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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 10 of about 1,976 results (0.083 seconds)

Oct 09 2012 (HC)

Commissioner of Income Tax, Chennai Vs. M/S. Elnet Technologies Limite ...

Court : Chennai

Decided on : Oct-09-2012

..... the decision reported in 83 itr 700 s.g.mercantile corpn. p. ltd v. c.i.t., wherein the supreme court pointed out that the liability to tax under section 9 of the income tax act, 1922 is of the owner of the buildings or land appurtenant thereto. in case the assessee is the owner of the buildings or lands appurtenant thereto, he would ..... manner provided by the appropriate section'. referring to the decision reported in 42 itr 49 -east india housing and land development trust limited v. commissioner of income tax, the apex court pointed out that if the income from a source falls within a specific head set out in section 6, the fact that it may indirectly be covered by another head will not ..... .t.a.nos.3203/mds/04 and 1451/mds/2002 for the assessment year 2001-02 and 1995-96. t.c.(a).no. 2169 of 2008: tax case (appeal) against the the order of the income tax appellate tribunal, madras 'b' bench, dated 31.10.2002 passed in i.t.a.no.1606/mds/1999 for the assessment year 1996-97.) chitra venkataraman ..... be liable to pay tax under section 9 even if the object of the assessee in purchasing the landed property was to promote and develop a market thereon. the .....

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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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Nov 02 2012 (HC)

The Commissioner of Income Tax Vs. M/S. Shantiniketan Property Foundat ...

Court : Chennai

Decided on : Nov-02-2012

..... of the income tax act against the order dated 30.09.2008 made in i.t.a.nos.777 and 2131 /mds/2007 on the file of the income tax appellate tribunal, 'c' bench for the assessment years 2003-04 and 2004-05.) common judgment: the revenue is on appeals as against the order of the income tax appellate tribunal ..... 2009, 857 of 2010 and 190 to 192 of 2012 and w.a.no. 471 of 2010 viswas promoters private limited v. the assistant commissioner of income tax dated 2.11.2012, is concerned, as in the present case, several blocks were put up in a larger area which admittedly exceeded the required area specified ..... , 857 of 2010 and 190 to 192 of 2012 and w.a.no. 471 of 2010 viswas promoters private limited v. the assistant commissioner of income tax dated 2.11.2012 and allowed the assessee's appeal. we may point out here that the present assessee's stand is on a better footing than ..... . aggrieved by the same, the assessee went on appeal before the commissioner of income tax (appeals), who allowed the assessee's appeal. aggrieved by the same, the revenue went on appeal before the income tax appellate tribunal, who agreeing with the commissioner of income tax (appeals) rejected the revenue's appeal. the tribunal pointed out that the assessee ..... 2010 and 190 to 192 of 2012 and w.a.no. 471 of 2010 viswas promoters private limited v. the assistant commissioner of income tax dated 2.11.2012, we have no hesitation in rejecting the revenue's appeal, thereby confirm the order of the tribunal. 4. the above .....

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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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Oct 16 2012 (HC)

Commissioner of Income Tax-2 Mumbai Vs. Birla Global Asset Finance Co. ...

Court : Mumbai

Decided on : Oct-16-2012

..... depreciation on intangible assets viz. business and commercial brand equity even though such an asset is not a depreciable asset within the meaning of section 32(1)(ii) of the income tax act or part b of the depreciation schedule in old appendix of the it rules relevant to the a.y.2004-05? 2. as regard the first question is concerned, counsel ..... for the parties state that the said question is answered in favour of the assessee by the decision of this court in assessee's own case being income tax appeal no.828 of 2010 decided on 08.08.2012. hence, the first question cannot be entertained. 3. as regard the second question is concerned, the contention of the revenue ..... entitled to depreciation at the rate of 50% by ignoring the provisions of old appendix 1 part a snc 1/3 itxa 6835-10 .doc item iii(2) of the income tax rules, 1962 relevant to the a.y. 2004-05, which specifically provide for depreciation @ 20% on motor cars not used in the business of running them on hire? (b) whether ..... is that intangible assets like business and commercial brand equity are goodwill on which depreciation is not allowable. the apex court in the matter of cit v. smift securities limited, reported in (2012)24 taxman 222 (sc) has held that even the intangible assets constitute goodwill on which depreciation would be allowable. hence, the second question .....

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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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Feb 22 2012 (HC)

Cit Vs. Ekl Appliances Ltd.

Court : Delhi

Decided on : Feb-22-2012

..... revenue under section 260a of the income tax act, 1961 (act, for short) relates to assessment year 2002-03 and arises out of the order of the income tax appellate tribunal (tribunal, for short) dated 11th february, 2011 in ita no. 3895/del/2010. 2. pursuant to the order passed by the commissioner of income tax (appeals) under section 263 of the act, the assessing officer passed an order ..... of income tax versus g4s. securities system (india) (p) limited, (2011) 338 itr 46, has held as under:- 9. from the terms of the agreement it is noticed that this arrangement was for ..... ). 8. the aforesaid conclusion of the tribunal is in accord with the decision of the supreme court in cit versus ciba of india limited, (1968) 69 itr 692 (sc) and their subsequent decision in the commissioner of income tax versus i.a.e.c. (pumps) limited, (1998) 232 itr 316 (sc). referring to these decisions, a division bench of this court in commissioner ..... dated 30th july, 2007 holding that the royalty payment of rs.108.64 lacs was capital expenditure, inter alia, for acquisition of a capital asset. 3. the cit(appeals) deleted the said addition. the said order has been .....

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