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Judgment Search Results Home > Cases Phrase: income tax act Court: rajasthan Page 3 of about 6,575 results (0.056 seconds)

Apr 05 1994 (HC)

Commissioner of Income-tax Vs. Rajasthan Land Development Corporation

Court : Rajasthan

Reported in : (1995)125CTR(Raj)261; [1995]211ITR597(Raj)

..... the business of advancing special and ordinary loans and, therefore, the income earned is business income. from the various decisions and on the interpretation of various provisions of the income-tax act, we are of the opinion that the following principles emerge :(i) interest on fixed deposits and other deposits before the ..... commencement of the business is income from other sources, (ii) income from interest on deposits of surplus money during the construction period is also to be considered/treated as income from other sources, (iii) interest income in respect ..... company had made the deposits and given advances as loans to the various banks, corporations, etc. the income-tax officer rejected the contention and held that the income has to be assessed as income from 'other sources'.7. in appeal before the commissioner of income-tax (appeals), it was held that it is not the business of the corporation to carry on money- ..... the loan which has been given to the various banks in the state of rajasthan and interest income accrued therefrom was considered by the taxing authorities as 'income from other sources'. the tribunal has considered the various provisions of the act by which the assessee-corporation was constituted and came to the conclusion that it was authorised to carry on .....

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Feb 23 1998 (HC)

Laxmi NaraIn Lath Trust Vs. Commissioner of Income-tax

Court : Rajasthan

Reported in : [2000]244ITR272(Raj)

..... section 11 of the income-tax act, 1961.' 25. we are satisfied that there are undisputedly no distinguishing features or change in the facts and circumstances of the assessee's case for the years under consideration so ..... of 1958, the lessee has not acquired the status of a trust wholly for charitable and religious purposes in order to be entitled to exemption under section 11 of the income-tax act, 1961. 2. on the facts and in the circumstances of the case, the tribunal was not justified in holding that the assessee-trust is not entitled to exemption under ..... ]52itr126(kar) , where the maintenance of a research station for the coffee board was held exempt from liability of agricultural income-tax under the mysore agricultural income-tax act, 1957. he, as such, finally allowed the exemption to the trust under section 11 of the income-tax act, 1961.13. the tribunal found as follows :(1) that clause 2(vi) of the principal deed of settlement plainly and ..... held that the assessee-trust was not entitled to exemption under section 11 of the income-tax act, 1961.16. on the basis of the above facts, the income-tax appellate tribunal, jaipur bench, jaipur (the appellate tribunal) raised and referred to us under section 256(1) of the income-tax act, 1961 (the act), at the instance of the assessee-trust, the following questions :'(1) whether, on .....

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Jul 29 2002 (HC)

Commissioner of Income-tax Vs. Rajasthan Mirror Manufacturing Co.

Court : Rajasthan

Reported in : [2003]260ITR503(Raj); RLW2003(4)Raj2594

..... the circumstances of the case, the tribunal was right in holding that there was no justification for charging capital gains as well as profit under section 41(2) of the income-tax act, 1961 ?' 2. the assessee is a firm which was carrying on business of manufacture and sale of wind screen glass for automobiles and toughened glass. the business and the factory ..... legally conveyed to him after complying with the requirements of law such as the transfer of property act, registration act, etc. but, in the context of section 22 of the income-tax act, having regard to the ground realities and further having regard to the object of the income-tax act, namely, 'to tax the income', we are of the view, 'owner' is a person who is entitled to receive ..... . podar cement pvt. ltd. : [1997]226itr625(sc) , in our view, both the authorities have committed error for the purpose of taxing income under the scheme of the income-tax act, 1961. the 'owner' is a person who is entitled to receive income from the property in his own right, when the possession has been handed over, the amount has been paid, though the deed is not ..... income from the property in his own right.'10. in the case in hand, the commissioner of income-tax (appeals) as well as the tribunal both have gone with the provisions of .....

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Apr 19 1994 (HC)

Commissioner of Income-tax Vs. Bherwa Fertilizers

Court : Rajasthan

Reported in : [1996]217ITR656(Raj); 1994(3)WLC88; 1994(2)WLN225

..... to accept cheques or bank drafts and insisted on cash payment and that is how the cash payment was made. the income-tax officer applied section 40a(3) of the income-tax act, 1961 (for short, 'the act'), read with rule 6dd(j) of the income-tax rules, 1962 (hereinafter to be referred as 'the rules'), and came to the conclusion that the assessee was not entitled to ..... applicable to the facts of the case and that the payment exceeding rs. 2,500 aggregating to rs. 2,18,678 disallowed by the income-tax officer did not attract the provisions of section 40a(3) of the income-tax act, 1961?'6. a reading of the aforesaid question shows that we have only to answer whether, on the facts and in the circumstances of ..... the case, rule 6dd(j) of the rules and section 40a(3) of the act would be applicable or not no question has been referred to ..... the assessee.3. the matter was taken up in appeal before the commissioner of income-tax, where the assessee failed but on further appeal, the learned income-tax appellate tribunal, jaipur bench, jaipur, held that though the provisions of section 40a(3) of the act and rule 6dd(j) of the rules are applicable but the assessee is entitled to the deduction of this amount .....

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May 22 1996 (HC)

Commissioner of Income-tax Vs. Rajasthan Financial Corporation (No. 2)

Court : Rajasthan

Reported in : [1998]229ITR252(Raj)

..... 1)(viii) is to be computed before making any deduction under chapter vi-a as well as any deduction under section 36(1)(viii) of the income-tax act, 1961 ?2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that interest amounting to rs. 17 ..... the tribunal has formulated the following two questions of law arising out of its order dated may 20, 1984, and referred under section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the allowance under section 36( ..... ?'2. the questions relate to the interpretation of the provisions of clause (viii) of sub-section (1) of section 36 of the income-tax act for computing the income under the head 'profits and gains of business and profession'. the said clause during the year under assessment read as under ;'in respect of ..... this clause. under section 2(45) of the income-tax act, total income means the total amount of income referred to in section 5 computed in the manner laid down in this act. the total income has, therefore, to be computed as per section 2(45) in the manner laid down in the income-tax act, 1961. clause (viii) of sub-section ..... before making any deductions under chapter vi-a as well as any deduction under section 36(1)(viii) of the income-tax act, 1961.'10. the income-tax officer was directed to recompute the allowance under section 36(1)(viii) before making any deduction under chapter vi-a as .....

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Jul 16 1985 (HC)

Commissioner of Income-tax Vs. Udaipur Distillery

Court : Rajasthan

Reported in : (1986)53CTR(Raj)244; [1986]160ITR444(Raj); [1986]63STC126(Raj); 1985(2)WLN397

..... , for, it is sufficient to state that the assessee had claimed interest paid on the delayed payment of sales tax as allowable expenditure under section 37 of the income-tax act, 1961 (no. 43 of 1961) (for short ' the act '). the income-tax officer by his order dated january 24, 1975, rejected the claim of the assessee (non-petitioner) with respect to the amount ..... . act. on appeal, the supreme court, while reversing the view taken by the high court, held that the interest paid under section ..... ;' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the interest paid to the sales tax department on the arrears of sales tax under section 11b of the rajasthan sales tax act, 1954, was an admissible deduction under section 37 of the income-tax act, 1961 '2. it is not necessary to recount the facts in detail ..... paid on the arrears of cess constituted a permissible deduction. the delhi high court did not agree with the income-tax appellate tribunal, as according to it, the amount of interest did not fall within the scope of section 10(2)(xv) of the indian income-tax act, 1922 ('the old act'), because it was paid by way of penalty for infringement of the u.p .....

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May 20 2005 (HC)

Harvest Gold Food (India) Private Limited and ors. Vs. Union of India ...

Court : Rajasthan

Reported in : (2006)202CTR(Raj)231; [2006]282ITR83(Raj); RLW2005(3)Raj1898; 2005(4)WLC21

..... in cash, which is collected by the salesmen from retailers/distributors at the time of delivery of bread.30. to verify these allegations, an action under section 132 of the income tax act, 1961 was conducted on 8.1.2004. it resulted in seizure of unaccounted case and jewellery, beside seizure of incriminating documents, books of accounts etc. the main allegation regarding ..... of india and ors. : [1994]210itr896(bom) (1) (orient (goa) ltd. and anr. (2) db24. heard rival submissions of the respective parties and perused the relevant provisions of law of income tax act as well as judgments referred by the respective parties.25. this petition is filed against the search operation and panchnama dated 8.1.2004 and 9.1.2004 respectively.26 ..... not, produce or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act, or(c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other ..... expected concealment is more than one crore.17. per contra, learned counsel for the respondents submits that the search and seizure operations under section 132 of the income tax act, 1961 were duly authorized by the director general of income tax (inv.) new delhi after careful examination of information, evidence and material. the search and seizure operations are carried out after the director general of .....

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Jul 23 2002 (HC)

Rajasthan Co-operative Dairy Federation Ltd. Vs. Deputy Commissioner o ...

Court : Rajasthan

Reported in : [2003]259ITR126(Raj)

..... accounts took place for any fault of the assessee. the assessee had taken due care and tried its level best to comply with the provisions of section 44ab of the income-tax act, 1961. the assessee cannot be punished for the fault of the third party which is required under a statute.13. the assessee was under the obligation to get its accounts ..... requires that if the accounts are got audited under the relevant law before the specified dates that will be the sufficient compliance with the provisions of section 44ab of the income-tax act, 1961. in the case in hand, the accounts are not got audited by the statutory auditor before the specified dates, therefore, this proviso does not in any way help the ..... . these appeals relate to the assessment years 1986-87 and 1988-89. the common issue involved in these appeals is with regard to penalty imposed under section 271b of the income-tax act, 1961, and therefore, the appeals are being decided by this common order.2. the appellant, rajasthan co-operative dairy federation ltd., is a co-operative society governed by the provisions ..... had been caused due to late appointment of the auditor. therefore, penalty should not be levied upon the assessee under section 271b of the income-tax act, 1961.8. he further submits that the proviso to section 44ab of the income-tax act, 1961, provides that if a statutory audit is got completed under any other relevant statute by the society, it shall be the sufficient .....

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Nov 19 1991 (HC)

Commissioner of Income-tax Vs. R.B. Seth Moolchand

Court : Rajasthan

Reported in : [1993]200ITR201(Raj)

..... rs. 1,46,285 and that being so, the addition of the aforesaid amount was not sustainable under section 41(1) of the income-tax act, 1961, or, alternatively, even under the head 'income from business or other sources' ? 3. whether, on the facts and in the circumstances of the case, the tribunal was justified in ..... v.k. singhal, j. 1. in this petition under section 256(2) of the income-tax act, 1961, the following three questions have been raised :'1. whether, on the facts and in the circumstances of the case, the ..... an opportunity being given and the tribunal has not given any finding in respect of the various points which were considered by the income-tax officer and affirmed by the commissioner of income-tax (appeals), viz., that the debts were outstanding for a long time and they had become time-barred earlier and someof the ..... court in a reference under section 66 of the income-lax act, 1922, to reappreciate the evidence. this judgment does not help the assessee because, in the present case, there is no legal evidence but, on the contrary, the evidence was not produced before the income-tax officer even when called for. besides this, all ..... the reasons given by the income-tax officer have not been found incorrect. in cit .....

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Dec 19 1986 (HC)

Prahlad Rai Saraf Vs. State of Rajasthan

Court : Rajasthan

Reported in : [1989]179ITR67(Raj); 1987(2)WLN336

..... be released on bail in case no. 340 of 1986, pending trial in the court of the chief judicial magistrate (economic offences) jaipur city, jaipur, under section 276c of the income-tax act, 1961, provided he furnishes a personal bond in the sum of rs. 30,000 with two sureties in the amount of rs. 15,000 each to the satisfaction of the ..... the chief judicial magistrate (economic offences), jaipur city, jaipur, under section 276c of the income-tax act, 1961 (hereinafter referred to as 'the act').2. a complaint under sections 276c, 276cc and 277 of the act was filed in the court of the chief judicial magistrate (economic offences), jaipurcity, jaipur, by the income-tax officer, central circle-ii, against the petitioner. the learned chief judicial magistrate, under ..... further pointed out that this tux amount has been paid even though an appeal against the summary order passed by the learned income-tax officer has been filed which is still pending. the objections under section 132(11) of the act have also been filed and several reminders to decide the same have been sent to the department, but with no effect and ..... also been filed against the summary order which is still pending. a second appeal is also provided under the act which can be filed before the income-tax appellate tribunal. therefore, the whole matter is sub-judice. apart from this, the total amount of tax as required by the department has also been deposited by the petitioner. keeping in view the principles laid down .....

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