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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat cochin Year: 1999 Page 2 of about 25 results (0.112 seconds)

Apr 08 1999 (TRI)

Deputy Commissioner of Income Tax Vs. B. P. L. (India) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-08-1999

..... ', the deduction under s. 32ab is allowed.sec. 32ab provides that when an assessee, whose total income includes income chargeable to tax under the head 'profits and gains of business or profession' has out of such income deposited any amount in the investment deposit account or utilised any amount during the previous year for the purchase ..... amount from the profits of the business computed in terms of parts ii and iii of schedule vi of the companies act. his contention was that the exclusion of the dividend income and the capital gains from the profits of the business as per the p&l a/c prepared as per parts ..... assessee-company had computed the profits in accordance with the requirements of parts ii and iii of schedule vi of the companies act. in that computation all the receipts including the dividend income and the gain on the sale of land were included. it was pointed out that a sum of rs. 39,375 ..... 5). it was her contention that the deduction was to be worked on the profits of the business only and not on the entire income of the company. she added that the cit(a) was in error in relying on the provisions of sub-s. (3) for the view that in computing the deduction the ..... ground raised by the revenue in this appeal is that the cit(a) erred in directing to allow the assessee's claim for deduction under s. 32ab of the it act on the total income, inclusive of capital gains and income from other sources.2. in computing the income for the asst. yr. 1990-91, the assessee claimed deduction .....

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Sep 27 1999 (TRI)

Alukkas Jewellery Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-27-1999

..... on the erroneous adoption of the value of opening stock at market value, income chargeable to tax has been underestimated. therefore, he held that the order passed by the ao was erroneous and prejudicial to the interests of revenue. in response ..... be tantamount to assessing the same amount twice in the hands of the dissolved firm and again in the hands of the assessee. the learned cit, however, did not accept the contentions of the assessee and held that though for the purpose of assessment of the dissolved firm the closing stock ..... to a notice, the assessee's representative appeared before the cit and submitted that there is no error in the assessment order passed by the ao and as such there was no justification in setting aside the ..... in the hands of the new firm of four partners (the present assessee) and the assessment was completed accordingly on 9th march, 1993. the learned cit opined that this was improper as the value of the opening stock should have been adopted only at the cost incurred by the assessee and, therefore, ..... departmental representative and going through the records.3. this appeal by the assessee is against the order of the learned cit, dt. 30th march, 1995, invoking the jurisdiction invested under s. 263 of the it act, 1961. the facts of the case are as under : 4. in this case the assessment was completed on .....

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Apr 05 1999 (TRI)

P. A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-05-1999

..... finance act, but as provided under s. 112 of the it act. there is no provision either in chapter xiv or in s ..... . 112 providing for basic exemption and restricting the levy of tax on the excess amount alone. the contention of the learned counsel ..... of undisclosed income of the block period, tax is levied not in accordance with the ..... basic limit included in the gross total income.5. we do not agree with the learned representative that in computing the undisclosed income of the block period exemption is to be allowed for the basic amount. the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. in respect .....

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Aug 24 1999 (TRI)

Kerala Financial Corporation Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Aug-24-1999

Reported in : (2000)74ITD360(Coch.)

..... did not exist during the relevant previous year as it had been transferred to the provision for bad and doubtful debts account. the contention that the cit had acted on the suggestion of the audit wing and so the impugned order requires to be quashed cannot, therefore, be accepted. the case law relied on ..... 36(1)(viii). the learned representative of the assessee has not furnished any evidence before us to show that the cit was acting on any suggestion of the audit wing without applying his mind. on the other hand, the reasons given in para 1 of the impugned order ..... the entire amount had been transferred to the provision for bad and doubtful account. shri ambasanker dev submitted that there was nothing to show that the cit had acted on the suggestion of the audit wing without applying his mind and so that contention of the learned representative of the assessee was not correct.5 ..... for the deduction under s. 36(1)(viii).14. we do not also accept the contention that in this case the cit had not applied his mind and that he had merely acted on the suggestion of the audit wing in holding that the assessee had not strictly complied with the requirement of s. ..... the kerala financial corporation, trivandrum, against the order passed by the cit, trivandrum under s. 263 of the it act, for the asst. yr. 1994-95.2. the assessee, an undertaking of the kerala government was assessed for the asst. yr. 1994-95 on a total income of rs. 1,04,38,220. in the assessment under s .....

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Mar 25 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Janatha Steel Mills (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Mar-25-1999

..... partners. "where a person carried on business by himself or in partnership with others, profits and gains earned by him are income liable to be taxed under s. 10 of the indian it act, 1922. share in the profits of a partnership received by a partner is "profits and gains of business" carried on ..... . yr. 1990-91. the only ground raised by the revenue in this appeal is that the cit(a) erred in holding that in computing the deduction allowable under s. 32ab of the it act, the share income from the partnership firms was not to be excluded from the profits of the eligible business in the ..... or the eligible business or profession and that the definition of the term 'eligible business or profession', did not exclude share income from partnership firms. aggrieved with the order of the cit(a) allowing deduction under s. 32ab on the entire profits of the business, including share of profit from the partnership ..... cannot be therefore, excluded from the computation of the deduction under s. 32ab on the reasoning that it represents income which is not derived from eligible business or profession. in the case of cit vs. ramniklal kothari (1969) 74 itr 57 (sc), the supreme court of india held that business carried on ..... s. 154 of the it act on 24th february, 1994. in the order of rectification deduction under s. 32ab was allowed at 20 per cent of the profit from own business only, including the share income from three partnership firms. the assessee took up the matter in appeal. the cit(a) held that the .....

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Sep 09 1999 (TRI)

M.M. Nagalinga Nadar Sons Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-09-1999

..... the books of account had not been produced by the assessee, the ao proceeded to make the assessment under s. 144 of the it act and accordingly he completed the assessment on nil income.in the assessee's appeal, the cit(a) concurred with the ao that the onus was on the assessee to prove the loss by producing the books of account and ..... is also another contention raised before us by the learned representative to the effect that the assessee had been unjustifiably denied interest under s. 214 of the it act on the excess payment advance tax. the cit(a) has dealt with this ground stating that if the assessee was really aggrieved, they could have taken up the matter when the appeal had been filed ..... the contention of the learned representative that even in an ex parte assessment the ao is bound to make a proper assessment of the income or loss. in this case there is also a specific direction of the cit(a) in the order in ita no. 63/q/92-93, dt. 21st january, 1993 to determine the loss correctly. it was pointed ..... ), trivandrum for the asst. yr. 1986-87. the assessee has filed this appeal with the plea that the cit(a) erred in confirming the assessment completed under s.144 of the it act.2. the assessee filed the return for the asst. yr. 1986-87 on 2nd august, 1988, showing a loss of rs. 16,20,830. though the ao first treated the .....

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Apr 19 1999 (TRI)

Deputy Commissioner of Income Tax Vs. Norasia Lines (Malta) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-19-1999

..... the republic of malta had come into effect in india from 1st april, 1995. the assessee's view finds support in the booklet issued by the directorate of income-tax (r.s.p.& p.r.) mayur bhavan, new delhi, called taxpayers information series 22, guide for non-residents and indian nationals abroad. this is a ..... 4) is not considered to be payment of advance tax within the meaning of the it act, the assessee who exercises his option under s. 172(7) to get his total income assessed in the normal course, is not liable to pay advance tax under s. 208 in respect of the income of the nature referred to in sub-s. ( ..... was not filed within the time under s. 139(1). in the assessee's appeal the cit(a) held that under s. 172(7) there was option given to the assessee to file the return of income to claim the refund and that it was not the statutory obligation of the assessee to file ..... /s.trans asian shipping services (p) ltd. having registered office at ernakulam. the assessee-company has been meeting its tax liability in freight in india under the provisions of s. 172 of the it act. after the double taxation avoidance agreement had been made between india and malta the assessee decided to exercise the option of ..... : "the payment made under s. 172(4) by a non-resident ship owner is a payment of tax on actual assessment under that section and it is not a payment of advance tax within the meaning of the it act, there being no liability within the scheme of s. 172." 7. we have already referred to the .....

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Oct 18 1999 (TRI)

R. Prakash Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Oct-18-1999

..... deposits, with banks. in such a case of bank deposits being maintained for the purpose of business, interest earned on the deposits can be considered as pan of the business income. the cit(a) has relied on the decision of the madras high court in the case of addl. ctt v. vellore etectric corporation ltd. (supra) for the view that interest on ..... the relief under section 80hhc on that basis.16. the next ground in this appeal is regarding the claim for deductions under sections 80hh and 80-i of the it act. in computing the income for the asst. yrs. 1992-93 the assessee claimed deduction under section 80hh of rs. 23,83,985 as the profits from newly established industrial undertaking in a ..... . in view of the decisions of the kerala high court reported in 134 itr 319 (sic) and cit v. cochin refineries (1985) 154 itr 345 (ker) the cit(a) held that the ao was justified in treating the interest on term deposits with banks as income under the head 'other sources'.10. before us, the learned representative of the assessee submitted that though ..... of the asst. yr. 1992-93. the assessee is individual deriving income from business in the export of cashew kernels.2. the first ground raised by the assessee in this appeal is that the cit(a) erted in confirming the disallowance of rs. 52,500 under section 40a(2) of the it act. in the course of the assessment proceedings, the ao noticed that .....

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Apr 21 1999 (TRI)

industrial Finance Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Apr-21-1999

Reported in : (2000)72ITD449(Coch.)

..... rule 2a lays down the limits for the purpose of s. 10(13a) as under : "rule 2a : the amount which is not to be included in the total income of an assessee in respect of the special allowance referred to in cl. (13a) of s. 10 shall be - (a) the actual amount of such allowance received ..... , the ito (tds) also directed payment of interest of rs. 833 under s.201(1a). though the assessee took up the matter in appeal, the dy.cit(a) confirmed the order of the ao. aggrieved with the order of the first appellate authority, the assessee has filed this appeal before the tribunal.3. we ..... non-inclusion of dearness allowance for computation of exemption under s. 10(13a), there was short deduction of tax in respect of six employees. the short deduction was found to be to the extent of rs. 2,904. apart from demanding the further sum of rs. ..... the exemption on house rent allowance under s. 10(13a) of the it act and accordingly, house rent allowance was not included while determining the tax to be deducted at source in respect of the salary of the employees. the ito (tds) found that on account of ..... and allowance payable to some of the employees. in response to a show cause notice issued by the ao, it was stated that in working out the tax deductible on the payments made to the employees, the dearness allowance payable to the employees of the corporation did not form part of salary for working out .....

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Feb 12 1999 (TRI)

Poyilakkada Fisheries Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Feb-12-1999

Reported in : (2000)72ITD60(Coch.)

..... the facts of the present case. the crucial difference is that in a. k. hajee's case there was no occasion for refund of tax. the assessee did not pay the tax as demanded under s. 156 of the act. in such a case, the department is fully justified in making the demand for payment of interest. this court rightly held so." 9 ..... . yr. 1977-78. the dispute in this appeal is regarding the levy of interest under s. 220(2) of the it act.2. for the asst. yr. 1977-78 the assessee-company was assessed to tax under s. 143(3) of the it act on 14th august, 1980, and a demand notice was issued for payment of a total sum of rs. 1,91,231 ..... by smt. t. prasannakumari.4. the assessee filed the return of income for the asst. yr. 1977-78 showing a loss of rs. 1,46,463 after claiming deduction for purchase-tax liability. the assessment was completed under s. 143(3) of the it act on 14th august, 1980, disallowing the purchase-tax liability and raising a demand of rs. 1,91,231, including interest ..... under s.139(8). the assessment was challenged in appeal before the cit(a).meanwhile on a petition filed by the assessee .....

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