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Search Results Judgments > Act:INCOME TAX ACT, 1961 - Section 80L -

Mar 04 1996

Commissioner of Income-tax Vs. Venu Suresh Sheela Trust and others

  • Decided on : 04-Mar-1996

Court : Chennai

Reported in : [1998]233ITR99(Mad)

... for the assessment years 1973-74 to 1975-76 under section 256(1) of the Income-tax Act, 1961 : 'Whether, on the facts and in the circumstances of the case, the assessee which is a private trust, with beneficiaries, whose shares are indeterminate, is eligible for relief under section 80L for the assessment years 1973-74 to 1975-76 ?' ... ]221ITR649(Mad) , wherein this court held (page 660) : 'The determination of total income depends on the various provisions of the Income-tax Act which takes into consideration the deductions to be provided under section 80L of the Act as well. The charge of tax comes into play after the income has been determined in the manner stated above. In the present case, ... Income-tax Act which takes into consideration the deductions to be provided under section 80L of the Act as well. The charge of tax comes into play after the income has been determined in the manner stated above. In the present case, the trustee is an individual. His status, therefore, has to be adopted as that of an individual and from his individual income ... income therefore took into consideration the deductions provided under section 80L as well. Accordingly, the Tribunal confirmed the order passed by the Appellate Assistant Commissioner. 4. A similar question came up for consideration before this court in CIT v. Venu Suresh Sanjay Trust : [1996]221ITR649(Mad) , wherein this court held (page 660) : 'The determination of total income depends on the various provisions of the Income-tax Act ...

Feb 16 2004

Prakash Nath Khanna and Anr. Vs. Commissioner of Income Tax and Anr.

  • Decided on : 16-Feb-2004

Court : Supreme Court of India

Reported in : 2004CriLJ3362; (2004)187CTR(SC)97; [2004]266ITR1(SC); JT2004(2)SC510; 2004(2)SCALE512; (2004)9SCC686

... and ambit of Section 276CC of the Income Tax Act, 1961 (in short the 'Act'), and are directed against a common judgment rendered by a Division Bench of the Himachal Pradesh High Court which rejected the three writ petitions filed by the appellants in these two appeals. The Assistant Commissioner of Income Tax, Circle I, Shimla filed a complaint in terms of Section 276CC of the Act in the Court ... whose total income he is assessable under this Act. If his income or, as the case may be, the income of such other person during the previous year consisted only of income chargeable under the head 'Salaries' or of income chargeable under the head and also income of the nature referred to in any one or more of Clause (i) to (ix) of Sub-section (1) of Section 80L and ... Court in Commissioner of Income Tax Punjab v. Kullu Valley Transport Co. Pvt. Ltd. : [1970]77ITR518(SC) in the context of Sections 22(1) and 22(3) of the Indian Income Tax Act, 1922 (in short the 'Old Act') which are in pari-materia of Section 139(1) and Section 139(4) of the Act. It follows that return was furnished in 'the due time' and consequently Section 276CC is not ... a return furnished under Section 139(1). This was so held by this Court in Commissioner of Income Tax Punjab v. Kullu Valley Transport Co. Pvt. Ltd. : [1970]77ITR518(SC) in the context of Sections 22(1) and 22(3) of the Indian Income Tax Act, 1922 (in short the 'Old Act') which are in pari-materia of Section 139(1) and Section 139(4) of the Act. It follows ...

Sep 10 2004

Commissioner of Income Tax Vs. Sae Head Office Monthly Paid Employees ...

  • Decided on : 10-Sep-2004

Court : Delhi

Reported in : (2004)192CTR(Del)70; 113(2004)DLT840; 2004(76)DRJ562

... Section 260A of the Income Tax Act, 1961 (hereinafter referred to as the Act), inter alia, contending that : i) The trustees of the assessed trust are not to be assessed in the status of 'individual'; ii) the assessed is not entitled to claim deduction under Section 80L of the Act as an 'individual' as also is not entitled for capital gain as is applicable to an 'individual' ; andiii) the income ... charging tax. This legal sanction is available only for charging tax on the total income in the case of a Trust. The Court emphasised that Section 164 is not concerned with the manner of computation of the total income. In fact, this Section comes into play only after the income has been computed in accordance with other provisions of the Income-tax Act, 1961. Since ... tax on the total income in the case of a Trust. The Court emphasised that Section 164 is not concerned with the manner of computation of the total income. In fact, this Section comes into play only after the income has been computed in accordance with other provisions of the Income-tax Act, 1961. Since determination of the status of an assessed is part of the process of computation of income ... ) treating such income as if it was the income of an association of persons.' 25. In the case of Niti Trust v. CIT Gujarat, : [1996]221ITR435(Guj) , the Division Bench was called upon to decide the question of the assessed, a private discretionary trust and its liability under the provisions of Section 112 of the Income-tax Act, 1961. In ...

Jan 24 1989

M.C. Muthanna vs. Commissioner of Income-tax

  • Decided on : 24-Jan-1989

Court : Chennai

Reported in : [1989]177ITR501(Mad)

... Income-tax Act, 1961, did not qualify for deduction under section 80L of the Income-tax Act, 1962 ?"2. The assessee is an individual and was employed in Bombay Burmah Trading Corporation Limited. The assessee was a member of an approved provident fund constituted by the company for which recognition was granted under section 58B(1) of the Indian Income-tax Act, 1922, by an order of the Commissioner of Income-tax ... Income-tax Act, 1961 that interest to the extent of Rs. 366 in the assessment year 1975-76 and Rs. 2,490 in the assessment year 1976-77, which was interest received by the assessee in excess of the rate prescribed in clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961, did not qualify for deduction under section 80L of the Income-tax Act ... of the assessee under section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act") the following common question of law has been referred to this court for its opinion."Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in holding notwithstanding the provisions of section 161 of the Income-tax Act, 1961 that interest ... of section 161 of the Income-tax Act, 1961 that interest to the extent of Rs. 366 in the assessment year 1975-76 and Rs. 2,490 in the assessment year 1976-77, which was interest received by the assessee in excess of the rate prescribed in clause (b) of rule 6 of Part A of the Fourth Schedule to the Income-tax Act, 1961, ...

Jul 18 1996

Mahendra Kumar Vs. Union of India (UOI) and Anr.

  • Decided on : 18-Jul-1996

Court : Madhya Pradesh

Reported in : [1997]226ITR718(MP)

... concealment, penalty proceedings under Section 271(1)(c) are absolutely unwarranted.6. In view of the above discussion, we uphold the validity of Sub-section (3) of Section 80L of the Income-tax Act, 1961, but, at the same time, we quash the proposal in the assessment order for initiating penalty proceedings against the petitioner after reopening under Section 148 of the Act. The petition is ... Taxation Laws (Amendment) Act, 1984, whereby Sub-section (3) of Section 80L has been introduced with retrospective effect, i.e., April 1, 1976. The petitioner has also prayed that the assessment for the assessment year 1985-86 may be declared illegal. He has also prayed that the penalty proceedings initiated under Section 271(1)(c) of the Income-tax Act, 1961,for imposition of ... honestly disclosed the income and had not concealed anything deliberately and his action did not suffer from any mens rea. Since the assessee is not guilty of any concealment, penalty proceedings under Section 271(1)(c) are absolutely unwarranted.6. In view of the above discussion, we uphold the validity of Sub-section (3) of Section 80L of the Income-tax Act, 1961, but, ... under Section 271(1)(c) of the Income-tax Act, 1961,for imposition of penalty for the said period of assessment should be quashed. The petitioner has also prayed for quashing the notices issued under Section 148 of the Act as illegal.2. The brief facts giving rise to this petition are that the petitioner is an assessee. He was assessed to income-tax ...

Aug 03 1999

Commissioner of Income-tax Vs. Smt. Mandakini M. Jog

  • Decided on : 03-Aug-1999

Court : Mumbai

Reported in : [2000]241ITR6(Bom)

... Section 256(1) of theIncome-tax Act, 1961, the Income-tax Appellate Tribunal has referred thefollowing questions of law to this court for opinion at the instance of theRevenue : '1. Whether, on the facts and circumstances of the case and in law, the Tribunal was right in holding that the assessee was entitled to deduction under Section 80L of the Income-tax Act in respect of the interest income ... income included the firm's proportionate business profits as well as proportionate share of interest income. In respect of the proportionate share of interest income, the assessee claimed deduction under Section 80L of the Income-tax Act ('the Act'), for the assessment years 1976-77 and 1978-79. 3. The Income-tax Officer disallowed the said claim. On appeal by the assessee, the Appellate Assistant Commissioner of Income-tax ... Section 80L of the Income-tax Act ('the Act'), for the assessment years 1976-77 and 1978-79. 3. The Income-tax Officer disallowed the said claim. On appeal by the assessee, the Appellate Assistant Commissioner of Income-tax allowed the said deduction following the judgment of the Allahabad High Court in CIT v. Brij Raman Das : [1979]118ITR397(All) . 4. The Revenue carried appeals to the Income-tax ...

Aug 14 1986

Commissioner of Income-tax Vs. G.B.J. Seth and C.O.J. Seth

  • Decided on : 14-Aug-1986

Court : Madhya Pradesh

Reported in : [1987]166ITR604(MP)

... 'the Act'), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion :' Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the assessees, who is an association of persons, is entitled to deduction as per Clause (c) of Sub-section (1) of Section 80L of the Income-tax Act, 1961 ?'2 ... persons, is entitled to deduction as per Clause (c) of Sub-section (1) of Section 80L of the Income-tax Act, 1961 ?'2. The material facts giving rise to this reference, briefly, are as follows :The assessees are executors of the will of late Shri R. C. Jail and are assessed in respect of the income of the estate of the deceased in the status of an association ... G.G. Sohani, J.1. By this reference under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion :' Whether, on the facts and in the circumstances of the case, the Tribunal ... the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal, Indore Bench, has referred the following question of law to this court for its opinion :' Whether, on the facts and in the circumstances of the case, the Tribunal is justified in holding that the assessees, who is an association of persons, is entitled to deduction as per Clause (c) of Sub-section ...

Jul 30 1996

Commissioner of Income Tax Vs. Sowmini Ramesh and anr.

  • Decided on : 30-Jul-1996

Court : Chennai

Reported in : [1998]232ITR25(Mad)

... Act, 1961 : '1. Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in holding that the assessee was entitled to deduction under s. 80L even while agreeing with the view taken by the Department that the income computed in the assessee's case will be liable to tax under s. 164(1) treating such income as the total income ... Act, the Tribunal was justified in adopting dual status, viz., as an 'individual' for the purpose of determination of the total income and as an AOP for the purpose of levy of tax under s. 164(1) of the IT Act, 1961 ... 80L even while agreeing with the view taken by the Department that the income computed in the assessee's case will be liable to tax under s. 164(1) treating such income as the total income of an 'AOP' ? 2. Whether, on the facts and in the circumstances of the case having regard to the entire scheme of the IT Act ... tax under s. 164(1) treating such income as the total income of an 'AOP' ? 2. Whether, on the facts and in the circumstances of the case having regard to the entire scheme of the IT Act, the Tribunal was justified in adopting dual status, viz., as an 'individual' for the purpose of determination of the total income ...

Sep 13 1979

Commissioner of Income-tax Vs. Smt. Shakuntala Banerjee

  • Decided on : 13-Sep-1979

Court : Allahabad

Reported in : [1979]120ITR837(All)

... Income-tax Appellate Tribunal, ' A ' Bench, Allahabad, has referred the following question for the opinion of the court.' Whether, on the facts and in the circumstances of the case, the Tribunal was correct in upholding the Appellate Assistant Commissioner's order allowing relief to the assessee under Sections 80L and 199 of the Income-tax Act, 1961 ... Sections 80L and 199 of the Income-tax Act, 1961 ? '2. Sri Pyare Lal Banerjee, an eminent advocate of this court, had created a trust, vesting Government securities of the face value of Rs. 10,00,000 in the Imperial Bank of India, Calcutta as trustee, and directing, inter alia, that the trustee, that is the Imperial Baak of India, should pay the net income ... income was received by her as a beneficiary under the trust deed and not as the owner of those securities was irrelevant for purposes of granting relief under Section 80L. Coming now to the claim made for deduction of the tax paid at source, the matter is governed by Section 199 of the Act, the relevant part of which is as under :'199. Credit for tax ... Section 80L and also for the deduction of the tax paid by the bank at source. The ITO did not agree with the assessee's contention on the view that the assessee was not the owner of the securities from which she received interest income ...

Jan 16 1996

Commissioner of Income-tax Vs. Bhupendra Kumar Patel and Ors.

  • Decided on : 16-Jan-1996

Court : Madhya Pradesh

Reported in : [1996]220ITR203(MP)

... called for by this court on application made by the Revenue under Section 256(2) of the Income-tax Act, 1961, from the Tribunal and the Tribunal has referred the following question of law for opinion of this court :'Whether a partner is entitled to exemption under Section 80L of the Income-tax Act in respect of interest earned by the firm on bank deposits ... the amendment in Sub-section (3) of Section 80L of the Income-tax Act, the controversy has now come to an end. This amendment was brought by the Taxation Laws (Amendment) Act, 1984, and it was made with retrospective effect, i.e., from April 1, 1976. By this amendment, the following Sub-section (3) was inserted in Section 80L, which reads as under :' Section 80L(3) For ... Section 80L of the Income-tax Act, the controversy has now come to an end. This amendment was brought by the Taxation Laws (Amendment) Act, 1984, and it was made with retrospective effect, i.e., from April 1, 1976. By this amendment, the following Sub-section (3) was inserted in Section 80L, which reads as under :' Section 80L(3) For the removal of doubts, it is hereby declared that where the income ... the share income of the aforesaid three partners including interest income was assessed in the hands of the said partners. The said partners had claimed deduction under Section 80L of the Income-tax Act for the part of the interest income from the bank which was included in the share income from the firm, but the said claim was rejected by the Income-tax Officer ...

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