Court : Supreme Court of India
Decided on : Sep-01-2005
Reported in : AIR2005SC4000; (2005)197CTR(SC)590; 2005(192)ELT3(SC); 277ITR435(SC); JT2005(8)SC50; (2005)7SCC294; 2005(2)LC1425(SC)
..... learned asg appearing on behalf of the department would submit that the scheme was a self-contained code; that it stood on its own force different from the income tax act/wealth tax act; that the intention of the scheme as reflected in the speech of former finance minister indicated that the purpose of the scheme was to bring to an end ..... , the assessee herein filed appeals and revisions as mentioned in the statement given herein below: statement of appeals and revision petition vis--vis declarationsin respect of kvss under income tax act.___________________________________________________________________________________________assessment appeals/ date of date of date of order status on date of status on year revision filing filing on kvss kvss applicat the appli- petition of appeal/ ..... assessments had become final in the year 1992-93 (when the assessee's appeals were dismissed for failure to pre-deposit self-assessed tax) and that the respondent herein had filed revisions under the income tax act and wealth tax act in november/december, 1998 only to obtain the benefit of kar vivad samadhan scheme, 1998, which came into force w.e.f ..... as follows:in respect of assessment years 1984-85 to 1991-92, the assessee was liable to pay tax under assessment orders passed vide section 143(3) of the income tax act, 1961 and also under the assessment orders passed under the wealth tax act, 1957.being aggrieved by the assessment orders, the assessee herein, preferred appeals to the commissioner (a) .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Jan-03-2005
Reported in : (2005)198CTR(MP)680; 275ITR260(MP)
..... a.m. sapre, j.1. this is an appeal filed by the revenue (commissioner of income-tax) under section 260a of the income-tax act, 1961 against an order dated december 11, 2000, passed by the income-tax appellate tribunal in i. t. a. no. 81/ind of 2000. this appeal was admitted for final hearing ..... when such a point was not raised either before the assessing officer or the commissioner of income-tax ? 2. whether, on the facts and in the circumstances of ..... appellate tribunal was justified in entertaining the challenge to the assuming of the jurisdiction by the assessing officer in view of the provisions of section 143 of the income-tax act, 1961, on the ground of validity of service of notice ..... on the following substantial questions of law :'1. whether, on the facts and in the circumstances of the case, the income-tax ..... invalidity or illegality or irregularity of the impugned notice dated november 24, 1997, either before the assessing officer or even before the commissioner of income-tax (appeals) the same could not have been held in favour of the assessee. secondly, and on the other hand, the assessee having submitted .....Tag this Judgment!
Court : Delhi
Decided on : May-12-2005
Reported in : (2005)197CTR(Del)187; 122(2005)DLT72; 2005(83)DRJ193; 282ITR423(Delhi)
..... by the income-tax appellate tribunal answering the issue in favor of the assessed and against the revenue ..... rise to the present appeal by the revenue under section 260a of the income-tax act. the contention raised on behalf of the appellant is that the income-tax appellate tribunal erred in law in allowing setting off brought forward business losses with dividend income. the said income was not income from business, but was income from other sources and in any case no set off would be permissible ..... issue :-'on the facts and circumstances of the case, the learned cit (a) was not justified in directing the a.o. to set off the unabsorbed b/f losses against dividend income which is chargeable to tax u/s 56(2)(i) of the income tax act, 1961 as income from other sources and not income from business or profession.'2. the appeal of the revenue was dismissed ..... .3. the necessary facts are that assessed filed return of income declaring `nil income' on 26th november, 1996. the case .....Tag this Judgment!
Court : Rajasthan
Decided on : Apr-13-2005
Reported in : (2006)206CTR(Raj)626; 286ITR477(Raj)
..... 80,000 made by the assessing authority on account of unexplained share capital/share application money which was confirmed by the commissioner of income-tax (appeals) under section 68 of the income-tax act, 1961.3. rs. 70,000 were added by the assessing officer as unexplained share capital shown to be invested by seven ..... ltd.'s case : 192itr287(delhi) as to the ambit and scope of the enquiry in cases like this under section 68 of the income-tax act. it has said that:it is evident that even if it be assumed that the subscribers to the increased share capital were not genuine, nevertheless, ..... by the investors had not been explained by the assessee and, therefore, the same has been held to be income of the company from undisclosed sources under section 68 of the income-tax act, 1961.4. similarly, the assessing officer has added rs. 5,10,000 received by the assessee as share application ..... of the income-tax act, 1961, is against the order dated may 20, 2004, passed by the income-tax appellate tribunal, jodhpur bench, jodhpur. the respondent-assessee is a company and the issue relates to the assessment year 1997-98. the assessee-company has filed return of income declaring rs. 3,700 as income for the ..... shares on the receipt of share application money then the amount so received would be credited in the books of account of the company. the income-tax officer would be entitled to enquire, and it would indeed be his duty to do so, whether the alleged shareholders do in fact exist .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-08-2005
Reported in : 2005(5)BomCR811; (2006)200CTR(Bom)551; 282ITR418(Bom)
britto n.a., j.1. these appeals are filed under section 260-a of the income tax act, 1961 (the act, for short) and were admitted on a substantial question of law, common in both, which reads as follows :'whether on the facts and in the circumstances of the case, the ..... , for short) has chosen not to contest these appeals. both these appeals arise from the orders passed by the assessing officer (joint commissioner of income tax) dated 17-12-1998 under section 221(1) of the act. the tax appeal no. 39 of 2002 pertains to penalty levied by the said assessing officer in the sum of rs, 2,50,000/- for the assessment ..... our view, it does not lie in the mouth of the commissioner of income tax (appellant herein) to say that his own chief commissioner of income tax had no authority to extend the time for the payment of the said tax. in our view, the very act of the chief commissioner of income tax in granting time to the assessee till 31-3-1998 showed that there was ..... a reasonable cause on the part of the assessee for the non-payment of the taxes in time. in other words, the chief commissioner of income tax was satisfied that there were good .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-07-2005
Reported in : (2006)203CTR(Bom)434; 283ITR283(Bom)
..... v.c. daga, j.1. this is a reference to this court for opinion under section 256(1) of the income-tax act, 1961 ('the act' for short), at the instance of the revenue arising out of the order of the tribunal dated august 10, 1988 in relation to the assessment ..... having examined the statutory provisions and the cases cited at the bar, one thing is clear that section 217(1)(a) of the act requires that where, on making the regular assessment, the income-tax officer finds that an assessee referred to in clause (a) of sub-section (1) of section 209a has not sent the statement ..... consideration section 209(1)(a)(i) read with section 209(1)(d)(i) of the act. the said provision stipulates that a person is liable to pay advance tax which is computed by adopting as the first base his total income of the latest previous year in respect of which he has been assessed by way of ..... the case of every person whose current income is likely to exceed the amount specified in section 208(2) of the act, he shall file a statement of advance tax payable by him computed in the manner laid down in section 209(1 ..... referred to in the said clause, simple interest at the prescribed rate for the specified period becomes payable by the assessee. section 209a(1)(a) of the act requires that in .....Tag this Judgment!
Court : Allahabad
Decided on : May-09-2005
Reported in : (2006)200CTR(All)481; 278ITR599(All)
..... , that will not militate against the partition deed if they so desired. as partition is not a transfer, the provisions of section 9(2)(iv) of the tamil nadu agricultural income-tax act, 1955, would not apply. in the circumstances, the orders of reassessment of the original orders of composition on the ground that the partition under which the lands were partitioned was ..... . in the case of inventor industrial corporation ltd. (supra), the bombay high court has held as follows:-'the provisions of section 147(a) of the income-tax act, 1961, can be invoked only in a case where the income-tax officer had reason to believe that, by reason of the omission or failure on the part of the assessee to make a return under section ..... without jurisdiction.'26. in the case of kurban hussain ibrahimji mithiborwala (supra), the apex court has held that it is well settled that the income-tax officer's jurisdiction to reopen an assessment under section 34 of the income-tax act, 1922, depends upon the issuance of a valid notice. if the notice issued by him is invalid for any reason the entire proceedings taken ..... tribunal, allahabad, hereinafter referred to as 'the tribunal', has referred the following question of law under section 256(1) of the income tax act, 1961, hereinafter referred to as 'the act' for opinion to this court:'whether on the facts and in the circumstances of the case, the tribunal was justified in holding that proceedings under section 148 were validly initiated .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Jan-07-2005
Reported in : 276ITR347(P& H)
..... for the assessment years 1979-80, 1985-86 and 1986-87, the assessing officer completed the assessment under section 143(1) of the income-tax act, 1961 (for short, 'the act'). later on, he received information that puran singh had large deposits in banks which had not been properly explained. he then initiated ..... correct in holding that non-service of notice under section 143(2) of the income-tax act, 1961, to nine out of the ten legal representatives of the deceased s did not invalidate the assessment orders of the income-tax officer relating to the assessment years 1965-66, 1966-67 and 1967-68 and ..... deceased respondent ?'2. puran singh (predecessor of non-petitioners) was an income-tax/ wealth-tax/gift-tax, assessee. he had 232 acres of land in village dhumsi, district kurukshetra. he transferred a major portion of his land to his six ..... the course of the assessment proceedings about the legal heirs. it was further stated that fresh evidence had been admitted by the commissioner of income-tax (appeals) without confronting the assessing officer and the last argument was to the effect that it could not be a case of one or ..... :'whether, on the facts and in the circumstances of the case, the tribunal was justified in law upholding the decision of the commissioner of income-tax (appeals) who had declared the reassessment proceedings as invalid on the ground that these had not been initiated against all the legal heirs of the .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Feb-07-2005
Reported in : (2006)200CTR(P& H)219; 277ITR150(P& H)
..... amount of cash credit in the revised return of income when it failed to prove the genuineness of the creditors, particularly in view of the judgment of the hon'ble punjab and ..... this appeal filed under section 260a of the income-tax act, 1961 (for short, 'the act'), the appellant has prayed for determination of the following question of law :'whether, on the facts and circumstances of the case, the hon'ble tribunal was right in law in cancelling the penalty levied under section 271(1)(c) of the income-tax act particularly when the assessee had surrendered the ..... undisclosed sources. he also initiated penalty proceedings under sections 271(1)(a), 271(1)(c) and 273(1)(b) of the act. the commissioner of income-tax (appeals), rohtak (for short, 'the cit(a)'), vide his order dated february 3, 1992, partly accepted the appeal and directed the assessing officer to verify the statement of peak deposits furnished by the appellant with a ..... , and imposed penalty of rs. 1,38,310 under section 271(1)(c) of the act by holding that the assessee had introduced its own money in the names of bogus persons as creditors and later on surrendered the same in the revised return. the commissioner of income-tax (appeals) dismissed the assessee's appeal and upheld the penalty order. however, in the .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-31-2005
Reported in : AIR2005SC796; 2005(5)ALLMR(SC)545; 273ITR1(SC); JT2005(2)SC226; (2005)2SCC584
..... , j.1. the primary question involved in this appeal is whether the amount received by the respondent-assessee on surrender of tenancy rights is liable to capital gains tax under section 45 of the income tax act, 1961. the assessment year in question is 1987-88. the lease agreement was entered in 1959 for 50 years under which an annual rent was paid by ..... incapable of being ascertained. it was therefore held that since the capital gains could not be computed as envisaged in section 48 of the income tax act, therefore capital gains earned by the assessee if any was not exigible to tax.4. the department preferred an appeal before the high court. the high court dismissed the appeal. being aggrieved by the decision of the ..... . this court, as early as in 1957 had, in united commercial bank ltd. v. commissioner of income tax ltd., west bengal : 32itr688(sc) , held that the heads of income provided for in the sections of the income tax act, 1922 are mutually exclusive and where any item of income fails specifically under one head, it has to be charged under that head and no other. in ..... . chugandas and co. : 55itr17(sc) 14. section 14 of the income tax act 1961 as it stood at the relevant time similarly provided that 'all income shall for the purposes of charge of income tax and computation of total income be classified under six heads of income,' namely;(a) salaries;(b) interest on securities;(c) income from house property;(d) profits and gains and business or profession;(e .....Tag this Judgment!