Court : Delhi
Decided on : May-06-2011
..... the assessee. 3.2 it is also pertinent to note that the revenue had issued show cause notice under section 143(3) of the income tax act, 1961 (in short i.t. act) on 09.08.1979 which was followed by another notice on 14.09.1979, whereby it proposed to apply rule 115 of the ..... has been preferred at the behest of the revenue. the reference pertains to assessment year 1977-78 relevant for previous year ending on 30.09.1976. the income tax appellate tribunal (hereinafter referred to as tribunal) by order dated 20.05.1994 has referred to us for adjudication the following question of law: 'whether on ..... the assessee being in the nature of revenue. 3.8. being aggrieved, the assessee carried the matter in appeal to the commissioner of income tax (appeals) [in short cit(a)]. the cit(a) by order dated 22.05.1982 reversed the order passed by the assessing officer. the material observations in regard to the question ..... in the circumstances of the case, the tribunal is right in holding that surplus of rs 58,32,100/- is not taxable in the assessee's total income? 2. the brief facts, in so far as they are relevant for adjudication of the aforementioned question, which are required to be noted (as gleaned from ..... income tax rules, 1962 (in short i.t. rules), as they stood prior to the amendment carried out on 01.11.1977, for the purposes of converting interest income received by the .....Tag this Judgment!
Court : Delhi
Decided on : Jul-11-2011
..... 1. these two appeals are under section 260a of the income tax act, 1961 (hereinafter referred to as the "act") directed against the order dated 31st march, 2010 of the income tax appellate tribunal (for short "the tribunal") pertaining to the assessment years 2004-05 and 2005-06. the assessee was carrying on business of distribution of acer products, such as computers, ..... the appellant company has entered into an agreement with m/s. acer india pvt. ltd. for distributionship of acer products in india. the appellant company has shown income on this account in the earlier income tax returns which had been assessed by the department u/s 143(1)/143(3). the distributionship business ran into losses when the appellant company decided to shift ..... sil; by acer india pvt. ltd to the assessee and copy of resolution of board of directors dated 29th december, 2001. the cit called for the comments of the assessing officer under rule 46a of income tax rules, 1962. the cit(a) allowed the appeal with these reasons: "i have considered the above facts and am of the view that the ao has not ..... conclusively proved his view point for arriving at conclusion that the commission income so received by the appellant company from m/s. salora international .....Tag this Judgment!
Court : Delhi
Decided on : Jul-27-2011
..... period prescribed by law. similarly, during ay 1983-84 and 1984-85 also, the company deposited the tax beyond the period prescribed by law. that being so, the income tax department filed complaints dated 27.03.1986 against the company & directors under section 276b of income tax act before the court of cmm for all the three assessment years. the complaint for the assessment year 1982 ..... "(a) procedural amendments: (1) under the existing guidelines, technical offences (enlisted in para 2.2 of the said guidelines) are to be compounded by the chief commissioner of income tax or director general of income tax (inv.) (as the case may be), if following conditions are collectively satisfied: (i) it is the first offence by the assessee. (ii) the compounding charges do not exceed ..... praying inter-alia for staying of appeal proceedings pending before the addl. session's judge, subject to the outcome of the disposal of the petitioner's compounding petition before the income tax department. this court disposed of the same vide order dated 28.07.2005 in the following terms: "in view of the same, petitioner is directed to appear before commissioner ..... against the conviction, both of which are pending before the addl. session's judge, delhi. 2. on 31.05.1986, (two months after the complaint was filed by the income tax department) the petitioner moved an application before the department for compounding of offence under section 276b, which was rejected by the cbdt vide letter dated 16.01.1987. 3. on .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-21-2011
..... of manufacture of yarn. the hon'ble apex court noted that if replacement was held to be "current repairs" in such case, section 31(i) of income tax act will be completely redundant. the hon'ble apex court found that repairs implies existence of a part of machine which has malfunction. we, therefore, find that this ..... shri thakkar, learned counsel has relied upon judgment of hon'ble apex court reported at (2010) 234 ctr (sc) 139 (ajanta pharma ltd. .vrs. commissioner of income tax ) and urged that issue is squarely covered in his favour because of this judgment. 11. we have perused the said judgment. the hon'ble apex court has stated ..... of fact. 7. shri parchure, learned counsel had relied upon the judgment of hon'ble apex court reported at (2009) 182 taxman 141 (sc) (commissioner of income tax .vrs. sri mangayarkarasi mills (p) ltd.). there the assessee was engaged in manufacture and sale of cotton yarn and expenditure incurred on replacement of machinery was claimed ..... of deduction under section 80 hhc, is involved in all these matters. while additional question of nature of expenditure on repairs of transformers, falls for consideration in income tax appeal no.101/2010, which is for the assessment year 2004-05. 2. in this background we have heard shri anand parchure, learned counsel for the ..... 1. these appeals under section 260a of the income tax act, 1961 filed by the department are against same assessee and arise out of common order dated 31.07.2009 delivered by the itat, nagpur .....Tag this Judgment!
Court : Chennai
Decided on : Dec-13-2011
..... 1995-1996 and the corresponding accounting year ended on 31.03.1995. a search was conducted in the premises of the assessee under section 132 of the income tax act, 1961, but there was no seizure of either cash or jewellery. however, fixed deposit receipts amounting to rs.13,92,439/- relating to j.c. ..... building was 55 years old and no other document was available except the one given by the assessee to prove the same. therefore, the commissioner of income tax (appeals), taking into account the total consideration of the property at rs.1,20,000/-, apportioned the value of the land and building in the ..... the land at rs.250/- per cent for computing the capital gains? 5. whether on the facts and in the circumstances of the case the income-tax appellate tribunal was right in law in directing the assessing officer to delete the notional interest for the assessment year 1995-1996 at rs.28,07,605 ..... were admitted on 09.08.2005 on the following substantial questions of law: 1.whether on the facts and in the circumstances of the case, the income tax appellate tribunal was right in law in directing the assessing officer to compute the cost of the land at kurinchi as on 01.04.1981 should be ..... ajmera housing corporation and another v. commissioner of income tax reported in (2010) 326 itr 642 considered the scope of taxing statutes and in paragraph 32 it has been held as follows: it is trite law that a taxing statute is to be construed strictly. in a taxing act one has to look merely at what is said .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-07-2011
..... march. in this connection the assessee placed reliance on the judgment of the karnataka high court in the case of kwality biscuits ltd. v. cit reported in (2000) 243 itr 519 and, according to the karnataka high court, the profit as computed under the income tax act, 1961 had to be prepared and thereafter the book profit as contemplated under section 115j of the ..... biscuits ltd. that interest under section 234b cannot be charged on tax calculated on book profits, hence, the cit has come to this court by way of civil appeal(s).5. we quote hereinbelow sections 234b and 234c of the income tax act, 1961 (in short "the act"): "interest for defaults in payment of advance tax. 234b. (1) subject to the other provisions of this section, where ..... , in any financial year, an assessee who is liable to pay advance tax under section 208 has failed to pay such tax or, where the advance tax paid by such assessee under the provisions ..... act had to be determined and then, the liability of the assessee to pay tax under section 115j of the act arose, only if the total income as computed under the provisions of the act was less than 30% of the .....Tag this Judgment!
Court : Delhi
Decided on : Jun-03-2011
..... pending pertaining to the block period, only such income should be considered in the regular assessments, the detail of which is disclosed in the books of account maintained in the normal course ..... basis. the assessee carried the matter in appeal before the cit (a) in both the years. 5. in assessment year 2001-02, the cit (a) set aside the assessment that any undisclosed income for the period covered by search can be assessed only under section 158bc of the income tax act (hereinafter referred to as the act). it was observed by him that if regular assessment is ..... of the act is not intended to be a substitute for regular assessment. it was also contended that unless and until the transactions ..... by the ao for the block assessment year and therefore, proceedings were rightly initiated under section 148 of the act. according to her, such a course of action was in conformity with the judgment of this court in the case of commissioner of income tax v. ravi kant jain [250 itr 141], wherein it is held that the block assessment under chapter xiv .....Tag this Judgment!
Court : Delhi
Decided on : May-11-2011
..... assessment order passed by the assessing officer (ao) in respect of assessment year 2003-04 was tinkered with by the commissioner of income tax (cit) in exercise of its powers under section 263 of the income tax act (hereinafter referred to as the act). the cit was of the opinion that the ao had not done his job properly while making the assessment inasmuch as in respect of ..... as laid down by the honble supreme court in the case of distributors (baroda), referred to supra though the decision is in relation to the income-tax act, 1922 would apply in all force in relation to the income-tax act, 1961. a principle laid down by the honble supreme court is to be followed and if this principle is applied to the facts of the ..... for permitting this course of action: "the scheme of the income-tax act is that income-tax is one tax. section 6 of the income-tax act, 1922, classifies the taxable income under different heads for the purpose of computation of the net income of the assessee. though, for the purpose of computation of the income, interest on securities is separately classified, income by way of interest from securities does not cease to ..... no.270 of 2010 and has given rise to the following substantial question of law: whether the tribunal was justified in setting aside the orders of the cit passed under section 263 of the income tax act on the purported ground that the view taken by the assessing office in the scrutiny assessment was a plausible view? 2. we have accordingly heard the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Apr-28-2011
..... that each item of shuttering material cannot be treated as one whole shuttering material forming one plant eligible for100% depreciation under the first proviso to 32(1)(ii) of the income tax act and (ii) in r.c.nos.135 of 1997, 53 and 107 of 2001, and itta nos.178, 186, 376, 607, 674, 763,765, 773 of 2006 wherein the view ..... questions for reference to this court for the opinion, the crux of the issue for consideration before us is in the matter of claiming depreciation under sec. 32 of the income tax act, 1961 in respect of a gas cylinder mounted on a chassis of a truck whether the assesses can claim depreciation at 100% treating it as gas cylinder including valves and ..... depreciation, the assesses treated the entire item as consisting of two parts i.e. cylinder/tanker, chassis and cabin. as per the appendix 1 of income tax rules, 1962, the depreciation allowable under sec. 32 of the income tax act, 1961 for gas cylinders including valves and regulators is 100%, whereas for transport vehicle, it is 40% at the relevant time. the arguments advanced on ..... ) confirmed the order of the assessing officer. on the second appeal therefrom, the income tax appellate tribunal (for short "itat") set aside the order of cit (appeals), allowed the assessee's appeal. however, at the request of the commissioner of income tax, the tribunal referred the disputed question under section 256 of the income tax act, 1961 to this court for consideration and opinion. 8. learned counsel appearing .....Tag this Judgment!
Court : Delhi
Decided on : Jul-11-2011
..... staff training etc. the assessee filed its return of assessment year 2003-04 on 28.11.2003 declaring income of `10,73,40,025/-. however, the assessment order was also framed under section 143(3) of the income tax act ('the act' for short) wherein it was observed by the assessing officer that assessee had paid royalty in lieu ..... to sales and that it is paid for better conduct, efficiency and improvement of the existing business or product manufactured by the assessee. in the case of cit v. lumax industries ltd. (2008) 173 taxman 290 (delhi), this court has also held that the payment of license fee on year to year basis ..... us prior in time than the other two appeals. this appeal was admitted only on one substantial question of law which is as under: "whether learned itat/cit(a) erred in deleting the addition of rs.40,30,509/- on account of royalty, ignoring that payment made as royalty has element of capital expenditure?" ..... nature and thus capital expenditure. the expenditure was to be of revenue nature. in the case of jonas wood head and sons v. cit, 117 itr 55, it was held that the question regarding capital or revenue expenditure depends on the terms of agreement in each case. in the case ..... of the assessee vide order dated 28.01.2008. the appeal for the assessment year 2005-06 was allowed by the cit(a) vide its order dated 17.02.2008 following the order of cit(a) dated 28.01.2008. revenue preferred appeals before the tribunal. the tribunal dismissed the appeals of the revenue for .....Tag this Judgment!