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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 2000 Page 1 of about 5,346 results (0.098 seconds)

Dec 29 2000 (HC)

Sita Steel Tubes (P) Ltd. Vs. Assessing Officer

Court : Delhi

Decided on : Dec-29-2000

Reported in : [2001]79ITD436(Delhi)

..... assessor's business and thereby the rent received there from cannot constitute its business income.12. that apart the summit court in the case of s. g. mercantile corpn. (p) ltd. v. cit : [1972]83itr700(sc) , has held as under :'the liability to tax under section 9 of the income tax act, 1922 is of the owner of the buildings or land appurtenant thereto. in case ..... the assessed is the owner of the buildings or lands appurtenant thereto, he would be liable to pay tax under section 9 even if the object of the assessed in purchasing the landed ..... which the assessed is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under ..... from the let out of the property in question is to be taxed under the head 'business income' or 'income from house property'. in order to appreciate the controversy at hand, it is relevant to take note of the provisions of section 22 of the act which reads as under :'the annual value of property consisting of any buildings or lands appurtenant thereto of .....

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Dec 29 2000 (TRI)

Sita Steel Tubes (P.) Ltd. Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-29-2000

..... transaction of giving the said property on rent cannot constitute assessee's business and thereby the rent received therefrom cannot constitute its business income.s.g. mercantile corpn.(p.) ltd v. cit "the liability to tax under section 9 of the income-tax act, 1922 is of the owner of the buildings or land appurtenant thereto. in case the assessee is the owner of the buildings ..... or lands appurtenant thereto, he would be liable to pay tax under section 9 even if the object of the assessee in purchasing the landed ..... which the assessee is the owner, other than such portions of such property as he may occupy for the purposes of any business or profession carried on by him the profits of which are chargeable to income-tax, shall be chargeable to income-tax under ..... from the let out of the property in question is to be taxed under the head "business income" or "income from house property". in order to appreciate the controversy at hand, it is relevant to take note of the provisions of section 22 of the act which reads as under : "the annual value of property consisting of any buildings or lands appurtenant thereto of .....

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Dec 29 2000 (TRI)

Nanakchand Kanhiyalal Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Jaipur

Decided on : Dec-29-2000

Reported in : (2001)73TTJ(JP.)585

..... -9-1997.ground nos. 1 to 1.13 relate to the addition of rs. 72,88,982 as unexplained investment under section 69 of the income tax act, 1961.briefly the facts are that a search was carried out at the business premises of the appellant firm and its sister-concern and residence of ..... are loans taken by the appellant. there could not have been added as unexplained income under section 69 of the act for deeming undisclosed income for the block period of the assessee under the provisions of chapter xiv-b of the income tax act. the said addition of rs. 72,88,982 is, therefore, directed to be ..... assessee were found.the assessing officer was of the view that the assessee was investing its undisclosed income and not declaring the same to the department and hence addition has been made by applying section 69 of income tax act, 1961. besides this, the stock was also found short for which a separate addition has ..... any material with respect thereto. the loose papers so found do not appear to have been maintained by the assessee for producing to the department for income-tax purposes. all the loose papers or complete records have not been found or seized and thus complete details are not traceable. however, the seized ..... conspectus of the case, we hold that the department has not been in a position to find out any substantive income nor any investment before attracting provisions of section 69 of the act and the amount of peak credit of rs. 72.88 lacs calculated by the assessing officer is nothing but .....

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Dec 29 2000 (HC)

ipca Laboratories Ltd. Vs. Deputy Commissioner of Income Tax

Court : Mumbai

Decided on : Dec-29-2000

Reported in : (2001)70TTJ(Mumbai)991

..... our attention to the report of auditors in form no. 1occa (available at p. 4 to 12 of paper book) as required under section 80hhc(4)/whhc(4a) of the income tax act, relying upon the decision of tribunal ahmedabad bench 'c' in the case of hindustan fashions ltd. v. assistant commissioner (1998) 61 ttj (ahd) 734, the learned counsel contended that working ..... on the point at issue emerges as under :(i) we are inclined to agree with the view of learned commissioner (appeals) that principle of res judicata does not apply to income-tax assessments. thus, the fact that the method followed by the assessee was accepted by the assessing officer in the preceding assessment years is of no consequence. moreover, the arguments of ..... not be altered for no reasons, the learned commissioner (appeals) observed that this argument should also fail keeping in view the principles of res judicata which does not apply to income-tax assessment.8. while dealing with assessee's grounds of appeal nos. 1 to 9, the learned counsel of the assessee pointed out that the assessee is an exporter of goods ..... , as already highlighted, the aggregate profit of the trading goods exported and the manufactured goods exported is a negative figure.it is also worth mentioning that in the book of income-tax, vol. iv, para 4454, mr. d.m. harish has observed that even when the assessee made losses in export of an item but the overall result is a positive .....

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Dec 27 2000 (HC)

Punjalal L. Shah (Huf) Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Dec-27-2000

Reported in : [2002]253ITR718(Guj)

..... nos. 120 of 1985 and 276 of 1985 under section 256(1) of the income-tax act, 1961 (for short 'the act'), have been made to this court seeking its opinion in the cases pertaining to the assessment years 1980-81 and 1981-82 ..... learned counsel shri j.p. shah, appearing for the assessee, mainly raised two contentions. firstly, it is submitted that the income-tax law contained in sub-section (9) of section 171 of the act cannot take away the right in accordance with the hindu law of members of a hindu undivided family to effect a total ..... the aforesaid three questions are as under: the assessee is assessed in the year 1980-81 for the previous year ending on october 21, 1979, to income-tax in the status of a hindu undivided family (huf). the hindu undivided family consisted of five members. the assessee-hindu undivided family is a partner in ..... being 35 per cent, share from pipe distributors. 4. the income-tax officer framed the assessments on protective basis and issued draft assessment order under section 143(3)/144b of the act. the asses-see-hindu undivided family took a stand before the income-tax officer that due to the abovementioned partial partition, it has no ..... longer remained a partner in any of the three firms and therefore the share of profit from each of the said three firms was not includible in its total income. 5. the income-tax .....

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Dec 27 2000 (HC)

Dy. Commissioner of Income-tax (Asstt.) Vs. Vardhman Fabrics P. Ltd.

Court : Gujarat

Decided on : Dec-27-2000

Reported in : (2002)172CTR(Guj)419; [2002]254ITR431(Guj)

..... machinery at 33.33 per cent. as permissible under the income-tax rules, 1962, as against 30 per cent. depreciation ..... required to be calculated under schedule xiv to the companies act, 1956. the comparative rates of depreciation on ..... would not be violative of the provisions of the companies act, when the same were not in accordance with parts ii and iii of schedule iv to the companies act, 1956 ?' 2. the controversy has arisen in view of the applicability of section 115j of the income-tax act, 1961 (hereinafter referred to as 'the act'). the assessee calculated the depreciation on the plant and ..... the following questions are sought to be raised :''(a) whether, the appellate tribunal is right in law and on facts in cancelling the order passed by the commissioner of income-tax under section 263 of the act ? (b) whether, the appellate tribunal is right in law and on facts in holding that depreciation worked out by the assessee on the basis of the .....

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Dec 27 2000 (HC)

Commissioner of Income-tax Vs. Commercial Ahmedabad Mills Co. Ltd.

Court : Gujarat

Decided on : Dec-27-2000

Reported in : [2001]251ITR364(Guj)

..... salary or monthly allowance . . .gratuity cannot be looked upon as periodic payment, it is not covered by the provisions of either section 40(c) or section 40a(5) of the income-tax act, 1961. the ceiling, therefore, which is prescribed under these two sections on allowable expenditure will not apply to this payment.'11. the bombay high court in the case of colgate ..... , ahmedabad, for the assessment year 1975-76, at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act :'whether, in the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the amount of gratuity includible for disallowance ..... under the head 'profits and gains of business or profession' in accordance with section 40(c) of the act.3. the income-tax appellate tribunal, however, came to the conclusion on the basis of its own decision in ito v. sapt textiles ltd. [1981] 7 taxman 40 (bom) that the amount paid on ..... be the excess of the amount which is exempt under section 10(10) of the act?'2. a sum of rs. 10,500 was payable to one of the managing directors, who retired at the end of the accounting year. the assessing authority and the commissioner of income-tax (appeals), treated the said amount as part of salary and hence not deductible in .....

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Dec 27 2000 (HC)

Rushil Industries Ltd. Vs. Harsh Prakash

Court : Gujarat

Decided on : Dec-27-2000

Reported in : (2001)166CTR(Guj)300; [2001]251ITR608(Guj)

..... , challenges the notice dated august 29, 2000, issued by the joint commissioner of income-tax, rajkot (respondent) under the provi-sions of section 158bc read with section 158bd of the income-tax act, 1961 ('the act' for short). 3. according to the petitioner, it has been regularly assessed for income-tax under the act. it is engaged in the business of ship-breaking at alang, district bhavnagar. ..... a)(ii) of the act to furnish the return for assessing him to income-tax for the block period. 4. section 158bd on the basis of which the impugned notice for submitting a return by the petitioner has been issued in accordance ..... resorting to his assessment for the block period in accordance with the provisions contained in chapter xiv-b of the act. the petitioner, therefore, has assailed and seeks quashing of the proceedings initiated by the respondent, joint commissioner of income-tax, by notice dated august 29, 2000, at annexure a, directing the petitioner in accordance with the provisions of section 158bc( ..... of the petitioner. as is stated, on affidavit-in-reply, by the respondent, joint commissioner of income-tax, certain seizure operations were carried out against mahendra h. shah and hemant c. shah of bhavnagar in exercise of powers under section 132 of the act. the petitioner's case is that during the course of search proceedings against the above two named .....

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Dec 27 2000 (HC)

Punjalal L. Shah (Huf) Vs. Cit

Court : Gujarat

Decided on : Dec-27-2000

Reported in : (2001)170CTR(Guj)444

..... gujarat high court d.m. dharmadhikari, c.j. & m.s. shah, j.judgment d.m. dharmadhikari, c.j.these income tax reference nos. 120 of 1985 and 276 of 1985 under section 256(l) of the income tax act, 1961 (hereinafter referred to as 'the act') have been made to this court seeking its opinion in the cases pertaining to assessment years 1980-81, 1981-82 ..... of this court.10. learned counsel shri j.p. shah appearing for the assessee mainly raised two contentions. firstly, it is submitted that the income-tax law contained in sub-section (9) of section 171 of the act cannot take away the right in accordance with hindu law of members of an huf to effect a total or partial partition. after the partial ..... tube dealers and rs. 45,679 being 35 per cent share from pipe distributors.4. the income tax officer framed assessments on protective basis and issued draft assessment order under section 143(3)/144(b) of the act. the assessee-huf took a stand before the income tax officer that due to above-mentioned partial partition, it has no longer remained a partner in any ..... of the three firms, and, therefore, share of profit from each of the said three firms was not includible in its total income.5. the income tax officer rejected the contention of the .....

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Dec 27 2000 (TRI)

ishwaradhya Traders Vs. Ito

Court : Income Tax Appellate Tribunal ITAT

Decided on : Dec-27-2000

Reported in : (2002)76TTJ(Bang.)463

..... year 1991-92 aggrieved by an addition of rs. 1,05,400 as unexplained stock and another addition of rs. 15,015 as income from business on own account.there was a survey under section 133a of the income tax act on 27-12-1990, during the course of which an excess stock of the value of rs. 1,05,400 was found in ..... the shop and the managing partner, shri gangadhar matpathi, who was present, at the time of survey, agreed to offer the stock as as income for the assessment year 1991-92 ..... i agree to offer the value of the said stock to the extent of rs. 1,05,400 for income-tax along with the income of the current financial year. i also agree to pay the advance tax over the said amount along with the regular income." the learned departmental representative placed reliance on the decisions of the madras high court in the case of ..... on which the survey under section 133a was carried out. clearly, the appellant has not shown this amount as income in the return. the appellant has changed his mind on reconsideration and has tried to avoid the payment of tax on the undisclosed income detected at the time of survey. the explanation filed by the appellant before the assessing officer is general in .....

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