Court : Patna
Decided on : Jan-23-2009
..... of notice nobody has appeared on behalf of the assessee.2. on an application under section 256(2) of the income tax act (the act) as it existed prior to the national tax tribunal act, 2005, this court formulated the question of law and directed the income tax tribunal, patna bench, patna to state the case to this court for its opinion. accordingly the tribunal stated the case ..... of law already noticed above.10. on going through the statement of the case and other relevant materials this court finds that the income tax appellate tribunal set aside the order of the commissioner under section 263 of the act on appreciation of a pure question of fact that the assessing officer had undertaken and held reasonable enquiry by calling for explanations from ..... of provisions of section 263 of the act noticed that royalty amount in the hands of the assessee was on account of gift ..... assessee in the year 1984 the assessee received a royalty income of rs. 1,34,143/- and claimed expenses of rs. 1,05,717/-. the assessing officer allowed the expenses to the extent of 50% of the royalty income and completed the assessment under section 143(3) of the act.4. the commissioner income tax (cit), patna in course of examination of assessments in the light .....Tag this Judgment!
Court : Delhi
Decided on : Sep-11-2009
Reported in : (2010)229CTR(Del)172; 187TAXMAN25(Delhi)
..... is dismissed.7. learned counsel for the revenue submits that when the expenses were huge, such expenses need to have been amortized under the provisions of section 35d of the income-tax act, 1961. however, this is clearly a misconceived and erroneous argument inasmuch as it predicates on the premise that the expenditure in question is incurred before the commencement of the ..... to the assessing officer, it should have been, at best, be capitalized as pre-operative expenses.4. the commissioner of income-tax (appeal) ['cit(a)'], however, reversed the finding of the assessing officer and which finding has been confirmed by the income-tax appellate tribvinal (itat) in further appeal preferred by the revenue. the itat has reproduced the relevant portion of the discussion contained ..... in the order of the cit(a), which would indicate that the assessee is in the business of development of software for various ..... have arisen. however it is well settled that for the purpose of allowance of any expenses under section 37(1) of the act as expenses it is not necessary that assessee should have earned income out of such activity. whatever has required to be seen is that whether the expenses are incurred for the purpose of business or not and .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-13-2009
Reported in : 2009(111)BomLR928; 2009BusLR239(Bom); (2009)221CTR(Bom)660; 177TAXMAN229(Bom)
..... paid by the assessee to a bank in respect of parking credit loan was not entitled to a weighted deduction under section 35b(b)(viiui) of the income tax act,1961.6. the counsel for the revenue also drew our attention to judgments of different high courts which have also taken the same view as the ..... a bank on 'packing credit loan' was not necessarily entitled to a weighted deduction under section 35b(1)(b)(viii) and (ix) of the income tax act, 1961. a perusal of the judgment indicates that the andhra pradesh high court dealt within an earlier decision of the madhya pradesh high court in the case ..... e.f. 24.7.1980 would apply for the assessment year 1980-81. holding in the negative, this court observed as follows.the income tax act,1961, as it stands amended on the 1t day of april of any financial year, applies to the assessment of that year. any amendment in the ..... the i.t.a.t. for the opinion of this court under section 256(1) of the income tax act, 1961.1. whether on the facts and in the circumstances of the case and in law, the income tax appellate tribunal was justified in holding that following items were not eligible for weighted deduction under section 35b ..... of the income tax act,1961?a) insurance- rs. 8,82,300/-b) freight- rs. 91,67,940/-c) export inspection agency charges .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-14-2009
Reported in : (2009)221CTR(Bom)86; 313ITR187(Bom)
..... the indian income tax act, 1922 in the case of commissioner of income tax, bombay city-i v. daimler benz a.g. reported in : 108itr961(bom) . one of the issues considered was the ..... submission on behalf of the revenue is that, on failure of the payer to deduct the advance tax, it is the liability of the assessee to pay the advance tax even on the amount which had not been deducted under section 195 of the income tax act.4. our attention also has been invited to the observations of the full bench of this court under ..... consequence of failure to pay advance tax by the assessee. the full bench held that the assessee was of the ..... the view considering the discussion that the assessee would not be liable to pay the interest on the advance tax not so deducted.5. under the provisions of the present act, the issue had come for consideration in the case of commissioner of income tax and anr. v. sedco forex international drilling co. ltd. reported in . one of the questions was, as to whether .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-13-2009
Reported in : 2009(4)BomCR823; 2009(111)BomLR1366; 2009BusLR315(Bom); 178TAXMAN247(Bom)
..... has credited an amount of rs. 47,06,000/- into general reserve account on account of time-barred unclaimed debentures. the case was reopened under section 148 of the income tax act and a notice to that effect was also served on the assessee on 31.1.2003. the ao came to the conclusion that the amount, in question, should be treated ..... money.4. the assessee is a company manufacturing food products. the assessee filed their returns in connection with the assessment year 1999-2000 declaring nil income. the case was processed under section 143(3) of the income tax act, 1961 and refund order of rs. 4,06,415/- was issued to the assessee. ultimately, on verification of details, the ao found that the assessee ..... appellant challenged the said order byway of an appeal before the commissioner of income tax (appeals), (cit(a)) panaji, goa. cit(a) allowed the said appeal. the cit(a) found that the amount of unclaimed matured debentures cannot be treated as an income of the assessee in view of section 205c of the companies act and as per the said provision, the said matured debentures shall not ..... ceased and as per section 205c of the companies act, 1956, the assessee was required to transfer the funds to the account of the investor education and protection fund. in order to substantiate his arguments, shri usgaonkar has relied upon a decision of the honourable supreme court in the case of commissioner of income-tax v. sugauli sugarworks (p.) ltd. reported : 236itr518 .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-17-2009
Reported in : 2009(111)BomLR1790
..... of the dispute till the disposal of the appeal admitted by this court.2. the provisions of appeal are governed by section 260a of the income tax act. that provides for application of the provisions of the code of civil procedure relating to appeals to the high court under order 41 of the ..... attention by senior counsel for the assessee that a rectification application dated 23rd july, 2007 has already been filed before the concerned asstt. commissioner of income tax and that is pending. noting that, the court directed that the rectification application be heard and also observed as under.needless to say that the ..... said amount once again. in terms of the chart handed over to us, it is submitted that minicon had paid rs. 36,78,428/- as tax assessed from income from the said property.7. minicon is being assessed separately. an undertaking has been filed by v.s. sharma, general manager of minicon insulated ..... assessee to minicon. minicon after incurring expenditure has given the premises for use to others. it is submitted that the income received by minicon has already been assessed to tax and the tax has been paid by them. if this be the case, it is submitted that the appellants to that extent, should ..... by minicon in respect of the premises which the assessee had let out to minicon. minicon has already paid the tax on the amount which they have received and which income was sought to be assessed in the hands of the assessee herein. considering the undertaking filed by the minicon and the .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-07-2009
Reported in : 2009(111)BomLR3617; (2009)225CTR(Bom)140; 317ITR66(Bom); 184TAXMAN400(Bom)
..... be disposed of on or before 31st march, 2008 it would abate and consequently all the information is available to the a.o. and other authorities under the income tax act. in the instant petition we are not concerned with the issue of an application made to the settlement officer after 1st june, 2007.9. the petitioner along with its group ..... of section 245ha(1)(iv) and section 245ha(3) of the income tax act as inserted by finance act, 2007 (hereinafter referred to as f.a. 2007) with effect from 1st june, 2007 as being ultra vires and violative of article 14 of the constitution of india ..... any other law for the time being in force. in the event the application was rejected the confidential material will be available to the authorities under the income tax act. the effect of the f.a. 2007 is that if the application which was filed on or before 31st may, 2007 even for no fault of the applicant could not ..... ferdino i. rebello, j.1. the petitioner herein is a non-resident company. they filed an application before the income tax settlement commission on 5th march, 2007 under section 246-c of the income tax act, 1961 (hereinafter shall be referred to as the act) for settlement of the cases. by the present petition the petitioners seek to challenge the constitutional validity and legality of the provisions .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-05-2009
Reported in : 181TAXMAN260(Bom)
..... . 38/89. in the circumstances, in our view, no penalty can be imposed in respect of this item under section 271(1)(c) of the income-tax act.6. insofar as item no. (iii) is concerned, it appears that the disallowance of fine was made by an order passed by government of india on ..... out as per the tax ultimately fixed by the itat in assessee's quantum appeal2. the assessment year ..... us under section 256 of the income-tax act is as follows:whether on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in law in holding that the assessee's case clearly attracted the application of section 271(1)(c) of the income-tax act, 1961 and as a sequel thereto ..... confirming the penalty and further giving directions to the income-tax officer that the quantum be worked ..... from its obligation to pay rs. 28,89,093, by a chamber summons which came to be allowed, the assessee prayed for reduction of the income by rs. 28,89,093. however, the liability in this regard must also be said to have been incurred by the assessee on the same .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-16-2009
Reported in : 2009(111)BomLR4592; (2009)227CTR(Bom)1; 318ITR352(Bom); 2010(1)MhLj526; 185TAXMAN187(Bom)
..... the following question of law:whether, in the facts and circumstances of the case, for the purposes of availing allowable special deduction under chapter vi-a of the income-tax act, the gross total income is required to be computed by deducting allowable depreciation even though the assessee had disclaimed the same for the purposes of regular assessment 2. on the above question of ..... j.p. devadhar, j.1. this appeal filed under section 260a of the income tax act, 1961 (`act' for short) was initially heard by a division bench of this court and by an order dated 19-12-2008, the said division bench requested the learned chief justice to ..... and including the assessment year for which the determination is to be made.23. thus, chapter ii of the act contains provisions relating to the basic charge of income tax. chapter iv contains provisions relating to the computation of total income under various heads of income as also the deductions that are allowable under each head. chapter vi contains provisions relating to the aggregation of ..... . chapter iv of the act deals with the computation of total income under various heads of income.section 14 in chapter iv of the act reads as follows:heads of income.14. save as otherwise provided by this act, all income shall, for the purposes of charge of income-tax and computation of total income, be classified under the following heads of income:a.- salaries.b.-[*******]c.-income from house property.d .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Feb-18-2009
Reported in : (2009)222CTR(SC)105; 310ITR392(SC); 2009(3)SCALE663; (2009)4SCC427; 178TAXMAN261(SC)
..... cannot be stretched to mean 'notionally allowed' or merely allowable on a notional basis..from the above conspectus, it is clear that the essence of the scheme of the indian income-tax act is that depreciation is allowed, year after year, on the actual cost of the assets as reduced by the depreciation actually allowed in earlier years. it follows, therefore, that even ..... batch of civil appeals is directed against judgments dated 22.11.06 and 8.1.07 of the high court of guwahati, assam,in appeals under section 260a of the income-tax act, 1961 in respect of assessment years 1988-89, 1989-90, 1990-91 and 1991- 92.4. what is the meaning of the expression 'depreciation actually allowed' in section 43(6 ..... was a company incorporated in indore. it owned and ran a textile mill. until 1.4.1950, when income-tax act, 1922 was extended to part b states including madhya bharat of which indore became a part, the assessee was assessed at bombay under the income-tax act, 1922 as a non-resident and for some years as resident. the assessee was also assessed in indore ..... that in fixing the depreciation allowances for the years in which the assessee was assessed as a non-resident under the income-tax act, 1922, the ito had 'actually allowed' only a portion of the amount towards depreciation allowable in assessing its world income. it was further held that the mere fact that in the matter of calculation, the total amount of depreciation was .....Tag this Judgment!