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Judgment Search Results Home > Cases Phrase: income tax act Year: 2013 Page 1 of about 3,272 results (0.085 seconds)

Jan 14 2013 (SC)

The Assistant Commissioner of Income Tax, Chennai. Vs. Australian Food ...

Court : Supreme Court of India

Decided on : Jan-14-2013

..... . this batch of six appeals, arises from separate judgments of the high court of madras in the appeals preferred by the revenue under section 260a of the income tax act, 1961 (for short the act) rendered in tax case (appeal) nos.238 of 2000 on 8th september 2004; 1371, 1372, 1373 of 2005 on 2nd january 2006; 687 of 2007 on 18th june 2007; and ..... :whether the appellate tribunal is right in law in cancelling the assessment under chapter xiv-b in light of the specific provision contained in section 158bb(1) (c) of the income tax act?7. before the high court, the stand of the revenue was that since return for the assessment year 1995-96 had not been filed by the due date, by filing ..... have to undertake this exercise for the purpose of payment of advance tax. if a profit and loss account can be drawn up on estimate basis for the purpose of income-tax act, it is not understood as to why a similar profit and loss account on estimate basis under the companies act cannot be drawn up. if the explanation of the companies that the ..... profits under section 115j of the act can only be determined after the close of the year were .....

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Jan 07 2013 (SC)

Director of Income Tax (Exemption), New Delhi. Vs. Raunaq Education Fo ...

Court : Supreme Court of India

Decided on : Jan-07-2013

Reported in : 2013(2)SCC62; AIR2013SC647

..... an order dated 24th may, 2005 and exemption under sections 11 & 12 of the income tax act [hereinafter referred to as the act] had not been continued. being aggrieved by the said order of the assessing officer, the respondent-assessee had preferred an appeal before the income tax commissioner. the income tax commissioner was pleased to dismiss the appeal by an order dated 29th may, 2005. being ..... counsel appearing for the assessee submitted that no illegality or irregularity of whatsoever type was committed by the assessee trust and he had relied upon the reasons recorded by the income tax appellate tribunal so to substantiate his case. he further submitted that the post dated cheque for rs.40 lac was given before 31st march, 2002 i.e. during ..... assessee trust. for the aforestated reason, the appeal filed by the assessee was allowed.10) being aggrieved by the aforesaid order passed in the appeal, the revenue had filed income tax appeal no.150 of 2008 in the high court of delhi. the said appeal has been dismissed and, therefore, the present appeal has been filed by the revenue.11) ..... aggrieved by the said order of dismissal, the respondent-assessee had filed an appeal before the income tax appellate tribunal .....

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Feb 01 2013 (HC)

Commissioner of Income Tax-i Vs. Ashok Sahakari Sakhar Karkhana Ltd.

Court : Mumbai Aurangabad

Decided on : Feb-01-2013

..... purchase price paid to the members as well as non members cannot be disallowed by invoking provisions of section 40a(2) and 37(1) of the income tax act, 1961. the appellate authority, thus, directed to delete addition made to the tune of rs.9,86,08,069/-. that, so far as ..... advised price), is liable to be disallowed under section 40a(2) and 37(1) of the income tax act, 1961 and computed as taxable income of the assessee? 8. an identical question has arisen for consideration in tax appeal no.54 of 2010 and the division bench of this court, following the judgment in the ..... liable to be assessed on the difference? 10. an identical issue was taken up for consideration before the supreme court in the matter of commissioner of income tax, bombay vs. krishna sahakari sakhar karkhana ltd., decided by the supreme court on september 25, 2012, wherein the supreme court has observed thus: "the ..... sold sugar at concessional rate to its members and non members. while passing the assessment order for the assessment year 2006-2007, the deputy commissioner of income tax, ahmednagar circle, ahmednagar, disallowed the claim in respect of excess purchase price. at the same time, the assessment officer directed that the excess sugarcane ..... , contends that the issues raised in the matter are covered by the decisions of the apex court in the matter of deputy commissioner of income tax, nashik vs. shri satpuda tapi parisar ssk limited, reported in (2010) 13 scc 527 and decision in civil appeal no.6949 of 2012 in .....

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Feb 05 2013 (TRI)

The Assistant Commissioner Shri A.N. Annamalaisamy of Income-tax, Vs. ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-05-2013

..... the revenue. the relevant assessment year is 2009-10. the appeal is directed against the order of the commissioner of income-tax(appeals)-ii at madurai, dated 11.5.2012. the appeal arises out of the penalty levied under sec.271aaa of the income-tax act, 1961. 2. there was a search in the present case under sec.132. in the course of search, on ..... the basis of materials found therein, the assessee had admitted an additional income of ` 38,45,416/- pertaining to jewellery. while filing the original return, the assessee ..... completed. but the assessing officer levied penalty under sec.271aaa for the reason that the assessee has not acted according to the statement made under sec. 132(4) in the course of search, wherein undisclosed income was admitted. 3. in first appeal, the commissioner of income-tax(appeals) found that the penalty cannot be levied if the four conditions laid down in that section ..... also explained about the business and stated that the jewellery was acquired over a period of time. when all the pieces are put together, we find that the commissioner of income-tax(appeals) is justified in holding that there is no ground to levy penalty in the present case under sec.271aaa. accordingly, the order passed by the commissioner of .....

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Feb 04 2013 (TRI)

M/S. Sri Muthu Venkata the Income-tax Officer, Subramaniam Trust, Vs. ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-04-2013

..... filed by the assessee. the first appeal is directed against the order of the commissioner of income-tax, rejecting the application filed by the assessee for obtaining registration under sec.12aa of the income-tax act, 1961. the second appeal is filed against the order of the commissioner income-tax, rejecting the application filed by the assessee for grant of approval under sec. 80g(vi ..... ) of the act. 2. when the assessee applied for registration under sec.12aa, the commissioner of income-tax called for a number of details from ..... the assessee and also from the concerned assessing officer. the details called for by the commissioner of income-tax related to the books of account, bank accounts, permanent account ..... the assessee has violated the provisions of law. in these circumstances, we find that the assessee trust is entitled for registration under sec.12aa. 9. the commissioner of income-tax is, therefore, directed to grant registration under sec.12aa to the assessee. the assessee shall be treated as a recognized charitable institution since the date of its inception. 10 .....

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Jan 31 2013 (TRI)

Laser Soft Infosystems Ltd. Vs. the Income Tax Officer, Prince Info Pa ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jan-31-2013

..... ) have failed to appreciate the fact that expenditure incurred on the development of new product is revenue in nature. the expenditure is allowable under section 37 of the income tax act, as the same was incurred wholly and exclusively for the purpose of business of the assessee company. the expenditure in relation to product development has neither generated any capital asset ..... business activities of the assessee company and the treatment given in books would not affect the claim of deduction under the provisions of the income tax act. the assessee claimed that the expenditure is allowable under section 37 of the act. the assessee made an alternate prayer that in case the expenditure is to be treated as capital in nature, the assessee is entitled ..... reported as 271 itr 401 (sc) has held that computer software is a tangible asset. as per clause iii (5) of new appendix i read with rule 5 of the income tax rules, 1962, rate of depreciation as applicable to computer software is 60%. therefore, we hold that the assessee is entitled to claim depreciation @ 60% on expenditure incurred in the development ..... to claim depreciation @ 60% as applicable to computer software based on clause iii(5) of new appendix i read with rule 5 of the income tax rules, 1962. the cit(a) dismissed both the pleas .....

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Apr 04 2013 (HC)

Hdfc Bank Limited Vs. the Assistant Commissioner of Income-tax 2(3) an ...

Court : Mumbai

Decided on : Apr-04-2013

..... application for a stay of demand in the amount of rs.1719.65 crores arising out of an order dated 31 january 2013 passed under section 143(3) of the income tax act, 1961, for assessment year 2010-11, the assessee has been called upon to deposit an amount of rs.377.65 crores. this is apart from an adjustment which has been ..... crores for assessment year 2009-10 was contrary to law. to recapitulate, the impugned order accepts the position that the assessee is covered by the decision of the commissioner of income-tax (appeals) and hence directs that the assessee shall not be treated as assessee in default while at the same time making an adjustment of the refund. 15 in the circumstances ..... , it has been submitted that the issue has not been raised by assessing officer for assessment years 2003-04 to 2008-09. in assessment year 2009-10, the commissioner of income tax (appeals) had allowed the appeal of the assessee. 6 in respect of the disallowance of amortization of premium, the assessee has stated that it is covered by the tribunal's ..... judgment for assessment years 2001-02 to 2007-08 and, for assessment years 2008-09 and 2009-10, the commissioner of income tax (appeals) had allowed its appeal. 7 on the aforesaid two items, the assistant commissioner of income-tax in his impugned order dated 18 march 2013 held as follows:- ??it is found that the issue of 'brokern period interest' and .....

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Mar 06 2013 (HC)

Uti Mutual Fund, Through Its Trustees Uti Trustee Company Pvt. Ltd. Vs ...

Court : Mumbai

Decided on : Mar-06-2013

..... form of trust to undertake securitisation activities were facing problem due to lack of special dispensation in respect of taxation under the income-tax act. the taxation at the level of trust due to existing provisions was considered to be restrictive particularly where the investors in the trust are persons which are exempt from taxation ..... ?? 19(3)(2), the first respondent, on 25 february 2013 calling upon the petitioner to pay an outstanding demand under the provisions of section 177(3) of the income tax act 1961 to the extent of the share of investment by the petitioner in a securitization trust, called the indian corporate loan securitization trust 2008 series 24. for assessment year 2010- ..... adverted to the rationale for the proposed amendment as follows: ??taxation of securitisation trusts section 161 of the income-tax act provides that in case of a trust if its income consists of or includes profits and gains of business then income of such trust shall be taxed at the maximum marginal rate in the hands of trust. the special purpose entities set up in the ..... beneficiary of the trusts to pay the outstanding demand to the extent of its share of the investment in the trusts under the provisions of section 177(3) of the income tax act of 1961. before the court it is not in dispute that no order of assessment has been passed against the petitioner since the .....

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Jul 18 2013 (TRI)

M/S It Expressway Limited, Sindhur Pantheon Plaza Vs. Company Ward Ii( ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jul-18-2013

..... barricades were necessarily used for earning the advertisement income. it was an admitted position that the barricades were temporary in nature. hence, according to him, ..... given for such reduction. ld. cit(appeals) gave a finding that assessee's claim of the expenditure as a business outgo, could not be accepted. 4. now before us, learned a.r., strongly relying on clause (iii) of section 57 of income-tax act, 1961 (in short 'the act'), submitted that but for the barricades, advertisement income could not have been earned. ..... to meet a part of the cost of barricades, advertisements were placed thereon. therefore, as per the assessee, the barricades were necessary expenditure incurred for earning the advertisement income which had to be allowed to be set off. however, the assessing officer was not impressed. according to him, barricades erected were only to control vehicular traffic and ..... even if the income from advertisement were considered as income from other sources, cost of barricades had to be .....

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Feb 05 2013 (TRI)

The Income-tax Officer, M/S. Sarvodaya Mutual Ward I(1) Vs. Benefit Tr ...

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-05-2013

..... assessing officer in the course of assessments is that the assessee trusts are paying interest to snbfcl without deducting tax at source. the assessing officer held that the assessees are bound to deduct tax at source under section 194a of the income-tax act, 1961. but, tax was not deducted. the assessing officer, therefore, held that section 40(a)(ia) is attracted. accordingly, he ..... the assessment year 2008-09. 2. all the appeals are directed against the orders passed by the commissioner of income-tax(appeals)-ix at chennai on 29-2-2012. the appeals arise out of the assessments completed under section 143(3) of the income-tax act, 1961. 3. the assessee is a prominent ngo working among the rural folk in different parts of india, ..... law stated in section 194a. therefore, there is no need of deducting any tax at source while making the interest payments to snbfcl. accordingly, we uphold the order of the commissioner of income-tax(appeals) in deleting the additions made by the assessing authorities under section 40(a)(ia) of the income-tax act, 1961. 23. this issue is also decided against the revenue. 24. ..... disallowed the payments of interest made by the assessee trusts to snbfcl and treated those disallowances as income in the hands of the assessee trusts. 11 .....

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