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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: income tax appellate tribunal itat mumbai Year: 1999 Page 1 of about 60 results (0.107 seconds)

Dec 17 1999 (TRI)

Birla at and T Communication Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-17-1999

Reported in : (2001)77ITD142(Mum.)

..... my part. accordingly the issue is decided against the appellant. 5. in the second ground, the appellant has contested levy of additional tax under section 143(1a) of the income-tax act, 1961. the issue being consequential in nature, no specific directions are called for on my part.7. the assessee is in further ..... licence fees had been effected in an earlier year. the only question was, according to him, whether the assessing officer was justified in charging additional income-tax in respect of a debatable or ticklish question relating to the interpretation of a statutory provision. in his submission, the assessing officer was not justified. ..... on the basis of the provision as it existed at the time of filing the return for the assessment year 1997-98 and therefore no additional income-tax can be charged. "4. on a careful consideration of the submissions made, 1 agree with the action taken by the assessing officer. the ..... paid was not a prima facie adjustment and that consequently the levy of additional income-tax was also illegal. it was contended that until the business was set up, the assessee cannot claim any expenses or losses under the act and therefore, prior to 26-1-1997. it could not have claimed any ..... 143(1)(a) of the act by disallowing a sum of rs. 31.38 crores, for the reasons given by him in the adjustment explanatory sheet. the second dispute, which is the more important one is whether the assessing officer was justified in levying additional income-tax of rs. 2,69,86, .....

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Dec 09 1999 (TRI)

S.R. Doshi Finance and Investment Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-09-1999

Reported in : (2000)75ITD434(Mum.)

..... -company returned a loss of rs. 3,79,090 for the year under consideration, which was assessed to a positive income of rs. 3,79,820 under section 143(3) of the income-tax act, 1961 ('the act'). in the course of assessment proceedings, it was observed by the assessing officer that the assessee who was in leasing ..... well accepted one and must be applied in appropriate cases but with circumspection and must not be called in aid to defecat the fundamental principles of the law of income-tax as developed." 6. of the eight propositions laid down, proposition nos. (1), (2) and (7) are directly relevant for the present appeal. taking up ..... amount of rs. 3.96 lacs and rs. 59,400 being interest thereon to the total income of the assessee.3. cit(a) applied the decision of the supreme court in the case of state bank of travancore v. cit [1986] 158 itr 102/24 taxman 337 and observed that since the agreement provided for ..... become bad, deduction in compliance which the provisions of the act should be claimed and allowed. (4) where the act applies, the concept of real income should not be so read as to defeat the provisions of the act. (5) if there is any diversion of income at source under any statute or by overriding title, then there ..... not carry any force. it was also observed by him that it was not a notional income given up by the assessee.thus, the addition of rs. 3.96 lacs and rs. 59,400 was confirmed by the cit(a).4. shri subhash shetty, the ld. counsel for the assessee, relied on the decision .....

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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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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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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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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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Nov 21 1999 (TRI)

Deputy Commissioner of Vs. Paramount Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-21-1999

Reported in : (2001)76ITD25(Mum.)

..... the plantations. that, therefore, the interest paid by the respondent was allowable as a deduction under section 5(e) of the madras plantations agricultural income-tax act, 1955. in principle there is no distinction between interest paid on capital borrowed for the acquisition of a plantation and interest paid on capital borrowed ..... part of block of assets, even though the assessing officer had correctly disallowed the amount of account of capital expenditure" the assessee had declared hotel income at rs. 2.02 crores in this year as compared to rs. 1.87 crores of last year. the assessee had borrowed from hdfc ..... the high court, held that the guarantee commission paid to the bank was revenue expenditure and hence was an allowable deduction in computing the total income of the assessee in the asstt. year 1968-69. interest on deferred payment for purchase of machinery was held to be revenue expenditure by the ..... . similarly, the processing charges paid on loan of rs. 2.00 crores towards phase-ii of tungwa project is allowable as revenue expenditure.the cit(a) held, accepting the contention, that the hotel business had already commenced and profit derived from hotel was declared by the asscssee both for ..... laid out or expended wholly and exclusively for the purpose of the assessee's business and was, therefore, allowable as a revenue expenditure. the act of borrowing money was incidental to the carrying on the business, the loan obtained was not an asset or an advantage of enduring nature, the .....

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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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Oct 29 1999 (TRI)

LupIn Agrochemical (i) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-29-1999

Reported in : (2000)75ITD278(Mum.)

..... not in accordance with the accountancy practice. accounting practice cannot override section 56 or any other provision of the income-tax act.11. it was further held by their lordships of the supreme court that under the income-tax act, 1961 the total income of a company is chargeable to tax under section 4 and it has to be computed in accordance with the provisions of the ..... in short-term deposits in order to earn interest. such interest will be chargeable under section 56 of the income-tax act". their lordships further held that the interest earned by investing borrowed capital in short-term deposits is an independent source of income connected with the construction activities or business activities of the assessee.13. in the light of the above decisions ..... import entitlements itself or sell the same to others. it sold the import entitlements to others. its total income for assessment year 1979-80 included the sale proceeds for such import entitlements. the assessee claimed relief under section 80hh of the income-tax act, 1961 on the profits including the sale proceeds of import entitlements. the tribunal confirmed the disallowance made by ..... act. section 14 lays down six heads for the purpose of computation of income. their lordships further held that it is possible for a .....

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Oct 28 1999 (TRI)

Assistant Commissioner of Vs. Classic Diamonds (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Oct-28-1999

Reported in : (2000)75ITD245(Mum.)

..... mining :- a substance that is neither animal nor vegetable or inorganic substance. thus there is no doubt that rough diamonds are minerals. the twelfth schedule of the income-tax act gives the list of such processed minerals in respect of which deduction under section 80hhc is permissible. item (x) of the said schedule reads as under :- "( ..... is an independent unit of assessment and it is well settled that principles of estopple do not apply to income-tax proceedings. in the year under appeal the decision of the cit(a) being contrary to our view is set aside and that of the assessing officer restored. ..... are of the view that the assessee is not entitled to deduction under section 80hhc on the export of rough diamonds. the mere fact that the cit(a) has allowed the claim of the assessee in earlier years does not bind us not to decide the issue in accordance with law. each year ..... rough diamonds are other than cut and polished minerals and therefore deduction under section 80hhc is not permissible in respect of such exports. the decision of the cit(a), it was stated, is thus not in order.5. the learned counsel for the assessee on the other hand pointed out that in the past ..... is that the purpose of deduction under section 80hhc would be defeated if the raw material imported is re-exported without any value addition.3. the cit(a), considering the fact that the claim of the assessee was accepted by his predecessor in assessment year 1990-91, allowed the claim of the assessee .....

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