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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: income tax appellate tribunal itat hyderabad Year: 1999 Page 1 of about 13 results (0.186 seconds)

Dec 30 1999 (TRI)

Prudential Construction Co. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-30-1999

Reported in : (2001)75ITD338(Hyd.)

..... of the view that the entire loss arising on account of trading in shares is speculation loss within the meaning of explanation to section 73 of income tax act. as per the provisions of section 73 of income tax act, such speculation loss can only be given set off against the speculation profit. there being no speculation profit for the assessment year under reference, the ..... granting of loans, the loss arising on account of the transactions in purchase and sale of shares was speculation loss within the meaning of the explanation to section 73 of income tax act.he, therefore, submitted that the order of the commissioner (appeals) may be confirmed.we have given utmost consideration to the rival submissions in the matter. we have also ..... shares or loss on account of share transactions including valuation of stock is quite arguable and, therefore, falls outside the scope of the provisions of explanation to section 73 of income tax act. in the light of these facts, he vehemently argued that the order of the commissioner (appeals) in confirming the action of the assessing officer be set aside and the ..... all those issues which are debatable and involved prolonged arguments and discussions and where two opinions are possible fall outside the scope of adjustments under section 143(1)(a) of income tax act. for this proposition, he relied on the judgments cited before the commissioner (appeals) in the following cases: he further argued that the issue whether the explanation to section 73 .....

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Dec 22 1999 (TRI)

Cheminor Drugs Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-22-1999

Reported in : (2001)76ITD37(Hyd.)

..... necessary to examine the various other contentions of the assessee relating to whether the payments made by the assessee were in the nature of income chargeable to tax under the income-tax act, 1961, or not. therefore, discussion on those grounds and consideration of the entire case laws relied on by the assessee and ..... may be available with the assessee that the payments made to the non-residents were not liable to be charged under the provisions of the income-tax act. in the case before us, the assessee-company has not made any attempt in this direction. at the second stage when the proceedings were ..... above. the assessee denied its liability and argued its case only al the stage when the assessee was proceeded against under section 201 of the income-tax act. if that were the proper course envisaged in law, subsection (2) of section 195 becomes redundant and any person can adhere to or avoid ..... it is the assessing officer who should necessarily be satisfied that the sums paid by the assessee-company were not liable to be taxed under the provisions of the income-tax act, and, therefore, the evidences should have been produced before him. it is not sufficient that the assessee makes an attempt to ..... to have in its possession to prove that the remittances made by it were not in the nature of sums chargeable to tax under the provisions of the income-tax act, 1961, should have been produced before the assessing officer in the context of application to be put in before the assessing officer .....

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Dec 22 1999 (TRI)

Cheminor Drugs Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-22-1999

Reported in : (2001)70TTJ(Hyd.)936

..... the assessee-company without deducting income-tax at source. on confrontation from the income tax officer for non-deduction of income-tax, the assessee contended that the remittances made by the assessee were not chargeable under the income tax act and, therefore, the company was not under any legal obligation to deduct income-tax as provided in section 195 of the income tax act.the income tax officer field that the remittances ..... not find it necessary to examine the various other contentions of the assessee relating to whether the payments made by the assessee were in the nature of income chargeable to tax under the income tax act, 1961, or not. therefore, discussion on those grounds and consideration of the entire case laws relied on by the assessee and the evidences sought to ..... (appeals) erred in dismissing the appeal of the appellant and in upholding the order under the provisions of section 201 read with section 195 of the income tax act, 1961, passed by the income tax officer, hyderabad.2. the learned commissioner (appeals) erred in not appreciating the contentions urged before him and in rejecting the contentions urged before him in ..... commissioner (appeals) erred in holding that in so far as the fees paid to the attorneys is concerned, the provision of section 9(1)(vii)(b) of the income tax act, 1961, having regard to the nature of services rendered by the attorneys, the learned commissioner (appeals) ought to have held that the provisions of the said section have .....

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Dec 20 1999 (TRI)

Spartek Ceramics India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-20-1999

Reported in : (2001)76ITD407(Hyd.)

..... use shall not be included in the actual cost of such asset. this is provided in explanation 8 to section 43(1) of the income-tax act. the necessary inference is that the post-production commencement interest has to be considered as revenue expenditure.6.14 the above position is supported by ..... depreciation cannot be allowed in view of explanation 2(b) provided under sub-section (6) of section 43, read with section 72a of the income-tax act, 1961. according to the said explanation, where in any previous year any block of assets is transferred by the amalgamating company to the amalgamated company ..... of manufacturing ceramic tiles. the appeal relates to the assessment year 1992-93. the assessment in this case was completed under section 143(3) of the income-tax act. 1961 by the dy. commissioner (assts.), special range, guntur. in the course of assessment, the assessing officer has disallowed various claims made by ..... as 'nil'. subsequently, the assessment was converted into a scrutiny assessment by issue of a notice under section 143(2) of the income-tax act. the assess- ment was finally completed by the assessing officer under section 143(3) by his order dated 23-3-1995, ..... amalgamation, on 26-3-1991 and by virtue of explanation 8 to section 43(1), the interest could not be capitalised for the purpose of income-tax.6.8 the learned departmental representative, on the other hand supported the findings of the lower authorities. the learned departmental representative invited our attention to .....

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Aug 20 1999 (TRI)

Niraj Petrochemicals Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Aug-20-1999

..... decided against him." 98. in the context of the facts of the case before me, the question whether any part of the licence-fee is leviable within the indian income-tax act and if so, whether tds is to be deducted while making/remitting payment to the foreign company constitutes additional ground. therefore, to my mind, it appears that the learned ..... commerce ltd. vs. ganapat rai hira lal (supra), wherein their lordships have held that the persons who are bound under the indian it act, 1922 to make deduction of income-tax at the time of making payment of any income, profits or gains are not concerned with the ultimate result of the assessment of the person to whom the payment is made. in ..... by the government of india and reserve bank of india, as they are outside the purview of s. 195 of the it act, 1961. the following are the details of the workings towards the tax payable :------------------------------------------------------------------------date of particulars total amount income-tax @ 20% on remittance------------------------------------------------------------------------19-6-1990 basic engineering 54,92,274 10,98,255 licence-fee 37,75,135 -25 ..... appellant to the foreign company towards basic engineering was in fact "fee for technical services" and, therefore, it is clearly chargeable to income-tax as per s. 5(2)(b) r/w s. 9(i)(vi)(b) of the it act. further, he held that the payment made on account of "licence fee" to the foreign company, partakes the character of "royalty" .....

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Jan 14 1999 (TRI)

Smt. G. Indira K. Reddy and Others Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Jan-14-1999

..... , frequent changes in the constitution and subsequent dissolution of the firm actual implementation of the project through limited companies, and the long period involved in the income-tax proceedings upto the stage of the first appellate authority setting aside the order of the assessment in the case of firm, etc. must have contributed to ..... the individual hands of the appellants as co-owners. it is only on account of change of view adopted by the cit(a), that prompted the assessees to file the returns of income in their individual capacities; and the revenue to issue notices under s.148 for bringing the assessments of the earlier years ..... penalties in as many as 77 cases, where the related returns were not filed in response to notices under s. 148 of the act. only in 14 cases the cit has declined to waive interest and penalties, since the related returns were covered by notices under s. 148 and as such there was a ..... years ranging from 1983-84 to 1988-89. all the interest and penalty orders were taken up by the appellants before the cit(a) for waiver under s. 273a of the act. the cit has waived the entire amounts of interest and penalties for all the assessment years upto 1988-89 in the cases of the ..... of income'. as stated in the first limb of s. 271(1)(c) of the act. the contention of concealment is advanced in these cases by the revenue mainly for the reason that the returns in question were filed only after service of notices under s. 148. in all other related cases, the cit has .....

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Jun 22 1999 (TRI)

Vijay Spinning Mills Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Jun-22-1999

Reported in : (2000)73ITD344(Hyd.)

..... year. this distortion violates the principles of consistency in accounting policies. the rule of consistency is very important under the it act and in the computation of income. under the it act, profit or income of an assessee is worked out from year to year on a consistent basis. each assessment year is a separate unit ..... substantially reduced by the overloading amount of additional depreciation. what has to be computed for the assessment of income under the it act is the real income of the assessee-company from its business. the real income cannot be allowed to be reduced by extraordinary item of the nature of additional depreciation, brought about ..... of this, the book profit of the assessee-company has come down substantially, which has a direct bearing on the computation of deemed income under s.115j of the it act, 1961. therefore, the charging of the additional depreciation on account of the revaluation of the asset was objected by the ao. the ..... and as such it should be allowed in full in arriving at the book profits for the purpose of the s. 115j of the it act. (10) the cit(a) failed to take note of the figures of the present day market value of the similar machines shown in column 12 of the ..... . according to s. 115j, where the total income as computed under the it act, 1961 in respect of the relevant previous year is less than 30 per cent of its book profit, the total income of the assessee chargeable to tax for the relevant assessment year shall be deemed to be an amount equal to .....

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May 13 1999 (TRI)

industrial Enterprises Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : May-13-1999

Reported in : (2000)73ITD252(Hyd.)

..... is no such contemplation in the act, and therefore, even if a person is not an assessee to income-tax, still for violation of provisions of ss. 269ss and 269t, penal provisions under ss. 271d and 271e could be ..... and therefore, it was not liable to any proceedings under s. 271d and s. 271e. on this point also, the learned cit(a) held that that for the purposes of the ss.269ss and 269t, there ..... the assessee also submitted before the ao that, they were new to business and not aware of the provisions of the act in this regard.6. but, the dy. cit held that ignorance of law is no excuse and as the assessee has contravened the provisions of ss. 269ss and 269t, ..... it act, there is no such compulsion to initiate the penalty proceedings in the course of assessment proceedings itself. the second contention of the assessee was that at the time of the alleged violation of the provisions of ss.269ss and 269t, the business of the assessee-firm was not commenced, and as such it was not an assessee to income-tax ..... it act was to avoid certain circumstances of tax evasion, whereby huge transactions are made outside the books of account by way of cash. as far as the case on hand before us is concerned, there is no case against the assessee-firm that these transactions had anything to do with evasion of tax or concealment of income. as rightly pointed by the cit .....

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Mar 23 1999 (TRI)

Essem Intra-port Services (P) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Mar-23-1999

Reported in : (2000)72ITD228(Hyd.)

..... as on 31st march, 1995 was rs. 19,38,846. for the reasons stated in para 10 of the assessment order, the ao treated this outstanding liability as undisclosed income and assessed to tax.29. on this issue, the assessee-company had given detailed explanations before the ao. that out of this outstanding balance, rs. 5,53,000 was paid during financial ..... the provisions of chapter-iv. the learned departmental representative also relied on the provisions of s. 158bh, wherein it is stated that save as otherwise provided, all provisions of this act, shall apply to assessments made under chapter xiv-b.32. we examined this matter and arguments carefully. chapter-xiv-b lays down special procedure for assessment in search cases. the ..... made in the normal course on the basis of books of account maintained by it. reliance placed by the learned departmental representative on the application of other provisions of the act in matters relating to the provisions under chapter xiv-b are only enabling provisions available to the ao wherever corresponding provisions are not provided for under this chapter.34. in ..... under s. 143(3), and for the subsequent two assessment years, viz. 1993-94 and 1994-95 returns of the assessee were processed under s. 143(1)(a) of the act. the latest return for the asst. yr. 1995-96 was pending before the ao at the time of search operations. from the above details, we find that the factum of .....

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Feb 10 1999 (TRI)

Dr. S. Surendranath Reddy Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Feb-10-1999

Reported in : (2000)72ITD205(Hyd.)

..... a case of pattern of suppression. the attempt of ms. lalitha, the receptionst at v.d.c., to destroy the collection sheets on seeing the income-tax people, actual destruction of a part of such sheets, her statement, etc. make out a case that the appellant has been practising suppression regularly.therefore ..... a corresponding and matching materials available for that previous year. this matching principle is very important.37. further, for the purposes of income-tax assessment, the unit of assessment is one year covered by the previous year relevant to the assessment year. this is a specific and independent unit ..... of assessment for income-tax purposes. that principle of unit of assessment year is not diluted in block assessments also. in block assessments also, the unit of ..... seized. title documents of properties have also been found. the cash was later found properly accounted. it was adjusted against the tax liability of the appellant's undisclosed income at his request. properties have been found properly accounted. but the daily collection sheets and the books of accounts gave a picture ..... completed under s.158bc(c) r/w s. 143(3) of the it act, 1961. the assessment has been completed by the asstt. cit ((inv.), circle 2(1), hyderabad, vide his order, dated 30th september, 1996, fixing an undisclosed income of rs. 7,70,639 returned by the appellant for the block period .....

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