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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 10 of about 1,977 results (0.122 seconds)

Sep 03 2012 (HC)

Commissioner of Income Tax Chennai Vs. M/S. Areva T and D India Limite ...

Court : Chennai

Decided on : Sep-03-2012

..... appeal filed under section 260a of the income tax act, 1961 as against the order of the income tax appellate tribunal, bench "a", chennai dated 29.07.2005 made in i.t.a.nos.1687/mds/2000 and 1688/mds/2000.) (chitra venkataraman,j.) 1. the revenue is on ..... on the very same issue, this court has passed an order in t.c.(a) nos.1390 of 2005, 2436 of 2006 and 250 to 252 of 2008 (commissioner of income tax-i, chennai vs. m/s.alsthom ltd. (now known as areva tandd india ltd.) and held against the assessee. thus the questions raised were answered in favour of the ..... filed by the revenue in t.c.(a) nos.1390 of 2005, 2436 of 2006 and 250 to 252 of 2008 (commissioner of income tax-i, chennai vs. m/s.alsthom ltd. (now known as areva tandd india ltd.), wherein, this court pointed out that since there was a payment of consideration in exchange of ..... the assessee had forgone the tenancy rights was acquired for a valuable consideration and allowing depreciation under section 32? 3. as far as the first question of law in respect tax case (appeal) nos.1184 and 1185 of 2006 is concerned, even though the order passed at the time of admission refers to the legality of the order passed under ..... appeal as against the order of the tribunal relating to the assessment years 1995-96, 1996-97 and 1997-98. as far as tax case (appeal) .....

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Sep 10 2012 (HC)

M/S.Carborandum Universal Limited Vs. the Joint Commissioner of Income ...

Court : Chennai

Decided on : Sep-10-2012

..... appeal filed under section 260a of the income tax act, against the order of the income tax appellate tribunal, madras 'a' bench dated 17.08.2005 made in ita no.568/(mds)/01.) chitra venkataraman, j. the following are the substantial questions of law raised in this tax case relating to the assessment year 1997-98 ..... concerned, again, we have referred to the decision reported in [2012] 343 itr 89 (sc) (acg associated capsules pvt. ltd. vs. commissioner of income-tax (sc)) to grant relief to the assessee. in the circumstances, we have considered the said questions in favour of the assessee and had not followed the ..... going by the above-said principle, if one looks at the decision reported in [1991] 191 itr 249 (chelpark company ltd. vs. commissioner of income tax), one may find that the decision that the expenditure was a capital expenditure and hence not deductible, rested in the context of the peculiar facts of the ..... can be taken as one of revenue account. in the decision reported in [1980] 124 itr 1 (empire jute co. ltd. vs. commissioner of income tax (s.c.)), the apex court pointed out that the test of enduring benefit is not a certain or conclusive test and it cannot be applied blindly ..... rejecting the assessee's case. 10. referring to the decision reported in [1980] 124 itr 1 (empire jute co. ltd. vs. commissioner of income tax (s.c.)), he submitted that the expenditure incurred was for the exploitation of a commercial asset; hence was revenue in character. even where an expenditure .....

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Oct 09 2012 (HC)

M.N. Karuppanna Gounder Vs. the Assistant Commissioner of Income Tax, ...

Court : Chennai

Decided on : Oct-09-2012

Reported in : 2012(8)MLJ577

..... leaves, coconut coir and wood and cattle are not agricultural in nature?" 2. the assessee claims that the income earned on the sale of coconut coir, coconut leaves, coconut shell, wood and cattle are all agricultural income, exempted under the provisions of the income tax act. the assessing officer rejected the said plea and pointed out that the assessee owned 70 acres of agricultural lands ..... appeal filed under section 260a of the income tax act, 1961, as against the order of the income tax appellate tribunal (bench"d"), chennai, dated 31.03.2006 made in i.t.a.no.1376/mds/ 2004 (assessment year 2001-02).) chitra venkataraman, j. 1. the assessee is on appeal as against the order of the income tax appellate tribunal, relating to the assessment year 2001-02 ..... of the assessee. as far as the sale of cattle was concerned, the claim of the assessee that it was a business income, was also rejected. 4. aggrieved by this, the assessee went on appeal before the commissioner of income tax (appeals), who pointed out that the assessing officer had not pointed out any specific defect for making estimation of rs.5 lakhs ..... on the sale of coconut coir, coconut shell, coconut leaves, wood and cattle could not be exempted as agricultural income and following the decision of this court reported in [1998] 232 itr 443 (commissioner of income tax vs. stanes amalgamated estates ltd. (mad), the tribunal upheld the order of assessment. 6. we do not find there exists any justifiable ground to accept the .....

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Oct 03 2012 (HC)

M/S. Upasana Finance Limited Vs. the Joint Commissioner of Income Tax

Court : Chennai

Decided on : Oct-03-2012

Reported in : 2012(7)MLJ782

..... khoday india limited. thus, the assessee claimed depreciation in respect of the said boilers. in order to verify the claim of the assessee, summons under section 131 of the income tax act was issued to the khoday india limited and khoday breweries limited to furnish the details of lease transactions of boiler no. nb 1248. the officer also called for the details ..... bill. in the circumstances, doubting the genuineness of the transactions, the claim of depreciation was disallowed. aggrieved by the assessment, the assessee went on appeal before the commissioner of income tax (appeals), who confirmed the findings of the officer on the genuineness of the transactions. the commissioner further pointed out that the invoices from khoday breweries limited mentioned only one ..... per agreement dated 31.3.95. there was no finding therein that the two boilers were leased to khoday india limited by the appellant. in the circumstances, the commissioner of income tax (appeals) confirmed the assessment. aggrieved by this, the assessee went on further appeal before the tribunal, which, once again in paragraph 15 of the order confirmed the findings ..... of the lower authorities. the tribunal held that the entire transactions is sham one and going by the elaborate discussion by the commissioner of income tax (appeals) and the officer, the tribunal upheld the order of the lower authorities. aggrieved by this, the assessee is before this court. 4. a perusal of the grounds .....

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Sep 12 2012 (HC)

Zandu Pharmaceuticals Works Limited Vs. the Commissioner of Income Tax ...

Court : Mumbai

Decided on : Sep-12-2012

..... tribunal was justified in law in holding that the receipt from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80-hh of the income tax act, 1961? ? the question therefore, was converse to the one before us. the supreme court held as under:- ??12. crude petroleum is refined ..... s.j. vazifdar, j. 1. this is an appeal under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal dated 1.8.2006 in a group of income tax appeals pertaining to various assessment years. the present appeal is against the order insofar as it relates to ita no.1964/m/1997 and pertains to the assessment year 1993- ..... 's total turn-over. consequently the ao reduced the appellant's claim for the said deductions under chapter vi-a in respect of the said units. (c). the commissioner of income tax (appeals) and the tribunal upheld the assessment order. the tribunal held that the expenditure for the r and d work in the head office had been incurred for the benefit ..... held that there was no justification for the claim that this expenditure ought not to be apportioned among the assessee's units. incidentally, the cit (a) had also observed that there was a composite fund of the assessee which comprised income from various units and expenditure even in respect of the units was incurred from this composite fund. based on this the .....

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Aug 03 2012 (HC)

M/S. Gem Granites (Karnataka) Chennai Vs. Assistant Commissioner of In ...

Court : Chennai

Decided on : Aug-03-2012

..... be made, only 8% of rs.86,50,250/-, which being the profit element of the appellant should be added, as per section 44ad of income tax act, 1961?" 3. t.c.no.1152 of 2006 was also admitted on the following substantial question of law, in addition to the above substantial questions of law:- "whether on the ..... not be accepted and the percentage completion method alone had to be adopted in arriving at the assessable income of the assessee. the commissioner of income tax (appeals) held that since the assessee was engaged in the activity of civil construction, section 44ad of the act was applicable. consequently, the assessment was directed to be redone by the assessing officer. however, as regards the ..... the documents thus seized, on the assessment made thereon, the assessing officer levied interest under section 234b of the act. aggrieved both on the quantum of assessment and on the levy of interest, the assessee went on appeal before the commissioner of income tax (appeals). in considering the claim of the assessee, the appellate authority pointed out that the method of accounting followed ..... method of accounting, the commissioner of income tax (appeals) modifiedthe order of the assessing officer. aggrieved by this, the revenue went on appeal, so too the assessee .....

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Jan 17 2012 (HC)

The Commissioner of Income Tax, Kozhikode Vs. M.N. Saidalavi, Meduvil ...

Court : Kerala

Decided on : Jan-17-2012

..... block assessment for assessment years 1989-90 to 1999-2000 was completed against the assessee consequent to a search under section 132 of the income tax act. the assessment was completed determining undisclosed income of rs.1.07,96,410/-. in the cash flow statement for the year ended 31.3.1997 a receipt of rs.5 ..... by the department answering the first question in favour of the revenue, sustaining the assessment of rs.5 lakhs received on sale of debris as business income and not capital gains. the issue projected in question no.2 and 3, we refuse to answer since the said issues, as noticed earlier, does ..... though a solitary incident would come within the term of business and would be assessable as business income. the short term capital gains assessed to tax without any deduction would be as good as an assessment of business income especially so, since the rates are the same. in such circumstances, we are constrained to set ..... aside the order of the tribunal with respect to the deletion of tax assessed on rs.5lakhs being sale of debris. 4. the other deletion ..... lakhs was shown as profit on sale of debris to explain the source for investment. the same was brought to tax for the assessment year .....

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Apr 23 2012 (HC)

Commissioner of Income Tax Vii and Another Vs. Shri Karan Khandelwal a ...

Court : Delhi

Decided on : Apr-23-2012

..... law and five of his children, for the same consideration, in the year 1965. the assessing officer sought to reopen the assessment invoking the provisions of section 52(2) of income tax act and proposing to fix the market value of their house in the year 1965 at rs.65,000/- and assess the difference of rs.48,500/- as capital gains in ..... the judgment of the supreme court in k.p. varghese (supra) has been explained by the rajasthan high court in the case of. smt. amar kumari surana v. commissioner of income tax : [1997] 226 itr 344 (raj.). in p.v. kalyanasundaram (supra) the assessee purchased certain land for a sum of rs.4.10 lakh. during a search, certain notes on loose ..... . 1. by this common judgment, we shall dispose of both the appeals referred above. ita no.334/2009 is directed against the order dated 25.04.2008 passed by the income tax appellate tribunal (herein after referred to as the tribunal), dismissing ita no.454/del/07 filed by the revenue, in respect of assessment of the respondent sh. karan khandelwal, for ..... applies only where the transferee is a person directly or indirectly connected with the assessee and the object of the under-statement is to avoid or reduce the income-tax liability of the assessee to tax on capital gains. there may be cases where the consideration for the transfer is shown at a lesser figure than that actually received by the assessee but .....

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Sep 05 2012 (HC)

Larsen and Toubro Limited Vs. the Commissioner of Income-tax

Court : Mumbai

Decided on : Sep-05-2012

..... on the facts and in the circumstances of the case, the tribunal erred in holding that the assessee was not entitled to the weighted deduction under section 35b of the income-tax act, 1961 in respect of bank interest and bank charges of rs.28,20,501/- incurred by it on export packing credit facilities? (2) whether on the facts and in the ..... s.j. vazifdar, j. 1. this is a reference under section 256(1) of the income tax act, 1961. the income tax appellate tribunal, by an order dated 24th october, 1988, dismissed the applicant's appeal being ita no. 2983/bom/84, against the order of the commissioner of income-tax (appeals) pertaining to assessment year 1980-81. the tribunal has referred the following questions of law for ..... division bench of this court in kec international limited v. commissioner of income-tax (2010) 322 itr 465. the division bench held as under:- in our view, the views taken by the andhra pradesh high court, calcutta high court, madras high court are correct ..... foreign party and that these accounts were different from the normal cash credit accounts. 4. mr. mistri relied upon the judgment of the madhya pradesh high court in commissioner of income tax v. vippy solvex product pvt. ltd. (1986) 159 itr 487. it is not necessary to refer to the judgment in detail for it has admittedly been dissented from by a .....

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Jul 09 2012 (HC)

The Director of Income Tax (international Taxation) Mumbai Vs. M/S. Cr ...

Court : Mumbai

Decided on : Jul-09-2012

..... of an enduring or lasting nature as observed by the tribunal. further more, such `interest' would not answer the description `interest on securities' under the income-tax act, 1961 (`act' for short), and it matters not whether such `interest' had been separately shown as having been purchased. what was purchased in the transaction is only the ..... each day during these periods. we are unable to agree. whatever be the connotation of the term accruing in general parlance, for the purpose of the income tax act, interest does not accrue during such periods to the creditor / assessee. for want of a better term, it may be said that during such periods ..... claim of every kind and a debt-claim arises on account of a transaction that creates a debtorcreditor relationship. 30. thus, under the income tax act, 1961, as well as under the dtaa, the position remains the same at least so far as such securities are concerned viz. ..... oral judgment: [s.j. vazifdar, j.] 1. this is an appeal under section 260-a of the income tax act, 1961 against the order of the income tax appellate tribunal (itat) dismissing the appellant's appeal and allowing, in part, the respondent's cross objections. the appeal is admitted ..... securities which provide for payment of interest on a particular date or at stated intervals. 31. mr. kaka relied upon the model tax convention on income tax and on capital (22nd july, 2010) which supports our view. article 11(3) thereof is identical to article 11(4) of the dtaa. it .....

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