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 : 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 : 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 : Supreme Court of India
Decided on : Mar-25-2009
Reported in : 2009BusLR418(SC); (2009)223CTR(SC)20; 312ITR225(SC); JT2009(5)SC78; 2009(4)SCALE384; 178TAXMAN505(SC); 2009(4)LC1742(SC); 2009AIRSCW3104
..... s. agarwal, learned senior counsel, shri kannan kapoor, and shri salil kapoor, learned counsel appearing for various other assessees have adopted the arguments mentioned hereinabove.iii. relevant provisions of the income-tax act, 1961:section 2 - definitions.2.(37a) 'rate or rates in force' or 'rates in force', in relation to an assessment year or financial year, mean-(i) for the ..... example of a combination of a machinery provision which also provides for chargeability.27. lastly, on the question of extra-territorial operation of the income- tax act, 1961, it may be noted that the 1961 act has extra-territorial operation in respect of the subject-matters and the subjects which is permissible under article 245 of the constitution and the provisions ..... provision which determines the assessability in the hands of the employee-assessee (recipient)? in other words, whether tds provisions under the income-tax act, 1961 are applicable to payments made abroad by the foreign company, which payments are for income chargeable under the head 'salaries' and which are made to expatriates who had rendered services in india?v. our decision:(i) ..... financial years 1992-93 to 1999-00. in the course of survey under section 133a of the income-tax act, 1961 ('1961 act' for short), the ao noticed that the foreign company had seconded four expatriates to the joint venture in india; that, the tax-deductor-assessee was a joint venture company; that, the appointment of the four expatriates was routed through .....Tag this Judgment!
Court : Delhi
Decided on : Aug-20-2009
Reported in : 186TAXMAN291(Delhi)
..... found in the luggage/parcels booked with the assessee by the police. police reported that matter to the income-tax department as well on the basis of which the proceedings under section 153a of the income-tax act were initiated against the assessee in respect of assessment year 2004-05. keeping in view the value ..... of the aforesaid goods seized which aggregated to rs. 1,65,23,783, income was assessed at that amount and income-tax/penalty in the sum of rs. 61 ..... angarias (couriers) and the aforesaid goods belonged to some other person. taking into consideration all these aspects, the cit(a) allowed the appeal of the assessee and quashed the demand of income-tax and penalty on the ground that the assessee was not the owner of the aforesaid articles which he had duly ..... explained by producing the aforesaid 14 parties. itat has affirmed this order of the cit(a). it would be apposite to reproduce the ..... a basis for making additions in the hands of the assessee. accordingly, we do not find any infirmity in the order passed by the ld. cit(a) in deleting the addition.2. in these circumstances, we are of the opinion that no substantial question of law arises once the assessee has .....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 : Chennai
Decided on : Jun-30-2009
Reported in : (2010)228CTR(Mad)174
..... 40a(2) in respect of services charges paid by the assessee to m/s. forbes ewart & figgis (p) ltd., cochin could not be disallowed under section 40a(2) of the income tax act for the assessment years 1987-88, 1988-89, 1990-91, 1991-92 and 1992-93?11. the issue involved in all these cases, the issue of liability of service charges ..... . in respect of such auction, the assessing officer found that the payment made as per the agreement was excessive in nature and by applying section 40a(2)(a) of the income tax act, disallowed those payments made to the company for the assessment year 1987-88 to the tune of rs. 9,92,496/-. similar disallowance of rs. 10,50,000/-, rs. 1161 ..... 1992-93 respectively.6. aggrieved against such assessment orders made by the assessing officer, the assessee filed appeals before the commissioner of income tax (appeals). before the cit (appeals), the assessee contested the disallowance made under section 40a(2) of the act. it was contended that mr.o.thomas, though an agent-cum-chief executive of the assessee firm, is also a director of ..... the assessing officer in the year 1991, which is as follows:the firm is constituted under the partnership act and a valid partnership deed exists. it is also seen that all the partners are assessed to income-tax and many of them are in the higher income brackets. two companies are also holding about 40% interest in this partnership firm. the profit earned by .....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 : Jan-30-2009
Reported in : 2009(111)BomLR862; 2009BusLR263(Bom); (2009)222CTR(Bom)333; 180TAXMAN246(Bom)
..... was established in the year 1993 to impart education in different branches had obtained registration under section 12a of the income tax act, 1961 ('act' for short) on 17-1-1994 as a result whereof the income of the assessee was exempted from payment of income tax.4. on 20-7-2005, the premises of shri m.n. navale, principal trustee of the petitioner was searched wherein ..... prima facie grounds. in the case before us, the dispute is regarding the income allegedly earned by the petitioner and the liability to tax income at the hands of the petitioner trust having registration under section 12a of the act. moreover, the instruction/circular issued by the board empowers the tax authorities to grant total stay of demand in appropriate cases till the disposal of ..... the appeal. even section 220(6) of the act confers powers on the assessing officer to ..... court relied upon by the counsel for the revenue is distinguishable on facts.18. taking overall view of the matter, especially the fact that the undisclosed income on account of donation has also been taxed in the hands of the petitioner trust as well as the principle trustee and the fact that the hearing of the appeals is scheduled to commence from .....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!