Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Page 4 of about 263,910 results (0.505 seconds)

Jul 02 2018 (SC)

Commissioner of Income Tax (Tds), Kanpur Vs. Canara Bank

Court : Supreme Court of India

..... .170 (f.no.12/164/68 itcc/itj).]., dated 22.10.1970 in pursuance of sub clause(f) of clause (iii) of sub section (3) of section 194a of the income tax act, 1961 (43 of 1961), the central government hereby notify the following for the purposes of the said sub clause: (i)any corporation established by a central, state or provincial ..... ten lakhs as interest to authority in form of fds/deposits for the financial year 2005 06. the canara bank, however, did not deduct tax at source under section 194a of the income tax act, 1961 hereinafter referred to as it act, 1961 .4. notices were issued by the appellant to canara bank asking for information pertaining to interest paid to the authority on its deposits ..... indicate that for purposes of claiming exemption the corporation has to be established by a central, state or provincial act. the corporations established under an act fall in a different category and are not entitled for exemption. he has submitted that cit appeals, income tax tribunal as well as high court erred in not correctly construing the notification dated 22.10.1970 and had wrongly ..... . notices were also issued by the appellant to the bank for showing cause for not deducting tax at source. a writ petition had been filed by .....

Tag this Judgment!

May 18 2018 (SC)

Mahabir Industries Vs. Principal Commissioner of Income Tax

Court : Supreme Court of India

..... its factory in shimla, himachal pradesh. the activity undertaken by the assessee, an industrial undertaking, qualified for exemption from income tax under section 80-ia of the income tax act (hereinafter referred to as the act ). section 80-ia of the act provides for deductions in respect of profits and gains from industrial undertakings or enterprises engaged in infrastructure development etc. if it ..... the specified window period, i.e. between 7.1.2003 and 1.4.2012, would be entitled to deduction on profits @100%, under section 80-ic of the income tax act. also, if so, then for what period. 7. this question has been decided in favour of all the assessees. however, insofar as the assessee herein is concerned, ..... having faced with this situation, he raised an altogether different argument for consideration by referring to section 15c of the income tax act, 1922 (hereinafter referred to as the 1922 act ), which was also a provision which granted exemption from income in respect of newly established industrial undertaking. he submitted that this court in textile machinery corporation limited, calcutta v. ..... the commissioner of income tax, west bengal, calcutta1 has held that the true test for ascertaining whether industrial undertaking is formed by reconstruction of business already in existence (which was the expression used in section 15c of 1922 act), is not whether the new industrial undertaking connotes expansion of the .....

Tag this Judgment!

May 02 2018 (SC)

Commnr. Of Income Tax, Chennai Vs. M/S. S. Ajit Kumar Thr. Its Managin ...

Court : Supreme Court of India

..... :-8) in the present case, the period for block assessment is 01.04.1996 to 17.07.2002. section 153a of the income tax act, 1961 (for brevity the it act ) provides the procedure for completion of assessment where a search is initiated under section 132 of the it act or books of account or other documents or any asset are requisitioned under section 132a of the ..... senior counsel for the assessee that the high court rightly dismissed the appeal of the appellant after placing reliance on the decision of the madras high court in commissioner of income tax vs. g.k. 5 senniappan 284 itr220 it was also submitted that the fact of cash payment found in survey conducted at the premises of m/s ecil does not ..... are stand-alone surveys, totally unconnected to any search. in order to substantiate his claim, learned senior counsel has referred to a decision of this court in assistant commissioner of income tax and another vs. hotel blue moon (2010) 3 scc259and contended that the impugned decision of the high court is liable to be set aside.7) per contra, it is submitted ..... a summarized way which is as under:- a) the appellant herein is the revenue whereas the respondent is the assessee. b) a search was conducted by the officers of the income tax department in the premises of the assessee on 17.07.2002 which was concluded on 21.08.2002. on the same date, there was a survey in the premises of .....

Tag this Judgment!

Apr 27 2018 (SC)

Commissioner of Income Tax Karnal Vs. M/S Carpet india.panipat(haryana ...

Court : Supreme Court of India

..... case, supporting manufacturer who receives export incentives in the form of duty draw back (ddb), duty entitlement pass book (depb) etc. is entitled for deduction under section 80hhc of the income tax act, 1961?. 16. accordingly, we refer this batch of appeals to the larger bench. let the matters be placed before hon ble the chief justice of india for appropriate orders. ..... j ..... was whether the export house premium received by the assessee is includible in the profits of the business of the assessee while computing the deduction under section 80hhc of the income tax act, 1961?. . the said case mainly dealt with the issue related with the eligibility of export house premium for inclusion in the business profit for the purpose of deduction under ..... above batch of appeals is related to the interpretation of the provisions contained in section 80hhc of the income tax act, 1961 (in short the it act ).3) slp (c) 8368 of 2009 (a) m/s. carpet india (p) ltd.-the assessee is a partnership firm deriving income from the manufacturing and sale of 2 carpets to m/s. ikea trading (india) ltd. (export house) ..... of export benefits disclaimed in favour of a supporting manufacturer (assessee herein) have to be reduced in terms of explanation (baa) of section 80hhc of the income tax act, 1961, while computing deduction admissible to such supporting manufacturer under section 80hhc(3a) of the act?. 4. this question has been answered in favour of the assessee and against the department in the case of .....

Tag this Judgment!

Apr 26 2018 (SC)

Champa Lal Vs. State of Rajasthan and Ors.

Court : Supreme Court of India

..... 34 retrospective. this omission has vitiated the high court's reasoning.121. the questions as framed refer to the provisions of section 34(3) of the income tax act. they also mentioned two sets of dates, namely, the dates of the returns (7-3-1951 and 14-1-1952) and the date of the ..... that notification and 4 s.c. prashar & another v. vasantsen dwarkadas & others, air1963sc135698. the department in this case had relied on the amending act of 1953 before the high court. though the high court considered the case from the angle of the second proviso to sub-section 3 of section 34 ..... governed by part ix a (consisting of articles 243p to 243zg) of the constitution of india inserted in the constitution by the constitution 74th (amendment) act, 1992 with effect from 1.6.1993. article 243p (e) defines the expression municipality to mean an institution of self-government constituted under article 243 ..... state which culminated in the two impugned judgments of the high court suffers from a fundamental infirmity which goes to the root 3 the consequent act referred to by the court is that a new notification was directed to be issued. of the matter. 3 the establishment of municipalities and ..... category. existing limit/area of the gram panchayat napasar will be the area of nagar palika napasar. 2 the ordinance was eventually replaced by rajasthan municipalities act, 2009. 2 before the rajasthan high court in a writ petition. it was dismissed by a learned single judge. aggrieved by the dismissal, the .....

Tag this Judgment!

Apr 24 2018 (SC)

Commissionr of Income Tax Iv Ahmedabad Vs. Shree Rama Multi Tech. Ltd.

Court : Supreme Court of India

..... in appeal before learned commissioner of income tax (appeals). learned cit (appeals), vide order dated 09.01.2006, allowed the appeal filed by the respondent while directing the assessing officer ..... passed by the tribunal dated 16.12.2004, the total income was re determined at rs. 17,30,88,691/ by the assessing officer vide order dated 29.12.2004 but was restricted to 20,00,59,650/ in 2 view of proviso to section 240(b) of income tax act, 1961 (in short the it act ). (b) aggrieved by the aforesaid order, the respondent went ..... to grant relief by re computing the income and modifying the tax calculation without applying the proviso to section 240 of the it act. in the meanwhile, re assessment proceedings were initiated in ..... in the bank for the purpose of earning interest then it is liable to be taxed as income from other sources but if the income accrued is merely incidental and not the prime purpose of doing the act in question which resulted into accrual of some additional income then the income is not liable to be assessed and is eligible to be claimed as deduction. putting .....

Tag this Judgment!

Apr 24 2018 (SC)

Tapan Kumar Dutta Vs. Commnr. Of Income Tax, West Bengal

Court : Supreme Court of India

..... his total income including the undisclosed income in respect of which he was assessed for the block period 1989-90 to 1999-2000. on the very same day ..... conducted at the business premises of the firm by the income tax department and several documents/books including a sum of rs. 34 lakhs were seized. (b) thereafter, on 09.09.1999, a notice was issued to the appellant by the assessing officer under section 158bc of the income tax act, 1961(in short the it act ) to prepare and file a true and correct return of ..... the cases of m/s. nitya kali rice mill, kartick dutta, shambhu mondal and tamal mondal and the draft assessment order under section 158bc of the it act was sent to the joint commissioner of income tax, burdwan, range-2 for approval which was returned by the joint commissioner on 16.11.2000 stating that no warrant for authorization was issued in the names ..... to the above, we are of the opinion that the order dated 14.08.2000, passed by the additional commissioner of income tax (appeals), under section 144a of the it act whereby he, inter-alia, directed the assessing officer to take the undisclosed income of the appellant including from the benami business in the name of two other persons at an aggregate sum of rs .....

Tag this Judgment!

Apr 24 2018 (SC)

Add. Commissioner of Income Tax Vs. Bharat v. Patel

Court : Supreme Court of India

..... . the matter has been considered by the board. the benefit does amount to a perquisite within the meaning of clause (iii) of sub section (2) of section 17 of the income tax act, 1961. the various situations in this regard have to be dealt with as under: of (i) where the shares held by the government have been transferred to the employee, there ..... behind the said amendment brought by the legislature was to bring the benefits transferred by the employer to the employees as in the instant case, within the ambit of the income tax act, 1961. it was the first time when the legislature specified the meaning of the cost for acquiring specific securities. only by this amendment, legislature determined what would constitute the specific ..... order dated 12.02.2001, concluded the assessment proceeding under section 143(3) of the income tax act, 1961 (in short the it act ) and determined the total income of the respondent at rs 7,23,11,013/ against the declared income. (c) being aggrieved, the respondent preferred an appeal before the commissioner of income tax (appeals) being no.cab/i 643/2000 2001. after considering the case, learned ..... cannot construe the law in such a way that brings an individual within the ambit of income tax act to pay tax who otherwise is not liable to pay. in the absence of any such specific provision, if an individual is subjected to pay tax, it would amount to the violation of his constitutional right.14) it is pertinent to note that on the point .....

Tag this Judgment!

Apr 24 2018 (SC)

Commissioner of Income Tax Vi Vs. Virtual Soft Systems Ltd.

Court : Supreme Court of India

..... by bodies of accountants. the institute of chartered accountants of india (hereinafter referred to as the icai ) has published some material under the head guidance note on tax audit under section 44b of the income tax act . the said material has been published so as to guide the members of the icai. in our opinion, when a recognized body of accountants, after due ..... point(s) for consideration:- 45) the short question that arises for consideration before this court is whether the deduction on account of lease equalization charges from lease rental income can be allowed under the income tax act, 1961, on the basis of guidance note issued by the institute of chartered accountants of india (icai)?. rival submissions:-6) at the outset, learned senior counsel ..... charges amounting to rs. 3 1,65,12,077/- and added the same to the income of the respondent under the income tax act, 1961 (in short the it act ). (d) being aggrieved with the said assessment order, the respondent preferred an appeal before the commissioner of income tax (appeals). learned cit (appeals), vide order dated 15.09.2005, upheld the order of the assessing officer and ..... transaction with reference to its substance. if the same was not carried out, the respondent would be assessed for income tax not merely on revenue receipts but also on non-revenue items which is completely contrary to the principles of the it act and to its scheme and spirit.14) the bifurcation of the lease rental is, by no stretch of imagination, .....

Tag this Judgment!

Apr 24 2018 (SC)

Deputy Commissioner of Income Tax, Chennai Vs. T. Jayachandran

Court : Supreme Court of India

..... treated the respondent, is a matter of relevance. at the outset, learned counsel appearing on behalf of the revenue contended that the proceedings under the income tax act are independent proceedings and the high court committed a grave error in relying on the findings of the criminal court. we do not find any force ..... , 1961 (in short the act ). the assessing officer, vide order dated 25.01.1996, raised a demand for a sum of rs. 14,73,91,000/- with regard ..... income for the assessment year 1991-92 on 01.11.1993 and declared his income at rs. 4,82,83,620/-. the total income was determined at 4,85,46,120/- vide order dated 30.06.1994. however, later on, the case was taken up for scrutiny and assessment was framed under sec 143(3) of the income tax act ..... in the supreme court of india civil appellate jurisdiction civil appeal no.4341 of2018(arising out of special leave petition (c) no.22112 of2013 deputy commissioner of income tax, chennai .... appellant(s) versus t. jayachandran .... respondent(s) civil appeal nos. 4342-4343 of2018with (arising out of special leave petition (c) no ..... (f) being aggrieved by the order dated 08.08.1996, the revenue filed an appeal bearing no.ita no.2297(mds)/1996 before the income tax appellate tribunal (hereinafter referred to as the tribunal ). the tribunal, vide order dated 05.01.2005, allowed the appeal filed by the revenue .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //