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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat bangalore Page 1 of about 529 results (0.037 seconds)

Jul 25 2003 (TRI)

Shri C. Raman Reddy Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2004)268ITR49(Bang.)

..... (a) what is a panchanama: and (b) what is a valid panchanama. mr. rao thereafter submitted that a panchanama is not defined in the income tax act or income tax rules, let alone its format being prescribed in the rules. it is not doubt a document drawn up for recording certain events, signed by the authorized ..... period from 1.4.1985 to 5.12.1995. and challenges the order dt. 28.1.1997 of the asst. commissioner of income tax passed under section 158bc of the income tax act, by adding various additions and disallowance, as erroneous. this appeal was filed by the assessee in his status as individual on 19.3 ..... reversing the decision of the hon'ble a.p. high court.17.3 a mere look at sub-section (1) of section 255 of the income-tax act, 1961 shows that it is the administrative function of the president to constitute benches from amongst the members of the tribunal for exercising its powers and ..... lifted drawing the last of the panchanamas or/from the date of the first seizure effected by the department under section 132(1) of the income tax act. 1961 even though panchanamas were drawn on subsequent date of search.17.1 based on the department's petition and the then learned vice president ..... be. the relevant part of notes on clauses of the finance bill read as under : clause 48 seeks to amend section 158 be of the income tax act relating to time limit for completion of block assessment. the proposed amendment seeks to renumber the existing explanation of sub-section (2) of section 158be .....

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Nov 18 2005 (TRI)

Asiatic Industrial Gases Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT

..... amendment will take effect from 1-4-2003 and will accordingly apply in relation to the assessment year 2003-04 and subsequent years.your honour will thus note that the income tax act, 1961 has also recognized the statutory effect of the agreements which include restrictive covenants. in the above circumstances, the assessing officer's inference that merely because the restrictive covenant ..... as statutorily recognized the agreement containing restrictive covenants. in this regard, attention is invited to the provision of section 28(va) of the income tax act which have been inserted in the statute by finance act, 2002 with effect from 1-4-2003.as per the said sub-clause (va) any amount whether received or receivable in cash or in kind under ..... in the context of ascertaining the principal business of an assessee for the purpose of applicability of provisions of section 104 of the income tax act. the authorised representative relying on the special bench decisions of the itat in dy. cit v. venkateswar investment & finance (p.) ltd. (2005) 93 itd 177 (kol.) and assistant commissioner v.concord commercial (p.) ltd. (2005) 95 ..... (wherein clause (va) was inserted) it has been clarified as follows: (254 itr 219 statute). new provisions for taxing the receipts in the nature of non-competing fees and exclusivity rights .-this amendment proposes to insert a new provision in the income tax act, 1961 for charging any sum received or receivable in cash or in kind under an agreement for not carrying .....

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Aug 16 1994 (TRI)

Prasanna Enterprises Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1994)51ITD393(Bang.)

..... . 3,47,110 under the provisions of section 271(1) (c) of the income-tax act, 1961.2. the assessee, which is a firm, filed its return of income for this year on 27-8-1990 declaring a total income of rs. 48,361. the assessment was, however, completed on 31-1-1991 under ..... by the assessee is bona fide and furthermore that all the facts relating to the same and material to the computation of the total income of the assessee have been disclosed.the tribunal has already given sufficient margin in respect of allowability of the expenses. whatever expenses have ultimately ..... is not of the nature of the earlier explanation and merely goes to explain the offence of concealment or of furnishing of inaccurate particulars of income without affording an independent basis for constituting such offence.we are, therefore, of the view that not only in consideration of the abovementioned judgments of ..... leading evidence or by relying on the material which is already on record that the penalty under section 271(1) (c) for concealment of income would be attracted." 8.2 finally the gujarat high court held that since explanation enacts a mere rule of evidence, it is competent to ..... second addition as above was reduced to rs. 85,000. the assessing officer initiated penalty proceedings under section 271(1) (c) for concealment of income and furnishing of inaccurate particulars. in the impugned penalty order, he discussed in detail the various contentions of the assessee against levy of penalty and negatived .....

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Jan 24 1995 (TRI)

Bertie Pinto Foundation Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1995)53ITD282(Bang.)

..... cannot be said that the beneficiaries had consented to the carrying on of the business of the trustees... the trustees had to be assessed under section 161(1) of the income-tax act, 1961, at the normal rate and in the like manner and to the same extent was the beneficiaries as it was prior to the amendment of section 161 by the ..... is being passed for the sake of convenience.2. the appeal for assessment year 1982-83 has been filed by the assessee against the order passed by the cit under section 263 of the income-tax act, 1961. in the original assessment made for this year, assessment of the assessee which is a private trust, had been made at the net profit declared as ..... the relevant valuation date only. although the abovementioned decision was given by the supreme court in respect of matter arising out of the wealth-tax act, yet the ratio of the supreme court would hold with regard to income-tax matters also viz., that indeterminacy of the beneficiaries and their respective shares will have to be judged at the end of each accounting year ..... per the profit and loss account. since, however, the ito considered the shares of each of the beneficiaries of the trust to be determinate, he allocated the entire income amongst these .....

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Mar 04 1998 (TRI)

Kirloskar Investments and Finance Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1998)67ITD504(Bang.)

..... in excess of rs. 10,000 shall be passed by ao without obtaining the previous approval of the deputy commissioner. the said provision is similar that existed under the indian income-tax act, 1922 with reference to which the lahore high court (supra) had held that it was administrative in nature.73. the learned counsel for the department had referred to the ..... with the previous approval of commissioner or director. the case laws relied upon by the learned counsel for the department which were with reference to the provisions of the indian income-tax act, 1922, where similar provisions existed. the courts clearly had held that the approval of a superior officer is mere administrative sanction and this was because, the officer who is ..... were entered into solely with a view to claim depreciation at 100% and not out of commercial expediency and such claiming of depreciation resulted in undisclosed income liable to tax under chapter xiv-b of the income-tax act, 1961 consequent to their detection during search on 30-3-1996. the finding is purely on suspicion and surmise, assumptions and presumptions, without any factual foundation ..... not, produce or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act, or (c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other valuable .....

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Oct 15 1998 (TRI)

Eskayef Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

..... ito [1975] 99 itr 236, the karnataka high court had the occasion to examine the question of power of the aac to cause enhancement under the indian income-tax act, 1961 and held (at page 243) that although the supreme court had addressed the issue in the case of rai bahadur hardutroy motilal chamaria (supra) by ..... a personal or private purpose and as the expenditure did not exclusively serve the business, it will not qualify for deduction under section 37(1) of the income-tax act, 1961. similar view was also expressed by the gujarat high court in the case of bombay mineral supply co. (p.) ltd. (supra). the ..... assessee, it will be subject to the benefits and disadvantages of such acquisition only in the way in which relevant provisions are made in the income-tax act. it cannot at all be said that the assessee was the owner of the business even in past and would therefore be entitled to all ..... that particular case also, the madhya pradesh high court held that the powers of the aac in deciding an appeal under section 251 of the income-tax act, 1961 are wide enough to include the power of examination of matters covered by the assessment order and even to correct the assessment in respect ..... supreme court (in a judgment delivered by three judges) held that the aac has no jurisdiction under section 31(3) of the income-tax act, 1922, to assessee a source of income which is not disclosed either in the returns filed by the assessee or in the assessment order. the supreme court furthermore held .....

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Oct 28 2005 (TRI)

Bpl Sanyo Finance Ltd. Vs. the Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)290ITR80(Bang.)

..... course of the assessment order, but much later. the debate in the said case revolved around the wording of section 28(1)(c) of the indian income-tax act, 1922, whereunder the requirement of law was that the satisfaction of the officer levying penalty was one which should have been arrived at in the course ..... have been commenced in the course of the assessment proceedings. (ix) similar issue was considered by hon'ble karnataka high court with reference to karnataka agricultural income tax act. the decision of hon'ble supreme court in angidi chettiar and in d m manasvi has also been explained by hon'ble karnataka high court in saraswathi ..... angidi chettiar . in that case, the supreme court was concerned with a situation wherein penalty had been levied under section 28(1)(c) of the indian income-tax act, 1922, on a firm, subsequent to the dissolution of the firm and about the validity of such an order of penalty which had come to be ..... we are unable to agree. it may be noted that whenever the assessing officer has to record his satisfaction under the income-tax act, it is specifically mentioned, e.g., in section 148(2) of the act which states that 'the assessing officer before issuing any notice under the section will record the reason for doing so'. ..... fact, the apex court had occasion to uphold the levy of penalty levied under section 271(1)(c) and section 274 of the income-tax act, 1961 in d.m.a. manasvi's case [1972] 86 itr 557 (sc), holding that there was no need to issue a notice by the .....

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Mar 02 2006 (TRI)

ibm India Ltd., (Amalgamated with Vs. the Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2007)105ITD1(Bang.)

..... -89 and again rs. 15 lakhs during the year 1989-90 only a sum of rs. 5 lakhs was a capital receipt and not liable to tax as income under section 28(ii)(c) of the income tax act, 1961.4.8 applying the principles laid down above by us as well as by the various courts extracted herein above, we examine the facts of ..... payment is taxable as having an origin in the office, profession or vocation of the payee, which constitutes a definite source for the income. what is taxed under the india income tax act is income from every source (barring the exceptions provided in the act itself) and even a voluntary payment, which can be regarded as having an origin, which a practical man can regard as a ..... depend on the nature of the receipt and the true scope and effect of the relevant taxing provision.it is for the revenue to prove that the receipt is chargeable to tax under the provision of income tax act. once it is shown that the receipt is income under the income tax act, it is for the assessee to prove that the same is either exempt or the assessee ..... account for the relevant previous year prepared under sub-section (1a) as increased by various amounts given in the section. thus, for the purpose of assessing tax under section 115j, firstly, the profit as computed under the income-tax act has to be prepared and thereafter the book profit as contemplated by the provisions of section 115j are to be determined and then the .....

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Nov 09 1995 (TRI)

Assistant Commissioner of Vs. Guru Trust.

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)56TTJ(Bang.)73

..... que trust". the position is exactly the same as between partnership firm and its partners in the eyes of general law. the income-tax act however, makes distinction between the firm and its partners specially for the application of that law. such a distinction is, however, not provided by the ..... income-tax act between the trust and its trustees.section 161 and all other related section clearly hold the trustees as the representative assessee on behalf of ..... coming to the conclusion that the trust has essentially the status of its beneficiaries, whether for the purpose of the assessment of its income or for considering its liability to deduct tax at source under section 194a. in the instant case, the itat, bangalore bench, has already held by relying on the decision ..... .the madras high court also held in the case of arihant trust (supra) that when the trust was treated as an individual while receiving the income, there is not law to change its status for other purposes and hence, it was to be treated as same individual for the purpose of section ..... the contentions of the learned dr in this regard. section 204 defines "person responsible for paying" (as appearing in the various sections relating to deduction of tax at source including section 194a). as per clause (iii) of section 204 which applies to the present case, the person responsible of paying shall mean the .....

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Nov 09 1995 (TRI)

Assistant Commissioner of Vs. Guru Trust

Court : Income Tax Appellate Tribunal ITAT

Reported in : (1996)57ITD247(Bang.)

..... trust". the position is exactly the same as between a partnership firm and its partners in the eyes of general law. the income-tax act however, makes a distinction between the firm and its partners specially for the application of that law. such a distinction is, however, not provided by ..... the income-tax act between the trust and its trustees. section 16.1 and all other related sections clearly hold the trustees as the representative assessees on behalf ..... to the conclusion that the trust has essentially the status of its beneficiaries, whether for the purpose of the assessment of its income or for considering its liability to deduct tax at source under section 194a. in the instant case, the itat, bangalore bench, has already held by relying on the decision ..... .the madras high court also held in the case of arihant trust (supra) that when the trust was treated as an individual while receiving the income, there is not law to change its status for other purposes and hence, it was to be treated as same individual for the purpose of ..... the contentions of the learned dr in this regard. section 204 defines "person responsible for paying" (as appearing in the various sections relating to deduction of tax at source including section 194a). as per clause (iii) of section 204 which applies to the present case, the person responsible for paying shall mean the .....

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