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Judgment Search Results Home > Cases Phrase: income tax act Court: allahabad Year: 2012 Page 1 of about 28 results (0.025 seconds)

Aug 24 2012 (HC)

Rajendra Kumar Dwivedi Vs. Commissioner of Income Tax Kanpur

Court : Allahabad

Decided on : Aug-24-2012

..... shri dhananjay awasthi appears for the respondent- department. 2. these three income tax appeals under section 260a of the income tax act, 1961 (the act) filed by the appellant-assessee, are directed against common order of the income tax appellate tribunal dated 31st december, 2001 deciding income tax appeal nos.2038 (a) of 1995; 220 (a) of 1997 and ..... accruing as a result of the transfer of the capital asset." we do not find that the income tax authorities and the tribunal committed any error in applying section 45 (2) of the act for the purposes of assessment for the relevant assessment years, and by adopting a notional value ..... capital asset into, or its treatment by him as, stock-in-trade of a business carried on by him shall be chargeable to income-tax as his income of the previous year in which such stock-in-trade is sold or otherwise transferred by him and, for the purposes of section ..... purchase and resale, though profitable, are clearly outside the domain of adventures in the nature of trade." in janab abubucker sait v. commissioner of income tax, madras, (1962) 45 itr 37 the madras high court held:- "one of the essential elements in an adventure in the nature of trade ..... that area and other relevant considerations, specify in this behalf by notification in the official gazette. in g. venkataswami naidu and co. v. commissioner of income tax, (1959) 35 itr 594, 609 (sc) the supreme court held:- "generally speaking, it would not be difficult to decide whether a given transaction .....

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Oct 16 2012 (HC)

C.P. Vidya Niketan Inter College Shikshan Society Vs. Union of India

Court : Allahabad

Decided on : Oct-16-2012

..... by the u.p. madhyamik shiksha parishad, allahabad. 2. the society is registered with income tax department as an association of persons with pan no.aaaac1150g and has been granted a registration certificate under section 12a of the income tax act. the society is regularly assessed to 'nil' income by the assessing authority from 2003-04 to 2007-08. the returns filed by the society ..... have been accepted regularly under section 143 (1) of the act. 3. by this writ petition the petitioner has prayed for quashing the ..... which prescribed authority is empowered to withdraw the approval earlier granted. 21. in sole trustee, loka shikshana trust v. commissioner of income tax, mysore, 1975 (101) itr 234, it was held that word 'education' in section 2 (15) of the act connotes the process of training and developing the knowledge, skill, mind and character of students by normal schooling, and has not ..... order dated 27.5.2011 passed by the chief commissioner of income tax, ghaziabad rejecting the petitioner-society's application for exemption under section 10 (23c) (vi) of the act, and for a direction to the chief commissioner of income tax, ghaziabad to issue the approval under section 10 (23c) (vi) to the petitioner in terms .....

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Sep 20 2012 (HC)

Anirban Nath Sushmita Huf Vs. Dcit Kanpur

Court : Allahabad

Decided on : Sep-20-2012

..... income tax appeal under section 260-a of the income tax act, 1961 arises out of the order of the income tax appellate tribunal, allahabad dated 30.6.2000 in income tax appeal no. 1037 (alld)/1998, for the assessment year 1994-95. 2. we have heard shri s.d. singh, learned counsel appearing for the assessee-appellant. shri r.k. upadhyay appears for the income tax ..... . the transfer of shares was the mode of repayment of the loans in part. the deputy commissioner of income tax imposed penalty under section 271-e of the act for alleged violation of section 269t, which provides for payment of an amount of rs. 20, 000/- ..... that in the transaction, as in the present case penalty, provision under section 271-e, is not attracted. 4. in commissioner of income-tax v. vikramajit singh (supra) the delhi high court held that a deposit is different from a loan. in the finance bill, 2002 the ..... act? there being clear evidence on record to show that the money was advanced as loans at the instance of the appellant. the tribunal has erred in law in holding otherwise and its order is perverse on that count." shri s.d. singh has relied upon commissioner of income- tax ..... or more by account payee cheque or account payee bank draft drawn in the name of the person, who has made the loan or deposits. the appeal against the order dated 31.7.1997 passed by the deputy commissioner of income tax, was dismissed by cit .....

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Aug 24 2012 (HC)

G.K. Mathur Vs. Commissioner of Income Tax Meerut

Court : Allahabad

Decided on : Aug-24-2012

..... the expression, 'any payment received from a former employer by the assessee', and would be included in the definition of, 'profits in lieu of salary', to be taxed under section 17 (3) (ii) of the income tax act, 1961. 2. we have heard shri pramod kumar jain, sr. advocate assisted by shri amitabh agrawal, learned counsel for the appellant. shri r.k. upadhyaya appears ..... that dearness relief is covered under the definition of profits in lieu of salary as contained under section 17 (3) (ii) of the act: (i) 'profits in lieu of salary', is income as per section 2 (24) (iii) of the income-tax act; (ii) by virtue of section 17 (1) (iv) salary includes profits in lieu of salary; and (iii) the definition of 'profits in ..... the amount of dearness relief rs.53,640/- to the appellant, a pensioner (retired high court judge), in the assessment year 1998-99, is income and taxable as 'profit in lieu of salary' (section 17 (3) (ii) of income tax act? (b) whether dearness relief can be said to be profit in lieu of salary within meaning of section 17 (3) (ii) of the ..... cannot be said to profits in lie of pension. there is no expression in the income tax act like profits in lieu of pension. any payment under section 17 (3) of the act pertains to pensionary benefits like compensation, gratuity, commutation, leave to encashment etc. pension is income chargeable to income tax by virtue of section 4, 15, 16, 17 (1) and not by virtue of section .....

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Sep 13 2012 (HC)

Ram Autar Agarwal Vs. Commissioner of Income Tax Alld

Court : Allahabad

Decided on : Sep-13-2012

..... .00 as unexplained deposit?" 4. both the appellants are doctors by profession and are husband and wife. on 5.3.1992, a search under section 132(1) of the income tax act, 1961 (the act) was conducted at their residence and nursing home, in which certain documents regarding unexplained investments were found. the appellants house was under construction, in which they had shown the ..... ,04,100/-. learned counsel for the appellant has relied upon the circular no.96 dated 25.11.1972 issued by central board of direct taxes. 13. a new section 55a was inserted in the income tax act enabling the income tax officer to refer the question of valuation of any capital asset to the valuation officer with a view to ascertain the fair market value of ..... the assessing officer held that the gifts though apparent were not real and accordingly treated all those amounts which were credited in the account books of the assessees as their income applying section 68 of the income- tax act, 1961. the assessees did not contend that even if their explanation was not satisfactory the amounts were not of the nature of ..... . p. mohanakala, (2007) 291 itr 278 (sc), hon'ble the supreme court has held as under:- "a bare reading of section 68 of the income- tax act, 1961, suggests that (i) there has to be credit of amounts in the books maintained by the assessee; (ii) such credit has to be a sum of money during he .....

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Oct 16 2012 (HC)

Modi Zerox Ltd. Vs. Cit Meerut

Court : Allahabad

Decided on : Oct-16-2012

..... . in this connection the assessee placed reliance on the judgment of the karnataka high court in the case of kwality biscuits ltd. v. cit reported in (2000) 243 itr 519 and, according to the karnataka high court, the profit as computed under the income tax act, 1961 had to be prepared and thereafter the book profit as contemplated under section 115-j of the ..... of m/s modi zerox ltd-assessee appellant under 260-a of the income tax act, 1961 (in short, the act) arises out of order dated 23.7.1999 passed by the income-tax appellate tribunal, delhi bench 'c', new delhi in ita no. 6444/del of 1992 for the assessment year 1989-90. the tribunal confirmed the order passed by the appellate authority. ..... act had to be determined and then, the liability of the assessee to pay tax under section 115-j of the act arose, only if the total income as computed under the provisions of the act was less than 30% of ..... has provided for creation of reserve and allowance in a subsequent year, being aware of the settled legal position that reopening of accounts is unknown to income tax. section 43-a overrides other provisions of the act. it operates on an event, which happens after the deduction of acquisition of the estate and takes into account the increase/reduction in the liability for .....

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Oct 16 2012 (HC)

M/S. Tikaula Sugar Mills Limited Vs. Cit Muzaffarnagar

Court : Allahabad

Decided on : Oct-16-2012

..... which it was held that the opinion given by the district valuation officer per se is not an information for the purpose of reopening assessment under section 147 of the income tax act, 1961. the ao has to apply his mind to the information, if any, collected and must form a belief thereon. in the present case, we find that the assessee ..... is not an information for the purposes of re-opening an assessment for the purposes of income tax act and the assessment can only be re- opened when the assessing officer has applied its mind to the information, if any, collected and must form a belief thereon? 3. whether ..... . jain, senior advocate assisted by shri amitabh agarwal for the assessee-appellant. shri dhananjai awasthi appears for the respondents. 2. these income tax appeals under section 260-a of the income tax act, 1961 (for short, the act) arise out of a common judgment of the income tax appellate tribunal, delhi bench 'c', delhi dated 2.7.2010 in ita nos. 3616 and 3617 (del)/2004, and ita ..... to appreciate that the impugned assessment was framed without, neither satisfying the preconditions required for invoking the provisions contained in section 147 of the income tax act, 1961, nor complying with the statutory provisions contained in section 148 of the income tax act, 1961 and as such the instant assessment framed was wholly untenable and unsustainable in law? 2. whether the opinion given by dvo perse .....

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Oct 04 2012 (HC)

Rajat Lal Vs. Commissioner of Income Tax

Court : Allahabad

Decided on : Oct-04-2012

..... his submissions. in jasbir singh sarkaria, in re (supra) it was held that the purpose of introducing clause (v) in conjunction with clause (vi) in section 2 (47) of the income-tax act, 1961, defining 'transfer' was to widen the net of taxation of capital gains so as to include transactions that closely resembled transfers but were not treated as such under the ..... in the assessment year 1997-98, when there was no transfer of shares either as per proceedings of sale of goods act or the transfer of property act or as it was provisions of the company law and the provisions of the income tax act in the previous year ending 31.3.1997. the tribunal also erred in holding that the agreement was one for ..... to have equitable rights in relation to his shares. in rajagiri rubber and produce co. ltd. v. commissioner of income tax (kerala high court) (supra) it was held that in the case of transfer of shares, for purposes of section 45 of the income-tax act, 1961, as between the transferor and the transferee, the transaction is complete when the share certificates are handed over ..... 1. this income tax appeal under section 260a of the income tax act, 1961 (for short, the act) filed by the assessee appellant arise out of the order dated 30.11.2004 passed by the income tax appellate tribunal (in short, the tribunal) relating to assessment year 1997-98 by which the appeal filed by the joint commissioner of income tax, special range, muzaffarnagar was partly allowed and while setting aside .....

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Oct 04 2012 (HC)

Cit-i, Agra Vs. Anil Chand Bansal

Court : Allahabad

Decided on : Oct-04-2012

..... under section 260-a of the income tax act, 1961 (for short, the act) arises out of judgment and order dated 20.6.2002 passed by the income tax appellate tribunal, agra bench, agra in ita no. 8157/del/1992 for the assessment year 1988-89. the appeal was admitted on 19.7.2007, on the following substantial questions ..... , 000/- on account of unexplained cash credits. 3. the tribunal held that the power to reopen computed assessment and to reassess the income under section 147 of the act is on the satisfaction of the ao that the income chargeable to tax had escaped assessment. the power is to be exercised to satisfy the statutory conditions for initiation of proceedings. the ao must have ..... the appeal. the ao did not have any material on which he could have recorded his satisfaction that any part of the income of the assessee had escaped assessment to initiate proceedings under section 147 (a)/148 of the act. the questions of law raised are thus decided in favour of the respondent-assessee and against the revenue. the income tax appeal is dismissed. ..... reason to believe that the income had escaped assessment and secondly he must have reason to believe that such escapement had occurred by reason .....

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Sep 13 2012 (HC)

Commissioner of Income Tax Vs. Oriental Insurance Co. Ltd.

Court : Allahabad

Decided on : Sep-13-2012

..... claim" is concerned, it should also be regarding a deposit or other similar right or obligation. the definition of section 2(28a) of the income tax act again repeats the words "monies borrowed or debt incurred" which clearly shows the intention of the legislature is that if the assessee has received any ..... that the interest received on belated payment of compensation is a revenue receipt exigible to income-tax and it is income and the claimants are liable to pay the tax as provided under the relevant provisions of the income-tax act, 1961. tax has to be deducted at source on such interest. 30. in lt. col. ..... ghaziabad development authority vs. dr. n.k. gupta, (2002) 258 itr 0337, the national consumer disputes redressal commission interpreting section 194a of the income tax act, 1961 has held that if proper infrastructure facilities have not been provided to a person who was provided with a flat, is entitled to the refund ..... hence the main point for consideration is whether interest paid on such claims is covered and attracts the provision of section 2(28a) of the income tax act, 1961 or not. 16. it is also relevant to mention that in the motor accident claims compensation, there are various legal heirs who ..... the concept of "interest" as follows:- "the term interest' has been defined in new clause (28a) inserted in section 2 of the income tax act with a view to removing doubts about the true character of fees or other charges paid in respect of moneys borrowed or in respect of the .....

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