Court : Karnataka Dharwad
Decided on : Sep-21-2015
..... statute prescribing the same. income tax act, however is concerned with the taxing of income as per the provisions of the income tax act and income if any, has to be taxed whether it is from a legal or illegal business. hence, it is contended by the learned counsel that, by the insertion ..... .6.2014, had framed the following substantial questions of law: (i) whether the tribunal was correct in holding that the provision of sub-section (4) of section 80p of the income tax act are applicable only to co-operative banks and not to credit co-operative societies, which are engaged in business of banking, including providing credit facilities to their members? (ii) whether ..... : it is contended that it is also pertinent to note that it is necessary that a co-operative society should have a banking licence as per the definition under the income tax act, for carrying on banking business and if the required licence is not obtained as per other laws, it can only be termed as an illegal banking business under a particular ..... facilities) carried on by a co-operative society with its members shall be included in the definition of income ?. section 2(24(viia)) of the income tax act inserted by the finance act, 2006, with effect from 1.4.2007 includes the following in its definition of income as under: profits and gains of any business of banking (including providing credit facilities) carried on by a .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-13-2015
..... filed under s.260 a of the income tax act, 1961 praying to set aside the orders passed by the it at in it a 1514 and 1513/bang/2012 on 11.4.2014 confirming the order of the appellate commissioner and confirm the order passed by deputy commissioner of income tax, circle 11 (5), bangalore.) ..... that the said amount was not transferred to the said assessee and hence the same could not be treated as income of the assessee. challenging the order of the commissioner of income tax, revenue filed an appeal before the tribunal which has been dismissed by a detailed, reasoned order on 11.4. ..... the revenue has filed these two appeals challenging the order of the income tax appellate tribunal dated 11.4.2014 passed in itas 1514 and 1513 /bang/ 2012. ita 404 ..... tribunal further held that the liability continued to exist in the assessment year under consideration and as such, the amount could not be treated as income of the assessee. for the assessment year 2004-05, the assessee received a sum of rs.32.9 crores from the eraf which was treated ..... 2014 holding that, treating the amount received from eraf to be income of the assessee would be inconsistent with the actual facts .....Tag this Judgment!
Court : Karnataka
Decided on : Apr-09-2015
..... iskcon - mumbai had permitted the bangalore branch to utilize the exemption granted to iskcon- mumbai under section 80 g of the income tax act, 1961 ( hereinafter referred to as 'the it act', for brevity). the bangalore branch is also said to have had its bank accounts and the first defendant was said to ..... society at mumbai where these accounts are consolidated with the accounts of the other branches of the iskcon mumbai society and are filed before the income tax department at mumbai. further, the property at hare krishna hill, rajajinagar was allotted to the iskcon mumbai society by the bda. in the ..... at mumbai, where these accounts are consolidated with the accounts of the other branches of the iskcon mumbai society and are filed before the income tax department at mumbai. that the property at hare krishna hill, rajajinagar was allotted to the iskcon mumbai society by the bda. that no ..... society were consolidated and merged at the mumbai head office to prepare the final accounts of the society, which were audited and filed with income tax department as part of the it returns every year. the same audited accounts were also filed before the charity commissioner at mumbai. this hierarchy ..... the society was said to have been established and abandoned. this defendant had also sought to explain the circumstance that the filing of income tax returns of all the centres through the mumbai society was because all entities engaging in propagating iskcon movement in india had the benefit of section .....Tag this Judgment!
Court : Karnataka Dharwad
Decided on : Dec-14-2015
..... tribunal, by the impugned order upheld the contentions of assessee and deleted the addition made by the assessing authority: (i) under section 41(1) of the income tax act, 1961 ( actfor short) towards unclaimed stale drafts and pay orderswhereunder assessing authority had disallowed a sum of rs.58,31,851/-; (ii) disallowance of rs ..... of the case and in law the tribunal was right in deleting the addition made by the assessing authority u/s.41(1) of the income tax act, towards the unclaimed stale draft and pay orders', and as such there was cessation of liability on an amount of rs.58,31,581/-? 2 ..... ita. no.226/bang/2012, dated 28.11.13 on the file of the income tax appellate tribunal bangalore bench c ?, the revenue appeal for the assessment year 2008-09 is hereby ..... sec. 260 a of the income tax act, 1961 against order passed in ita. no.112/bang/2012 on the file of the income tax appellate tribunal, bangalore bench c ?, the appeal filed by the assessee for the assessment year 2008-09 is dismissed. this ita filed u/sec.260a of the income tax act, 1961 against order passed in ..... of benefit accruing to the successor in business shall be deemed to be profits and gains of the business or profession, and accordingly chargeable to income-tax as the income of that previous year. ? 18. a careful perusal of the above provision leads us to infer that section 41(1) can be pressed .....Tag this Judgment!
Court : Karnataka
Decided on : Oct-09-2015
..... vineet saran, j. 1. the assessee preferred this appeal under section 260-a of the income tax act, 1961 (hereinafter referred to as 'the act' for short) being aggrieved by the order dated 6-2-2009 made in ita no.855/bang/2008 passed by the income tax appellate tribunal, bangalore bench a, bangalore (hereinafter referred to as 'the tribunal' for short) for not granting deduction of ..... tribunal failed to appreciate the fact that when once the income on written back is assessed as business income by virtue of section 41(1) of the act, the expenditure incurred has to be allowed as deduction in arriving at business income. 18. section 28 of the income tax act, 1961 provides that the profit and gain of any business or profession carried on by the ..... business or profession. section 29 of the act provides that income from profits and gains of ..... assessee, at any time during the previous year shall be chargeable to income tax under the head "profits and gains" of .....Tag this Judgment!
Court : Karnataka
Decided on : Jun-12-2015
..... learned advocates appearing for the parties, this court is of the considered view that only issue which requires to be examined is: preface: whether section 234e of the income tax act, 1961 inserted by finance act, 2012 is to be struck down or its validity is to be upheld? 9. the courts normally lean against a construction which reduces the statute to a futility ..... communication vide annexures-a1-a5. these writ petitions are filed under articles 226 and 227 of the constitution of india praying to declare the newly inserted section 234e to income tax act 1961 by finance act 2012 as violative of articles 14, 265 and 277 and thus ultra vires the constitution of india in so far as the petitioner is concerned. these writ petitions ..... ever be grateful. these writ petitions are filed under articles 226 and 227 of the constitution of india praying to issue a declaration that sec. 234e of the income tax act, 1961 introduced by finance act no.2/2012 for the various grounds raised in this writ petition as unconstitutional and void. these writ petitions are filed under articles 226 and 227 of the ..... constitution of india. these writ petitions are filed under articles 226 and 227 of the constitution of india praying to declare and strike down provisions of sec.234e of the income tax act, 1961 as unconstitutional and violative of article 14 of the constitution of india. these writ petitions are filed under articles 226 and 227 of constitution of india praying to declare .....Tag this Judgment!
Court : Karnataka
Decided on : Aug-11-2015
..... -bhishma pithamaha before the tro. by an order dated 30-11-2006 passed under rule 11(5) of the ii schedule to the income tax act, it was held by the tax recovery officer that the claim of the applicant that he is the lawful owner and has inherited the properties, which are the subject matter ..... managers of five banks where one sri. ramajanam was having his accounts. such notices were issued under section 226(3) of the income tax act (for short the act') stating that a sum of rs.60,00,000/- was due from the said sri. ramajanam on account of dues of m/s. ..... already been dismissed and the appeal filed against such judgment of the trial court is pending. the tax recovery officer held that the application filed by bhishma pithamaha under rule 11(1) of schedule ii of the income tax act was not tenable in law. in the light of the aforesaid facts, we have to consider ..... to him, the merits of the same need not have been considered, especially when the properties, which had been sold, were already attached by the income tax department towards income tax dues of the math nearly three decades back. 10. it is noteworthy that the attachment order of the properties of the math, which are now ..... karnataka high court act praying to set aside the order passed in w.p.no.11433/2006 dated 1.10.2008.) vineet saran, j. 1. the petitioner-bhishma pithamaha filed writ petition no.11433/2006 challenging five notices dated 3-3-2006 issued by the tax recovery officer (tro) of the income tax department to the .....Tag this Judgment!
Court : Karnataka
Decided on : Dec-15-2015
..... 08.05.2012 which has a term of 25 years there from. (ii) during the survey conducted by the revenue in the premises of assessee under section 133a of the income tax act, 1961 ('act' for short), it was noticed that the assessee had made payments towards transmission charges to kptcl; power grid corporation of india limited (pgcil) and 'sldc charges' to state ..... the following common substantial question of law: "whether the tribunal is justified in holding that section 194j of the act is not applicable to the facts and circumstances of this case?" 3. heard shri y.v. raviraj, learned counsel for the appellants/income tax department and shri parthasarathi, learned counsel for the respondent/assessee. 4. learned counsel for the revenue made following submissions ..... the assessee was in default under section 201(1) of the act and levied interest of rs. 65,18,10,369/- under section 201(1a) both in respect of payments made towards transmission charges and 'sldc charges'. orders passed by the assessing authority were challenged before the commissioner of the income tax (appeals). (iii) during the hearing, the assessee had brought to ..... thereafter work out interest under section 201(1a) of the act from the date of remittance of tds till the date of filing of the return by the payee in each case. (iv) the orders passed by the commissioner (appeals) were challenged by both the assessee as well as revenue before the income tax appellate tribunal (itat), bengaluru. the said appeals were dismissed .....Tag this Judgment!
Court : Karnataka
Decided on : Sep-14-2015
..... held that merely because by virtue of an interim order, with or without conditions, some payment is made for the purpose of income tax act, it would not constitute income and therefore there is no liability to pay tax on the day such interim payment is received ?. 22. in our view it is thus clear, that if an amount is ..... definition and scope of total incomewhich would be taxable as per the provisions of the act (more precisely section 5 of the income tax act, 1961 for short the act'), as per the cash system of accounting the assessee would be liable to pay tax on such income received or deemed to be received and as per the mercantile system of accounting, the ..... assessee would be liable to pay tax on such income which accrues or arise or deemed to ..... (prayer: this ita is filed sec.260-a of the income tax act 1961 arising out of order dated 26/06/2009 passed in it(ss)a no. 19/bng/2009, for the block assessment period 01.04.1990 ..... enhanced compensation under the interim orders. though the said case was under section 45(5) of the act, the principle laid down in the said judgment, would squarely apply to the facts of the present case. 20. in another case, being commissioner of income-tax v/s a.b.v. gowda (decd) (1986) 157 itr 697 (kar), a division .....Tag this Judgment!
Court : Karnataka
Decided on : Aug-18-2015
..... in these appeals is if on the payment made against the supply of materials included in composite contracts for executing turnkey projects, provisions under section 194c of the income-tax act, 1961 (for short, 'the act') would attract or not. 5. the other issue is if payments made by the assessee to bellary computers and it solutions, bellary, towards bill management ..... actg. cj. 1. these appeals by the revenue are against the judgment and order dated september 30, 2013, passed by the income-tax appellate tribunal, c bench, bengaluru, affirming the order dated july 29, 2011, passed by the commissioner of income-tax (appeals), navanagar, hubli. 2. we are informed that in all these six appeals, similar questions of law and facts are ..... supply company limited, the assessee in short, challenged demands of the jurisdictional deputy commissioner of income-tax. appeals were filed before the commissioner of income- tax (appeals) and by order dated july 29, 2011, the appeals were partly allowed. the revenue took the matter before the income-tax appellate tribunal, but the attempt of the revenue was abortive. 4. the first issue involved ..... separately mentioning the value of the material supplied, no deduction is permissible under section 194c of the act. section 194c of the act cannot be pressed into service to deduct tax at source. the whole object of introduction of that section is to deduct tax in respect of payments made for works contract. no division is, therefore, permissible in respect of .....Tag this Judgment!