Search Results Judgments > Phrase:INCOME TAX ACT, 1961 Section 44AE Court:Karnataka
Court : Karnataka
Reported in : (1999)151CTR(Kar)142; 242ITR678(KAR); 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 : 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 ...
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 ...