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Judgment Search Results Home > Cases Phrase: income tax act Court: rajasthan Year: 1995 Page 1 of about 98 results (0.024 seconds)

Mar 22 1995 (HC)

Commissioner of Income-tax Vs. Manglam Cement Ltd.

Court : Rajasthan

Decided on : Mar-22-1995

Reported in : [1996]217ITR369(Raj); 1995(3)WLC158; 1995(2)WLN8

..... tribunal was not justified in holding that the interest received of rs. 2,58,089 on short-term deposits with the bank was not taxable under section 56 of the income-tax act. we are further of the view that the interest so received on short-term deposits could not be reduced from the interest payments while capitalising the various expenditure on capital ..... case, the appellate tribunal was justified in holding that interest received of rs. 2,58,089 on short-term deposits with banks was not taxable under section 56 of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that interest received of rs. 2,58,089 on short ..... case.6. we have considered over the matter. the provisions of section 56 provide that income of every kind, which is not to be excluded from the total income under this act shall be chargeable to income-tax under the head 'income from other sources', if it is not chargeable to income-tax under any of the heads specified in section 14, items (a) to (e). section 32 ..... other sources under section 56. the contention of the assessee that the interest amount paid should be set off against the income earned, was also negatived by the income-tax officer on the ground that section 57 of the act permits the deduction only of such expenditure which has been incurred by the assessee in earning the interest. since the borrowings by the company .....

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Apr 19 1995 (HC)

Jai Drinks (P.) Ltd. Vs. Commissioner of Income-tax

Court : Rajasthan

Decided on : Apr-19-1995

Reported in : [1996]217ITR404(Raj); 1995(2)WLN222

..... 5-5-1979, to 18-9-1979, under section 244(1a).8,0475. against the above order, the assessee filed a revision under section 264 of the income-tax act, 1961, before the commissioner of income-tax where also part of the claim of the assessee was allowed and it was directedthat the interest under section 244(1a) is separately admissible with effect from january ..... any rule of reasonableness or logic, we may have to read the section in such plain sense. it was held that the liability to pay advance tax under sections 207 to 213 of the income-tax act is in relation to the financial year though the dates are specified. the payments made pursuant to notices on dates other than the last dates specified would ..... has been filed against the order dated april 15, 1982, passed by the commissioner of income- tax under section 264 of the income-tax act, 1961.2. the brief facts of the case are that the petitioner-company paid advance tax amounting to rs. 1,79,200 under section 210 of the income-tax act, 1961, as under :rs.(i) 38,500on 14-6-1976(ii) 38,500on 13 ..... been paid after the due dates but within -the financial year.19. if the history of the act, chapter xvii-c of the income-tax act, 1961, is seen which contains provisions relating to advance payment of tax, the said chapter provides liability for payment of advance tax, provision for payment of interest by the central government and provision of levy of interest on an assessee .....

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May 05 1995 (HC)

Banke Bihari Lal Agarwal Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Decided on : May-05-1995

Reported in : [1997]226ITR498(Raj); 1995(3)WLC759; 1995(2)WLN560

..... . if the said record has been handed over to some other officer/custodian then the other officer or custodian is responsible for it. the protection under section 293 of the income-tax act is not available to an officer who has lost the books of account so seized, because such an action cannot be said to be done in good faith. the books ..... -1' were not received. this makes it clear that the account books were not handed over to the assessing officer (assistant commissioner of income-tax, alwar). this fact is further corroborated by the order passed under section132(5) of the income-tax act, dated january 17, 1990, in which in paragraph 5 it is mentioned 'as per panchnama dated september 20, 1989, 23 items of ..... officer at the time of seizure was of the view that the books searched and seized will be useful and relevant for the purpose of proceedings under the act. 12. rule 112 of the income-tax rules provides the procedure for search and seizure. it has been provided under sub-rule (6) of the said rule that before making a search the authorised ..... to the assessing officer at alwar, on december 8, 1989. the deputy commissioner of income-tax, alwar range, alwar, in turn reported the matter to the commissioner of income-tax as well as the deputy director of income-tax. the late shri a.k. fotedar was then acting as the deputy director of income-tax (investigation), jaipur, as the regular incumbent was on earned leave. 5. it is pertinent .....

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Dec 22 1995 (HC)

Chandi Ram Vs. Income-tax Officer and anr.

Court : Rajasthan

Decided on : Dec-22-1995

Reported in : [1997]230ITD611(Jodh); [1997]225ITR611(Raj); 1996WLC(Raj)UC121

..... to the capital account of the assessee in the assessment year 1988-89 and in accordance with the provisions of section 155(4a) of the income-tax act and the same has to be added because the reserve could have been utilised for the specified purpose after the expiry of 10 years. the ..... it may also be observed that the initial assessment in this case was made under section 143(1) and not under section 143(3) of the income-tax, act, and, therefore, the contention of learned counsel for the petitioner that the proceedings of reassessment are based on change of opinion has no force.17 ..... section 143(3) or section 144 (sub-section (1) of section 153).-under the old provisions of sub-section (1) of section 153 of the income-tax act, various time limits were laid down for completion of an assessment under section 143(3) or under section 144. the old sub-section (1) consisted of ..... a change is made with regard to procedure, it is retrospective in nature. in the matter of reassessment proceedings under the income-tax act, the change has been brought with regard to circumstances and limitation as well. if the limitation has already expired, then the amended law would not ..... item which has been omitted. where, therefore, the rate is sought to be raised under section 34 of the income-tax act, an income-tax officer is not bound to determine afresh the correct taxable income of the assessee.'it is an established law that no one has a vested right in procedural law and whenever .....

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Mar 27 1995 (HC)

Commissioner of Income-tax Vs. Achaldas Dhanraj and Sanklecha Brothers

Court : Rajasthan

Decided on : Mar-27-1995

Reported in : (1995)128CTR(Raj)325; [1996]217ITR799(Raj)

..... to section 43b be deleted. this amendment will take effect from 1st april, 1989. unlike other payments referred to in section 43b of the income-tax act, the deduction regarding employer's contribution, if denied in a year, is not available as a deduction in any subsequent year also. on account ..... which such sum is statutorily payable. this amendment will take effect from 1st april, 1984. under the existing provisions of section 43b of the income-tax act, it is also provided that any sum payable by the assessee as an employer by way of contribution to the provident fund or superannuation ..... be allowed as a deduction, if it is actually paid by the due date of furnishing the return under section 139(1) of the income-tax act, in respect of the assessment year to which the aforesaid previous year relates. this proviso was introduced to remove the hardship caused to ..... and not on the basis of actual disbursements or receipts. for the purposes of computation of profits and gains of business or profession, the income-tax act defines the word 'paid' to mean 'actually paid or incurred' according to the method of accounting on the basis of which the profits ..... following explanation was given for inserting the above provision (see [1983] 140 itr 160) :'disallowance of unpaid statutory liability ; 59. under the income-tax act, profits and gains of business and profession are computed in accordance with the method of accounting regularly employed by the assessee. broadly stated, under the .....

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Feb 07 1995 (HC)

Commissioner of Income-tax Vs. Sardar Stones

Court : Rajasthan

Decided on : Feb-07-1995

Reported in : (1995)125CTR(Raj)197; [1995]215ITR350(Raj)

..... of law arising out of its order dated september 30, 1985, in respect of the assessment year 1982-83, under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was right in coming to the conclusion that the sale ..... assessee claimed depreciation at 40 per cent. on the trucks which was allowed by the income-tax officer while assessing under section 143(3) of the act. subsequently, the commissioner of income-tax exercising the powers under section 263 of the act came to the conclusion that the rate of depreciation at 40 per cent. is ..... at 30 per cent. in accordance with clause (iii)d(9) of the schedule of depreciation, appendix-i of the income-tax rules, 1962. in appeal before the commissioner of income-tax (appeals), it was contended that the trucks were used in connection with the transportation for sale of stones to the customers. ..... business of hiring as well, and, therefore, the depreciation at 30 per cent. was directed to be computed.3. in second appeal before the income-tax appellate tribunal, the tribunal, following its earlier decision in the case of manjeet stone co., observed that the assessee was using the trucks for transportation ..... required in the business of running them on hire. in these circumstances, even the tribunal has not disputed the finding of the commissioner of income-tax that the assessee was not engaged in the business of running the vehicles on hire and for that reason and for the reason that the .....

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Mar 14 1995 (HC)

Commissioner of Income-tax Vs. Jaipur Stock Exchange Ltd.

Court : Rajasthan

Decided on : Mar-14-1995

Reported in : [1996]217ITR101(Raj)

..... on the facts and in the circumstances of the case and on a proper construction of the provisions of section 12a(a) of the income-tax act, 1961, the tribunal was correct in holding that the commissioner was not justified to put a rider on the effect of his order of granting registration to the ..... year 1988-89 ?' 2. the brief facts of the case are that the assessee was incorporated on december 28, 1983, and applied under section 12a of the income-tax act, 1961, for registration on january 12, 1988. in accordance with the provisions of section 12a, the application for registration of the trust/institution was to be submitted ..... of the case, the tribunal was correct in holding that once the delay in the matter of filing application under section 12a was condoned by the commissioner of income-tax, the application was as good as an application having been made within one year of creation of the trust or establishment of the institution ? 2. whether, ..... 1. by this application under section 256(2) of the income-tax act, 1961, the revenue has prayed that the following questions of law arising out of the order of the tribunal dated september 27, 1991, may ..... accounting year ending on december 31, 1987, the benefit under section 11/12 of the act was refused on the ground that the claim could not be allowed for the period before the grant of registration. the appeal before the commissioner of income-tax (appeals) was dismissed. the tribunal in its order dated september 27, 1991, came .....

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Nov 29 1995 (HC)

Commissioner of Income-tax Vs. Rajasthan Co-operative Spinning Mills L ...

Court : Rajasthan

Decided on : Nov-29-1995

Reported in : [1997]225ITR574(Raj)

..... the commissioner of income-tax (appeals) direction that the amount of 20 per cent. has to be calculated with reference to the profit and ..... b.r. arora, j.1. the income-tax appellate tribunal, jaipur bench, jaipur, for the assessment year 1975-76, at the instance of the revenue, . has referred the following question of law for the opinion of the high court under section 256(1) of the income-tax act, 1961 :' whether, on the facts and in the circumstances of the case, the tribunal was justified in confirming ..... tribunal was not right in agreeing with the income-tax officer in allowing deduction under section 80hh with reference to profit as per profit and loss account of the assessee. the income eligible for deduction under section 80hh will be the net income as computed in accordance with the provisions of the act and not the gross income.2. consequently, the reference is answered in favour ..... for deduction under section 80hh will be the net income as computed in accordance with the provisions of the act and not the gross income. 'for the reasons given in our judgment in vishnu oil mill's case we are of the opinion that the learned tribunal was not justified in confirming the commissioner of income-tax (appeals) direction thatthe amount of 20 per cent .....

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Nov 14 1995 (HC)

Commissioner of Income-tax Vs. Rajasthan Udyog

Court : Rajasthan

Decided on : Nov-14-1995

Reported in : (1996)132CTR(Raj)134; [1997]225ITR468(Raj)

..... questions of law for the opinion of this court :' whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in : (a) directing the income-tax officer to allow the deduction under section 80hh of the income-tax act, 1961, on commercial profits without deducting investment allowance of current year, deduction under section 35b/80j, etc. ? (b) ..... received by exporters, new clauses (iiia), (iiib) and (iiic) have been inserted in section 28 of the income-tax act to provide that profit on sale of import entitlement licences, ccs and drawback of duty respectively shall be chargeable to income-tax under the head 'profits and gains of business or profession'. these have further been included in the definition of the ..... shall be chargeable to income-tax under the head 'profits and gains of business or profession.' these have further been included in the definition of ..... 1972-73, respectively, and subsequent years.' 5. in view of the amendment made in the taxing provision regarding the taxability of these incentives received by the exporters, new clauses (iiia), (iiib) and (iiic) have been inserted in section 28 of the income-tax act to provide that the profit on sale of import entitlement licences, ccs and drawback of duty respectively .....

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Nov 13 1995 (HC)

Rathi Gum Industries Vs. Commissioner of Income-tax

Court : Rajasthan

Decided on : Nov-13-1995

Reported in : [1996]218ITR583(Raj)

..... (6) custom ship bill120.00(7) bardana3,018.47.'the assessee, rathi gum industries, jodhpur, for the assessment year 1979-80 claimed weighted deduction under section 35b of the income-tax act, 1961, on various items of expenses aggregating to rs. 4,13,959.35. the inspecting assistant commissioner, i.e., the assessing authority, allowed the claim of the assessee ..... was remanded to the commissioner of income-tax (appeals) by the tribunal. the assessee moved an application before the tribunal for referring five questions of law arising in the order passed by the tribunal. the tribunal refused ..... the case of j. ramchandra and co. (j. hemchand and co. (?)) in respect of insurance expenses of rs. 13,833 and modified the order of the commissioner of income-tax (appeals) to this extent and directed the assessing authority to recalculate the weighted deduction after including the expenses of insurance charges. the other question, which arose in this appeal, ..... order will qualify for weighted deduction under section 35b and directed the assessing authority to pass an order accordingly. the revenue, aggrieved of the order passed by the commissioner of income-tax (appeals), jodhpur, preferred an appeal before the tribunal. the assessee also filed cross-objections. both the appeal and the cross-objections were decided by the tribunal by its .....

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