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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 2012 Page 6 of about 194 results (0.043 seconds)

Jul 10 2012 (HC)

The Commissioner of Income Tax And#8211; I Vs. Sanjivani (Takli) Ssk L ...

Court : Mumbai Aurangabad

Decided on : Jul-10-2012

..... (a sugar factory), who maintains accounts on the mercantile basis, towards contribution made to a recognised research institute, can be allowed as a deduction under section 35(1) of the income tax act, 1961, if the amount is not actually paid in the relevant assessment year? (2) whether the difference between the market price of sale of sugar and price of the sale ..... (sc) 224] is distinguished by noting that in that case, the sugarcane was sold by its member to the assessee (a sugar factory). in paragraph 7 , it is observed that income tax act, being a taxing statute, must be given strict interpretation and if the plain reading favours the assessee, interpretation in favour of the revenue cannot be accepted. 3. in ..... sugar made by the assessee (a sugar factory) to it's sugarcane producer members at a concessional rate, can be added in the income of an assessee under section 40a of the income tax act, 1961? 2. the respondent - assessee in tax appeal 25 of 2008 was a cooperative sugar factory manufacturing sugar from sugarcane. it purchases sugarcane from it's producer members as well ..... price and the sell price of sugar needed to be added as an income of the assessee under section 40a (2) of the income tax act, 1961 (for the sake of brevity, hereinafter referred to as the it act ). the division bench has reproduced sub-section (2)(a) of section 40a of the it act and then in paragraph 5 conditions necessary to attract it have been narrated .....

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Jul 10 2012 (HC)

The Commissioner of Income Tax And#8211; I Vs. Shri Ganesh Sahakari Sa ...

Court : Mumbai Aurangabad

Decided on : Jul-10-2012

..... vs. shri satpuda tapi parisar ssk ltd. is most important. here. the hon. apex court after hearing extensive arguments on the applicability of section 40-a(2) of the income tax act, 1961, as it stood at the relevant time, has found that a large number of questions had remained unanswered. hon. apex court states that the applicability of section 40-a( ..... and statutory minimum price paid by assessee co-operative societies to sugar cane farmers by the assessing officer has been correctly set aside concurrently by the appellate authorities under the income tax act, 1961 in the facts and circumstances of the respective cases? (b) whether a co-operative society is not an association of persons within section 40-a (2) of the ..... the cane growers after the close of the financial year or after the balance sheet date would constitute an expenditure under section 37 of the income tax act, 1961; and whether such differential payment would, applying the real income theory, constitute an expenditure or distribution of profits? hon. apex court thereafter directs that:-- 5. in deciding the above questions, the assessing officer will take ..... 2) of the income tax act, 1961 is linked to computation under section 28 and section 37 of the act. it was the case of the department in all cases before hon. apex court that the state advised price (sap) is determined on .....

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Sep 18 2012 (HC)

M/S. Mather and Platt (i) Ltd. Vs. the Commissioner of Income Tax

Court : Mumbai

Decided on : Sep-18-2012

..... the same on 29th march, 1982, itself and, in any event, by 30th march, 1982. 20. it was not seriously argued that for the purpose of the income tax act, the assessee would not be entitled to the benefit of depreciation merely because the agreement was not registered. in any event, this point is covered in favour of ..... held by the supreme court in karimtharuvi tea estate ltd. v. state of kerala (1966) 60 itr 262 that (headnote): it is well settled that the income-tax act as it stands amended on the first day of april on any financial year must apply to the assessment of that year. any amendments in the ..... s.j. vazifdar, j. 1. this is a reference under section 256(1) of the income tax act, 1961, arising from the order of the income tax appellate tribunal in ita no.5873/bom/86 and ita 6060/bom/86, relating to the assessment year 1983-84. the applicant-assessee and the ..... of a special bench of the tribunal in rajapalayammills ltd. v. ito (1986) 18 itd 114 (sd) upheld the order of the commissioner of income-tax (appeals). 5. section 32 of the act, as it stood at the relevant time, provided for depreciation in respect of the items mentioned therein owned wholly or partly by an assessee and ..... the facts and in the circumstances of the case, the tribunal was right in holding that the depreciation allowable u/s. 32 of the act, should not be at the rates prescribed by the income-tax rules, as amended with effect from 2.4.1983? (vi) whether on the facts and in the circumstances of the case, the .....

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Aug 14 2012 (HC)

The Commissioner of Income Tax-iii Vs. M/S.Aditya Birla Nova Limited ( ...

Court : Mumbai

Decided on : Aug-14-2012

..... s.j. vazifdar, j. 1. this is an appeal under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal dated 8.12.2009 dismissing the revenues appeal being ita no.24/mum/2006 and partly allowing the respondent's appeal being ita no.85/mum/2006 ..... . state of t.n. (2009) 11 scc 687, as regards the penalty are apposite. in the aforementioned decision which pertained to the penalty proceedings in the tamil nadu general sales tax act, the court had found that the authorities below had found that there were some incorrect statements made in the return. however, the said transactions were reflected in the accounts of ..... stated therein must exist. 19. it was tried to be suggested that section 14-a of the act specifically excluded the deductions in respect of the expenditure incurred by the assessee in relation to income which does not form part of the total income under the act. it was further pointed out that the dividends from the shares did not form part of the ..... , a sum which shall not be less than, but which shall not exceed three times, the amount of tax sought to be evaded by reason of the concealment of particulars of his income [or fringe benefits] or the furnishing of inaccurate particulars of such income [or fringe benefits]. explanation 1 where in respect of any facts material to the computation of the total .....

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Aug 16 2012 (HC)

The Commissioner of Income Tax-6 Vs. M/S.Hindalco Industries Limited

Court : Mumbai

Decided on : Aug-16-2012

..... sales of items sold only locally is to be excluded for the purpose of calculation of total turnover for the purpose of deduction under section 80hhc(3) of the income tax act? 3. the appeal is dismissed insofar as it relates to the questions sought to be raised in paragraph 4 (a) and (l) (only partly insofar ..... and in the circumstances of the case the honble tribunal was justified in law in not allowing interest to be allocated to dividend income for deduction under section 80-m of the income-tax act? (h) whether on facts and in the circumstances of the case the honble tribunal was justified in law in allowing the payment ..... s.j. vazifdar, j. 1. this is an appeal under section 260(a) of the income tax act, 1961 against the order of the income tax appellate tribunal dated 28.11.2008 in ita no.3668/mum/2005 in relation to the assessment year 2003-2004. 2. the appeal is ..... of fact which do not raise a substantial question of law. re. : question (h) 7. the issue is covered by our order dated 7.8.2012 in income tax appeal no.1846 of 2010 in respect of the same assessee / respondent. a similar question was sought to be raised in ground (g) regarding the expenditure towards ..... expenses were clearly linked to making of investments and not for business activity of the assessee company? re. : question (f) 5. it is admitted that in income tax appeal no.690 of 2007 filed in this court, the appellant sought to raise a similar issue in question (e). the same was dismissed by a judgment dated .....

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Aug 21 2012 (HC)

Commissioner of Income-tax And#8211; 9 Vs. M/S. Pelican Investments Pv ...

Court : Mumbai

Decided on : Aug-21-2012

..... 27(iiib) read with section 269 ua(f) of the income tax act, 1961, according to which, the period of lease exceeding 12 years, the income is assessable under the head income from house property in assessment year 2003-2004 and onwards? the question sought to be raised in paragraph 6.3 of the ..... and compensation of rs.60,27,027/- received by the assessee is to be charged under the head business income and not under the head income from house property as held by the assessing officer in the order under section 143(3) of the income tax act, 1961? (b) whether, on the facts and in the circumstances of the case and in law, the hon ..... s.j. vazifdar, j. 1. this is an appeal under section 260-a of the income tax act, 1961, against the order of the income tax appellate tribunal dated 30th october, 2009, dismissing the appellant's appeals, ita nos.1611/mum/2008 and 4730/mum/2008, pertaining to assessment years 2004-05 and 2005-06, respectively. ..... 'ble tribunal was justified in following its orders for assessment year 2003-2004 treating the rental income under the head profits and gains from business, ignoring the provisions of section .....

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Aug 21 2012 (HC)

Commissioner of Income-tax – 9 Vs. M/S. Pelican Investments Pvt. ...

Court : Mumbai

Decided on : Aug-21-2012

..... 27(iiib) read with section 269 ua(f) of the income tax act, 1961, according to which, the period of lease exceeding 12 years, the income is assessable under the head ??income from house property ? in assessment year 2003-2004 and onwards? the question sought to be raised in paragraph 6.3 of the ..... and compensation of rs.60,27,027/- received by the assessee is to be charged under the head business income and not under the head ??income from house property ? as held by the assessing officer in the order under section 143(3) of the income tax act, 1961? (b) whether, on the facts and in the circumstances of the case and in law, the hon ..... s.j. vazifdar, j. 1. this is an appeal under section 260-a of the income tax act, 1961, against the order of the income tax appellate tribunal dated 30th october, 2009, dismissing the appellant's appeals, ita nos.1611/mum/2008 and 4730/mum/2008, pertaining to assessment years 2004-05 and 2005-06, respectively. ..... 'ble tribunal was justified in following its orders for assessment year 2003-2004 treating the rental income under the head ??profits and gains from business ? , ignoring the provisions of section .....

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Jul 10 2012 (HC)

The Commissioner of Income Tax – I Vs. Sanjivani (Takli) Ssk Ltd. ...

Court : Mumbai Aurangabad

Decided on : Jul-10-2012

..... (a sugar factory), who maintains accounts on the mercantile basis, towards contribution made to a recognised research institute, can be allowed as a deduction under section 35(1) of the income tax act, 1961, if the amount is not actually paid in the relevant assessment year? (2) whether the difference between the market price of sale of sugar and price of the sale ..... (sc) 224] is distinguished by noting that in that case, the sugarcane was sold by its member to the assessee (a sugar factory). in paragraph 7 , it is observed that income tax act, being a taxing statute, must be given strict interpretation and if the plain reading favours the assessee, interpretation in favour of the revenue cannot be accepted. 3. in ..... sugar made by the assessee (a sugar factory) to it's sugarcane producer members at a concessional rate, can be added in the income of an assessee under section 40a of the income tax act, 1961? 2. the respondent - assessee in tax appeal 25 of 2008 was a cooperative sugar factory manufacturing sugar from sugarcane. it purchases sugarcane from it's producer members as well ..... price and the sell price of sugar needed to be added as an income of the assessee under section 40a (2) of the income tax act, 1961 (for the sake of brevity, hereinafter referred to as ??the it act ? ). the division bench has reproduced sub-section (2)(a) of section 40a of the it act and then in paragraph 5 conditions necessary to attract it have been narrated .....

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Jul 10 2012 (HC)

The Commissioner of Income Tax – I Vs. Shri Ganesh Sahakari Sakha ...

Court : Mumbai Aurangabad

Decided on : Jul-10-2012

..... vs. shri satpuda tapi parisar ssk ltd. is most important. here. the hon. apex court after hearing extensive arguments on the applicability of section 40-a(2) of the income tax act, 1961, as it stood at the relevant time, has found that a large number of questions had remained unanswered. hon. apex court states that the applicability of section 40-a( ..... and statutory minimum price paid by assessee co-operative societies to sugar cane farmers by the assessing officer has been correctly set aside concurrently by the appellate authorities under the income tax act, 1961 in the facts and circumstances of the respective cases? (b) whether a co-operative society is not an association of persons within section 40-a (2) of the ..... the cane growers after the close of the financial year or after the balance sheet date would constitute an expenditure under section 37 of the income tax act, 1961; and whether such differential payment would, applying the real income theory, constitute an expenditure or distribution of profits? ? hon. apex court thereafter directs that:-- ??5. in deciding the above questions, the assessing officer will take ..... 2) of the income tax act, 1961 is linked to computation under section 28 and section 37 of the act. it was the case of the department in all cases before hon. apex court that the state advised price (sap) is determined on .....

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Jun 25 2012 (HC)

The Commissioner of Income Tax Vs. the Bardez Bazar Consumer Co-op. So ...

Court : Mumbai Goa

Decided on : Jun-25-2012

..... 2000-2001. for the assessment year 1997-1998, the assessee had filed return of income on 15/10/1997 which was processed under section 143(1) of the income tax act, 1961( i.t. act, for short) and proposal under section 151(2) of i.t. act 1961 was sent by the assessing officer to the office of j.c.i.t ..... ., range- 2, panaji for approval to issue notice under section 148 of the i.t. act. accordingly, notice under the said ..... i.t.(a), on the ground that the principle of mutuality does apply and the income earned from members is liable to be exempted from tax. the tax appeal no. 13 of 2007 has been filed under section 260-a of the i.t. act against the said order dated 06/09/2006 passed by the i.t.a.t. ..... no. 92/pnj/2007, thereby holding that the principle of mutuality applies and that the income earned from members is liable to be exempted from tax. 2. the respondent is the assessee, which is a co-operative society registered under the co-operative societies act, engaged in trading in consumer goods to its members as well as non-members. ..... no. 18 of 2007 has been filed under section 260-a of the i.t. act. 5. the relevant facts in tax appeal no. 36 of 208 are as follows: for the assessment year 2004-2005, the assessee had filed return of income on 05/10/2004 which return was processed under section 143(1) of i.t .....

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