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Judgment Search Results Home > Cases Phrase: rationale Court: income tax appellate tribunal itat ahmedabad Year: 1999 Page 1 of about 6 results (0.184 seconds)

Aug 13 1999 (TRI)

Hollyhock Engineering (P) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Aug-13-1999

..... cit vs. piara singh (supra). the assessment of income therefore, cannot undergo a change depending upon the legality or otherwise of the transactions.29. the assessee has given complete commercial rationale of the agreements in the preamble of these agreements viz. vil/val had funds.they could not have, on their own, made large number of applications in public issues. therefore ..... at pp 27 to 36 in paras 13 and 14 of the assessment order. it was submitted that the ao has not appreciated the commercial rationale of the transactions at all and has thoroughly misunderstood the transactions. it was submitted that he has totally erred in holding that the agreements were colourable device for tax avoidance ..... a change depending upon the legality or otherwise of the transaction.19. it was further submitted that while commenting on the commercial rationale and the device for tax avoidance, the ao held that the transactions did not have any commercial rationale and was as a matter of fact, colourable device for avoidance of tax as per the reasoning given by the ao .....

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Aug 03 1999 (TRI)

Mahesh I. Jariwala and ors. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Aug-03-1999

Reported in : (2001)72TTJ(Ahd.)240

..... search operations have been duly included in the disclosure of the group, the assessing officer is not justified in substituting his own estimated figures of disclosed income without citing any rationale basis in support thereof. the income-tax authorities during search have prepared a consolidated inventory of stock in respect of the three firms and the excess stock as worked out .....

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Aug 20 1999 (TRI)

Gujarat themis Biosyn Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Aug-20-1999

Reported in : (2000)74ITD339(Ahd.)

..... the appellate orders of the cit(a) are to state the points arising in the appeal, the decision of the authority thereon and the reasons for such decision. the underlying rationale of the provision is that such orders are subject to further appeal to the tribunal. speaking order would obviously enable a party to know precise points decided in his favour .....

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Jul 19 1999 (TRI)

income Tax Officer Vs. Skyjet Aviation (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Jul-19-1999

Reported in : (1999)71ITD95(Ahd.)

these cross appeals arise out of the order of the commissioner (appeals)-i, ahmedabad. we first take up the revenue's appeal (ita no.11 85/ahd. / 1987): "the learned commissioner (appeals) has erred in law and on facts in deleting the disclosed deemed income introduced as cash credits of rs. 7,81,620 and rs. 2,83,494 in the names of miss preeti v. mehta and shri c.s. amin respectively and admitting fresh evidence in the form of affidavit of smt. parulben m. jayakrishan in violation of rule 46a of the income tax rules." the assessee is a limited company engaged in the business of acting as an iata approved travel agents with its head office situated at ahmedabad and three branches situated at bombay, baroda and gandhinagar.miss preeti v. mehta and mr. c.s. amin were the equal 50 per cent partners of the firm of m/s. skyjet since its inception in 1978. both of them were working partners and carried on this business of travel agency. in april, 1979 the assessee-company was floated by miss. preeti v. mehta and mr. c.s. amin and both of them were signatories to the memorandum of association and articles of association of the company.the business of the firm was taken over by the company and both of them were the promoters and the first directors of the company as it is evident from the memorandum of association and articles of association.miss preeti v. mehta was the first chairman of the company and the board of directors conducted the business of the company since its inception .....

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Jul 19 1999 (TRI)

income-tax Officer Vs. Skyjet Aviation Pvt. Ltd. (and

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Jul-19-1999

Reported in : (2000)243ITR1(Ahd.)

1. these cross appeals arise out of the order of the commissioner of income-tax (appeals)-1, ahmedabad. we first take up the revenue's appeal (ita no. 1185/ahd. of 1987) : "the learned commissioner of income-tax (appeals) has erred in law and on facts in deleting the disclosed deemed income introduced as cash credits of rs. 7,81,620 and rs. 2,83,494 in the names of miss preeti v. mehta and shri c. s. amin, respectively, and admitting fresh evidence in the form of affidavit of smt. parulben m. jayakrishna in violation of rule 46a of the income-tax rules." 3. the assessee is a limited company engaged in the business of acting as an iata approved travel agent with its head office situated at ahmedabad and three branches situated at bombay, baroda and gandhinagar.4. miss preeti v. mehta and mr. c. s. amin were equal 50 per cent.partners of the firm of skyjet since its inception in 1978. both of them were working partners and carried on this business of travel agency. in april, 1979, the assessee-company was floated by miss.preeti v. mehta and mr. c. s. amin and both of them were signatories to the memorandum of association and articles of association of the company. the business of the firm was taken over by the company and both of them were the promoters and the first directors of the company as is evident from the memorandum of association and articles of association. miss preeti v. mehta was the first chairman of the company and the board of directors and conducted the .....

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Aug 06 1999 (TRI)

Patel Chemical Works Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Aug-06-1999

1. this appeal, filed by the assesses, is directed against the order dt. 26th feb., 1993. passed by the cit(a)-ii, ahmedabad, for asst. yr.1982-83 whereby a penalty of rs. 2,12,332 levied under section 217(l}(c) has been confirmed.2. the relevant facts in brief are that for asst. yr. 1982-83 under reference the assessee-firm filed its return of income on 15th july, 1982, showing total income of rs. 95,965. the assessment was completed on total income of rs. 2,59,383 vide order, dt. 30th march, 1985, which included inter alia, an addition of rs. 1,61,018 on account of diversion of profits by sham transactions with the sister concerns. the ao observed that out of total sales of rs. 18,98,928, sales to the extent of rs. 11,00,547 have been made to three sister concerns at prices which were lower than the prices which were charged by the assesses for selling the same goods to outsiders. the salient features noticed by the ao in the course of assessment proceedings with regard to these transactions with the sister concerns may be briefly enumerated as under: (a) out of the total sales of the firm amounting to rs. 18,.98.928 sales to the extent of rs. 11,10,548 have been made to three sister concerns viz. m/s. patel chemical industries (abbreviated as "pci"); m/s, patel laboratory furnishers (abbreviated as "plf") and m/s. harsidh chemical industries (abbreviated as "hci"). (b) the price charged was considered to be lower than the prevailing market price. (c) the sister concerns .....

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