Court : Mumbai Nagpur
Decided on : Apr-09-2015
..... the judgments which hold that when two opinions or views are available and one of the possible view is reached by the assessing officer, recourse to section 263 of the income tax act is not open, shri parchure, learned counsel appearing on behalf of revenue prefers not to dispute this. he however, attempted to demonstrate that in the present facts, such two opinions ..... assess refers following two questions: ??1. whether on the facts and in the circumstances of the case, the assessee is entitled to a deduction under section 80-i of the income tax act, 1961? 2. whether on the facts and in the circumstances of the case and construction of provision of section 80-i and 263 the tribunal is right in sustaining the ..... assessee and held that the acceptance of two opinions on any dispute would deny the lower authorities access to section 154, but, it cannot stop the cit from invoking the provisions of section 263 of the income tax act. it is in this background, that the above mentioned two questions have been referred. 5. shri dewani, learned counsel has relied upon four judgments to ..... makes payment of all the wages of the labourers, cartage and transportation expenses and has undertaken the liability towards various labour act, factories act and responsibility to repair machineries. it claimed deduction of rs. 39,926/- under section 80-i of the income tax act. the assessing officer allowed it. c.i.t. invoked section 263, and issued show cause notice to assessee proposing .....Tag this Judgment!
Court : Mumbai
Decided on : Apr-09-2015
..... them. that interest was payable not only in terms of the general principle of partnership and highlighted in the indian partnership act, 1932, but also on the broad consideration under section 24(b) of the income tax act, 1961. if the income is income from house property and that is a deduction which could be granted from the same we do not think that the revenue ..... them to tenants and whose sole business was management and collection of rents from the said properties, was held assessable under section 9 and not under section 10 of the income-tax act. it was observed in that case that, merely because the owner of the property was a company incorporated with the object of owning property, the incidence of ..... stalls, and it is a matter of little moment that the occupation which is the source of the income is temporary. the income-tax authorities were, in our judgment, right in holding that the income received by the appellant was assessable under section 9 of the income-tax act. the appeal, therefore, fails and is dismissed with costs. 25. we do not find that the emphasis by ..... bighas of land in the town of calcutta and set up a market therein. the question was whether the income realized from the tenants of the shops and stalls was liable to be taxed as business income under section 10 of the income tax act, 1922, or as income from property under section 9. after the rival contentions were noted, this is what the hon'ble supreme .....Tag this Judgment!
Court : Mumbai Nagpur
Decided on : Mar-30-2015
..... 8 kms. of the municipal limits. 9. in respect of measurement of distance for the purpose of agricultural land within the meaning of section 2(14)(iii)(b) of the income tax act, the assessee took stand that the distance should be taken through the approach road while the assessing officer has taken the aerial distance and accordingly, held that the land sold ..... plane. the only dispute involved in this appeal relates to measurement of distance for the purpose of agricultural land within the meaning of section 2(14)(iii)(b) of the income tax act. the assessee took stand that the distance should be taken through the approach road while the assessing officer has taken the aerial distance and accordingly, held that the land sold ..... . 3. the facts, briefly stated, are as under: that, on or about 13-01-2009, a search and seizure operation was conducted under section 132 of the income tax act, 1961, (hereinafter referred to as ??the act) in respect of the business premises of m/s.concrete developers, nagpur and residential premises of its director. several books of account and documents were seized. notice ..... only dispute involved in this appeal relates to measurement of distance for the purpose of nonagricultural land within the meaning of section 2(14)(iii)(b) of the income tax act. the assessee took stand that the distance should be taken through the approach road while the assessing officer has taken the aerial distance and accordingly, held that the land sold .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-25-2015
..... . accordingly, the petition must succeed. we, therefore, pass the following order: the impugned notice dated 18.11.2013 being exhibit ??h ? to the petition issued under section 148 of the income tax act, 1961 in respect of assessment year 2009-10 and the order dated 4th february, 2015 rejecting objections of the petitioner passed by respondent no.1 are hereby set aside. there ..... admission. 3. this petition is filed seeking writ of mandamus directing respondent no.1 to withdraw and cancel the notice dated 18.11.2013 issued under section 148 of the income tax act, 1961 and the order dated 4.2.2014 rejecting the objections of the petitioner. the aforesaid impugned notice and order appears at exhibit ??h ? and ??m ? of the petition. in ..... 1997-98 to 2001-02 is not eligible for relief granted having regard to section 32(2) of the income tax act, in assessment year 2002-03. the omission has resulted in incorrect set off of unabsorbed depreciation thereby leading to short levy of tax. 17. then, there is a reference to deduction of bad debts written off and even with regard thereto, what ..... we find is that the bad debts written off and to the tune of rs.36,72,286/- is also not an adjustment specified under section 115jb of the income tax act. this has resulted in understatement of book profits to the extent indicated in the reasons leading to short levy of .....Tag this Judgment!
Court : Mumbai
Decided on : Feb-10-2015
..... 1. this appeal by the revenue under section 260-a of the income tax act, 1961 (the act), challenges the order dated 5th october, 2012 passed by the income tax appellate tribunal (the tribunal) for the assessment year 2000-01. 2 the appellant has formulated the following questions of law for our consideration: "whether on the facts and in the ..... issued. consequent thereto, the income received from parking charges of rs.15.48 lakhs was assessed to tax for the assessment year 2000-01. 4 .on appeal by the appellant-assessee, the commissioner of income tax (appeals) [cit(a)] set aside the order of the assessing officer. this on the ground that ..... circumstances of the case and on a proper interpretation of s. 234a and s.234b of the act, the itat was justified in holding ..... to tax in assessment year 2000-01 being income generated on account of parking charges collected on the vacant land available with the appellant and had nothing to do with any of the projects being executed by the appellant. as the appellant had not filed his return of income for the assessment year 2000-01, a notice under section 148 of the act was .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-28-2015
1. this appeal by the revenue under section 260a of the income tax act, 1961 (act) challenges the order dated 22.6.2012 passed by the income tax appellate tribunal (tribunal). 2. this appeal relates to assessment year 2005-06. the following questions of law have been proposed by the appellant- ..... as on merits and passed order under section 143 read with section 147 of the act on 21.12.2010 and assessing the petitioner to an income of rs. 2.47 crores. 7. in appeal, the commissioner of income tax (appeals) upheld the order of the assessing officer both on the reopening notice under ..... section 148 of the act as well as addition of rs. 1.35 crores by treating the ..... the material on the basis of which the reassessment proceedings are sought to be initiated, came to the notice of the income tax officer subsequent to the original assessment. if the income tax officer had considered and formed an opinion on the said material in the original assessment itself then he would be powerless ..... to start the proceedings for reassessment. where, however the income tax officer had not considered the material and subsequently came by the material from the record itself, the such a case would fall within the scope .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-19-2015
..... 1. this appeal by the revenue under section 260-a of the income tax act, 1961 (the act), challenges the order dated 5th october, 2011 passed by the income tax appellate tribunal (the tribunal). 2. the following question of law has been raised for our consideration: ?? "whether on the facts and in the circumstances of the case and in law, ..... support be filed indicating the reasons. in the absence of the above, we will be compelled to impose heavy/exemplary costs to be personally paid by the jurisdictional - commissioner of income tax under whose jurisdiction, the appeal is being filed and pressed in spite of the issue being settled by this court and the same having been accepted by the revenue. 8 ..... should at all be pressed in view of the revenue having accepted the jurisdictional high court's order on an identical issue and take necessary instructions from the commissioner of income tax to withdraw and/or not press the appeal. alternatively, in case a conscious decision is taken to press the appeal, then an averment to the effect that either the case ..... will also be done in case of new appeals under section 260a of the act before filing them. 9. with the above observations/directions, appeal is dismissed. no order as to costs. 10. a copy of this order be communicated by the office and the counsel for the revenue to the chief commissioner of income tax, mumbai and the central board of direct .....Tag this Judgment!
Court : Mumbai
Decided on : Jan-07-2015
..... were really unnecessary. they are made so as to emphasize the object and purpose of inserting a provision like section 271(1)(c) in the income tax act, 1961. we do not agree with mr. shah that audit reports and minutes of meeting were important or brushed aside by the tribunal. the ..... been sustained to this figure. 6. mr. shah has relied upon section 271(1)(c) of the income tax act, 1961. he has relied upon the judgment of the hon'ble supreme court in the case of cit v. reliance petroproducts (p.) ltd.  322 itr 158/189 taxman 322. mr. shah has ..... of the claim itself was in issue and in our opinion the tribunal while upholding the order of commissioner of income tax (appeals) and that of the assessing officer partially did not act perversely nor committed an error of law apparent on the face of the record. its order refers to all ..... termed as capital expenditure and, therefore, incurred in relation to the research and development wing, hence sustained, but the assessing officer, the commissioner of income tax (appeals) and the tribunal in quantum proceeding as also in penalty proceeding concurrently found that there were 9 items of revenue expenditure. in relation ..... the opportunities that were extended and given by the assessing officer during quantum proceedings and penalty proceeding. equally the findings of the commissioner of income tax (appeals) that before .....Tag this Judgment!
Court : Gujarat
Decided on : Feb-11-2015
..... as the 'act') on 26.09.1996 at the residential as well as business premises of various members of the group resulting, inter alia, in seizure of ..... the appeals, read as under: "(1) whether under the facts and circumstances of the case, the itat was right in law in confirming the additions under section 69 of the income-tax act, 1961 in the hands of the appellant - huf on substantive basis? (2) whether, under the facts and circumstances of the case, the itat was right in law in confirming erroneous ..... source thereof, or explanation offered is not in the opinion of the assessing officer, is not satisfactory, the sum so credited may be charged to income tax as the income of the assessee. section 69 of the act provides that when the assessee has made investments which are not recorded in the books of account, if any, maintained by him for the source of ..... estimate of agricultural income made by the respondent and further confirming the quantum of agricultural income based on inaccurate method of calculating the same?" 3. before we address ourself on the questions, we may briefly state the facts as under:- 4. the common facts are that the search operations were conducted by the income tax authorities under section 132 of the income tax act (hereinafter referred to .....Tag this Judgment!
Court : Gujarat
Decided on : Jan-16-2015
..... . in order to consider the question, we may refer to the relevant statutory provisions under the indian trust act 1882 (hereinafter referred to as the "trust act") and also the relevant provisions of income tax act (hereinafter referred to as 'the act'). section 4 of the trust act provides for creation of trust for any lawful purpose. since the factum of creation of trust is not in ..... beneficiaries of the trust are discretionary trust, to the extent of share of beneficiary as discretionary trust, the tax can be charged at the maximum marginal rate under section 164 and not under section 161 of the income tax act, 1961 (hereinafter referred to as the, 'act'). 3. whereas, in the second group of itr no.42 of 2000, itr no.43 of 2000, itr ..... no.44 of 2000 and tax appeal no.141 of 2001, the substantial question of law which may be required to ..... dispute, nor is under challenge, we find that no further discussion may be required in this regard. section 9 of the trust act provides that every person .....Tag this Judgment!