessee, but a request from him to give the ..... evidentiary value, merely because, the question first came from the authorized officer. further a perusal of the "final statement under section 132(4) of the income-tax act, of shri ramesh savle son of tejahie savle residing at 203 sujal apartments, cottage lane, santacruz, bombay on 7-9-1990 at 2.30 pm" ..... is provided in the section that any statement made by such person during the examination may thereafter be used in evidence in any proceeding under the income-tax act. in such a case there is no need for corroboratory evidence, in view of the evidentiary value the statement of that person is bestowed with ..... vide page 56 of the paper book). in that statement inter alia, he stated : "i would like to summarise my confession under section 132(4) of the income-tax act as follows : (1) cash seized 1991-92 rs. 1,20,000 (2) jewellery seized 1991-92 rs. 5,32,410 (3) spent for interior apartment ..... addition should have been made towards the unexplained investment. shri shivram also contended that no addition could have been made under section 69b of the income-tax act, for the unexplained investment if any. according to him even if there was any unexplained investment addition should have been made under section 69 only .....

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May 12 1999 (TRI)

Concept Pharmaceuticals (P.) Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-12-1999

Reported in : (2000)73ITD174(Mum.)

..... 1) [1993] 201 itr 567/69 taxman 575. the bombay high court in that case thoroughly examined the scope of section 40a(5)(a) and (c) of the income-tax act. speaking about the limits prescribed in sub-clauses (i) and (ii) of clause (a), their lordships held that these limits apply to payments made to all persons covered ..... to be in manuscript and the photocopies of those manuscript statements, were filed as apart of the paper book. further the statement recorded under section 131 of the income-tax act from shri r. s. krishnan on 29-5-1986 is furnished at pages 30 to 35 of the paper book. shri r. s. krishnan was the ..... and it should have been treated as such. as can be seen from page no. 6 of the paper book, total income disclosed under the amnesty return was rs. 11,18,531 on which income-tax and surcharge payable was rs. 7,04,675. the whole of it is recorded to have been paid as under : 15 ..... , had already found materials to show that there had been concealment, that would mean that the department had detected the concealment. if the income-tax officer had only prima facie belief that would not mean that the concealment had been detected." therefore, an assessee whose premises had been searched ..... worked out to rs. 4,00,625. the figure given by the company also tallied with this method of working in this case. it is assessed to tax as income from other sources.4. following arguments were addressed by shri s. e. dastur, learned advocate for the company. it is difficult to prove that raw material .....

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May 25 1999 (TRI)

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-25-1999

Reported in : (2000)73ITD123(Mum.)

..... made by other shareholders were bogus and unbelievable and the subscription amounts represent nothing but unexplained investment of the assessee-company which justifies the addition under section 68 of the income-tax act. before dealing with this issue, even the broad probabilities if taken into consideration would not justify any addition under section 68. we have already catalogued the various dates ..... a combined review of the judgments of this court, it follows that an ito acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record, to believe that, by ..... these peculiarities, according to the assessing officer, clearly indicated that this was not a genuine public issue.further, the assessing officer held that provisions of sec. 68 of the income-tax act were clearly attracted. he further held that the share consideration credited in the books of account of the assessee-company with reference to its alleged public issue in fact does ..... associate concerns at a nominal price." 9. the assessing officer also stated that the case of the assessee was clearly covered by the provisions of section 68 of the income-tax act.the conclusions reached by him were the following : (1) the alleged share considerations credited in the books of account of the assessee-company with reference to its alleged .....

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Dec 03 1999 (TRI)

Bennet, Coleman and Co. Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-03-1999

..... required to be made and therefore, rules contained in rule 4 of part a of fourth schedule are not similar to the provisions of section 35(1)(iii) of the income-tax act and therefore, gestetner duplicators (p.) ltd.'s case (supra) does not apply.23. the next decision cited was gabriel india ltd.'s case (supra). in that case, a particular expenditure ..... below has been approved by the indian council of social science research, the prescribed authority for the purposes of clause (iii) of sub-section (1) of section 35 of the income-tax act, 1961, subject to the following conditions : (i) that such funds collected by the foundation under this exemption shall be utilised exclusively for promotion of research in social sciences. (ii) that ..... decided that the sum of rs. 1.50 crores be paid to the corpus fund of the times research foundation as research expenditure under section 35(1)(iii) of the income-tax act." 18. notification under section 35(1)(iii) dated 31-10-1981 issued by the government of india, ministry of finance (department of revenue), new delhi, is provided at page 59 ..... 10-3-1988 : "the research expenditure of rs. 1,50,00,000 represents contribution made to the times research foundation, an institution covered under section 35(1)(iii) of the income-tax act, 1961. we have already filed the necessary notification issued by the government of india, ministry of finance (department of revenue) approving the above institution under section 35(1)(iii)." 15 .....

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Dec 06 1999 (TRI)

Blue Dart Express Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-06-1999

Reported in : (2000)75ITD414(Mum.)

..... 1. these appeals by the assessee are directed against consolidated order dated 19-3-1991 of the commissioner of income-tax under section 263 of the income-tax act, for the assessment years 1994-95 and 1995-96.2. the assessee is a company engaged in the integrated air and ground transportation of time sensitive packages to various destinations ..... of the fact that the assessee has entered into a global service partnership agreement. he argued that on these facts, it is submitted that the cit was in total error in invoking section 263 the act.further, in his impugned order under section 263 the commissioner has not dealt with the merit of the assessee's case or the judicial pronouncements cited ..... termed as technical services, whether the contract is mutual etc. while allowing deduction under section 80-o of the act. before we proceed further let us see what section 80-o stipulates. section 80-o provides for deduction of 50% from the income of an indian company or a non-corporate indian resident by way of royalty, commission, fees or any similar ..... by the assessee before him. he argued that the foundation of the order of the cit is 'non-application of mind by the assessing officer' which, as .....

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Feb 23 1999 (TRI)

Pink Star Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-23-1999

Reported in : (2000)72ITD137(Mum.)

..... -9-1997 for assessment year 1994-95. there are two main grounds in the appeal, one relating to deduction under section 80hhc of the income-tax act, 1961 ("the act") and second, relating to deduction under section 80-i of the act. four main issues are involved in the ground relating to section 80hhc which are as follows : (a) whether premium received by the assessee ..... the process of setting up its plant and machinery, such receipts will go to reduce the cost of its assets. these are receipts of a capital nature and cannot be taxed as income." 22. understanding the above two decisions, in our opinion it follows that whereas a revenue receipt cannot be adjusted against capital expenditure, a capital receipt can be so adjusted ..... business (para 11). - 25. the last ground relates to the denial of deduction of rs. 84,428 under section 80-1 of the act. ao relied on the decision of the bombay high court in the case of cit v. london star diamond co. (i) ltd. [1995] 213 itr 517/79 taxman 276. he was of the view that assessee was engaged ..... of the decision of the supreme court in the case of tuticorin alkali chemicals & fertilizers ltd. v. cit [1997] 227 itr 172/93 taxman 502. however, the facts in that case are quite distinguishable. in that case, assessee had sought to adjust interest income against expenditure which was to be capitalised. this would have not only distorted the actual cost of construction .....

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Jul 30 1999 (TRI)

J.K. Investors (Bombay) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jul-30-1999

Reported in : (2000)74ITD274(Mum.)

..... clause (b) of section 23(1) is not disputed. the dispute is revolving around the meaning of annual rent received or receivable. the word "rent" is not defined under the income-tax act. the dictionary meaning of the "rent" is a periodical payment made by a tenant to an owner or landlord for the use of the land or building (the new oxford ..... . we have given our careful consideration to the rival contentions.since the dispute relates to determination of annual letting value, it will be useful to reproduce section 23 of the income-tax act, 1961 which provides as to how the annual value is to be determined :- 23. (1) for the purposes of section 22, the annual value of any property shall be deemed ..... other authorities working under its jurisdiction. therefore, the contention on behalf of the revenue that the definition of the annual value adopted under the wealth-tax act may also be adopted in interpreting the provisions of the income-tax act, is not well founded. respectfully following the aforementioned decision of the bombay high court, the contention on behalf of the revenue is rejected. it may ..... provided that the notional interest at the specified rate is to be taken into account in determining the annual letting value. same expression has been used in the income-tax act and as such the definition under the wealth-tax act is applicable in respect of the income-tax act for ascertaining the meaning of annual value. it was also pointed out that since the transfer of property .....

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Aug 02 1999 (TRI)

Indian Hotels Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-02-1999

Reported in : (2000)68TTJ(Mum.)706

..... income tax act, 1961 (hereinafter referred to as `the act'), for assessment year 1987-88. following two grounds have been raised in the appeal : (1) on the facts and in the circumstances of ..... officer to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed.the assessee is in appeal before us against the order of the learned commissioner, dated 24-3-1992, made under section 263 of the ..... to be erroneous and prejudicial to the interest of the revenue . accordingly, the order of the commissioner passed under section 263 of the income tax act, 1961 is quashed. ..... his submissions, the learned departmental representative relied on the decisions in vinay d. valia v. addl.income tax officer (1988) 27 itd 109 (bom-trib), duggal & co. v. cit (1996) 220 itr 456 (del) and k.a. ramaswarny chettiar & anr. v. cit (1996) 220 itr 657 (mad).in his reply, as regards the issue whether the supplies constituted ..... the learned commissioner did not survive at all. he relied on the decisions in cit v. gabriel india ltd. (1993) 203 itr 108 (bom), hindustan marketing & advertising co. ltd. v. income tax officer (1989) 28 itd 231 (del-trib) and nirfabrics ltd. v. dy. cit (1994) 50 itd 336 (bom-trib).the learned departmental representative, referring to explanation .....

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