Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Year: 2010 Page 1 of about 915 results (0.089 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 .....

Tag this Judgment!

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 ( .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

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 .....

Tag this Judgment!

Aug 16 2010 (HC)

Commissioner of Income Tax, Vs. M/S.Caltex Gas India Pvt. Ltd.,

Court : Chennai

Decided on : Aug-16-2010

1. the revenue has come forward with this appeal and the question of law sought to be raised reads as under:- "whether on the facts and in the circumstances of the case, the appellate tribunal was right in deleting the penalty levied under section 271(1)(c) when the assessee has made bogus claim made on the depreciation on goodwill? "2. we have perused the order of the tribunal impugned in this appeal. the respondent/assessee stated to have claimed depreciation on goodwill. according to the appellant such claim was rejected in the earlier assessment years. the assessee chose to make the claim for the present assessment year also. on that basis, it cannot be held that the claim itself was bogus. the question for consideration was whether penalty could be levied on such a claim which was made by the assessee on the footing that the claim should be construed as one of bogus. it is in that context the tribunal held that the claim of depreciation was not a bogus claim. therefore, mere disallowance would not attract levy of penalty under section 271(1)(c) of the income tax act. we are in full agreement with the conclusion of the tribunal. we therefore, do not find any scope to entertain this appeal and no question of law, much less any substantial question of law, arises for consideration. the appeal fails and the same is dismissed.

Tag this Judgment!

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 .....

Tag this Judgment!

Jan 05 2010 (HC)

Shivshahi Punarvasan Prakalp Ltd. Vs. Union of India (Uoi) and ors.

Court : Mumbai

Decided on : Jan-05-2010

..... basis if so directed by the court, but this would not be necessary in a matter such as the present, which relates to the adjudication of a dispute under the income tax act, 1961.6. since we have come to the conclusion that the basis on which the appeal was dismissed by the tribunal was erroneous, it would be only appropriate and proper ..... of the revenue that the approval of the committee on disputes was required in order to prefer an appeal before the income tax appellate tribunal in a matter relating to an adjudication of a dispute relating to exaction of revenue under the income tax act, 1961. learned counsel appearing on behalf of the assessee has also adopted the same contention. in that view of the ..... tribunal at mumbai pertaining to assessment year 2003-04 by the petitioner against the order dated 8th march, 2009 passed by the commissioner of income tax (a)- x, mumbai. the tribunal dismissed the appeal by its judgment dated 7th july, 2009 on the ground that no approval was obtained of the committee on disputes constituted in .....

Tag this Judgment!

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 .....

Tag this Judgment!

Jan 11 2010 (SC)

NavIn Jindal Vs. Assistant Commissioner of Income Tax

Court : Supreme Court of India

Decided on : Jan-11-2010

Reported in : (2010)228CTR(SC)478; [2010]320ITR708(SC); JT2010(1)SC298; 2010(1)SCALE251; (2010)2SCC525; [2010]187TAXMAN283(SC); 2010(2)LC571(SC)

..... to quote hereinbelow the relevant provisions of the income tax act, 1961, [`act', for short] having a bearing on the issue in dispute:2(29a).`long-term capital asset' means a capital asset which is not a short-term capital asset.2 ..... long-term capital loss. as a consequence, the assessing officer reduced the amount of long-term capital loss by the amount of statutory deduction under section 48(2) of the income tax act, 1961. it is this calculation which is the subject-matter of challenge by the assessee(s) in this batch of civil appeals.7. to answer the above question, we need ..... the date of renunciation [transfer] of such right.10. our view is based on the judgement of this court in the case of miss dhun dadabhoy kapadia v. commissioner of income-tax, bombay reported in : [1967] 63 i.t.r. 651, which has taken the view that, for computing capital gains on renunciation of right to subscribe for additional shares, diminution in ..... as otherwise provided in sections 53, 54, 54b, 54d, 54e, 54f, 54g and 54h, be chargeable to income-tax under the head `capital gains', and shall be deemed to be the income of the previous year in which the transfer took place.48(1). the income chargeable under the head `capital gains' shall be computed,-[a] by deducting from the full value of the .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //