Court : Delhi
Decided on : Feb-27-2009
Reported in : (2009)224CTR(Del)72; 316ITR141(Delhi); 179TAXMAN44(Delhi)
..... takes us to the second question as to whether the tribunal has erred in law in deleting the levy of interest under section 234b of the income tax act. we feel that although the conclusion of the tribunal with regard to the levy of interest under section 234b being penal in nature is not ..... the circumstances in which it is imposed, it is clear that interest is levied by way of compensation and not by way of penalty. the income-tax act makes a clear distinction between the levy of a penalty and other levies under that statute. interest is levied under sub-section (8) of section ..... ), which have been relied upon by the tribunal, would not be applicable to the question of chargeability of interest under the income tax act. he submitted that the decision of the supreme court in star india pvt. ltd (supra) was rendered in the context of the liability to pay ..... retrospective effect.it may be pointed out that these observations were made in respect of the liability to pay service tax for the service of broadcasting. this was not a case under the income tax act, 1961. however, applying the same, the tribunal concluded that the levy of interest under section 234b in the ..... in this set of eleven appeals under section 260a of the income tax act, 1961 (hereinafter referred to as the 'said act'):(1) whether the income tax appellate tribunal was correct in law in holding that the levy of interest under section 234b of the income tax act, 1961 is in the nature of penalty and is not compensatory .....Tag this Judgment!
Court : Delhi
Decided on : May-04-2009
Reported in : (2009)224CTR(Del)244; 315ITR153(Delhi); 183TAXMAN374(Delhi)
..... 1995 with government of india for exploration, development and production of crude oil.(ii) the production sharing contract has been placed before the parliament pursuant to section 42 of the income tax act, 1961.(iii) in absence of profit, claim under section 801a has not been made. (iv) the claim of development expenditure (under section 42) includes provision for abandonment ..... 1995 with government of india for exploration, development and production of crude oil.(ii) the production sharing contract has been placed the parliament pursuant to section 42 of the income tax act, 1961.(iii) in (the) absence of profit, claim under section 801a has not been made geo enpro petroleum limitedassessment year 1999-00accounting year 1998-99computation of business ..... june 1995 with government of india for exploration, development and production of crude oil.(ii) the production sharing contract has been placed the parliament pursuant to section 42 of the income tax act, 1961 (copy of notification enclosed).(iii) in (the) absence of profit, claim under section 801a has not been made' geo enpro petroleum limitedassessment year 1998-99accounting year ..... 16th june, 1995. in respect of the kharsang oil field, the psc has been placed before the parliament in accordance with the provisions of section 42 of the income tax act, 1961. the assessee has also been appointed as the joint operator under the psc. after discovery of the petroleum in commercial quantities, the government of india invited bids .....Tag this Judgment!
Court : Delhi
Decided on : May-20-2009
Reported in : 183TAXMAN172(Delhi)
..... this appeal under section 260a of the income tax act, 1961 (act for short) has been preferred by the commissioner of income tax, delhi-i against the order dated 11.4.2008 passed by the itat. the tribunal had dismissed the appeal of the revenue assailing the order of the cit(a), who had deleted the addition of ..... assessee. on a different plank it was also observed that the respondent assessee as well as the other supplier were assessed to income tax and sales tax and were transacting business independent of each other.8. no substantial question of law arises for our consideration in this appeal, which is accordingly ..... rupees 68,00,000 made by the assessing officer under section 69a of the act. both ..... is concerned, the cit(a) as well as the itat have arrived at the ..... any consequence. a similar analysis is available in cit v. jupiter builders p. ltd. : 287itr287(delhi) where the conclusion was that income not disclosed or unearthed as a result of the search or requisition cannot be brought to tax under chapter-xivb of the act.6. so far as the case in hand .....Tag this Judgment!
Court : Delhi
Decided on : Feb-16-2009
Reported in : 180TAXMAN72(Delhi)
..... the assessing officer in respect of g alleged unexplained investment in property of rs. 10,38,000 under section 69b of the income-tax act, 1961?2. whether the income-tax appellate tribunal was justified in law in setting aside the issue to the file of the assessing officer in respect of alleged ..... unexplained deposit in the bank accounts of the appellant, his wife and his daughter aggregating to rs. 6,01,983?3. whether the income-tax appellate tribunal was justified in law in sustaining an addition of rs. 62,000 on account of unexplained expenditure on account of purchase of ..... for our consideration for the reasons given hereinafter:5. the question of law as proposed is as follows:1. whether the income-tax appellate tribunal was justified in law in sustaining addition to the extent of rs. 36,918 out of the total addition made on account ..... income is assessable in the hands of the appellant despite the fact the appellant was not owning any property?6. it is not indispute that the property in question was owned by late m.c. jain, on his demise, the rentals were being received by the assessee/appellant. the assessing officer after deducting the amounts by the assessee to his mother taxed ..... applied the law by observing that since late m.c. jain had died intestate, the assessee was entitled to 1/11th share of the rental income as there were eleven legal representatives. it is not in dispute before us that the factum of the property, being self-acquired property of late .....Tag this Judgment!
Court : Delhi
Decided on : May-27-2009
Reported in : (2009)224CTR(Del)369; 315ITR137(Delhi); 181TAXMAN9(Delhi)
..... stumbled upon by its officers in a search conducted against a third party. the extracted paragraph from canara bank particularly calls for reproduction:50. in the income tax act, 1961 elaborate provisions are made in regard to 'search and seizure' in section 132; power to requisition books of account, etc. in section 132 ..... of conducting a search and seizure operation against emaar. subsequently on 17.9.2007, the ddit issued summons under section 131 of the income tax act, 1961 (the act for the sake of brevity) on 17.9.2007 to ms.sandhya sama and shri sanjay k. jain, the employees of the petitioner ..... found in the course of any search which in his opinion will be useful for, or relevant to any proceeding under the act, and remove them to the income tax office or prohibit the person in possession from removing them. he may also examine on oath any person in possession of or ..... to serious breach of confidentiality which they are bound to protect by the principles of professional ethics. it is also our view that the income tax department cannot make fishing or roving inquiry to initiate proceedings against all these companies which are the clients of the petitioner. it has been ..... the learned senior counsel appearing on behalf of the respondents, has contended that the income tax department has made a valid seizure of the laptops and the petitioners are bound to provide the password under section 275b of the act, which reads thus:275b. if a person who is required to afford the authorized .....Tag this Judgment!
Court : Delhi
Decided on : Jul-24-2009
Reported in : 184TAXMAN352(Delhi)
..... section 260a of the income tax act, 1961 (hereinafter 'the act') is preferred by the revenue against the order dated 31.5.2007 of the income tax appellate tribunal (itat) whereby the itat accepted the appeal filed by the assessee/respondent and set aside the orders of the assessing officer and the cit(appeals).2. there are ..... assessee company has given such a remark in the auditor's report because on account of a search and seizure operation carried out by the income tax department at the business premises of the assessee various records/books/documents were seized. therefore, the auditor said that on the basis of the ..... also note that the counsel for the respondent has also relied upon cit v. dcm ltd. : (2009) 177 taxman 300 (delhi) to the same effect.7. in ..... the case s.a. builders v. cit : 288 itr 1 (sc) wherein the supreme court had said that a company is fully entitled to give a loan to its subsidiary company and which can be done for business expediency. to such a transaction, the income tax department can have no objection. we ..... learned counsel for the respondent during the course of the arguments has referred to the written submissions and the documents relied by him before the cit(a) and which showed the genuineness of the share transactions of the assessee company and which documents showed that the transactions were entered into at .....Tag this Judgment!
Court : Delhi
Decided on : Aug-19-2009
Reported in : (2010)229CTR(Del)435; 318ITR347(Delhi); 185TAXMAN387(Delhi)
..... /- incurred by expo machinery limited on behalf of the assessee. the view taken by the assessing officer having been confirmed by the cit(a) and hence the assessee is in further appeal before us under section 260a of the income tax act, 1961.4. on the basis of the aforesaid, the issue which arises is when can the assessee be said to have set ..... cotton mills ltd. is not applicable to the facts of the present case because the said judgment was dealing with the provision of section 5(1)(xxi) of the wealth tax act, 1957 along with its proviso and the language of the main section and the proviso were wholly different. in the proviso, the requirement was specifically of the company commencing operations ..... up its business. is the expression 'setting up of the business' same as 'commencement of business?' the itat has held that the expression 'setting up of the business in the previous year' as per section 3 of the income tax ..... is different from commencement of the business and has relied upon the judgments of different courts including of this court in the case of cit v. hughes escorts communications ltd. : 311 itr 253.5. this court in the case of hughes escorts communications .....Tag this Judgment!
Court : Delhi
Decided on : Aug-07-2009
Reported in : (2009)227CTR(Del)66; 183TAXMAN296(Delhi)
..... . 9,67,412/-. the assessee claimed that the capital gain be not charged as it was entitled to the benefit of section 54-f of the income tax act, 1961. the assessee claimed to have purchased a three bed room flat in kanungo cooperative group housing society and, therefore, claimed the entitlement for the ..... benefit of section 54-f of the act. all the three authorities below namely, the assessing officer (a.o), the commissioner of income tax (appeals) (cit)(a) and income tax appellate tribunal (i.t.a.t) have declined the benefit of section 54-f to the assessee.2 ..... applicable in the case of assessee for furnishing the return of income under sub-section (1) of section 139] in an account in any such bank or institution as may be specified in, and utilised in accordance ..... took place, or which is not utilised by him for the purpose or construction of the new asset before the date of furnishing the return of income under section 139, shall be deposited by him before furnishing such return [such deposit being made in any case not later than the due date ..... the present case, on facts, the proposition as urged does not apply.6. the following facts have emerged as per the orders of the assessing officer, cit(a) and i.t.a.t:(i) the agricultural land was sold in september, 1995.(ii) allotment of the flat in the co-operative society was .....Tag this Judgment!
Court : Delhi
Decided on : Jan-21-2009
Reported in : 182TAXMAN173(Delhi)
..... business. therefore, no substantial question of law arises for consideration.4. the other issue which has been raised before us pertains to section 22 of the income-tax act with regard to premises no. 523-524, world trade centre, barakhamba road, new delhi. the itat notes that these premises were used by m/s. ..... order1. these three appeals have been filed by the cit(a), delhi-xi under section 260a of the income-tax act, 1961 ('it act' for short), for the assessment years 1999-2000, 2000-01 and 2001-02. with regard to the assessee's claim for ..... this account had been correctly deleted. in this regard, we are fortified by the observations that a partnership has no existence independent of its business, as enunciated in cit v. h.s. singhal & sons  253 itr 653 :  118 taxman 894 (delhi) after a thorough analysis of the precedents.5. no ..... the indication of intention to resume business. in karsondas ranchhoddass v. cit :  83 itr 1 (bom.) it was noted that there were two periods of activity before and after the interregnum or period of inactivity which was indicative ..... business because it had not 'established an intention to resume it'. such is not the circumstance obtaining in the present case. this case has been applied in cit v. vellore electric corporation ltd. :  243 itr 529 : 113 taxman 236 (mad.) where it has been pithily noted that maintenance and establishment is .....Tag this Judgment!
Court : Delhi
Decided on : Aug-24-2009
Reported in : 186TAXMAN360(Delhi)
..... the basis of the claim of deduction and to which a detailed note was filed by the petitioner company with respect to allowability of deduction under section 80ia of the income tax act. the petitioner company by its letter dated 10.12.2002 furnished a note before the assessing officer, on the business activity and allowability of deduction under section 80ia of the ..... . the present writ petition seeks quashing of the notice dated 27.3.2008 and the order dated 10.11.2008 passed by the respondent under section 147/148 of the income tax act, 1961.2. the petitioner company is engaged in the business of manufacturing of cutting and slitting of polyster films. it has its industrial undertaking at silvasa which is a notified ..... to which by letter dated 21.4.2008, the petitioner company requested the respondent to furnish a copy of the reasons recorded for initiating proceedings under section 147 of the income tax act. through the letter dated 29.4.2008, the respondent supplied the reasons recorded to the petitioner company for initiating proceedings under section 147/148 of the ..... order dated 31.3.2003, the assessing officer allowed the deduction under section 80ia to the petitioner/assessee. the income was assessed at rs. 4,37,450/-, however, the income declared at rs. 2,58,98,479/- under section 115jb of the income tax act was taken for taxation purposes.4. it is thereafter that the impugned notice was issued to the petitioner under section .....Tag this Judgment!