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-12-2012
..... that the assessment in pursuance of a return u/s.139 is different from re-assessment by invoking section 147 and by issue of notice u/s.148 of the income tax act 1961 in the guise of reassessment if an earlier assessment is sought to be concluded on the return beyond the time permitted u/s.153, it was frowned upon particularly ..... would arrive at this very destination even if we were to traverse along a different dialectic, namely, if we were to analyze the circumstances in which section 147 of the income-tax act could be invoked. there is plenitude of precedents on this aspect of the law; hence only some of them shall be discussed. the question that had arisen before the bombay ..... explanation 2 to section 147 and in its clauses (a) and (b). in either event the assessing officer would invoke the powers conferred upon him by section 147 of the income-tax act culminating in the completion of the assessment. it is also conceivable that the incorrectness of the return may not be detected or noticed within the time period set-down in ..... commencement of assessment proceedings they must first be brought to their logical conclusion by framing an assessment before embarking on the proceedings as envisaged in sections 147/148 of the income-tax act; or more precisely stated, can resort to section 147 be made even whilst the normal assessment proceedings are pending conclusion. to find the answer we must keep in perspective that .....Tag this Judgment!
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 .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Kerala
Decided on : Mar-20-2012
..... appearing for the appellant- assessee and standing counsel for the respondent. the first question raised pertains to disallowance under section 14a of the income tax act which stands covered against the assessee by judgment of this court in commissioner of income tax vs. catholic syrian bank ltd. and others reported in 237 ctr 164. following this judgment we answer this question against the assessee and ..... represent liability and it is wrongly shown by the assessee as liability. even though counsel for the appellant has relied on decision of the bombay high court in commissioner of income tax vs. bank of rajastan reported in (2010) 40 dtr (bom.) 173, what we notice is that unlike in this case cash found is not excess carried over for several years ..... of the assessee atleast in respect of the arrears carried over for several years. however, we feel that the excess found during the previous year need not be treated as income and can be treated as surplus in the suspense account for three years to meet a liability in the event of any claim being made. we, therefore, confirm the finding ..... themselves conceded that the amount is excess cash with them retained for several years and there is no claimant for the same. we do not know why it is not income as the assessee themselves have no case that it is payable to anybody or it is a liability due from assessee to any person. we do not find any question .....Tag this Judgment!
Court : Kerala
Decided on : Jan-10-2012
..... two assessees, one by name m/s.bimbis south star and the other by name m/s.khyber foods, both assessed based on search conducted under section 132 of the income tax act. even though there is only one assessment, the two appeals happened to be filed in the case of two assessees only because both the revenue as well as the assessee ..... the same telephone number 382357, which intrinsically prove that all the concerns are owned and managed by same party, though under separate group names and concerns for the purpose of income tax benefits. on going through the tribunal's order we notice that tribunal has taken only one line from the warrant wherein the premises to be searched is stated as bimbis ..... of group concerns with names of the assessees separately stated therein. senior counsel for revenue has relied on division bench decision of this court in jose cyriac vs. commissioner of income tax reported in (2011) 336 itr 241 wherein this court reversed the said order of the tribunal relied on by them in allowing the assessee's claim in these cases. since .....Tag this Judgment!
Court : Delhi
Decided on : May-03-2012
..... /writ /direction to quash the notice issued by the respondent, who is the assistant commissioner of income tax central circle-v, new delhi, under section 148 of the income tax act (hereinafter referred to as the act) on 17.2.2009. a prayer is also made for quashing the letter/order dated 20. ..... accrue or arise in india. mr. goswami, the learned counsel for the petitioner strongly relied on the judgment of the supreme court in commissioner of income-tax. v. r.d. aggarwal and co. (1965) 56 itr 20. on the basis of the judgment, he contended that the expression business ..... he recorded the aforesaid reasons and whether these materials could afford a rational nexus or live link to the formation of the belief that income chargeable to tax had escaped assessment, we requested the learned addl. solicitor general, who appeared for the respondent, to produce the relevant record for perusal ..... accordingly, we uphold the jurisdiction of the respondent to issue notice under section 148 of the act on 17th february, 2009 reopening the assessment of the petitioner on the ground that income chargeable to tax had escaped assessment. all interim orders passed by us are vacated. the writ petition is dismissed ..... section 143(1) of the act. on 17th february, 2009 the respondent issued a notice under section 148, which is the impugned notice, calling upon the petitioner to deliver a return of income for the assessment year 2002-03 on the ground that income chargeable to tax had escaped assessment. in response .....Tag this Judgment!
Court : Delhi
Decided on : May-10-2012
..... revenue for the assessment years 1998-99, 2002-03, 2003-04, 2004-05, 2005-06 and 2006-07. they have been filed under section 260a of the income tax act, 1961, hereinafter referred to as the act. 2. the respondent-assessee is the national association of software and services companies (nasscom). the appeals in ita nos.472/2011 and 18/2011 for the assessment ..... to be brought out in understanding the mandate of section 11. section 11 of the act corresponds to section 4(3)(i) of the indian income tax act, 1922, hereinafter referred to as the old act. that section, before its repeal by the act, stood as under: - 4. application of income. (3) any income, profits or gains falling within the following classes shall not be included in the ..... the payment of income tax act under the vdis was treated as a deduction and as proper application of the income of the trust. the same line of reasoning holds good for the provision ..... the provisions of section 36(i)(vii) read with section 36(2)(i) of the act. we have already held that the income of the trust available for application to charitable purposes in india should be computed not in accordance with the strict provisions of the income tax act but should be computed in accordance with commercial principles and it is on this footing that .....Tag this Judgment!
Court : Delhi
Decided on : Apr-23-2012
..... short) was admitted for hearing on 10th january, 2012 and the following substantial question of law was framed:- whether the income tax appellate tribunal was justified in holding that the jurisdictional pre-conditions for reopening under section 147 of the income tax act, 1961 are not satisfied in the present case? 2. this appeal pertains to assessment year 2001-02 in the case of usha ..... assessing officer after audit objection was raised in the report dated 10th february, 2005. the relevant portion of the said report reads as under:- u/s 45(1) of the income tax act, 1961, any profit or gains arising from the transfer of a capital asset effected in the previous year, shall be chargeable to ..... view of the then recent pronouncement in g. r. ramachari's case  41 itr 142 (mad). dr. gauri shankar submitted that the tribunal has found that the income tax officer "had acted mechanically in accepting the return without bringing his mind to play upon the entry in the statement with reference to the distribution of the assets". he pointed out that there ..... escaped assessment, namely:-- (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax; (b) where a return of income has been furnished by the assessee but no assessment .....Tag this Judgment!
Court : Delhi
Decided on : Feb-28-2012
..... short) pertains to assessment year 2001-02. after hearing counsel for the parties, we frame the following substantial question of law : whether income tax appellate tribunal was justified in deleting the disallowance under section 14a of the income tax act, 1961? 2. the assessee is a company and has made investment in equity shares, preference shares and bonds as per details given below : s. no ..... income tax, new delhi, ita no.687/2009 (delivered on 18.11.2011), a division bench of this court has held as under : 41. sub-section (2) of section 14a, as we ..... issued by the icici bank were taxable and therefore in respect of the said bonds, section 14a was not applicable. the aforesaid findings recorded by the cit(appeals), were not challenged by the revenue before the income tax appellate tribunal (tribunal, for short). therefore, we are concerned only with the items at serial nos.1 to 3 and 5 of the aforesaid table ..... /- and not as rs.18,57,50,000/- after inter alia holding that the investment of rs.5,00,00,000/- in bonds of icici bank had not resulted in tax-free income. accordingly, the disallowance was proportionately reduced. 6. however, the tribunal in the impugned order has completely deleted the disallowance. in the case of maxopp investment ltd. vs. commissioner of .....Tag this Judgment!