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Judgment Search Results Home > Cases Phrase: rationale Court: income tax appellate tribunal itat it Year: 1999 Page 1 of about 24 results (0.047 seconds)

Apr 15 1999 (TRI)

In Re; Damani Brothers

Court : Income Tax Appellate Tribunal ITAT IT

Decided on : Apr-15-1999

Reported in : (1999)238ITR36ITAT

..... in the matter after taking into account all that had been found out by the commission, after he was divested of the is in this context that the rationale for sending the case back to the assessing officer only and not to the "income-tax authority" before whom the proceedings were pending at the time of filing the application .....

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Sep 27 1999 (TRI)

Golani Bros. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Sep-27-1999

1. these cross appeals were heard together and are being disposed of by the common order for the sake of convenience.2. the brief facts giving rise to these appeals are these. the assessee is a partnership concern carrying on the business as civil contractors for the last 30 years. it has been constructing buildings mostly on behalf of the government and of semi-government organisations according to the specifications provided by the contractees. since its beginning, it is being assessed to income-tax.3. in addition to the above, the assessee also obtained a contract from jalgaon municipal committee (hereinafter called jmc) to construct a high-rise building at jalgaon on the land provided by jmc. the relevant details relating to such contract are hereby stated : 4. jmc, jalgaon had awarded the job of development of v.v. market, with high-rise administrative building at jalgaon, to the appellant, vide an agreement dated 18-10-1988, which has been amended from time to time by supplementary agreements. (in all seven supplementary agreements). the project was in respect of the development of a plot of land ad-measuring about 5 acres, by constructing on it a shopping complex, vegetable market and a high-rise administrative building of 17 storeys, as per the drawings and designs to be supplied by the jmc through their architect, kabre choudari, nasik. the aforesaid vegetable market, shopping complex and high-rise administrative block are not separate buildings but all of them are .....

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Jun 25 1999 (TRI)

Petroleum India International Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Jun-25-1999

Reported in : (2000)241ITR43(Mum.)

1. the appeal of the assessee, for asst. yr. 1992-93, had come up for hearing before 'a' bench, mumbai and on the recommendation of the bench, the president constituted a special bench for deciding the appeal. the issue involved is : "whether on the facts and in the circumstances of the case the first appellate authority was justified in upholding the order of the ao disallowing deduction under s. 80-o of the it act, 1961, with reference to gross convertible foreign exchange received by the assessee by way of fees for technical and consultancy services rendered by it to the parties abroad ?" 2. the relevant facts, in this case, are that the appellant is an aop and consists of nine public sector companies as its members. the appellant provides technical and consultancy services to various parties abroad. for asst. yr. 1992-93, for which the previous year ended on 31st march, 1992, the assessee had claimed deduction under s.80-o of the it act, 1961 of rs. 3,38,38,386 being 50 per cent of the total foreign exchange received during the year of rs. 6,76,76,773. the assessee had incurred an expenditure of rs. 1,10,06,689 relatable to two projects, viz., nnpc and petromech. in computing the deduction under s. 80-o, assessee did not take into account the aforementioned expenditure of rs. 1,10,06,689 incurred in india. it was claimed that deduction under s. 80-o is allowable on the receipt of income from abroad in foreign exchange and, therefore, the expenditure incurred in india is .....

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Dec 06 1999 (TRI)

Shanker Rice Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Dec-06-1999

Reported in : (2000)72ITD139(Asr.)

1. the special bench was constituted for these cases on the representation of the assessees themselves as also on the basis of the request made by the rice millers association. it appears that there were conflicting decisions of the amritsar bench of the tribunal pertaining to the yield of rice and its by-products. we must, however, categorically state that it is not the endeavour of this special bench to decide the percentages of yield applicable to each and every assessee as these would depend on the facts of each case and vary from assessee to assessee depending on numerous factors which would be discussed in detail subsequently.2. at the outset we would like to mention that the ld. counsel for the first mentioned appellant raised a preliminary objection to the 'appointment' of shri rakesh goel, jr. departmental representative at chandigarh, as the authorised representative of the revenue to argue the appeals but which after some submissions was not pressed.similarly, shri rakesh goel raised a preliminary objection to the constitution of this special bench but which he could not substantiate by any effective argument. it may be mentioned that this issue is no longer res integra having been settled by the hon'ble supreme court in the case of itat v. dy. cit [1996] 218 itr 275.3. after dealing with the aforesaid preliminary objections we come to the specific facts in each of the appeals which are henceforth decided.4. m/s. shanker rice co. - it is a registered firm which .....

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Dec 31 1999 (TRI)

Assistant Commissioner of Vs. O.P. Gupta

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-31-1999

Reported in : (2000)75ITD123(Delhi)

1. these five appeals are by the revenue and the five cross objections by the assessee are inter-connected and involve common ground. for the sake of convenience, they are considered together and decided by this consolidated order.2. the common ground in all the five appeals by the revenue is as under:-- on the facts and in the circumstances of the case, the learned cit(a) has erred in quashing the assessments on the ground that notices were not validly served and there was no valid assumption of jurisdiction by the assessing officer.3. assessments for the assessment years 1979-80 to 1983-84 were originally completed under section 143(3)/144 of the income-tax act, 1961 on a total income of rs. 7,211, rs. 13,570, rs. 10,240, rs. 12,690 and rs. 13,750. subsequently, the assessments were reopened under section 147(a) of the act on the ground that cash credits shown in the name of smt. bhagwani devi and m/s. jagdamba finance corporation were found to be not genuine as the creditors were merely name lenders as held by assessing officer in the case of m/s. metal house assessed by the ito, ward-14 (4), new delhi m/s. jagdamba finance corporation could not prove the capacity to advance heavy loans to m/s. metal house and the credit in the name of m/s. jagdamba finance corporation was held to be not genuine in the case of metal house. in view of this information the action under section 147(a) of the act was taken by the assessing officer with the prior approval of the cit. .....

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Apr 09 1999 (TRI)

S. Gurlal Singh Tuli Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Nagpur

Decided on : Apr-09-1999

Reported in : (2000)73ITD365(Nag.)

..... by the department.8. the learned departmental representative, on the other hand, submitted that the department's case is not that the provisions of s.44ae are applicable but only rationale and yardstick laid down in that section are followed. he clarified that the ao has not invoked the provisions of the s. 44ae. he pleaded that only details of expenses ..... estimate the income of the assessee. without making out such a case for estimating the income the revenue authorities have jumped to the conclusion to estimate the income as per rationale and yardstick laid down in s. 44ae. thus, the department has placed much more emphasis on mode and manner in which the income of the assessee is to be estimated ..... (a) the learned departmental representative has also justified the action of the ao on the ground that the provisions of s. 44ae are not invoked by the ao but only rationale and yardstick laid down in that section has been adopted.25. we cannot approve the view taken by the departmental authorities firstly because it is not a case of estimation .....

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May 25 1999 (TRI)

Jhantala Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : May-25-1999

Reported in : (2000)73ITD123(Mum.)

1. the assessee is a company. it was granted certificate of registration no. 23334 of 1980, by the registrar of companies, bombay, on 24-10-1980. photocopy of the certificate of incorporation is provided at page 6 of the paper compilation filed on behalf of the assessee. as per the certificate commencement of business was granted to the assessee dated 25th november, 1980, a copy of which is provided at page 7 of the paper compilation, and accordingly the assessee commenced its business. the company is a public limited company. its business is that of investment and trading in shares by way of speculation and ready shares. m/s. h. b. financial consultants, h-72, connaught circus, new delhi was the managers to issue of equity shares of 170000 at rs. 10 each for cash at par. the registered office of the assessee was at 1111-a, raheja chambers, 213, backbay reclamation scheme, nariman point, bombay - 400 021. the authorised share capital was rs. 30,00,000 divided into 3,00,000 equity shares of rs. 10 face value out of which 30000 equity shares of rs. 10 each was paid-up for cash at par to the promoters, directors and their friends.excluding 30000 equity shares, 1,70,000 shares at the face value of rs. 10 each were offered to the public. when off ered to the public, the conditions were that on application rs. 5 per equity share is to be paid and on allotment the remaining rs. 5 per equity share is to be paid. one of the board of directors, inter alia, comprised of shri .....

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Aug 05 1999 (TRI)

Ms. Reena H. Mirchandani Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-05-1999

1. this is assessee's appeal against the order of cit(a) v, new delhi dt. 19th december, 1991 relating to asst. yr. 1988-89 and following grounds have been raised by the assessee : "1. that the learned asstt. cit has earned in law, on facts and in the circumstances of the case in treating rs. 7,59,000 as income from undisclosed sources and the learned cit(a) in confirming the same on wholly illegal, erroneous and untenable grounds. 2. that on the facts and in the circumstances of the case the addition of rs. 7,59,000 confirmed by the learned cit(a) be deleted." 2. facts are like this that on 2nd november, 1987 the dri seized indian currency worth rs. 7,59,000 and foreign currency equivalent to rs. 3,500 from assessee's possession when she was about to board the british airways flight no. ba-019 from new delhi to hong kong. in her statement recorded by the dri authorities and later on by the it authorities she stated that the indian currency was handed over to her by a person named mr. raja at her residence when she was about to leave for the airport. it was also stated by her that this was to hand over to one shri a. sajwani, a dubai based party. it was claimed by her that shri a. sajwani asked her to carry packets to hong kong which was to be collected by him there from her. she also claimed that she did not know that the packets contained the indian currency. the assessee also did not know the address and whereabouts of mr. raja as well as mr. a.sajwani. the ao on these .....

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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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Jun 28 1999 (TRI)

Jagan Nath Gurbachan Singh Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Jun-28-1999

Reported in : (2002)73TTJ(Asr.)878

..... tamper with the yield from raw-material used in the manufacturing process. of course, there has to be a scientific base for arriving at more rationale and scientific yield. often, it has been observed that this rationale is not being followed by the authorities below. we are of the opinion that it is the duty of the department to be equipped with .....

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