Court : Kolkata
Reported in : 215ITR844(Cal)
..... this court :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in law in holding that the income-tax officer had exceeded his jurisdiction in computing the net dividend income and then allowing relief under section 80m by passing the rectification order under section 154 of the income-tax act, 1961 ?'2. shortly stated, the facts are that the assessee is a limited ..... company deriving income from business in money-lending, interest on securities and dividend. the income-tax officer had completed the original ..... assessments allowing reliefs under section 80m of the act on the gross amounts .....Tag this Judgment!
Court : Kolkata
Reported in : 83ITR848(Cal)
..... ] 56 i.t.r. 114 (bom.) bombay, where the high court of bombay held that the jurisdiction of the income-tax officer to make an order for rectification under section 35 of the indian income-tax act, 1-922, of which the corresponding provision is section 154 of the income-tax act, 1961, depended upon the existence of mistake apparent from the record. that mistake need not be a clerical or mathematical ..... accordance with the directions given by the appellate assistant commissioner. on the 20th october, 1970, the income-tax officer served upon the petitioner a notice issued under section 154/155 of the income-tax act, 1961, for the assessment year 1963-64 wherein it was stated that the said assessment required rectification as there was a mistake apparent from the record. the nature of the mistake proposed to ..... sabyasachi mukharji, j.1. this is an application under article 226 of the constitution challenging the rectification proceedings under section 154 of the income-tax act, 1961. for the assessment year 1963-64, the petitioner filed its return of income along with and supported by its audited profit and loss account, balance-sheet, depreciation statement and various other statements. the petitioner is a company and carries on business .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Cochin
..... assessee has also relied upon the decision of the hon'ble allahabad high court in the case of addl. cit v. saran engg. co. ltd.  115 itr 270. "in rectification proceedings under section 154 of the income-tax act, 1961, the income-tax officer held that the assessee was entitled to development rebate at a rate higher than that already allowed but, as ..... the assessee had not created the necessary reserve, it could not be allowed. the appellate tribunal held that as rectification proceedings are part of the assessment proceedings ..... to the extent that he held that the question whether the reserve could be created in a different previous year, i.e.a previous year other than the previous year in which the deduction under section 80hhc is claimed, is debatable and so the provisions of section 154 ..... for any deduction under section 80hhc and consequently there was no necessity for the creation of a reserve. the crux of the argument is that the assessee could not have anticipated the resultant positive income for the year consequent to the rectifications made for the earlier years. it is also argued that the cit(appeals) somewhat misdirected himself .....Tag this Judgment!
Court : Mumbai
Reported in : 92ITR241(Bom)
..... 1967-68 for which years it aggregate to rs. 27,13,62,131. 4. on 18th january, 1973 the respondent no. 1 served on the petitioner four rectification notices under section 154 of the income-tax act, all dated 11th january 1973, proposing to rectify the assessments for a.ys. 1962-63, 1965-66, 1966-67 and 1967-68 during which years the petitioner ..... but obviously a different legal interpretation is being put on section 34 purporting to be based on the judgment of the gujarat high court apart from the ..... the language and tenor of the rest of the act, the words should be read distributively, and be construed rule, 19a(3) in the manner indicated hereinabove. 29. the last point taken in this case by the petitioner is that the impugned rectification notices cannot be issued under section 154 of the income-tax act as there is no mistake apparent from the record ..... writ, direction or order quashing and setting aside certain rectification notices issued by the respondents against the petitioner and for other reliefs. the question that arise for determination in this petition in this petition pertain to development rebate provided for in section 33 of the income-tax act, 1961 (hereinafter referred to as 'the income-tax act'), the conditions for allowances such development rebate prescribed by .....Tag this Judgment!
Court : Mumbai
Reported in : 216ITR584(Bom)
..... previous year. such is not the case here. the additional income-tax under the finance act, 1968, is levied on a part of the total income of the assessee. levy of such tax is in consonance with the provisions of the income-tax act. 10. it is also contended by the assessee that the rectification proceedings under section 154 of the income-tax act, 1961, could not have been instituted in the present case ..... of rs. 6,90,000 was out of profits which were exempted from tax under section 80j of the income-tax act, 1961, and hence no additional income-tax was leviable on the excess dividend declared by the assessee ..... dividend so declared amounted to rs. 3,90,000. such excess dividend entailed an additional income-tax under the provisions of the finance act, 1968. the income-tax officer, however, failed to take note of this fact at the time of the assessment proceedings. he thereupon initiated rectification proceedings under section 154 of the income-tax act, 1961. the assessee resisted the proceedings. the assessee contended that the declaration of dividend .....Tag this Judgment!
Court : Kerala
Reported in : (2008)219CTR(Ker)506; 302ITR72(Ker); 178TAXMAN120(Ker)
..... is in the form of preliminary expenditure for construction of a shopping complex is capital in nature and cannot be treated as revenue expenditure by any stretch of imagination. therefore, rectification carried out under section 154 of the income tax act is perfectly justified. we are therefore, of the view that the tribunal rightly dismissed assessee's appeal on the validity of ..... ]196itr237(guj) .4. the first question to be considered is whether the issue raised is a debatable one barring rectification under section 154 of the income tax act. in order to consider whether the issue is debatable or not, the nature of expenditure claimed has to be considered. it is clear from the nature of expenditure that each ..... raised as substantial questions of law in this appeal are whether rectification carried out under section 154 is justified as the issue is a debatable one and whether the finding that expenditure is capital in nature is correct or not. we have heard counsel for the appellant and standing counsel for the income tax department.3. counsel for the assessee has relied on the decision ..... c.n. ramachandran nair, j.1. this appeal is filed under section 260a of the income tax act against the order of the tribunal confirming the disallowance of preliminary expenditure incurred by the assessee for the construction of a shopping complex. the appellant assessee was originally engaged in .....Tag this Judgment!
Court : Kerala
Reported in : 180ITR152(Ker)
..... , on the facts and in the circumstances of the case, the tribunal was right in holding that the consent by the assessee will notconfer jurisdiction on the income-tax officer to pass rectification order under section 154 of the income-tax act, 1961 ? (2) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that there was no error apparent from ..... the commissioner of income-tax (appeals) itself is incompetent regarding the allocation of overhead charges in rectification proceedings, since the respondent cannot be considered to be a 'person aggrieved ..... the records which could be rectified under section 154 of the income-tax act, 1961 ?' 2. we heard counsel. we are of the view that the appeal filed by the assessee-respondent before .....Tag this Judgment!
Court : Kolkata
Reported in : 202ITR370(Cal)
..... building in which the said plant and machinery had been fitted under the head 'house property' was not a mistake apparent from the record and as such not capable of rectification under section 154 of the income-tax act, 1961 ?'be it recorded that at the time of hearing no one appeared in support of this reference.8. it is well-settled that ..... section 154 has a very limited application. it enables rectification of a mistake which is apparent from the record. the power under section 154 can be exercised by the income-tax officer to correct obvious errors of law and those mistakes ..... reference relates to the assessment year 1975-76. the question is whether there was any mistake apparent from the record which could be rectified under section 154 of the income-tax act.2. shortly stated the facts are that the income-tax officer framed the assessment for the assessment year 1975-76, in the case of the assessee company on january 2, 1976. the assessee had leased ..... which are apparent from the record. a decision on a debatable point of fact and the failure to apply the law to a set of facts which remain to be investigated, cannot be corrected by way of rectification. true, in the instant .....Tag this Judgment!
Court : Chennai
..... which arises for consideration is, whether an order of rectification under section 154 of the income tax act could be passed to rectify the intimation given under section 143(1)(a) of the act, after a final assessment order under section 143(3) of the act has been passed.2. the petitioner is a government of tamil nadu undertaking. it is an income tax assessee. for the accounting year ended with 31 ..... is issued under section 143(2) of the act and an assessment order is passed under section 143(3) of the act, the intimation under section 143(1)(a) of the act merges with the order under section 143(3) of the act. therefore, after such merger, section 143(1)(a) of the act does not survive for rectification under section 154 of the act.5. but the learned senior standing counsel (income tax) appearing for ..... the respondents would submit that there is no legal impediment for the assessing authority to invoke his jurisdiction under section 154 of the act to rectify the intimation under section .....Tag this Judgment!
Court : Kolkata
..... in holding that the assessing officer was not justified in rejecting the application of the assessee under section 154 of the income-tax act, 1961, for rectification of adjustment made in intimation under section 143(1)(a) of the income-tax act, 1961, with regard to claim for deduction under section 80hhc of the act. facts, as evident from the record, are as follows: the respondent, that is, the assessee, had filed ..... its return showing an income of rs.97,310/- after claiming deduction of rs.36,51,903/- under section 80hhc ..... of the income tax act .....Tag this Judgment!