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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat cochin Page 1 of about 492 results (0.070 seconds)

Mar 28 1995 (TRI)

income-tax Officer Vs. Sea Pearl Industries

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1996)56ITD505(Coch.)

..... goods reach its destination and the insurance cover is also taken by the assessee. (i) there is no definition of export house in the income-tax act. one has necessarily to refer to paragraph 165 of chapter 17 in volume i of the import & export policy book of 1983 to understand what ..... as against the other party unless the other party files disclaimer certificate. if the terms of the contract confer the tax benefit or tax burden on the assessee (so far as income-tax is concerned), certainly the assessee would be entitled to the benefit of section 80hhc. we have seen sample agreements, as ..... (4) the deduction under sub-section (1) shall not be admissible unless the assessee furnishes in the prescribed form, along with the return of income, the report of an accountant, as defined in the explanation below sub-section (2) of section 288, certifying that the deduction has been correctly ..... such benefit is passed on by the export house to the manufacturer. the export house can, thus, claim deduction of such payments in its income and the corresponding receipts cannot be taxable in the hands of the manufacturer. thus, the circular, though in connection with amended section really supports ..... stated above, from which we cannot come to a definite conclusion. we, therefore, set aside the order of the cit (appeals) and restore the issue .....

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Mar 31 2000 (TRI)

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... 90% of the export earnings premium and the brokerage in computing the profits for purpose of deduction under sub-section (1a) of section 80hhc of the income-tax act". the learned departmental representative further submitted that the decision of the tribunal in the case of sri a.m. moosa (supra) has not been accepted ..... though the assessee has urged nine common grounds in these appeals they are, in fact, directed against the order of the cit (appeals) in denying the benefit under section 80hhc of the income-tax act, 1961.2. the facts of the case are these : the assessee-firm is engaged in the business of export of ..... marine products. the assessee filed the return of income for the assessment year 1993-94 on 28-2-1994 declaring total income of rs. 8,57,540 ..... will have to be aggregated so far as section 80hhc is concerned. the counsel for the assessee referred to the following observations of kanga and palkhivala's income-tax, eighth edition, volume-i, page 870 : "except in the three cases noted below, if the net result in respect of any source under any ..... s claim for deduction under section 80hhc. while coming to the above conclusion, the assessing officer relied on the decision of the cochin bench of the income-tax appellate tribunal in the case of am.moosa, chandiroor, in it appeal no. 498 (coch.) of 1995, dated 14-9-1995 relating to the .....

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Aug 08 1985 (TRI)

A.M. Moosa Bharat Sea Foods Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1986)17ITD37(Coch.)

..... , judicial member - this is an appeal against the order of the commissioner dated 20-3-1984 passed under section 263 of the income-tax act, 1961 (the act) directing the ito to recompute the deduction under section 80hh and 80j of the act after excluding the premia on import entitlements, exports house premia and drawbacks and revise the assessment.2. the assessee is engaged in ..... not a legal concept but something which a practical man would regard as a real source of income. [the assessee may have separate sources of income - see section 3(3) of the act.] all taxable income must necessarily have a definite source [see the law and practice of income-tax by kanga and palkhivala, p. 162. ] if that is the concept of the source, can we ..... the said view. it then follows that the tribunal was right an assessees claim for rebate under section 2(5) (a) (i) of the finance act, 1966. ..." (p. 830) it has been held therein that the income, profit or gain cannot be said to have been derived from an activity merely by reason of fact that the said activity may have helped ..... of exports the assessee was entitled for import entitlements.the profit on the sale of import entitlements is to be treated as a business income as held by the kerala high court in d. k. industries v.cit [1984] klt 697. in this decision, it was further observed that import entitlement is not derived from export but it is the very right .....

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Aug 29 1956 (TRI)

Rev. Father Prior, Sacred Hearts Vs. Income-tax Officer,

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195630ITR451(Coch.)

..... existence of some collateral fact which the officer has to decide first before proceeding to assess the person to income-tax. under the income-tax act, the income-tax officer has full jurisdiction to decide whether a person is liable to be assessed to income-tax in respect of particular items of receipt. if the decision is wrong the remedy of the party is to ..... shall include but also such things as the word signifies according to its natural impart. as observed by barund, j., in amrit kunwar v.income-tax commissioner : "in construing the word income in the indian income-tax act, one has to ask one self whether, having regard to the circumstances surrounding the particular payments and receipts in question, what is received is ..... stipends and that they were, therefore, voluntary contributions. it was accordingly held that the donations and mass stipends were liable it be assessed to income-tax as voluntary contributions under the cochin income-tax act as amended in 1122. the assessment for the year 1124 was based on the reasons given in the order relating to the assessment for 1123.23 ..... donations and mass stipends are not "income" within the meaning of the income-tax act and that the income-tax officer has, therefore no jurisdiction to assess the petitioner to income-tax on those items. according to learned counsel, the income tax officer has jurisdiction to go into the question whether the items are income coming within the purview of the income-tax act, but if he wrongly decides that .....

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Aug 08 2007 (TRI)

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... under section 44ab, the ao proposed to make disallowance in respect of the said contribution as the ao was of the opinion that provisions of section 40a(9) of the income tax act are applicable. the assessee contended that the said expenditure was incurred wholly and exclusively for the purpose of assessee's business and hence it was allowable expenditure under section 37 ..... and hence, the entire claim is required to be allowed. in the opinion of the ao, the method followed by the assessee was not as per the provisions of the income tax act. in the further opinion of the ao, if there is no; credit balance in the provision for bad and doubtful debts made as per section 36(1)(viia) of the ..... , "for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to ..... , the assessee has deducted a sum of rs. 4,94,13,505/- as dividend income, another sum of rs. 1,67,50,000/- being interest on tax free bonds and a further sum of rs. 1,14,98,000/- being interest exempt under section 10(23g) of the income tax act totalling rs. 8,86,71,505/-. the ao noted that as per section 14a .....

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Sep 18 1953 (TRI)

Thangalkunju Musaliar Vs. Authorised Official and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195425ITR120(Coch.)

..... force the travancore taxation on income (investigation commission) act, 1124 (travancore act xiv of 1124 ..... .(4) april 18, 1950. the opium and revenue laws (extension of application) act, 1950 (central act xxxiii of 1950) extended to travancore-cochin the taxation of income (investigation commission) act, 1947 (central act xxx of 1947), and continued in ..... (1) of the constitution the travancore taxation on income (investigation commission) act, 1124 (tranvancore act xiv of 1124) was continued in force until altered or repealed or amended by a competent legislature or other competent authority.(3) march 31, 1950. the finance act, 1950 (central act xxv of 1950) came into force and the indian income-tax act, 1922 (central act xi of 1922) was extended to travancore-cochin .....

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Sep 21 1993 (TRI)

P.K. Narayanan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)49ITD229(Coch.)

..... section 69 of the income-tax act as the deemed income of the assessee of this year.the assessee in his reply to the draft assessment order dated 19-4-1982 stated as follows : the assessee did ..... since the assessment was not made on the aop we hold that there is no basis for levy of penalty under section 271(l)(c) of the income-tax act. this is only our alternative view without prejudice to our earlier conclusion that the nexus between the assessee and the toddy shop business had not been ..... a person is to be assessed is very material for assessment. a wrong status will result in an assessment being made against a wrong "person" as defined in the income-tax act. unless an assessment is made in accordance with the "status" of the "person" - whether individual, aop, registered firm, unregistered firm, huf, company etc., ..... 1979 as shown by valuer is to be treated as the unexplained investments of the assessee of this year and assess it under section 69 of the income-tax act. so, for the year ended31-3-1979, the sum of rs. 41,719 alone is considered as mentioned in para (2) above, and assessed under ..... . sri abraham wants us to infer that the ito had treated the firm as registered firm under section 183(b) of the income-tax act and had proceeded to include the minors' income in the hands of the appellant. such an inference is not possible because to confer the status of registration on a firm, .....

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Jan 31 2005 (TRI)

The Gift Tax Officer Vs. Shri P.J. Kurian

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD44(Coch.)

..... of appeal, drew my attention to the dates of gifts and dates of cancellation. he argued that the assessee was not assessed under the income-tax act prior to assessment year 1991-92. however, all the returns for assessment years 1991-92 to 1994-95 were filed on 6.8.1997. ..... all additional evidence being produced for the first time in the second appeal. there is no request from revenue under rule 29 of the income-tax rules seeking permission of the tribunal to place these additional material on record. there is no order of itat admitting these documents as additional ..... basis of above deeds which was made as applied.therefore, on facts of the case and in the light of relevant provision of gift-tax act; transfer of property act; comments by authors chaturvedi & pithisaria (volume 9 fourth edition) (relevant portion of statutory provision and commentaries cited), the learned jm held ..... such vesting can never take place without the transferee's consent and concurrence". thus, the above decision prescribes that the provisions of the gift tax act can be invoked only if the assessing authority proves that there was consent by the "donee" towards the gift being made. this onus ..... the assessee has cancelled those conveyances by registering cancellation deeds in 1997, the assessing officer is justified in law in framing an assessment under the gift-tax act, 1958, for the assessment year 1994-95." the learned judicial member, on the other hand, is of the view that following questions should be .....

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Jun 24 2005 (TRI)

Vengat Bava Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)6SOT434(Coch.)

..... was jump sum payment.(4) vengat beerashsa - the creditor has appeared before the assessing authority in response to the notice under section 131 of the income tax act, he is your appellant's uncle. in his statement given before the assessing authority he has confirmed the payment. there was no contradiction in his ..... the assessee, a non-resident, is doing business as catering contractor in abudhabi since 1980. there was a search operation under section 132 of the income tax act on 30-9-1997 in the residential premises of the assessee. further to this, a notice under section 158 was issued on 7-8-1993 requiring ..... the same be admitted and decided on merits. the grounds are as under : '(1) as per section 158bb of the income tax act, the undisclosed income of the block period shall be the income of the previous years on the basis of evidences found as a result of search. in the appellant's case, there was ..... the assessee. in that case, it was held as under : "the amendment made in a section 158bc of the income tax act, 1961, with effect from 1-7-1995, clearly provides that if the income of the particular assessment year falling within the block period is not taxable the same shall not be treated to be ..... the assessing authority does not have any power to refer to valuation department to assess the cost of construction under section 131 of the income tax act. thus, the reference itself is invalid.hence, the question of relying on those documents not found during the course of search is not .....

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Aug 08 2007 (TRI)

P.K. Narayanan Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

..... assessee did not have a licence for the same. the fact that the business stands in the name of chellappan achari and that even the assessments were completed under the income-tax act, in respect of archana jewellery in the hands of chellappan achari ate irrelevant for determining the ownership of business.in short the hon'ble high court affirmed the findings of ..... jewellery in the hands of the assessee. at the instance of the revenue references were made to the hon'ble high court of kerala under section 256(1) of the income-tax act, 1961. it was noticed by the hon'ble high court that two different views have been taken by the tribunal, one in the quantum appeal and another in the penalty ..... . briefly stated facts are as under: the assessee is an abkari contractor and is assessed in the status of individual. there was a search action under section 132 of the income-tax act, 1961, in the residential premises and business premises of the assessee on 29-01-1982. during the course of search action certain incriminating documents and books of accounts were seized ..... up to the assessment year 1985-86. subsequently the assessing officer initiated penalty proceedings for the assessment years 1979-80 and 1980-81 under section 271(1)(c)of the income-tax act, 1961, and levied the penalty. assessee challenged the levy of penalty before the first appellate authority but the same was confirmed. assessee challenged the impugned order of the .....

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