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Judgment Search Results Home > Cases Phrase: mediation Court: income tax appellate tribunal itat mumbai Year: 2005 Page 1 of about 25 results (0.201 seconds)

Nov 22 2005 (TRI)

G.G. Diamond International Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Nov-22-2005

Reported in : (2006)104TTJ(Mum.)809

..... statement subsequently and disproved by several documents, which is also part of the seized material. hence assessee contended, the finding now arrived at by the ao is pre-determined, pre-mediate and based only on presumptions and assumptions, ignoring the facts on record. it was further submitted, assessee was not required to prove the details of the sources/transactions of the .....

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Jan 25 2005 (TRI)

Mr. Parashuram D. Patil Vs. Asst. Commissioner of I.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-25-2005

1. this is an order under section 255(4) of the income-tax act. the following question has been referred by hon'ble members of the bench on account of difference of opinion to me for consideration and disposal: whether long-term capital gain is subject to tax @ 60% as provided under section 113 being part of undisclosed income assessed under chapter xiv-b of i.t. act or the same is subject to tax @ 20% under section 112 which lays down rate of tax on long-term capital gains? 2. the dispute as is evident from the question under reference relates only to the rate of tax applicable to income charged under the head "capital gains". there is no dispute that above income was "undisclosed income" of the assessee. there is further no dispute that income was assessed consequent to a search carried on 4.1.96 at the premises of the assessee under section 132 of the income-tax act.3. the two sections of the income-tax act, which are to the rate of tax for application, in this case are section 112 and 113 of the it. act.these are as under: 112(1) where the total income of an assessed includes any income, arising from the transfer of a long term capital asset, which is chargeable under the head "capital gain", the tax payable by the assessee on the total income shall be the aggregate of - (a) in the case of an individual or a hindu undivided family, (being a resident], (ii) the amount of income-tax calculated on such long-term capital gains at the rate of twenty per cent. 113 the total .....

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Sep 19 2005 (TRI)

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Sep-19-2005

Reported in : (2006)102ITD241(Mum.)

1. these appeals of the assessees are directed against the block assessment years each dated 28-3-2002 passed by acit, central circle 2, thane under section 158bc(c) read with section 254 of the income-tax act.2. i. t.ss(a) nos. 222 & 223/mum/2004 - the following grounds of appeal (as concised) have been raised in these appeals- 1. the assessing officer exceeded his jurisdiction by not following the directions given to him by the tribunal in its order in appeal. 2. the assessing officer erred in going beyond the findings of his predecessor's earlier order and thereby sitting in appeal over the said order of his predecessor. 3. the assessing officer ought not to have disturbed the cost of acquisition, the cost of improvement and the development expenses arrived at by his predecessor in the order for giving effect to the directions. in fact, he should have confined himself only to the directions given to him by the tribunal. 4. the assessing officer erred in computing the capital gains on the sale of various lands. 5. the assessing officer erred in treating the said capital gains as regular profits and again erred in calculating and computing the said alleged profits. 6. the assessing officer erred in assessing the appellant's share in the sale consideration realised on the sale of land to sweet home developers private limited without appreciating that the said land was the subject-matter of litigation. 7. the assessing officer erred in taxing profit on sale of lands to lodha .....

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Apr 07 2005 (TRI)

Cybertech Systems and Software Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Apr-07-2005

Reported in : (2005)3SOT121(Mum.)

this is a bunch of six appeals. three appeals are filed by the assessee and three by revenue. these cross appeals are directed against the orders passed by the cit(a)-viii at mumbai on 12-03-2003, 13-03-2003 and 31-03-2003 respectively. they arise out of the assessments completed under section 143(3) of the income tax act, 1961.the principal issues involved in these appeals are whether the assessee is entitled for exemption under section 10b of the income tax act, 1961? whether the assessee is eligible for the deduction under section 80hhe of the income tax act, 1961? the assessee is a company incorporated in india on 19-1-1995, under the name and style of m/s. cybertech systems & software limited (cssl). the main objects of the assessee company are as follows: "1. to design, develop, alter, make, manufacture, produce, process, assemble, contract, buy, sell, export, import, trade or lease, hire or otherwise deal in computers, computer machinery, spare parts, hardware, software, computer stationery, peripherals, line printers, monitors, modems, hard disc, plotters, digitizers, electronic and electrical machines, controllers for machines, technical know-how related to software and computer programmes and accessories, telecommunication instruments and systems, facsimile trans-receiver, electronic private automatic branch exchange, cordless telephones and pay phones.2. to design, develop, process, compile, service, renovate, remode, construct, assemble, render technical know-how .....

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Feb 08 2005 (TRI)

Reliance Industries Ltd. Vs. Ddi (international

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Feb-08-2005

Reported in : (2005)3SOT501(Mum.)

this is an appeal filed by the appellant-company arising out of the order of commissioner(a) xxxi, mumbai dated 18-2-2002 passed against an order under section 195(2) by dy. dit (international taxation)-2(1), mumbai. number of grounds have been raised which are argumentative as well as narrative however, for the sake of clarity reproduced below : "1. the learned commissioner(a) erred in passing an order, confirming the stand of the assessing officer under section 248 of the act.the appellant submits that the order of commissioner(a) is bad in law, illegal and without application of proper facts in its proper prospective.2. the learned commissioner(a) erred in confirming the stand of the cit with regard to the direction of the ddi (international taxation)-2(1), mumbai with regard to the deduction of tax at source at the rate of 20 per cent while remitting fund to, deutsche bank, u.k.the appellant submits that learned commissioner(a) has not considered the facts as well as the legal submission put forth in its proper prospective and has without application of mind upheld the stand of deducting tax at source.3. the learned commissioner(a) grossly erred in confirming the stand of ddi (international)-2(1), mumbai with regard to rejecting the application made for remitting the funds without deducting tax at source only on the ground that the power to grand exemption for withholding tax lies with govt. of india who vide letter dated 5-2-2002 have withdrawn the exemption granted .....

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Jan 28 2005 (TRI)

Assistant Commissioner of Income Vs. Concord Commercials (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-28-2005

Reported in : (2005)94TTJ(Mum.)913

1. the present special bench has been constituted under section 255(3) of the it act, 1961, to consider and decide the following issue : "on the facts and in the circumstances of the case and in law, the learned cit(a) erred in holding that provisions of section 73 r/w explanation thereto are not applicable in the assessee company and thereby further erred in directing to allow the set off of losses incurred in the business of purchase and sale of shares against the other income. the said view is well supported by the decided case of hon'ble calcutta high court in eastern aviation & industries ltd. v. cit (1994) 208 itr 1023 (cal)." 2. when the court was assembled, shri k.c. naredi, the learned cit (departmental representative), sought the attention of the bench to the adjournment application moved by the revenue. the revenue has sought adjournment of the hearing for the reason that the special counsel engaged by the department to conduct its case, shri beni m. chattergi, has informed his inability to appear in the court for this case and the appointment of another counsel is in the process. the learned cit (departmental representative) has produced a copy of the communication that he has received from shri m.g. zade, ito, 3(1)(3), mumbai, to support the adjournment motion.3. the bench after considering the submissions, expressed its constraints in adjourning special bench cases posted for hearing after a long process of administrative proceedings and giving advance notices .....

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May 18 2005 (TRI)

Amitabh Bachchan Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-18-2005

Reported in : (2005)97TTJ(Mum.)516

1. this appeal has been filed by the assessee against the order of cit(a), central-vii, mumbai, dt. 30th july, 2004 for the asst. yr.2001-02. "(i) on the facts and in the circumstances of the case, the learned cit(a) erred in holding that the entire amount of rs. 23 crores from m/s eel was taxable as appellant's income for asst. yr. 2001-02, without appreciating that-- (a) the appellant was bound under agreements dt. 10th jan., 1995 and 11th feb., 1995 between him and m/s abcl to handover to m/s abcl entire income from 'engagements' as defined in the said agreements except those under clause 1.7 thereof and m/s abcl could enforce the terms thereunder as per clauses 11 and 20 thereof. further, he was also legally bound by his assurance given in information memorandum of m/s abcl issued in 1996 for placing shares thereof at a premium of rs. 70 per share. (b) the said agreements were genuine and bona fide as found by hon'ble tribunal vide its order no. 4453/mum/2000 for asst. yr. 1996-97 in the case of appellant himself, which is highest fact finding authority under the it act, 1961. further, the agreements cannot be held to be genuine in one context and non-genuine in another. (c) the tripartite agreement between the appellant and m/s star india (p) ltd. (sipl) and m/s eel, dt. 12th april, 2001 was entered into by the appellant under the bona fide belief that the programme 'kaun banega crorepati' amounted to a 'feature film' as allowed to be done by him under clause 1.7 of the .....

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Dec 20 2005 (TRI)

Sterlite Industries (India) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-20-2005

Reported in : (2006)102TTJ(Mum.)53

1. the assessee as well as the revenue are impugning the orders of learned first appellate authority in this bunch of 14 appeals and two cross-objections in asst. yrs. 1989-90 to 1999-2000. the learned counsel for the assessee has placed on record a comprehensive chart exhibiting the grievances of respective parties in different years. a perusal of this chart shows that orders of the learned first appellate authority are being impugned on 28 counts. some of the issues are common in the appeals of the respective parties as well as in different years. therefore, we proceed to take up the issue in dispute in seriatim.2. before taking up the issues on merit it is pertinent to note that cross-objections of assessee in asst. yrs. 1998-99 and 1999-2000 are time-barred by 3 yrs., 101 days and 2 yrs., 217 days, respectively, therefore, first we deal with the petition for condonation of delay in filing the cross-objections.3. in order to explain the delay assessee has submitted that the grounds set out in the memorandum of cross-objections are similar to the issues involved in earlier years forming part of the consolidated appeals pending before the tribunal, i.e., whether interest expenditure incurred on the borrowed funds for financing of expansion of existing business is allowable or not. in these assessment years learned cit(a) had allowed such expenses partly for some of the units, however disallowed with regard to aluminium smelter projects at orissa and paper project at vyara. .....

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Aug 26 2005 (TRI)

Jagmohan Singh Arora and ors. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-26-2005

Reported in : (2006)101TTJ(Mum.)682

1. all these appeals have been filed by the different assessees on various grounds which are being dealt as under : 1.1 action under section 132 of the it act, 1961, was conducted in the business as well as the residential premises of the appellant group consisting of the following persons on 10th dec., 1998 during which certain documents, books of account and other valuables including cash and jewellery were found and seized. 1.2 statement under section 132(4) of the main person of group-assessee, shri jagmohan singh arora was recorded in the course of such search proceedings. the said interrogation began at 10 p.m. and continued till 5 a.m., the next morning. during the course of such interrogation the appellant was questioned about receipt of on-money on account of construction project at bhayandar and also unaccounted investment in the land purchased at bhayandar by the assessee-group. on being denied the allegation of receipt of such on-money and also of unaccounted investment, the department presented before the assessee certain pages of a seized document identified as a-6, seized from the residence of one shri j.p. achnani and his statement under section 132(4) wherein he had alleged the same to be belonging to the assessee-group containing recordings regarding receipts and payments (both accounted and unaccounted) relating to construction project and also purchase of land at bhayandar for the proposed housing project called "satguru shelters". according to the .....

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Jan 31 2005 (TRI)

Board of Control for Cricket in Vs. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jan-31-2005

Reported in : (2005)278ITR83(Mum.)

1. by this appeal, the board of control for cricket in india ('assessee' in short) challenges the validity of the order dated 30.03.1999 passed by the director of income-tax (exemption), mumbai under section 263 of the income-tax act, 1961, on the following grounds: "a) for that the impugned order under section 263 of the income-tax act, 1961 (hereinafter referred to as "the act") was passed by the director of income-tax (exemption) wholly without and/or in excess of jurisdiction and is a nullity." "b) for that the authorization permitting remittance without deduction of tax at source already acted upon could not be revised under section 263." "c) for that further and in any event and without prejudice to the aforesaid the director of income-tax (exemption) erred in holding that the authorization was an order or was erroneous or prejudicial to the revenue and in canceling the same." "d) for that the director of income-tax (exemption) erred in holding that guarantee money was income liable to tax or that tax should have been deducted therefrom." "e) for that the director of income-tax (exemption) erred in holding that the board's instruction dated may 17, 1996 was merely a correspondence or was withdrawn or was not binding on the assessing officer." "f) for that the director of income-tax (exemption) erred in holding that the double taxation avoidance agreement with australia did not cover the payment of guarantee money." "g) for that the purported findings of the director of .....

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