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Judgment Search Results Home > Cases Phrase: income tax act Year: 1988 Page 10 of about 1,685 results (0.081 seconds)

Feb 03 1988 (HC)

Lakshmi Jewellery Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Feb-03-1988

Reported in : [1988]171ITR649(AP)

..... to the inspecting assistant commissioner who, after giving the assessee an opportunity of being heard, passed an order under section 271(1)(c) of the income-tax act levying penalty of rs. 36,799 which incidentally corresponds to the amount of under valuation of closing stock. it may be pertinent to mention at this stages that the ..... seek to levy the penalty under the substantive provision of section 271(1)(c) of the act. he levied the penalty by invoking the explanation to section 271(1)(c) of the income-tax act which provides a fiction concerning concealment of income if the assessed income exceeds the returned income by 20%. 3. the assessee filed an appeal against the order of the inspecting assistant ..... the authority levying the penalty held that the assessee was deemed to have concealed income or furnished inaccurate particulars of income in terms of the explanation to section 271(1)(c) of the income-tax act for the reason that the income returned was less that 80% of the income assessed ?' 5. that is how this reference is laid before us for consideration. 6. we have ..... assessee without filing an appeal. before completing the assessment, the income-tax officer issued a notice under section 274 of the income-tax act requiring the assessee to show cause why penalty should not be levied for concealment of income or for furnishing inaccurate particulars of such income. the assessee sent a detailed reply to the income-tax officer's show-cause notice. it was found that statutorily .....

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Mar 11 1988 (HC)

Jyothi Chellaram Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-11-1988

Reported in : [1988]173ITR358(AP)

..... contained in the income-tax act that payments in excess of rs. 2,500 ought to be made by crossed cheques or crossed demand drafts. the revenue cannot be found fault with for insisting on the ..... are not claimed as deductions. in the present case, the payments made are fairly considerable the assessee is not new either to the business or to the provisions of the income-tax act, it is not possible to accept that an assessee like the one in the present case accepted the risk and responsibility to make payments in cash by contravening the provisions ..... and rs. 24,215, respectively, for the assessment years 1977-78 and 1978-79 on the ground that they were hit by the provisions of section 40a(3) of the income-tax act, 1961 ?' 4. learned counsel for the assessee, sri s. parvatha rao, contends that eventually, after the matter was considered by the tribunal, the genuineness of the payments was accepted and ..... were made in cash in contravention of the provisions contained in section 40a(3) of the income-tax act. 2. the assessee was aggrieved by the disallowance of the expenses for the two assessment years and filed appeals before the commissioner of income-tax (appeals). before the commissioner of income-tax (appeals), the assessee made a two-pronged endeavour to secure deduction of the expenses. firstly, he .....

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Feb 10 1988 (HC)

R. Sulochanamma Vs. Union of India

Court : Andhra Pradesh

Decided on : Feb-10-1988

Reported in : [1989]179ITR312(AP)

..... 1975 of section 281 should prevail even for the purpose of recovery under the second schedule to the income-tax act. learned counsel for the petitioner invited our attention to the decision of the madras high court in r. k. raghavan v. union of india : [1983] ..... of the second schedule are arbitrary and unreasonable and violative of article 14 of the constitution. learned counsel invited our attention to section 281 of the income-tax act as it stood prior to amendments in 1975 and submitted that in letter and spirit, the position as it obtained prior to the amendment in ..... india : [1983]140itr894(mad) . we are unable to accept the petitioner's plea that rules 16 and 51 of the second schedule to the income-tax act are in any way violative of the provisions contained in articles 14 and 19(1)(f) of the constitution. 9. the writ petition is accordingly dismissed. no ..... anjaneyulu, j.1. the petitioner herein seeks a declaration that rules 16 and 51 of the second schedule to the income-tax act, 1961, are ultra vires article 19(1)(f) of the constitution. the petitioner also seeks a declaration that the attachment effected by ..... of mortgage was bona fide and was without notices of the pendency of the proceedings against the defaulting assessee does not affect the right of the income-tax department to treat the mortgage transaction as void under the rules for recovery contained in second schedule. the following observations in the judgment of the .....

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Mar 03 1988 (HC)

Srikakollu Subba Rao and Co. and ors. Vs. Union of India and ors.

Court : Andhra Pradesh

Decided on : Mar-03-1988

Reported in : (1988)71CTR(AP)34; 1989(19)ECC107; [1988]173ITR708(AP)

..... for on the basis of accrual and not on the basis of actual disbursements or receipts. for the purposes of computation of profits and gains of business and profession, the income-tax act defines the word 'paid' to mean 'actually paid or incurred' according to the method of accounting on the basis of which the profits or gains are computed. 60. several ..... .1. these writ petition give rise to certain common questions of law and it will be convenient to dispose of them together. 2. by the finance act, 1983, section 43b of the income-tax act, 1961 ('the act'), was inserted and the provision came into force with effect from april, 1984. the main challenge in these writ petitions is that this provision is unconstitutional ..... explaining the provision in the finance bill, 1983, the following explanation is given inserting the above provision (see [1983] 140 itr 160) : 'disallowance of unpaid statutory liability : 59. under the income-tax act, profits and gains of business and profession are computed in accordance with the method of accounting regularly employed by the assessee. broadly stated, under the mercantile system of accounting ..... , profits and gains from business. section 145 of the act statutorily gave recognition to this method of accounting and it is only in the case where the method of accounting applied by the assessee is such that correct profits cannot be deduced from the accounts, liberty is given to the income-tax officer to determine the profits without having regard to the .....

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Feb 24 1988 (HC)

Srinivasa Pitti and Sons Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Feb-24-1988

Reported in : (1988)73CTR(AP)214; [1988]173ITR306(AP)

..... to the assessee, a penalty of rs. 3,021 was levied under section 271(1)(c) of the income-tax act. the assessee challenged the order levying the penalty in an appeal before the appellate assistant commissioner on two grounds. firstly, he urged that the show-cause notice issued was defective ..... ,021 by the income-tax officer under section 271(1)(c) of the income-tax act, on the basis of a defective show-cause notice issued by the income-tax officer ?' 2. the matter relates to the assessment year 1969-70. pursuant to a notice dated march 12, 1974, issued ..... struck off. fortunately, for the revenue, however, the assessee understood the notice as one for the levy of penalty under section 271(1)(c) of the income-tax act. accordingly, he sent a reply. the asses see's reply was considered and penalty was levied. we, therefore, think that no prejudice is caused to the assessee by the defective ..... y.v. anjaneyulu, j.1. the question referred for consideration, on a direction from this court under section 256(2) of the income-tax act, 1961, is as under : '1. whether, on the facts and in the cirumstances of the case, the income-tax appellate tribunal was justified in setting aside the order of the appellate assistant commissioner, cancelling the levy of penalty of rs. 3 .....

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Mar 09 1988 (HC)

Torson Products Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Mar-09-1988

Reported in : (1988)73CTR(AP)209; [1988]173ITR611(AP)

..... in the circumstances of the case, the tribunal is justified in law in holding that the commissioner of income-tax (ap) acted with jurisdiction in invoking section 263 of the income-tax act and in setting aside the order of the income-tax officer in which it was held that the assessee is a company in which the public are substantially interested ..... assessment orders for the consideration of the inspecting assistantn commissioner of income-tax under section 144b of the income-tax act for short 'the act'). the inspecting assistant commissioner examined the record and gave appropriate directions to the income-tax officer to make the assessments for these two years. the income-tax officer completed these two assessments on the basis of the ..... instructions given by the inspecting assistant commissioner acting under section 144b of the act. 5. after the assessments were made by the income-tax ..... public company in which public are not substantially interested. in that view, jurisdiction was exercised by the commissioner under section 263 of the act to revise the assessments made by the income-tax officer. apart from the objection on merits, the assessee took the preliminary plea that it is not open to the commissioner to .....

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Apr 15 1988 (HC)

Vazir Sultan Tobacco Co. Ltd. Vs. Commissioner of Income-tax

Court : Andhra Pradesh

Decided on : Apr-15-1988

Reported in : (1988)74CTR(AP)1; [1988]174ITR689(AP)

..... servicing charges paid to various banks and other miscellaneous expenses. the assessee claimed this as revenue expenditure deductible under section 37 of the income-tax act, which was rejected by the income-tax officer. both the appellate authorities have confirmed the income-tax officer's order. 4. the expenditure of rs. 20,82,994 was incurred by the assessee in connection with, and as incidental ..... state of madras v. coelho (g.j.) : [1964]53itr186(sc) , turned upon the particular language employed in clause (e) of section 5 of the madras plantations agricultural income-tax act, 1955. according to the said clause, expenditure 'laid out or expended wholly and exclusively for the purpose of plantation' was deductible and, therefore, it was held that the interest ..... time was to carry interest at 6% simple. the assessee claimed the interest so paid as deductible expenditure under section 10(2)(iii) or (xv) of the indian income-tax act, 1922. the supreme court held it to be business expenditure and allowable as such under section 10(2)(xv) on the reasoning that the expenditure made under a transaction ..... case, the assessee is entitled to deduction of surtax payable under the companies (profits) surtax act, 1964, as business expenditure under section 37 of the income-tax act or alternatively as expenditure incidental to the carrying on of the business deductible under section 28 of the income-tax act while computing the income under the head 'business' ?' 2. so far as question no. (2) is .....

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Feb 17 1988 (HC)

Commissioner of Income-tax Vs. Andhra Bank Ltd.

Court : Andhra Pradesh

Decided on : Feb-17-1988

Reported in : [1990]186ITR192(AP)

..... january 14, 1985, while the decision of the supreme court in distributors (baroda) p. ltd. : [1985]155itr120(sc) was on july 1, 1985. if the amendment retrospectively made under the income-tax act through section 80aa could be considered as declaratory of the existing law, we do not see why the law as set out after the insertion of the explanation in the ..... the assessment year 1977-78, the assessee-company received dividends from other companies (which are popularly called inter-corporate dividends) to the extent of rs. 88,025. while computing the income under the income-tax act, the deductions specified in chapter vi-a were allowed. on account of the inter-corporate dividends, the deduction allowed was rs. 51,015 so that in the total ..... ) . as soon as the supreme court decided the matter, an ordinance was passed and section 80a of the income-tax act, 1961, was introduced to the effect that what could be deducted under chapter vi-a of the income-tax act is only the net income which ultimately suffered tax and not the gross dividend. that ordinance was given retrospective effect with effect from april 1, 1968. the ..... , the portion of the inter-corporate dividends included was only rs. 34,010. for the purpose of computation of chargeable profits under the surtax act, the assessee claimed that from out of the total income computed under the income-tax act, the gross dividends of rs. 88,025 received should be excluded, notwithstanding the fact that rs. 51,015 out of it was allowed as .....

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Nov 05 1988 (HC)

Sriram Jaiswal Vs. Union of India (Uoi) and ors.

Court : Allahabad

Decided on : Nov-05-1988

Reported in : (1988)75CTR(All)41; [1989]176ITR261(All)

..... ). thus, what can be seized under clause (iii) is the asset as mentioned in clause (c) which has not been or would not be disclosed for the purpose of the income-tax act. some courts took the view that seizure means taking physical possession of any valuable article or thing. to overcome this, the legislature has amended section 132(1) by the finance ..... the petitioner. during the search and seizure operation, gold ornaments, silver ornaments, cash, etc., were seized under section 132(1) of the income-tax act, 1961 (briefly 'the act') and a restraint order was passed under section 132(3) of the act, for want of verification in respect of the following assets :rs.(i)stock of woollen yarn, etc.7,00,855(ii)stock of ..... assets was determined at rs. 7,30,683 in the order passed under section 132(5) of the act and as the total tax liability aggregating to rs. 25,85,988 for the aforesaid years exceeded the total value of the seized assets, the income-tax officer ordered retention of the entire seized assets.3. thereupon, the petitioner filed this writ petition for quashing ..... the order dated november 17, 1987, passed under section 132(5) of the act (annexure '25' to the writ petition) and demanding immediate release of the assets seized .....

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Sep 12 1988 (HC)

In Re: All India Defence Accounts Association

Court : Allahabad

Decided on : Sep-12-1988

Reported in : (1988)74CTR(All)41; [1989]175ITR494(All); [1989]43TAXMAN216(All)

..... was not taxable. both these decisions run counter to the ratio of the case, s. mohan lal, : [1979]3scr12 , as they were rendered in disregard of the fact that the income-tax act is a self-contained code to judge the taxability of a particular receipt and that fundamental rules cannot be taken into aid. we are, therefore, afraid that those decisions cannot ..... from the fundamental rules governing the service conditions of the central government employees or from the provisions of a statute, which is not cognate or pari materia to the act of 1961. the income-tax act is a self-contained code and the taxability of house rent allowance, city compensatory allowance and dearness allowance or of any other allowance will have to be seen ..... were adopted by the other learned counsel for the petitioners.3. the submission of sri upadhyaya is that these allowances do not amount to 'income' under the provisions of the income-tax act, 1961 (hereinafter referred to as 'the act, 1961'), and, therefore, they are not liable to tax. sri upadhyaya being very firm in his submission that these allowances are not in the nature of ..... the wo-rd 'perquisite', occurring in explanation 1 to section 7(1) of the indian income-tax act, 1922. corresponding to section 17(2) of the act, 1961, and then their lordships clearly observed at p. 96 :'the explanation 1 to sub-section (1) of section 7 of the act gives an inclusive definition.'15. if the submission of sri upadhyaya that section 17(2 .....

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