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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 13 of about 1,976 results (0.094 seconds)

Jan 12 2012 (HC)

The Commissioner of Income Tax and Another Vs. M/a Standard Chartered ...

Court : Karnataka

Decided on : Jan-12-2012

..... concept of change of opinion. 35. the concept of change of opinion while is not a statutory provision found in either the income tax act, 1922 or the it act, 1961, or even in the interest tax act, 1974, it is a phrase which has been developed in the context of language of the provisions of sections 34[b] and 147 ..... aside the said order and etc.,) 1. these five appeals by the revenue under section 21h of the interest tax act, 1974 [for short, the act] read with section 260a of the income tax act, 1961 [for short, the it act], are in respect of the assessment years 1992-93, 1993-94,1994-95,1995-96 and 1996-97 respectively ..... which is a situation which has been examined by the courts only in the context of the provisions of section 147[b] of the it act and the corresponding provision under the income tax act, 1922. it is pointed out that lesser period of limitation operates in a situation where there is no failure or omission on the ..... 478 reading as under: from a combined review of the judgments if this court, it follows that an income tax officer acquires jurisdiction to reopen as assessment under section 147 [a] read with section 148 of the income tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he ..... (prayer: ita 1156 of 2006 is filed under section 21h of the int.tax act r/w sec.260a of the income tax act, 1961 arising out of order dated 07.04.2006 passed in int.t.a.no.21/bang/2002, for the assessment year 1992 .....

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Jan 12 2012 (HC)

The Commissioner of Income Tax and Another Vs. M/S Standard Chartered ...

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 .....

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Feb 08 2012 (HC)

The Commissioner of Income Tax, Kottayam Vs. Thomas Kurian, (Deceased) ...

Court : Kerala

Decided on : Feb-08-2012

..... . counsel for the respondent raised an objection that appeals are not tenable because the amounts of deduction and the tax involved with respect to the claim under section 80-o of the income tax act is below one lakh for both the years and under the norms prescribed by the cbdt, department cannot file ..... c.n. ramachandran, j. 1. these are appeals filed by the revenue under section 260(a) of the income tax act raising two issues arising from orders of the income tax appellate tribunal disposing of assessment appeals of the assessee for the assessment years 1996-97 and 1997-98. respondent ..... appeal on such issues. however, senior counsel appearing for the appellant submitted that appeals were filed on two issues and the combined tax effect is much more ..... export premium received. this issue stands decided by the supreme court in favour of the assessee and against the revenue in the case commissioner of income tax v. baby marine exports reported in 290 itr 323. therefore, following the judgment of the supreme court, we answer the issue in favore of ..... 2008) 172 taxman 236, commissioner of income tax v. inchcape india p. ltd., reported in (2005) 143 taxman 234, commissioner of income tax v. eicher consultancy services ltd., reported in (2008) 167 taxman 64 and also clause 3 of the explanation under section 80-o of the act. it is contended that service rendered .....

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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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Mar 20 2012 (HC)

The Catholic Syrian Bank Ltd. Vs. the Addl. Commissioner of Income Tax

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 .....

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Feb 21 2012 (HC)

The Rehabilitation Plantations Ltd. Puanalur Vs. Commissioner of Incom ...

Court : Kerala

Decided on : Feb-21-2012

Reported in : 2012(3)KLT41(SN)(C.No.42)

..... in the market, the income attributable to processing or manufacture becomes business income that attracts tax under the central income tax act (hereinafter referred to as the central act for short). from the very beginning income from tea was assessable partly as agricultural income and partly as business income and specific provision is provided in rule 8 of the central income tax rules (hereinafter referred ..... made by the assessee for all the above years was disallowed in the assessment by the income tax officer, which is confirmed by the cit (appeals) and also by the tribunal, against which these appeals are filed under section 260a of the income tax act. 4. we have heard learned senior counsel shri.a.k.jayasankar nambiar appearing for the ..... same in the ratio given thereunder for the purpose of assessment under the agricultural income tax act (hereinafter referred to as the ait act for short) and under the central act. in fact rule 7 of the rules makes a general provision for assessment of income, partly agricultural and partly from business. even though rubber planters were also engaged ..... to as the rules) for assessment of income from tea .....

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Feb 08 2012 (HC)

The Commissioner of Income Tax, CochIn Vs. M/S. Choice Trading Corpora ...

Court : Kerala

Decided on : Feb-08-2012

..... . relish foods (237 itr 59) wherein it is held that processing of shrimps and prawns does not involve manufacture or production of article entitling deduction under section 801 of the income tax act. we, therefore, allow the appeals on this issue by reversing the orders of the tribunal and that of the first appellate authority and restore the disallowance made in assessment. 5 ..... in any way advances the business interest of the assessee. so much so, the commercial expediency pleaded by the respondent does not stand proved. section 36(1)(iii) of the income tax act provides for allowing interest on funds borrowed for business purposes. unless it is established that the funds were atleast indirectly used for business purpose or for promotion of business, assessee ..... the assessee was engaged was processing of fish which did not come within manufacture or production of any article or thing entitling assessee for deduction under section 801 of the income tax act. counsel for the revenue relied on decisions of the supreme court in sterling foods vs. the state of karnataka reported in 63 stc 239 and in commissioner of ..... ramachandrannair, j. 1. these are appeals filed by the revenue under section 260a of the income tax act raising various questions of law arising from orders of the income tax appellate tribunal pertaining to respondents assessments for the assessment years 1994-95 to 1996-97 and 1998-99. we have heard senior counsel sri.p.k.r.menon appearing .....

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Jan 10 2012 (HC)

The Commissioner of Income Tax, CochIn Vs. M/S. Bimbis South Star, Ern ...

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 .....

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Aug 07 2012 (HC)

Cit Vs. Anil Kumar Bhatia

Court : Delhi

Decided on : Aug-07-2012

..... are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act. 65.3 further three new sections 153a, 153b and 153c have been inserted in the income-tax act to provide for assessment in case of search or making requisition. 65.4 the new section 153a ..... .1626, 1632, 1998, 2006, 2019 and 2020 of 2010 are six appeals filed by the revenue under section 260a of the income tax act, 1961, which is hereafter referred to as the act. the assessment years involved are 2000-01 and 2002-03 to 2005-06. 2. on 14th may, 2012, the following substantial ..... common to all the six appeals and they were heard: - 1. whether the income tax appellate tribunal was right in holding that the assessing officer had wrongly invoked section 153a of the income tax act, 1961? 2. whether the income tax appellate tribunal was right in deleting the addition of rs.1,50,000/- made in ..... the provisions of section 153a. 65.10 an appeal against the order of assessment or reassessment under section 153a shall lie with the commissioner of income-tax (appeals). 65.11 consequential amendments have also been made in sections 132, 132b, 140a, 234a, 234b, 246a and 276cc to give reference to ..... stated to have never been acted upon by the parties cannot be presumed to contain unexplained or unaccounted income of the assessee. the tribunal further held that so far as interest is concerned, no notional income which was not earned by the assessee can be added and taxed. in this view of the .....

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