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Judgment Search Results Home > Cases Phrase: income tax act Court: andhra pradesh Year: 1991 Page 1 of about 51 results (0.052 seconds)

Jun 28 1991 (HC)

Commissioner of Income-tax Vs. Derco Cooling Coils Ltd.

Court : Andhra Pradesh

Decided on : Jun-28-1991

Reported in : (1992)104CTR(AP)55; [1992]198ITR375(AP)

..... shareholders towards the shares allotted to them. both are distinct items and it is not possible to see any reasonable connection between them. neither by section 57(iii) of the income-tax act, 1961, nor by applying the test of prudent person managing his affairs, can it be said that the interest earned on the contributions made by the shareholders can be set ..... for the argument of the assessee's counsel. 6. section 56 of the income-tax act, 1961, enjoins that income of every kind which is not to be excluded from the total income under this act shall be chargeable to income tax under the head 'income from other sources', if it is not chargeable to income tax under any of the heads specified in section 14, items a to e. we ..... .1. this reference under section 256(1) of the income-tax act, 1961, raises the following question of law for our decision : 'whether, on the facts and in the circumstances of the case, the sum of rs. 18,913 being interest received by the assessee-company from bank deposits could not be brought to tax for the assessment year 1977-78 and whether the ..... not in any way do violence to the normal or ordinary meaning of the term 'income'. we are, therefore, of the view that the amount of rs. 18,913 has been rightly treated by the income-tax officer as income from other sources under section 56 of the act and the tribunal erred in law in annulling the assessment. we are fortified in the view .....

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Mar 05 1991 (HC)

Commissioner of Income-tax Vs. T.N. Viswanatha Reddy

Court : Andhra Pradesh

Decided on : Mar-05-1991

Reported in : (1991)98CTR(AP)49; [1991]190ITR266(AP)

..... later with retrospective effect and, in the light of such retrospective provision, the order of assessment could be rectified under section 35 of the indian income-tax act, 1922, so as to be in conformity with the newly introduced provision. we do not think that the analogy between a retrospective legislation and a ..... are unable to hold that the assessment order has been vitiated by a patent or glaring error which could be removed by resorting to section 154 of the income-tax act. it is true that the decision of this court in kangundi industrial works (p.) ltd. v. ito : [1980]121itr339(ap) still holds the ..... how this reference has come up before us. 2. section 154 of the income-tax act, 1961, corresponding to section 35 of the indian income-tax act, 1922, empowers the income-tax authority to amend any order passed by it under the provisions of the act or to amend any intimation sent under sub-section (1) of section 143 ..... rs. 1,43,000 was paid by the assessee on march 21, 1974, i.e., beyond the due dates prescribed under section 211 of the income-tax act. later on, the assessing authority felt that there was an obvious mistake in law in the assessment order in so far as the interest under section ..... the calcutta and madhya pradesh high courts. mr. ratnakar has also referred to the following proviso introduced in section 211 of the income-tax act with effect from april 1, 1988, and says that the said proviso being clarificatory in nature, shall be given effect to from the very inception .....

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Dec 11 1991 (HC)

Commissioner of Income-tax Vs. Ampro Foods

Court : Andhra Pradesh

Decided on : Dec-11-1991

Reported in : [1992]196ITR556(AP)

order--subsidy from govt.--ito not including in total income--order erroneous and prejudicial to revenue.held :the cit was right in holding that the ito erred in omitting to bring the amount to tax and that error operated to the prejudice of the interests of revenue. the tribunal was not justified in holding that the requirements for invoking the powers under s. 263 by the cit were not satisfied.income tax act 1961 s.263 business income--profits chargeable to tax under s. 41(1)--subsidy from government--assessable under s. 41(1).income tax act 1961 s.41(1)

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Apr 15 1991 (HC)

Commissioner of Income-tax Vs. Brindavan Hotel

Court : Andhra Pradesh

Decided on : Apr-15-1991

Reported in : (1991)94CTR(AP)249; [1991]192ITR12(AP)

..... per the direction of this court, the following question has been referred by the income-tax appellate tribunal under section 256(2) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the tribunal is right in holding that there is no concealment of income in spite of discovery of suppression of sales from the seized material of the ..... rs. 5,871 returned by the respondent. the respondent did not produce and account books stating that they were lost in the separate telangana agitation. hence, the income-tax officer estimated the net income from boarding and lodging at a sum of rs. 25,000 to which the assessee agreed. on november 19, 1971, the department conducted a search of the business premises ..... (1)(c) (as it stood then) and the explanation thereto : '271. (1) if the income-tax officer or the appellate assistant commissioner in the course of any proceedings under this act, is satisfied that any person - ... (c) has concealed the particulars of his income or furnished inaccurate particulars of such income, he may direct that such person shall pay by was of penalty - .. (iii) in ..... the cases referred to in clause (c), in addition to any tax payable by him, a sum which shall not .....

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Mar 26 1991 (HC)

G. Negeswara Rao Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-26-1991

Reported in : [1991]191ITR515(AP)

..... assessing authority. aggrieved by that order, the assessee preferred a further appeal before the income-tax appellate tribunal. the tribunal confirmed the order of the commissioner of income-tax. at the instance of the assessee, the following question was referred for decision of this court, under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and circumstances of the case, the entire interest ..... payable by the state government for the period may 6, 1961, to march 31, 1976, or only the interest relating to the year 1975-76 was assessable as the income of the assessee for the assessment year 1976-77 ..... a. lakshmana rao, j. 1. the petitioner is not present, nor is he represented by any counsel. heard learned standing counsel for the income-tax department appearing for the respondent. 2. the assessee is an individual deriving agricultural income as a protected tenant. the state government acquired the lands which were in his possession as a protected tenant and an award was passed on ..... act or on further appeal in respect of the land acquired has to be taken to have accrued not on the date of the order of the court granting enhanced compensation but as having accrued year after year from the date of delivery of possession of the land till the date of such order, and such interest cannot be assessed to income-tax .....

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Jun 28 1991 (HC)

Godavari Fertilizers and Chemicals Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Jun-28-1991

Reported in : [1992]198ITR388(AP)

..... venkatarama reddi, j.1. the following question has been referred under section 256(1) of the income-tax act, 1961, for the decision of this court : 'whether, on the facts and in circumstances of the case, the income-tax appellate tribunal was correct in law in holding that the interest of rs. 4,36,103 earned ..... by the assessee-company on investment of its funds not be deducted from the capital cost for the assessment year 1983-84 ?' 2. in a similar case, r.c. no. 108 of 1983 (cit ..... v. derco cooling coils ltd. : [1992]198itr375(ap) , in which judgment is being delivered today, we have taken the view that the interest receipt on account of share money deposit during the pre-production period constitutes income of the assessee and it cannot be set off ..... against the interest expenses incurred on borrowed amounts and then capitalised. in that case, the tribunal had taken the view in favour of the assessee following a special bench decision of the tribunal. as noticed by us in r.c. no. 108 of 1983 (cit ..... [1982] 1 itd 10 (mad) must be deemed to have been overruled by the jurisdictional high court, namely, the madras high court, in the decision reported in cit v. seshasayee paper and boards ltd. : [1985]156itr542(mad) . 3. learned counsel for the assessee in this case, mr. y. ratnakar, advanced identical arguments .....

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Mar 20 1991 (HC)

Saptagiri Enterprises Vs. Commissioner of Income-tax and ors.

Court : Andhra Pradesh

Decided on : Mar-20-1991

Reported in : [1991]189ITR705(AP)

..... the order passed by the commissioner of income-tax, guntur, under section 127(2) of the income-tax act, 1961, the present writ petitioner has been filed. 2. the petitioner-firm is an assessee within the jurisdiction of the income-tax officer, ward-i, chittoor. by the impugned order dated october 5, 1990, the commissioner of income-tax, guntur, transferred the case of the petitioner ..... to the assistant commissioner of income-tax, central circle ii(8), madras ..... cases where affording reasonable opportunity to the assessee including the disclosure of specific reason might come in the way of effective exercise of the statutory function by the concerned income-tax authories. the likely damage that may be caused to the interests of the revenue might be irretrievable. in order to provide for such a contingency, an exception ..... chittoor where the firm is having its establishment. it was also stated that the petitioner was prepared to answer any question or furnished any information which the assistant commissioner (income-tax), madras, may require at any time. after considering this reply, the impugned order came to be passed on october 5, 1990. 3. learned counsel for the .....

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Apr 01 1991 (HC)

Commissioner of Income-tax Vs. Rama Bai

Court : Andhra Pradesh

Decided on : Apr-01-1991

Reported in : (1991)94CTR(AP)93; [1991]190ITR342(AP)

..... capital gains arising out of the compensation received by the assessee under the land acquisition act to tax under the provisions of the income-tax act. the assessment was made on the taxable income of rs. 2,10,240. on appeal by the assessee to the commissioner of income-tax (appeals), the commissioner of income-tax (appeals) held that, in view of the law laid down by the full ..... of the reversal or modification of the judgment subsequently by the supreme court. 5. the expression 'reason to believe' occurring to section 34 of the old income-tax act (1922) corresponding to section 147(a) of the 1961 act was interpreted by the supreme court in sheo nath singh v. aac of i.t. : [1971]82itr147(sc) . the supreme court observed (p. 153) : ..... the following question of law has been referred by the income-tax appellate tribunal under section 256(1) of the income-tax act, 1961, for the decision of this court : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the reassessment proceedings initiated by the income-tax officer in this case were not valid in law ?' ..... that the belief must be that of an honest and reasonable person based upon the reasonable grounds and that the income-tax office may act on direct or circumstantial evidence but not on mere suspicion, gossip or rumour. the income-tax officer would be acting without jurisdiction if the reason for his belief that the conditions are satisfied does not exist or is not .....

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Dec 12 1991 (HC)

J. Raghothama Reddy Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Dec-12-1991

Reported in : [1992]195ITR895(AP); [1992]61TAXMAN136(AP)

..... was erroneous and prejudicial to the interest of the revenue. it was on that basis that the commissioner revised the order under section 263 of the income-tax act. 6. the assessee filed an appeal before the income-tax appellate tribunal which remanded the question of apportionment and the question of tenancy for determination by the assessing officer for the reason that there was no ..... in which the awards were passed and the amounts of compensation were received. the commissioner sought to revise that order in exercise of his powers under section 263 of the income-tax act. he found that the date which was material for deciding the notional date of receipt for computation of capital gains was the date on which the land vested in the ..... we shall not persuade ourselves to stray out of the clearly delineated limits of the advisory jurisdiction as confined to the question referred to us under section 256 of the income-tax act. 10. we are not persuaded to accept the submission of counsel on the effect of delay in taking possession after the notification under section 17 of the land acquisition ..... adequate material to sustain the case of the assessee. / the tribunal, however, held that the commissioner of income-tax had sufficient material to justify exercise of his revisional jurisdiction under section 263 of the income-tax act. the tribunal also found that possession of the property having been taken on october 12, 1973, after publication of a notification under .....

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Aug 09 1991 (HC)

Palakol Co-operative Sugars Ltd. Vs. Income-tax Officer

Court : Andhra Pradesh

Decided on : Aug-09-1991

Reported in : [1993]202ITR681(AP)

..... section 139 in so far as it is relevant for our purpose reads as follows (see [1986] 161 itr 117) : '12. amendment of section 139. - in section 139 of the income-tax act, - . . . . . . (b) after sub-section (9), the following sub-section shall be inserted and shall be deemed to have been inserted with effect from the 1st day of april, 1986, namely ..... the assessment year 1986-87, the petitioner could not file its return on or before june 30, 1986, the time allowed by sub-section (1) of section 139 of the income-tax act, 1961. on june 27, 1986, it made a request in form no. 6 seeking extension of time for filing the return till september 30, 1986, on the ground that the ..... on the return filed on september 30, 1986, which is within the time prescribed under sub-section (4) of section 139. that case arose under the indian income-tax act, 1922 (for short, 'the old act'). the assessee in that case filed voluntary returns disclosing losses for 5th assessment year 1953-54 and 1954-55. the question was whether the assessee had the right ..... the return within the time allowed under sub-section (1) which would be june 30, 1986, or within such further time as allowed by the income-tax officer. it is only then that the provisions of the income-tax act would apply as if the return was field under sub-section (1) of section 139, admittedly, in this case, the request of the petitioner for .....

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