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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Page 11 of about 267,813 results (0.651 seconds)

Apr 16 2018 (HC)

smt.mahananda W/O Late Shivaraj Patil and Ors Vs. mr.gurulingappa S/O ...

Court : Karnataka Kalaburagi

..... penalty for non- deduction of tds is prescribed under section 201(1a) of the income-tax act, 1961.8. therefore, in case the income of the victim is only from salary , the presumption would be that the employer under section 192(1) of the income-tax act, 1961 has deducted the tax at source from the employee s salary. their lordships, in the case of vimal ..... assailing the quantum of compensation awarded by the tribunal on the ground that the compensation awarded towards loss of income is on the lower side and that the `tribunal has erred in deducting 30% towards income tax, contrary to the provisions of the income tax act and the established principles governing motor accident claims cases.3. for the sake of convenience and clarity, the ..... for the financial year. such deduction is commonly known as tax deducted at source ( tds for short). when the employer fails in ..... to notice the nature of the income of the victim. if the victim is receiving income chargeable under the head "salaries" one should keep in mind that under section 192(1) of the income-tax act, 1961, any person responsible for paying any income chargeable under the head salaries shall at the time of payment, deduct income-tax on estimated income of the employee from salaries .....

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Apr 03 2018 (SC)

The Dir. Prasar Bharati Vs. Commissioner of Income Tax, Thiruvananth

Court : Supreme Court of India

..... the above provision that the advertising agency clearly understood the agreement as an agency arrangement and the commission payable by the respondent to such agency is subject to tax deduction at source under the income tax act and so much so the provision in the agreement was for the agent after retaining 15% to give cheque or demand draft for tds amount which was ..... are other clauses also in the agreement but they are not relevant for the purpose of disposal of these appeals.10. the appellant is an assessee under the income tax act (hereinafter referred to as the act ). in the assessment year 2002-2003(01.06.2001 to 31.03.2002) and 2003-2004 (01.04.2002 to 31.03.2003), the appellant paid a ..... be deductible at source on payment of trade discount. in the said circumstances, the kerala high court held that section 194h of the income tax act was applicable. in the present case, there is no agreement between the petitioner and the advertising agency and the advertising agency has never been appointed as agent of the petitioner. ..... rs.11,15,944/- and a sum of rs.1,54,050/- towards interest for delayed payment under section 201(1-a) of the act.14. the appellant felt aggrieved and filed appeals before the commissioner of income tax (appeals)-ii, thiruvanathapuram. by order dated 04.03.2005, the commissioner concurred with the reasoning and conclusion arrived at by ao and accordingly dismissed .....

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Mar 19 2018 (HC)

Vedanta Limited (Successor to Cairn India Limited) vs.principal Commi ...

Court : Delhi

..... questions of law arise for consideration: (i) did the tribunal err in law in regard to disallowances made under section 14a of the income tax act, 1961 [hereafter the 1961 act ]. read with rule 8d(2)(iii) of the income tax rules, in the facts and circumstances?. (ii) did the tribunal fall into error in holding that the transactions between the assessee and its ..... of decision:19. 03.2018 + + ita3032018, c.m. appl.10257/2018 ita3102018, c.m. appl.10604/2018 vedanta limited (successor to cairn india limited) ..... appellant versus principal commissioner of income tax-9, new delhi ..... respondent present: sh. ajay vohra, sr. advocate with sh. prakash kumar, advocates for appellant. sh. ruchir bhatia, sr. standing counsel for the revenue. coram: hon' ..... prasad trading co. (air1992sc1514 and mohanlal hargovinddas v. state of m.p.(air1967sc1022 and deputy commissioner of income tax v. bagri foundation (2012) 344 itr193(del), to advance this proposition. it was further argued that additional depreciation under section 32(l)(iia) of the act is in the nature of an incentive and cannot therefore, be treated at par with normal depreciation ..... associated enterprise (ae) had to be disregarded for the purpose of arm?s length ita3032018 & ita3102018 page 1 of 8 price (alp) determination under section 92c of the 1961 act?. 2. the third .....

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Mar 15 2018 (SC)

Board of Control for Cricket in India Vs. Kochi Cricket Pvt Ltd and Et ...

Court : Supreme Court of India

..... this question which might have arisen under the ordinance now ceases to exist. in kalawati devi harlalka v. cit (1967) 3 scr833 a repeal and savings provision contained in section 297 of the income tax act, 1961 was held to evidence an 46 intention to the contrary under section 6 of the general clauses ..... act as follows: 14. the learned counsel for the appellant submits that parliament had section 6 of the general clauses act in view, and therefore no express ..... kabra [25 itr5 while interpreting section 13 of the finance act, 1950, already extracted above, this court observed at p. 68: nor can section 6 of the general clauses act, 1897, serve to keep alive the liability to pay tax on the income of the year 1949-50 assuming it to have accrued under ..... the repealed state law, for a different intention clearly appears in sections 2 and 13 of the finance act read together as indicated above. ..... appeal hence, conclusions 1 and 2 are to be read together which unambiguously reiterate that once the arbitral proceedings have started under the old act, the old act would apply for the award becoming a decree and also for appeal arising thereunder. arising thereunder.14. conclusion 3 only reiterates what is .....

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Mar 14 2018 (HC)

Krishan Kumar Sethi Proprieter of M/S. Sethi Auto Centre vs.commission ...

Court : Delhi

..... the peak of cash in hand, on rs.36.80 lakhs addition was made under section 68 of the income tax act. cit (appeal), however, deleted the department preferred further appeal before the income tax appellate tribunal (hereinafter referred to as "the tribunal"). the circumstances, this addition. in that date learned counsel ..... not necessary to take into consideration the facts of the case in detail. the issue pertains to addition made under section 68 of the income tax act. there were certain deposits made in cash in the bank account from time to time. according to the ita no.101/2017 page ..... , j.(oral) appellant-krishan kumar sethi has filed the present appeal under section 260-a of the income tax act, 1961 ( act? for short), which relates to assessment year 2005-06 and impugns the order dated 8.7.2016 passed by the ..... in the bank account of the appellant and his minor sons - master sahil sethi and sarik sethi on different dates. the commissioner of income tax (appeals) [cit(appeals)]. accepted the aforesaid explanation and deleted the addition vide order dated 27th march, 2009, recording as under:-"determination: 6. the submissions ..... income tax appellate tribunal (tribunal).2. in the return of income filed for the ay200506, the appellant had declared taxable income of rs.4,05,265/- from the business of sale/purchase/financing of three-wheeler/scooters on commission basis and income .....

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Mar 14 2018 (HC)

The Pr. Commissioner of Wealth Tax Central-3 vs.smt. Padma Dalmia

Court : Delhi

..... valuation report and adopt old valuation report inspite of the fact that current valuation of the assets was available with the assessee at the time of filing of wealth tax return?.2. the assessees were subjected to search under section 132 of the income tax act, 1961 on 20.01.2012. based upon the valuation of their assets, which included jewellery, the wealth ..... tax officer (wto) made additions in excess of `88 lacs which resulted in wealth tax liability. the challenge to the commissioner of wealth tax was unsuccessful. consequently, they appealed to the tribunal which granted ..... require fresh annual revisiting. wta82017 & wta92017 page 2 of 5 4. rules 18 & 19 of the third schedule to the wealth tax rules (which form the mechanism for valuation of wealth, in terms of section 7 of the wealth tax act), read as follows: 18. valuation of jewellery.-. (1) the value of the jewellery shall be estimated to be the price which ..... mr.ruchir bhatia and mr.puneet rao, ........ petitioner versus advs. smt. padma dalmia ..... respondent through: mr.simran mehta, adv. wta92017 & cm appl. 41758/2017 the pr. commissioner of wealth tax central-3 through: mr.ruchir bhatia and mr.puneet rao, ........ petitioner versus advs. ..... respondent through: mr.simran mehta, adv. sh. raghu hari dalmia coram: hon'ble mr. justice s. .....

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Mar 14 2018 (HC)

The Pr. Commissioner of Wealth Tax Central-3 vs.sh. Raghu Hari Dalmia

Court : Delhi

..... valuation report and adopt old valuation report inspite of the fact that current valuation of the assets was available with the assessee at the time of filing of wealth tax return?.2. the assessees were subjected to search under section 132 of the income tax act, 1961 on 20.01.2012. based upon the valuation of their assets, which included jewellery, the wealth ..... tax officer (wto) made additions in excess of `88 lacs which resulted in wealth tax liability. the challenge to the commissioner of wealth tax was unsuccessful. consequently, they appealed to the tribunal which granted ..... require fresh annual revisiting. wta82017 & wta92017 page 2 of 5 4. rules 18 & 19 of the third schedule to the wealth tax rules (which form the mechanism for valuation of wealth, in terms of section 7 of the wealth tax act), read as follows: 18. valuation of jewellery.-. (1) the value of the jewellery shall be estimated to be the price which ..... mr.ruchir bhatia and mr.puneet rao, ........ petitioner versus advs. smt. padma dalmia ..... respondent through: mr.simran mehta, adv. wta92017 & cm appl. 41758/2017 the pr. commissioner of wealth tax central-3 through: mr.ruchir bhatia and mr.puneet rao, ........ petitioner versus advs. ..... respondent through: mr.simran mehta, adv. sh. raghu hari dalmia coram: hon'ble mr. justice s. .....

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Mar 12 2018 (SC)

Income Tax Officer,mumbai Vs. Venkatesh Premises coop.sty.ltd.

Court : Supreme Court of India

..... is premised on the theory that a person cannot make a profit from himself. an amount received from oneself, therefore, cannot be regarded as income and taxable. section 2(24) of the income tax act defines taxable income. the income of a co operative society from business is taxable 12 under section 2(24)(vii) and will stand excluded from the principle of mutuality. the ..... . the proceedings in the present appeals relate to different assessment years based on information gathered by the assessing officer pursuant to notice under section 133(6) of the income tax act. transfer charges are payable by the outgoing member. if for convenience, part of it is paid by the transferee, it would not partake the nature of profit or commerciality ..... rs.7/ per sq.ft./p.m. as non occupancy charges from others, the society was acting commercially to earn profit. reliance was placed on commissioner of income tax, madras vs. kumbakonam mutual benefit fund ltd., air 1965 sc 96 = (1964) 8 scr204 chelmsford club vs. commissioner of income tax, (2000) 3 scc 214. 5. sri radhakrishnan, sought to invoke article 43b of the ..... participate without receiving a financial benefit from the surrender of their membership 18. in the commissioner of income tax vs. common effluent treatment plant, (thane belapur) association, (2010) 328 itr 362 (bom), the assessee, an incorporated association under section 25 of the companies act, 1956 comprising of industries operating in the thane belapur region, was set up with a view to .....

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Mar 12 2018 (HC)

Principal Commissioner of Income Tax (Central)-I vs.smt. Ritu Singal

Court : Delhi

..... bhushan steel group of companies were subjected to search under section 132 of the income tax act ( the act hereafter) on 03.03.2010. the assessee too was covered by the search. she filed return of income for ay201011, electronically, declaring an income of ` 20,47,14,190/- on 31.07.2010. the notice under section ..... interpreting explanation 5 to section 271(1)(c).11. explanation 5(2) of section 271(1)(c) was considered by the supreme court in assistant commissioner of income tax v. gebilal kanhailal [2012]. 348 itr561(sc). it was held that explanation 5 (2) to section 271 (1) (c) provides, where, in the ..... channelize the energy and resources towards productive work and to make amicable settlement with the income tax department. statute does not recognize those types of defences under the explanation 1 to 271 (1) (c) of the act. it is trite law that the voluntary disclosure does not release the appellant-assessee from ..... been derived and about its substantiation, the ao was not justified in imposing penalty u/s. 271aaa of the act specially when the offered undisclosed income has been accepted and due tax thereon has been paid by the assessee." 3.5. the appellant and sh. neeraj singal belong to the same ..... from the penal provision under section 271 (1) (c) of the act, which directs that if income is concealed or inaccurate returns are filed, which are disallowed by the ao, the penalty shall be ?three times the amount of tax sought to be evaded?. in the case of amounts disclosed during the .....

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Mar 12 2018 (HC)

Virag Tiwari vs.principal Commissioner of Income Tax-21 & Others

Court : Delhi

..... official gazette, appoint. 199b. in this scheme, unless the context otherwise requires,- (a) "declarant" means a person making the declaration under sub- section (1) of section 199c; (b) "income-tax act" means the income-tax act, 1961; (c) "pradhan mantri garib kalyan deposit scheme, 20 16" (hereinafter in this chapter referred to as "the deposit scheme") means a scheme notified by in consultation with the ..... credit of neither tds nor advance tax was postulated and envisaged. advance tax is treated as tax paid under the act, whereas undisclosed income declared under the pmgk scheme is not to be taxed under the act i.e. income tax act. section 199-i states that undisclosed income was not to be treated as a part of the total income taxable under the act i.e. income tax act. provisions of the pmgk scheme ..... to any such assessment or reassessment." also, under that provision the person so declaring shall not be entitled to " to re-open any assessment or reassessment made under the income-tax act or the wealth tax act, 1957 (27 of 1957)". therefore, the court is of the opinion that there is no bar for an assessee or declarant to claim credit of advance ..... deposit scheme, 2016. 199g. (1) a declaration under sub-section (i) of section 199c shall be made by a person competent to verify the return of income under section 140 of the income-tax act, to the principal commissioner or the commissioner notified in the official w.p. (c) no.6312/2017 page 7 of 32 gazette for this purpose and shall be .....

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