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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 3 of about 1,977 results (0.085 seconds)

Jun 12 2012 (HC)

Commissioner of Wealth Tax Chennai. Vs. N. Thanu

Court : Chennai

Decided on : Jun-12-2012

..... were liable to be refunded on certain contingencies arising.8. in the circumstances, referring to the order of the income tax appellate tribunal in a case arising under the income tax act learned counsel submitted that the advance fee received should not be included in the asset of the assessee since the ..... the net wealth is concerned, the question arising in the revenue appeal, the income tax appellate tribunal referred to the assesse's own case under the income tax act for the assessment years 1991-92 to 1997-98. the income tax appellate tribunal held that the advance tuition/course fees received should not be treated ..... as income in the year of receipt without it being accrued as income of the assessee in the relevant year. the income tax appellate tribunal ..... the assessment year 1992-93.judgment(judgment was delivered by chitra venkataraman,j.,)1. the revenue has filed the appeal against the order of income tax appellate tribunal, b bench dated 29.11.2004 in ita no.70/(mds)/96 (mds)/2003 for the assessment year 1992-93. the following ..... same is not treated as income in the year of receipt. in the said case the tribunal had agreed with the .....

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Jul 19 2012 (HC)

Commissioner of Income Tax. Vs. Ms. T.M.Abdul Azeez and Co.

Court : Chennai

Decided on : Jul-19-2012

..... voluntarily, there is no scope of levying penalty under section 271(1)(c) of the act?(b) since clause "b" of explanation 1 to section 271(1) of the income tax act casts the initial burden on the assessee to prove the essential ingredients of that clause and when there is a ..... the substantial questions of law raised by the revenue in this tax case appeal, relating to the assessment year 2001-02:(a) whether the failure to advert to clause "b" of explanation 1 to section 271(1) of the income tax act had vitiated the order of the income tax appellate tribunal when it held that when disclosure is made ..... failure on the part of the assessee to discharge that burden, has not the income tax appellate tribunal committed an error of law in setting aside ..... appeal filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, chennai bench 'b' dated 03.10.2005 in i.t.a.no.1151/mds/ 2005 relating to the assessment year 2001- ..... out that they were small traders in paper and boards compared to other dealers; they had neither concealed any income nor resorted to any evasion of tax and that taking into account their voluntary and honest act of offering all the credits for which they could not produce necessary evidence by bringing the creditors and the agents .....

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Jul 18 2012 (HC)

M.Loganathan. Vs. the Income Tax Officer

Court : Chennai

Decided on : Jul-18-2012

..... on the ground that the matter is pending before the settlement commission is sustainable in law?(ii) on a proper reading of section 246a and section 251 of the income tax act, is not the income tax appellate tribunal is bound to consider the appeal on merits?(iii) is not the order of the first appellate authority dated 30.3.2000 is vitiated by non ..... )-xii, chennai. it is a matter of record that in the meantime, on 19.07.1999, the assessee moved the settlement commission under section 245c of the income tax act for settlement of the assessment relating to assessment years 1992-93, 1993-94, 1996-97 and 1997-98. it is an admitted fact that as on the date of filing ..... tribunal.20. in considering the question as to the withdrawal of the appeal from the files of the commissioner of income tax (appeals), we do not think, the question of objection or no objection could play any role. section 251 of the income tax act deals with the powers of the commissioner of appeals as ranging from affirming, reducing, enhancing or annulling the assessment. explanation ..... 245d, until an order is passed under section 245d(4), the settlement commission shall alone have the exclusive jurisdiction to exercise the power and perform the function of an income tax authority under the act in relation to the case. under section 245d(7), when the settlement becomes void as provided under section 245d(6), the proceedings covered under the settlement application shall .....

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Jul 17 2012 (HC)

Commissioner of Income Tax. Vs. T.M.Abdul Rahaman and Sons

Court : Chennai

Decided on : Jul-17-2012

..... it as an error/mistake, be brought before the tribunal for correction under section 254(2) of the income tax act? "2. the question relates to the includability of the fixed deposit receipts in the business profit for granting deduction under section 80hhc of the income tax act. the assessment year under consideration herein is 1992-93. based on the decision reported in [2001] 258 ..... could only rest on the provision of law relevant to the assessment year under consideration. in this connection, the decision reported in [2008] 305 itr 227 (assistant commissioner of income tax vs. saurashtra kutch stock exchange ltd.), relied on by the revenue, merits to be noted herein. the apex court pointed out that the assessee filed a miscellaneous petition before the ..... under section 260a of the income tax act, 1961 against the order dated 11.07.2005 in mp.45/mds/04 in ita.no.1797/mds/96 (assessment year 1992-93).judgment(judgment of the court was delivered by chitra venkataraman,j.)1. the following is the substantial question of law raised by the revenue in this tax case appeal, relating to the ..... included for calculating deduction under section 80hhc.4. on appeal before the commissioner of income tax (appeals), the commissioner of income tax (appeals) held that the interest received formed part of the business income; hence, the assessee would be entitled to treat it as deductible and includable in the business income for the purpose of explanation (baa) to section 80hhc(4a). the commissioner held .....

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Jul 13 2012 (HC)

Commissioner of Income Tax. Vs. Ms.Singapore Airlines Ltd.

Court : Chennai

Decided on : Jul-13-2012

..... on a touchdown of the air field would amount to a use of land for the purpose of treating the charges as rent under section 194-i explanation of the income tax act.21. as rightly pointed out by the learned senior counsel appearing for the assessee, the payment contemplated under the explanation is for the use of the land under a lease ..... of 'rent', the case of the assessee could not be brought within the four corners of taxation for the purpose of applying section 201(1) and 201(1a) of the income tax act.11. heard learned standing counsel appearing for the revenue and the learned senior counsel appearing for the assessee and perused the materials placed before this court.12. we agree with ..... reasoning, which was also accepted by the tribunal of the madras bench in the assessee's case. the assessee had also accepted the liability under section 194 c of the income tax act.5. as far as navigation facilities were concerned, the assessee did not make a serious dispute, in other words, it conceded that it was in the nature of charges paid ..... payment of landing and parking charges is to be treated as payment of contractors under section 194 c and not as payment of rent under section 194 i of the income tax act?"2. the assessee is an international airlines. in the course of the assessment proceedings, for the assessment years 1997-98 to 1999-2000, the assessee claimed that the charges paid .....

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Jul 06 2012 (HC)

Dr.(Smt) P.K.Vasanthi Rangarajan. Vs. the Commissioner of Income Tax

Court : Chennai

Decided on : Jul-06-2012

..... by the appellant to the developer in september 1999 for development of the property under the development agreement would fall within the purview of section 2(47)(v) of the income tax act, 1961 and therefore transfer for the purpose of assessment of capital gains took place in the previous year relevant to the assessment year 2000-01?(ii) whether on the facts ..... the appellant owned a residential property as on the date of transfer i.e., september 1999 and that therefore she is disqualified to claim exemption under section 54f of the income tax act, 1961?2. the assessee is an individual, a doctor by profession. it is an admitted fact that the assessee owns a property situate in 828 and 828a, poonamallee high road ..... favour of kalaiarasi udayashankar.4. in the returns filed for the assessment year 2001-02, the assessee claimed the benefit of exemption as provided for under section 54f of the income tax act. the said claim was sought to be rejected by the assessing authority on the ground that persons who own a residential house as on the date of transfer, would not ..... the assessee.6. learned senior counsel appearing for the assessee, even though raised a ground with reference to clause (v) of section 2(47) of the income tax act and section 53a of the transfer of property act as regards the part-performance of the agreement and the assessment of capital gains in the assessment year 2000-2001, however, she confined her arguments to .....

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Jan 04 2012 (HC)

Commissioner of Income Tax-i Vs. M/S.Tube Investments of India Ltd-i

Court : Chennai

Decided on : Jan-04-2012

..... . the next question is, whether, by virtue of the provisions under section 32 of sica, the scheme will have overriding effect on the provisions of the section 43b of the income tax act. for consideration of the said issue, it may be pointed out that in para 4.2.4 of the rehabilitation scheme formulated by the board in its order dated 14 ..... have overriding effect over the provisions of the income tax act in regard to the matters covered in circular no.523 dated 05.10.1988. 7. a reading of both the circulars would show that in the event a scheme has ..... under section 17(2). hence, it was clarified that the orders passed by the bifr under section 17(2) will not have the effect of overriding the provisions of the income tax act. however, subsequently, by circular no.576 dated 31.08.1990, it was further clarified that once the scheme is sanctioned under section 18 of sica by the board, it will ..... 576 are applicable to the facts of the case? secondly, whether the provisions of section 32 of sica would override the effect on the provisions of section 43b of the income tax act ? 6. as far as the said two circulars are concerned, having noticed that section 17(3) of sica excluded the application of sections 41(1), 79 and 115j of the .....

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Jan 20 2012 (SC)

Vodafone International Holdings B.V. Vs. Union of India and anr.

Court : Supreme Court of India

Decided on : Jan-20-2012

..... and prove such transactions are fraudulent by applying look at principle. overseas companies and fdi 49. overseas companies are companies incorporated outside india and neither the companies act nor the income tax act enacted in india has any control over those companies established overseas and they are governed by the laws in the countries where they are established. from country ..... transfer or divestment or extinguishment of holding company's rights and interests, resulting in transfer of capital asset situated in india. 160. section 9 of the income tax act deals with the incomes which shall be deemed to accrue or arise in india. under the general theory of nexus relevant for examining the territorial operation of the legislation, two ..... spite of being separate legal personalities, if the facts reveal that they indulge in dubious methods for tax evasion. (b) tax avoidance and tax evasion: tax avoidance and tax evasion are two expressions which find no definition either in the indian companies act, 1956 or the income tax act, 1961. but the expressions are being used in different contexts by our courts as well as ..... to the transaction was a transfer of other rights and entitlements which rights and entitlements constituted in themselves capital assets within the meaning of section 2(14) of the income tax act, 1961. according to the high court, vih acquired the cgp share with other rights and entitlements whereas, according to the appellant, whatever vih obtained was through the .....

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Feb 08 2012 (SC)

Acg Associated Capsules P.Ltd. Vs. C.i.T Central-4 Mumbai

Court : Supreme Court of India

Decided on : Feb-08-2012

..... entire amount received by an assessee on sale of the duty entitlement pass book (for short `the depb') represents profit on transfer of depb under section 28(iiid) of the income tax act, 1961 (for short `the act'). we have already decided this issue in favour of the assessee in a separate judgment in m/s topman exports vs. commissioner of ..... of 2006. 2. the facts of this case very briefly are that bharat rasayan limited (for short `the assessee') filed a return of income tax claiming a deduction of rs.72,76,405/- under section 80hhc of the act. in the assessment order, the assessing officer held that ninety per cent of the gross interest has to be excluded from the profits of ..... the domestic company, shall be taken into account for working out the relief under section 80m of the act. he cited the judgment in commissioner of income-tax v. shri ram honda power equip (supra) in which the delhi high court has taken a view that the word `interest' in explanation (baa) to section 80hhc connotes `net interest' ..... income tax, bombay, and other connected matters and we have held that not the entire amount received by the assessee on sale of depb, but the sale value less the face value .....

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Feb 08 2012 (SC)

Vikas Kalra Vs. C.i.T

Court : Supreme Court of India

Decided on : Feb-08-2012

..... in manufacturing and exporting leather garments. for the assessment years 2001-2002 and 2004-2005, the appellant filed returns of income claiming deductions in respect of profits retained for export business under section 80hhc of the income tax act, 1961 (for short `the act'). the assessing officer held in the assessment orders that the entire sale value of duty entitlement pass book (for short ..... `depb') represents profit on transfer of depb under section 28(iiid) of the act and did not allow the amount of deduction claimed by the ..... appellant under section 80hhc. the appellant filed appeals before the commissioner of income tax (appeals) but the commissioner of income tax (appeals) sustained the orders of the assessing officer. the appellant filed appeals before the ..... whether the tribunal was correct in law in ignoring explanation (baa) under section 80hhc of the act which specially excludes profits of depb from total turnover and the high court held that this issue was covered by its judgment in the case of commissioner of income-tax v. shri ram honda power equip [(2007) 289 itr 475 (delhi)]. 5. we have .....

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