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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1999 Page 9 of about 4,005 results (0.095 seconds)

Dec 08 1999 (HC)

Commissioner of Income Tax Vs. Janardhan Dass Shankar Lal

Court : Allahabad

Decided on : Dec-08-1999

Reported in : [2001]246ITR661(All)

..... the case, there was only a change in the constitution of the assessee-firm on 6-1-1976, within the meaning of section 187(2) of the income tax act, 1961, and, therefore, one single assessment covering both the periods, namely, from 1-4-1975, to 4-1-1976, and 6-1-1976, ..... tribunal, delhi bench 'e', delhi, has under section 256(1) of the income tax act, 1961, referred the following question of law for the opinion of this court :'whether, on the facts and in the ..... to 31-3-1976, was justified ?'the reference has been made at the instance of the commissioner of income tax, meerut, and the aforesaid question of law is stated to arise out of the tribunal's order dated 12-6-1981, passed in ita no. ..... effect from 6-1-1976, when a son of the deceased partner, janardhan dass, was taken as a partner. the firm filed two returns of income, one for the period 1-4-1975, to 4-1-1976, and the other 6-1-1976, to 31-3-1976. the assessing officer ..... would not be dissolved on the death of a partner, the death of a partner dissolves the firm in terms of section 42 of the partnership act and, therefore, two assessments have to be framed. following the law as declared by the supreme court, the question, as reframed by us, ..... s finding is that it is not a case of reconstitution of a firm within the meaning of sub-section (2) of section 187 of the act and the tribunal has not held that a single assessment was justified. we, therefore, reframe the question as under :'whether, on the facts and .....

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Dec 08 1999 (TRI)

Yeshwant B. Chigteri Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Pune

Decided on : Dec-08-1999

Reported in : (2001)75ITD377(Pune.)

..... under section 148. in other words whether non-furnishing of return within the stipulated period under section 139 tantamounts to concealment of the particulars of income. the words "concealment" or "conceal" have not been defined in the income tax act, 1961. the meanings of those words as defined by various dictionaries are stated below: to prevent disclosure or recognition of, avoid revealation of, refrain ..... section 271(1)(c) are in pari materia with the provisions of section 28(1)(c) of the 1922 act.therefore, the ratio laid down by the madras high court would be applicable to the case faling under section 271(1)(c) of income tax act, 1961. the relevant observations of justice srinivasan in the aforesaid case are being reproduced for the benefit of ..... this appeal relates to the levy of penalty, under section 271(1)(c) of income tax act, 1961 for concealment of particulars of income.2. the brief facts giving rise to this appeal are these. the assessee was being assessed since long upto assessment year 1983-84 on the salary income as he was working with sandvik asca limited and rapicut tools pvt. ltd. thereafter ..... this order : "it is manifest that a failure to furnish a return of income which an assessee is required to furnish by a notice 'given under sub-section .....

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Dec 08 1999 (HC)

Rakesh Commercial Corporation Vs. Assistant Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-08-1999

Reported in : [2001]75ITD265(Mum)

..... of the hon'ble gujarat high court and the supreme court cited by the learned departmental representative are in the context of the provisions of chapter xx-c of the income tax act relating to acquisition of properties and not to section 147(a) and are distinguishable. even in the case of rattan gupta (supra), the hon'ble delhi high court proceeded on ..... -80, and so he was justified in reopening the assessment for the assessment year 1979-80 under the provisions of section 147(a) of the income tax act.for this proposition, he relied upon the following decisions:(1) cit v. smt. vimlaben bhagwandas patel : [1979]118itr134(guj) (2) gb. gautam v. union of india : [1993]199itr530(sc) (3) rattan gupta v. union of india ..... for the formation of the requisite belief for issue of notice under section 148 because of certain material contained in a letter and appraisal report by the assistant director of income tax (inv.). we find that this excision is also distinguishable on facts. we are of the view that the decision of the apex court in the case of indian oil corporation ..... in the assessee's paper-book at pages 1 to 43. we may, however, refer to the decision of the apex court in the case of indian oil corporation v. income tax officer : [1986]159itr956(sc) .4. the learned departmental representative on the other hand pleaded that from the papers seized from the assessee in the search carried on 17-12-1987 .....

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Dec 08 1999 (HC)

Commissioner of Income Tax Vs. Mrugesh Jaykrishna

Court : Gujarat

Decided on : Dec-08-1999

Reported in : [2000]245ITR638(Guj)

..... , in the opinion of the ao, satisfactory, the money and the value of the bullion, jewellery or other valuable article may be deemed to be the income of the assessee for such financial year.' 5. the cit(a), after hearing both the sides, considered the submissions in detail in para 37 of the order, and deleted the addition of rs. 3,82 ..... for the next 5-7 years by the time his son is ready for marriage, who at the relevant time was around 16 years old. 4. section 69a of the act reads as under : 'unexplained money, etc. - where in any financial year the assessee is found to be the owner of any money, bullion, jewellery or other valuable article and such ..... ) whether, the tribunal is right in law and on facts in confirming the order passed by the cit(a) deleting the addition of rs. 3,82,895 on account of unexplained investment in jewellery in view of the express provisions of s. 69a of the it act (2) whether the tribunal has correctly appreciated the facts on record so as to arrive at ..... orderby the court :1. the cit has preferred this application under s. 256(2) of the it act, 1961 (the act), being aggrieved by the order passed by the tribunal, ahmedabad, on 12th january, 1999 in ref. appln. no. 664/ahd. of 1998. 2. the questions sought to be referred by .....

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Dec 07 1999 (HC)

Commissioner of Income-tax Vs. Janmabhoomi Press Trust

Court : Karnataka

Decided on : Dec-07-1999

Reported in : [2000]242ITR703(KAR); [2000]242ITR703(Karn)

..... (page 458) :'it is plain that when the assessee is a trust entitled to benefit under section 11 of the income-tax act, the only question that arises for consideration is whether that income or the accumulated income thereof is applied for charitable purpose. if investments have been made in the construction of a building which in turn would augment its ..... income-tax (appeals), the department appealed before the income-tax appellate tribunal.3. the controversy in the present matter is covered by the decision given in itrc nos ..... assessing officer did not treat the repayment of loan taken by the assessee for the purpose of construction of a commercial complex as income applied for charitable purposes. in an appeal filed by the assessee, the deputy commissioner of income-tax (appeals) directed the assessing officer to allow the assessee's claim. against the order of the deputy commissioner of ..... . 100-102 of 1993, dated august 9, 1995 (cit v. janmabhumi press trust : [2000]242itr457(kar) ) wherein it was observed .....

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Dec 07 1999 (HC)

Blue Star Limited Vs. in the Matter of the Scheme of Arrangement of Bl ...

Court : Mumbai

Decided on : Dec-07-1999

Reported in : 2000(2)BomCR525; (2000)2BOMLR774; 1998(1)MhLj181

..... can be improved and their value can be enhanced if the two businesses are carried on in separate entities. secondly the scheme will involve income tax benefits. the benefit of reduction under section 80hhe of the income tax act for software exports can be maximised. thirdly as the price earning multiplier (p.e.) for the software industry is much higher than what ..... the sentinel nature of jurisdiction exercised by the high court in company jurisdiction was emphasised with vehemence. it was urged that the high court which is expected to act as guardian in company matters failed to exercise its jurisdiction and was swayed by considerations which were neither legal nor relevant. at-tempt was made to show that the ..... any adverse implications on the shareholders or the creditors. 9. mr. tulzapurkar, learned counsel appearing in support of the scheme, has submitted that the procedure prescribed under the act has been followed. the scheme has been approved by an overwhelming majority of shareholders in value as well as in number. the consideration price to be paid in cash ..... computers, pocket computers, personal computers, micro computers, engineering computers, general purpose and process control computers, information and word processing equipments. (b) subject to the provisions of the companies act, 1956, to amalgamate, or to enter into partnership or, into any agreement for share profits, union of interest, co-operation, joint-venture, of reciprocal concession or for limiting competition .....

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Dec 06 1999 (SC)

Alankar Commercial Pvt. Ltd. Vs. Assistant Commissioner of Income-tax ...

Court : Supreme Court of India

Decided on : Dec-06-1999

Reported in : [2000]101CompCas243(SC); [2000]244ITR31(SC); JT1999(10)SC442; (2001)9SCC380

b.n. kirpal and; s. rajendra babu, jj.1. it is contended that sikkim was not a part of india and at that time the income tax act was not applicable in respect of the assessment year for which notice was served in new delhi. learned counsel for the petitioner relies upon the decision of this court in state of sikkim v. surendra prasad sharma1.2. the aforesaid decision in surendra sharma case1 related to the employees employed in a company in sikkim and the question which arose there was whether the indian law applied or not. the question of applicability of the income tax act did not arise in that case, therefore, the said decision has no relevance. the indian income tax act, inter alia, taxes income which accrues or arises in india. it is immaterial whether the petitioner company has its head office in sikkim or may be carrying on business activities there. the impugned notice under section 148 of the income tax act has been issued in relation to the income which is stated to have arisen in india and this can be done even if the petitioner has a company registered in sikkim. the decision of the high court calls for no interference.3. the petition for special leave is dismissed.

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Dec 06 1999 (HC)

Prasanna Enterprises Vs. Commissioner of Income-tax

Court : Karnataka

Decided on : Dec-06-1999

Reported in : [2000]244ITR188(KAR); [2000]244ITR188(Karn)

..... the copy of the show-cause notice issued, it is mentioned as to why the order imposing-penalty should not be made under section 271 of the income-tax act, 1961. it is not the case of the assessee that any other explanation was applicable or that he was not able to understand the notice. after ..... of its order dated august 16, 1994, pertaining to the assessment year 1990-91 :'1. whether the income-tax appellate tribunal was right in holding that the explanation under section 271(1)(c) of the income-tax act could be invoked at any stage even if no show cause notice had been issued under the said explanation ..... the explanation in the notice issued. the tribunal was right in holding that the explanation under section 271(1)(c) of the income-tax act could be invoked at any stage even if no show cause notice had been issued under the said explanation and the assessee had no ..... required to be mentioned that the business of the assessee is to run a cinema theatre named prasanna theatre. in the first appeal before the commissioner of income-tax (appeals), the first addition as above was reduced to rs. 6 lakhs whereas the second addition as above was again reduced to rs. 85,000. ..... and the assessee had no opportunity of meeting the department's case under the said explanation ? 2. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal .....

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Dec 06 1999 (HC)

Deputy Commissioner of Income-tax Vs. Harjivandas Juthabhai Zaveri and ...

Court : Gujarat

Decided on : Dec-06-1999

Reported in : [1999]258ITR785(Guj)

..... 1. the present appeal is preferred by the assistant commissioner of income-tax, central circle 2(1), ahmedabad, under section 260a of the income-tax act, 1961 (hereinafter referred to as 'the act'), against the decision rendered by the income-tax appellate tribunal, ahmedabad bench (hereinafter referred to as 'the tribunal').2. for the assessment year 1988-89, harsidh specific family trust was assessed by the ..... assessing officer and the said assessment was challenged before the commissioner of income-tax (appeals), who, after hearing ..... the cost is reduced by deducting the sum so received, the profit will increase and, ultimately, the total would be the same. he submitted that the commissioner of income-tax (appeals) and the tribunal have rightly come to the conclusion that the items covered by question no. 5 are covered by section 80-i of the ..... act inasmuch as the amount received can be said to have been received from the activities undertaken by the assessee. he submitted that no question of law is raised, more particularly, when a division bench of this court in income-tax application no. 70 of 1997 (cit v. norma detergent p. ltd.) had considered .....

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Dec 06 1999 (TRI)

Shanker Rice Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Decided on : Dec-06-1999

Reported in : (2000)72ITD139(Asr.)

..... the ito and the fixation of the quantum were confirmed on revision and on an application for revision under section 78 of the kerala agriculture income-tax act, 1950, their lordships of the kerala high court confirmed the view taken by the ito on all the grounds. the facts in the present ..... hon'ble high court on the application of proviso to section 13 of the 1922 act as follows : "the assessee carrying on a business returned an income and filed a statement of profit and loss. the income-tax officer however added a certain sum to the profit as given by the assessee ..... and sale thereof were not accepted by the food and civil supplies department as it involved criminal prosecution and the cancellation of licence. the income-tax officer in such a case should have been slow to disbelieve the accounts maintained by the assessee-firm unless very strong evidence was available ..... books of account and records maintained by the assessee were "manufactured" and periodic verification and signing by "any other authority" was not relevant for income-tax purposes. further the entries on the date of verification may be valid but not on the other days during the year. the ld. d.r ..... they were circumstances which might provoke an enquiry. the income-tax officer must discover evidence or material aliunde before he could give such a finding. in increasing the taxable income the income-tax officer did not adopt any method or basis and he was not acting according to the provisions of the statute." 47. similarly .....

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