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Latest Cases Home > Latest Court: income tax appellate tribunal itat ahmedabad Page 2 of about 1,147 results (0.148 seconds)

Nov 06 2007 (TRI)

Omkar Textile Mills (P) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)115TTJ(Ahd.)716

1. These cross-appeals by the assessee and Revenue, are against the orders of the CIT(A), for asst. yr. 1995-96. Since both these appeals have been heard together, these are being disposed of by this common order for the sake of convenience.2. First we take up assessee's appeal in ITA No. 1085/Ahd/2007. In this case, the original assessment was completed determining total income of Rs. 38,31,380 by the AO. The assessee company carried the matter before the CIT(A), who disposed of the appeal after giving effect to the order of the CIT(A) and the total income of the assessee company was revised to (-) Rs. 19,83,219. Being aggrieved, the Revenue carried the matter in appeal before the Tribunal. The Tribunal, in turn, set aside the following issues to the file of AO for deciding the same afresh: (i) Addition of Rs. 47,33,390 made on account of depreciation on wind farm plant; and 3. The first dispute is with regard to disallowance of Rs. 47,33,390 on account of depreciation on Wind Turbin...

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Nov 02 2007 (TRI)

Kisan Discretionary Family Trust Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)918

1. In this appeal, the assessee has objected to the order of the CIT(A)-II, Ahmedabad dt. 26th Feb., 2007 passed for asst. yr. 2003-04, by way of following grounds: 1. In law and in facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in points of law and facts. 2. In law and in facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in holding that the appellant is not following cash method of accounting. 3. In law and in facts and circumstances of the appellant's case, the learned CIT(A) has erred in confirming addition of Rs. 24,03,33,662 being artificial accrual of interest on various investments. 4. In law and in facts and circumstances of the appellant's case, the learned CIT(A) has grossly erred in confirming the addition of notional interest of Rs. 77,95,691 on investment in optionally fully convertible premium note of Nirma Industries Ltd. 5. In law and in facts and circumstances of the appellant's case, the learn...

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Oct 26 2007 (TRI)

Financial Co-op. Bank Ltd. Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

1. In this appeal, the Assessee has objected to the Order of the CIT(Appeals)-II, Surat dated 16/03/2007 passed for Assessment Year 2006-07 by way of following grounds: 1. On the facts and in circumstances of the case as well as law on the subject, the learned CIT(Appeals) has erred confirming the action of Assessing Officer in levying the penalty of Rs. 79,30,000/- Under Section 272B of the I.T. Act. 2. On the facts and in circumstances of the case as well as law on the subject, the learned CIT(Appeals) has erred in enhancing the penalty by Rs. 20,90,000/- Under Section 272B of the I.T. Act.2. The brief facts relating to the issue involved in this case and as have been revealed from the records are that the assessee is engaged in the business of banking and, therefore, as per the Revenue it was under obligation to comply with the provisions of Section 139A of the Act read with Rule 114B to 114-D of the I.T. Rules, 1962; meaning thereby that the assessee was to get either the Permanen...

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Oct 26 2007 (TRI)

Jet Electronics Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)116TTJ(Ahd.)225

1. This appeal by the assessee is directed against the order passed by the Commissioner of Income-tax-I, Ahmedabad ("CIT" for short) dt. 21st March, 2007 for the assessment year (asst. yr.) 2003-04.2. An objection has been taken by the Registry that the Tribunal fee was short by Rs. 9,500. The assessee contended that there is no nexus of income between the order passed under Section 263 and the assessed income under Section 143(3) of the Act. It was contended that the decision of the Kolkata "D" Special Bench in the case of Bidyut Kumar Sett v. ITO (2004) 85 TTJ (Kol)(SB) 896 will not apply to the case of the assessee. The decision relates to the appeal filed by the assessee in respect of penalty imposed under Section 271(l)(c) of the Act. The penalty under Section 271(l)(c) has nexus with the income assessed as computed and the penalty is based on the assessed income and as such it was decided that in respect of appeal against the penalty under Section 271(l)(c), the filing fee would...

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Aug 27 2007 (TRI)

Amit Estate Organizer Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)1018

1. As these appeals are by the same assessee, for the sake of convenience, we dispose of these appeals by this common/consolidated order.2. Though the assessee has raised various grounds, but at the time of hearing, parties were in agreement that all these four appeals of the assessee involved following issues: (i) The first issue is with respect to validity of proceedings under Section 147 of the Act, 1961 initiated by the AO by issuing notice under Section 148 of the Act on 27th March, 2003 (for asst. yrs. 1995-96, 1996-97 and 1998-99) and on 28th Jan., 2000 for asst. yr. 1997-98. (ii) The second issue is with respect to rejection of assessee's books of account and consequential application of provisions of Section 145 of the Act. (iii) The third issue relates to correctness of report of the DVO determining the cost of investment in buildings constructed by the assessee as a builder for business purpose. (iv) The fourth issue relates to assessee's claim that in case the addition on ...

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Aug 17 2007 (TRI)

National Dairy Development Board Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)114TTJ(Ahd.)145

1. This appeal by the assessee is directed against the order of CIT(A) IV, Baroda, for asst. yr. 2003-04.Originally an Indian Dairy Corporation, was formed as a company and registered under the Companies Act, 1956, for the common objectives of development of rural masses. It was dissolved and its undertaking got vested in the National Dairy Development Board (hereinafter referred to as "NDDB"), a corporation constituted under the NDDB Act, 1987, which came into effect on 12th day of October, 1987. Section 44 of this Act provided that the NDDB would not be liable to pay income-tax or any other tax on its income, profits or gains derived. The said Section 44 read as under: 44. Notwithstanding anything contained in the IT Act, 1961 or any other enactment for the time being in force relating to tax on income, profits or gains, the National Dairy Development Board shall not be liable to pay income-tax or any other tax in respect of its income, profits or gains derived.2. With effect from 1...

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Aug 17 2007 (TRI)

Fascel Limited Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

1. These cross appeals by the assessee and the Revenue are against the order of the CIT(A), for assessment year 2003-04. Both the appeals have been heard together and are being disposed off by this common order for the sake of convenience.2. The assessee has raised three grounds in its appeal. The first and the main ground is against disallowance of brought forward book loss relating to assessment year 2000-01 and earlier years in computing the liability Under Section 115JB of the Act. The dispute is that, as per the books of account of the assessee, there was a loss relating to earlier years. It was claimed to be reduced while working out the book profit Under Section 115JB of the Act, by virtue of Clause (iii), Explanation, below Section 115JB(2). This Clause (iii) provides for reduction of "the amount of loss brought forward or unabsorbed depreciations, whichever is less as per books of accounts". The Explanation to this Clause provides that the provisions of this Clause shall not ...

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Jul 06 2007 (TRI)

Dy. Commisioner of Income Tax Vs. Pramukh Builders

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)112ITD179(Ahd.)

1. It was, in consequence upon difference of opinion between the Members constituting Ahmedabad Bench "B", Ahmedabad that the following question was got referred to for the opinion of the ld. Third Member (Through the Hon'ble President ITAT): Whether, on the facts and in the circumstances of the case, should the Tribunal delete whole of the undisclosed income of Rs. 10 lakhs or should restrict the addition on account of "on-money" to Rs. 1,50,000.2. The Hon'ble Third Member has now expressed his opinion the question referred to him as per order dated Nil June-2007, whereby he has agreed with the view taken by ld. Judicial Member according to which whole of the undisclosed income of Rs. 10 lakhs was directed to be deleted.3. In view of majority decision, the addition of Rs. 10 lacs on account of undisclosed income having been sustained by the CIT (Appeals) stands deleted and assessee's appeal allowed on this point.1. There being a difference of opinion between the two learned Members o...

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Jun 29 2007 (TRI)

Radhe Developers and ors. Vs. Income Tax Officer and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)113TTJ(Ahd.)300

1. These 45 appeals of the assessees and the Revenue are against the order of CIT(A) for various assessment years. Facts and circumstances in all the appeals being similar, they are disposed of by this common order by discussing the facts as they appear in the case of Radhe Developers (ITA No. 2482/Ahd/2006) which are stated to be representing for all.2. The common issue in these appeals is, whether the assessee is eligible for the claim of deduction under Section 80-IB(10) of the Act, on the profit derived from developing and building residential housing project, particularly when the land is not registered in assessee's name and whether the ownership is a precondition to claim of deduction under Section 80-IB(10)of the Act? 3. The briefly stated facts are that the assessee had developed and built a housing project on a land at Revenue Survey No. 648 belonging to one Shri Ghanshyambhap A. Patel and others, through power of attorney holder, Mahendrabhai A. Patel, who are the owners of...

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Jun 05 2007 (TRI)

The Asstt. C.i.T. Vs. National Lamination Industries

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2007)109ITD181(Ahd.)

1. On account of difference between ld. Vice President and Judicial Member of the Income-tax Appellate tribunal, Ahmedabad Bench.Ahmedabad, the following question has been referred to me as a Third Member, under Section 255(4) of the Income-tax Act, 1961: Whether, on the facts and in the circumstances of the case, the assessee is engaged in manufacturing article or thing entitled to deduction under Section 80IB of the Income-tax Act, 1961? 2. During the course of hearing, my attention was drawn towards unintentional exclusion of the words "or producing" after the words "manufacture" and before the words "article or thing" in the proposed question. With concurrence of the ld. CIT (DR) and the ld. Counsels for the assesses, I am of the view that the words "or producing" should be inserted in the proposed question, after the word "manufacture" and before the words "article or thing". Thus the modified question for consideration will read as under: Whether, on the facts and in the circums...

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