Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: delhi Year: 2012 Page 1 of about 360 results (0.065 seconds)

Apr 23 2012 (HC)

Commissioner of Income Tax Vii and Another Vs. Shri Karan Khandelwal a ...

Court : Delhi

Decided on : Apr-23-2012

..... law and five of his children, for the same consideration, in the year 1965. the assessing officer sought to reopen the assessment invoking the provisions of section 52(2) of income tax act and proposing to fix the market value of their house in the year 1965 at rs.65,000/- and assess the difference of rs.48,500/- as capital gains in ..... the judgment of the supreme court in k.p. varghese (supra) has been explained by the rajasthan high court in the case of. smt. amar kumari surana v. commissioner of income tax : [1997] 226 itr 344 (raj.). in p.v. kalyanasundaram (supra) the assessee purchased certain land for a sum of rs.4.10 lakh. during a search, certain notes on loose ..... . 1. by this common judgment, we shall dispose of both the appeals referred above. ita no.334/2009 is directed against the order dated 25.04.2008 passed by the income tax appellate tribunal (herein after referred to as the tribunal), dismissing ita no.454/del/07 filed by the revenue, in respect of assessment of the respondent sh. karan khandelwal, for ..... applies only where the transferee is a person directly or indirectly connected with the assessee and the object of the under-statement is to avoid or reduce the income-tax liability of the assessee to tax on capital gains. there may be cases where the consideration for the transfer is shown at a lesser figure than that actually received by the assessee but .....

Tag this Judgment!

Apr 30 2012 (HC)

Fashion Design Council of India Vs. Gnct and Others

Court : Delhi

Decided on : Apr-30-2012

..... : - let us now scrutinize the said machinery to ascertain its scope and ambit. section 3 of the income-tax act is the charging section; it imposes a tax upon a person in respect of his income. as a learned author pithily puts it, section 3 charges total income; section 4 defines its range; section 6 qualifies it; and sections 7 to 12b quantify it. 13. in ..... be clear that section 4(1) of the act with which we are concerned cannot, in the very nature of things, enable the government to delegate ..... is the manufacture of goods. in the case of income tax, the annual finance acts prescribe the rates of tax. however, the computation of the income has to take place separately by an order of assessment. these orders have to be passed by the officers executing the income tax act. they merely give effect to the charge of the tax. if these principles are borne in mind it will ..... quantification thereof, on the other. in the context of similar provisions under the income tax act, this distinction has been brought out in several decisions, which we may briefly note. 9. in wallace bros. and co. ltd. v. cit, (1948) 16 itr 240 the privy council observed thus: - the rate of tax for the year of assessment may be fixed after the close of the .....

Tag this Judgment!

Apr 23 2012 (HC)

Commissioner of Income Tax And#8211; Vi, New Delhi Vs. Usha Internatio ...

Court : Delhi

Decided on : Apr-23-2012

..... short) was admitted for hearing on 10th january, 2012 and the following substantial question of law was framed:- whether the income tax appellate tribunal was justified in holding that the jurisdictional pre-conditions for reopening under section 147 of the income tax act, 1961 are not satisfied in the present case? 2. this appeal pertains to assessment year 2001-02 in the case of usha ..... assessing officer after audit objection was raised in the report dated 10th february, 2005. the relevant portion of the said report reads as under:- u/s 45(1) of the income tax act, 1961, any profit or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to ..... view of the then recent pronouncement in g. r. ramachari's case [1961] 41 itr 142 (mad). dr. gauri shankar submitted that the tribunal has found that the income tax officer "had acted mechanically in accepting the return without bringing his mind to play upon the entry in the statement with reference to the distribution of the assets". he pointed out that there ..... escaped assessment, namely:-- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax; (b) where a return of income has been furnished by the assessee but no assessment .....

Tag this Judgment!

Jun 01 2012 (HC)

The Commissioner of Income Tax V Vs. Nagesh Knitwears P. Ltd

Court : Delhi

Decided on : Jun-01-2012

..... gone through the records. the first issue that arises for our consideration is about the exercise of power by the commissioner of income-tax under section 263 of the income-tax act. as noted above, the submission of learned counsel for the revenue was that while passing the assessment order, the assessing officer ..... to apply the provisions relating to the deduction under section 80hhc correctly. therefore, the said assessment order is hereby cancelled under section 263 of the income-tax act, 1961 and the a.o. is directed to make fresh assessment as per the provisions of law. while making the fresh assessment, the a. ..... premium received for the transfer of export quota would be treated as a part of export profit eligible for deduction u/s 80hhc of the income tax act or not. (ii) deduction u/s 80hhc is allowed on export profits with a view to encourage earnings in convertible foreign exchange. since ..... , an additional substantial question of law was framed which reads as under: whether the income tax appellate tribunal (itat) has erred in setting aside the order passed by the commissioner of income tax under section 263 of the income of the income tax act, 1961? 32. in the two assessment years, the assessing officer had in the order ..... holding that 90% of the profits on sale of export quota are covered under the first proviso to section 80hhc (3) of the income tax act? 40. for the reasons stated above, the question of law framed is answered in negative i.e. in favour of the revenue and .....

Tag this Judgment!

Aug 07 2012 (HC)

Cit Vs. Anil Kumar Bhatia

Court : Delhi

Decided on : Aug-07-2012

..... are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act. 65.3 further three new sections 153a, 153b and 153c have been inserted in the income-tax act to provide for assessment in case of search or making requisition. 65.4 the new section 153a ..... .1626, 1632, 1998, 2006, 2019 and 2020 of 2010 are six appeals filed by the revenue under section 260a of the income tax act, 1961, which is hereafter referred to as the act. the assessment years involved are 2000-01 and 2002-03 to 2005-06. 2. on 14th may, 2012, the following substantial ..... common to all the six appeals and they were heard: - 1. whether the income tax appellate tribunal was right in holding that the assessing officer had wrongly invoked section 153a of the income tax act, 1961? 2. whether the income tax appellate tribunal was right in deleting the addition of rs.1,50,000/- made in ..... the provisions of section 153a. 65.10 an appeal against the order of assessment or reassessment under section 153a shall lie with the commissioner of income-tax (appeals). 65.11 consequential amendments have also been made in sections 132, 132b, 140a, 234a, 234b, 246a and 276cc to give reference to ..... stated to have never been acted upon by the parties cannot be presumed to contain unexplained or unaccounted income of the assessee. the tribunal further held that so far as interest is concerned, no notional income which was not earned by the assessee can be added and taxed. in this view of the .....

Tag this Judgment!

May 03 2012 (HC)

Aditya Khanna Vs. Asst. Commissioner of Income Tax

Court : Delhi

Decided on : May-03-2012

..... /writ /direction to quash the notice issued by the respondent, who is the assistant commissioner of income tax central circle-v, new delhi, under section 148 of the income tax act (hereinafter referred to as the act) on 17.2.2009. a prayer is also made for quashing the letter/order dated 20. ..... accrue or arise in india. mr. goswami, the learned counsel for the petitioner strongly relied on the judgment of the supreme court in commissioner of income-tax. v. r.d. aggarwal and co. (1965) 56 itr 20. on the basis of the judgment, he contended that the expression business ..... he recorded the aforesaid reasons and whether these materials could afford a rational nexus or live link to the formation of the belief that income chargeable to tax had escaped assessment, we requested the learned addl. solicitor general, who appeared for the respondent, to produce the relevant record for perusal ..... accordingly, we uphold the jurisdiction of the respondent to issue notice under section 148 of the act on 17th february, 2009 reopening the assessment of the petitioner on the ground that income chargeable to tax had escaped assessment. all interim orders passed by us are vacated. the writ petition is dismissed ..... section 143(1) of the act. on 17th february, 2009 the respondent issued a notice under section 148, which is the impugned notice, calling upon the petitioner to deliver a return of income for the assessment year 2002-03 on the ground that income chargeable to tax had escaped assessment. in response .....

Tag this Judgment!

May 21 2012 (HC)

Acc Ltd. Vs. District Valuation Officer and Others

Court : Delhi

Decided on : May-21-2012

..... that what has been held therein is that the opinion of the dvo per se is not an information for the purpose of reopening assessment under section 147 of the income-tax act, 1961 and that the assessing officer has to apply his mind to the information, if any, collected and must form a belief thereon. it may be possible to contend that ..... . it is engaged in the business of manufacture and sale of cement and also in the generation of power. it is regularly assessed to income tax under the income tax act, 1961, hereinafter referred to as the act. under a sale deed dated 10.04.2006, the petitioner sold the okhla land which is situated at mathura road, okhla, new delhi. it was sold to m ..... cannot be deferred in view of the limitation prescribed for passing the same. the report of the dvo, as and when received by the assessing officer, may be acted upon by the income tax authorities and if they do so, the validity of that action can be questioned by the assessee on grounds which he may be advised to take. that is not ..... that after the receipt of the valuation report after completion of the assessment proceedings, the report would become part of the record which may enable the income tax authorities to take action as permissible under the act, such as section 147, section 263, appellate power under section 250 or section 251 etc. it is not necessary to examine the contention of the petitioner .....

Tag this Judgment!

Jun 01 2012 (HC)

Commissioner of Income Tax Vs. Sunaero Limited

Court : Delhi

Decided on : Jun-01-2012

..... tribunal was right in deleting the addition of rs.21 crores made by the assessing officer under section 45 read with section 47(v) of the income tax act, 1961? (ii) whether the impugned order passed by the income tax appellate tribunal is perverse? 3. sunair hotels ltd. was granted the rights to develop a hotel at bangla sahib road by the new delhi municipal ..... be examined without reference to the provisions of the companies act or other enactments. the act, i.e. income tax act, 1961, deals with and relates to taxation of income. for the purpose of determining taxable income, provisions and parameters/stipulations have been made/prescribed in the act. in a given case, however, the authorities under the act (i.e. income tax act) may have to examine provisions of other enactments, when ..... out of transfer of the capital assets from a wholly-owned subsidiary company to its holding company was not liable to capital gains tax as per the provisions of sec. 47(v) of income tax act, 1961. accordingly, the order of cit(a) in this regard is upheld and grounds of appeals taken by the revenue are rejected. 11. before us, the revenue has filed ..... cogent evidence. 13. now coming to the other point whether the assessee company has fulfilled the condition laid down in sec. 187c of the companies act and the effect thereof. in this regard we find that income tax act, 1961 does not contain any reference to sec. 187c of the purpose of considering the taxability of capital gains u/s 74(v) (sic.) of .....

Tag this Judgment!

Feb 22 2012 (HC)

Cit Vs. Ekl Appliances Ltd.

Court : Delhi

Decided on : Feb-22-2012

..... revenue under section 260a of the income tax act, 1961 (act, for short) relates to assessment year 2002-03 and arises out of the order of the income tax appellate tribunal (tribunal, for short) dated 11th february, 2011 in ita no. 3895/del/2010. 2. pursuant to the order passed by the commissioner of income tax (appeals) under section 263 of the act, the assessing officer passed an order ..... of income tax versus g4s. securities system (india) (p) limited, (2011) 338 itr 46, has held as under:- 9. from the terms of the agreement it is noticed that this arrangement was for ..... ). 8. the aforesaid conclusion of the tribunal is in accord with the decision of the supreme court in cit versus ciba of india limited, (1968) 69 itr 692 (sc) and their subsequent decision in the commissioner of income tax versus i.a.e.c. (pumps) limited, (1998) 232 itr 316 (sc). referring to these decisions, a division bench of this court in commissioner ..... dated 30th july, 2007 holding that the royalty payment of rs.108.64 lacs was capital expenditure, inter alia, for acquisition of a capital asset. 3. the cit(appeals) deleted the said addition. the said order has been .....

Tag this Judgment!

Apr 26 2012 (HC)

Sahni International Pvt. Ltd. and Another Vs. Nisha Raj and Others

Court : Delhi

Decided on : Apr-26-2012

..... 1986 is valid and enforceable in view of subsequent no objection certificate dated 26.04.1984 granted by the appropriate authority u/s 269 ud of the income tax act? opp 4. whether the agreement to sell dated 30.09.1986 is illegal, invalid and unenforceable as being contrary to the terms of the sub-lease ..... .1986 vide ex.pw-1/4. thereafter, form no.37(i) was filed under section 269uc of the income tax act seeking clearance under chapter-xx(c). 3. vide order dated 26.12.1986 (ex.pw-1/5), the appropriate authority directed the pre-emptory purchase of ..... part sale consideration on 30.09.1986 itself. 2. being the requirement of law, an application (ex.pw-1/3) under section 230(a) of the income tax act was filed by the seller seeking permission to sell the said property in favour of the respondents no.1 and 2. the permission was granted on 30.10 ..... by the board of directors. in 1994, i was aware of the provisions of section 269 of the income tax act, which required taking of approval from the income tax authority before sale or purchase of property. i was acting as attorney in the year 1994 for mr.pawan kaula and his father and his two brothers. i might ..... restore possession. 5. on 06.05.1994, respondent no.1 and 2 mrs.nisha raj and ranjit raj offered to refund `29 lakhs to the income tax authorities, to which the income tax authorities did not respond. 6. the seller, mrs.vijay malini kaula died in june 1994. respondents no.1 and 2 i.e. mrs.nisha .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //