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Search Results Judgments > Act:karnataka value added tax act Section 15 Page:7

Sep 07 2001

Sharyans Resources Ltd. Vs. Joint Commissioner Of Income-Tax

  • Decided on : 07-Sep-2001

Court : Income Tax Appellate Tribunal (ITAT) - Mumbai

Reported in : (2002)83ITD340(Mum.)

... relating to hire purchase should not be mixed up with term-lease agreements.17. We have carefully considered the rival submissions. Depreciation allowance under the Income-tax Act is governed by the provisions of Section 32 of the Act which lay down only two essential requirements for grant of depreciation, viz., the asset should be owned by the assessee and the asset must be ... case of Centre for Monitoring Indian Economy (supra) and pointed out that in that case disallowance of depreciation was upheld. He also placed reliance on the judgment of Hon'ble Karnataka High Court in the case of Gowri Shankar Finance Ltd. v. CIT [2001] 248 ITR 713.12. In support of the contention that in the case of finance lease depreciation ... in the return of income filed by the assessee the entire depreciation on these two assets as claimed by the assessee.In addition, the Assessing Officer also added back repayment discount amounting to Rs. 15,79,612 and interest component of lease income estimated at Rs. 8,00,000. From the aggregate of these amounts the Assessing Officer reduced the lease income ... smaller lease consideration keeping in mind 100% depreciation allowance cannot render the transaction to be a mere colourable device. Fact of the matter remains that a substantial transaction of enormous value was indeed entered into and physically executed. Hence the benefit of depreciation conferred by the statute rightfully belonged to the assessee.22. In view of the discussion in the foregoing ...

Aug 30 2002

Ncl Industries Ltd. Vs. Joint Commissioner Of Income-Tax

  • Decided on : 30-Aug-2002

Court : Income Tax Appellate Tribunal (ITAT) - Hyderabad

Reported in : (2004)88ITD150(Hyd.)

... -tax Act, and if the total income is less than thirty percent of the book profits, then, it has to prepare a profit and loss account under Sub-section (1A) of Section 115J for the relevant previous year...The learned counsel then submitted that the steps envisaged by the Karnataka ... Section 10(2)(vn), second proviso, notwithstanding. The difference between the written down value of an asset and the price realized by the sale thereof, is not really income, but is made taxable income, for the purpose of computation of the assessable income by (lie fiction in the second proviso to Section 10(2)(v//) of She Income-tax Act read with Section ... the same amount was added under Section 41 of the Income-tax Act. He submitted that full amount credited on account of goodwill is taxable as capital gain as cost of goodwill is Nil in asscssce's case as per Section 55(2)(a) of the I.T. Act.5.9 Concluding, ... total income for the assessment year 1996-97, the asscssce has added total amount of Rs. 9,27,34,651 out of which it had reduced a sum of Rs. 6,59,15,277 being interest disallowed under Section 43B in assessment years 1994-95 and 1995-96. Thus ... Sections 234B and 234C of the Income-tax Act, 1961 is chargeable even in a case where tax liability arises only by applicability of the provisions of Section 115J of the Income-tax Act, 1961. The word "loss" for the purposes of deduction to arrive at book profit as provided in Clause (iv) of the Explanation below Sub-section (1A) of Section 115J of the Act ...

Jan 01 2006

Shri K.P. Agarwal Vs. A.C.I.T.

  • Decided on : 01-Jan-2006

Court : Income Tax Appellate Tribunal (ITAT) - Agra

... Section 69A of the Income-tax Act, 1961, had a wide meaning which meant anything which came in or resulted in gain.7. From the perusal of the documents, it is proved that these are not dumb documents as there is specific met lion on them of purchases of items of jewellery and also payment/adjustment of Rs. 15 ... an inference against the assessee. The Hon'ble Karnataka High Court had also relied upon the case of Collector of Customs v. D. Bhoormal . In this case, the Hon'ble Supreme Court holds that in terms of Section 106 of the Evidence Act, the Department is deemed to have discharged its ... year of purchase of jewellery had not been mentioned on the documents, reference is made to Section 69A of the I.T. Act, where it has been laid down that the money or the value of bullion, jewellery or other valuable articles may be deemed to be the income of the ... records. Nothing was undisclosed income. The addition is liable to be deleted. (b) Because, the authorities below erred on facts and in law in adding explained cash of Rs. 12,59,450/- which was verifiable with reference to material on records. Even otherwise, addition is not justified in assessee 's ... tax Act, 1961, was that the rigour of the rules of evidence contained in the Evidence Act was not applicable; but that did not mean that when the taxing authorities were desirous of invoking the principles of the Evidence Act in proceedings before them, they were prevented from doing so. (ii) That all that Section 110 of the Evidence Act ...

Mar 09 2007

Bindals Developers Pvt. Ltd. Vs. Income-Tax Officer

  • Decided on : 09-Mar-2007

Court : Income Tax Appellate Tribunal (ITAT) - Delhi

... value of the property was liable to be assessed under the head 'house property" under Section 22 of the Income-tax Act.10. Alternatively the ld. Commissioner of Income-tax (Appeals) examined question of assessment of rental income under the head "house property' under Section 27(iiib) of I.T. Act. On conjective reading of provision of Section 27(iiib) read with Clause (f) of Section 269UA of the Act ... Ali Khan (1974) Tax LR 90 and the Karnataka High Court in the case of Ramkumar Mills (P) Ltd. v. CIT is different. So far as the view taken by the apex Court in the case of Osman Ali Khan v. CWT is concerned that was in the context of the WT Act where the language of the section was different. Section 53A debars a ... are accepted.15. The other pertinent question is whether assessee could be treated to be the "beneficial owner of the house property" under Section 22 of the Income tax Act. Before proceeding to consider terms and conditions of the deed , it is necessary to have in mind principle laid down before their Lordships of Supreme Court in two recent decisions as follows: 15.1 In ... the Finance Bill, 1987 was declaratory/clarificatory in nature so far as it relates to Section 27(iii), (iiia) and (iiib). Consequently, these provisions are retrospective in operation. If so, the view taken by the High Courts of Patna, Rajasthan and Calcutta, as noticed above, gets added support and consequently the contrary view taken by the Delhi, Bombay and Andhra Pradesh High ...

Sep 25 1989

Bajrang Tea Manufacturing Company (P) Ltd. and Ors. Vs. The Assam Stat ...

  • Decided on : 25-Sep-1989

Court : Guwahati

... retrospective effect, was evolved in the case of Kunnathat Thathunni. Moopil Nair v. State of Kerala, : [1961]3SCR77 where the Travancore Cochin Land Tax Act 15 of 1985 was considered. The tests were improved in Assistant Commissioner of Urban Land Tax v. Buckingham and Carnatic Co. Ltd., : [1970]75ITR603(SC) . The further tests whether the statute is confisca-tory or extortionate were stated and ... by the Board authorities. 28. The Secretary to the Government of Assam, Department of power (Electricity) in counter of opposition referred to the amended Section 59 and averred that a minimum return of 3% of the value is to be obtained. The StateGovernment has not specified any return higher than 3%. After revision of 1981 when the Board wrote on May 29 ... become a part of the price...'. The collection of sales tax was thus declared void. To avoid refund of amounts collected already, the Karnataka Government promulgated Ordinance 3 of 1969 and replaced it by the Mysore Sale Tax Amendment Act 26 of 1969. When the 1969 Act was challenged, the High Court held that the Act was valid. On appeal, the Supreme Court reversed the decision ... court added : 'In our opinion this is not a proper ground for imposing thelevy at the higher rate with retrospective effect. It may be open to the legislature to impose the levy at the higher rate which really amounts to imposition of tax with retrospective operation has to be justified on proper and cogent grounds'. Thus Section 2 of the Amending Act to the ...

Jul 20 2001

Crompton Greaves Ltd. Vs. State of Maharashtra and Ors.

  • Decided on : 20-Jul-2001

Court : Mumbai

Reported in : AIR2002Bom65; 2002(2)BomCR300; 2002(2)MhLj305

... . v. K. Barkathulla Khan and Ors., 1999(2) SCC 261 wherein it was observed : (at Page 139)'(9) It is submitted that if we take the view that Section 31 of the Karnataka Rent Act is valid in view of D. C. Bhatia's case, then the enactment will keep out of its purview large number of premises inasmuch as the rent payable ... Central Government envisages primarily :-- (a) limiting the jurisdiction of the Rent Control Act to large cities; (b) exemption for 15 years to new constructions and substantially renovated houses; (c) exemption of residential and non-residential premises carrying more than a prescribed rent; (d) fixation of standard rent based on market value of land and cost of construction and revision of rent of existing ... , J said in his inimitable style : 'In the utilities, tax and economic regulation cases, there are good reasons for judicial self restraint if not judicial deference to legislative judgment. The legislature after all has the affirmative responsibility. The courts have only the power to destroy, not to reconstruct. When these are added to the complexity of economic regulation, the uncertainty, the liability ... Bharti v. State of Punjab, it was submitted that with passage of time and change of circumstances the continued operation of an Act which was valid when enacted may become invalid as being arbitrary and unreasonable. Though Karnataka Rent Control Act was enacted in the year 1961 and was to lapse by the end of 10 years time, it has been extended from ...

Mar 03 1992

Chowgule and Co. Ltd. Vs. Commissioner of Income-tax and others

  • Decided on : 03-Mar-1992

Court : Mumbai

Reported in : 1992(3)BomCR256; [1992]195ITR810(Bom)

... of section 263 of the Income-tax Act, 1961. It was also stated in the aforesaid notice that, while arriving at the value of the sales made to various foreign companies, the Assessing Officer should have applied rule 115(c) of the Income-tax Rules, 1962 ... rates prevailing with reference to those receipts must inevitably be the basis in computing the chargeability to taxes under the Act. While deciding the aforesaid case, the Karnataka High Court has also relied upon the observations made in the case of CIT v. Banglore Transport Co. Ltd. ... , and contended that profits of a business which are liable to tax under the Income-tax Act, can only accrue at the end of the previous year and not before. But that case lays down no such proposition.' 15. After going through the aforesaid relevant paragraphs from ... tax Rules, 1962, has a tendency to go beyond the scope of section 4 read with section 28 of the Income-tax Act, 1961, and, therefore, the said rule is ultra vires. 8. The petitioners have also contended that the aforesaid rule 115 was amended on April 1, 1990, and sub-rule (2) to rule 115 was added ... tax Act is to tax the assessee on his income. The preamble to the Act also states : 'An Act to consolidate and amend the law relating to income-tax and super-tax.' Mr. Kakodkar further argued quoting various provisions under the Income-tax Act, 1961, to show that the power or authority to charge income-tax is given by the Legislature under section 4 read with section 28 of the Income-tax Act ...

Jun 30 1981

Indian Organic Chemicals Ltd. Vs. Chemtex Fibres Inc.

  • Decided on : 30-Jun-1981

Court : Mumbai

Reported in : (1981)83BOMLR406; 1982MhLJ698

... to the Bombay Court-fees Act 1950 (Bom XXXVI of 1959), in cases not otherwise provided for in the Act, the party filing suits, appeal or cross objection has to pay an ad valorem fee in proportion to the amount or value of its claim. But there is a maximum limit of Rs. 15,000 for such fees ... is made that this line of thinking has appealed to a Division Bench of the Karnataka High Court and the said judgment is Ram Bhadur Thakur & Co. v. State of Karnataka : AIR1979Kant119 . With respect to the Division Bench of the Karnataka High Court, we are unable to find any logical basis by which the observations ... is in the distribution of the levy in a practical and reasonable manner so as to fall fairly equitably on all suitors, that no particular class or section of them is disproportionately hit and made to bear more than their fair share of the expenditure on the administration of justice, on considerations not germane ... (a) of the affidavit in support it had been submitted on behalf of the plaintiff that the imposition exacted under the impugned Act is a tax and not a fee and hence the said Act is void, illegal and liable to be struck down. In reply thereof the said Assistant Secretary in the Law and Judiciary ... Act, the party filing suits, appeal or cross objection has to pay an ad valorem fee in proportion to the amount or value of its claim. But there is a maximum limit of Rs. 15,000 for such fees with the result that a person having a claim of Rs. 12,70,000 pays a fee of Rs. 15 ...

Aug 29 2008

The Commissioner of Central Excise Vs. Shruti Colorants Ltd.

  • Decided on : 29-Aug-2008

Court : Mumbai

Reported in : (2008)110BOMLR3251; 2008(133)ECC197; 2008(159)LC197(Bombay); 2009(233)ELT171(Bom); 2009[13]STR358

... Section 35G of the Act as well as Section 130 of the Income Tax Act, 1962, came to be repealed by the National Tax Tribunal Act, 2005 (49 of 2005) with effect from 28th December 2005. Section 15 of the National Tax Tribunal Act, 2005 (hereinafter referred to as the '2005 Act'), provided for appeals from the orders passed by the Appellate Tribunal under both these Acts. Under Section 15 ... Henleys Telegraph Works (1969) 3 ALL ER 456, as well as R. Rudraiah v. State of Karnataka : [1998]1SCR553 . Some times hardship could arise from enforcing the provision of limitation of a ... value of goods for purposes of assessment), if the High Court is satisfied that the case involves a substantial question of law. (2) The Commissioner of Central Excise or the other party aggrieved by any order passed by the Appellate Tribunal may file an appeal to the High Court and such appeal under this Sub-section ... , and without engrafting, adding or implying anything which is not congenial to or consistent with such expressed intent of the lawgiver; more so if the statute is a taxing statute. We will close ... Act as well as Section 130 of the Income Tax Act, 1962, came to be repealed by the National Tax Tribunal Act, 2005 (49 of 2005) with effect from 28th December 2005. Section 15 of the National Tax Tribunal Act, 2005 (hereinafter referred to as the '2005 Act'), provided for appeals from the orders passed by the Appellate Tribunal under both these Acts. Under Section 15, an appeal would lie to the National Tax ...

Feb 28 2006

Sandeep Dwellers Pvt. Ltd. Vs. Union of India (UOI)

  • Decided on : 28-Feb-2006

Court : Mumbai

Reported in : 2006(6)ALLMR736; 2007(3)BomCR898

... of Act and obligation has been cast upon Central Board to comply with it. Section 21 authorises Central Government to make rules by notification in Official Gazette to carry out the provisions of Act. Section 22 permits Central Government by order published in Official Gazette to make provision not inconsistent with Act ... recover their share of contribution. He states that even petitioners cannot trace out such site workers or workers under contractors. Division Bench judgment of Karnataka High Court reported at 1993(II) C.L.R. 152 in case between Jyothi Home Industries v. Regional Provident Fund Commissioner, wherein in ... value in it. He argues that the authorities issuing show cause notices to petitioners have no option but to follow the views expressed by Appellate Authority or by Joint Secretary as mentioned above. : [2001]248ITR338(SC) between Commissioner of Sales Stacks v. Indra Industries is cited to demonstrate that circulars issued by tax ... find out whether particular person is employee or is not employee and relies upon : (2004)1SCC126 between Ramsingh v. Union of India particularly paragraphs 15 and 16. He points out how the judgment of Honble Apex Court in case between P.M. Patel v. Union of India : (1986) ... could always have been taken after noticing lacunae in earlier exercise of said power and the concept of review or hearing known to any ad judicatory machinery therefore were foreign to it. In view of the above ruling of Hon Apex Court and of Full Bench of Patna High ...

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