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Judgment Search Results Home > Cases Phrase: income tax act Year: 2014 Page 3 of about 4,068 results (0.100 seconds)

Oct 13 2014 (HC)

The Commissioner of Income-Tax-11, Mumbai Vs. N.G.C. Network (India) P ...

Court : Mumbai

Decided on : Oct-13-2014

..... the foreign principals. the items mentioned in 3ceb were referred to transfer princing officer, who by his order dated 23rd october, 2008 passed under section 92ca(3) of the income-tax act accepted the arm's length price declared by the assessee. 5. during the assessment proceedings, the assessing officer observed that the assessee's expenditure under head ??advertising and publicity ..... expenses ? of rs.6,21,31,262/- was claimed as deduction under section 37(1) of the income tax act. on being queried about the said expenses the respondentassessee sought to justify the expenses by reiterating the need for vide publicity to ensure channel's recall in the minds of ..... since expenses were made to indian residents they were not covered in form 3ceb as section 92 covers only international transactions. being aggrieved by the order of the commissioner of income-tax (appeals) the appellant filed an appeal before the appellate tribunal. two members of the tribunal passed separate orders, one allowing the appeal and the other dismissing it. the ..... accountant member upheld the order of the commissioner of income-tax (appeals) and whereas judicial member allowed the appeal of revenue. the matter was therefore referred by the president to the third member. the third member vide order dated 17th .....

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Oct 13 2014 (HC)

The Commissioner of Income-Tax-11, Mumbai Vs. N.G.C. Network (India) P ...

Court : Mumbai

Decided on : Oct-13-2014

..... the foreign principals. the items mentioned in 3ceb were referred to transfer princing officer, who by his order dated 23rd october, 2008 passed under section 92ca(3) of the income-tax act accepted the arm's length price declared by the assessee. 5. during the assessment proceedings, the assessing officer observed that the assessee's expenditure under head ??advertising and publicity ..... expenses ? of rs.6,21,31,262/- was claimed as deduction under section 37(1) of the income tax act. on being queried about the said expenses the respondentassessee sought to justify the expenses by reiterating the need for vide publicity to ensure channel's recall in the minds of ..... since expenses were made to indian residents they were not covered in form 3ceb as section 92 covers only international transactions. being aggrieved by the order of the commissioner of income-tax (appeals) the appellant filed an appeal before the appellate tribunal. two members of the tribunal passed separate orders, one allowing the appeal and the other dismissing it. the ..... accountant member upheld the order of the commissioner of income-tax (appeals) and whereas judicial member allowed the appeal of revenue. the matter was therefore referred by the president to the third member. the third member vide order dated 17th .....

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Sep 12 2014 (HC)

Arvind Shamji Chheda Vs. The Commissioner of Income Tax, Mumbai City - ...

Court : Mumbai

Decided on : Sep-12-2014

oral order: (a.k. menon, j.) 1. the present reference is filed under section 256 of the income tax act, 1961 (the i.t. act) and it pertains to assessment year 1988-89. 2. the assesse, an individual who was partner in a partnership firm at the material ..... under appeal was squarely covered by the decision of this court in the case of (119 itr 846)- khatau vallabhadas v/s. commissioner of income-tax, central, bombay. the commissioner of income tax (appeals) observed that it is true that after receipt of the plots, the former partners, including the assessee did not do anything to ..... asset and there is nothing to indicate that former partners had taken steps to convert the assets into a capital asset. 9. on appeal before the income tax appellate tribunal, the assessee pursued his case that the plot in question constituted a capital asset in the hands of the partners by virtue of the ..... 16. dr.shivram, then, relied upon the decision of gujarat high court in the case of (158 itr 540) - ramjibhai dahyabhai v/s. commissioner of income tax. the gujarat high court has considered the decision of this court in khatau vallabhdas in which the case under the deed of dissolution of a partnership firm dealing ..... 22. dr.shivram then relied upon the decision of this court in the matter of (278 itr 112) - p.h.hamid v/s. commissioner of income-tax wherein certain assets of the erstwhile firm were allowed depreciation and were sold to the assessee upon dissolution of the firm. the assessee sold the assets and .....

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Aug 13 2014 (HC)

The Commissioner of Income Tax, Karnataka (Central) Vs. V.M. Salgaonka ...

Court : Mumbai Goa

Decided on : Aug-13-2014

..... whether, in the facts and circumstances of the case, for the purpose of availing of allowable special deduction under chapter vi-a of the income-tax act, the gross total income is required to be computed by deducting allowable depreciation even though the assessee had disclaimed the same for the purposes of regular assessment? ? in ..... against the business profit. she relied upon the decisions in the case of ashwini cold storage pvt. ltd. vs. commissioner of income tax, (2007) 290 itr 183 (mad) and the commissioner of inome tax vs. vishwas foot wear co. ltd. (2008) 304 itr 127 (mad) and the decision of the apex court in ..... ipca laboratory ltd. vs. deputy commissioner of income-tax, (2004) 266 itr 521 (sc). 5. mr. pardiwalla, learned senior counsel appearing for the respondent, on the other hand, supported the impugned ..... 80hhc has to be computed out of the income of profits and gains of business in accordance with the provisions of the act as stated under section 80ab. 10. in the full bench judgment of this court in plastiblends india limited vs. additional commissioner of income-tax and others, [2009] 318 itr 352 (bom ..... and in case of liberty india vs. cit, [2009] 317 itr 218 has clearly held that the special deduction under chapter vi-a has to be computed on the gross total income determined after taking all deductions allowable under sections 30 to 43d of the act and any device adopted to reduce or inflate .....

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Jul 24 2014 (HC)

K.K. Gupta, Income-tax Officer Vs. Dev Kumar Agarwal and Another

Court : Mumbai

Decided on : Jul-24-2014

..... respondent no.1. he submitted that the judgment given by the learned sessions judge is illegal and not consistent with the legal provisions of criminal law as well as the income-tax act, therefore,it is to be set aside. 5. the learned senior counsel mr. jagtiani has supported the judgment of the sessions court and submitted that respondent no.1 is innocent ..... and after assessing the documentary as well as oral evidence, the learned chief metropolitan magistrate convicted the accused for the offence punishable under section 193 r/w. 191 of the income-tax act and thereby sentenced him to suffer s.i. till rising of the court and to pay fine of rs.25,000/-. i/d. to suffer further r.i. for 6 ..... called as witnesses to ascertain the truth. it is also to be mentioned that in the beginning along with this criminal case of perjury, the income-tax authorities initiated proceedings under section 277 and 271 of the income-tax act before the magistrate in respect of same returns of 1975-76, however, he was discharged and the said order of discharge was maintained by the ..... notes. the coins were valued rs.2,67,000/-. the miniature paintings were valued rs.40,000/-. at the relevant time, the income-tax officer recorded his statement under section 132(4) of the income-tax act, 1961 (hereinafter referred to as "the act"). under the said section, he was legally bound to state on oath true facts. the respondent no.1 stated on oath that .....

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Jul 03 2014 (HC)

Commissioner of Income-tax Vs. Reliance Industries Ltd.

Court : Mumbai

Decided on : Jul-03-2014

..... under section 115ja only with reference to the profit as per accounts and not to restrict the same with the amount computed and allowed under the normal provisions of the income tax act, 1961. this direction was not initially followed by the assessing officer, but he later on complied with it by passing the rectification order dated 24.07.2006. thereafter, he ..... a stand alone provision. the assessee then could not have argued that the issue was debatable and beyond the powers conferred in the assessing officer under section 154 of the income tax act, 1961. the order only deletes the excess relief to the assessee which was contrary to the statutory provisions. there could not have been any estoppel against law or statute. ..... that is how by mistake, the excess deduction was given to the assessee under section 80hhc. therefore, an order under section 154 of the income tax act, 1961 was passed and the assessing officer reduced 90% of other income such as interest, profit and sale of investment from eligible business profits while computing the deduction under section 80hhc for the purpose of determining the ..... ) in challenge to the order of the assessing officer directed him to compute the deduction under section 80hhc and not under the normal provisions of the income tax act, 1961. accordingly, the assessing officer allowed the deduction under section 80hhc with reference to the profit as per the accounts, while determining the book profits. the assessing officer noticed subsequently .....

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Dec 18 2014 (HC)

Commissioner of Income-tax Vs. Winner Business Link (P.) Ltd.

Court : Gujarat

Decided on : Dec-18-2014

..... tax, the income which is to be computed in the manner provided by the act and that it is the duty of the assessing officer to deduce a proper taxable ..... to be done on accrual basis. under this matching concept, revenue and income earned during an accounting period, irrespective of actual cash in-flow, is required to be compared with expenses incurred during the same period, irrespective of actual outflow of cash. it has been further held that the income tax act makes no provision with regard to valuation. it charges for payment of ..... stand of the revenue is contrary to the definition of accrual as provided in the accounting standard specified by the central government which is mandatory to be followed by the income tax assessee." 5.3 we find that the tribunal has rightly relied upon the decision of hyderabad bench in the case of treasure island resort (p.) ltd. (supra) and concluded as ..... income. it is held that the assessing officer is required to compute the income in accordance with the method of accounting regularly employed by the .....

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Nov 18 2014 (HC)

Jyoti Estate Vs. Deputy Commissioner of Income-tax

Court : Gujarat

Decided on : Nov-18-2014

..... warehouses/godowns together with various services rendered to the occupant did not constitute a business activity of the appellant and as such the income arising therefrom was not assessable under sec. 28 of the income-tax act, 1961 as business income. we, therefore, answer the questions raised in the present appeal in the affirmative - in favour of the revenue and against ..... godowns together with various services rendered to the occupant did not constitute a business activity of the appellant and as such the income arising therefrom was not assessable under sec. 28 of the income-tax act, 1961 as business income.' 7. we are in complete agreement with the reasonings adopted and findings arrived at by the tribunal. we therefore are ..... the case, the income tax appellate tribunal should not have arrived at conclusion that the income from letting out of the warehouse/godown was assessable as property income under sec. 22 of the income-tax act, 1961?" 2. the appellant, a partnership firm, ..... tribunal was justified in holding that the rental income from letting out of warehouses/godowns together with various services rendered to the occupant did not constitute a business activity of the appellant and as such the income arising therefrom was not assessable under sec. 28 of the income-tax act, 1961 as business income? whether, on the facts and circumstances of .....

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Nov 07 2014 (HC)

Commissioner of Income Tax Vs. Arvind Mills Ltd.

Court : Gujarat

Decided on : Nov-07-2014

..... that the obligation in fact was on assessee to pay octroi duty to the municipal corporation on the goods transported within the municipal limits. 6.1 section 40a(3) of income tax act 1961 provides for disallowance of expenses in respect of which a payment or aggregate of payments is made to a person in a day, otherwise than by an account payee ..... the revenue. 5.1 the apex court in the case of britannia industries (supra) has held that while the expression "premises and buildings" in sections 30 and 32 of the income tax act, 1961 and the expression "residential accommodation in the nature of guest house" in sub-sections (3), (4) and (5) of section 37 can be similarly interpreted, a distinction has been ..... following two questions have been referred by the income tax appellate tribunal, ahmedabad under section 256(1) of the income tax act, 1961 arising out of the tribunal's order dated 30.07.1997 in ita no. 3687/1992: "(1) whether the appellate tribunal is right in law and on facts in confirming the order passed by the cit(a) in allowing the claim of depreciation ..... octroi was paid to the ahmadabad municipal corporation it was not hit by the provisions of section 40a(3)." 2. the assessee had filed appeal before cit(a) against the order of dcit(asstt.) spl., ahmadabad under section 143(3) of the act for the assessment years 1988-89 as the assessing office disallowed all the expenses on gues house including depreciation .....

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Mar 20 2014 (HC)

Vodafone South Limited and Another Vs. the Deputy Director of Income T ...

Court : Karnataka

Decided on : Mar-20-2014

..... -opener and an authority on the stand that while taking decision on the application filed by the petitioner, he was required to cons'der the retrospective amendments made to the income tax act would not be applicable to dtaas. he submits, the term 'royalty' has been defined in explanation 2 of section 9(l)(vi) which reads thus: explanation 2 - for the purposes ..... by the assessing officer to bring payments made by the petitioner for interconnectivity charges and capacity transfer agreements as 'royalty.' it would not attract any of the provisions of the income tax act and therefore section 201(1) and 201(1a) become inapplicable. 21. he submits all these issues are subjudice before the itat and the petitioner has made out a prima facie ..... : (i) the impugned payments made by the petitioner to the ntos would qualify as 'royalty,' (ii) for technical services, (iii) for included services as also for other 'income' under the provisions of the income tax act as well as applicable double taxation avoidance agreement (dtaa, for short). 13. he would submit, petitioner has been erroneously held as an assessee in default for non-deduction ..... company to belgacom are by way of purchase of rights to use eig cable system. it denied such payments are income' coming within the taxability/income under the income tax act. thus the contention of the petitioner is, the provision of section 201 of the act was not attracted but the 2nd respondent has invoked the provision to issue notices on 26.6.2011, 7.12 .....

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