Court : Gujarat
Decided on : Jan-19-2015
..... ) contending inter alia that it was only a typographical error for claiming the benefit under section 10a, though wrongly typed as 10b of the income tax act, 1961 (hereinafter referred as the "act"). it is also not in dispute that the petitioner preferred stay application. however, below stay application, vide order dated 25.08.2014 (annexure d), the said stay application has been ..... order dated 25.08.2014 (annexure-d) based on the earlier order, are quashed and set aside with the further direction that the stay application shall stand restored to the cit (administration) and the stay application shall be considered on merits and appropriate decision after recording the reasons shall be passed. it would also be open to the petitioner to move ..... securing the amount, the bank guarantee is ordered to be furnished. in our view, when the matter is to be considered for grant of stay against any demand made of tax, it may be required for the authority to prima facie consider the merits and balance of convenience and also irreparable injury. none has been examined nor considered. in any event ..... cit (administration) for early hearing of the appeal and if such prayer is made, we are sure that the competent authority shall make attempt to dispose of the appeal. in any .....Tag this Judgment!
Court : Gujarat
Decided on : Jan-15-2015
..... accepted by the tribunal. 20. we have gone through the provisions of section 12h and benefits which are conferred under section 115wb(2)(e) of the income tax act. while reading clause(e), the provisions of section 17(2)(vi) whether the payment made under fbt is excluded or not, in our view, it ..... part of salary and the deduction granted is bad. 15. mr. soparkar learned advocate for the assessee has taken under through section 192 of the income tax act which makes it obligatory on the part of the employer to deduct tds provided it is salary. he has taken us through the same provisions of ..... been claimed for expenses on account of cmre and uniform allowances (nt) u/s 10, therefore, assessee was requested to specify under what provisions of income tax act, these allowances has been claimed as exempted and was requested to provide details and copy of such provisions. also to show cause as to why an ..... . in our considered opinion, for this reason that the employer has paid fbt on a particular expenditure, it is considered as payment of income tax only on deemed income of the employee out of various expenditures incurred by the employer and hence, this is not relevant as to whether the employee has actually ..... a statutory obligation, is liable to fbt and same is not liable to income tax in the hands of the employee because the same cannot be considered as perquisites as per the provisions of section 17(2)(vi) of the act. once we come to this conclusion, it is abundantly clear that no tds .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-28-2015
..... efficiency in the professional filed per se. therefore, to claim a deduction on account of expenses incurred by the assessee on his coronary surgery under section 37(1) of the income tax act would have to be rejected. there is, as a matter of fact, no evidence brought on record, which would suggest that the assessee could have continued in the same state ..... g.s. kulkarni, j. 1. by this reference under section 256 (1) of the income tax act, 1961 (the act),the income tax appellate tribunal (tribunal) has referred the following question of law for answer the opinion of this court: whether on the facts and in the circumstances of the case, the tribunal ..... steel ingots pvt. ltd. (220 itr 552) and (4) commissioner of income tax, delhi vs delhi safe deposit co.ltd, (133 itr 756). 7. mr.joshi learned counsel for the applicant next submits that the expression 'wholly and exclusively' as used in section 37 (1) of the act does not mean necessarily and that it is for the assessee to decide whether the ..... passed under section 143 (3) of the act on the ground it was personal expenditure. therefore, it did not arise in the course of the profession nor was it incidental to the profession. 3. the applicant being aggrieved by the assessment order dated 31st march, 1987 preferred an appeal before the commissioner of income tax (appeals) (cit(a)). by order dated 12th october, 1988 .....Tag this Judgment!
Court : Mumbai
Decided on : Oct-13-2015
..... the wealth tax act, as the case may be, for any assessment year, to any tax arrear in respect of such assessment year under such direct tax enactment; (c) to a case where no appeal or reference or writ petition is ..... in respect of any assessment year, to any tax arrear in respect of a person who has been convicted for concealment on or before the date of filing the declaration; (b) in a case where an order has been passed by the settlement commission under sub-section (4) of section 245d of the income tax act or sub-section (4) of section 22d of ..... 1 september 1998, the appeal of the petitioner for the assessment year 1993-94 was pending before the income tax appellate tribunal, and the appeals of the petitioner for the assessment years 1994-95 and 1995-96, were pending before the commissioner of income tax (appeals). 4. the finance act, 1998 introduced the kvss, 1998 with effect from 1 september, 1998 providing for settlement of ..... tax disputes pending as on 1 september, 1998. under the kvss 1998, the tax dispute inter alia to be settled in respect of direct tax was the amount of tax, penalty or interest determined on or before .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-15-2015
..... the dividend. ? 12. at this stage it will also be apposite to notice the definition of dividend ? as contained in the income tax act, 1922 and the income tax act, 1961. the definition of dividend ? contained in the income tax act, 1922 is as follows: "2. in this act, unless there is anything repugnant in the subject or context 6(a) dividend ? includes ? the definition of "dividend" contained in ..... respect of ay 2006-07 and ay 2007-08 respectively. iii) penalty proceedings in respect of ays 2006-07 to 2012-13. 29. relying upon section 281 of the income tax act, 1961, the income tax department has contended that the gift of the shares of taal by the petitioner to its shareholders as proposed under the scheme is void. it is pointed out that ..... hands of the shareholders or the company. in my view the expression dividend ? in its ordinary sense must mean the same thing whether considered in the context of the income tax act or the companies act. what constitutes dividend when declared or issued by the company will equally be dividend when received by its shareholders. in the light of the aforesaid discussion, in my ..... meaning of the word dividend ?. he submitted that the ordinary meaning of dividend ? was not excluded from the definition of dividend ? contained in either the 1956 act or the 2013 act, or for that matter the income tax act. according to him, in the decisions of the hon ble apex court in kantilal manilal (supra) and central india industries limited (supra), the hon ble .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-14-2015
..... 226 of the constitution of india impeaches the order dated 28th december, 2012 passed by the settlement commission, additional bench, mumbai(the commission) under section 245d(4) of the income tax act, 1961 (the act). the impugned order of the commission settles the dispute between the petitioner-revenue and respondent no. 2 - assessee for the assessment years 2004-05 to 2009-10. 2. before ..... derived; and (iii) the additional amount of income-tax payable on such income. it is clear that disclosure of 'full and true' particulars of undisclosed income and 'the manner' in which such income had been derived are the pre-requisites for a valid application under section 245c(1) of the act. additionally, the amount of income-tax payable on such undisclosed income is to be computed and mentioned in ..... the application. it needs little emphasis that section 245c(1) of the act mandates 'full and true' disclosure of the particulars of undisclosed income and 'the manner' in which such income was derived and, therefore, unless the settlement commission .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-10-2015
..... appropriate bench. these two are different. the words 'widespread ramifications' were in the context of 'political sensitivity'. 'political sensitivity' was introduced by the vice president, a concept alien to the income tax act, this aspect we have dealt with in the subsequent paragraph. thus, we do not find that the opinion of the regular bench was a sufficient basis for the president to ..... president to enable him to consider as to whether it is a fit case for constituting special bench in exercise of the powers vested under section 255(3) of the income tax act, 1961. this may be treated as urgent." sd/-. (emphasis supplied). 15. on 27 november 2012, the regular bench sent a notice to the petitioner annexing a copy of the letter ..... will be useful to advert to the legal provision regarding constitution of a special bench of the income tax appellate tribunal. the central government under section 252 of the income tax act, 1961 (the act), is empowered to constitute an appellate tribunal to hear the appeals arising under the act. the appellate tribunal consists of judicial and accountant members. the central government is also empowered to appoint ..... tribunal, on 5 march 2013 exercising his powers under section 255(3) of the income tax act, has constituted a special bench of three members to hear the appeal filed by the petitioner. the petitioner, by this writ petition has challenged this order of the president. 2. .....Tag this Judgment!
Court : Mumbai
Decided on : Jul-20-2015
..... heard together for final disposal and are being disposed of by this common order. 2. the reference application under section 256(1) of the income tax act, 1961 (the 'act') arises out of two orders dated 14 september 2014 of the income tax appellate tribunal (the 'tribunal') for the assessment year 1985-86 and 1987-88 seeking our opinion on the following question of law: "whether ..... on 22 january 2002 on the following substantial questions of law: "1. whether the interpretation placed by the tribunal upon sections 221 and 201 of the income tax is correct? 2. whether the tribunal, in any event acted unreasonably and perversely in confirming the levy of penalty upon the appellant to the extent of 5% of the tds?" 4. it is agreed position ..... case, it was submitted by the appellant that there were good and sufficient reasons for delay in depositing the tax with the revenue. thus it was submitted that no penalty under section 221 of the act be imposed. 10. the deputy commissioner of income tax by an order dated 31 august 1990, titled as an order under section 221 read with section 201 of ..... that above view stands fortified by the fact that under section 205 of the act, where tax has been deducted and not deposited, the revenue cannot proceed against the person from whose income, tax has been deducted. thus the proviso to section 201(1) of the act has no application where tax is deducted but not deposited; (e) the penalty for the assessment years 1985-86 .....Tag this Judgment!
Court : Mumbai Nagpur
Decided on : Dec-08-2015
..... the case and in law, the hon ble itat has erred in holding that the assessee was entitled to the deduction u/s 80p(e) of the income tax act, 1961 in respect of the alleged rental income computed @ 50% in respect of ginning and pressing charges received/earned by the assessee during the year? 2] whether the tribunal below has perversely appreciated the ..... at  79 itr 722 (gujarat), the gujarat high court has held that the deduction under section 14(3)(iv) of the indian income-tax act, 1922 corresponding to section 80p of the present act was not available on income derived by the assessee from processing or facilitating marketing of goods. the assessee there was a cooperative society. its activities were processing of gray cloth ..... year 2003-2004 the respondent cooperative society filed return on 31-10-2003 declaring the total income at rs. nil after claiming the exemption under section 80p(2) of the income tax act, 1961 [for short, the said act ]. this return was processed under section 143(1) of the said act on 27-02-2004 and during the scrutiny a notice was issued to the assessee ..... on 2010-2004. the gross total income during that year was of rs.31,22,952/-. we are concerned .....Tag this Judgment!
Court : Mumbai Nagpur
Decided on : Sep-11-2015
..... shri anand parchure, learned counsel for the appellant and shri n.s. bhattad, learned counsel for the respondent. 2. by this appeal filed under section 260a of the income tax act, 1961, the appellant income tax department has sought to raise following two questions, as substantial questions of law: (1) whether on the facts and in the circumstances of the case that itat was correct ..... eligibility to claim deduction under section 80ib (10) of the income tax act, 1961 (hereinafter referred to as the act ? for short), is not in dispute, filed a return in assessment ..... in holding that the entire amount of gross total income of the assessee is eligible for deduction under section 80ib of the income tax act? (2) whether on the facts and in the circumstances of the case, the itat was justified in holding that the disallowance made under ..... section 40(a)(ia) of the income tax act separately is not permissible under the scheme of the income tax act ? ? 3. the facts in brief are, that the assessee whose .....Tag this Judgment!