Court : Delhi
..... this regard is as follows: (iii) the ao has ignored the provisions of law pertaining to the assessability of the agricultural lands at satbari and jaunapur which according to provisions of section 2(ea) of the wealth tax act are not taxable as these come under the exception clause of section 2(ea) which reads as under: section 2 ..... the land situated at satbari, tehsil mehrauli, delhi?. in wta82008 (1) whether, in the facts and circumstances of the case, the income tax appellate tribunal was correct in law in holding that the commissioner of wealth tax (appeals) erred in wta52008, 6/2008, 7/2008 & 8/2008 page 2 of 7 giving a finding that these assets were ..... two immovable properties ]..3. the appellants/assessees were aggrieved and appealed to the cwt. the cwt by order dated 12.11.1997 rejected the assessees contentions. the income tax appellate tribunal (itat) accepted the assessees plea with respect to the tentative nature of the valuation applied, on the basis of the dvo s report. the itat .....
Tag this Judgment!Court : Delhi
..... this regard is as follows: (iii) the ao has ignored the provisions of law pertaining to the assessability of the agricultural lands at satbari and jaunapur which according to provisions of section 2(ea) of the wealth tax act are not taxable as these come under the exception clause of section 2(ea) which reads as under: section 2 ..... the land situated at satbari, tehsil mehrauli, delhi?. in wta82008 (1) whether, in the facts and circumstances of the case, the income tax appellate tribunal was correct in law in holding that the commissioner of wealth tax (appeals) erred in wta52008, 6/2008, 7/2008 & 8/2008 page 2 of 7 giving a finding that these assets were ..... two immovable properties ]..3. the appellants/assessees were aggrieved and appealed to the cwt. the cwt by order dated 12.11.1997 rejected the assessees contentions. the income tax appellate tribunal (itat) accepted the assessees plea with respect to the tentative nature of the valuation applied, on the basis of the dvo s report. the itat .....
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..... in the term "capital asset" is agricultural land comprised within the local limits of municipality or other local ..... other than the jurisdictional municipality. it was argued that agriculture land beyond 8km from the local limits jurisdictional municipality cannot be held to be a capital asset under the act. ita no.1022/2017 page 2 of 5 5. the revenue argues that the provisions of the income tax act make clear that what is intended to be covered ..... limits and therefore not a capital asset . the commissioner of income tax (appeals) (hereafter cit (a) ) had granted relief to the assessee; the itat restored the order of the ao.2. the question urged by the assessee is whether in the circumstances of the case, the agricultural land at kundli village, an area comprised within the jurisdiction of .....
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..... of such a policy and how the provisions of the statute can best be implemented. reliance was also placed on the decision in sashi prasad barohaa v. agricultural income tax officer (1977) 107 itr784(sc) which held that it is not unconstitutional for the legislature to leave it to the executive to determine details relating to the ..... prudence is inherent in this.62. icai too has in para 6.9 of its technical guide clarified as under: 6.9 chapter iv-d of the income tax act houses section 37 which deals with expenditure which is general in nature and not covered within sections 30 to 36. section 37 covers expenditure laid out or ..... wp (c) 5595/2017 page 1 of 53 finance, government of india whereby in exercise of the powers conferred by section 145 (2) of the income tax act, 1961 ( act ), the central government notified ten 'income computation and disclosure standards' ( icds ), as specified in the annexure to the said notification to be followed by all assessees following the mercantile system .....
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..... sanjiv khanna, j.(oral) the... petitioner, ram kumar by way of the present writ petition has challenged the reassessment proceedings under sections 147 read with section 148 of the income tax act, 1961 ( the act ) initiated vide notice dated 24th september, 2015 for the assessment year ( ay ) 2011-12. the... petitioner has also challenged the order dated 8th august, 2016 rejecting the ..... of above said assesee for a.y. 2011-12 has escaped assessment. hence i am satisfied that it is a fit case to issue notice u/s 148 of income tax act, 1961 in the said case for the assessment year 2011-12 after taking necessary statutory approval u/s 151(2) r.w.s. u/s 147/148/149 of ..... that the enhanced compensation of rs.5. 64,75,249/- paid by the lac relating to agricultural land was exempt from tax under section 10(37) of the act. the assessing officer ( ao ) passed the assessment order dated 14th 6. february, 2014 on a total income of rs. 6,28,376/- making an addition of rs.10,800/- on account of interest .....
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..... , providing such amenities as are agreed to between the management and the labour and all other incidental activities. it goes without saying that in the assessment to income-tax, if the estate is to claim deduction for expenses of business, expenses such as those incurred for the purpose of running a hospital for the benefit of ..... or "business" and therefore, the deceased was not be a fao1352016 page 23 of 70 workman. the kerala high court rejected the argument and held that the agricultural operations of the charitable society are covered in the term "business" and merely because the nature of the society is charitable, it will not get absolved from the ..... can produce paddy worth more than the amount invested. that itself is sufficient profit motive. therefore, the agricultural operations of the appellant come within the term 'business' employed in section 2(1)(n) of the act. merely because the nature of the appellant it fao1352016 page 24 of 70 society is charitable, it will not get .....
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..... other than agricultural land; (vi) building or land appurtenant thereto, other than building or part wta no.16/2005 & connected matters page 12 of 38 provided that each such employee is an employee whose income (exclusive of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head salaries under the income tax act does not exceed ..... the equity shares of the company. for this purpose, relative shall have the same meaning as assigned to it in clause (b) of explanation (i) to section 80f of the income tax act. this amendment will take effect from 1st april 1989, and will, accordingly, apply in relation to the assessment year 1989-90 and subsequent years. (clause 87). not be considered to .....
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..... under: as the notification- has been quashed and, the same has not been assailed by the revenue department, the reasons for reopening the assessment under sectionof the income tax act, 1961, do not survive. the very basis and foundation for issue of reassessment notice have ceased to exist. consequently, the writ petition is allowed 32. in ..... the assessment of m/s swarovski india pvt. ltd. for the assessment year 2007-08 was completed under section 143(3) of the income tax act, 1961 in january, 2011 determining an income of rs. 68524800 after allowing deduction of rs.46789966 u/s 10b and creating a demand of rs. 6567190. perusal of records revealed that ..... india ltd. v. ito, 371 itr179(del) (hereafter a. t. kearney ) (ii) order passed in w.p.(c) no.5895/2010 (national agricultural cooperative marketing federation of india ltd. v. acit) (hereafter national agricultural ) (iii) ultra marine air aids (p) ltd. commissioner, 322 itr273(del) (hereafter ultra marine ) (iv) order passed in w.p.(c) .....
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..... clubs equal and unequal in the same class and hence is patently violative of article 14. the petitioner also submits that under various legislations, including the companies act, the income tax act, as well as service tax and state vat regulations, it is required to go through the audit process. it is contended that these audits serve as proper checks and balances on the conduct of ..... error in holding that rule 71 allowed a wide margin to the revenue officers in the matter of determining the special assessment to be levied on land used for non-agricultural purposes. the high court failed to notice that area within which the discretion of the revenue officer can operate is circumscribed both by the floor and ceiling fixed and while .....
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..... in the higher forums. therefore, in terms of the decision dated 19th april 2017 of this court in ita no.161 of 2016 (national agricultural marketing federation of india v. commissioner of income tax, delhi -ix), there was no subsisting liability on the assessee as regards enhanced licence fee. (iii) the assessee had not deposited a paisa ..... prathiba m. singh % judgment1808.2017 dr. s. muralidhar, j.: introduction 1. these are nine appeals under section 260a of the income tax act, 1961 ( act ), one by the assessee and the others by the revenue, directed against orders of the income tax appellate tribunal ( itat ) which pertain to assessment years ( ay ) 1997-98 to 2002-03, 2004-05, and 2009-10 ..... books of accounts did not prevent it to claim the said sum as deduction either under section 10(1) or under section 10(2)(xv) of the income tax act, 1922. it was held whether the assessee is entitled to a particular deduction or not will depend on the provision of law relating thereto and not on .....
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