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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Page 5 of about 270,337 results (0.774 seconds)

Aug 29 2019 (SC)

Vithaldas Jagannath Khatri (D) Through Smt. Shakuntala Alias Sushmi V ...

Court : Supreme Court of India

..... . retain to the (emphasis supplied) 47 58. in kalwa devadattam and others v. the union of india and others12, the matter arose under sections 25a, 67 and 30 of the income tax act, 1922. one of the questions which arose was whether the partition involved in the said case was sham. the high court relied upon the circumstances to find out that the ..... property allotted to the share of nagappa was in reality not worth the amount shown. it was found that the intention of nagappa was to make it appear to the income tax department that no useful purpose will be served by taking steps. in the course, the court proceeded to hold, inter alia, as follows: 14. the deed of partition was 12 ..... law. it will presume that the legislature was aware of the decisions rendered by the courts on points of law.57. in sree meenakshi mills ltd., madurai v. commissioner of income tax, madras11, this court had occasion to consider what the word benami has come to denote: 30. now, the assumption underlying this argument is that the tribunal had 11 air1957sc4946 found ..... legal fiction is to be ascertained from the 5 (1955) 2 scr6036 air1963sc14487 (1985) 4 scc18 (2005) 3 scc68521 plain language of the provisions that creates it (see commissioner of income-tax, delhi v. s. teja singh9).28. irrespective of how beneficial the object of the statute may be, the deeming fiction cannot be extended beyond the purpose of creating the fiction .....

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Aug 28 2019 (HC)

Religare Finvest Limited vs.deputy Commissioner of Income Tax & Anr

Court : Delhi

..... the revenue, in-depth verification is required. it is also not in dispute that the direction to the assessee for compulsory audit of accounts under section 142 (2a) of the income tax act does not have any financial impact on the assessee, as the cost of audit is not payable by the assessee, but the department. the special audit would only assist the ..... correct assessment order is passed so that revenue is not deprived of its dues. the direction to the assessee for compulsory audit of accounts u/s 142(2a) of the income tax act does not affect the assessee?s right especially in view of the fact that cost of audit is not payable by the assessee but by the department and therefore, assessee ..... bill, 2013, which reads as follows: direction for special audit under sub-section (2a) of section 142 the existing provisions contained in sub-section (2a) of section 142 of the income-tax act, inter alia, provide that if at any stage of the proceeding, the assessing officer having regard to the nature and complexity of the accounts of the assessee and the interests ..... delhi directing the... petitioners to have their books of account for the assessment year 2016-17 audited by the special auditor under section 142 (2a) of the income tax act, 1961 (hereinafter referred to as the act?). brief facts 4. the facts and grounds urged in both the petition are more or less similar and furthermore since identical arguments have been advanced, the same .....

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Aug 28 2019 (HC)

Religare Enterprises Limited vs.deputy Commissioner of Income Tax & An ...

Court : Delhi

..... the revenue, in-depth verification is required. it is also not in dispute that the direction to the assessee for compulsory audit of accounts under section 142 (2a) of the income tax act does not have any financial impact on the assessee, as the cost of audit is not payable by the assessee, but the department. the special audit would only assist the ..... correct assessment order is passed so that revenue is not deprived of its dues. the direction to the assessee for compulsory audit of accounts u/s 142(2a) of the income tax act does not affect the assessee?s right especially in view of the fact that cost of audit is not payable by the assessee but by the department and therefore, assessee ..... bill, 2013, which reads as follows: direction for special audit under sub-section (2a) of section 142 the existing provisions contained in sub-section (2a) of section 142 of the income-tax act, inter alia, provide that if at any stage of the proceeding, the assessing officer having regard to the nature and complexity of the accounts of the assessee and the interests ..... delhi directing the... petitioners to have their books of account for the assessment year 2016-17 audited by the special auditor under section 142 (2a) of the income tax act, 1961 (hereinafter referred to as the act?). brief facts 4. the facts and grounds urged in both the petition are more or less similar and furthermore since identical arguments have been advanced, the same .....

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Aug 27 2019 (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?. 6) we agree with the reasoning and analysis of the referring judgment, namely, that baby marine exports (supra) dealt with an issue related to the eligibility of export house ..... 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 section ..... conclusion that the supporting manufacturer is at par with the actual direct exporter of goods when it comes to deductions that are available under section 80hhc of the income tax act, 1961 (in short the act ).2) it is unnecessary to go into the facts of each of these cases as it is undisputed that the assessee in each of these cases is ..... 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 .....

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Aug 22 2019 (HC)

Commissioner of Income Tax, Delhi vs.anoop Jain

Court : Delhi

..... bank of hyderabad ( sbh?). ita9272005 page 2 of 21 6. looking into the complexity of the account, the ao directed a special audit under section 142 (2a) of the income tax act, 1961 ( act?). it transpired that a chain of transactions had led to the above credit entry into the bank account of the assessee. on 6th february, 1992, 7,25,000 units of ..... above submissions have been considered. apropos the question of ita9272005 page 9 of 21 law framed in this appeal, it is necessary first to refer to section 69a of the income tax act which reads as under: 69a. where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such money ..... page 1 of 21 (appeals) deleting the addition of rs.5,17,45,958/- made by the assessing officer under section 69-a of the income tax act, 1961?. 3. the background facts are that the respondent/assessee is stated to be a member of the delhi stock exchange ( dse?), carrying on business in the name and style ..... upon the assessee. (see: parimisetti seetharamamma (supra) at p. 536). but, in view of section 68 of the act, where any sum is found credited in the books of the assessee for any previous year the same may be charged to income tax as the income of the assessee of that previous year if the explanation offered by the assessee about the nature and .....

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Aug 21 2019 (HC)

Ankush Jain vs.pr. Commissioner of Income Tax-4

Court : Delhi

..... the date of commencement of this scheme but before a date to be notified by the central government in the official gazette, a declaration in respect of any income chargeable to tax under the income-tax act for any w.p. (c) 6541/2017 & 6543 of 2017 page 2 of 18 assessment year prior to the assessment year beginning on the 1st day of april ..... , 2017- (a) for which he has failed to furnish a return under section 139 of the income-tax act; (b) which he has failed to disclose in a return of income furnished by him under the income-tax act before the date of commencement of this scheme; (c) which has escaped assessment by reason of the omission or failure on the ..... part of such person to furnish a return under the income-tax act or to disclose fully and truly all material facts necessary for the assessment or otherwise. (2) where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the ..... said judgment are relevant to this context: besides the scheme has conferred a benefit on those who had not disclosed their income earlier by affording them protection against the possible legal consequences of such non-disclosure under the provisions of the income-tax act. where the assessees seek to claim the benefit under the statutory scheme they are bound to comply strictly with the .....

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Aug 21 2019 (HC)

Vaibhav Jain vs.pr. Commissioner of Income Tax-4

Court : Delhi

..... the date of commencement of this scheme but before a date to be notified by the central government in the official gazette, a declaration in respect of any income chargeable to tax under the income-tax act for any w.p. (c) 6541/2017 & 6543 of 2017 page 2 of 18 assessment year prior to the assessment year beginning on the 1st day of april ..... , 2017- (a) for which he has failed to furnish a return under section 139 of the income-tax act; (b) which he has failed to disclose in a return of income furnished by him under the income-tax act before the date of commencement of this scheme; (c) which has escaped assessment by reason of the omission or failure on the ..... part of such person to furnish a return under the income-tax act or to disclose fully and truly all material facts necessary for the assessment or otherwise. (2) where the income chargeable to tax is declared in the form of investment in any asset, the fair market value of such asset as on the ..... said judgment are relevant to this context: besides the scheme has conferred a benefit on those who had not disclosed their income earlier by affording them protection against the possible legal consequences of such non-disclosure under the provisions of the income-tax act. where the assessees seek to claim the benefit under the statutory scheme they are bound to comply strictly with the .....

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Aug 21 2019 (HC)

Pr. Commissioner of Income Tax Delhi-21 vs.lalit Bagai

Court : Delhi

..... upon before assessing officer.5. subsequently, re-assessment proceedings under section 147 itself, we may stage this record, that ita14442018 page 3 of 10 read with section 148 of the income tax act were initiated by issuance of notice to the respondent/assessee after four years from the end of the relevant assessment year recording the following reasons:"reasons for reopening the case ..... fully and truly all mentioned facts necessary for his assessment. therefore, case is fit for reopening the assessment u/sof it act. the prior sanction of cit is required before issue of notice u/s 148 of it act as per provision of section 151 (1) income tax act. the second reason/ground recorded above refers to alleged failure on the part of the respondent/assessee to deduct ..... of 10 1. lalit bagai (pan aaapb2885l) a. y - 2006-07 after receiving the audit objection, the case has been considered for reopening the assessment u/sof it act. after approval of ld. commissioner of income tax, delhi-xiii new delhi, notice u/s 148 has already been issued. as the necessary remedial action has been taken, the audit objection may be treated as ..... tax at source on payment of rs.5.27 crores and attracting provisions of section 40(a)(ia) of the act. ita14442018 page 4 of 10 7. contentions .....

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Aug 21 2019 (SC)

Union of India Vs. Nisar Pallathukadavil Aliyar

Court : Supreme Court of India

..... an advance slp(criminal)no.7016 of 2019 etc. etc. union of india vs. nisar pallathukadavil aliyar 19 ruling pronounced by the authority for advance rulings (income tax) constituted under chapter xix-b of the income tax act, 1961 could be challenged under articles 226 and 227 of the constitution before the high court or under article 136 of the constitution before this court. reliance ..... upon decisions of this court in bharat bank ltd., delhi vs. employees of the bharat bank ltd., delhi 5 and in columbia sportswear company vs. director of income tax, bangalore6.8. section 8 of the cofeposa act is as under:- 8. advisory board.-. for the purposes of sub-clause (a) of clause (4), and sub-clause (c) of clause (7), of article ..... following effect:- as section 245-s expressly makes the advance ruling binding on the applicant, in respect of the transaction and on the commissioner and the income tax authorities subordinate to him, the authority is a body acting in judicial capacity. h.m. seervai in his book constitutional law of india (4th edn.) while discussing the tests for identifying judicial functions in para ..... of reasonable doubt. the detention is based on the subjective satisfaction of the detaining authority that it is necessary to detain a particular person in order to prevent him from acting in a manner prejudicial to certain stated objects. the proceeding of the advisory board has therefore to be structured differently from the proceeding of judicial or quasi-judicial tribunals, .....

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Aug 21 2019 (SC)

Durgabai Deshmukh Memorial Senior Sec. School Vs. j.a.j. Vasu Sena

Court : Supreme Court of India

..... bank ltd.,28 a three judge bench of this court, interpreting the meaning of the proviso to section 24 of the indian income tax act 1922 held thus: ?the territory of a proviso therefore is to carve out an exception to the main enactment and exclude something ..... of probation and the probationer is continued beyond the expiry of the probationary period, the substantive appointment of the probationer is subject to a specific act on the part of the appointing authority of issuing an order of confirmation. in the absence of an order of confirmation, the first respondent ..... . the proviso provided that the statement may be used to ?contradict? the witness ?in the manner provided by section 145 of the indian evidence act, 1872.? the court rejected the argument that the proviso could be read isolated from the principal provision to confer a right of cross-examination other ..... words ?having jurisdiction? read with the pecuniary jurisdiction of the bombay city civil court as contained in section 3 of the bombay city civil court act 1948 required that where the liability sought to be enforced was above inr50000 the petition by the appellant was maintainable in the high court alone. ..... appellant sought to proceed against the sureties upon the failure of the respondent to repay a loan. section 31(1) of the state financial corporations act 1951 stipulated that a suit may be instituted before the district judge within whose jurisdiction the concern carries on business. section 32(11) stipulated that .....

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