Court : Rajasthan
Reported in : (2007)209CTR(Raj)356; [2007]288ITR211(Raj)
..... narrated in what circumstance the matter was taken up as a scrutiny case and was taken up on april 16, 1996. notice under section 143(2) of the income-tax act was issued as the case relates to regular assessment. it came before sample selected for scrutiny on random sample basis. the only contention raised before the assessing authority ..... . partners remuneration was given according to this agreement. partners' remuneration is as per the provision of section 40(b)(v) of the income-tax act, and the income declared before partners salary rs. 1,67,902.partners salary income income(rs.) (rs.) (rs.)75,000 90% 67,500 7,50075,000 60% 45,000 30,00037,902 40% 15,160 22 ..... revenue.6. in response to it, a written submission was submitted on march 1, 2001, in which it was stated:the assessee filed his income-tax return as per the provisions of the income-tax act. payment of remuneration to partners had been specified in the agreement deed which was executed on april 26, 1996. copy of this deed was also .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)207CTR(Raj)452; [2007]289ITR425(Raj); RLW2006(1)Raj818; 2006(2)WLC33
..... can be culled out with reference to section 32ab(5) can be stated thus, that from the perusal of sub-section (5) of section 32ab of the income tax act, 1961 for claiming deduction under section 32ab, it is apparent that compliance of section 2 is necessary'. the first requirement is that the statement of accounts for ..... the same principle fortifying us in our view noticed by us above.18. the matter has received attention of the court under the relevant provisions of the income tax act underlying like conditions for getting accounts audited and filing auditors report along with the return for the purpose of claiming benefit of such deduction/concession.19. ..... commissioner has preferre appeal before the tribunal and the tribunal had affirmed the order of the cit (a] peals), hence, this appeal under section 260a of the income tax act, 1961.6. section 32ab had been inserted in income tax act, 1961 vide finance act, 1966 w.e.f. 1.4.1987 and the benefit extended under the said provisions was .....
Tag this Judgment!Court : Rajasthan
Reported in : (2005)197CTR(Raj)401; [2006]280ITR168(Raj)
..... from such gold bonds, the transfer of gold bonds by way of gift and the valuation of the gold bonds as on valuation date were exempted from income-tax, wealth-tax, capital gains tax and gift-tax.31. we shall presently refer to the gold 'bond' schemes, i.e., 7 per cent gold bond scheme, 1980 and national defence gold bonds ..... matter connected therewith or incidental thereto, vide promulgation of the gold control ordinance, 1968, vide notification dt. 29th june, 1968, and subsequently replaced by the gold control act, 1968 (act no. 45 of 1968), vide notification dt. 1st sept., 1968, published in the gazette, of india extraordinary of the same date.23. in the first instance when ..... event which has taken place prior to prohibition imposed on ownership, possession and control of primary gold by persons other than refiner and dealer licensed under the act, the government of india has promulgated three gold bond schemes as an incentive to the owners of gold whether of primary gold or in the form of .....
Tag this Judgment!Court : Rajasthan
Reported in : I(2006)ACC119
..... record that claimants were having five bighas of irrigated land besides having buffaloes and as alleged by claimants in their claim petition, had earning from agriculture and by selling milk, and income from which is also exempted from tax but it can be held that the deceased had no source for livelihood of his family except from ..... contentions advanced by counsel for either parties and with their assistance, perused the findings recorded by the tribunal. while granting compensation under section 168 of the motor vehicles act, 1988, it is required to be determined, which in turn appears to be just and reasonable and that can only be examined from material on record but ..... stage is not going to serve any purpose particularly when evidence recorded is already on record before me for consideration. after 1994 amendment in the schedule to the act, with regard to non-earning members, for whom rs. 15,000 per annum has been considered to be financial dependency of the family. however, taking into .....
Tag this Judgment!Court : Rajasthan
Reported in : (2009)20VST184(Raj)
..... payment of subsidies to local authorities by way of compensation. it provides that from the proceeds of the tax collected under this act every year, there shall be paid to each local authority which was in receipt of an income from a tax levied by it in respect of admission to entertainment under any enactment prior to coming into force of this ..... act, such sum as may be determined by the state government, which shall not be less than a sum equivalent to the ..... average net annual income derived by such local authority during past three years from the tax so levied. by a notification under this section 14, such .....
Tag this Judgment!Court : Rajasthan
Reported in : 2006(204)ELT230(Raj); 2006(2)WLC552
..... financial year) or is chargeable to nil rate of duty and also that he shall not claim depreciation under section 32 of the income tax act, 1961 (43 of 1961), or as revenue expenditure under any other provision of the said income-tax act, in respect of that part of the value of capital goods which represents the amount of specified duty paid on such capital ..... orderrajesh balia, j.1. heard learned counsel for the parties. this appeal under section 35g of the central excise act, 1944, is against the order of the customs, excise and service tax appellate tribunal, new delhi, dated 25th may, 2004.2. the substantial question which was framed at the time of admission which arose for consideration reads as under:whether in the .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2006(2)Raj998
..... payment of subsidies to local authorities by way of compensation. it provides that from the proceeds of the tax collected under this act every year, there shall be paid to each local authority which was in receipt of an income from a tax levied by it in respect of admission to entertainment under any enactment prior to coming into force of this ..... act, shall be paid such sum as may be determined by the state government, which shall not be less than a sum ..... equivalent to the average net annual income derived by such local authority during past three years from the tax so levied. by a notification under this section 14, .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2006(1)Raj838; 2006(2)WLC559
..... /-by overwriting. it was observed that cutting and overwriting in comparative statement and increased quantity with additional items in successful tenders bid, make it doubtful. the income and expenditure account shows a huge honorarium of rs. 13,13,690/-for rpet-2003. this was approved by the vice-chancellor without verifications. payment for catering ..... the court, they plead for non-interference. it must be realized that the rule of law has always recognized power of judiciary to review legislative and administrative act. judges decide the cases as they come before them, mindful the need to keep passions and prejudices out of decisions. normally, this court would not encourage ..... to initiate investigation and collection of facts to put such person to trial on criminal charge under the indian penal code as well as prevention of corruption act. at the cost of repetition, mr. bhoot has invited our attention to the various items of the report revealing irregularities in the affairs of the rpet .....
Tag this Judgment!Court : Rajasthan
Reported in : [2007]289ITR154(Raj)
..... appeal is confined to the claim of the assessee for deduction of liability of interest that has accrued on outstanding dues under the rajasthan sales tax act as well as the income-tax act which has been rejected by the assessing officer and affirmed in appeal by the tribunal that unless the liability of interest is discharged in terms ..... and therefore, expenditure was wholly and exclusively laid out for the purpose of the business and allowable as deduction under section 10(2)(xv) of the indian income-tax act, 1922. rejecting this contention, the hon'ble supreme court said that interest payable on an arrear of cess under section 3(3) is in reality part ..... of actual payment and not merely on the basis of accrual of such liability which is otherwise allowable as deduction under the provisions of the income-tax act while computing the total taxable income of the assessee. in other words, the purpose of making the provision under section 43b. in respect of certain allowable claims of the .....
Tag this Judgment!Court : Rajasthan
Reported in : (2006)204CTR(Raj)498
..... 1990-91, the assessee has disclosed sale of his residential house and claimed exemption from inclusion of the capital gains in its taxable income undersection 54 of the it act, 1961. at the foot of computation of total income for the asst. yr. 1991, an explanatory note was appended by the assessee.on the basis of the aforesaid information disclosed ..... reasons recorded by the ao and not de hois it. that is to say the satisfaction recorded by the ao must be endorsed by the dy. cit, chief cit or the cit as the case may be before the ao assumes jurisdiction. satisfaction independent of the reasons recorded by ao is not envisaged. this clearly indicates that foundation ..... the ao that it is a fit case for initiating proceedings. the assessee has contended that since the action of the ao was not approved by dy. cit (jt. cit), the initiation of proceedings was invalid and for that reason also, the assessment founded on such ultra vires assumption of jurisdiction cannot be sustained.14. section 151 .....
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