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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 15 of about 1,976 results (0.095 seconds)

Aug 16 2012 (HC)

M/S.Hastalloy India Limited and Another Vs. the Deputy Commissioner of ...

Court : Andhra Pradesh

Decided on : Aug-16-2012

..... .hastalloy holdings limited (hereinafter referred to as hhl) with the objective of carrying on business of finance. 3. the income tax department carried out search operations under section 132 of the income tax act, 1961 on 28-11-1996 in the business premises of the assessee company as well as the residential premises of the ..... india limited and itta no.24 of 2000 filed by the revenue are appeals under section 260-a of the income tax act, 1961 challenging the order dated 21-09-1999 of the income tax appellate tribunal, hyderabad bench-b in i.t.(ss)a.no.48/vizag/97 for the block period 01-04 ..... of the categorical statements made by the employees of the assessee-company, the tribunal is correct in applying section 69 of the income tax act and treat the f.d.rs. as undisclosed income of the assessee? b) whether the appellate tribunal is justified in sustaining the addition without considering the entire evidence on record? ..... range-i, visakhapatnam, dt.27.11.1997 in pnn/gir.no.h-7). (itta.no.24 of 2000: income tax tribunal appeal under section 260-a of the income tax act-1961 against the order of the income tax appellate tribunal, hyderabad bench b, hyderabad in it(ss).a.no.48/vizag/97 for dt.21.09. ..... block period. in the background of the above facts and circumstances, the assessing officer initiated block assessment proceedings u/s.158 bc of the income tax act, 1961 against the assessee, its associate company hhl and managing director sri g.v.k. rao for the period 01-04-1986 to .....

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Aug 27 2012 (HC)

M/S. Chennakesava Pharmaceuticals, Vijayawada Vs. the Commissioner of ...

Court : Andhra Pradesh

Decided on : Aug-27-2012

..... assessee in the matter of quantum of penalty. on application made by the assessee, following two questions were referred under section 256 (1) of the income tax act, 1961 to the high court: (1) whether, on the facts and in the circumstances of the case, the proceedings for the imposition of penalty ..... differing with the view taken by the 1st appellate authority and holding that the penalty was leviable under section 271 (1) (c) of the income tax act? in our view this question as framed is wide enough to encompass within it also the issue whether there is a need for the assessing ..... justified in differing with the view taken by the 1st appellate authority and holding that the penalty was leviable under section 271 (1) (c) of the income tax act? 7. sri a.v. krishna koundinya, senior counsel for the assessee in these appeals would submit as follows: 1.) the conditions mentioned in section 271 ..... under sections 271 (1) (a), 271 (1) (b), 271 (1) (c) and 273/274 of the income tax act have been initiated. charge interest under sections 139 (8) and 215/217 of the income tax act, the delhi high court held that the said statement recorded in the assessment order did not satisfy section 271 (1) ( ..... were properly commenced in the course of any proceedings under the act as required by section 271 of the income tax act, 1961, for assessment years 1959-60 to 1962-63? (2) whether, on the facts and in the circumstances of the .....

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Aug 03 2012 (HC)

Chalasani Venkateswara Rao Vs. Income Tax Officer, Ward-iv

Court : Andhra Pradesh

Decided on : Aug-03-2012

..... of assets to y.kalyana sundaram. moreover, as rightly contended by the assessee, up to the assessment year 1987-1988, section 47 (ii) of the income tax act, 1961 excluded these transactions. from assessment year 1988-89, in the case of dissolution of a firm, only the firm is taxable on capital gains on ..... sold by the partnership to the individual partners in consideration of their respective shares in the residue. the expression "sale" and "sold" are not defined in the income-tax act : those expressions are used in section 10 (2) (vii) in their ordinary meaning. "sale", according to its ordinary meaning, is a transfer of property ..... the appeal by order dated 08-02-2000. aggrieved thereby the appellant has filed the above appeal under section 260-a of the income tax act, 1961. 14. heard sri y.ratnakar, learned counsel for the appellant and sri j.v.prasad, senior standing counsel for the respondent. 15. ..... on dissolution under section 45 (4) of the income tax act, 1961 and not the partner. 13. the i.t.a.t. did not consider the above contentions raised by the appellant before it and dismissed ..... and registered in favour of the other partner. lastly he also contended that up to the assessment year 1987-1988, section 47 (ii) of the income tax act, 1961 excluded these transactions. from assessment year 1988-89, in the case of dissolution of a firm, only the firm is taxable on capital gains .....

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Jun 11 2012 (HC)

Assistant Commissioner of Income Tax Circle 2 1 Raipur, Vs. Shriram Dh ...

Court : Chhattisgarh

Decided on : Jun-11-2012

..... abhay manohar sapre, j. 1. this is an appeal filed by the revenue (commissioner of income tax) under section 260-a of the income tax act, against the order dated 7/12/2005 passed by income tax appellate tribunal (for short called the tribunal) in it (ss) a no. 76/nag/2004. 2. by impugned order, the tribunal allowed ..... the assessee's appeal and dismissed that of the revenue which arose out of the order passed by the cit (appeal ..... reads as under:- 1.1. whether on facts and in the circumstances of the case the tribunal was justified in upholding the order of commissioner of income tax appeals and whether was justified in confirming his views in deleting the addition made by the a.o. in spite of the fact that excess cash ..... year 2001-2002 and for that assessment year, he had already paid advance tax and tds much earlier to commission of raid and secondly had also filed the return under section 139 of the act for that year disclosing this income. he contended that raid in question was carried out on 20.12.2001 ..... whereas he filed the return though subsequent to date of raid but he could do so because revenue was aware of payment of advance tax and tds made by him .....

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Oct 15 2012 (HC)

D. Anuradha Vs. the Deputy Commissioner of Income Tax, Chennai

Court : Chennai

Decided on : Oct-15-2012

..... officer as well as the tribunal had rightly rejected the case of the assessee by holding that the assessee was not entitled to relief under section 80 hhc of the income tax act as per cbdt's circular no.729 dated 01.11.1995, as admittedly, rough blocks were exported and not dimensional blocks insofar as the remaining claim of the assessee in ..... is a dimensional blocks of granite. accordingly, learned standing counsel appearing for the revenue submitted that the assessee is not entitled to any relief under section 80 hhc of the income tax act, insofar as the rough granite is concerned, based on the circular dated 1.11.1995, which grants exemption only in respect of dimensional blocks of granite. 6. we have gone ..... exported rough granite and however in so far as the export of dimensional granite blocks are concerned, the assessing officer had already granted deduction under section 80 hhc of the income tax act. the tribunal further pointed out that the contention of the assessee, namely, that the word 'rough' was wrongly typed in the invoice cannot be accepted, as the export document should ..... what had been exported by the appellant was only rough granite blocks and not dimensional blocks?" 2. the assessee, an exporter claimed export benefit under section 80 hhc of the income tax act to the tune of rs.74,09,716/- on the total export sales of rs.2,09,48,250/-. the assessing officer, on the perusal of the documents, namely export .....

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Oct 15 2012 (HC)

Commissioner of Income Tax, Chennai Vs. M/S. Spel Semi Conductor Limit ...

Court : Chennai

Decided on : Oct-15-2012

Reported in : 2013(2)MLJ253

..... other sources, especially, when carry forward losses remained? 2. whether the provisions of section 32(2) can be given effect to, ignoring the provisions of section 72(2) of the income tax act?" 2. the assessee is engaged in the business of manufacture of semi conductors. admittedly the assessee has claimed set off of unabsorbed depreciation from the assessment years 1990-91 to ..... the income from other sources. aggrieved by the same, the revenue is on appeal before this court. 3. section 32(2 ..... years before claiming any set off on unabsorbed depreciation. thus, holding, the commissioner of income tax (appeals) dismissed the appeal. aggrieved by the same, the assessee went on further appeal before the tribunal. on consideration of section 32(2) of the income tax act and section 72(2) of the income tax act, the tribunal held that the assessee was entitled to set off unabsorbed depreciation as against ..... ) of the income tax act, which is relevant for the case on hand, reads as follows:- 32(2) where in the assessment of the assessee full effect cannot be given to any allowance under clause ( .....

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Oct 30 2012 (HC)

M/S. Indian Bank Vs. the Deputy Commissioner of Income-tax

Court : Chennai

Decided on : Oct-30-2012

Reported in : 2013(2)MLJ232

..... per the rbi guidelines was 8% interest only and any amount paid over and above the permissible limit was against the public policy, hence, hit by explanation 237 of the income tax act, 1961. as far as this line of reasoning is concerned, we find from the circular issued by the rbi that there is ceiling on interest payable in current account / saving ..... assessee that the account of rs.14,73,91,000/- paid as an additional interest was infraction of law and hence, not admissible as expenditure under section 37 of the income tax act, 1961. apart from this issue, the assessing officer also disallowed certain expenditure incurred by the assessee. aggrieved by the order of assessment, the assessee went on appeal before the commissioner ..... . 13. as regards the claim of the assessee on the estimated expenditure relating to securities, under section 115 j of the income tax act, 1961, the cit (appeals) confirmed the order of assessment. aggrieved by the same, the assessee went on appeal before the income tax appellate tribunal. 14. as far as the first issue relating to broken period of interest is concerned, after referring to ..... ita.no.375/2001-02 for the assessment year 1990-91 as investments in securities constituting current securities and stock in trade, the cit (appeals) thought it fit to get enquiries made under section 250(4) of the income tax act through the assessing officer on the following issues:- "(i) what is the nature of securities held by the appellant bank viz., whether it .....

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Nov 22 2012 (HC)

Commissioner of Income Tax Vs. M/S Chettinad Cement Corporation Ltd.

Court : Chennai

Decided on : Nov-22-2012

..... first two questions are covered by the decision of the supreme court. in respect of question nos.3 and 4 are concerned, he submitted that tax and interest are different and distinct under the income tax act 1961 and therefore, tax cannot be levied under section 115j. 5. heard the learned counsel for the respective parties and perused the documents. 6. (i) in respect ..... section 156, it is provided that when any tax, interest, penalty, fine or any of other sum is payable in consequence of ..... p.p.s. janarthana raja, j. 1. the above matter is filed by the revenue under section 260-a of the income tax act 1961 against the order of the income tax appellate tribunal, madras 'a" bench, in ita no.1619/mds/02 dated 12.06.2006 raising the following substantial questions of law. "1. whether in the facts and circumstances ..... as follows: "question no.5-one other connected question remains : whether "taxes" under section 11(2)(a) would include interest or penalty as well? we are concerned in the present case with penalty and interest under the income-tax act. tax, penalty and interest are different concepts under the income-tax act. the definition of "tax" under section 2(43) does not include penalty or interest. similarly, under .....

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Oct 29 2012 (HC)

T. Jayachandran Vs. Deputy Commissioner of Income Tax Special Range Ii ...

Court : Chennai

Decided on : Oct-29-2012

..... direct the first respondent to furnish information to the petitioner as sought in application dated 29.12.2007 under clause (b) of sub section (1) of section 138 of the income tax act, 1961. w.p.no.25811 of 2008 is filed under article 226 of the constitution of india for the issue of a writ of mandamus by forbearing the second respondent ..... ) as an expenditure wholly and exclusively laid out for the purpose of business within the meaning of section 37(1) of the income tax act. 10. aggrieved by the order of the commissioner of income tax (appeals), the revenue went on appeal before the income tax appellate tribunal. it is a matter of record that in the meantime, criminal prosecution was laid against the assessee as accused ..... not necessary that the agency and principal should be evidenced by a written agreement. 19. countering the claim of the assessee, the revenue pointed out that the proceeding under the income tax act being an independent proceedings, rightly the income tax appellate tribunal rejected the assessee's contentions based on the criminal court's finding. referring to the decisions reported in 53 itr 21 (sc ..... appeal nos.366, 367 and 368 of 2005 are filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal 'b' bench, chennai dated 05.01.2005 passed in ita nos.2585 (mds)/94, 2297(mds)/96 and 255(mds)/96 respectively. w.p.nos.38858, 38859 and .....

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Nov 01 2012 (HC)

The Commissioner of Income Tax, Business Ward Xv(3) Vs. M/S. Sanghvi a ...

Court : Chennai

Decided on : Nov-01-2012

..... contend that the chennai metropolitan development authority had given completion certificate only on 13.6.2008 and hence, the assessee could not claim deduction under section 80ib(10) of the income tax act. he further pointed out that in any event, the factual aspect of the completion is noted already by the statutory authority, namely, local authority, which had also a role ..... taken note of such a situation in mind while providing for the deduction. referring to the memorandum explaining finance bill, 2009, introducing explanation to section 80ib(10) of the income tax act, the tribunal pointed out to the provisions emphasised about the investment risk, which could be taken either by the owner or the builder or jointly by both. thus, taking ..... assessing officer also considered the question as regards the completion certificate being given beyond the date prescribed under explanation (1) to sub-section (10) of section 80ib of the income tax act. yet another violation pointed out by the assessing officer was that the extent of built-up area in the project exceeded the condition as to the limit given under section ..... 01.10.2003 for carrying out actual construction work. in terms of the agreement thus undertaken for development and construction, the assessee claimed deduction under section 80ib of the income tax act. it is a matter of record that chennai metropolitan development authority accorded sanction to the project under letter dated 23.09.2003. a perusal of the said proceedings of .....

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