Court : Guwahati
Decided on : Oct-27-2003
..... fact that the provisions of sub-clause (5) of section 20c of the act were more or less identical with section 234b of the income-tax act, we hold that in the absence of any specific order regarding the interest levied in the impugned order is bad in law and the same ..... held that in the absence of a specific and clear order by the assessing officer for charging interest under section 234b of the income-tax act, 1961, interest cannot be charged. the matter was challenged before the apex court in cit v. ranchi club ltd : 247itr209(sc) and the apex court refused to interfere in the matter.8. in the circumstances and the ..... the said provisions were applicable.5. mr. bhatra, learned counsel for the petitioner, has submitted that the provisions of section 20c of the act are more or less identical with the provisions of section 234b of the income-tax act, 1961, and the requirement of law is that if the assessing officer intends to levy interest he must pass a specific order giving the ..... . agarwal, j. 1. the petitioner before us is an assessee under the assam agricultural income-tax act, 1939 (for short 'the act'). for the assessment year 1987-88, the petitioner submitted his return whereby the competent authority assessed the income and tax thereupon. so far the assessment of the income and the tax are concerned, these are not under challenge in this writ petition. further, the assessing authority .....Tag this Judgment!
Court : Guwahati
Decided on : May-22-2003
..... the respective authorities till the date the return was submitted. the assessee has not claimed any deduction of the amounts of the central sales tax and the state sales tax collected by him under section 43b of the income-tax act, 1961.3. the assessing officer by his order dated october 30, 1991, has directed addition of the amount of rs. 1, 11,68,436 ..... the present case and thus it is clear that neither of the authorities has considered the case whether the tax collected is an income of the assessee being the trading receipt. 4. on the facts found, we are satisfied that section 43b of the income-tax act is not attracted at all when the assessee has not claimed any deduction of the amounts collected by ..... has not claimed any deduction under section 43b. aggrieved by the said order, the revenue filed a second appeal before the income-tax appellate tribunal. the tribunal was of the view that the issue in question was covered by the decision rendered by the high court in the assessee's own case reported ..... not accepted and the amount collected by the assessee shall be treated as a trading receipt. aggrieved by the said order, the assessee filed an appeal before the commissioner of income-tax (appeals), guwahati. the commissioner (appeals) has upheld the contention raised by the assessee and held that the question of disallowing the amount in question does not arise as the assessee .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-22-2003
Reported in : (2003)182CTR(Bom)149; 261ITR70(Bom)
..... s.h. kapadia, j.1. being aggrieved by the decision of the tribunal, the department has come by way of appeal under section 260a of the income-tax act, 1961. the appeal concerns assessment year 1990-91. the following question of law has been referred to us in this appeal at the behest of the department.'whether, on the ..... . consequently, the tribunal allowed the appeal. being aggrieved, the department has come by way of appeal under section 260a of the income-tax act to this court.findings :3. in this case, as indicated by the facts mentioned hereinabove, the commissioner of income-tax (appeals) came to the conclusion that the judgment of the supreme court in dhun kapadia's case : 63itr651(sc) and ..... before and after the issue of the rights should be ascertained. the assessee relied upon this judgment of the bombay high court which was not accepted by the commissioner of income-tax (appeals) on the ground that in the case of k. a. patch : 81itr413(bom) , the shares were valued at market price and not a cost. consequently, the commissioner of ..... income-tax (appeals) dismissed the appeal filed by the assessee. being aggrieved, the assessee preferred appeal to the tribunal, which took the view that in view of the aforestated two decisions, the .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-22-2003
Reported in : (2003)182CTR(Bom)54; 261ITR271(Bom)
..... has come by way of reference to this court.findings :3. rule 9a has been framed by the central board of direct taxes (cbdt) under section 295 of the income-tax act. rule 9a deals with deduction in respect of expenditure on production of movies. it lays down that in computing the profits and ..... has referred the matter under section 256(1) of the income-tax act, 1961, to this court for opinion on the following questions of law :'(i) whether, on the facts and circumstances of the case, the tribunal was right in holding that the income-tax officer was wrong in valuing closing stock in respect of the ..... closing stock at rs. 1.45 lakhs. there is nothing to indicate as to how this amount was arrived at. be that as it may, the income-tax officer applied the table for respective territories referred to above. the territories of andhra pradesh, tamil nadu, kerala and east punjab came under territory 'd', ' ..... rule 9a, which includes the table, then the income-tax officer may suitably write off the cost of production by applying a proper formula, which he deems suitable.4. therefore, a bare reading of the ..... exhibiting the movie is credited in the books of account maintained by the producer. sub-rule (9)(c) provides, inter alia, that where the income-tax officer is of the opinion, having regard to the facts and circumstances of a given case, that it is not practicable to apply the provisions of .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-26-2003
Reported in : 272ITR401(Raj)
..... 1990-91 relevant to the assessment year 1991-92. the assessing officer considered the conveyance allowance as part of the income of the employees, imposed additional tax on the principal officer of the board ; and levied interest under section 201 of the income-tax act, on it. aggrieved by the order passed by the assessing officer, the respondent filed an appeal before the commissioner of ..... , on the facts and in the circumstances of the case, the tribunal was justified in upholding the commissioner of income-tax (appeals) decision that conveyance allowance granted by the assessee to its employees was not a perquisite under section 17(2) of the income-tax act, 1961, and consequently directing the assessing officer to revise the demand created in respect of short payment of tds ..... income-tax (appeals), who accepted the plea of the respondent that conveyance allowance paid to the employees was not a perquisite and, therefore, the respondent was not liable .....Tag this Judgment!
Court : Chennai
Decided on : Dec-23-2003
Reported in : (2006)200CTR(Mad)678; 272ITR525(Mad)
..... for reproduction of film songs for a specific period is royalty and allowable as revenue expenditure and not a capital expenditure, which attracts the provisions of section 35a of the income-tax act.2. the assessee is an individual engaged in the production of audio cassettes with popular film songs. he carries on the business of manufacturing pre-recorded cassettes and selling the ..... of income tax was of the view that the royalty paid for acquiring the copy right should be treated as capital expenditure, since what was obtained ..... of royalty and should, therefore, be allowed as revenue expenditure in computing the assessee's income. his claim was accepted on 29.09.1996 for the assessment year 1985-86. for the assessment year 1984-85 also, the assessment was made under section 143(3) of the income-tax act on 19.3.1987 accepting the deduction of such expenditure. later on, the commissioner ..... the film songs will hardly be for a period of six months. in the assessment made, these payments were treated as having been made for acquiring capital assets. 5. the income tax appellate tribunal went into the question in detail in the appeals filed by the assessee, and directed that the entire royalty paid should be treated as a revenue expenditure and .....Tag this Judgment!
Court : Guwahati
Decided on : May-07-2003
..... in cash. it is a fact that payments amounting to rs. 93,213 had been made in cash. under section 40a(3) of the income-tax act, any payment exceeding an amount of rs. 10,000 has to be made by cheque. the tribunal on appreciation of relevant facts and circumstances reached ..... in the circumstances of the case, the learned tribunal was justified in making the disallowances under the head 'additions' under section 40a(3) of the income-tax act when, on the facts and circumstances of the case, it would be evident and clear that the appellant-firm in view of the unavoidable and ..... company. the findings arrived at by the tribunal in that regard are set aside and we accept the findings recorded by the income-tax appellate tribunal and in consequence thereof, we hold that the assessee/appellant is entitled for a deduction of an amount of rs. 4,70, ..... the assessee are not being paid to the consultancy firm. for these reasons, we do not agree with the findings arrived at by the income-tax appellate tribunal that the assessee had not paid the whole of the consultancy charges as paid by it and paid lesser amount to the consultancy ..... firm. the assessing authority disallowed the consultancy charges whereas the commissioner (appeals) allowed the charges but the tribunal accepting the findings of the commissioner of income-tax (appeals) disallowed the charges of consultancy partly. the finding arrived at by the tribunal is that the payment as consultancy charges purportedly has been .....Tag this Judgment!
Court : Guwahati
Decided on : Feb-05-2003
..... benefit or perquisite obtained from the company. the observations made in the judgment and the decisions turned around the interpretation of section 2(6c)(iii) of the indian income-tax act, 1922, and section 2(24)(iv) of the income-tax act, 1961, and cannot be taken to be an authority that any amount received illegally without the consent of the employer cannot be treated as ..... the assessees under section 2(6c)(iii) of the indian income-tax act, 1922 and section 2(24)(iv) of the income-tax act, 1961. while dealing with this question the court held that for the purpose of section 2(6c)(iii) of the indian income-tax act, 1922 and section 2(24)(iv) of the income-tax act, 1961, it is necessary that before a person could be said to have ..... by the assessee in the assessment year in question being utilised by him in the construction of the house property shall be the 'income' within the meaning of section 2(24) of the income-tax act, 1961, and is liable to be taxed. 8. for the reasons stated above the appeal is allowed and the orders of the appellate authority and the tribunal dated february ..... . a. r. adaikappa chettiar : 91itr90(mad) . 2. aggrieved by the said order of the tribunal, the present appeal is preferred under section 260a of the income-tax act, 1961. the high court posed for itself the following two questions for consideration : '1. whether, on the facts and in the circumstances of the case, the tribunal was justified and .....Tag this Judgment!
Court : Guwahati
Decided on : Dec-22-2003
..... similar situation. the assessee in that case was a radiologist engaged in the business of radio diagnostics. he had claimed deduction of certain amount under section 32a of the income-tax act, 1961. the assessing officer rejected the claim in respect of ultrasound medical diagnostic electrical equipment, air-conditioner and voltage stabilizer on the ground that the assessee did not manufacture ..... the meaning of section 32a of the income-tax act, 1961, and, therefore, not entitled to deduction of investment allowance. besides, for the aforesaid assessment years, the assessing officer also disallowed the sums credited in the assessee's ..... years 1989-90 and 1990-91, the assessee-company claimed investment allowance of rs. 6,30,000 and rs. 6,62,654, respectively, under section 32a of the income-tax act, 1961. the assessing officer after hearing the assessee concluded that the assessee-company is a nursing home and being essentially a private hospital, is not an industrial undertaking within ..... law in not upholding the order of the first appellate authority which had confirmed the assessing officer's order disallowing the claim of investment allowance under section 32a of the income-tax act, 1961, as the nursing home/hospital of the assessee is not an industrial undertaking ?2. whether, on the facts and in the circumstances of the case, is .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-08-2003
Reported in : (2003)180CTR(Bom)256; 260ITR102(Bom); 41SCL430(Bom)
..... this case, we are not concerned with the nature of profits. in this case, we are concerned with ascertainment of true profits under the income-tax act and in order to ascertain such profits, we have to follow true accounting principles and we have to apply those principles in the light of the ..... . 11 to the profit & loss account for five years. therefore, if one reads, section 36(1)(m) with section 43(2) of the income-tax act, it is clear that payment of interest on borrowed capital for business purpose is a borrowing cost. such borrowing costs has been capitalized partly and partly ..... the assessee has treated the upfront payments as deferred revenue expenditure to be written off over the period of debentures. under section 36(1)(m) of the income-tax act, interest on borrowed capital paid by the assessee is allowable as a deduction. in this case, the assessee follows the mercantile system of accounting. therefore, ..... has incurred an expenditure amounting to rs. 2,72,25,000 as and by way of interest deductible under section 36(1)(iii) of the income-tax act. however, in the annual accounts, the said amount is not debited to the profit and loss account. it is interesting to note from the ..... succeeded in the supreme court. it was held by the supreme court that the expression 'profits or gains' in section 10(1) of the income-tax act, 1922 should be understood in its commercial sense and there can be no computation of such profits and gains until the expenditure, which is necessary for .....Tag this Judgment!