Court : Guwahati
Decided on : Aug-09-2006
..... is not known.10. an order of assessment passed by the primary authority if modified in appeal is liable to correction/rectification in the light of the appellate order. the income-tax act and the rules framed thereunder do not contemplate any particular stage at which such correction/rectification is required to be made. in other words what is being sought to be ..... noticed the arguments advanced by learned counsel for the respective parties, this court would like to take note of the details pertaining to the assessment of the petitioner under the income-tax act in respect of the assessment years in question. a consideration of the assessment orders available on record would go to show that in so far as the assessment years 1989 ..... manufacture and sale of tea by following the provisions laid down in the income-tax act. 60 per cent. of such income computed under the provisions of the income-tax act constitutes agricultural income of the assessee to which income the provisions of the assam act will have to be applied to determine the taxable agricultural income and the tax to be levied thereon. dr. saraf, by referring to the averments made ..... this regard the averments made in the affidavit filed on behalf of the state to the effect that no revisions in the assessments of the petitioner under the income-tax act have been made has been placed before the court by sri dubey. sri dubey has further contended that, according to the petitioner, the appeal proceedings against the assessments made .....Tag this Judgment!
Court : Delhi
Decided on : Sep-22-2006
Reported in : (2007)207CTR(Del)333; 289ITR179(Delhi)
..... .1. this is an appeal under section 261a of the income tax act filed by the appellant against the itat, delhi order dated 23.9.2003 in respect of assessment year 1991-92. 2. the undisputed facts are that the assessed/ petitioner filed its income tax return for the assessment year 1990-91. by this return ..... . in the annexure to the lease itself the rate of depreciation is shown to be 100% and this certainly was meant for consumption of the income tax officer as it had nothing to do with the lessee.20. we find no substantial question of law arises. whether or not there was a ..... the lease agreement are contrary to what actually transpired between the parties. it is apparent that the lease agreement was merely meant for consumption of income tax department to claim depreciation. fact is that neither bottles were recalled by the assessed nor lease was renewed and the bottles became the property of ..... and disallowed the claim of depreciation of rs. 30,70,122/ -. 3. aggrieved by the order of the assessing officer, assessed filed appeal before cit (a). cit (a) observed that in order to allow depreciation in respect of soft drink bottles leased by the assessed to m/s coolade beverages pvt. ltd., ..... the assessed cannot be known only by a self serving statement made in return of income or from a self serving lease agreement. it is to be seen whether the lease agreement was a camouflage to evade tax. where the terms and conditions of a document are confusing, the surrounding circumstances and .....Tag this Judgment!
Court : Chennai
Decided on : Feb-07-2006
Reported in : (2006)202CTR(Mad)560; 284ITR93(Mad)
..... could have the case referred to a full bench of the tribunal consisting of three or more members for which there is provision in the income-tax act itself.9. in the light of the aforesaid decision of this court, it is clear that the tribunal completely erred in coming to the ..... also dealing with purchase and sale of government securities. the profit and loss on the sale of government securities had been assessed as business income/loss under the income tax act. the assessee bank has always been treating government securities as stock in trade. it is further brought to our notice that whenever there ..... value of the securities, at the end of each accounting year, the same had been claimed as deduction/offered as income of the relevant year, while computing income taxable under the income tax act. there is no change of method of accounting of the securities since the assessment year 1976-77. it is also ..... whereas for the same period of time the appellant had been valuing the very same investment 'at cost or market value whichever is lower' for income-tax purposes. that practice was accepted by the department and there was no justifiable reason for not accepting the same. from the form of the prescribed ..... light of the reality of the situation; (6) under section 145 of the act, in a case where accounts are correct and complete but the method employed is such that in the opinion of the income-tax officer, the income cannot be properly deduced there from, the computation shall be made in such .....Tag this Judgment!
Court : Chennai
Decided on : Apr-21-2006
Reported in : (2006)205CTR(Mad)415; 285ITR36(Mad)
..... counsel for the petitioner, drew the attention of this court to the provisions contained in section 269(ss), 271(d) and 273(b) of the income tax act and submitted that the order of the first appellate authority is a non speaking order and drew the attention of this court to paragraph 6 of the ..... these aspects, but has simply rejected the petition and fixed an early date for hearing.7. ms.pushya seetharaman, learned senior standing counsel for the income tax department submits that the tribunal has fixed an early date for the hearing of the appeal, since the liability on the petitioner is huge. she submitted ..... in the submissions of the appellant. in the circumstances of the case, i do not find any infirmity in the action of the additional commissioner of income-tax who levied the penalty, as this case is a fit case for levy of penalty. the penalty of rs.11,65,240/- levied u/s ..... to the second respondent. the second respondent upheld the findings of the first respondent and dismissed the appeal. hence the petitioner preferred an appeal before the income tax appellate tribunal and the same is pending for disposal. the first respondent has been sending notices under section 226(3) to various banks where the ..... the prayer in the writ petition is for the issuance of a writ of certiorari to set aside the order dated 31.03.2006 passed by the income tax appellate tribunal, chennai - bench :a.3. the facts of the case are as follows:the petitioner company filed its returns for the assessment year .....Tag this Judgment!
Court : Guwahati
Decided on : Sep-05-2006
..... light of the direction given by the tribunal by its earlier order dated november 27, 2001, and also in accordance with the direction given under section 263 of the income-tax act, 1961, by the commissioner of income-tax, n. e. region, in view of the substantial importance of the issue involved with reference to the exemption granted under section 10(29) of the ..... receipts and interests. all the receipts other than interest and rent are relatable to ancillary activities. the case of the assessee is that the income from ancillary activities are also exempt under section 10(29) of the income-tax act, 1961, else the whole of the expenses including that of the warehousing expenses are eligible for deduction from the taxable receipts, the business ..... is a body corporate constituted under the warehousing corporation act, 1962, and is an authority within the meaning of section 10(29) of the income-tax act, 1961. the appellant-authority derives income from various sources such as storage charges, rent received from various sources, weighment charges, handling charges, supervision charges, fumigation charges ..... income-tax act, 1961 ?3. we have heard mr. v. k. bhatra, learned counsel for the appellants, and also mr. u. bhuyan, learned counsel for the revenue.4. the appellant-corporation .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-07-2006
Reported in : (2006)204CTR(Kar)447; 286ITR403(KAR); 286ITR403(Karn)
..... that, in our opinion, is an erroneous distinction because disbursement is deductible only if it falls within section 10(2)(xv) of the income tax act and no such deduction can be made unless it falls within the test laid down in the cases discussed above and it can be ..... with regard to violation of provisions of law for the purpose of payment of tax under the income tax act.10. the supreme court in the supreme court in maddi venkataraman and co. (p) ltd. v. commissioner of income tax, (1998) 229 itr 535, has chosen to consider the case in the ..... disbursement made for the purpose of earning the profits of such business.the supreme court in haji aziz and abdul shakoor brothers v. commissioner of income tax, bombay city-ii, : 1983ecr1942d(sc) , has considered the principle of business expenditure, confiscation by customs authority and subsequent fine to release goods ..... matter of violation of the provisions of the foreign exchange (regulation) act, and the consideration of ..... act. same was challenged before the commissioner and also before the tribunal unsuccessfully by the department. reference was made to this court. matter was remitted for fresh assessment. after remand, the assessing authority ruled that a sum of rs. 2 lakhs paid as redemption fine is not an expenditure in terms of the income tax .....Tag this Judgment!
Court : Karnataka
Decided on : Jul-21-2006
Reported in : (2006)205CTR(Kar)582; 287ITR263(KAR); 287ITR263(Karn)
..... by the assessee as interest from fixed deposit made by the assessee in four banks who are members in the assessee club amounted to its income and constituted a revenue receipt as per the provision of the income tax act.2. whether, the principal of mutuality can be made applicable to the fund deposited in the four banks who are also members of assessee ..... required in such manner as may from time to time be determined by them. the assessee claimed exemption but the income tax officer rejected the same and held that the profits and gains of business or profession would not be exigible to tax on the principle of mutuality. the gujrat high court after noticing the : 53itr241(sc) , ruled that the assessee's ..... 1. revenue is before us challenging the order of the income tax appellate tribunal dtd 7-1-1999. the order of the commissioner of income tax dtd 30-8-1991 on the following facts.2. the assessee is a club registered under the societies registration act. it has several members. four of its members are vijaya bank, canara bank, state bank of mysore, and state bank ..... of india. the club is running on commercial lines for the assessment year 1989-90. the assessee declared a total income .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jun-09-2006
Reported in : 2006(5)CTC604; 285ITR330(AP)
..... price for it than he originally acquired it at, the enhanced price is not profit in the sense of schedule d of the income-tax act, 1842 assessable to income tax. but it is equally well established that enhanced values obtained from realisation or conversion of securities may be so assessable, where what is ..... the year 1988-89 on march 30,1990, under section 143(3) read with section 143(2)(b) of the income-tax act, 1961 (hereinafter referred to as 'the act'). the commissioner of income-tax (appeals) also found that the assessee, in the first instance, had failed to file its return admitting the gain as ..... cases it is not doubtful that, where they make a gain by a realisation, the gain they make is liable to be assessed for income-tax.15. the contention, which was raised by learned counsel for the assessee in this case was also raised before the supreme court that the ..... long-term capital gain, but subsequently, the assessee revised its stand claiming that the excess income derived by sale of shares constituted ..... done is not merely a realisation or change of investment, but an act done in what is truly the carrying on, or carrying out, .....Tag this Judgment!
Court : Allahabad
Decided on : Feb-23-2006
Reported in : (2006)203CTR(All)470; 283ITR547(All)
..... cases in question were sought to be transferred. it is to be noted that the said judgment of pannalal einjraj , under the indian income-tax act, 1922, i.e., before the commencement of the income-tax act, 1961. after enforcement of the act, 1961, the language of the relevant section 127 stood amended and noted by the court in its subsequent decisions which shall be referred to ..... pradeep kumar is also a director in m/s. trimurti fragrances p. limited, the petitioner in the present case.3. a search and seizure operation under section 132(1), income-tax act (for short 'the act'), was conducted both at kanpur and delhi on july 2, 2003, at the sites belonging to the petitioners of the group of writ petitions, (viz., (1) w. p ..... , new delhi; the relevant portion of which reads :in exercise of the power conferred by sub-section (2) of section 127 of the income-tax act, 1961, and all other powers enabling me in this behalf, i, the commissioner of income-tax-ii, kanpur, hereby transfer the case, particulars of which are mentioned in columns (1) to (4) of the schedule appended below, for coordinated ..... it is held that (page 593) 'proper and co-ordinated investigation is a good ground for transfer under section 127 of the income-tax act, 1961.'18. in view of it, the order of transfer consolidating the cases cannot be said to be unreasonable or arbitrary. in the case of bhatia minerals this court categorically .....Tag this Judgment!
Court : Jharkhand
Decided on : Apr-20-2006
Reported in : [2006(3)JCR63(Jhr)]
..... income tax appellate tribunal, patna bench, patna; circuit bench at ranchi in i.t.a.no. 315(pat)/91, relating to the assessment year 1986-87.though ..... revenue building, ranchi, against the assessee m/s metallurgical engineering consultants (india) ltd., ranchi, under section 260a of the income-tax act, 1961 against the order dated 27th may, 2002, passed by the income tax appellate tribunal, patna bench, patna; circuit bench at ranchi in i.t.a.no. 314(pat)/91, relating to the assessment year 1985-86.it appears that a ..... the appeal listed under the heading 'for admission'.2. the other tax appeal no. 12 of 2003 has been preferred by the revenue-commissioner of income-tax, central revenue building, ranchi, against the same assessee i.e. m/s metallurgical engineering consultants (india) ltd., ranchi under section 260a of the income-tax act, 1961 against the order dated 27th may, 2002, passed by the ..... having noticed the aforesaid observations of the supreme court, rendered in the case of mahanagar telephone nigam ltd. (supra), we are of the view that the revenue-commissioner of income-tax, ranchi (appellant in both the appeals) should first move before the high power committee to get the dispute resolved between the two organizations; one central government and the other .....Tag this Judgment!