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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat cochin Year: 1999 Page 3 of about 25 results (0.057 seconds)

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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Aug 17 1999 (TRI)

C.B.M. Warrier Vs. T. Prasannakumari

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Aug-17-1999

..... assessee, m/s. eastern clay & ceramics ltd., feroke against the order passed by the cit(a), calicut, in the income-tax assessment for the asst. yr. 1992-93. the only ground raised by the assessee in this appeal is that the cit(a) erred in confirming the disallowance of a total sum of rs. 1,46,702 claimed ..... year in which the liability to pay the amount was incurred by the assessee according to the method of accounting regularly employed by him, in computing the income of that previous year in which the same was actually paid. it was his contention that after making the disallowance for the asst. yr. 1991-92 ..... 's claim is for deduction of the amount for the asst. yr. 1992-93 on actual payment basis. in the case of hunsur plywood works ltd. vs. dy. cit (1995) 54 itd 394 (bang) 260 : (1995) 54 itd 394 (bang), the bangalore bench of the tribunal has held that deduction was allowable on the basis ..... have made the payment before the due date and so the same could not be allowed for the asst. yr. 1992-93. aggrieved with the order of the cit(a), the assessee has filed this appeal before the tribunal.3. on behalf of the assessee, shri c. b. m. warrier, chartered accountant, submitted before ..... as a deduction as payment towards provident fund and employees state insurance.2. the assessee is a private company engaged in the manufacture of tiles and ridges. in computing the income for the asst. yr .....

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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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Oct 28 1999 (TRI)

Deputy Commissioner of Income Tax Vs. C.P. Lonappan and Sons

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Oct-28-1999

Reported in : (2001)75ITD301(Coch.)

..... capital gains could be considered for assessment for the assessment year 1993-94 only.sub-section (5) was inserted in section 45 of the income tax act by finance act, 1987 with effect from 1-4-1988. new sub-section (5) provided that the initial compensation awarded or determined or approved on compulsory acquisition ..... 000 received by the assessee during the previous year ending on 31-3-1992 was assessable to capital gains under section 45(5)(a) of the income tax act. accordingly he computed the capital gains assessable for the assessment year 1992-93. as per the award, the assessee also became entitled to get ..... exemption for roll-over of capital gains, within the specified time period, through investment in specified assets.23.2 section 45 of the income tax act has, therefore, been amended to provide that capital gains arising from the transfer of the capital asset way of compulsory acquisition under any law ..... this is an appeal directed against the order of the commissioner (appeals), cochin in the income-tax assessment of the assessee, m/s.c.p. lonappan & sons, trichur for the assessment year 1992-93.in the ..... of property shall be deemed to be assessee's income of the previous year in which the transfer took place. in case any enhanced compensation is received subsequently the compensation so received will be charged to tax .....

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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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Mar 18 1999 (TRI)

Dy. Cit Vs. Araf Trading Corporation

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Mar-18-1999

Reported in : (2001)73TTJ(Coch.)741

..... 1998 for referring certain questions, said to be questions of law, to the hon'ble high court of kerala for opinion under section 256(1) of the income tax act. the tribunal by its common order dated 16-11-1998, declined to refer the questions on the ground that it was on an appreciation of the facts ..... by this miscellaneous petition under section 254(2) of the income tax act, 1961, the department requests the tribunal to modify its common order, dated 14-7-1998, in ita nos. 694 and 695/coch/1994 ..... , we hold that the department is at liberty to file the miscellaneous petition by the competent authority within the time-limit prescribed under the act. if so advised. in this view of the matter, we are not inclined to consider the merit of the application.in the result, the miscellaneous petition ..... by the departmental representative, the same is not maintainable.after considering the submissions of the learned representative of the assessee and perusing section 254(2) of the act, we are satisfied that since the miscellaneous petition has been filed by the departmental representative and not by the assessing officer, the same is not maintainable. hence ..... in this case was not an obvious and patent mistake, the learned representative of the assessee relied on the following decisions : (1) sagar co-operative central bank ltd. v. cit (1990) 186 itr 292 (mp); (4) bharat commerce & industries ltd. v. ito (1988) 31 ttj (del) 357; and apart from contending that the view .....

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Sep 30 1999 (TRI)

Saraf Trading Corporation Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Sep-30-1999

Reported in : (2000)66TTJ(Coch.)754

..... in the circumstances of the case, the revenue could treat the firm as registered under section 183(b) of the income tax act, 1961 ?" the assessee-firm engaged in the business of commission agent and export of tea was originally constituted as a partnership firm by three parties under a partnership deed dated ..... /1989 dated 24-6-1993, and ita no.32/coch/1990, dated 20-7-1994. in compliance with the directions of the high court under section 256(2) of the income tax act, the tribunal referred the following question at the instance of the revenue for the assessment years 1982-83 and 1986-87, for its esteemed opinion : "whether, on the facts and ..... that though the assessee had not complied with the conditions prescribed for registration of the partnership firm under the income tax act, yet it was advantageous for the revenue to confer registration on the firm under the provisions of section 183(b) of the income tax act. he went through the provisions of the partnership deed dated 16-9-1981, and held that as per clause ..... equal proportion.on appeal, the commissioner (appeals) held that the assessing officer was justified in invoking section13(b) of the partnership act in making the assessment in the status of a registered firm under section 183(b) of the income tax act. on further appeal, the tribunal by the order dated 24-6-1993, adverted to the provisions of the partnership deed dated 16 .....

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