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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 2004 Page 1 of about 7,120 results (0.112 seconds)

Dec 31 2004 (TRI)

Shri V.C. Nannapaneni Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-31-2004

Reported in : (2005)94ITD309(Hyd.)

..... one which occurs quite accidentally or fortuitously and comes without stipulation, contract, calculation or design as otherwise it would not fall within the provisions of section 10(3) of the income-tax act, 1961. the learned counsel also relied upon the following two unreported decisions of the itat in support of his contention that an amount received in consideration for a restrictive covenant ..... the consideration was held to be a capital receipt, for sale of goodwill, it was brought to tax under the head 'capital gains' as per section 55(2)(a) of the income-tax act, 1961. the ao was of the view that the goodwill is self-generated and hence the cost of acquisition has to be taken at nil. thus, the entire sum of ..... rs. 1.46 crores was brought to tax under the head 'long-term capital gain'. while dealing with the cases ..... that the same arguments are applicable in respect of the taxability of the non-competition fee received from spil. as regards the amendment to various provisions of the act to bring to tax the income received under a non-competition agreement, the learned counsel submitted that the amendments are prospective in nature and have no application to the asst. years under consideration.19 .....

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Dec 30 2004 (HC)

Sheth Construction Co. Vs. Income-tax Officer

Court : Gujarat

Decided on : Dec-30-2004

Reported in : (2005)195CTR(Guj)398; [2005]274ITR304(Guj)

..... ) challenging both the issues.7. when the matter came up for hearing before the commissioner of income-tax (appeals), the appellant raised a preliminary objection in the following terms :'the assessment order passed under section 143(3) of the income-tax act, 1961, and served to your appellant is not signed by the learned assessing officer. in the opinion of your appellant, assessment ..... is available under the statute. in fact the appellant had challenged the addition and disallowance made by the assessing officer on the merits before the commissioner of income-tax (appeals). however, the commissioner of income-tax (appeals) having entertained the additional ground regarding validity of the assessment order and upheld the same holding the assessment order to be non-existent in the ..... had filed an appeal before the tribunal it was incumbent upon the assessee to have raised a cross-objection challenging ' the decision of the commissioner of income-tax (appeals) to the extent the commissioner of income-tax (appeals) had failed to decide the original grounds of appeal. that the assessee having failed to do so, no second innings should be granted to ..... order served without signature of initial assessing officer is null and void in view of what is held in the following cases :(a) kalyan kumar ray v. cit slp civil no. 11270 of .....

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Dec 30 2004 (TRI)

P. Mahender Reddy Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-30-2004

Reported in : (2005)2SOT696(Hyd.)

..... 1986-87 to 1996-97 in the first three appeals and 1987-88 to 1997-98 in the next four appeals under section 158bd read with section 158bc of the income tax act, 1961.as the search and seizure operation was on 5-8-1996, first appeals are filed before this tribunal and as the issue arising out of these appeals are common ..... has taken the notice. the assessments were completed ex parte. procedure regarding service of notice has been laid down in section 282 of the income tax act. section 282(1) provides that a notice or requisition under the act may be served on the person concerned either by post or as if it was summons issued by court under code of civil procedure. thus ..... itr 17, the hon'ble court observed that though no specific period, within which penalty may be levied, is fixed by the indian income tax act, 1922, there should not be any inordinate delay and penalty should be levied within a reasonable time. in our considered opinion, the same analogy applies to the instant case. reasonable ..... at arrest judicial and quasi judicial controversies as it must in other spheres of human activity. so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or failure .....

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Dec 30 2004 (HC)

Dove Investments Private Ltd. and ors. Vs. Gujarat Industrial Investme ...

Court : Chennai

Decided on : Dec-30-2004

Reported in : [2005]124CompCas399(Mad); (2005)6CompLJ490(Mad); 2005(1)CTC249; (2005)1MLJ269; [2005]60SCL604(Mad)

..... the notification.16. in dlf universal ltd. v. appropriate authority and anr., : [2000]243itr730(sc) , the supreme court after considering the language used in section 269-uc(3) of income-tax act, has held that it is only directory and not mandatory.17. in sashikant singh v. tarkeshwar singh, : 2002crilj2806 , their lordships while considering the requirement under sub-section (1) of section ..... made in the year 1965- 66 and sub-section (1-a), (1-b), (1-c) and (1-d) were introduced for the first time by the companies (amendment) act, 1965 [act 31/1965]. the learned judge has observed that the supreme court was interpreting the provisions of section 108 as it stood at the time of the impugned transaction therein and ..... were illegal because the transfers were without any proper instrument of transfer. he also contended that the transfers were in contravention of the mandatory provisions of section 108 of the act. the single judge of allahabad high court, before whom the petition was originally filed seeking rectification of the register of members by annulling shares transfer register pursuant to the ..... corporation limited.6. after taking us through the company petition, counter, rejoinder, the details regarding civil suits, impugned order of the company law board and relevant provisions of the companies act, mr. a. alagiriswamy, learned senior counsel for the investors, and mr. p.h. aravindh pandian, learned counsel for the company, have raised the following contentions:(i) whether the .....

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Dec 29 2004 (HC)

Commissioner of Income-tax Vs. Mayur Foundation

Court : Gujarat

Decided on : Dec-29-2004

Reported in : (2005)194CTR(Guj)197; [2005]274ITR562(Guj)

..... the discretion that the tribunal has to entertain or not entertain a new ground have been explained in the following words, in the aforesaid decision :'under section 254 of the income tax act, 1961, the appellate tribunal may, after giving both the parties to the appeal an opportunity of being heard, pass such orders thereon as it thinks fit. the powers of the ..... tribunal, ahmedabad bench 'c', ahmedabad has referred the following question of law under section 256(1) of the income tax act, 1961 (the act) for the opinion of this court at the instance of the commissioner of income tax, rajkot.'whether under the facts and circumstances of the assessee's case, the tribunal was right in holding that in the absence of any specific time limit ..... had complied with all the requirements stipulated by provisions of section 11(2) of the act.6. heard mr. tanvish u. bhatt, the learned standing counsel on behalf of mr. b.b.naik, for the applicant revenue. inviting attention to the decision in case of commissioner of income tax v. nagpur hotel owners' association, (2001) 247 itr 201 it was submitted that it ..... prescribed under section 11(2) of the i.t. act, 1961 for submission of the notice in the prescribed manner to the .....

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Dec 29 2004 (HC)

Commissioner of Income-tax Vs. Peass Industrial Engg. Pvt. Ltd.

Court : Gujarat

Decided on : Dec-29-2004

Reported in : (2005)195CTR(Guj)326; [2005]274ITR437(Guj)

..... the following two questions of law under section 256(2) of the income-tax act, 1961 ('the act'), at the instance of the commissioner of income-tax, central, ahmedabad. 'whether, on the facts and in the circumstances of the case, the appellate tribunal has been right in law in deleting the penalty imposed by the income-tax officer under section 271(1)(c) read with the explanation thereto ..... books of account resulting in rejection of the books of account by invoking the provisions of section 145(1) of the act. 9. in the case of cit v. s.p. bhatt : [1974]97itr440(guj) the facts were that the income-tax officer did not accept the figures of profit appearing from the books maintained by the assessee because no quantitative stock account was ..... made a lump sum addition of rs. 2 lakhs with the approval of the inspecting assistant commissioner under section 144b of the act. the said lump sum addition came to be reduced by rs. 1 lakh by the commissioner of income-tax (appeals). the tribunal ultimately confirmed the addition of rs. 1 lakh. the reason for making the lump sum addition was, as ..... officer initiated proceedings under section 274 read with section 271(1)(c) of the act for concealment of income since the difference between the income returned and the assessed income was more than 80 per cent.3. against the order of assessment the assessee preferred an appeal before the commissioner of income-tax (appeals), baroda, and vide order dated march 31, 1981, the assessee was granted .....

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Dec 28 2004 (HC)

S.R. Koshti Vs. Commissioner of Income-tax

Court : Gujarat

Decided on : Dec-28-2004

Reported in : (2005)193CTR(Guj)518; [2005]276ITR165(Guj)

..... challenges, by way of this petition under articles 226 and 227 of the constitution of india, the orders made by the commissioner of income tax, ahmedabad vii, ahmedabad under sections 263 and 264 of the income tax act, 1961 (the act) on 29th march 2004.3. the petitioner was working as assistant manager with industrial financial corporation of india limited (the employer). on ..... a decision of this court in c. parikh & co. v. commissioner of income tax, baroda, : [1980]122itr610(guj) . in the said case, the petitioner was assessed under section 143(3) of the act on the basis of the return of income submitted by the petitioner. the returned income was accepted along with a lumpsum addition. however, subsequently, it was found by ..... 263 of the act to revise the order made under section 154 of the act. rejecting the contention raised by the petitioner in its reply, ..... the assessing officer also directed to grant interest under section 244a of the act. the order was made on 27th march 2003.7. it appears that the order was forwarded to the additional commissioner of income tax for the purpose of approval, but the additional commissioner of income tax did not approve the same. subsequently, the respondent commissioner took action under section .....

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Dec 28 2004 (TRI)

Bativala and Karani Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-28-2004

Reported in : (2005)2SOT379(Mum.)

these cross-appeals are directed against the order dated 29-9-1995 passed by the cit(a) in the matter of assessment under section 143(3) of the income tax act, 1961 (hereinafter referred to as 'the act') for the assessment year 1994-95. these appeals were heard together. as a matter ..... of convenience, therefore, we will take up both of these appeals together by way of this consolidated order.shri arun sathe, learned advocate, alongwith shri p.k. agarwal and ms.aarti sathe, appeared for the assessee, and dr. p. daniel, learned standing counsel of the income tax ..... interest incurred by the assessee in carrying on such fraudulent activity cannot be allowed as a deduction from the income'. on the matter being carried in appeal, however, the cit(a) reversed the action of the assessing officer. revenue is aggrieved and in appeal before us.we ..... assessee's appeal is allowed.in ground no. 7, revenue is aggrieved that the cit(a) erred in deleting the disallowances aggregating to rs. 69,73,557 in respect of various losses claimed against income from government securities. specific mention is made about payment of rs. 2,45, ..... evaluation of, and elaboration on, the evidences furnished at the appellate stage. wherever details could not be furnished by the assessee, the cit(a) has simply confirmed the disallowance. it is also an undisputed position that an overwhelming majority of the documents filed at first and .....

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Dec 28 2004 (TRI)

Sudhir Dattaram Patil Vs. Dy Cit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-28-2004

Reported in : (2005)2SOT678(Mum.)

..... in the hands of the partner.as far as the receipts under the head 'interest, salary, bonus, commission or remuncration are concerned, the same are covered under certain clause of income tax act, as described herein above. now comes the question of taxability of 'share of profit' received from a firm in the capacity of partner. in this regard section 10(2a) provides ..... same is exempt in the hands of the partner under section 10(2a), therefore, any expenditure is not allowable as deduction in view of the provisions of section 14a of income tax act. in respect of the claim of deduction against the remuneration received from the partnership firm the view of the first appellate authority was that remuneration is usually paid to a ..... income are provided to be taxed by the legislature under section 28 of income tax act i.e., as 'profits and gains of business or profession'. with the result though the term salary or remuneration are used but the character of ..... purpose of share of profit from a firm as mentioned in section 10(2a) and the other segment in respect of salary remuneration etc. as provided in section 28 of income tax act. both these claims thus, function in two different directions. now we are concerned only in respect of assessability of salary remuneration etc. and deduction therefrom. these heads of .....

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Dec 28 2004 (TRI)

Acit Vs. Smt. Pushpa Devi JaIn [Alongwith

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-28-2004

Reported in : (2005)93ITD289(Delhi)

..... clause (d) of section 269ua, there was no need for registration of sale deed in view of this arrangement. it has to be observed here that for the purposes of income-tax act and in particular for the transfer of capital assets, the definition of terms given in section 2(47) and clause (d) of section 269ua has to be applied and not ..... the case of arundhati balkrishna 138 itr 245, hon'ble gujarat high court, taking this view, held that the transfer of capital asset becomes effective under section 45 of the income-tax act from the date on which the document was executed, in case its registration was subsequently admitted before the registrar. thus, the court came to the conclusion that the transfer was ..... with the requirements of law such as the transfer of property act, registration act, etc. but in the context of section 22 of the income-tax act, having regard to the ground realities and further having regard to the object of the income-tax act, namely, "to tax the income", the owner is a person who is entitled to receive income from property in his own right. thus while interpreting the ..... with the requirements of law such as the transfer of property act, the registration act etc., in the context of section 22 of the income-tax act, 1961, having regard to the ground realities and further having regard to the object of the income-tax act, namely, to tax the income, "owner" is a person who is entitled to receive income from the property in his own right. the requirement of .....

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