Court : Karnataka
Decided on : Sep-14-2015
..... held that merely because by virtue of an interim order, with or without conditions, some payment is made for the purpose of income tax act, it would not constitute income and therefore there is no liability to pay tax on the day such interim payment is received ?. 22. in our view it is thus clear, that if an amount is ..... definition and scope of total incomewhich would be taxable as per the provisions of the act (more precisely section 5 of the income tax act, 1961 for short the act'), as per the cash system of accounting the assessee would be liable to pay tax on such income received or deemed to be received and as per the mercantile system of accounting, the ..... assessee would be liable to pay tax on such income which accrues or arise or deemed to ..... (prayer: this ita is filed sec.260-a of the income tax act 1961 arising out of order dated 26/06/2009 passed in it(ss)a no. 19/bng/2009, for the block assessment period 01.04.1990 ..... enhanced compensation under the interim orders. though the said case was under section 45(5) of the act, the principle laid down in the said judgment, would squarely apply to the facts of the present case. 20. in another case, being commissioner of income-tax v/s a.b.v. gowda (decd) (1986) 157 itr 697 (kar), a division .....Tag this Judgment!
Court : Delhi
Decided on : Dec-14-2015
..... dr. s. muralidhar, j. 1. this appeal under section 260a (1) of the income tax act, 1961 ( act') by the assessee is directed against the impugned order dated 22nd may 2003 in ita no. 92/del/2002 for the assessment year ..... considering the assessee's evidence on merits and thereafter left it open to the assessee to challenge the addition in further appeals to the commissioner of income tax (appeals) and the tribunal. ? 14. the itat negatived the plea that the reopening could have been made only on the receipt of adverse material ..... of the assessment was at best due to change of opinion of the ao that some income had escaped assessment. this was impermissible under section 147 of the act. 20. as noted by the decision of this court in cit v. multiplex trading and industrial co. ltd. (decision dated 22nd september 2015 in ita ..... ( ay') 1994-95. 2. while admitting this appeal on 28th february 2005, the court framed the following question of law for consideration: whether the income tax appellate tribunal ..... 356/2013), it would be impermissible for the ao to reopen the assessment unless the ao, on the basis of credible and tangible material, which was not in his possession during the initial assessment, believes that income .....Tag this Judgment!
Court : Delhi
Decided on : Nov-19-2015
vibhu bakhru, j. 1. this is an appeal filed by the revenue under section 260a of the income tax act, 1961 (hereafter 'act') impugning an order dated 12th january, 2001 passed by the income tax appellate tribunal (hereafter 'itat') in ita no. 5425(del)/94. the said appeal (ita 5425(del)/94) was preferred by the assessee against an order dated 18th july, ..... 1994 passed by commissioner of income tax (appeals) [hereafter 'cit(a)'] whereby the assessee's appeal against an assessment order dated 22nd ..... that the sale consideration received by the assessee by transfer of shares and sale of right entitlement of partly convertible debentures (pcd) is income from capital gains and not income from business? 2. whether the income tax appellate tribunal was right in holding that the assessee had incurred loss on sale of its entitlement to acquire partly convertible debentures and the ..... assessee creates a colourable device or enters into a sham transaction to evade the tax, which is otherwise payable by him. 42. in commissioner of income tax v. sakarlal balabhai:  69 itr 186 (guj), the gujarat court explained the meaning of tax avoidance and observed that "tax avoidance postulates that the assessee is in receipt of amount which is really and .....Tag this Judgment!
Court : Delhi
Decided on : Oct-13-2015
..... in deleting the addition of us $ 6 lacs (rs.1,87,38,100/-) made by the a.o. u/s. 68 and 69 of the income tax act ? whether order passed by the itat is perverse in laws and on facts when itat had observed that the assessee had proved the capacity of the ..... vibhu bakhru, j. 1. this is the revenue's appeal under section 260a of the income tax act, 1961 (hereafter the act'), against an order dated 30th july, 2002 passed by the income tax appellate tribunal (hereafter tribunal') in ita no. 1124/del/2001. the aforesaid appeal (ita no. 1124/del/2001) was preferred ..... the decision of the tribunal and directed registration of the firm in question. the court held that there was no material on which the income-tax officer could come to the conclusion that the firm was not genuine and further observed the conclusion is the result of suspicion which cannot take ..... assessee. in addition to the above evidence, the assessee was also examined on oath on 14th march, 1997 and 28th may, 1997. thereafter, the income tax authorities conducted a survey under section 133a on the assessee's business premises. 4.5 the ao also sent a questionnaire to the donor, inter alia ..... by the assessee impugning an order dated 12th march, 2001 passed by the commissioner income tax (appeals) [hereafter cit(a)'] rejecting .....Tag this Judgment!
Court : Delhi
Decided on : Oct-08-2015
..... , dated as of april 1, 2006 was filed before the respondent vide letter dated 14.12.2009. 6. on 24.12.2009, the proceedings u/s 143 (3) of the income tax act were concluded and the assessment was framed. the assessing officer came to the conclusion that only 10% of the total advertisement and distribution revenue earned in india was taxable in ..... itr 456 (sc), their lordships have held while interpreting section 147 as it stood in the assessment year 1963-64:- "... an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he ..... 10% on gross basis as per the provisions of section 115a of the income tax act, 1961, in view of the above, i have reason to believe that the income chargeable to tax has escaped has assessment within the meanings of section 147/148 of the act, 1961. (mazhar akram) deputy director of income tax circ 2(2) intl. taxation, new delhi" 15. on 30.1.2014, the ..... assessment year 2008-09 was completed under section 143 (3) of the income tax act, 1961. in december 2010, determining the income at rs. 11,17,78,295/- the income of the assessee from the advertisement and distribution revenue was taxed by taking only 10% of the revenue as the net profit chargeable to tax in india as per the map resolution for the assessment years 2001 .....Tag this Judgment!
Court : Delhi
Decided on : Sep-23-2015
..... s. muralidhar, j. 1. ita no. 947 of 2011 is an appeal by the revenue under section 260a of the income tax act, 1961 ('act') against the order dated 8th december 2010 passed by the income tax appellate tribunal ('itat') in ita no. 3254/del/2009 for the assessment year ('ay') 2005-06. 2. ita no.539 of 2014 is an appeal directed against the order dated ..... sheet of a company for a financial year is signed by its directors and statutory auditors, and submitted to the statutory authorities, including the registrar of companies (roc) and the income tax authorities, the figures in such balance sheet for the closing stock of shares can simply be altered subsequently by adopting the device of 'regrouping' by the assessee, even by a ..... ' as indicated in annexure-3 to the tar, a copy of which was enclosed by the ca in its letter dated 24th february 2009 addressed to the additional commissioner of income tax, which has been referred to earlier. it is obvious that the 'regrouping' of the figures of the inventory of shares for the year ending 31st march 2004 took place subsequent ..... this can at all be done particularly if the statutory authorities including the roc and the income tax authorities have already been provided with (and perhaps acted upon or accepted) such signed audited accounts for a particular financial year. 14. the authorities concerned, and in particular the income tax authorities, ought to strictly scrutinise such claims as to 'regrouping' of figures appearing in the audited .....Tag this Judgment!
Court : Delhi
Decided on : Sep-16-2015
..... 1. this is an appeal under section 260a of the income tax act, 1961 filed by the revenue against the order dated 30th august, 2013 by the income tax appellate tribunal ('itat') in ita no.4158/del/2011 for assessment year ('ay') 2008-09. 2. by an order dated 9th february, 2015, the ..... 4. the case was subsequently selected for scrutiny and a notice was issued by the assistant commissioner of income tax (acit) to the assessee on 12th august, 2009. it was followed by notices under section 142(1) of the act. the assessee was asked to furnish the bank accounts for the period 1st april, 2007 to 31st august ..... penalty proceedings were also directed to be initiated. 8. the assessee's appeal against the aforesaid order was allowed by the commissioner of income tax (appeals) [cit(a)]. the cit(a) noted that clause (iii) of section 17(3) had been brought in to account for 'joining bonus' received from the prospective employer ..... "as a mark of goodwill/gesture" it was pleased to announce a payment of rs.1,95,00,000/-to the assessee subject to income tax compliances as "a one-time payment to you for non-commencement of employment as proposed." before the ao, the assessee pointed out that the ..... 'as compensation for denial of employment,' such amount was not in the nature of profits in lieu of salary. it was a capital receipt that could not be taxed as income under any other head. 17. question (a) is accordingly answered in the negative, i.e. in favour of the assessee and against the revenue. 18. .....Tag this Judgment!
Court : Chennai
Decided on : Dec-16-2015
..... the revenue that the payments claimed by the assessee were found to be bogus and that the assessee had not concealed particulars of income or furnished inaccurate particulars of income, as laid down in section 271(1)(c) of the income tax act, 1961. 6. it had also been submitted that the tribunal had failed to note that the judgment of the delhi high court ..... tribunal "a" bench, dated 14.2.2013, in ita no.308/mds/2012, under section 260 a of the income tax act, 1961.) common judgment m. jaichandren, j. 1. the above tax case appeals have been filed against the common order passed by the income tax appellate tribunal, `a' bench, chennai, in i.t.a.nos.308, 309 and 310 of 2012, relating to the assessment ..... claiming false expenditure, the assessing officer had levied penalty, under section 271(1) (c) of the income tax act, 1961. 2.3) aggrieved by the said order, the assessee had preferred appeals before the commissioner of income tax (appeals). the commissioner of income tax (appeals) had held that the commission payments made to d.d.vyas and his sons cannot be treated as false or inaccurate ..... by the order passed by the tribunal, the revenue has preferred the present appeals before this court, under section 260a of the income tax act, 1961, raising the following substantial question of law. "1. whether under the facts and circumstances of the case, the income tax appellate tribunal was correct in dismissing the appeal preferred by the revenue against the order of the commissioner of .....Tag this Judgment!
Court : Chennai
Decided on : Dec-21-2015
..... in s.p.no.345/mds/2015 in i.t.a. no.1245/mds/2015. t.c.a.no.1179 of 2015: tax case (appeal) filed under section 260 a of the income tax act, 1961 against the order of the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015 in s.p.no.346/mds/2015 in i.t.a. no ..... .1246/mds/2015.) common judgment: (m. jaichandren, j.) 1. the tax case (appeal) no.1178 of 2015 has been filed against the order of the income tax appellate tribunal 'c' ..... also brought to the notice of this court that the main appeals, in i.t.a.nos.1245 and 1246/mds/2015, pending before the income tax appellate tribunal 'c' bench, chennai, are being proceeded with, on a day-to-day basis. 6. in such circumstances, we are of the view that the present appeals, ..... this court that subsequent stay petitions, in s.p.nos.417 and 418/mds/2015, in i.t.a.nos.1245 and 1246/mds/2015, had been filed before the income tax appellate tribunal 'c' bench, chennai, and orders had been passed, on 27.11.2015, granting extension of stay of demand, till 31.12.2015. 5. it is ..... t.a. no.1246/mds/2015. 3. on hearing the submissions made by the learned counsels appearing for the parties concerned, it is found that the orders passed by the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015, in s.p.no.345/mds/2015, in i.t.a. no.1245/mds/2015 and s.p.no .....Tag this Judgment!
Court : Chennai
Decided on : Dec-07-2015
..... agents. 13. considering the scope of submissions made on both sides and also considering the scope of enquiries that can be made utilizing the power under section 131 of the income tax act, 1961, we are of the view that the matter must be remanded back to the assessing officer, with liberty to both sides to place materials with reference to the contentions ..... rs.26,57,330/- while claimaing deduction towards payment of commission. it was taken up for scrutiny and during finalization, under section 143 (3) of the income tax act, 1961, (hereinafter will be referred to as "the act") the claim for commission was disallowed to the extent of rs.65,27,747/-, which are allegedly paid to: (i) m/s. auto india group - rs ..... commission agents, when pans have been made available and if need be, the revenue can invoke the powers under section 131 of the act. 10.3.1 the powers of the income-tax authorities are as follows: powers of the income-tax authorities.- for the purpose of enabling the assessing officer, deputy commissioner (appeals), deputy commissioner, commissioner (appeals) and chief commissioner or commissioner to discharge .....Tag this Judgment!