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Judgment Search Results Home > Cases Phrase: mediation Sorted by: old Court: income tax appellate tribunal itat ahmedabad Year: 2003 Page 1 of about 3 results (0.042 seconds)

Jun 13 2003 (TRI)

Smt. Nitaben Tribhovandas Patel Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Jun-13-2003

Reported in : (2004)88ITD202(Ahd.)

..... fact it was not a genuine gift received by the assessee from any nri. for receiving any gift from a friend or relative out of natural love and affection, the mediator or finance broker is not necessary. the assessee in the said note appended with the revised return has also accepted the fact that she is unable to substantiate the genuineness .....

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Nov 28 2003 (TRI)

Dr. K.M. Shah Vs. the Asstt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Nov-28-2003

Reported in : (2004)90ITD21(Ahd.)

1. on a difference of opinion between the members who heard this appeal, the following questions have been referred to me by the president under section 23(11) of the gift-tax act, 1958 read with section 255(4) of the income-tax act, 1961 for my opinion as third member:- "whether the action of the tax authorities in invoking the provisions of section 4(2) of gift tax act for asst.year 1995-96 under appear for bringing to tax the deemed gift is sustainable in the facts and circumstances of the case?" (1) whether on the facts and circumstances of the case, learned accountant member is correct in taking the view in para-13 of separate order that on 18-795 property in question was held to be huf which falls in the asst.year 1996-97 particularly when; (i) arbitrator in his award dtd. 30-3-95 held that the property in question is of huf and in this award itself the arbitrator made complete partition of the property. (ii) on the valuation date 31-3-95 relevant to the a.y.1995-96 assessee dr. k.m. shah, individual did not declare the same in his individual return of wealth on the basis of arbitration award given by shri s.n. soparkar on 30-3-1995 and two sons of the assessee declared the property allocated by arbitrator in their returns of wealth for the a.y.1995-96 and subsequent years. (iii) on 1-4-1995 assessee and his two sons and three daughters without waiting for decree of court on arbitration award entered into an agreement for sale of the property in question namely: "mohan .....

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Apr 25 2003 (TRI)

Deputy Commissioner of Vs. Mira Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Apr-25-2003

Reported in : (2003)87ITD475(Ahd.)

1. these are many cases involving the interpretation of sections 80hh and 80-i. they were heard together and are being disposed of by this common order. besides raising some interpretational aspects and rules of consistency, the following receipts are claimed to be profits and gains derived from industrial undertaking and entitled to deductions under these sections 80hh & 80-i:- (i) interest recovered from debtors for late payment of the sale price; (iii) interest from idbi on deposits required under section 32ab of the act; (iv) interest from the sarafi and bank on deposits out of initial/surplus funds; (v) insurance claim receipts for reimbursement of losses; (vi) sale of scrap, spare parts, sale of raw material & misc. receipts.2. we shall deal with the preliminary arguments. on the rules of interpretation of statute, mr. s.n. soparkar submitted that while interpreting the provisions as regards deduction, if two views are possible, the view in favour of the assessee should be adopted and in this connection ten decisions of the supreme court have been referred to starting from cit v. kulu valley transport co. (p.) ltd. [1970] 77 itr 518 (sc) to mysore minerals ltd. v. cit [1999] 239 itr 775 : 106 taxman 166 (sc). in principal we agree with the id. counsel and say that there cannot be any doubt about the proposition but subject to the following observation of the supreme court in escorts ltd. v. union of india [1993] 199 itr 43 : [1992] 65 taxman 420 (sc): in our view, .....

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