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Judgment Search Results Home > Cases Phrase: income tax act Year: 2010 Page 1 of about 915 results (0.109 seconds)

Feb 22 2010 (HC)

Prashant S. Joshi Vs. the Income-tax Officer and Union of India (Uoi)

Court : Mumbai

Decided on : Feb-22-2010

Reported in : 2010(112)BomLR1017,(2010)230CTR(Bom)232,[2010]189TAXMAN1(Bom)

..... his right to be a partner in the partnership firm, any amount received in excess of the capital balance in the partnership was chargeable to tax under the income tax act, 1961.5. in the companion petition, the reasons furnished on 19th february, 2009 to the petitioner are to the same effect. the ..... by the first respondent, it has been stated that the order of assessment has been recalled on 3rd december, 2009 under section 154 of the income tax act, 1961.7. in assailing the notices issued by the first respondent under section 148, learned counsel appearing on behalf of the petitioner urged the following ..... 714, a division bench of the calcutta high court has held that where a notice issued under section 148 of the income-tax act, 1961, after obtaining the sanction of the commissioner of income-tax is challenged, the only document to be looked into for determining the validity of the notice is the report on the ..... the principal challenge in these proceedings is to the notices issued by the first respondent under section 148 of the income tax act, 1961 proposing to assess the income of the petitioner for assessment years 2005-06 and 2006-07 on the ground that there is reason to believe that ..... basis of which the sanction of the commissioner of income-tax has been obtained. the income-tax department cannot rely on any other material apart from the report.11. the same principle was reiterated in a judgment of the .....

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Jul 28 2010 (SC)

M/S Sumitomo Heavy Industries ... Vs. Oil and Natural Gas Company

Court : Supreme Court of India

Decided on : Jul-28-2010

..... mentioned tender and the income arising therefrom, became subject to the income tax act, 1961. by finance act, 1987 clause 44bb was introduced in the income tax act, 1961 with retrospective effect from 1.4.1983. this clause is a special provision for computing profits and gains in connection with ..... of revenue issued a notification on 31st march, 1983 under clauses 6(6) and 7(7) of the territorial waters, continental shelf, exclusive economic zone and other maritime zones act, 1976, extending income tax act, 1961 to the continental shelf of india and the exclusive economic zone with effect from 1.4.1983. hence, under the amended law, the work done under the above ..... stage that it was submitted on behalf of the respondent before the single judge that the revised assessment of the sub-contractor was not referable to clause 44 bb of income tax act, and that the conclusion of the umpire be interfered on that ground also. the submission did not find favour with the learned single judge. the respondent challenged that finding by ..... of award. he declared that in the event of appellant becoming liable to pay further sums to mii thereafter, due to any assessment of income tax on mii under the present sub-contract pursuant to section 44 bb of income tax act, then respondent shall indemnify the appellant against any such payment on demand. he awarded costs also. the respondent sought setting aside of the .....

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Sep 08 2010 (HC)

Vodafone International Holdings B.V. Vs. Union of India (Uoi) and anr.

Court : Mumbai

Decided on : Sep-08-2010

..... for the petitioner to step into the shoes of htil. the transaction in question, it is urged, has a sufficient territorial nexus to india and is chargeable to tax under the income tax act, 1961. hence, the finding of the assessing officer that he has jurisdiction, is not perverse or arbitrary and would not warrant interference under article 226 of the constitution ..... to state such a proposition is to manifest its absurdity. presence, not residence, is the test".(emphasis supplied).117. the law lord observed that the same time, the income- tax acts impose their own territorial limits, since parliament recognizes the almost universally accepted principle that fiscal legislation is not enforceable outside the limits of the territorial sovereignty of the kingdom. ..... put agreements are enforced, there would be an acquisition of the shares of an indian company upon which capital gains would be liable to be taxed under indian tax legislation.section 195 of the income tax act 1961108. section 195 postulates that any person responsible for paying to a non-resident, not being a foreign company, or to a foreign company ..... . the profits could be apportioned between manufacturing and trading activities, particularly when the assessee carried on business of a manufacturer and trader together. under section 42 of the income tax act, 1922, an apportionment could be carried out for ascertaining the profits of a business, a part only of whose operations were carried out in british india where such .....

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Jan 12 2010 (HC)

Bhavesh Developers Vs. the Assessing Officer,

Court : Mumbai

Decided on : Jan-12-2010

..... . the challenge in these proceedings under article 226 of the constitution of india, is inter alia to a notice issued under section 148 of the income tax act, 1961, seeking to reopen assessment proceedings. the relevant assessment year is 2002-03.3. the petitioner engages in the business of developing and constructing ..... not justify 'initiation of action for reopening assessment.a similar view was taken in a subsequent judgment in ganga saran & sons (p) ltd. v. income tax officer : (1981) 130 itr 1 where the supreme court held thus:it is well settled as a result of several decisions of this court that ..... been fulfilled.10. the view which we have taken is in consonance with the law laid down by the supreme court and by this court. in income tax officer v. lakhmani mewal das : (1976) 103 itr 437 (sc), the supreme court had occasion to interpret the erstwhile provisions of section 147 ..... after the expiry of four years from the end of the relevant assessment year unless certain preconditions are fulfilled. these conditions are that the income chargeable to tax must have escaped assessment for such assessment year (i) by reason of the failure on the part of the assessee to make a return ..... escaped assessment for any assessment year, he may subject to the provisions of sections 148 to 153, assess or reassess such income and also any other income chargeable to tax which has escaped assessment. the proviso to section 147 stipulates that where an assessment has been made under sub-section ( .....

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Jan 22 2010 (HC)

Commissioner of Income-tax Vs. Tips Industries P. Ltd.

Court : Mumbai

Decided on : Jan-22-2010

Reported in : [2010]321ITR154(Bom)

..... business premises of the assessee are situate at andheri, palghar, silvassa, etc.4. a search and seizure action under section 132 of the income-tax act, 1961 ('1961 act' for short) was initiated at the business premises of the assessee as well as the residential premises of the assessee's group concerns on ..... p. devadhar, j.1. this appeal is filed by the revenue under section 260a of the income-tax act, 1961. according to the revenue, the following substantial questions of law arise out of the order passed by the income-tax appellate tribunal on january 31, 2004 in appeal no. it (ss) a no. 337/ ..... course of search, the tribunal ought not to have disturbed the concurrent finding of fact recorded by the assessing officer and the commissioner of income-tax (appeals).12. the learned counsel for the assessee on the other hand submitted that the tribunal, on appreciation of the evidence on record ..... the revenue under section 260a of the 1961 act.10. the basic argument of the revenue is that the order of the tribunal is totally perverse, because the concurrent findings recorded by the assessing officer and upheld by the commissioner of income-tax (appeals) are sought to be reversed by ..... 158bc of the 1961 act was issued to the assessee calling upon it to show cause as to why the unaccounted transactions noticed from the seized materials should not be taxed in the block assessment. thereupon, the assessee filed its block return of income, declaring the undisclosed income for the block period .....

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Jan 11 2010 (SC)

Southern Technologies Ltd. Vs. Joint Commnr. of Income Tax, Coimbatore

Court : Supreme Court of India

Decided on : Jan-11-2010

Reported in : [2010]153CompCas674(SC); (2010)228CTR(SC)440; [2010]320ITR577(SC); JT2010(1)SC14; 2010(1)SCALE329; (2010)2SCC548; [2010]187TAXMAN346(SC); 2010(1)LC387(SC)

..... the bank to assist the bank management and the statutory auditors in taking a decision in regard to making adequate and necessary provisions in terms of prudential guidelines.(d) of income tax act, 1961section 36 - other deductions [as it stood at the material time](1) the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with ..... deductions under the provisions of the income tax act. there is a clear distinction between the real profits and statutory ..... the case of poona electric supply co. ltd. v. commissioner of income-tax, bombay city i : 57 itr 521 at page 530, this is what the supreme court had to say:income tax is a tax on the 'real income', i.e., the profits arrived at on commercial principles subject to the provisions of the income tax act. the real profit can be ascertained only by making the permissible ..... for npa', which in terms of rbi directions 1998 is debited to the p&l; account, as 'income' under section 2(24) of the income tax act, 1961 ('it act' for short), while computing the profits and gains of the business under sections 28 to 43d of the it act? facts2. for the sake of convenience, we may refer to the facts in the case of southern technologies .....

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Jan 18 2010 (SC)

Commissioner of Income Tax, Delhi Vs. Kelvinator of India Limited

Court : Supreme Court of India

Decided on : Jan-18-2010

Reported in : (2010)228CTR(SC)147; [2010]320ITR561(SC); JT2010(1)SC385; 2010(1)SCALE484; (2010)2SCC723; [2010]187TAXMAN312(SC); 2010(1)LC344(SC)

..... ?3. to answer the above question, we need to note the changes undergone by section 147 of the income tax act, 1961 [for short, 'the act']. prior to direct tax laws (amendment) act, 1987, section 147 reads as under:income escaping assessment.147. if-[a] the income-tax officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make ..... a return under section 139 for any assessment year to the income-tax officer or to disclose fully and truly all ..... assessment year concerned (hereafter in sections 148 to 153 referred to as the relevant assessment year).4. after enactment of direct tax laws (amendment) act, 1987, i.e., prior to 1st april, 1989, section 147 of the act, reads as under:147. income escaping assessment.--if the assessing officer, for reasons to be recorded by him in writing, is of the opinion that any ..... in this section and in sections 148 to 153 referred to as the relevant assessment year).5. after the amending act, 1989, section 147 reads as under:income escaping assessment.147. if the assessing officer has reason to believe that any income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess .....

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Jan 22 2010 (HC)

Commissioner of Income Tax Vs. Insilco Ltd.

Court : Delhi

Decided on : Jan-22-2010

Reported in : [2010]321ITR105(Delhi)

..... a.k. sikri, j.1. in both these appeals, the identical question of law was framed, which relates to charging of interest under section 234b of the income tax act (hereinafter referred to as 'the act'). for answering this questions, we can take note of the facts of ita no. 119 of 2002.2. the respondent assessee was incorporated on 19.10.1988 to manufacture ..... interest under section 234b of the act was given by the assessing officer while passing the assessment order in respect of the year 1991-92 under similar circumstances.3. the assessee filed appeals ..... correct in law in deleting interest charged under section 234-b of the income tax act, 1961 in respect of assessment year 1991- 2?5. section 234b of the act, inter alia, stipulates that where an assesssee, who is liable to pay advance tax under section 208, has failed to pay such tax, the assessee shall be liable to pay simple interest @ 1% for every month ..... of construction is chargeable to tax under the head 'income from other sources'. the interest paid, on the other hand, was not directly relatable to interest received by the assessee and therefore, interest income could not be set off against interest paid. the ao also, inter alia, gave direction for charging interest under sections 234b and 234 of the income tax act, similar direction to charge .....

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Feb 16 2010 (SC)

Dynamic Orthopedics Pvt. Ltd. Vs. Commissioner of Income Tax, Cochin, ...

Court : Supreme Court of India

Decided on : Feb-16-2010

Reported in : (2010)229CTR(SC)317,[2010]321ITR300(SC),JT2010(3)SC176,2010(2)SCALE384,2010(2)LC985(SC)

..... is filed by the assessee.5. to answer the controversy, we quote herein below the relevant provision(s) of the companies act, 1956, income tax act, 1961, as it stood at the material time, as also income tax rules, 1962:provisions of the companies act, 1956:205.(1) no dividend shall be declared or paid by a company for any financial year except out of the profits ..... assessing officer re-computed the book profit for the purpose of section 115j of the income tax act, 1961, [`act', for short], after allowing depreciation as per schedule xiv to the companies act. the rates of depreciation specified in schedule xiv to the companies act, 1956 [`1956 act', for short] were lower than the rates specified under rule 5 of the rules. being aggrieved by the ..... the facts and circumstances of this case, justified in upholding the order of the commissioner of income tax (appeals) directing the assessing officer to allow the claim of depreciation as per the income tax rules, 1962, for the purposes of computing the book profit under section 115j of the income tax act, 1961?2. in this civil appeal, we are concerned with assessment year 1990-1991.3 ..... shown by the books of the company at the end of the financial year expiring at the commencement of this act or immediately thereafter and at the end of each subsequent financial year at the rate specified in schedule xiv.provisions of income tax act, 1961:115j.(1a).-- every assessee, being a company, shall, for the purposes of this section, prepare its profit .....

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Sep 09 2010 (SC)

Ge India Technology Centre Private Ltd Vs. Commissioner of Income Tax ...

Court : Supreme Court of India

Decided on : Sep-09-2010

..... source (tas) arises? whether merely on account of such remittance to the non-resident abroad by an indian company per se, could it be said that income chargeable to tax under the income tax act, 1961 (for short "i.t. act") arises in india? facts in the leading case of sonata information technology ltd.3. appellant(s) are the distributors of imported pre- packaged shrink wrapped ..... (1). while interpreting a section one has to give weightage to every word used in that section. while interpreting the provisions of the income tax act one cannot read the charging sections of that act de hors the machinery sections. the act is to be read as an integrated code. section 195 appears in chapter xvii which deals with collection and recovery. as held in ..... act, 1988 w.e.f. 1.4.89, payment in respect of royalty, fees for technical services or other sums chargeable under the income tax act would not get the benefit of deduction if the assessee fails ..... the department is based on an apprehension which is ill founded. the payer is also an assessee under the ordinary provisions of the i.t. act. when the payer remits an amount to a non-resident out of india he claims deduction or allowances under the income tax act for the said sum as an "expenditure". under section 40(a)(i), inserted vide finance .....

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