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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat indore Page 1 of about 190 results (0.253 seconds)

Jul 27 2007 (TRI)

Asstt. Commissioner of Incometax Vs. Mupnar Films Limited

Court : Income Tax Appellate Tribunal ITAT Indore

..... bombay high court in the case of padamjee pulp and paper mills limited; 210 itr 97 held- that in view of section 43a of the income-tax act, 1961, the additional liability amounting to rs. 21,36,840 and rs. 4,89,502 on account of exchange fluctuations with reference to the amount ..... 229 itr 137 held- depreciation-actual cost-foreign exchange-increase in value of asset due to fluctuation in rate of foreign exchange-depreciation allowable on such increase-income-tax act, 1961, sections 32,43a.23. hon'ble karnataka high court in the case of widia (india) ltd v.ccit 233 itr 1 held- held, ..... rate, its liability had increased by rs. 6,03,172, it claimed depreciation on the increased liability also. the claim was rejected by the income-tax officer. the tribunal was of the view that no enforceable obligation had arisen during the relevant previous year as the first instalment was to be paid ..... exchange rate fluctuation-higher amount paid due to exchange rate fluctuation being capital in nature is eligible for grant of depreciation thereon-sivananda steels ltd. v. cit (tax case nos. 1137 & 1138 of 1 983, decided on 7^th nov. 1996) followed". higher amount paid due to exchange fluctuation being capital in ..... . a. gajapathy naidu and cit v. swadeshi cotton and flour mills pvt. ltd. (1964) 5. itr 134. this is also the principle subsequently recognized by the amendment to the companies act, 1956. thus, in the illustration given earlier, the actual cost of the asset for the assessment year 1966-67 will .....

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Sep 28 2007 (TRI)

Maya Spinners Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

..... order of itat, indore bench in the case of dcit v. laxmi trading co. 2 itj 266 in which it was held [head note]: assessment - under section 153 of the income-tax act, 1961 -whether the assessment barred by the limitation of time is valid under the law? - held - no. direction for audit was issued on 11.3.97 and last date for ..... which it was held (head note): assessment-special audit of accounts-nature of direction for special audit-not administrative-is of quasi-judicial nature-notice to assessee to be given-income-tax act, 1961, sections 136, 142(2a), (3), 158bc.ld. counsel for assessee further submitted that no audit report was filed because the auditor refused to audit the accounts which were impounded ..... of 150 days ended beyond 30.5.96, the proviso is not applicable to this case. 12. with regard to the above submissions we also rely on the commentary on income-tax act by sampath ayanger, 9^th edition, fourth volume, page 5604. while dealing with clause (iii) of explanation 1, the author states that the said explanation provides for exclusion of the ..... .97 even as per cbdt circular. copy of same is filed which reads as under: [2486] amendment of time limit of completion of assessments and reassessments [the finance (no. 2) act, 1996] 49.1 under the existing provisions of income-tax act, the time limit for making an order of assessment is tow years from the end of the assessment year in which the .....

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Jun 16 2006 (TRI)

Dy. Cit Vs. Rahul Products Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

..... in the case of sophia finance ltd. (supra) considered its earlier decision in the case of steller investment ltd.'s case (supra) and held that under section 68 of the income tax act, income tax officer has jurisdiction to make enquiries with regard to nature and source of sum credited in the books of account of the assessee and it is immaterial as to whether ..... , identity of the creditors, creditworthiness of the creditors and genuineness of the transactions.the assessing officer, accordingly, made addition of rs. 9,28,000 under section 68 of the income tax act. the additions were challenged before the commissioner (appeals) and written submissions were filed in which assessee had filed voluminous details to support the genuineness of the share application money received ..... through the observations of the authorities below.3. the revenue has challenged the order of commissioner (appeals) deleting addition of rs. 9,28,000 under section 68 of the income tax act.4. the facts of the case are that the assessing officer noted from the balance-sheet of the assessee-company about fresh introduction of cash credit in the shape of ..... of hearing. all of them were requested to personally appear before him to file the following details and explanation:- 2. i.t. acknowledgement slip and balance-sheet if they are income-tax payees.out of ten letters, six letters came back unserved with the remark 'not known' 'not traceable'. in the case of remaining four persons, none appeared before the assessing .....

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Oct 20 2004 (TRI)

Dewas Silk Mills Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)92TTJIndore481

..... firms are hawala entries and all these entries are bogus entries, no action will be taken against me and in case i do not admit then extreme actions under income tax act and ipc act will be taken against me.(7) that, i was under heavy pressure, mental tension and frightened of imprisonment and fine and in such a panic and duress condition, i ..... done within the prescribed period, though the actual service of the order may be beyond that period." it is not known that what were the provisions of the particular state act. in income tax act, the provisions are clear and the time-limit is provided only for making an order and not for communicating the same.this case also, therefore, is of no help ..... which were served on 8-3-2002, are, therefore, not valid order. i do not find any merit in this contention of the assessee. no such provision is there in income tax act to provide that order must also be communicated within such time-limit prescribed for making the order. making of an order and communication of such order are two separate actions ..... confirmation, gir number and copy of return submitted to department in support of genuineness of loans introduced. hence, the above cash credits should not be added to our income under section 68 of the income tax act." (xiv) again, for assessment year 1991-92, the assessee vide letter dated 20-6-1998 enclosed present addresses (available with the assessee on the date). all these .....

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Nov 23 2006 (TRI)

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

..... 0.48 %. though it is a case of assessment year 1992-93, but we find that the provisions of section 44ad of the income-tax act, 1961, have been inserted into the income-tax act, 1961, with effect from 1.4.1994 provided in sub-section (1) special provision for computing profits and gains of business of ..... the case of m/s. arihant builders, developers & investors pvt.limited, the a.o. rejected the books of account under section 145(2) of the income-tax act, 1961. the assessee company is engaged in construction work taken on contract. during accounting period, the assessee has shown a gross receipt of rs. 26,74 ..... under section 143(2). both the provisions are altogether dealing with different situation. even if revenue has remedy to proceed under section 147 of the income-tax act, 1961, the powers of the a.o.cannot be curtailed for issuing notice under section 143(2) for making regular assessment. we may further ..... apply to the case, where refund is granted by the assessing officer after processing of the return under section 143(l)(a)(ii) of the income-tax act, 1961. accordingly, the decision of the hon'ble delhi high court in the case of apogee international and the decision of hon'ble supreme court ..... order of the a.o. is illegal, bad in law and without jurisdiction for want of jurisdiction to issue notice under section 143(2) of the income-tax act, 1961. the ld. authorities below failed to see that once refund is granted under section 143(l)(a)(ii), no notice could be issued under .....

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Jul 28 2005 (TRI)

income Tax Officer Vs. Shreejee Chitra Mandir

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)98TTJIndore935

..... the assesssee, this amount was shown as a capital receipt but the commissioner of income-tax invoked the powers available under section 263 of the income-tax act, 1961 for enhancing the assessment. the commissioner of income-tax accordingly directed the income-tax officer to include the subsidy of rs. 37,500 in the total income of the assessee. being aggrieved by the order of the commissioner, the assessee ..... press works ltd.'s case (supra) and as per head note held as under: "held that the income from winnings of horse races is taxable under the head "income from other sources", in view of the definition of "income" in section 2(24)(ix) of the income-tax act, 1961. the subsidy receive by the assessee from the race club was a subsidy, which enabled him ..... filed and appeal before the income-tax appellate tribunal. the tribunal ultimately held that the subsidy ..... during the course of conduct of the business. what was received by the assessee from the government was not a capital receipt but a subsidy and, therefore, it was income liable to tax". 225 itr 395.6.4 the decision of the andhra pradesh high court in the case of sahney steel & press works ltd. (supra) has been affirmed by the .....

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May 30 2006 (TRI)

Asstt. Commissioner of Wealth Tax Vs. Smt. Mrunalinidevi Puar of Dhar

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD541Indore

..... deals with net 'wealth as on the valuation date. that, however, does not make any significant difference to the interpretation of section 19a of the wealth-tax act, 1957, and section 168 of the income-tax act in so far as the explanations attached to those provisions which are couched in identical language are concerned. the extended definition of "executor" given in the explanation ..... year, the other deals with net wealth as on valuation date, yet however does not make any significant difference to the interpretation of section 19a of wealth tax act as section 168 of the income tax act, in so far as the explanation attached to those provision which are worded in identical language or concerned. so in our considered view the extended definition of ..... to section 168 of the income tax act is only intended to apply to the de facto administrator of the estate of a deceased person, who had died testate, besides the person to whom letters of administration with ..... the administrator to all rights belonging to the intestate as effectually as if the administration has been granted, at the moment of his death and as per section 168 of income tax act, the reference in explanation to "...other person administering the estate of a deceased person" is intended to apply to those persons who are found to be administering without having .....

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May 23 1997 (TRI)

State Bank of Indore Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD209Indore

..... the assessee to charge the amount did not, therefore, arise on account of any delay in the repayment of any loan or advance made by the assessee. the provisions of income-tax act were attracted only in respect of interest on loans and advances. it was further argued by him that since there was a direct judgment of our own jurisdictional high court ..... treating it as a bad debt or irrecoverable interest, but keeping it in a suspense account was repugnant to section 36(1)(vii) read with section 36(2) of the income-tax act, 1961. she has also drawn our attention to the return filed by the assessee for the assessment year 1985-86 in which he has not disclosed the method of accounting ..... assessee. mr. vyas has further drawn our attention to section 17(1)(iv) of the income-tax act and submitted that the same analogy can he drawn while construing the charging sections of income-tax act. our attention was also drawn to the provisions of section 28(4) of the income-tax act and it was submitted that after applying the same analogy, the subsidy received by the assessee ..... of the assessee with regard to the interest on sticky loans were disallowed by the assessing officer. the original assessment order under the interest-tax act was passed on 6-1-1989 after the assessment order passed in the income-tax act, for the assessment year 1985-86 in which similar claim of the assessee was rejected. while this order was before the assessing officer .....

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Aug 27 1998 (TRI)

Assistant Commissioner of Income Vs. Abril Pharmaceuticals (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2000)70ITD206Indore

..... consideration before punjab & haryana high court in prithipal singh & co.'s case (supra) wherein their lordships held as under: "the word "income" in clauses (c) and (iii) of section 271(1) of' the income tax act, 1961, refers to positive income only. evasion of tax is the sine qua non for imposition of penalty. clause (iii) of section 271(1) deals with cases referred to in ..... explanation 4(a). shri mehta further argued that in the case of prithiphal singh & co. (supra) high court interpreted that the word 'income' in clause (c) and (iii) of section 271(1) of the income tax act, 1961 refers to positive income only. in that case, the loss of rs. 3,35,830 returned by the assessee was finally assessed at a loss figure of ..... only the real income, but also such items which are not incomes in the natural sense of the word. in section 4 which ..... , the question of evasion and consequently penalty does not arise." in cit v. cr, nirajan (1991) 187 itr 280 (mad), their lordships held, thus : "clause (iii) of section 271(1) of the income tax act, 1961, uses the words "amount of income'. the word "income" has been defined under section 2(24) of the act. it is an inclusive definition and it takes into its fold not .....

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Apr 05 2007 (TRI)

Rakesh Tapadia Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2008)113TTJIndore622

..... disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained the income-tax act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely: (i) in the case of a declarant, being a company ..... of section 64; (d) all other words and expressions used in this scheme but not defined and defined in the income-tax act or the wealth-tax act shall have the meanings respectively assigned to them in those acts. 64. charge of tax on voluntarily disclosed income.- (1) subject to the provisions of this scheme, where any person makes, on or after the date of ..... the provisions of section 65 in respect of any income chargeable to tax under the income-tax act for any assessment year. (a) for which he has failed to furnish a return under section 139 of the income-tax act; (b) which her has failed to disclose in a return of income furnished by him under the income-tax act before the date of commencement of this scheme; ( ..... affect finality of completed assessment, etc. - the declarant shall not be entitled, in respect of the voluntarily disclosed income or any amount of tax paid thereon, to reopen any assessment or reassessment made under the income-tax act or the wealth-tax act or claim any set-off or relief in any appeal, reference or other proceeding in relation to any such assessment .....

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