Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Aug-22-2007
Reported in : (2007)111TTJ(Mum.)402
..... precedent have to be satisfied. accordingly, where the premises of a director of a company and his wife were searched under section 132 of the it act, 1961, and a block assessment had to be done in relation to the company, the ao had to (i) record his satisfaction that any ..... upon mrs. shobha ahuja and some seized materials were found. the ao of mrs. shobha ahuja framed the block assessment under section 158bc of the it act and made certain additions on the basis of the seized materials. at the time of framing of the block assessment under section 158bc, the ao ..... of mrs. shobha ahuja has written various letters in this regard, it amounts to proper satisfaction before invoking the provisions of section 158bd of the act.7. we have heard the rival submissions and carefully perused the orders of the lower authorities and the documents placed before us.8. undisputedly, ..... , the learned counsel for the assessee has challenged the validity of the block assessment framed under section 143(3) r/w section 158bd of the it act at the threshold, for the reasons the provisions of section 158bd were not invoked in accordance with law. before invoking the provisions of section 158bd ..... 670 : (2004) 91 itd 118 (bang)(sb); (iii) sakun international v. jt. cit (2005) 96 ttj (del) 496 : (2005) 94 itd 138 (del); (iv) janki exports international through s.p. gupta v. union of india (2005) 193 ctr (del) 730 : (2005) 145 taxman 82 (del).6. the learned departmental representative on the other hand has submitted .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Dec-06-2007
Reported in : AIR2008SC725; 2008(1)AWC890(SC); [2008(3)JCR39(SC)]; JT2008(1)SC26; 2007AIRSCW7857
..... to the request of the appellant and upseb kept on sending bills including the bills of electricity consumed by the residential quarters. in the meantime, punjab national bank which extended financial assistance to the appellant initiated recovery proceedings before the debts recovery tribunal. the tribunal passed an interim order whereby the appellant ..... 08.03.1999 allowed the appellant to lease out the factory with a direction that 50% of the rent amount shall be paid directly to the punjab national bank. thereafter, 50% of the rent is being received by the bank and 50% rent by the appellant from the lessee. 3. on ..... the residential colony of their employees by approaching the respondents depositing necessary charges, cost and by complying with the provisions of the indian electricity act, the electricity supply act, rules and regulations made therein, which they failed to do. all the relevant aspects have duly been considered and rightly rejected by the ..... be noted that the requests for permanent disconnection made by appellant on 30.06.1995, 13.07.1995 and 07.08.1995 could not be acted upon as under the terms of the supply agreement dated 30.09.1994, there could be no request for termination before the end of two ..... of rs. 13,40,42,018/-. in the meantime, the appellant made a reference to the bifr under section 15 of the sick industrial companies act. on 20.08.1999, the appellant sent its objection reiterating the stand that they were not liable to pay and returned the bills to the .....Tag this Judgment!
Court : Delhi
Decided on : Nov-01-2007
Reported in : 2007(4)ARBLR470(Delhi); 2007(99)DRJ610
..... petitioner's work was limited to placement of reinforcement and concrete which was supplied by rsd which was under the domain of the state of punjab. this placement was to be under the supervision and direction of the rsd authorities.3. petitioner could not start work in time as according to ..... for work of concreting behind gate control and junction reach including transition zone of tunnels p1 and p2 of ranjit sagar dam at shahpurkhandi near pathankot, punjab, respondent awarded this work to the petitioner vide letter no. dl1/con/tec/226/66 dated 6.5.1996 for a sum of rs. ..... institution fails to perform any function entrusted to it under that procedure.17. this court in varun associates v. army welfare housing organisation : 2005(83)drj500 in similar circumstances when petitioner sought appointment of an arbitrator alleging that it had sent a letter to the respondent for appointment of ..... the power exercised by the court while considering an application under section 11(6) of the act are judicial in nature and not administrative one.9. in sbp & co. v. patel engineering ltd. and anr. (2005) 8 scc 618. it was observed:first of all, the power is conferred not on an ..... act') for appointment of an arbitrator as according to it, respondent failed to appoint arbitrator in terms of the arbitration agreement contained in the contract dated 6.5.1996.2. briefly narrated the case of the petitioner is that it is carrying on business under the name and style of kuljit singh & co. the state of punjab .....Tag this Judgment!
Court : Allahabad
Decided on : Oct-24-2007
Reported in : 187TAXMAN220(All)
..... appeal irrespective of revenue involved.30. in contra, the learned counsel for the assessee submits that since the question of taxability of prize money won in the lottery of sikkim government to tax under the income-tax act, 1961 for the assessment year prior to 1990-91 has been set at rest by the bombay high court in nirmala l. mehta's case (supra ..... . chaman lal :  156 itr 245 :  26 taxman 634 a division bench of punjab and haryana high court on consideration of various sections of the income-tax act including section 5(1), with reference to lottery income earned by the assessee on a lottery ticket of sikkim government, held as follows:after hearing the learned counsel for the parties and on consideration of the ..... on the issue involved in the appeal. the bombay high court has held that lottery income earned in the assessment year prior to assessment year 1990-91 on a lottery of sikkim government is not taxable under the income-tax act, 1961. a contrary view has been taken by the punjab and haryana high court. on a careful consideration of the aforesaid two decisions and ..... and customs which place a different interpretation upon the said phrase, that interpretation will be binding upon the revenue.18. recently the apex court in commissioner of trade tax v. kajaria ceramics ltd. : 2005 (6) jt (sc) 28 repelling the argument of the assessee therein based on the aforesaid judgment of the supreme court in the case of dhiren chemicals industries (supra .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Oct-19-2007
Reported in : (2008)115TTJ(Delhi)906
..... . we have considered rival contentions. with regard to learned cit(a)'s action for not allowing deduction with reference to the incentive received by the assessee and claimed under proviso to section 80hhc(3) we found that because of the insertion of 5th proviso to section 80hhc(3) by taxation laws (amendment) act 2005, with retrospective effect from 1st april, 1998, the assessee ..... -1 is not allowable on the amount of duty drawback. similar view has been taken by hon'ble delhi high court in case of cit v. ritesh industries . in case of nahar exports ltd. v. cit , hon'ble punjab & haryana high court held that deduction under section 80-ia is not eligible on income from sale of import licenses. hon'ble madras high ..... court in the case of cit v. jameel leathers & uppers held that cash assistance, duty drawback and import license nomination premium is not eligible for deduction ..... under sections 80hh and 80j of it act, 1961. no contrary decision .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Oct-15-2007
Reported in : AIR2008P& H39; (2007)4PLR754
..... prescribed period the amount deposited shall be forfeited.5. all properties are being sold subject to conditions prescribed in the second schedule to the income-tax act, 1961 & rule made thereunder. the highest bid will be approved by authorised officer.6. x x x x x x x x x ..... of acceptance of bid price by the authorised officer in respect of the sale by way of pay order/demand draft favouring authorised officer punjab & sind bank drawn on any nationalised or scheduled bank immediately after the fall of hammer failing which earnest money deposit shall be forfeited ..... are required to deposit the earnest deposit @ 5% of reserved price by way of pay order/demand draft payable at chandigarh and favouring authorised officer punjab & sind bank drawn on any nationalised or scheduled bank. the earnest money deposit shall not carry any interest. emd of the two highest bidder shall ..... may be got confirmed in your favour and the possession of the property be handed over to you as per the provisions of the sarfras1 act, 2002).(emphasis added)10. the aforementioned communication cannot be considered as confirmation of sale merely because the balance amount of rs. 1,31, ..... .11.2006, the respondent-bank by invoking section 13(4) of securitisation and reconstruction of financial assets and enforcement of security interest act, 2002 (for brevity, 'sarfarsi act' ) took possession of the secured/mortgaged property in dispute after following due procedure. the total demand raised by the respondent-bank from .....Tag this Judgment!
Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai
Decided on : Oct-15-2007
Reported in : (2007)(123)ECC328
..... to the supplier (rejected inputs). the issue of unjust enrichment of such subsequent payment made by an assessee was an issue before the hon'ble high court of punjab & haryana in the case of modi oil & general mills (supra) wherein their lordships on a reference application filed by the revenue held as under. 3 ..... of hearing of the appeal. on the other hand, we find that the hon'ble supreme court's in the case of cce hyderabad v. itc ltd. 2005 (179) elt 15 (sc), by taking note of the board's circular, has ordered payment of interest on refund accruing to the assessee, as a ..... as the duty had been paid on a subsequent date. this has been held to be sufficient to replace the presumption raised under section 12b of the act. therefore, we find that no question of law warranting admission of this matter would arise and accordingly the application filed by the revenue is dismissed.9. ..... find that no question of law would arise warranting acceptance of prayer of the revenue to make a reference to this court under section 35g of the act. the question whether the incidence of duty has been passed on to the buyer is necessarily a question of fact. the commissioner (appeals) as well ..... excise or customs, us the case may be, will suffice for the purpose. all pending refund applications already made under the relevant provisions of the indirect tax enactments for return of such deposits and which are pending with the authorities will also he treated as simple letters asking for return of the deposits, .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Lucknow
Decided on : Jun-29-2007
Reported in : (2008)117TTJLuck549
..... be treated as a valid return.we are supported in our view by the decision of hon'ble allahabad high court in parvati devi v. cit 1970, 75 itr-625, (alld) of hon'ble punjab & haryana high court in auto metal engineers v. union of india and also the decision in r.k. chawla's case and mohd. ..... such return as it is non-est. he relied on the decision of special bench of i.t.a.t. in raj kumar chawla's case reported in (2005) 94 itd-01 (sb) for the proposition that section 143(2) is applicable to a valid return and not to an invalid return. he also relied on ..... to him, it could not hove been said that the "credits" represented "undisclosed income" of the appellant, within the meaning of section 68 of the act. 5.1 because the learned cit(appeals) had erred in law and on facts in upholding the following disallowances:-(a) rs. 5,000 : out of factory expenses claimed at rs. 14, ..... assessed the taxable income at rs. 7,87.789 instead, making an addition of rs. 7,23,889 after making adjustments under section 143(l)(a) of the act.as per the adjustments explanatory sheet, appended to the intimation, the assessing of(sic) r recomputed the taxable income at the rate of 40 per cent of the ..... a particular income falls under the head "business income" or "income from other sources". the assessee was only sent an intimation under section 143(1) of the act and the question of examination of the material by the assessing officer did not arise at that stage. thus, there was no question of change of opinion. the .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-31-2007
..... power equip, (supra) as discussed hereinabove. with regard to the amendment brought in by the taxation laws (amendment) act, 2005, which received the assent of president of india on 28th december, 2005, therefore could not be considered by cit qin his order dated 30th march, 2005, we direct the assessing officer of recompute the deduction under section 80hhc in accordance with the amended provisions as ..... amended provisions/after insertion of second, third, fourth and fifth proviso by the taxation laws (amendment) act, 2005. with regard to admissibility of duty draw- back for deduction under section 80-ib, the issue is squarely covered by the decision of hon'ble delhi and punjab & haryana high courts in favour of revenue as discussed above. same analogy can be very safely applied ..... for admissibility of subsidy received from dic for computing deduction under sections 80-ib and 80hhc, and can be treated as covered by the decision of hon'ble delhi and punjab & haryana high courts in favour of revenue, as discussed above. with regard to allowability deduction on interest, we direct the assessing officer to follow the principles as laid down in ..... deduction is permissible under section 80hhc.we thus direct the assessing officer to recompute the deduction under- section 80hhc and 80-ib keeping in view the verdict of delhi and punjab & haryana high courts as discussed above. we direct accordingly.16. in the result, appeal of the assessee is allowed in part as indicated hereinabove. .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-25-2007
..... very same time such interest expenditure is required to be reduced from the interest income for bringing the net interest income to tax net under section 56 of the income tax act.9. in view of the above discussion, we are inclined to agree with the learned dr shri r.l. meena that ..... manufacturing and sale of telecommunication equipment the business. he further contended that in the grounds of appeal, the revenue has not disputed the findings of cit (appeals) about the interest as business income. there was no dispute that assessee was an industrial undertaking, entire income was covered for statutory deduction ..... considered as inextricably related to carrying out on business of industrial undertaking and considered for deduction under section 80-ia of the act: 1. assistant commissioner v. maxcare laboratories ltd. (2005) 92 itd 11 (ctk.) the bank interest income was considered as inextricably related to carrying out on of business of ..... of nahar export ltd. v. cit (2006) 288 itr 494 (p&h).7. the issue regarding ..... has been taken in case of cit v. j.b. exports ltd. by the honble delhi high court, wherein decision of madras high court in case of cit v. jameel leathers & uppers (2000) 246 itr 973 (mad) was followed. similar view has been taken by the punjab & haryana high court in case .....Tag this Judgment!