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Search Results Judgments > Act:INCOME TAX ACT, 1961 Section 44AE Court:Karnataka

Sep 19 2006

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

  • Decided on : 19-Sep-2006

Court : Karnataka

Reported in : 2007ACJ1676

... Income Tax. The said Income Tax Inspector, DW 3, has further stated that during the lifetime 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 ... 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 lorries, nor had he declared his income ... 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 under Sections ... Section 147 of the Motor Vehicles Act. The claimant Nos. 2 to 6 are the major sons of the deceased and hence they cannot be termed as dependants of the deceased. Though the deceased was alleged to be a big business magnate having more than Rs. 4,00,00,000 of income, he had not remitted the income tax ...

Sep 29 1999

Widia (India) Ltd. and Ors. Vs. Commissioner of Income-tax

  • Decided on : 29-Sep-1999

Court : Karnataka

Reported in : (1999)151CTR(Kar)142; [2000]242ITR678(KAR); [2000]242ITR678(Karn)

... Sections 28 to 43 of the Income-tax Act, 1961, without applying the provisions of Section 115J(1), and the resultant amounts of written down value will only have to be carried forward to the next year ?'6. On behalf of the assessee, it is submitted that Section 115J(2) has to be read with Section 115J(1) and making a computation of income under Section ... Sections 44AD and 44AE which provide for determination of business income in respect of certain categories, the assessment has to be made under Section 143(3). There are no two computations of assessed income in Section 115J and it is only for the purpose of examining the applicability of Section 115J at a preliminary stage a computation under the normal provisions of the Income-tax Act ... Section 115J of the Income-tax Act, 1961.'22. In this case, the Budget Speech of the Finance Minister (see : [1987]165ITR14(SC) ), to the following effect was also taken into consideration (page 784) :'It is only fair and proper that the prosperous should pay at least some tax. The phenomenon of so called 'zero tax' highly profitable companies deserves attention. In 1983, a new Section ...

May 23 2011

INTERNATIONAL SOCIETY FOR KRISHNA CONSCIOUSNESS A SOCIETY REGISTERED A ...

  • Decided on : 23-May-2011

Court : Karnataka

... income to income tax department for these year:; from 1982 to 2000. Further, the Bangalore Branch raised Finds by usmg the exemption granted to the first defendant under Section 80G of the Income Tax Act and also enrolled life patrons. Exs.I)106 to D142 are the receipts issued by the Bangalore Branch by using the exemption granted under Section 80G of the Income Tax Act ... Section 80G of the Income Tax Act in favour of first defendant. These amounts collected by the Bangalore Branch are utilised for acquiring the plaint schedule properties and for day to day activities at Bangalore. Admittedly, the plaintiff society has not filed income tax returns up to the year 2002 and it did not had separate and independent exemption granted under Section 80G of the Income Tax Act ... Act. Again, a perusal of these documents specifies that no transaction had taken place despite there being a registration under the Foreign Contribution Regulation Act. So also the plaintiff society relied on Ex.P.112 the certificate dated 7.1.1988 issued by the Income Tax department under Section 12A of the Income Tax Act. Though the plaintiff society is having his certificate under Section 12A of the IT Act ...

May 23 2011

International Society for Krishna Consciousness, Mumbai having its Bra ...

  • Decided on : 23-May-2011

Court : Karnataka

... income to income tax department for these years from 1982 to 2000. Further, the Bangalore Branch raised funds by using the exemption granted to the first defendant under Section 80G of the Income Tax Act and also enrolled life patrons. Exs.D106 to D142 are the receipts issued by the Bangalore Branch by using the exemption granted under Section 80G of the Income Tax Act ... Section 80G of the Income Tax Act in favour of first defendant. These amounts collected by the Bangalore Branch are utilized for acquiring the plaint schedule properties and for day to day activities at Bangalore. Admittedly, the plaintiff society has not filed income tax returns up to the year 2002 and it did not had separate and independent exemption granted under Section 80G of the Income Tax Act ... Act. Again, a perusal of these documents specifies that no transaction had taken place despite there being a registration under the Foreign Contribution Regulation Act. So also the plaintiff society relied on Ex.P.112 the certificate dated 7.1.1988 issued by the Income Tax department under Section 12A of the Income Tax Act. Though the plaintiff society is having this certificate under Section 12A of the IT Act ...

Oct 09 1990

M.M. Appaiya and M.A. Ganapathy Firm, Coffee Lands Limited, Veerarajen ...

  • Decided on : 09-Oct-1990

Court : Karnataka

Reported in : [1991]188ITR793(KAR); [1991]188ITR793(Karn); 1990(3)KarLJ546

... year defined under section 3 of the Income-tax Act, 1961. That passage is as follows : 'Sub-section (3). Different previous years. - An assessee is entitled to have different previous years in respect of separate sources of his income even under the ... section 5 of the Kerala Act in so far as the same has not been allowed in the assessment under the Central Income-=tax Act. There is no provision in the Kerala Act or the Rules made thereunder authorising the Agricultural Income-tax authorities acting under the Central Income-tax Act. If before the Agricultural Income-tax Officer proceeds to make the assessment under the Kerala Act, an assessment of income by the Income-tax ... section 4 of the Income-tax Act and section 3 of the Agricultural Income-tax Act. Section 4 of the Income-tax Act speaks of the Central Act making changes in the rate of taxes payable under the Income-tax Act and it is a matter for judicial notice that, at the time of making the budget proposals year after year, the Government of India, by its fiscal laws, brings about changes in various taxing ... Act is 60 per cent. of the income so computed after deducting therefrom the allowances authorised by section 5 of the Kerala Act in so far as the same has not been allowed in the assessment under the Central Income-=tax Act. There is no provision in the Kerala Act or the Rules made thereunder authorising the Agricultural Income-tax authorities acting under the Central Income-tax Act. If before the Agricultural Income-tax ...

Aug 25 2005

CWT Vs. Chikymagalur Club

  • Decided on : 25-Aug-2005

Court : Karnataka

Reported in : (2005)197CTR(Kar)609

... Income Tax Act, 1922. There is great similarity of wording between the various provisions of the Wealth Tax Act and the corresponding provisions of the Indian Income Tax Act, 1922. But in the case of the charging section 3 of the Wealth Tax Act, the phraseology of the charging section 3 of the Indian Income Tax Act, 1922, has not been adopted. Unlike section 3 of the Income Tax Act, section 3 of the Wealth Tax Act ... Tax Act has been drafted on thd same lines as the Indian Income Tax Act, 1922. There is great similarity of wording between the various provisions of the Wealth Tax Act and the corresponding provisions of the Indian Income Tax Act, 1922. But in the case of the charging section 3 of the Wealth Tax Act, the phraseology of the charging section 3 of the Indian Income Tax Act, 1922, has not been adopted. Unlike section ... section 3 of the Wealth Tax Act, the phraseology of the charging section 3 of the Indian Income Tax Act, 1922, has not been adopted. Unlike section 3 of the Income Tax Act, section 3 of the Wealth Tax Act does not mention a firm or an AOP or a BOI as taxable units of assessment.The position has been placed beyond doubt by the insertion of section 21AA in the Wealth Tax Act ...

Jul 29 1998

Shankaranarayana Construction Co. and Ors. Vs. State of Karnataka and ...

  • Decided on : 29-Jul-1998

Court : Karnataka

Reported in : [1999]239ITR902(KAR); [1999]239ITR902(Karn)

... off.14. Under the Income-tax Act, Section 16(3) of the Income-tax Act contemplated that in computing the total income of any individual, income of the wife or minor child shall be included. There was no provision in Section 16 for setting off of losses. Section 24(2) ... income of the minor child or wife has to be clubbed in the hands of the assessee then the loss which has suffered should be construed as the business loss for setting it off.14. Under the Income-tax Act, Section 16(3) of the Income-tax Act contemplated that in computing the total income of any individual, income ... Income-tax Act and the provisions of the Bill alone was seen but while the Act was passed there was amendment in the Income-tax Act which was not noticed and thus the provision for setting off was not given,5. Reliance is placed on the decision in the case of CIT v. J. H. Gotla , wherein it is observed where Section 16(3) of the Act ... income of the firm. There is no provision under the income-tax law as in the case of J. H. Gotla , like that of Section 24(2) in the Agricultural Income-tax Act and in the absence of such a provision assistance of any other Section could ... income-tax law as in the case of J. H. Gotla , like that of Section 24(2) in the Agricultural Income-tax Act and in the absence of such a provision assistance of any other Section could not be taken. The objects and reasons or the speech is of no assistance to the petitioner. In the absence of any ambiguity in the plain language of the section ...

Dec 01 2003

Balkrishna Breeding Farms (P) Ltd. Vs. Chief CIT

  • Decided on : 01-Dec-2003

Court : Karnataka

Reported in : [2004]134TAXMAN314(Kar)

... stage, a few provisions governing levy of interest. Section 4 of the Income Tax Act provides for charge of income-tax in respect of a total income of the previous year of every person. Section 139 provides for procedure for assessment. Section 234A provides for interest for default in furnishing return of income. It provides for interest and the said section mandates payment of simple interest in terms of ... of the Income Tax Act (hereinafter referred to as 'the Act'). For the assessment year 1993-94, the petitioner filed its return claiming a net refund of Rs. 1,26,257 after availing the benefits of special deduction under sections 80HHA, 80-I and 80JJ of the Act. An intimation under section 143(1) was issued. Deductions claimed were disallowed and the total tax liability of ... is outside the purview of the settlement contemplated in Chapter XIX-A of the Act.' 12. The section as well as the dictum of the Supreme Court categorically provide for levy of interest. The only provision available for waiver in such cases is under section 119 of the Income Tax Act. Section 119(2)(a) provides for an order being issued with regard to waiver ... in such cases is under section 119 of the Income Tax Act. Section 119(2)(a) provides for an order being issued with regard to waiver of interest. But for this provision, waiver is impossible. The Board has issued an order on 23-5-1996 providing for reduction or waiver of interest for late filing of return of income etc. Therefore, the petitioner cannot ...

Nov 06 1957

M. Parmanand and Anr. Vs. Additional Income-tax Officer, Bangalore

  • Decided on : 06-Nov-1957

Court : Karnataka

Reported in : AIR1958Kant70; AIR1958Mys70; (1958)36MysLJ199

... Income Tax Officer did rectify the mistake on 23-8-1955. The present petitions have been filed challenging the jurisdiction of the Income tax officer to make the said rectifications.2. It would be necessary at this stage to set out the relevant provisions of the Indian Income Tax Act. Section 35 of the Indian Income Tax Act as it originally stood and which empowered the income-tax ... income for the assessment year 1950-51. In the order of assessment, which was made under Section 23 (3) of the Indian Income Tax Act, it was stated that the assessment was made subject to revision under Section 35 of the Income Tax Act on determination of the correct share of income in the firms accounts.Thereafter on 29th March 1955 the firm was assessed, and the total income ... Income Tax Act on determination of the correct share of income in the firms accounts.Thereafter on 29th March 1955 the firm was assessed, and the total income assessed was Rs. 93,461/-. On such assessment it was found that the previous assessments of the petitioners were less than what they should have been, and thereupon the Income Tax Officer, purporting to act under Section 19 of the Indian Income Tax ...

Feb 22 2002

Mangilal S. Jain Vs. Commissioner of Income-tax and Anr.

  • Decided on : 22-Feb-2002

Court : Karnataka

Reported in : ILR2003KAR2066; [2002]257ITR31(KAR); [2002]257ITR31(Karn)

... of Section 89 in respect of tax arrear, then, notwithstanding anything contained in any direct tax enactment or indirect tax enactment or any other provision of any law for the time being in force, the amount payable under this Scheme by the declarant shall be determined at the rates specified hereunder, namely : -- (a) Where the tax arrear is payable under the Income-tax Act, 1961 (43 of 1961),-- ( ... the Income-tax Act, 1961 (the 'I. T. Act' for short). For the assessment year 1995-96 (accounting period ended on March 31, 1995), the appellant filed his return on March 26, 1997, declaring a total income of Rs. 2,59,030. His return was processed under Section 143(1)(a) on September 27, 1997. As it was a survey case, a notice under Section 143( ... Income-tax Act, 1961 (43 of 1961),-- (i) in the case of a declarant, being a company or a firm, at the rate of thirty-five per cent. of the disputed income ; (ii) in the case of a declarant, being a person other than a company or a firm, at the rate of thirty per cent. of the disputed income ; (iii) in the case where tax arrear includes income-tax ... Section 140A of the Income-tax Act, but with reference to the provisions of the KVS Scheme, as contained in Chapter IV of the Finance (No. 2) Act, 1998. The Explanation to Section 140A(1) of the Income-tax Act will not apply for the following two reasons :'(i) The provisions of Section 88 of the Finance (No. 2) Act, 1998, prevail over the provisions of Section 140A of the Income-tax Act, Section ...

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