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 .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-21-2012
p.c. this is an appeal under section 260(a) of the income tax act, 1961 against the order of the income tax appellate tribunal dismissing the appellant's appeal being ita no.3995/mum/2006 pertaining to the assessment year 1997-1998. 2. the appellant has sought to raise the following questions ..... with a direction to decide the issue of levy of penalty after the decision of this court in the said appeal. the tribunal accordingly set-aside the order of the cit (a) and directed the ao to give the respondent a reasonable opportunity of being heard before passing the order upon remand. 4. as noted earlier, the appeal against the quantum .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-06-2012
..... meaning ascribed to it in section 44 b as the context in which it is used does not require it to be construed differently. 17. section 44(b) of the income tax act, 1961 reads as under:- ??44-b. special provision for computing profits and gains of shipping business in the case of nonresidents. ?? (1) notwithstanding anything to the contrary contained in sections ..... s.j. vazifdar, j. 1. these appeals under section 260-a of the income tax act, 1961 are against a common order of the income tax appellate tribunal dated 13.8.2008 in income tax appeal nos.1540/mum/05 and 2392/mum/06 pertaining to the assessment years 2001-2002 and 2002-2003. 2. by an order dated 29.9.2010, the appeal was ..... are these. the respondent filed its return of income on 5.10.2001 declaring a total income of rs.3,00,25,837/-. it showed gross receipts pertaining to freight in the sum of rs.40,03,44,489/-. relying upon section 44b of the act, the respondent computed its profits and gains chargeable to tax at 7.5% of these receipts to be ..... of slot chartering would form a part of income from operations of ships exempt under article 9 of the tax treaty between india and uk? 2) whether the income of the respondent on account of slot chartering and use of containers in india is taxable under section 44 b or 28 to 43 of the act? ? 3. as regards the second question, we have .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Allahabad
Decided on : Oct-16-2012
..... by the u.p. madhyamik shiksha parishad, allahabad. 2. the society is registered with income tax department as an association of persons with pan no.aaaac1150g and has been granted a registration certificate under section 12a of the income tax act. the society is regularly assessed to 'nil' income by the assessing authority from 2003-04 to 2007-08. the returns filed by the society ..... have been accepted regularly under section 143 (1) of the act. 3. by this writ petition the petitioner has prayed for quashing the ..... which prescribed authority is empowered to withdraw the approval earlier granted. 21. in sole trustee, loka shikshana trust v. commissioner of income tax, mysore, 1975 (101) itr 234, it was held that word 'education' in section 2 (15) of the act connotes the process of training and developing the knowledge, skill, mind and character of students by normal schooling, and has not ..... order dated 27.5.2011 passed by the chief commissioner of income tax, ghaziabad rejecting the petitioner-society's application for exemption under section 10 (23c) (vi) of the act, and for a direction to the chief commissioner of income tax, ghaziabad to issue the approval under section 10 (23c) (vi) to the petitioner in terms .....Tag this Judgment!
Court : Allahabad
Decided on : Sep-13-2012
..... .00 as unexplained deposit?" 4. both the appellants are doctors by profession and are husband and wife. on 5.3.1992, a search under section 132(1) of the income tax act, 1961 (the act) was conducted at their residence and nursing home, in which certain documents regarding unexplained investments were found. the appellants house was under construction, in which they had shown the ..... ,04,100/-. learned counsel for the appellant has relied upon the circular no.96 dated 25.11.1972 issued by central board of direct taxes. 13. a new section 55a was inserted in the income tax act enabling the income tax officer to refer the question of valuation of any capital asset to the valuation officer with a view to ascertain the fair market value of ..... the assessing officer held that the gifts though apparent were not real and accordingly treated all those amounts which were credited in the account books of the assessees as their income applying section 68 of the income- tax act, 1961. the assessees did not contend that even if their explanation was not satisfactory the amounts were not of the nature of ..... . p. mohanakala, (2007) 291 itr 278 (sc), hon'ble the supreme court has held as under:- "a bare reading of section 68 of the income- tax act, 1961, suggests that (i) there has to be credit of amounts in the books maintained by the assessee; (ii) such credit has to be a sum of money during he .....Tag this Judgment!
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 .....Tag this Judgment!
Court : South Africa Supreme Court of Appeal
Decided on : Oct-01-2012
..... income is defined as the total amount, in cash or otherwise, received by or accrued to or in favour of the taxpayer during the ..... objection was disallowed. the appellant appealed to the tax court, johannesburg which, on 1 august 2011, dismissed the appeal. with leave of the tax court, the appellant appeals now to this court.  it is useful at the outset to consider the general scheme of assessing liability for tax under the income tax act 58 of 1962 (the act). as a starting point, a taxpayer's gross ..... period of assessment. from such gross income are deducted any amounts that are exempt from normal tax in order to calculate the taxpayers income (in the present ..... same year of assessment in carrying on any other trade ....  two important factors arise from this: 1. first, as i have mentioned, income as defined in the act is the amount after the deduction from gross income of any amounts exempt from normal tax but before further allowable deductions under part i of schedule ii are made to arrive at the taxpayers taxable .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Karnataka
Decided on : Jan-04-2012
..... detail. 7. mr. indra kumar, mainly submits that the tribunal has committed an error in law in taking the view that the commissioner was acting beyond the limits of section 263 of the income tax act, 1961 [for short, the act] because the tribunal thought the commissioner had another point of view other than what the assessing authority had and therefore, set aside the order ..... in the case of commissioner of income tax vs electro house [(1971) 82 itr 824 (sc)] and in particular following the passage; section 33b(1) reads ..... assuming that in a situation of this nature the commissioner has acted without jurisdiction is an error in law committed by the tribunal and that requires correction. 8. in this regard mr. indra kumar has drawn our attention to the corresponding provision in the income tax act, 1922 namely section 33(b) of that act which had come in for interpretation before the supreme court ..... : the commissioner may call for and examine the record of any proceeding under this act and if he considers that any order passed therein by the income-tax officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an opportunity of .....Tag this Judgment!