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 : 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 : Delhi
Decided on : Jul-18-2011
..... section 260-a of the income-tax act, 1961 (hereinafter referred to as the said act) has been preferred by the revenue being aggrieved by the judgment and / or order dated 22.02.2008 passed by the income-tax appellate tribunal in revenues appeal being ita no.4516/del/2003 pertaining to the assessment year 1996-97, inasmuch as the income-tax appellate tribunal had dismissed ..... the said equipment is that of the assessee, then it is clear that the respondent / assessee would be entitled to claim depreciation as allowed by the commissioner of income-tax (appeals) and the income-tax appellate tribunal. 21. in these circumstances, we answer the question in the affirmative and against the revenue. the appeal is dismissed. there shall be no order as ..... of avasarala (supra) is clearly distinguishable because in that case, there was a clear finding of fact, which had been conclusively arrived at by the lower authorities, including the income-tax appellate tribunal, that the transaction in question was not genuine. reliance placed by the assessing officer as also the learned counsel for the revenue on the observations of o. ..... the appeal of the revenue on the ground that the commissioner of income-tax .....Tag this Judgment!
Court : Delhi
Decided on : Jul-27-2011
..... two businesses concurrently as proprietor and therefore, profits of one can be set off against loss of another in view of provisions of section 70 of the income tax act. 7. against this order of the tribunal, the revenue is in appeal before us. following substantial questions of law arise in these appeals:"(a) whether ..... 1. these three appeals being ita no. 310/09, 1115/10 and 358/11 are preferred against the orders passed by income tax appellate tribunal (the tribunal for short) dated 22/08/08, 17/06/2009 and 16/07/2010 relating to assessment years 2003-04, ..... in a series of decisions of the supreme court (vide e.d. sassoon and co. ltd. v cit  26 itr 27 (page 50): "now what is income? the term is nowhere defined in the act.... in the absence of a statutory definition we must take its ordinary dictionary meaning.... the word clearly implies ..... as under: "......it is wrorthy of note that though the profits of each distinct business may have to be computed separately, the tax is chargeable under section10, not on the separate income of every distinct business, but on the aggregate of the profits of all the businesses carried on by the assessee. it follows ..... the rccl. once the sail takes place and commission accrues to the assessee, he offers his income for taxes. taxing the advance received considering it as income will also lead to double taxation since the assessee offers the final income for taxation in the subsequent years. in this regard, he relies upon the judgments of raja .....Tag this Judgment!
Court : Delhi
Decided on : Sep-13-2011
..... year 1992-93, that is, the financial year 1991-92. (iii) the learned tribunal failed to consider the fact that in the assessment order under section 143(3) of the income tax act for the assessment year 1992-93 (exhibit pw4/3) it had been clearly mentioned that the total turnover from the business of m/s. hydrolog engineers was ` 1,10,95 ..... parts and machine products and had taken over the factory just before his death. she proved on record the income-tax returns for the assessment years 1992-93 and 1993-94 as well as the assessment order under section 143(3) of the income tax act for the assessment year 1992-93 (exhibit pw4/2 to exhibit pw4/4). in the course of her examination ..... , in my view, the income of the deceased on the date of his demise was not less than ` 3,77 ..... by the deceased on 31.12.1991, the income of the deceased for the assessment year 1991-92 as declared by him was ` 4,43,390/-. this declaration was, however, not accepted by the income-tax department, which assessed the taxable income of the deceased assessee to be ` 4,64,588/- under section 143 (3) of the income-tax act, 1961. 7. in view of the aforesaid .....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 : Delhi
Decided on : Nov-25-2011
1. this is an appeal under section 260a of the income tax act, 1961 (for short, "the act") against the order dated 25.4.2008 passed by learned income tax appellate tribunal ("the tribunal" for short) in appeal no.1056/del/2006 for the assessment year 2002-2003. the appeal ..... is a company engaged in the business of sale and purchase of shares, dividends and securities. the assessee filed income tax returns for the year 2002-03 under section 143(1) of the act. the return was put under scrutiny and a notice under section 143(2) and 142(1) along with questionnaire ..... arrived at a conclusion and added rs.45975201/- to the income of the assessee company on this account. simultaneously, he proceeded under section 271 (i) (c) of the act against the assessing company. in appeal filed by the assessee, the commissioner of income tax [cit(a)] allowed the appeal of the assessee and deleted the ..... disallowance of rs.45975201 made by the assessing officer the order of cit(a) was upheld by the tribunal. in confirming ..... mere fact that the goods were sold at a concessional rate to benefit the purchasers at the expense of the company would not entitle the income tax department to assessee the difference between the market price and the price paid by the purchasers, as profits of the company."5. the division bench .....Tag this Judgment!
Court : Chennai
Decided on : Dec-08-2011
..... denied by the revenue and even if the assessee is not entitled for the claim under the head 'depreciation' they are entitled to 'business loss' under section 28 of the income tax act since it is the contention of the revenue that the manufacturer has not supplied the assets to the lessee; for which, it is the reply of the learned counsel appearing ..... business but also the private purpose, then the expenditure does not exclusively serve the purpose of the business, it does not qualify for allowance under s.37(1) of the income tax act. therefore, unless it is established by the assessee that the travelling of the chairman's wife was only for the business purpose by producing tangible evidence, the assessee is not ..... of view of the personal need and requirement of such a businessman. 9. this court also examined the question whether the expenditure would be allowable under section 37 of the income-tax act and held that the expenditure was not laid out wholly and exclusively for business purposes. it was held that the expenditure was laid out for a dual purpose, viz., (i ..... to have been paid to the selling agents or any part thereof is properly deductible under section 37 of the act. 12. the learned counsel for the appellant further relied on the decision of the hon'ble apex court in commissioner of income tax .vs. jain (s.p.) ((1973) 087 itr 0370 in support of his contention that the tribunal has failed to .....Tag this Judgment!