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Judgment Search Results Home > Cases Phrase: income tax act Court: mumbai Year: 2012 Page 7 of about 194 results (0.039 seconds)

Jun 27 2012 (HC)

Mrs. Parveen P. Bharucha Vs. the Deputy Commissioner of Income Tax Cir ...

Court : Mumbai

Decided on : Jun-27-2012

..... hearing. 2. by this petition under article 226 of the constitution of india, the petitioner challenges the following: a) notice dated 31.03.2011 issued by the dy. commissioner of income tax (respondent no.1) under section 148 of the income tax act, 1961 (hereinafter referred to as the said act) seeking to reopen the assessment for the assessment year 2006-2007 on the ground that ..... income has escaped assessment within the meaning of section 147 of the said act; and b) order dated 14.11.2011 passed by respondent no.1 rejecting the petitioners objections to initiation ..... to strictly satisfy the conditions which permit them to reopen the assessment under section 147 of the said act. this court in the matter of cartini (i) ltd. v. addl. commissioner of income tax reported in 314 itr 275 has taken a view that reopening of assessment on the basis of material already on record at the time assessment was completed cannot be ..... 31.03.2011, respondent no.1 issued a notice under section 148 of the said act, informing the petitioner that for the assessment year 2006-2007, he had reason to believe that income chargeable to tax has escaped assessment within the meaning of section 147 of the said act. the petitioner by her chartered accountants letter dated 01.04.2011 called upon the .....

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Aug 08 2012 (HC)

The Commissioner of Income Tax-3 Vs. Reliance Industrial Infrastructur ...

Court : Mumbai

Decided on : Aug-08-2012

..... -assessment notice issued within a period of four years from the date of completion of original assessment by the assessing officer u/s. 148 of the income tax act was bad in law as the assessee had disclosed all facts truly and fully during the course of the original assessment proceedings? 3) the brief facts ..... m.s. sanklecha, j. this appeal under section 260a of the income tax act, 1961 (the act) is filed by the revenue against the order dated 22/9/2009 of the income tax appellate tribunal (the tribunal) relating to assessment year 2000-01 arising out of ita no.6970/mum./2006. 2) being aggrieved the ..... the profit and credited to the profit and loss account for the purpose of computing the book profit under section 115ja of the act. d) on appeal, the commissioner of income tax (appeals) on consideration of all the facts set aside the order of the assessing officer dated 10/2/2006 by holding that ..... is not a power to review an assessment as held by the apex court in the matter of commissioner of income tax vs. kelvinator india limited 320 itr 561. under section 147 of the act the assessing officer has power to reassess, however he has no power to review. the power to reassess has ..... the apex court in the matter of apollo tyres (supra).consequently, no fault could be found with the concurrent finding of fact by the commissioner of income tax (appeals) and the tribunal that there was no failure to disclose fully and truly all material facts on the part of the respondent assess and due .....

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Jun 12 2012 (HC)

The Commissioner of Income Tax Vs. M/S. Triumph International Finance ...

Court : Mumbai

Decided on : Jun-12-2012

..... loan or deposit otherwise than by account payee cheque or account payee bank draft within the meaning of section 269t to attract levy of penalty under section 271e of the income tax act, 1961? 2. the assessment year involved herein is ay 20032004. 3. the respondent assessee, a public limited company, is a member of the national stock exchange and is also a ..... loss of rs.17,27,21,815/. the assessment was completed on 5th november 2003 under section 143(3) of the income tax act, 1961 ('act' for short) determining loss at rs.9,84,92,500/. 5. prior to 1st april 2002, the assessee had accepted a sum of rs.4,29,04,722/as and ..... had repaid the loan / intercorporate deposit to the extent of rs.4,28,99,325/in contravention of the provisions of section 269t of the act. 7. on appeal filed by the assessee, the commissioner of income tax (appeals) by his order dated 21st december 2006 confirmed the penalty levied upon the assessee. on further appeal filed by the assessee, the tribunal by ..... foreign currency to the extent of the commission and remitted the balance amount to the foreign reinsurers. as deduction under section 80o of the act in respect of the amount retained as commission was denied by the income tax authorities as also the high court, the company approached the apex court and the apex court held that to insist on a formal remittance .....

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Jun 15 2012 (HC)

Rukmanrani Education Foundations Vs. Chief Commissioner of Income Tax ...

Court : Mumbai

Decided on : Jun-15-2012

..... by respondent no.1 and a writ of mandamus directing the respondents to grant the petitioner approval under section 10(23c)(vi) of the income tax act, 1961. 3. the petitioner, a public trust, registered under the bombay public trusts act, 1951, runs schools in maharashtra. the petitioner was set up under a trust deed dated 18th january, 2003, the provisions whereof entitle the ..... application seeking approval under section 10(23c)(vi), the relevant portion whereof reads as under: 10. in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included ... (23c) any income received by any person on behalf of ..... (vi) any university or other educational institution existing solely for educational purposes .....

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Sep 13 2012 (HC)

Deputy Commissioner of Income Tax, Special Range - 2 Vs. State of Maha ...

Court : Mumbai

Decided on : Sep-13-2012

..... should be made clear that this cannot be a valid and legal reason for granting leave to appeal. secondly, the income tax act contains provisions which enable the department/state to recover the amount of tax from an assessee. in fact, if the tax has not been paid by the accused persons, as is the case of the complainant, there are not only ways and ..... -payment of the tax. thus, there is no substance in this contention also. 20. leave refused. 21. applications are rejected. ..... in all these cases and the questions involved, are the same. 2. the applicant is the original complainant. he was the deputy commissioner of income tax, at the material time. claiming to be acting on behalf of the income tax department, he had prosecuted the respondent nos.2 and 3 herein, by filing 17 separate complaints, in respect of offences punishable under section 138 of ..... means of recovering the same from the accused, under the provisions of income tax act itself, but the accused can also be prosecuted for non .....

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Nov 05 2012 (HC)

Pundalik Tukaram Chowgule Vs. Union of India Through the Secretary, Pe ...

Court : Mumbai Goa

Decided on : Nov-05-2012

..... he thereby attested the fixed deposit receipts held by him. 37. mr. padiyar also relied upon the profit and loss account and the returns filed under section 139 of the income tax act, 1960. he submitted that the audited balance sheet itself satisfies the requirement of an attestation. however, in view of what we have already held, it is not necessary to ..... cash in the form of bank balance, fixed deposits, shares of listed companies etc.12 fixed and movable assets includes own land, buildings, shops, house, vehicles, etc.4 income includes agricultural income, business income, interest, rent, royalty, etc. duly supported by documentary evidence.4 finance ? will be proportionately distributed in the ratio of maximum marks of 12, 4, 4, 5 ..... to ??capability to arrange the finance ? was divided into four sub-criteria namely ??liquid cash in the form of bank fixed deposits etc. ? , ??fixed and movable assets ? , ??income ? and ??letter ensuring loan/credit worthiness ? . the dispute in this petition pertains to the marks allocated for the criteria ??liquid cash in the form of bank fixed deposits etc. ? ..... loans, uti, nsc, bonds, shares of public limited companies etc., details of other assets like immovable property (land, building etc.). movable properties like vehicle etc., any other sources of income like from interest, rent, business etc. (please attach proof in all cases). the details under ??finance ? may be provided in the following format: (attach separate sheet as required) .....

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May 15 2012 (TRI)

Capricon Transways Pvt. Ltd. and Another Vs. Commissioner of Central E ...

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Mumbai

Decided on : May-15-2012

..... complete in all respects duly verified by our authorised representative. taxes and duties - the rates are inclusive of all taxes, duties levies applicable from time to time and compliance of all statutory obligations except service tax. tds as per provision of income tax act shall be deducted from the contractors bills and as ..... requested by the contractor, company shall issue a consolidated tds certificate for the tax deduction at source for the whole year. f) your ..... it include air-rail-cab travel also. 22. from the above classification, the intend of the legislature was to expand the levy of service tax for planning/scheduling/organizing/arranging the package tours. 23. in the present case, the appellants providing/supply the contract carriage business (not tourist vehicles ..... section 78 and a penalty of rs.1000/- under section 77 of the act. 3. as both the appeals pertain to a common order and are on the issue whether the appellants are liable to pay service tax on their activity under the category of tour operators prior to 10/ ..... , 77 and 78 of the finance act, 1994. the matter was adjudicated by commissioner who held that the appellant was not required to register themselves with the service tax authorities till 09/09/2004 but was required to register themselves and pay service tax with effect from 10/09/2004 from .....

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Aug 14 2012 (HC)

Smt. Shobha Wd/O. Late Arun Pohare and Others Vs. Gajanan S/O. Wasudeo ...

Court : Mumbai Nagpur

Decided on : Aug-14-2012

..... by way of loan. the cash transaction was also exceeding the limit of sum of rs 20,000/- as may be permissible under the income tax act. 5. in such a case, if some material is brought on record by the accused consistent with innocence of the accused, which appears ..... can be contested. however, there can be no doubt that there is an initial presumption which favours the complainant. section 139 of the act is an example of a reverse onus clause that has been included in furtherance of the legislative objective of improving the credibility of negotiable instruments ..... judges bench), 2010 cri.l.j.2871, the apex court observed the legal position thus:- 14. ----the presumption mandated by section 139 of the act does indeed include the existence of a legally enforceable debt or liability. to that extent, the impugned observations in krishna janardhan bhat (supra) may not ..... passed by the learned judicial magistrate, first class (court no.vi), akola challenging the acquittal of the respondent/accused under section 138 of the negotiable instruments act. 2. the facts, briefly stated, are as under:- the complainant and the accused were in cordial terms with each other. in the month of ..... . while section 138 of the act specifies a strong criminal remedy in relation to the dishonour of cheques, the rebuttable presumption under section 139 is a device to prevent undue .....

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Aug 14 2012 (HC)

Smt. Shobha Wd/O. Late Arun Pohare and Others Vs. Gajanan S/O. Wasudeo ...

Court : Mumbai Nagpur

Decided on : Aug-14-2012

..... by way of loan. the cash transaction was also exceeding the limit of sum of rs 20,000/- as may be permissible under the income tax act. 5. in such a case, if some material is brought on record by the accused consistent with innocence of the accused, which appears ..... can be contested. however, there can be no doubt that there is an initial presumption which favours the complainant. section 139 of the act is an example of a reverse onus clause that has been included in furtherance of the legislative objective of improving the credibility of negotiable instruments ..... judges bench), 2010 cri.l.j.2871, the apex court observed the legal position thus:- ??14. ----the presumption mandated by section 139 of the act does indeed include the existence of a legally enforceable debt or liability. to that extent, the impugned observations in krishna janardhan bhat (supra) may not ..... passed by the learned judicial magistrate, first class (court no.vi), akola challenging the acquittal of the respondent/accused under section 138 of the negotiable instruments act. 2. the facts, briefly stated, are as under:- the complainant and the accused were in cordial terms with each other. in the month of ..... . while section 138 of the act specifies a strong criminal remedy in relation to the dishonour of cheques, the rebuttable presumption under section 139 is a device to prevent undue .....

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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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