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Judgment Search Results Home > Cases Phrase: income tax act Year: 2004 Page 100 of about 7,074 results (0.099 seconds)

Jul 30 2004 (TRI)

T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Jul-30-2004

Reported in : (2004)91ITD573(Hyd.)

..... way infringe on the area of taxation which is covered by the income-tax act, 1961, which is also an act of parliament operating in its particular field. thus, there is no inconsistency or anomaly between the income-tax act and the rbi act, because these acts operate in different fields. for the proposition that income-tax act and rbi act have different fields of operation, the learned dr placed reliance on the ..... to the decision of hon'ble supreme court in the case of british paints, 188 itr 44.14. the learned dr further submitted that the fields of operation of income-tax act, rbi act and other acts of legislature are different. in this connection, he invited reference to the decision of special of the itat, hyderabad, in the case of nagarjuna investment trust ltd., 65 ..... in that case, the tribunal considered a question as to whether losses on account of revaluation of securities held by the bank should be allowed in computing the total income under the income-tax act. in paragraph 7 at page 77 of the report, the tribunal noted that the shares and securities held by the assessee bank were all along held as investments and ..... time being in force or any instrument having effect by virtue of any such law." as such, the provisions of section 45ja contained in chapter iiib of the rbi act override the income-tax act, 1961, as well as the agreements entered into between the assessee company and its hirer/lessees/loanees.in peerless general finance & investment co. ltd. and anr. v. reserve .....

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Jul 30 2004 (TRI)

Distinctive Properties and Leasing Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-30-2004

Reported in : (2005)1SOT460(Delhi)

..... was received as an advance of booking of flat, which was shown by the assessee as a trade liability. once the trade liability is ceased to exist, it becomes an income of the assessee under the provisions of section 41(1) of the income tax act. i, therefore, do not find any merit in the assessees appeal. accordingly, 1 dismiss the same. ..... this appeal by the assessee is directed against the order of the cit (a) on the following grounds : "1. the addition under section 41(1) of the income tax act sustained by cit (a) was wrong on fact and bad in law with regard to amount of accrued liability not paid.2. the cit (a) has erred to sustain the addition of rs. 1,00,450 received ..... by his legal heirs has not been ruled out. as such, it cannot be held that this liability has been ceased and it becomes income of the assessee under provisions of section 41(1) of the act. the cit (a) re-examined the issue in the light of the relevant provisions of law and arrived at a conclusion that this amount was never ..... ruled out, the trade liability has been ceased to exist and accordingly after invoking the provisions of section 41 (1) of the act, this amount was treated as income of the assessee.the assessee preferred an appeal before the cit (a) with the submission that this amount was shown as outstanding in the name of the shri sudershan kapoor and the possibility of .....

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Aug 04 2004 (TRI)

Anand Kumar Agarwal (Huf) Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Agra

Decided on : Aug-04-2004

Reported in : (2005)93TTJAgra949

..... m/s. new alankar jewellers, chatarpur.shri ajay kumar agarwal s/o late shri chhotelal, p/o m/s new alankar jewellers, chatarpur thereafter, the dy. cit, jabalpur, issued notice under section 158bc of the income tax act on 5-6-2000, and since the notices in all the three cases are in the same language and for the sake of convenience, the notice ..... return of income in the prescribed form no. 2 verified in the same manner as return under clause (i) of sub-section (1) of section 142, setting forth ..... agarwal reads as under "in exercise of the powers conferred by sub-section (1) and sub-section (3) of section 127 of the income tax act, 1961 (43 of 1961) and all the other powers enabling him in this behalf, the cit, jabalpur, hereby directs that the cases, particulars of which are mentioned in col. 2 of the schedule below, shall stand transferred from ..... in the case of vijay kumar agarwal is reproduced as under: as per the provisions of section 158bc of the income tax act, 1961, you are required to file a .....

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Aug 04 2004 (TRI)

Harish Krishnakant Bhatt Vs. the Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Aug-04-2004

Reported in : (2004)91ITD311(Ahd.)

..... upheld by the supreme court in the case of purshottamdas thakurdas 18 itr 206(sc). it says that when a company pays tax, it does so in discharge of its own liability and not behalf of, or as agent for, its shareholders.21. the indian income tax act, 1922 however made a departure to general legal position and provided if a company pays a ..... tax, proportionate amount was to be increased to dividend receipt for inclusion in total income of the shareholder and grossed up amount was to be deemed to the ..... when the assets of the company are distributed on liquidation. being a distinct separate taxable entity a company is an assessee by itself under section 2(31) of the act, and is chargeable to income tax. as long back as in 1921 the privy council in irg v. blott the house of lords (1921) 2 ac 171 held that "plainly a company paying ..... shall be charged for that year in accordance with and subject to the provisions (including provisions for the levy of additional income tax) of this act in respect of the total income of the previous year of every person. thus income tax as well as levy of additional income tax is a tax in respect of total income and it is levied on a person. it is thus a personal .....

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Aug 06 2004 (TRI)

Acit (inv.) Vs. P.N. Writer and Co.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-06-2004

Reported in : (2005)94ITD446(Mum.)

..... as 'professional service'.17. we shall now take up the term technical service'. the term technical service' has not been defined in the income-tax act, 1961.deduction as available under section 80-o in respect of technical services' was originally available under section 85-c till 31.3.1968. ..... the term "professional service". the word 'service' is prefixed by 'professional'. as stated above, the term "professional service" has not been defined under the income-tax act, 1961. if we turn to page 1532 of p. ramanatha aiyer's law lexicon (supra), the term "professional service" has been defined as follows: " ..... has laid down the following, amongst others, propositions: (i) as expressed in the speech of the finance minister white introducing section 85c in the income-tax act, 1961, the principal objective of section 80-o is to supply technical know-how or render technical services to developing countries and not the mere ..... treated to have been rendered by the assessee, 10. the term 'professional service' as used in section 80-o is not defined by the income-tax act, 1961 though the term 'profession' has been defined in sub-section (36) of section 2 as including vocation.the definition is inclusive in nature ..... ,46,937/- for the alleged services claimed to have been rendered outside india on which it claimed deduction under section 80-o of the income-tax act, 1961. the assessing officer examined the claim of the assessee for deduction under section 80-o but rejected the same by a detailed order .....

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Aug 06 2004 (TRI)

Dy Cit Vs. R.R.B. Co. Tants and Engineer (P)

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-06-2004

Reported in : (2005)96TTJ(Delhi)806

..... -97. the grounds of appeal of the revenue read as follows : "1. on the facts and in the circumstances of the case, the learned cit(a) erred in allowing deduction under section 80-ia of the income tax act, 1961, though the assessee-company had no profits from the business of wind power generation.2. on the facts and in the circumstances of the ..... by the assesses and as determined by the assessing officer.: depreciation on assets not used in power generation plant as per income tax act there is loss in respect of industrial undertaking producing electricity. therefore, no deduction under section 80-ia is possible.: income from power generation rs. 22,92,245 exempt under section 80-ia (subject to be adjustability of balance against this ..... case, the learned cit(a) erred in accepting the assessee's view that the assessee-company's business of consultancy, sale and marketing was inextricably linked ..... (sc) (iv) punjab state co-operative supply & marketing federation ltd. v.cit (1981) 128 itr 189 (pm).we have considered the rival submissions. to appreciate the rival contentions we have to necessarily make a reference to the relevant provisions of section 80-ia of the act."(1) where the gross total income of an assessee includes any profits and gains derived from any .....

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Aug 06 2004 (TRI)

Dy. Cit Vs. R.R.B. Consultants and Engineer (P)

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-06-2004

Reported in : (2005)1SOT13(Delhi)

..... of the revenue read as follows : "1. on the facts and in the circumstances of the case, the learned cit (a) erred in allowing deduction under section 80-ia of the income tax act, 1961 though the assessee company had no profits from the business of wind power generation.2. on the facts and ..... in the circumstances of the case, the learned cit (a) erred in accepting the assessee's view that the assessee ..... submissions. to appreciate the rival contentions we have to necessarily make a reference to the relevant provisions of section 80-ia of the act."(1) where the gross total income of an assessee includes any profits and gains derived from any business of an industrial undertaking or an enterprise referred to in sub-section ..... chargeable income cannot alone be allowed. these decisions are not applicable in the context of section 80-ia of the act especially in view of the specific provisions, of section 80ia(5) of the act. we also derive support for our conclusions from the decision in the case of indian rayan corpn. ltd. v. cit ..... (2003) 261 itr 98 (bom) wherein the honble bombay high court has held that deduction under chapter vi-a has to be allowed only on the gross total income and therefore .....

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Aug 09 2004 (TRI)

Asstt. Cit Vs. Smt. Uma Badhia

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Aug-09-2004

Reported in : (2004)1SOT159(Kol.)

..... of a residential house are exempt from income tax if the assessee, within a period of one year before or after the date of transfer purchases ..... has been claimed as exempted tinder section 54 of the act inasmuch as the amount of rs. 40.00 lakhs has been utilised towards the purchase of residential house property vide agreement dated 30-8-1999. on perusal of section 54 of the income tax act, it is seen that section 54 of the act provides that the long term capital gains arising from transfer ..... amount of capital gain till the date of its utilisation for the purchase or construction of the new asset before the date of furnishing of return of income under section 139(1) of the act. therefore, the assessing officers observation that the amount was not reflected in the balance sheet ending on 31-3-1999 is not at all material for deciding ..... capital gain has been utilized for the purchase or construction of the new asset before the date of furnishing the return of income under section 139(1), the assessee is entitled to get exemption under section 54(1) of the act. be it stated here that the possession of the new residential house purchased by the assessee was given to the assessee .....

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Aug 12 2004 (TRI)

Dy. Cit Vs. Aatur Holding (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Aug-12-2004

Reported in : (2004)1SOT101(Mum.)

..... ) was undoubtedly to bring within the ambit of section 271(1)(c) even a new assessee, who had previously not been assessed under the income tax act and who had not filed his return of income as required under the act and that such specific provisions cannot be interpreted in a manner so as to mean that penalty under section 271(1)(c) would not ..... be applicable in the case of an old assessee who had not filed his return of income and whose income was computed as per the provisions of section 144 of the income tax act, 1961.(ix) failing to appreciate that the legislature had no intention of put ling an old assessee in an advantageous position vis-a ..... both the assessment years and, therefore, the penalty is leviable. the learned standing counsel invited our attention to the provisions of section 144 of the income tax act. he pointed out that under section 144, the assessing officer is authorized to frame the best judgment assessment, after taking into account all relevant material gathered by the assessing officer ..... furnish any return at all, what he has done is to conceal the particulars of income or to deliberately furnish inaccurate particulars of such income within the meaning of section 38(1)(c) of the cochin income tax act, 1117. the provisions of section 38(1)(c) of the cochin income tax act are similar to the provisions of section 271(1)(c). in the case of s .....

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Aug 16 2004 (TRI)

Asstt. Cit, Investigation Circle Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)278ITR41(Chennai)

..... to the learned departmental representative is not correct. the learned d.r.invited our attention to section 158bc and submitted that the provisions of income tax act, which is applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 158bc. therefore. the ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(3) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a does not apply in respect of return filed under section 158bc for the block period, the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221 (1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221 (1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section- 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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