Allahabad Court August 2014 Judgments
Commissioner of Income-tax, Kanpur Vs. Kailash Auto Finance Ltd.
Court: Allahabad
Decided on: Aug-20-2014
1. The present appeal is filed by the department against the order dated 14.06.2005, passed by the Income Tax Appellate Tribunal, Lucknow in I.T.A. No.132/Luc/2002 for the assessment year 1998-99. 2. On 24.04.2009, a Co-ordinate Bench has admitted the appeal on the following substantial question of law: "Whether on facts and in the circumstances of the case, the Hon'ble ITAT was legally justified in upholding the order of the Ld. Commissioner of Income Tax (Appeals)-III. Lucknow deleting the addition of Rs. 1,16,86,817/- made to the assessee's income by the Assessing Officer being provision for debts and nonperforming assets (NPA) while computing the book profit u/s 115JA of the I.T. Act, 1961." 3. The brief facts of the case are that during the assessment year under consideration, the assessee company was dealing with the auto finance. For the assessment year under consideration, it has shown the total income of Rs. 4,67,590/- after adjusting brought forward unabsorbed losses. The A.O...
Tag this Judgment!Commissioner of Income-tax-II, Lucknow Vs. Salarpur Cold Storage (P.) ...
Court: Allahabad
Decided on: Aug-19-2014
1. The appeal by the Revenue under Section 260A of the Income Tax Act, 1961 (the Act) arises from a decision of the Income Tax Appellate Tribunal (Tribunal) dated 28 February 2014. The assessment year to which the appeal relates is AY 2008-09. In support of the appeal, the Revenue has pressed the following questions of law at the hearing of the appeal : "(1) Whether the Income Tax Appellate Tribunal was justified under the facts and circumstances of the case in confirming the order of CIT (A) ignoring the effect of Section 292 BB specially when the assessee had cooperated with the proceedings. (2) Whether the Income Tax Appellate Tribunal was justified under the facts and circumstances of the case in confirming the order of CIT (A) that annulled the assessment order passed U/s 143(3) holding it void-ab-initio. (3) Whether the Income Tax Appellate Tribunal was justified under the facts and circumstances of the case in setting aside the assessment order and confirming the CIT (A) order w...
Tag this Judgment!Simpkins School Vs. Director General of Income-tax, (Investigation)
Court: Allahabad
Decided on: Aug-04-2014
Tarun Agarwala, J. 1. The petitioner is a society duly registered under the Societies Registration Act since 1982 and is running an educational institution known as Simpkins School at Agra. The petitioner has been enjoying exemption under Section 10(22) of the Income Tax Act, 1961 (hereinafter referred to as the Act) upto the assessment year 1998-99. By Finance Act No.2 of 1998 w.e.f. 1st April, 1999 Section (22) of the Act was omitted and an analogous provision Section 10(23C)(vi) was brought into existence with effect from the same date. Under Rule 2BC of the Income Tax Rules if the gross receipts are below Rs.1 crore, approval is not required but if the gross receipts exceeds Rs.1 crore, approval is required to be taken under Section 10(23C)(vi). 2. The petitioner contends that even after coming into existence the provision of Section 10(23C)(vi) of the Act, the gross receipts for the assessment year 1998-99 till assessment year 2002-03, being less than Rs.1 crore, the petitioner di...
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