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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1999 Page 1 of about 4,005 results (0.528 seconds)

Dec 31 1999 (TRI)

Jainsons Ss Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-31-1999

Reported in : (2001)76ITD51(Delhi)

..... affirmative. in view of our discussion in the succeeding paragraphs, we are inclined to take a view which is favourable to the assessce.6.2 section 29 of the income-tax act provides that income from "profits & gains of business or profession", referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43c/d. these sections ..... this aspect in the context of current repairs for building & machinery under sections 10(2)(v) and 10(2)(xv) of the indian income tax act, 1922 which is part correspond to sections 30(a)(ii) & section 37(1) of ihe income-tax act, 1961 respectively. the contention of the department before the supreme court was thai, if section 10(2)(v) was the relevant clause ..... , the asscssee cannot he said to ha,ve satisfied the condition precedent for deduction of rent under section 30 of the income-tax act. we hold accordingly.6.1 as regards deduction of rent for the premises under section 37(1) of the income-tax act, there is strong cleavage of judicial opinion on the . question whether the said section can be applied to any expenditure ..... are allowable if the premises is "used for the purposes of the business or profession". these very words arc used in section 32 of the income-tax act, 1961, corresponding to part of section 10(2) of the 1922 act, and their purport and scope has been a subject matter of consideration in a large number of judicial decisions, including the apex court decision .....

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Dec 31 1999 (TRI)

Assistant Commissioner of Vs. O.P. Gupta

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-31-1999

Reported in : (2000)75ITD123(Delhi)

..... -59 was made on the respondent after allowing deduction of a sum of rs. 10,494 towards interest to certain creditors. thereafter, by a notice under section 148 of the income-tax act, 1961 dated march 8, 1967 served on the respondent on march 14, 1967 the ito sought to reopen the assessment. in his report made in february, 1967 to the commissioner ..... for better appreciation of the applicability of this judgment to the present case as under:-- the reasons for the formation of the belief contemplated by section 147(a) of the income-tax act, 1961 for the reopening of an assessment must have a rational connection or relevant bearing on the formation of the belief. rational connection postulates that there must be a direct ..... 's case fell within this category and raised an audit objection. on the basis of this information, the ito issued a re-assessment notice under section 147(a) of the income-tax act, 1961. a single judge of the high court, on the assessee's writ petition, quashed the notice. on appeal to a division bench: held: affirming the decision of the single ..... assumption of jurisdiction by the assessing officer.3. assessments for the assessment years 1979-80 to 1983-84 were originally completed under section 143(3)/144 of the income-tax act, 1961 on a total income of rs. 7,211, rs. 13,570, rs. 10,240, rs. 12,690 and rs. 13,750. subsequently, the assessments were reopened under section 147(a) of the .....

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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 28 1999 (HC)

Ch. Patel Agencies Vs. Assistant Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Dec-28-1999

Reported in : [2000]243ITR768(AP)

..... .1. in this application under section 256(2) of the income-tax act, 1961, the assessee seeks reference of the following questions :'1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in its conclusion that the assessee cannot support the grounds taken before the commissioner of income-tax (appeals) by taking up a new plea in respect ..... of learned counsel for the petitioner is that the tribunal's conclusion is vitiated by a legally wrong approach that a new plea cannot be entertained by the commissioner of income-tax (appeals). we find it difficult to accept this contention. in accordance with the agreement reached by the assessee and its supplier company, viz., utkal asbestos limited, for the cost of ..... assessee-firm for the assessment year 1986-87 ?3. whether, on the facts and in the circumstances of the case, the conclusion of the income-tax appellate tribunal that the sum of rs. 1,11,892 is liable to tax, is perverse or supported by any material on record or based on no material or unreasonable ?4. whether, on the facts and in ..... utkal asbestos limited and, therefore, a sum of rs. 1,11,892 was not reflected in the trading account as income. this explanation was not accepted by the assessing officer. hence, it was added to the income. before the commissioner of income-tax (appeals), it was contended that the assessee was not able to realize the disputed amount and what was realized was only .....

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Dec 28 1999 (HC)

Ch. Patel Agencies Vs. Assistant Commissioner of Income Tax

Court : Andhra Pradesh

Decided on : Dec-28-1999

Reported in : [2000]109TAXMAN391(AP)

reddi, j. in this application under section 256(2) of the income tax act, 1961 (hereinafter referred to as 'the act'), the assessee seeks reference of the following questions :' 1. whether, on the facts and in the circumstances of the case, the tribunal is correct in its ..... circumstances of the case, the tribunal is correct in law in holding that the sum of rs. 1, 11,892 is liable to tax and cannot be allowed as deduction from out of the income of the assessee-firm for the assessment year 1986-87 ?3. whether, on the facts and in the circumstances of the case, the ..... conclusion of the tribunal that the sum of rs. 1,11,892 is liable to tax, is perverse or supported by any material on record ..... or based on no material or unreasonable ?4. whether, on the facts and in the circumstances of the case, the tribunal is correct in upholding the addition of rs. 23,143 as forming part of the assessee's assessable income for the assessment year ..... of the tribunal was based on pure findings of fact. with regard to the first three questions relating to addition of rs, 1, 11,892 to the returned income, the contention of the learned counsel for the petitioner is that the tribunal's conclusion is vitiated by a legally wrong approach that a new plea cannot be .....

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Dec 28 1999 (HC)

Shivabhai Khodabhai Patel Vs. Commissioner of Income Tax and anr.

Court : Gujarat

Decided on : Dec-28-1999

Reported in : [2000]244ITR457(Guj)

..... of the assessee the assessment order is made which has been recorded. earlier mr. bhatt submitted before us from the file of the office of the asstt. director, income-tax, ahmedabad, that there was an assessment order covering 19,47,580 diamonds worth rs. 12,34,775. the assessee, namely bhavani gems group made payment of rs. ..... the petitioner was assisted by a legal practitioner. it was known to them that the assessment is required to be completed under ss. 158a and 158b of the act and, therefore, it was essential for the petitioner to move the court before time expired or before the assessment is made. 12. earlier, mr. bhatt appearing for ..... that he was filing reply keeping his right open. 8. it is pointed out that the ao has shown the order under s. 127(2) of the act dt. 9th december, 1998, assigning the case to the ao to the assessee and his advocate and in the margin noting has been made and signed by the ..... and coordinated action along with more than 30 other cases including that of m/s. bhavani gems group where searches were conducted under s. 132 of the act on 25th april, 1997. it is also pointed out that the decision is not arbitrary. when a raid carried out at the place of bhavani gems group ..... assessee submitted that when case is transferred it is mandatory not only to record the reasons but to serve the order passed under s. 127(1) of the act to the assessee. in the said case the supreme court pointed out as under : 'that is the reason why before making an order of transfer the .....

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Dec 27 1999 (HC)

Lakshmi Jewellery Vs. Asstt. Cit

Court : Chennai

Decided on : Dec-27-1999

Reported in : (2001)73TTJ(Mad)981

..... record and the issues argued by both the parties. the first ground raised by the assessee is to the effect that the assessment is violative of the provisions of the income tax act and the principles of natural justice. it is argued by the learned counsel for the assessee that the assessee-firm was not given a reasonable opportunity with regard to various ..... .s. kalsian, a.m.this appeal by the assessee is against the order of the assistant commissioner, sic-i, coimbatore, dated 30-3-1996, passed under section 158bc of the income tax act, 1961. the grounds of appeal filed with the memorandum of appeal were in various pages containing statement of facts as well as arguments. the assessee's counsel was asked to ..... is not based on any evidence found as a result of search or other material or information, cannot be sustained in assessment of income for the block period under section 158bc of the income tax act, 1961. the addition of rs. 70,400 made by the assessing officer on account of shortfall in drawings is, therefore, deleted.18. the sixth ground of appeal is ..... issues covered by the assessment order. according to the learned counsel section 159bg of the income tax act provides that no order under section 158bc shall be passed without the previous approval of the commissioner or director of income tax, and this requires that the commissioner should issue a pre-assessment notice and give the assessee a hearing. it is .....

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Dec 27 1999 (TRI)

Harishkumar J. Gupta Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Dec-27-1999

Reported in : (2001)69TTJ(Ahd.)440

..... by the assessee against the order, dated 31-12-1996 passed by the dy. commissioner (appeals), special range-5, ahmedabad under section 158bc read with section 143(3) of the income tax act, 1961. the assessee has taken the following substantive grounds : (1) the learned assessing officer has passed an order in violation of principles of natured justice.(2) the learned assessing officer ..... . in 1993, the assessee was working with m/s alfa-laval (1) ltd. and tetrapak (i) ltd. pune, there was a search and seizure operation under section 132 of the income tax act, 1961 in the case of m/s electrotherm (india) ltd, group of concerns and their directors on 12-12-1995 and along with the other directors, the assessee's premises ..... response to notice issued under section 158bc of the income tax act.(2) the return of income for the assessment years 1994-95 and 1995-96 have been filed within the time provided under the provision of section 139(4) of the act and, therefore, only additional income to the income declared in the original return of income has been taxed @ 60 per cent.as the "roi' have been ..... of the assessing officer is perfectly justified on a plain reading of the provisions of section 158bb(c) of the act.we have considered the rival submissions and have also gone through the order passed by the assessing officer. chapter xiv-b of the income tax act, 1961 lays down a special procedure for assessment of search cases and provides for assessment of "undisclosed .....

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Dec 27 1999 (HC)

Kedar Dargar Vs. Income Tax Officer

Court : Rajasthan

Decided on : Dec-27-1999

Reported in : (2000)68TTJ(NULL)460

..... senior departmental representative supported the order of the deputy commissioner (appeals) and relied upon the reasons mentioned in the assessment order. he also submitted that provisions of evidence act do not apply to income tax proceedings. shri giriraj ratan kothari was looking after the entire business of the assessee in his absence and the version given by him at the time of survey ..... . 5,638 was found in a separate bag lying independently in the shop. this cash was not found along with the cash belonging to the shop. the officers of the income tax department recorded the statement of one shri giriraj ratan kothari who was attending to the business at shop. the proprietor of the shop was not available at business premises during ..... admitting rs. 5,640 as concealed income of assessee's business should be accepted as true and correct.4.3. i have carefully considered the submissions made by the learned ..... firm and he admits the same as undisclosed income. the learned counsel submitted that a perusal of q. no. 11 of the said statement shows that the leading question was put to shri giriraj ratan kothari by the assessing officer. such a leading question is not permissible in view of section 141 of evidence act. so-called surrender made by shri giriraj .....

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Dec 24 1999 (HC)

Phukenbari Tea Co. (P.) Ltd. and anr. Vs. Commissioner of Taxes and or ...

Court : Guwahati

Decided on : Dec-24-1999

..... claim of deduction in respect of unpaid provision is not an allowable deduction either under section 8(2)(e) or section 8(2)(f)(vii) of the agricultural income-tax act, 1939, for short 'the act'.5. section 8(2)(f)(vii) reads as follows : '(vii) any expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for ..... deduction. however, there is no such identical provision in the assam agricultural income-tax act. section 37 of the act provides, for such allowance.9. it is the case of the petitioner-company that they are maintaining their accounts in the mercantile system. in the above system of accounting on ..... the payment has arisen during the time the business is carried on, it may appropriately be regarded as expenditure'. in view of the specific provisions under section 43b of the income-tax act the meaning of the word 'paid' is clear, i.e., the 'amount actually paid' but in the absence of any identical provision in the ..... authority laid emphasis on the word 'paid' and drawing reference to section 43b of the income-tax act, held that the tax, duty, cess or fee not paid during the accounting year cannot be allowed to be deducted. section 43b of the income-tax act is very specific and provides that only the tax, duty, cess or fee actually paid in the accounting year shall be computed for .....

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