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Judgment Search Results Home > Cases Phrase: income tax act Year: 1999 Page 5 of about 3,945 results (0.096 seconds)

Mar 09 1999 (HC)

Commissioner of Income-tax Vs. Mercantile Bank Ltd. (Through Successor ...

Court : Mumbai

Decided on : Mar-09-1999

Reported in : (1999)155CTR(Bom)59; [1999]237ITR676(Bom)

..... contentions, we are required to examine the relevant sections of the income-tax act. section 40a(5) was introduced in the income-tax act, 1961, by section 10 of the finance (no. 2) act, 1971, with a view to impose a ceiling on business expenses. this is clear from the non obstante ..... further urged on behalf of the department that on a bare reading of section 40a(5)(a)(i) read with section 40a(5)(c)(i) of the income-tax act, the legislative intent was clear, viz., that the aggregate amount of deduction should not exceed rupees sixty thousand.10. in the light of the rival ..... has been referred to this court for opinion.8. learned counsel for the assessee in the present case drew our attention to the relevant provisions of the income-tax act, 1961, as it stood at the material time, the material parts thereof are quoted hereinafter :'17. for the purposes of sections 15 and 16 and of ..... which arises for consideration is :'whether, the amount in excess of rs. 60,000 was liable to be disallowed under section 40a(5)(c) of the income-tax act, as it stood during the relevant assessment year 1978-79 ?'7. it was urged on behalf of the assessee that section 40a(5) provides for deduction ..... has referred the following questions for the opinion of this court for the assessment year 1978-79 under section 256(1) of the income-tax act, 1961 :'(i) whether, on the facts and in the circumstances of the case, the tribunal is justified in holding that the assessee is not liable .....

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Jun 08 1999 (HC)

Micro Labs Ltd., Vs. Deputy Commissioner of Income-tax (Assessment) an ...

Court : Karnataka

Decided on : Jun-08-1999

Reported in : (2001)166CTR(Kar)148; [2001]247ITR333(KAR); [2001]247ITR333(Karn); [2001]115TAXMAN27(Kar)

..... 4. it is stated that there was a search in respect of appellants nos. 1 to 3 by issue of notice under section 132 of the income-tax act, 1961 ('the it act' for short), on september 10, 1997, and in the course of the search, some records of appellants nos. 1 to 4 had been seized ..... scheme. the petitioners' contention, if accepted, would amount to holding that the vdi scheme has the effect of implied suspension of specific provisions of the income-tax act. such suspension is neither permissible nor contemplated. if any assesseeor person was interested in avoiding a search or survey, it was always open to him ..... of law for the purpose of just, proper and efficient management of the scheme and in public interest, in cases of survey, which under the income-tax act stands on a different footing when compared to search.22. it is not therefore possible to read the words 'or in respect of earlier previous year ..... question no. 27, under the circular dated july 25, 1997, the cbdt has clarified that a survey under section 133a or 133a(5) of the income-tax act will bar a person from making a disclosure for the previous year in which the search was carried out. while answering question no. 36 under circular ..... section 132 or requisition under 132a was made, or in respect of any earlier previous years. the phrase 'or survey under section 133a under the income-tax act' was later inserted before the phrase 'or in respect of any earlier previous year'. this has led to a situation where a reference to the .....

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Nov 30 1999 (HC)

Kwality Biscuits Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Decided on : Nov-30-1999

Reported in : (2000)159CTR(Kar)316; [2000]243ITR519(KAR); [2000]243ITR519(Karn)

..... depreciation. then alone the formula prescribed in this clause would make sense and it would be consistent with the object sought to be achieved by enacting section 115j of the income-tax act, 1961. if 'loss' were to be taken as pre-depreciation loss then the resultant computation will not be in conformity with the tenor of the provisions of section 205. the ..... account for the relevant previous year prepared under sub-section (1a) as increased by various amounts given in the section. thus, for the purpose of assessing tax under section 115j, firstly, the profit as computed under the income-tax act has to be prepared and thereafter the book profit as contemplated by the provisions of section 115j are to be determined and then the ..... , learned standing counsel, has submitted that under section 210, an assessee has to file his own estimate and pay the tax accordingly in advance. since the income under section 115j is treated to be an income, therefore, all the provisions of the income-tax act are applicable.9. we have considered over the matter. section 115j as inserted by the budget speech of the finance minister ..... ) signifies the amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115j of the income-tax act, 1961. ' 4. in view of the judgment of the apex court we are of the view that, for the purpose of section 115j of the .....

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Sep 02 1999 (HC)

K.V. Kuppa Raju and ors. Vs. Government of India and ors.

Court : Karnataka

Decided on : Sep-02-1999

Reported in : ILR1999KAR4445; [2000]242ITR522(KAR); [2000]242ITR522(Karn)

..... . extracts of these provisions are given in an 'annexure' to this report. after reviewing all the laws concerned, the group has taken the view that section 33 of the singapore income tax act with a few changes will be best suited to our conditions. it may be noted that an expert group was set up in singapore some time in 1988 to review ..... on the memorandum accompanying the finance bill which reads as under (see [1992] 194 itr 170) : 'measures against tax avoidance clubbing of minors' income. section 64 of the income-tax act provides that in computing the total income of any individual, there shall be included all such income as arises directly or indirectly to a minor child of such individual from,-- (i) the admission of the minor ..... relevant previous year. the bill also seeks to insert a new clause (32) in section 10 of the income-tax act so as to provide that in case the income of an individual includes income of his minor child in terms of section 64 of the act, such individual shall be entitled to exemption of one thousand five hundred rupees in respect of each minor child ..... existing provisions of section 64 with regard to clubbing of minors' income have also led to litigation between income-tax department and the assessee. the bill, therefore, seeks to amend section 64 of the income-tax act to provide that all income of a minor is to be included in the income of his parent. however, the income derived by the minor from manual work or from any activity .....

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Sep 29 1999 (HC)

Widia (India) Ltd. and ors. Vs. Commissioner of Income-tax

Court : Karnataka

Decided on : Sep-29-1999

Reported in : (1999)151CTR(Kar)142; [2000]242ITR678(KAR); [2000]242ITR678(Karn)

..... amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115j of the income-tax act, 1961.'22. in this case, the budget speech of the finance minister (see : [1987]165itr14(sc) ), to the following effect was also taken ..... formula prescribed in this clause would make sense and it would be consistent with the object sought to be achieved by enacting section 115j of the income-tax act, 1961. if 'loss' were to be taken as pre-depreciation loss then the resultant computation will not be in conformity with the tenor of ..... which would have been allowed on such assets in the regular method of assessment in accordance with the provisions of sections 28 to 43 of the income-tax act, 1961, without applying the provisions of section 115j(1), and the resultant amounts of written down value will only have to be carried forward ..... which would have been allowed on such assets in the regular method of assessment in accordance with the provisions of sections 28 to 43 of the income-tax act, 1961, without applying the provisions of section 115j(1), and the resultant amounts of written down value will only have to be carried forward ..... which would have been allowed on such assets in the regular method of assessment in accordance with the provisions of sections 28 to 43 of the income-tax act, 1961, without applying the provisions of section 115j(1), and the resultant amounts of written down value will only have to be carried forward .....

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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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Apr 15 1999 (HC)

Shyam Sundar Jalan Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Apr-15-1999

Reported in : [2002]254ITR596(All)

..... as the voluntarily disclosed income) at the rate or rates specified in the schedule. (2) nothing contained in sub ..... return under the indian income-tax act, 1922 (11 of 1922), or the income-tax act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the indian income-tax act, 1922 (11 of 1922), or the income-tax act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to ..... 13 and in the schedule referred to as the declarant) have been seized as a result of any search under section 132 of the income-tax act or under section 37a of the wealth-tax act, the income in respect of the previous year in which such search was made or any earlier previous year. (3) in addition to the amount of ..... in respect of any income chargeable to tax under the indian income-tax act, 1922 (11 of 1922), or the income-tax act for any assessment year- (a) for which he has failed to furnish a return under section 139 of the income-tax act, or (b) which he has failed to disclose in a return of income furnished by him under the income-tax act before the date of .....

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Nov 18 1999 (HC)

Kailash Finance Company Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Nov-18-1999

Reported in : [2001]247ITR591(All)

..... as rebate to the customer for early closure of hire purchase cases concerned ? 3. on the facts and circumstances of the case, was the appellate tribunal not empowered under the income-tax act, 1961, to grant justice by deleting rs. 1,62,227 which was admittedly never received as profit on hire in the present case ?' 2. we have heard sri s. d ..... 1. by this application under section 256(2) of the income-tax act, 1961, the assessee-applicant prays that the income-tax appellate tribunal, allaha-bad, be directed to state a case and to refer the following questions stated to be of law and to arise out of the tribunal's order ..... , for the assessment year 1983-84 for the opinion of this court :'1. is the appellate tribunal legally correct in holding the view that the directions of the commissioner of income-tax (appeals) in his order dated march 25, 1998, were applicable to cases of early closure also in which full finance charges or hire purchase profit neither accrued nor-were received ..... and in the circumstances of the case, the tribunal was right in upholding the addition of rs. 1,62,227 representing short recoveries from the customers for computing the business income of the assessee ? we accordingly direct the appellate tribunal to state a case and refer the aforesaid question for the opinion of the court. .....

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Nov 02 1999 (HC)

Commissioner of Income-tax Vs. J.K. Bankers

Court : Allahabad

Decided on : Nov-02-1999

Reported in : (2001)165CTR(All)513; [2000]245ITR844(All)

..... .k. synthetics ltd. this claim was disallowed by the assessing officer on the ground that the assessee had failed to produce the required certificate under section 196(3) of the income-tax act. the assessee appealed to the appellate assistant commissioner. in appeal proceedings, the requisite certificate was filed and the assessee's appeal was allowed with the following observations :'1. the sole ..... assessment year 1971-72 for the opinion of this court :'1. whether, on the facts and in the circumstances of the case, a second application under section 154 of the income-tax act, 1961, lies when there has been no change in the factual or the legal situation ? 2. whether a successor-appellate assistant commissioner can entertain an application under section 154 for ..... the limit ofdeduction. according to this sub-section, the aggregate amount of deductions under this chapter vi-a of the income-tax act, 1961, shall not, in any case, exceed the gross total income of the assessee. in the instant case as the gross total income is only rs. 52,952 is allowed a deduction of rs. 52,952 which will reduce the gross total ..... ,710 the appellant was entitled to a deduction of rs. 4,03,797 under section 80k being the amount of tax-free dividend received from the j.k. synthetics ltd. but as this deduction was claimed under chapter vi-a of the income-tax act, 1961, the provisions of sections 80a and 80b are very relevant. hence, these are reproduced hereunder : '80a. (1) in .....

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Feb 24 1999 (HC)

Pandit Govind Prasad Mishra Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Feb-24-1999

Reported in : [1999]238ITR338(All); [2000]109TAXMAN160(All)

..... :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law in upholding the imposition of penalty under section 271(1)(c) of the income-tax act, 1961, in respect of both the years under reference ?'2. the facts of this case in a nutshell are that the assessee is an individual and was assessed for the ..... in respect of both the trucks were upheld by the tribunal.3. during the course of assessment proceedings, the income-tax officer initiated proceedings under section 274/271(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the act'), and issued notices to the assessee to show cause as to why penalty should not be imposed on him under section 271(1)(c ..... by learned counsel for the assessee and the revenue. in order to appreciate the submissions of the parties, we set out the provisions of section 271(1)(c) of the income-tax act, 1961, which reads as follows :'271. (1) if the income-tax officer or the appellate assistant commissioner or the commissioner (appeals) in the course of any proceeding's under this ..... , no penalty proceedings could be initiated.7. learned counsel for the applicant has cited a decision reported in cit v. anwar ali : [1970]76itr696(sc) , wherein the supreme court has been pleased to hold that the proceedings under section 28 of the indian income-tax act, 1922, are penal in character. the gist of the offence under section 28(1)(c) is that the .....

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