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Judgment Search Results Home  Phrase:income tax act 1961 section 44ae

Apr 30 2007

Ghai Construction Vs. State of Maharashtra and Ors.

  • Decided on : 30-Apr-2007

Court : Mumbai

Reported in : 2007(5)MhLj862; [2009]184TAXMAN52(Bom)

..... account certified by chartered account (accountant) for the last three financial years in case of companies. in other cases tax audit report along with balance sheet and profit and loss account, duly certified by chartered accountant in terms of provision of section 44ab, income tax act, 1961.(emphasis supplied.)2.4.2. the net worth of the offerer shall be as stated at sr. no. 6 ..... of respondent nos. 2 to 4). it is also admitted that the balance sheet in respect of the sole proprietary business of the petitioner was audited in accordance with section 44ab of the income tax act. it was contended, however, that, the petitioner's personal balance sheet was not audited and was, therefore, not acceptable as per clause 2.3.5. the admission and ..... then be utilized by them for more important investigational aspects of a case. audit would help in the proper presentation of accounts before the assessing officers. ultimately, section 44ab was introduced in the income tax act only with effect from 1-4-1985 providing for compulsory audit in the no corporate sector.22. while stating in detail the need for mandatory audit, the committee ..... the business shall, if the profits and gains from the business are deemed to be the profits and gains of such person under section 44ad or section 44ae or section 44af, as the case may be, and he has claimed his income to be lower than the profits or gains so, deemed to be the profits and gains of his business, as the case may .....

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Feb 13 1997

Venugopala Constructions and Ors. Vs. Income-tax Officer and Anr.

  • Decided on : 13-Feb-1997

Court : Andhra Pradesh

Reported in : [1997]227ITR164(AP)

..... did not affirm the observations in varghese's case (supra), about the permissibility of circulars to 'deviate' from the provisions of the act. certain other decisions have been cited by mr. ratnakar like citcitcit vs. modi spg. & wvg. mills co. ltd. : [1991]187itr51(sc) , navnit lal c. javeri vs. k. k. sen, aac : ..... brought to our notice a decision of the supreme court in k. p. varghese vs . ito : [1981]131itr597(sc) , and another decision of this court in citcitcit vs. t. v. ramanaiah & sons : [1986]157itr300(ap) . so far as varghese's case (supra), is concerned, it was observed that the circulars issued by ..... case, hence, took the view that a circular issued by the board could not deviate from the provisions of the act. in kerala financial corpn. vs. citcitcit : [1994]210itr129(sc) , the supreme court observed as under : 'the fact that the circular to which shri salve has referred ..... purporting to clarify/withdraw the earlier circular no. 684 dt. 10th june, 1994 208 itr 8], which explained the scope of s. 44ad of the it actit actit act, 1961. it is submitted that s. 40(b) deals with amounts not deductible from the profits and gains of business of firms and sub-cls. (iv) ..... allowable on account of salary and interest to the partners and is not an enabling section for claiming deduction. the admissible deductions are specifically mentioned under ss. 30 - 38 of the it actit actit act. hence, ss. 44ad(2) and 44ae(3) only state this obvious position by way of clarification. however, in view .....

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May 19 1997

A.S. Construction Co. Vs. Union of India and Anr.

  • Decided on : 19-May-1997

Court : Rajasthan

Reported in : [2001]252ITR182(Raj)

..... . in paras. nos. 31 to 31.7 at page 30, the meaning and scope of section 44ad has been explained as under : '31.3 the rate of 8 per cent ..... ) ), dated february 23, 1996, issued by the central board of direct taxes ('the cbdt'), and the actions taken in pursuance thereof. the central board of direct taxes issued circular no. 684, dated june 10, 1994, to explain the substance of the newly inserted provisions of section 44ad of the income-tax act, 1961(for short 'the act' hereinafter). the circular has been published in [1994] 208 itr 8 ..... , is comprehensive. all deductions under sections 30 to 38 including depreciation, will be deemed to have ..... , 1996, was issued by the central board of direct taxes. . it has been mentioned in the circular that a doubt has been raised as to whether deduction on account of salary/interest to the partners of a firm shall be admissible from the income estimated in accordance with section 44ad and section 44ae of the act. the doubt has primarily arisen because of the erroneous clarification .....

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Jan 07 2005

Commissioner of Income-tax Vs. Ashoka Dairy

  • Decided on : 07-Jan-2005

Court : Punjab and Haryana

Reported in : (2006)200CTR(P& H)211; [2005]279ITR32(P& H)

..... the said provision if he proves that there was reasonable cause for the said failure.'12. in citcitcit v. capital electronics (gariahat) : [2003]261itr4(cal) , a division bench of the calcutta high court interpreted section 271b of the act and held (headnote):'section 271b of the income-tax act, 1961, inserted with effect from april 1, 1985, began with the phrase 'if any person fails without ..... of this court:'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in confirming the order of the learned commissioner of income-tax (appeals), karnal, who deleted the penalty of rs. 1 lakh imposed under section 271b of the income-tax act, 1961 by the assessing officer?' 2. the assessee is engaged in the sale of milk. ..... held (headnote):'prior to april 1, 1989, the failure to furnish the return of income within the time specified under sub-section (1) of section 139 of the income-tax act, 1961, attracted penalty under section 271(1)(a). however, with effect from april 1, 1989, the said provision was omitted and section 234a was incorporated which provided for a stringent penal interest for the period of such ..... , if the profits and gains from the business are deemed to be the profits and gains of such person under section 44ad or section 44ae or section 44af (or section 44bb or section 44bbb), as the case may be, and he has claimed his income to be lower than the profits or gains so deemed to be the profits and gains of his business, as .....

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May 21 1997

Goswami and Brothers Vs. Union of India and Anr.

  • Decided on : 21-May-1997

Court : Rajasthan

Reported in : [2001]250ITR359(Raj)

..... in pursuance thereof. the central board of direct taxesissued circular no. 684, dated june 10, 1994 (see [1994] 208 itr 8), toexplain the substance of the newly inserted provisions of section 44ad ofthe income-tax act, 1961 (for short 'the act' hereinafter). the circular hasbeen published in [1994] 208 itr 8. in paras. nos. 31 to 31.7 at page29, the meaning of the scope of ..... section 44ad has been explained as under(page.30):'31.3: the rate of 8 per cent. is comprehensive. all deductions undersections 30 to 38 including depreciation, will be deemed to ..... will be allowed.'3. taking recourse to the circular dated february 23, 1996, the income-tax authorities have reopened the assessments against the petitioner and in some of the matters, have issued fresh assessment orders.4. by the finance act, 1997, a proviso to sub-section (2) of section 44ad has been added giving retrospective operation with effect from april 1, 1994, i.e., ..... (all) ), was issued by the central board of direct taxes. it has been mentioned in the circular that a doubt has been raised as to whether deduction on account of salary/interest to the partners of a firm shall be admissible from the income estimated in accordance with section 44ad and section 44ae of the act. the doubt has primarily arisen because of the erroneous clarification .....

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Sep 18 1995

N.K. Mohnot Vs. Commissioner of Income-tax

  • Decided on : 18-Sep-1995

Court : Chennai

Reported in : [1995]216ITR844(Mad); (1996)IILLJ189Mad

..... liable to be disqualified under section 288(5)(b) of the income-tax act, 1961, to represent an assessee under section 288(1) of the income-tax act. article ii. - that the said sri narendra kumar mohnot having his office in the name and style of 'mohnot and co.' at no. 38, college road, nungambakkam, madras-6, has issued a forged audit certificate under section 44ae, by using the name of ..... one sri. p. ramanujam, chartered accountant at no. 162, thambu chetty street, madras-1. thus, sri narendra kumar mohnot has committed grave misconduct for which he is liable to be disqualified under section 288(5)(b) of the income-tax act, 1961, to represent an assessee under section 288(1) of the income-tax act. article iii. - that the ..... certificates. thus, sri narendra kumar mohnot has committed grave misconduct for which he is liable to be disqualified under section 288(5)(b) of the income-tax act, 1961, to represent an assessee under section 288(1) of the income-tax act. ' 3. in the statement of imputation of misconduct sent along with the articles of charge shown in annexure-ii, the relevant facts are set out. as regards .....

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Oct 08 2007

Haji N. Abdulla Vs. Income Tax Settlement Commission and Ors.

  • Decided on : 08-Oct-2007

Court : Mumbai

Reported in : (2008)214CTR(Bom)471; 2009(235)ELT609(Bom); [2008]299ITR119(Bom); 2008(2)MhLj614

..... the face of record and consequently, is liable to be set aside.5. on behalf of the respondent, it is firstly submitted that the petitioner's income has been assessed under section 44ae of the it actit actit act, and therefore, there is no scope for the petitioner to say that there are complexities. the petition does not disclose as to what are the complexities ..... of the accounts. the appeal preferred for the block assessment year of 27th feb., 2003 is still pending. it is also set out that the citcitcit (central) bangalore ..... dismissed by a speaking order dt. 15th feb., 2007. aggrieved, the petitioner has preferred the present writ petition.4. in a case where an application is moved under section 245c, the settlement commission under section has to call a report from the citcitcit. the further exercise of jurisdiction is dependent on :(1) the material as contained in the report of the cit ..... is no full and true disclosure without setting out any particulars. the learned bench placed reliance on the judgment of the supreme court in calcutta discount co. ltd. v. ito : [1961]41itr191(sc) the supreme court in that case was examining the issue of full and true disclosure. the court held that once all the primary facts are before the assessing .....

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Sep 19 2006

United India Insurance Co. Ltd. Vs. Bhagyalakshmi and Ors.

  • Decided on : 19-Sep-2006

Court : Karnataka

Reported in : 2007ACJ1676

..... under sections 142(1) and 143(2) and served on the assessee's gpa holder m.l. ravi, who in response to ..... lorries, nor had he declared his income at rs. 30,00,000 per month. he also stated that he has no personal knowledge about the ..... . 3 and the son of the deceased. said assessment order would further disclose that a return of income was filed on 29.3.1996 for the assessment year 1993-94 by late m.n. lingappa, in response to the notice issued under section 148 (sic of income tax act, 1961) and that since it was a belated return, the same was lodged and notices were issued ..... of the deceased, it is only ravi, claimant no. 3, who was an income tax assessee and not the deceased. he has in fact produced the file pertaining to ravi, claimant no. 3. according to him, the deceased had declared only 8 lorries under section 44-ae (sic of income tax act, 1961). he has stated that the deceased had never declared that he is having 100 .....

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Jul 02 1997

Ranjan Constructions Vs. Central Board of Direct Taxes

  • Decided on : 02-Jul-1997

Court : Orissa

Reported in : [1998]232ITR76(Orissa); 1997(II)OLR338

..... all) ), dated february 23, 1996, issued by the central board of direct taxes (in short 'cbdt'), relating to admissibility of deduction on account of salary and interest to the partners of firms opting for estimation of income under sections 44ad and 44ae of the income-tax act, 1961 (in short the 'act'). same was issued on the ground that doubt has been raised relating to deduction ..... as regards salary and interest to the partners of a firm while estimating income on the basis of the aforesaid two provisions. the view ..... restriction on the deduction allowable on account of salary and interest to the partners and is not an enabling section for claiming deduction. the admissible deductions are specifically mentioned under sections 30 to 38 of the income-tax act. hence, sections 44ad(2) and 44ae(3) only state this obvious position by way of clarification. however, in view of the non-obstante ..... clause in subsection (1) of sections 44ad and 44ae, there is no ambiguity about the intention of the legislature in this matter .....

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Feb 12 1996

Sethi Transport and Ors. Vs. Central Board of Direct Taxes and Ors.

  • Decided on : 12-Feb-1996

Court : Orissa

Reported in : [1997]226ITR274(Orissa)

..... to the petitioners under section 194c of the act. since the facts and points of law involved in all the cases are similar, they were ..... 299), dated march 8, 1994, issued by the central board of direct taxes (for short, 'the board'), ministry of finance, government of india, opposite party no. 1, is ultra vires articles 14 and 265 of the constitution of india and sections 44ae, 119 and 194c of the income-tax act, 1961 (for short 'the act'), and for a direction not to make any deduction from the amount due ..... in associated cement co.'s case : [1993]201itr435(sc) and held that the supreme court has in no way extended or amplified the scope of section 194c of the income-tax act, 1961- it merely held that the said section is not confined to works contracts but also applies to labour contracts. the supreme court in that case was required to consider the question of applicability ..... of section 194c to labour contracts because the contention of the assessee was that the said section was applicable only to works contracts. it was this contention that .....

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