Court : Mumbai
Reported in : 216ITR584(Bom)
..... that throughout the rectification proceedings the contention of the assessee has been that excess dividends have been declared and paid out of the profits exempted under section 80j of the income-tax act, 1961. this is referred to in the statement of the case also. hence, this contention of the department does not have any merit. 14. in the premises, we answer the ..... . the gujarat high court held that as there were no disputes regarding the figures and the calculations, this was a mistake which could be rectified under section 154 of the income-tax act, 1961. the same position is taken by the supreme court in the case of t. s. balaram, ito v. volkart brothers : 82itr50(sc) . the supreme court, however, said that ..... rs. 3,90,000. there is also no dispute that this excess dividend is declared out of profits which are exempted under section 80j of the income-tax act, 1961. the only dispute is whether the additional income-tax is attracted in such a case. in this dispute, the contention of the assessee, in our view, is without any merit looking to the language of ..... of rs. 6,90,000 was out of profits which were exempted from tax under section 80j of the income-tax act, 1961, and hence no additional income-tax was leviable on the excess dividend declared by the assessee. the income-tax officer, however, in the rectification proceedings, brought the excess dividend to tax by levying additional income-tax at the rate of 7.5 per cent. amounting to rs. 29 .....Tag this Judgment!
Court : Supreme Court of India
Reported in : Supp3SCR310
..... this aspect of the case. 9. the answer to the question which we have to consider depends on the true scope and effect of s. 24 of the indian income-tax act. under the indian income-tax act, 1922, assessees are divided into three categories : (a) resident and ordinarily resident, (b) resident but not ordinarily resident, and (c) not resident. we are concerned in the ..... business, one within the taxable territories and the other outside them. mr. kolah has contended that the business was one business within the meaning of s. 10 of the indian income-tax act and in the two assessment years in question indore having become a part of the taxable territories, the provisions in sub-s. (2) of s. 24 came into operation; ..... incomewhich proceeds considered as accruing for thewere received having been in the taxable purpose ofin the taxable received in the territories assessmentterritories taxable territories under the indian(by apportioning the income-tax act.amount in col. 4 in (col. 7 plusthe proportion of col. 8)col 5 : col. 6)6 7 8 9rs. rs. rs. rs.------------------------------------------------------------------------52,68,048 5,05,296 ..... territories of british india. for and upto the assessment year 1949-50 the assessee company was treated as a non-resident within the meaning of s. 4a of the indian income-tax act, 1922. for the assessment years 1950-51, and 1951-52 which are two assessment years under consideration, the account years were the calendar years 1946 and 1950 respectively. indore .....Tag this Judgment!
Court : Supreme Court of India
Reported in : (1995)128CTR(SC)361; 216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; Supp3SCR642
..... of the allahabad high court in sir shadilal sugar and general mills ltd. : 85itr363(all) . the assessment year concerned herein is 1960-61 and is governed by the indian income tax act, 1922. we have referred to the judgment under appeal in the body of the judgment and for the reasons recorded therein the appeal is dismissed. there shall be no order ..... ) . which is the subject-matter of civil appeal no. 1395 of 1974 before us. the assessment year concerned in this case is 1960-61 and, therefore, governed by the indian income tax act, 1922. r.s. pathak, j., (as he then was) speaking for the bench gave an additional reason in support of the view taken in sarangpur cotton. the learned judge referred ..... section 217. this section deals with liability to pay interest of a person who has not previously been assessed by regular assessment under this act or under the indian income tax act, 1922 but has filed an estimate of income and paid tax accordingly under sub-section (3) of section 212. as has been noted earlier in the judgment, 'regular assessment' in this context cannot have ..... under section 210.section 210 speaks of a person who has been previously assessed by way of regular assessment under this act or under the indian income tax act, 1922. such a person can be called upon by the income tax officer to pay advance tax determined in accordance with the provisions of sections 207, 208 and 209. any person who has not previously been assessed by .....Tag this Judgment!
Court : Guwahati
..... has been paid by the assessee exclusively and for the purpose of business of the assessee and hence such expenditure is permissible to be considered under section 37 of the income tax act, 1961. 7. dr. ashok saraf, learned counsel appearing for the assessee submits that the issue are no more res integra. counsel has referred to the following decisions- (a) in itr ..... of settlement wholly and exclusively for the purpose of business and was, therefore, allowable as a business deduction under section 36(l)(ii) of the income tax act, 1961. (b) in itr (1997) 227 p.211 (commissioner of income tax v. d mohamed ismail,) the madras high court had held that the customary bonus paid to the employees as a matter of practice satisfied the ..... , the ex-gratia payment made by the assessee company to the labourers and staffs for the period under reference does not come within the mischief of payment of bonus act, 1965. section 37 of the income tax act, allowed deductions expenses wholly and exclusively for the purpose of the business or provision other than the expenditure prescribed in sections 30 to 36 of the ..... court was examining as to whether the payment made over and above the statutory maximum made by the employers to the labourers pursuant to an agreement under the industrial dispute act was deductible under section 37 of the income tax act, 1961 and held that such payment for the purpose of commercial expediency and business or profession is allowable under section 37 of the .....Tag this Judgment!
Court : Guwahati
..... d.n. baruah, j. 1. in this reference under section 256(1) of the income-tax act, 1961 (for the short 'the act'), the following four questions have been referred for the opinion of this court :' (1) whether, under the facts and circumstances of the case, the tribunal did not err in facts ..... dismissed the appeal. situated thus the assessee-company preferred yet another appeal before the income-tax appellate tribunal. the tribunal held that the date of accrual of compensation amount was on march 30, 1979, the ..... assessee as 'industrial company' because basically it was carrying on the business of contract.4. being dissatisfied the assessee-company preferred an appeal before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) also ..... assessing officer also did not accept the claim of the assessee-company that the compensation was a capital receipt and, therefore, it was exempted from tax. the assessee-company further claimed allowance under section 80j of the act taking it to be an 'industrial company' ; this claim was also turned down by the assessing officer. the assessing officer did not consider the .....Tag this Judgment!
Court : Patna
..... documents are relevant for the purpose of the issues involved in the suit pending before it. similarly, it seems to us, that the officers mentioned in section 131 of the income-tax act have been vested with powers to make the orders as mentioned therein provided they are satisfied that the orders made would be relevant for the purpose of deciding the case ..... assessee on march 22, 1992, the proceeding was pending before the assessing officer and, therefore, the assessing officer was competent to issue notice under section 131(1)(d) of the income-tax act, 1961.'5. the aforesaid notice said to be have been served on the petitioner on march 22, 1992, it may be mentioned, refers to the very same notice which has ..... calcutta high court explained the scope of the provisions of section 131 in these words (page 573) : 'from a perusal of section 131 of the income-tax act, we are of the opinion, that the power of the income-tax officer under that section is co-extensive with that of a court trying a suit under section 30 of the civil procedure code, read with rules 12 ..... petitioner has been served with a notice issued in terms of section 131(1)(d) of the income-tax act (in short, 'the act'), in the matter of ascertainment of cost of construction of a house by the assistant valuation officer, the income-tax department at the behest of the income-tax officer, ward-iii, ranchi. she seeks quashing of the notice and' a declaration that the proposed .....Tag this Judgment!
Court : Guwahati
..... a manufacturing process and, therefore, the assessee is entitled to the investment allowance as envisaged under section 32a of the income-tax act, 1961.10. in view of the above, we answer the question in the negative and in favour of the assessee and against the revenue. ..... d.n. baruah, j.1. in this reference under section 256(1) of the income-tax act, 1961 (for short 'the act'), the income-tax appellate tribunalhas referred the following question, at the instance of the revenue, for opinion of this court :'whether the ..... officer disallowed the claim of investment allowance of rs. 45,358.3. being aggrieved, the assessee preferred an appeal before the commissioner of income-tax (appeals) and the commissioner of income-tax (appeals) also relying on the said decisions dismissed the appeal by affirming the order passed by the assessing officer.4. the assessee preferred ..... the physical shape which the raw material has and is understood as a different commercial commodity by the business community. in these circumstances, the income-tax appellate tribunal was justified in coming to the conclusion that conversion of limestone by crushing into rodi or lime dust is a process of manufacture ..... yet another appeal before the income-tax appellate tribunal. the learned tribunal after considering all the aspects of the matter held that the crushing of stone boulders into stone chips .....Tag this Judgment!
Court : Guwahati
..... is not known.10. an order of assessment passed by the primary authority if modified in appeal is liable to correction/rectification in the light of the appellate order. the income-tax act and the rules framed thereunder do not contemplate any particular stage at which such correction/rectification is required to be made. in other words what is being sought to be ..... noticed the arguments advanced by learned counsel for the respective parties, this court would like to take note of the details pertaining to the assessment of the petitioner under the income-tax act in respect of the assessment years in question. a consideration of the assessment orders available on record would go to show that in so far as the assessment years 1989 ..... manufacture and sale of tea by following the provisions laid down in the income-tax act. 60 per cent. of such income computed under the provisions of the income-tax act constitutes agricultural income of the assessee to which income the provisions of the assam act will have to be applied to determine the taxable agricultural income and the tax to be levied thereon. dr. saraf, by referring to the averments made ..... this regard the averments made in the affidavit filed on behalf of the state to the effect that no revisions in the assessments of the petitioner under the income-tax act have been made has been placed before the court by sri dubey. sri dubey has further contended that, according to the petitioner, the appeal proceedings against the assessments made .....Tag this Judgment!
Court : Guwahati
..... valid in law and on facts ? 2. whether, under the facts and in the circumstances of the case, the order dated march 19, 1979, passed by the income-tax officer under the provisions of the income-tax act, 1961, was not an order of assessment and the said order was only a draft order of assessment ? 3. whether, under the facts and in the circumstances ..... spontaneous growth was concerned ? (b) erroneous in so far as it is prejudicial to the interests of the revenue within the meaning of section 263 of the income-tax act, 1961. on account of non-inclusion of income attributable to the sale of trees of spontaneous growth 6. whether, under the facts and in the circumstances of the case, the order under appeal, directing ..... section 45 to be the subject of the charge. this inference flows from the general arrangement of the provisions in the income-tax act, where under each head of income the charging provision is accompanied by a set of provisions for computing the income subject to that charge. the character of the computation provisions in each case bears a relationship to the nature of the ..... giving effect to the directions issued by the inspecting assistant commissioner under section 144b of the act was an order of the income-tax officer or of the inspecting assistantcommissioner and whether the provisions of section 263 of the income-tax act are attracted to this non-inclusion of the aforesaid income in the said order dated september 11, 1979 ? 4. whether, under the facts and in .....Tag this Judgment!
Court : Guwahati
..... in holding that form no, 11 filed along with the deed was defective. as there was no defect, the question of rectification under the provisions of section 185 of the income-tax act does not arise. however, we feel that in an appropriate case such defects can be cured.18. in view of the above, questions nos. 1 and 2 are answered in ..... contentions of the parties, it will be apposite to examine the deed of partnership and also to look to some of the relevant provisions of the indian partnership act as well as the income-tax act. we find the deed of partnership at pages 36 to 39 of the paper book. in the said deed, it has been recited as under : 'be it noted ..... that the form no. 11 filed along with the deed was defective and if so whether the said defect is rectifiable under the provisions of section 185(2) of the income-tax act, 1961 ?2. whether, on the facts and in the circumstances of the case, the tribunal was justified in law in reversing the order of the appellate assistant commissioner granting registration ..... this court by a judgment and order, dated august 2, 1988, passed in civil rule no. 3(m) of 1986 under section 256(2) of the income-tax act, 1961, the following twoquestions have been referred by the income-tax appellate tribunal for theopinion of this court : '1. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding .....Tag this Judgment!