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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 11 of about 1,977 results (0.092 seconds)

Sep 11 2012 (HC)

Gupta Coal (India) Limited, Rep. by Its Authorised Signatory, Sumith R ...

Court : Karnataka

Decided on : Sep-11-2012

..... particular object as mentioned supra. merely because it is open for petitioner no.1 to submit the income tax returns before the concerned income tax authority within one year as per section 139(4) of the income tax act, the respondent no.1 is not expected to wait for one more year by deviating from the ..... financial year 2010-11 is a mere procedural delay, for which specific exception has been provide under the provisions of section-139 of the income tax act, 1961; the delay on the part of the 1st petitioner is neither intentional nor a deliberate breach of fulfillment of the conditions set ..... time before the expiry of one year from the end of the relevant assessment year under section 139(4) of the income tax act. however, according to the petitioners, the 1st respondent intimated the 1st petitioner by an oral communication that the time of file the acknowledged copy ..... 3.3.2012 bringing to the notice of the 1st respondent that as per section 139(4) of the income tax act, the petitioners have got opportunity to submit the returns before the income tex authority at any time before the expiry of one year from the end of the relevant assessment year. ..... terms and conditions stated therein are not strictly adhered to and necessary relaxation is permitted wherever necessary and desired; since the petitioners have filed the income tax returns as required and produced the acknowledgement after submission of the techno-commercial bid within the extended time, 1st respondent ought not to have .....

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Oct 08 2012 (HC)

Commissioner of Income Tax, Chennai Vs. Allu Arvind Babu, Chennai

Court : Chennai

Decided on : Oct-08-2012

..... 154 itr 148 (mc dowell & co. ltd. v. cit) holding that it was a colourable device adopted by the assessee. the commissioner of income tax (appeals) viewed that the transaction of purchasing the units, ..... assessee referred to the decision of the apex court reported in 326 itr 1 (commissioner of income-tax v. walfort share and stock brokers p. ltd.), wherein the apex court considered the effect of section 94(7) as well as section 14 a of the income tax act and ultimately upheld tribunal's order in favour of the assessee. leaving that aside, learned ..... counsel referred to the decisions reported in (1965) 58 itr 328 (griffiths (inspector of taxes v. j.p.harrison (watford) ltd.), (1959) 35 itr 594 (g.venkataswami naidu & ..... the sole purpose was to avoid and reduce his tax liability. the assessee had followed the same modus operandi in the subsequent year resulting in a capital loss and the assessee had also claimed deduction under section 80 m of the income tax act on the dividend income. pointing out to these aspects, the commissioner of income tax (appeals) followed the decision reported in (1985) .....

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Nov 02 2012 (HC)

Commissioner of Income Tax Vs. M/S. True Value Homes (India) P. Ltd.

Court : Chennai

Decided on : Nov-02-2012

Reported in : 2013(1)MLJ55

(appeal under section 260-a of the income tax act against the order dated 24th june, 2011 made in i.t.a.no.556/mds/2011 on the file of the income tax appellate tribunal, madras 'a' bench for the assessment year 2006-07.) chitra venkataraman, j. this tax case (appeal), filed by the revenue as against the order of the income tax appellate tribunal relating to the assessment ..... a completion certificate from the chennai metropolitan development authority would stand in the way of granting relief to the assessee. accordingly, the order of the tribunal stands confirmed and this tax case (appeal) stands dismissed. no costs.

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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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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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Aug 24 2012 (HC)

Rajendra Kumar Dwivedi Vs. Commissioner of Income Tax Kanpur

Court : Allahabad

Decided on : Aug-24-2012

..... shri dhananjay awasthi appears for the respondent- department. 2. these three income tax appeals under section 260a of the income tax act, 1961 (the act) filed by the appellant-assessee, are directed against common order of the income tax appellate tribunal dated 31st december, 2001 deciding income tax appeal nos.2038 (a) of 1995; 220 (a) of 1997 and ..... accruing as a result of the transfer of the capital asset." we do not find that the income tax authorities and the tribunal committed any error in applying section 45 (2) of the act for the purposes of assessment for the relevant assessment years, and by adopting a notional value ..... capital asset into, or its treatment by him as, stock-in-trade of a business carried on by him shall be chargeable to income-tax as his income of the previous year in which such stock-in-trade is sold or otherwise transferred by him and, for the purposes of section ..... purchase and resale, though profitable, are clearly outside the domain of adventures in the nature of trade." in janab abubucker sait v. commissioner of income tax, madras, (1962) 45 itr 37 the madras high court held:- "one of the essential elements in an adventure in the nature of trade ..... that area and other relevant considerations, specify in this behalf by notification in the official gazette. in g. venkataswami naidu and co. v. commissioner of income tax, (1959) 35 itr 594, 609 (sc) the supreme court held:- "generally speaking, it would not be difficult to decide whether a given transaction .....

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Aug 08 2012 (HC)

M/S. Titan Industries Limited (Formerly Known as Titan Watches Ltd.), ...

Court : Chennai

Decided on : Aug-08-2012

..... questions of law: (i) whether the tribunal was right in upholding the disallowance of guest house expenditure under sections 32, 37 and other provisions of the income tax act, 1961? (ii) whether the tribunal was right in law in holding that the deduction under sections 80hh, 80i and 80ia are not allowable in view of ..... section 80ab of the income tax act, 1961? (iii) whether the tribunal was right in holding that the amount received from timex watches limited are in the nature of commission and therefore, ..... question of law: whether the tribunal was right in holding that the levy of interest under section 234b and c of the income tax act, 1961 were legally valid while computing the total income under section 115 ja? 2. the assessee herein is a public limited company engaged in the manufacture of watches and jewellery. for ..... orders, keeping in mind the law declared by this court as well as the limit as available under section 80ab of the income tax act. in the result, t.c.(a) no.2200 of 2006 stands dismissed and t.c.(a) no.2201 of 2006 stands partly allowed. no costs. ..... goods from the bangalore unit merited to be considered independently for 100% relief as one falling under section 80hhc(3)(a) of the income tax act. learned counsel pointed out that considering the above-said decision, the assessment on the relief under chapter via be set aside and the matter .....

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Jan 02 2012 (HC)

The Commissioner of Income Tax CochIn Vs. Pushpa Vijoy and Another

Court : Kerala

Decided on : Jan-02-2012

..... deposits in banks entitling them for interest on deposits which was periodically credited by the bank in the deposit account. as required under section 194a of the income tax act, the banks recovered tax at source on the interest credited in the deposit account of the respondents-assessees and issued tds certificates to the respondents. though the respondents did not return ..... through the order of the tribunal, what we notice is that though the tribunal has referred to section 199 of the income tax act, they have not considered the scope of the provisions in detail. section 199 of the income tax act has undergone various changes and for reference, we extract hereunder the section as it stood during the relevant assessment years, i ..... section 143(1) of the income tax act wherein the assessee is entitled to credit of tax paid directly or indirectly including payments made by payers who recovered tax and remitted the same under the provisions of chapter xvii of the income tax act. however, section 143(1) of income tax act is subject to section 199 of the act which specifically provides that tax has to be credited based ..... counsel appearing for the respondents referred to the findings of the tribunal with specific reference to section 143(1) of the income tax act and contended that the assessee is entitled to get credit for all payments of tax including tax recovered at source and remitted by the payers in the assessment year following the previous year in which such payment is made .....

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Feb 17 2012 (HC)

Lissie Medical Institutions, Represented by Its Director Vs. Commissio ...

Court : Kerala

Decided on : Feb-17-2012

..... income tax returns for several years including the assessment year 2005-2006, and disallowance is made only for this year. since business ..... account. this would imply that a correct figure of surplus from the trust property is reflected in the income and expenditure account of the trust to determine the income for the purpose of application under section 11 of the income tax act. this would reduce the possibility of revenue leakage which may be a cause for generation of black money. 7. from the above what ..... case pressed before us by the senior counsel appearing for the assessee. we have no doubt in our mind that business income of charitable trust also has to be computed in the same manner as provided u/s 29 of the income tax act. however, the issue that requires consideration is when the expenditure incurred for acquisition of depreciable assets itself is treated as ..... through several decisions of high courts and supreme courts that when business is held in trust by charitable institutions income from business has to be computed by granting deductions provided u/s 30 to 43d as provided under s.29 of the income tax act. 6. senior counsel sri.a.k.j.nambiar appearing for the assessee submitted that the assessee has been filing .....

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