Skip to content

Filter by :

Search Results Judgments > Act: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)

... 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 ... 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 ... Section 44AB of the Income Tax Act.23. In the case of an individual carrying on business as a sole proprietor it is necessary to comply with the provisions of Section 44AB only in respect of his business income. It would not be necessary to comply with the provisions of Section 44AB in respect of his other income ... Income Tax Act.23. In the case of an individual carrying on business as a sole proprietor it is necessary to comply with the provisions of Section 44AB only in respect of his business income. It would not be necessary to comply with the provisions of Section 44AB in respect of his other income. The same would apply in the case of a professional whose income ... income of a person carrying on a business or a profession. It is these recommendations which were accepted in the form of Section 44AB of the Income Tax Act.23. In the case of an individual carrying on business as a sole proprietor it is necessary to comply with the provisions of Section 44AB only in respect of his business income ...

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

... , 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 Act, and therefore, there is no scope for the petitioner to say that there are complexities. The petition does not ... 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 ... that when the first application was rejected as not maintainable, no proceedings were pending, as in the appeal filed, the entire self-assessment tax was not paid, at the time of making that application. It is submitted, therefore, that the appeal as filed was not properly constituted. ... tax due on income returned by him, or when no return has been filed by the assessee, the assessee has paid an amount equal to the amount of advance tax which was payable. The contention of the petitioner is that on the day the application was moved before the Settlement Commission and was disposed off, the tax dues were not paid. The bar under Section ... 2001 disclosing undisclosed income of Rs. 22,22,351. On 27th Feb., 2001 search operation under Section 132 of the IT Act had been carried out on the business and residential premises of the petitioner. On 27th Feb., 2003 the block assessment order was passed determining the undisclosed income at Rs. 82 ...

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

... income-tax proceedings 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 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 ... 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. ... the payment of taxes, before the income-tax authorities and falsely claimed credit for such payments. Thus, Sri Narendra Kumar Mohnot committed grave misconduct in connection with income-tax proceedings 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 II. - ... tried to obtain income-tax refunds in the name of non-existent business concerns by producing bogus tax deduction 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 ...

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 ...

Jul 18 2006

Commissioner of Income Tax Vs. Thirumalai Fertiliser and Co.

  • Decided on : 18-Jul-2006

Court : Chennai

Reported in : [2007]288ITR517(Mad); (2006)4MLJ1179

... .S. Janarthana Raja, J.1. The present appeal is filed under Section 260A of the Income Tax Act, 1961 by the Revenue against the order passed in I.T.A. No. 864/Mds/2000 by the Income Tax Appellate Tribunal, Madras, 'A' Bench. On 21.10.2003, this Court admitted the appeal and formulated the following question of law. 1. Whether in the ... notice under Section 143(2) of the Income Tax Act (hereinafter referred to as the 'Act'), was served directing the assessee to furnish details. After the details were furnished by the assessee, the Income Tax Officer completed the assessment under Section 143(3) of the Act, accepting the total loss return by the assessee. Further, he made addition by estimating the business income from 2 lorries under Section 44AE ... of income for the said assessment year on 13.02.1995 declaring a total loss of Rs. 2,18,712/-. Later, a notice under Section 143(2) of the Income Tax Act (hereinafter referred to as the 'Act'), was served directing the assessee to furnish details. After the details were furnished by the assessee, the Income Tax Officer completed the assessment under Section 143(3) of the Act ... income from plying 3 lorries. The assessee filed return of income for the said assessment year on 13.02.1995 declaring a total loss of Rs. 2,18,712/-. Later, a notice under Section 143(2) of the Income Tax Act (hereinafter referred to as the 'Act'), was served directing the assessee to furnish details. After the details were furnished by the assessee, the Income Tax ...

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

... 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 ... 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 ... 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 and the provisions of the Act are quite ... (page 98) : '4. Clause (b) of Section 40 lays down 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 ...

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)

... the IT 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) and (v) provide for payment of interest or remuneration to any partner as not deductible from the profits of the business in computing the income. According ... an enabling section for claiming deduction. The admissible deductions are specifically mentioned under Ss. 30 - 38 of the IT Act. Hence, Ss. 44AD(2) and 44AE(3) only state this obvious position by way of clarification. However, in view of the non obstante clause in sub-s. (1) of Ss. 44AD and 44AE, there ... has neither tried to deprive the assessee of any right nor has created any liability which was not already existing. 8. The liability to pay tax arises under the provisions of the statute. The liability starts from the date the statute is enacted. If a wrong circular had been issued giving ... raised as to whether deduction(s) on account of salary/interest to the partners of a firm shall be admissible from the income estimated in accordance with Ss. 44AD and 44AE of the Act. The law is clear on this issue and no separate deduction is to be allowed under S. 40(b) in ... (b) of S. 40 will be allowed. 32.2 : The estimated income is comprehensive. All deductions under Ss. 30 - 38 including depreciation, will be deemed to have been already allowed and no further deduction will be allowed under these sections. The written down value will be calculated, where necessary, as if depreciation ...

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)

... ), 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 ... 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 ... 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. In paras. Nos. 31 to 31.7 at page 30, the meaning and scope of Section 44AD has been explained as ... 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. 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, is comprehensive. All deductions under Sections 30 to 38 ...

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)

... Section 256(1) of the Income-tax Act, 1961 (for short, 'the Act'), the Income-tax Appellate Tribunal, Delhi Bench 'B' Delhi (for short, 'the Tribunal') has referred the following question of law for the opinion 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 ... 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, ... the provisions of Sections 44AB, 139 and 271B of the Act and 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 ... Section 271B along with Section 44AB of the Act and held (headnote):'The provision of Section 271B of the Income-tax Act, 1961, makes it clear that the imposition of penalty for non-compliance with the provision of Section 44AB is not mandatory. The word 'may' used in that section gives discretion to the Assessing Officer to impose penalty or not to impose penalty. Further, the provision of Section ...

May 21 1997

Goswami and Brothers Vs. Union of India and Anr.

  • Decided on : 21-May-1997

Court : Rajasthan

Reported in : [2001]250ITR359(Raj)

... (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 ... ), 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 ... [1996]218ITR97(All) ), issued by the Central Board of Direct Taxes (the CBDT) and theactions taken 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 ... extent allowed under Clause(b) of Section 40 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 ...

Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //