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Apr 23 2008 (TRI)

Direction Software Solutions Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)841

1. This appeal filed by the assessee is directed against the order of CIT(A)-XII, Mumbai and relates to asst. yr. 2001-02.2. Assessee is aggrieved that the learned CIT(A) sustained denial of exemption under Section 10A in respect of sum of Rs. 10,66,788 stated to have been received for supply, site development and modification of computer software.3.1 Assessee is stated to be engaged in the business of software exports. During the relevant previous year, assessee had claimed exemption under Section 10A of the Act for a sum of Rs. 62,95,430. AO required clarifications on the party-wise details of software income received and this was furnished by the assessee. From these details, amounts received from one M/s Otto Versand International (in short 'OVT) were taken out by the AO, since according to him these were not software exports. The list of such items relating to M/s OVI not considered by the AO as software exports is verbatim reproduced hereunder:Sr. Invoice No. Date AMT(Cur) Amoun...

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Apr 17 2008 (TRI)

Dawat Institute of Dawoodi Bohra Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)673

1. This appeal by the assessee is preferred against the order of the CIT(A) on a solitary ground that the CIT(A) has erred in upholding the AO's order of not allowing statutory deduction at 25 per cent of the gross total income even though the same was a legitimate claim of accumulation of income, disregarding the previous orders of the CIT(A) and the judgment of the Hon'ble Supreme Court in the case of CIT v.Programme For Community Organisation .2. We have heard the rival submissions and carefully perused the orders of the authorities below and the documents placed on record.3. The facts relating to the impugned issue borne out from the record are that the assessee is a religious and charitable trust for the benefit of Dawoodi Bohara community and its objects are religious and charitable in nature. The total income of the assessee is Rs. 35,60,82,101 which is comprised of income from 'house property' of Rs. 3,94,45,845, voluntarily contribution Rs. 31,60,13,264 and miscellaneous inco...

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Apr 16 2008 (TRI)

Asst. Commissioner of Income-tax Vs. Star India Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)577

1. These are the cross appeals by the Revenue as well as assessee which have been heard together and are being disposed off by the common order for the sake of avoidance.2. The major issue arising from these appeals relates to the claim of the assessee under Section 80HHF of the I.T. Act, 1961 (the Act). The first aspect of the issue in dispute is whether the claim of the assessee can be denied on the ground that there is loss in the export activity if the profits from export activity are computed on standalone basis by ignoring the results of other activities.3. Briefly stated the facts are these: The assessee company is engaged in (i) the business of producing television programmes and exporting the same to the foreign parties, (ii) acting as an agent for advertising sales for Star and Overseas media companies, and (iii) rendering services to media companies. In the year under consideration, the assessee claimed deduction of Rs. 12,97,67,452/- under Section 80HHF of the Act. In comp...

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Apr 16 2008 (TRI)

Shoreline Hotel (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)536

1. This appeal is directed against the order of the CIT(A), confirming the addition of Rs. 19,01,475 on account of bogus purchases, made by the AO in the block assessment proceedings initiated under Section 158BD of IT Act, 1961 (the Act).2. The learned counsel for the assessee has raised the following additional ground: The notice issued under Section 158BD of IT Act, 1961 is illegal, invalid and bad in law and consequent assessment framed thereupon is liable to be cancelled.It has been submitted by the learned Counsel for the assessee that the ground raised is purely legal and goes to the root of the matter and is also based on the legal finding given by the Hon'ble Supreme Court in the case of Manish Maheshwari v. Asstt. CIT . Reliance has been placed on the decision of the Supreme Court in the case of National Thermal Power Co. Ltd. v. CIT adjudication of the additional ground. The only objection raised by the learned Departmental Representative is that such ground was never taken...

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Apr 08 2008 (TRI)

Extermpore Securities and Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)525

1. In this appeal the assessee has raised the following grounds of appeal: 1. The learned CIT(A)-IV on the facts and in the circumstances of the case erred in confirming the order passed under Section 143(3) of the Act by the AO assessing total income at Rs. 1,19,13,449 and determining speculation loss of Rs. 1,27,26,924. 2. The learned CIT(A)-IV on the facts and in the circumstances of the case erred in upholding the additions made by the AO of Rs. 65,56,631 being deemed dividend in terms of Section 2(22)(e) of the Act. 3. The learned CIT(A)-IV on the facts and in the circumstances of the case erred in confirming that the assessee company is engaged in the business of trading in shares and Explanation to Section 73 of the Act is applicable and allocating an amount of Rs. 1,27,26,924 to the speculation business by apportioning an amount of Rs. 1,38,51,924 being interest paid to bank and claimed as deduction from business income. 4. The learned CIT(A)-IV on the facts and in the circums...

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Mar 31 2008 (TRI)

Deputy Commissioner of Income Tax Vs. Ardeshi B. Cursetjee and Sons Lt ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)916

1. These appeals filed by the Revenue arise of the order of the learned CIT(A), Central IV, Mumbai, for the asst. yrs. 1995-96, 1996-97, 1997-98, 1998-99 and 2000-01 and the assessse's appeal for the asst.yr. 1999-2000 arises out of the order of the CIT(A). All these appeals Involve common disputes, they were heard together and are being disposed of by a common order.2. Ground Nos. 1 and 4 in the Revenue's appeals for the asst. yrs.1995-96, 1996-97, 1997-98, 1998-99 and 2000-01 relate to Initiation of the proceedings under Section 147 of the Act by the AO. In all these years action under Section 147 of the Act has been taken for disallowing expenditure of foreign commission payments made to M/s ABC Dubash Shipping Ltd., as under: Admittedly, in all these years the proceedings under Section 147 were taken after expiry of four years from the end of the assessment year in which the income chargeable to tax had allegedly escaped assessment.The contention of the assessee all along was that...

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Feb 29 2008 (TRI)

Nirmala P. Athavale Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)353

1. This appeal is filed by the assessee and directed against the order of CIT(A)-XVII, Mumbai dt. 8th Dec., 2004 for asst. yr. 2001-02.2. We have heard both the sides and have also perused the materials placed on record and applicable legal position.3. In this appeal, the assessee is aggrieved by the decision of learned CIT(A) in confirming the gifts of Rs. 1,22,70,795 received by the assessee on his 80th birthday as his income from business and profession.4. Ground No. 2 is argumentative in nature in support of ground No. 1, hence, no specific decision thereon would be given as the same would be dealt with ground No. 1.5. The facts, in brief, are that the assessee is an individual who filed return of income showing income from other sources. As borne out from the assessment order, it is noted that assessee is a well known social reformer and philosopher and lacs of followers are spread all over the world. The AO from the note enclosed with the computation of income chart (found) that...

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Feb 05 2008 (TRI)

Jcit, Special Range 47 Vs. Associated Capsules Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR85(Mum.)

1. Most of the issues involved in the present bunch of appeals filed by the Department and the memoranda of cross-objections filed by the assessee are common. We therefore find it convenient to dispose off all of them together by a consolidated order.2. We shall first take up the Department's appeal for AY 1995-96 as the learned CIT(A) has passed speaking order for the said assessment year which he has followed in other years. 1. (i) On the facts and in the circumstances of the case and in law, the learned CIT(A) erred in directing the A.O. to allow deduction of Rs. 65,76,300/- Under Section 801 of the I.T. Act in respect of Undertaking II and Rs. 55,17,158/- Under Section 80-IA of the I.T. Act in respect of Undertaking III. (ii) Without prejudice to the above and on the facts and in the circumstances of the case and in law, the Ld. CIT(A) has erred in holding that the A.O. has erred in denying the deduction Under Section 80-I/80-IA to the assessee and further erred in holding that th...

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Feb 04 2008 (TRI)

Shardul Securities Ltd. Formerly Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)614

1. The only issue arising in this appeal is whether the assessee is liable to pay interest tax under the provisions of Interest Tax Act, 1974 (the Act).2. Briefly stated the facts are that assessee is an investment company and is considered as Non-Banking Finance Company as per the guidelines of Reserve Bank of India (RBI). No return was filed by the assessee under the provisions of the Act since in its view, the assessee could not be considered as a credit institution within the ambit of definition Clause (5A) of Section 2 of the Act. However, the Assessing Officer was of the view that assessee was liable to pay interest tax under the provisions of the aforesaid Act and consequently, issued notice Under Section 10 of the Act directing the assessee to file the return of chargeable interest for the year under consideration. In response to the said notice, the assessee filed its return declaring chargeable interest at Nil. In the course of assessment proceedings, the assessee company wa...

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Jan 24 2008 (TRI)

Saroj Sales Organisation Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)485

1. This is an appeal filed by the assessee arising out of the order dt.28th March, 2007 of the CIT(A), Mumbai, for the asst. yr. 2005-06.2. The assessee is a partnership firm engaged in the business as builder and developer. The only dispute in this appeal relates to the disallowance of deduction claimed under Section 80-IB(10) of the IT Act.3. The facts of the case are found by the authorities are that M/s A.W.Pereira and Ors., were the owners of certain plots of land in village Kandivali, Borivali Taluka, Mumbai. M/s Conwood Agencies (P) Ltd., (hereinafter referred to as the 'principal developer') acquired the development rights of this plot of land from the said owners. On the basis of the application, the Mumbai Municipal Corporation sanctioned a building plan to the said principal developer for construction of one building consisting of 11 wings i.e. wings, A, B, C, D, E, F,. G. F1, A1, B1 and B2. The principal developer in pursuance of the sanctioned plan itself constructed only...

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