Court : Delhi
Decided on : Jul-09-2012
..... lease rent, to the extent it was relatable to elimination of competition from the trust, constitutes capital expenditure. applicability of section 40a(2) of income tax act 28. coming to the second issue, section 40a(2) of income-tax act reads as under:- (2)(a) where the assessee incurs any expenditure in respect of which payment has been or is to be made to any ..... that this payment was in the nature of capital expenses. in this regard, the assessing officer invoked the provisions of section 40a(2) of the income tax act, 1961 (hereinafter referred to as the act). the commissioner of income tax (appeals) confirmed the assessment order. he was also of the view that the unusual increase in the rent was primarily for the purpose of reducing ..... less than 1000 kms from the demises property, constitutes capital expenditure. 5. since, the trust is not an association of persons, the provisions of section 40a(2) of the income tax act are not attracted to the transaction between the trust and the assessee company. consequently, we direct that the assessing officer will apportion the lease rental in various categories as indicated ..... they constitute an association of persons. we, therefore, hold that since mehta charitable trust is not association of persons within the meaning of section 40(a)(2) of income-tax act, the aforesaid provision is not attracted to the transaction which is the subject-matter of these appeals. 32. for the reasons stated hereinabove we answer the questions as below: 1 .....Tag this Judgment!
Court : Delhi
Decided on : Feb-22-2012
..... revenue under section 260a of the income tax act, 1961 (act, for short) relates to assessment year 2002-03 and arises out of the order of the income tax appellate tribunal (tribunal, for short) dated 11th february, 2011 in ita no. 3895/del/2010. 2. pursuant to the order passed by the commissioner of income tax (appeals) under section 263 of the act, the assessing officer passed an order ..... of income tax versus g4s. securities system (india) (p) limited, (2011) 338 itr 46, has held as under:- 9. from the terms of the agreement it is noticed that this arrangement was for ..... ). 8. the aforesaid conclusion of the tribunal is in accord with the decision of the supreme court in cit versus ciba of india limited, (1968) 69 itr 692 (sc) and their subsequent decision in the commissioner of income tax versus i.a.e.c. (pumps) limited, (1998) 232 itr 316 (sc). referring to these decisions, a division bench of this court in commissioner ..... dated 30th july, 2007 holding that the royalty payment of rs.108.64 lacs was capital expenditure, inter alia, for acquisition of a capital asset. 3. the cit(appeals) deleted the said addition. the said order has been .....Tag this Judgment!
Court : Delhi
Decided on : Apr-26-2012
..... 1986 is valid and enforceable in view of subsequent no objection certificate dated 26.04.1984 granted by the appropriate authority u/s 269 ud of the income tax act? opp 4. whether the agreement to sell dated 30.09.1986 is illegal, invalid and unenforceable as being contrary to the terms of the sub-lease ..... .1986 vide ex.pw-1/4. thereafter, form no.37(i) was filed under section 269uc of the income tax act seeking clearance under chapter-xx(c). 3. vide order dated 26.12.1986 (ex.pw-1/5), the appropriate authority directed the pre-emptory purchase of ..... part sale consideration on 30.09.1986 itself. 2. being the requirement of law, an application (ex.pw-1/3) under section 230(a) of the income tax act was filed by the seller seeking permission to sell the said property in favour of the respondents no.1 and 2. the permission was granted on 30.10 ..... by the board of directors. in 1994, i was aware of the provisions of section 269 of the income tax act, which required taking of approval from the income tax authority before sale or purchase of property. i was acting as attorney in the year 1994 for mr.pawan kaula and his father and his two brothers. i might ..... restore possession. 5. on 06.05.1994, respondent no.1 and 2 mrs.nisha raj and ranjit raj offered to refund `29 lakhs to the income tax authorities, to which the income tax authorities did not respond. 6. the seller, mrs.vijay malini kaula died in june 1994. respondents no.1 and 2 i.e. mrs.nisha .....Tag this Judgment!
Court : Delhi
Decided on : Jun-01-2012
..... gone through the records. the first issue that arises for our consideration is about the exercise of power by the commissioner of income-tax under section 263 of the income-tax act. as noted above, the submission of learned counsel for the revenue was that while passing the assessment order, the assessing officer ..... to apply the provisions relating to the deduction under section 80hhc correctly. therefore, the said assessment order is hereby cancelled under section 263 of the income-tax act, 1961 and the a.o. is directed to make fresh assessment as per the provisions of law. while making the fresh assessment, the a. ..... premium received for the transfer of export quota would be treated as a part of export profit eligible for deduction u/s 80hhc of the income tax act or not. (ii) deduction u/s 80hhc is allowed on export profits with a view to encourage earnings in convertible foreign exchange. since ..... , an additional substantial question of law was framed which reads as under: whether the income tax appellate tribunal (itat) has erred in setting aside the order passed by the commissioner of income tax under section 263 of the income of the income tax act, 1961? 32. in the two assessment years, the assessing officer had in the order ..... holding that 90% of the profits on sale of export quota are covered under the first proviso to section 80hhc (3) of the income tax act? 40. for the reasons stated above, the question of law framed is answered in negative i.e. in favour of the revenue and .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-03-2012
..... (per s.j. vazifdar, j.) :- 1. this is an appeal under section 260-a of the income tax act against the order of the income tax appellate tribunal (itat) allowing the respondent's appeal against the order of the commissioner of income tax (appeals). 2. the appeal is admitted and with the consent of the parties heard finally on the following ..... the agreement, the respondent is liable to pay an annual royalty on all amounts invoiced at a rate of 30%. 4. the assessee filed its return of income for the a.y. 2002-2003 declaring a loss of about rs.14,55,99,340/-. the assessing officer (ao) referred the matter to the transfer pricing ..... had not paid for the same, it would make no difference to the determination of the arm's length price of the transaction. 8. section 92c of the act reads as under:- 92c. computation of arm's length price. - (1) the arm's length price in relation to an international transaction shall be determined ..... at about rs.5.85 crores resulting in a reduction of loss of about rs.1.50 crores. 5. the respondent's appeal was rejected by the cit (a). 6. it is pertinent to note that the tpo by the order under section 92ca(3) observed that the respondent's contention regarding the rate ..... officer (tpo) under section 92a(1) of the act for determining the arm's length price (alp) in respect of the royalty paid by the respondent to cami. the respondent claimed the alp at the contractual .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-06-2012
..... meaning ascribed to it in section 44 b as the context in which it is used does not require it to be construed differently. 17. section 44(b) of the income tax act, 1961 reads as under:- 44-b. special provision for computing profits and gains of shipping business in the case of nonresidents. (1) notwithstanding anything to the contrary contained in sections ..... s.j. vazifdar, j. 1. these appeals under section 260-a of the income tax act, 1961 are against a common order of the income tax appellate tribunal dated 13.8.2008 in income tax appeal nos.1540/mum/05 and 2392/mum/06 pertaining to the assessment years 2001-2002 and 2002-2003. 2. by an order dated 29.9.2010, the appeal was ..... are these. the respondent filed its return of income on 5.10.2001 declaring a total income of rs.3,00,25,837/-. it showed gross receipts pertaining to freight in the sum of rs.40,03,44,489/-. relying upon section 44b of the act, the respondent computed its profits and gains chargeable to tax at 7.5% of these receipts to be ..... of slot chartering would form a part of income from operations of ships exempt under article 9 of the tax treaty between india and uk? 2) whether the income of the respondent on account of slot chartering and use of containers in india is taxable under section 44 b or 28 to 43 of the act? 3. as regards the second question, we have .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-09-2012
..... years and the record shows that the assessee company had claimed excess deduction u/s. 36(1)(viii) of the income tax act on income which included non fund base income and income from short term finance? 3) the appeal is admitted on the above question. at the instance and request of the advocates for ..... and states that the tribunal has not dealt with the above case law. in the above case while dealing with section 34(1)(b) of the income tax act, 1922 the court laid down the following parameters for the purposes for reopening of assessments. on a combined review of the decisions of this court the ..... of the case and in law the tribunal was right in holding that the notice for reopening of assessment issued u/s.148 of the income tax act was bad in law as the notice was based on mere change of opinion even though the assessment was reopened within a period of four ..... m.s. sanklecha, j. this appeal by the revenue under section 260a of the income tax act, 1961 (hereinafter referred to as the said act) is directed against the order dated 27/8/2010 of the income tax appellate tribunal (hereinafter referred to as the tribunal) relating to assessment year 1996-97. 2) being aggrieved by the ..... reopening of assessment for the assessment year 1996- 97 by a notice dated 20/3/2001 under section 148 of the said act. on 18/3/2004 the commissioner of income tax (appeals) disposed of the respondents appeal by holding that the reopening of assessment for 1996-97 by notice dated 20/3 .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-10-2012
..... such order u/s. 179, if deemed necessary. the petitioner shall be allowed adequate opportunity of being heard, before passing any such fresh order u/s. 179 of the income tax act. (d) the income tax officer issued a fresh show cause notice on 20th july, 2009 to the petitioner. the notice did not set out any particulars with regard to the efforts made and ..... u/s. 179 holding the petitioner as liable to pay demand in the case of the company cannot be sustained and therefore the said order u/s. 179 of the income tax act is hereby cancelled. however, the a. o. shall be at liberty to pass a fresh order u/s. 179 against the petitioner after making all efforts to recover the demand ..... final hearing. 2. the petitioner now 77 years old, challenges: (a) an order dated 6 january, 2010 of the income tax officer, holding that the petitioner is liable under section 179 of the income tax act, 1961(hereinafter referred to as the said act ) to pay the tax dues of a private limited company, in which he was a director ; and (b) an order dated 30th march ..... from the said company had failed and that the petitioner should be heard before any order is passed under section 179 of the income tax act. it is pertinent to note that before passing the order dated 6th january, 2010 the petitioner was never informed of the efforts made by the department to recover the amounts .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-14-2012
..... the provision of services of technical personnel within the expression technical services, it provided the same expressly such as in sections 44-d, 115-a and 194-j of the income tax act. these three provisions adopt the definition of technical services in section 9(1)(vii). 11. the submission is not well founded, in any event, as an absolute proposition of law ..... and 1982-83. 2.(a) the tribunal has referred the following questions for the opinion of this court, at the instance of the assessee under section 256(1) of the income tax act, 1961: assessment year : 1981-82 1) whether on the facts and in the circumstances of the case, the tribunal erred in holding that the sum of japanese yen 2,973 ..... not be considered as income from business operations. he held that the receipts in the hands of toyo were in the nature of fees for technical services and that the ..... an enterprise shall be treated as income from sources within the contracting state in which are rendered the services for which such fees paid. 8. the ito held that the receipt of the said amounts in the hands of toyo constituted fees for technical services within the meaning of section 9(1)(vii) of the income tax act, 1961 and that the same could .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Aug-16-2012
..... .hastalloy holdings limited (hereinafter referred to as hhl) with the objective of carrying on business of finance. 3. the income tax department carried out search operations under section 132 of the income tax act, 1961 on 28-11-1996 in the business premises of the assessee company as well as the residential premises of the ..... india limited and itta no.24 of 2000 filed by the revenue are appeals under section 260-a of the income tax act, 1961 challenging the order dated 21-09-1999 of the income tax appellate tribunal, hyderabad bench-b in i.t.(ss)a.no.48/vizag/97 for the block period 01-04 ..... of the categorical statements made by the employees of the assessee-company, the tribunal is correct in applying section 69 of the income tax act and treat the f.d.rs. as undisclosed income of the assessee? b) whether the appellate tribunal is justified in sustaining the addition without considering the entire evidence on record? ..... range-i, visakhapatnam, dt.27.11.1997 in pnn/gir.no.h-7). (itta.no.24 of 2000: income tax tribunal appeal under section 260-a of the income tax act-1961 against the order of the income tax appellate tribunal, hyderabad bench b, hyderabad in it(ss).a.no.48/vizag/97 for dt.21.09. ..... block period. in the background of the above facts and circumstances, the assessing officer initiated block assessment proceedings u/s.158 bc of the income tax act, 1961 against the assessee, its associate company hhl and managing director sri g.v.k. rao for the period 01-04-1986 to .....Tag this Judgment!