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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1999 Page 4 of about 4,005 results (0.107 seconds)

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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Dec 20 1999 (TRI)

Prarthana Construction (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Dec-20-1999

Reported in : (2001)70TTJ(Ahd.)112

..... we condone the delay and admit the present appeal.a few facts may be stated at the outset. search and seizure operations under section 132 of the income tax act, 1961 were carried out by the income-tax authorities in the case of m/s. gokul corporation and its partners viz. shri sureshbhai a. patel and shri deepak mehta on 21-9-1995. during the ..... being assailed by the assessee before us.the learned counsel, raising legal objections against the impugned addition argued that while making a block assessment under chapter xiv-b of the income tax act, no addition can be made in the case of the assessee on the basis of the statement of shri ramanbhai patel and subhash pandey recorded under section 131(1a). according ..... held by various judicial authorities, that rigours of the rules of evidence contained in the evidence act are not applicable to income-tax proceedings. however the principles contained in the evidence act, incorporated from rules of natural justice forming part of the common law would naturally be applicable to income-tax proceedings. reference in this connection may be made to the decision of supreme court in ..... the case of chuharmal v. cit (1988) 172 itr 250 (sc). now if we consider the evidentiary value of these documents as per section 34 of the evidence act, 1872 it is amply clear that these loose papers .....

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Dec 20 1999 (HC)

Commissioner of Income Tax Vs. Power Build Limited

Court : Gujarat

Decided on : Dec-20-1999

Reported in : (2000)162CTR(Guj)41; [2000]244ITR19(Guj)

..... acquired to facilitate to run the existing business, it should be treated as revenue expenditure, in view of the decisions of this court cit vs. sayaji iron & engg. co. ltd. (1994) 201 itr 950 : tc 16r.1030 and cit vs . suhrid geigy ltd. : [1996]220itr153(guj) . it is not necessary to discuss in detail in view of settled legal position and facts ..... b.c. patel, j. 1. at the instance of cit, baroda, reference is made by the tribunal raising the following question of law as under : 'whether, on the facts and in the circumstances of the case and in law the .....

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Dec 20 1999 (HC)

Commissioner of Income Tax Vs. Sayaji Iron Works Quarry (P) Ltd.

Court : Gujarat

Decided on : Dec-20-1999

Reported in : [2000]244ITR628(Guj)

..... furnish the return of the total income which he was required to furnish under sub-s. (1) of s. 139 or by notice given ..... computation of the penalty in a case like this has to be on the difference in the first assessment and the assessment on reopening and it is the assessed tax on reopening which should be the basis for calculation of the penalty. the assessee filed the return in time and no grievance is made about the delay at ..... the sum, if any, deducted at source under chapter xvii-b or paid in advance under chapter xvii-c.' 4. thus, the assessed tax is to be considered in the manner indicated hereinabove. the cit(a) arrived at a conclusion that delay has to be reckoned for the return filed in response to the notice under s. 148. so ..... without reasonable cause failed to furnish the return of the total income which he was required to furnish under s. 148 of the act. 3. section 271(1)(a) reads as under : '271(1). if the ito or the aac or the cit(a) in the course of any proceedings under this act, is satisfied that any person - (a) has failed to ..... b.c. patel, j.1. the cit, gujarat central, ahmedabad, under s. 256(1) of the it act, (hereinafter referred to as 'the act') moved the tribunal for reference to this court by filing ref. appln. no. 267/ahd/1984 for asst. yr. 1975-76 and the tribunal has referred the .....

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Dec 20 1999 (HC)

Commissioner of Income Tax Vs. H. Link

Court : Gujarat

Decided on : Dec-20-1999

Reported in : [2000]244ITR93(Guj)

..... , j. 1. the cit, baroda moved the income-tax appellate tribunal (hereinafter referred to as 'the tribunal') for making reference under the provisions contained under the it act, 1961 (hereinafter referred to as 'the act'). the question of law referred are as under : 1. 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the income computable under the ..... case, the tribunal was right in law in coming to the conclusion that the living allowance did not form part of the salary under s. 17 of the it act, and therefore, exempt from tax ?' 3. 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the value of rent ..... income as rs. 92,660. the aac allowed the appeal partly following the decision of the gujarat high court in the case of ..... s. 17(2) of the it act, 1961 ?' 2. the assessee, a foreign technician, was serving at the relevant time with gujarat narmada valley fertilisers ltd. broach. he was paid salary in foreign currency abroad and was allowed daily allowance, rent-free accommodation during his stay in india. the assessee claimed that his entire income was exempt from tax. the ito assessed the total .....

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Dec 18 1999 (HC)

Commissioner of Income-tax Vs. Kishorekumar Shamji

Court : Kerala

Decided on : Dec-18-1999

Reported in : (2000)161CTR(Ker)225; [2000]244ITR702(Ker)

..... by this court in original petition no. 7516 of 1985, the following questions have been referred by the income-tax appellate tribunal, cochin bench (in short, 'the tribunal'), at the instance of the revenue, under section 256(2) of the income-tax act, 1961 (in short, 'the act') :'1. whether, on the facts and in the circumstances of the case, and particularly in the light ..... were found out during the reassessment proceedings. there was no challenge to the order of reassessment. the income-tax officer initiated proceedings for imposition of penalty under section 271(1)(c) of the act. the assessee pleaded that there was no concealment. but the income-tax officer imposed a minimum penalty of rs. 4,00,652, which was confirmed in appeal by the ..... the inspecting assistant commissioner.explanation i.--where in respect of any facts material to the computation of the total income of any person under this act,-- (a) such person fails to offer an explanation or offers an explanation which is found by the income-tax officer or the appellate assistant commissioner to be false, or (b) such person offers an explanation which he ..... commissioner of income-tax (appeals) (in short, 'the cit(a)'). the matter was carried by the assessee in appeal before the tribunal. .....

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Dec 18 1999 (HC)

Kerala State Industrial Development Corporation Ltd. Vs. Commissioner ...

Court : Kerala

Decided on : Dec-18-1999

Reported in : [2000]246ITR330(Ker)

..... arising to the credit institution in that previous year :provided that any interest in relation to categories of bad or doubtful debts referred to in section 43d of the income-tax act shall be deemed to accrue or arise to the credit institution in the previous year in which it is credited by the credit institution to its profit and loss account ..... assessed under the cash system under the income-tax act does not the chargeable interest deserve to be computed on cash method and if the ..... intention of the legislature would have been to tax on mercantile system, the legislature in their wisdom would not have included section 145 of the income-tax act, 1961, in section 21 of the interest-tax act ?2. a short but interesting question arises for consideration. the reference has its foundation in sections 5 ..... accrual basis, rejecting the cash system of accounting accepted for the assessment under the income-tax act, 1961 ?(2) whether, on the facts and circumstances of the case, on account of doctrine of incorporation, section 145 of the income-tax act, 1961, having been incorporated in section 21 of the interest-tax act, 1974, when the assessee maintains books of account on cash system and being .....

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Dec 18 1999 (HC)

Commissioner of Income-tax Vs. M.A. Unneerikutty

Court : Kerala

Decided on : Dec-18-1999

Reported in : [2000]243ITR294(Ker)

..... o. p. no. 6144 of 1991, the following question has been referred for the opinion of this court by the income-tax appellate tribunal, cochin bench (in short, 'the tribunal'), under section 256(2) of the income-tax act, 1961 (in short, 'the act') ;'whether, on the facts and in the circumstances of the case, the order of imposition of penalty by the ..... income-tax officer. after the amendment that came into force on april 1, 1976, the authorities competent to impose penalty ..... inspecting assistant commissioner was invalid and without jurisdiction ?'2. the factual position, so far as undisputed, is as follows : the assessee is an individual deriving income mainly from business in purchase ..... (ker) , it was observed that after the amendment to section 274 by the taxation laws (amendment) act, 1975, by deletion of sub-section (2) thereof, the inspecting assistant commissioner, is divested of the jurisdiction of the income-tax officer under section 271(1) of the act. prior to the deletion, the jurisdiction of the inspecting assistant commissioner was only that of the .....

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Dec 17 1999 (HC)

Cil Securities Ltd., Hyd. Vs. Commissioner of Income Tax, A.P. and Ano ...

Court : Andhra Pradesh

Decided on : Dec-17-1999

Reported in : 2000(4)ALD69; 2000(2)ALT541; (2000)161CTR(AP)44; [2000]242ITR472(AP)

..... assessing officer nor docs it lack the sanction of law taking an overall view. the same officer is the assessing authority under the income tax act as well as interest tax act. though he acts in different capacities, he is empowered to recover the tax falling due under either of the enactments. it would have been open to him to attach the refundable amount due under the ..... in writing to the assessee of the action proposed to be taken under the income tax act. section 245 has no application for the adjustment of the demand of tax under the interest tax act. the demand under interest tax act was adjusted while finalising the assessment under section 143(1)(a) of the income tax act and the said intimation under section 143(1)(a) has become final as the ..... for the assessment year 1995-96 totaling rs.2.59,415/- was adjusted and refundable amount of rs.3,08,032/-was intimated under section 143(1)(a) of the income tax act. the said order of the assessing authority had become final as the petitioner had not chosen to question the same.8. the scheme came into force from 1-9-1998 ..... the eye of law. there is unmistakable indication in the present case that the assessee acquiesced in if not consented to such' adjustment. the adjustment of interest tax against the refund due under the income tax act was never questioned by the petitioner as pointed out by my learned brother, obviously because he did not find it detrimental to his interest. it cannot be .....

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Dec 17 1999 (HC)

Kedia Colonizers Ltd. Vs. Union of India (Uoi) and ors.

Court : Rajasthan

Decided on : Dec-17-1999

Reported in : [2000]245ITR675(Raj)

ashok parihar, j.1. the petitioner has challenged the notice dated december 1, 1999, issued under section 142(1) of the income-tax act, 1961, by which the petitioner has been asked to file his reply/explanation with supporting' evidence. the notice has been challenged mainly on the ground that the income-tax appellate tribunal had already deleted most of the amounts referred to in the notice under challenge and further that the appeal against the order of the income-tax appellate tribunal filed by the revenue is still pending before the appellate tribunal (sic). some malafides have also been alleged against the assessing' authority who has issued the notice.2. after hearing counsel for the petitioner, i have carefully gone through the entire material on record and also the provisions of the act of 1961.3. since only a notice has been issued and the petitioner has been asked to file his reply/explanation, in my opinion, no interference is called for by this court under its writ jurisdiction in the present matter, more so, when after issuing notice under section 142, an assessment is to be made under section 143. the petitioner has a proper remedy of filing an appeal before the competent authorities under section 246 of the act of 1961. since adequate remedy has already been provided under the act of 1961, no interference is called for by this court in such matters under writ jurisdiction.4. accordingly, i find no merit in the writ petition and the same is dismissed summarily.

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