Court : Delhi
..... it may be pointed out that in the assessing officers order the only reason as to why the assessing officer had not granted the exemption to the respondents on account of the provisions of section 2 (14)(iii) of the income-tax act, 1961, was because the assessing officer had taken the view that the possibility of there being some other shortest distance between the area where the plots of land were situated and the ..... he submitted that in order that the profits from sale of land are not subjected to capital gains tax, it has to be established that the lands in question were agricultural lands and that such lands were not situated within 8 kms of the municipal limits. ..... the learned counsel for the revenue contended before us that the departmental representative had also raised the issue that the lands in question were not agricultural lands at all and that aspect of the matter had not been gone into by the tribunal. ..... mr sabharwal submitted that while the departmental representative had raised the issue with regard to the lands not being agricultural in nature, the tribunal had not gone into this aspect of the matter at all and, therefore, to that extent the twin conditions stipulated in section 2(14)(iii) had not been satisfied.6. ..... it is in these circumstances that the tribunal rejected the plea of the departmental representative that the matter be restored to the file of the cit (appeals) for verification of the fact as to whether the lands were agricultural in nature or not.7. .....
Tag this Judgment!Court : Delhi
..... it may be pointed out that in the assessing officers order the only reason as to why the assessing officer had not granted the exemption to the respondents on account of the provisions of section 2 (14)(iii) of the income-tax act, 1961, was because the assessing officer had taken the view that the possibility of there being some other shortest distance between the area where the plots of land were situated and the ..... he submitted that in order that the profits from sale of land are not subjected to capital gains tax, it has to be established that the lands in question were agricultural lands and that such lands were not situated within 8 kms of the municipal limits. ..... the learned counsel for the revenue contended before us that the departmental representative had also raised the issue that the lands in question were not agricultural lands at all and that aspect of the matter had not been gone into by the tribunal. ..... mr sabharwal submitted that while the departmental representative had raised the issue with regard to the lands not being agricultural in nature, the tribunal had not gone into this aspect of the matter at all and, therefore, to that extent the twin conditions stipulated in section 2(14)(iii) had not been satisfied.6. ..... it is in these circumstances that the tribunal rejected the plea of the departmental representative that the matter be restored to the file of the cit (appeals) for verification of the fact as to whether the lands were agricultural in nature or not.7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)2SOT563(Delhi)
..... we shall first refer to the definition of agricultural income as contained in the income tax act. ..... , digging, tending, pruning, cutting, other process rendering produce fit for the market are all undertaken.the hon'ble supreme court in the case of raja benoy kumar sahas roy (supra) has explained agricultural income as follows : "agriculture in the primary sense denotes the cultivation of the field and is restricted to cultivation of the land in the strict sense of the term, meaning thereby tilling the land, sowing of the seeds, planting and similar ..... income arising from the transfer of any land referred to in item (a) or item (b) of sub-clause (iii) of clause (14) of this section; : for the removal of doubts, it is hereby declared that income derived from any building or land referred to in sub-clause (c) arising from the use of such building or land for any purpose (including letting for residential purpose or for the purpose of any business or profession) other than agriculture falling under sub-clause (a) or sub-clause (b) shall not be agricultural income ..... the fact that the assessee originally declared this income under the head 'service charges' and later on revised the return of income claiming it to be agricultural income is also not relevant. ..... raja benoy kumar sahas roy (1957) 32 itr 466 (sc) wherein the hon'ble supreme court had laid down the test for determining the character of income as to when it can be said to be from agriculture. .....
Tag this Judgment!Court : Delhi
Reported in : [2003]86ITD13(Delhi)
..... i have not discussed and given finding on the ground in which the assessed has challenged the proceeding initiated under section 158bd in this case because the learned jm has not given his finding on the same in the proposed order.reference under section 255(4) of the income tax act to the honble president on point of difference.since there is a difference of opinion between the members of the bench, we state the following point of difference and refer the same to the ..... atwal that the paper annexed as annexure a-3, is an agreement for sale of agricultural land and on the date of signing of this agreement, a sum of rs. ..... in a copy of this letter forwarded to the income tax officer, there was an endorsement referring to a summons dated march 3, 1957, issued by the income tax officer, which was also not disclosed to the assessed. ..... bakshi had agreed that within the period of nine months from 19-8-1994 he would ensure settlement of my loan accounts with punjab & sind bank at principal amount only by waiver of complete interest charged by bank on those loan accounts failing which the transfer of land would become void.q.6. ..... 7.07 crores, especially when he knew that there is a heavy charge on the land to punjab & sind bank, from whom the loan was obtained by mr. n.s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD166(Delhi)
..... phrase 'regular assessment' occurring in section 214 of the income-tax act means the first assessment made by the ito, when he is bound to determine the sum paid by the assessee or refundable to him on the advance tax paid before such assessment and only such excess of tax determined or advance tax paid is entitled to interest under section 214 and once that process is over, the advance tax paid changes its character as advance tax and partakes the character of tax paid as per demand and ..... [1988] 25itd 96 (tm) held applying the ratio in the case of national agricultural co-operative marketing federation of india ltd. ..... the learned departmental representative submitted that the operation of the order of the delhi high court in national agricultural co-operative marketing federation of india ltd. ..... we find that the kerala high court had not differed from the judgment of the delhi high court in national agricultural co-operative marketing federation of india ltd. ..... the learned chartered accountant for the assessee submitted that following the judgment of the delhi high court in the case of national agricultural co-operative marketing federation of india ltd. ..... distinguished the facts of the case in national agricultural co-operative marketing federation of india ltd. ..... thereafter the assessee preferred an appeal before the cit (appeals) submitting that in accordance with the decision of the delhi high court in the case of national agricultural co-operative marketing federation of india ltd. v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD523(Delhi)
..... we would like to point out that the delhi high court which is the jurisdictional high court in this case has decided the issue regarding the levy of tax on sale of agricultural land on the basis of definition of capital asset under section 2(14) of the income-tax act, 1961. ..... on the same analogy, learned counsel contended, that the income derived from the sale of foreign exchange asset is income from the asset and accordingly investment income within the meaning of section 115c(c) of the income-tax act, 1961. ..... section 5(2) of the income-tax act, 1961 reads asunder: subject to the provisions of this act, the total income of any previous year of a person who is a non-resident includes all income from whatever source derived which - (a) is received or is deemed to be received in india in such year by or on behalf of such person; or (b) accrues or arises or is deemed to accrue or arise to him in india during such year.in the case of standard triumph motor co. ..... section 2(24) of the income-tax act defines income, and by virtue of clause (vi) ibid income includes any capital gains chargeable under section 45. ..... thus the capital gains arising from the transfer of the capital asset are deemed to be the income of the previous year by virtue of section 45 read with section 2(24)(vi) of the income-tax act, 1961. ..... thus the short term capital gains derived from foreign exchange assets would fall within the definition of investment income as defined in section 115c(c) of the income-tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)4SOT862(Delhi)
..... 243 are apt : 'a humane and considerate administration of the relevant provisions of the income tax act would go a long way in allaying the apprehensions of the assessees and if that is done in the true spirit, no assessee will be in a position to charge the revenue with administering the provisions of the act with 'an evil eye and unequal hand'.' 8. ..... by this bill section 80p(2)(a)(iii) of the income tax act was sought to be substituted with effect from 1-4-1968, by the following the aforesaid bill was passed by the parliament in january, 1999. ..... shocking in this case having regard to the fact that the assessee had itself, in its return, drawn the attention of the income tax authorities to the basis upon which the cash compensatory support had been included as income and had clearly offered to include the same in any assessment if the basis is shown to exist.additionally the change in the law by amendment of section 28 took place several months after the return was filed by the assessee. ..... the reasons given by the assessing officer for making the aforesaid prima facie adjustment reads as follows - adjustment note under section 143(1)(a) for assessment year 1998-99 nafed the assessee has claimed deduction under section 80p (2)(a)(iii) on income from marketing of agricultural produce of its members amounting to rs. ..... union of india (1957) 31 itr 565 (sc) : tc 69r. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2007)109ITD327(Delhi)
..... since for the assessment year 1954-55, the ito had taken the status of the respondent to be that of an 'individual', he issued a notice under section 34 of the income-tax act on 22-3-1957 to reopen the assessment for the assessment year 1949-50 in the status of an individual, having taken the sanction of the cit to make the reassessment ..... this case assessment was made under the mysore act on the death of assessee in the hands of legal representative 's' where the high court held that there was no provisions corresponding to section 24b of the indian income-tax act, 1922 in the mysore act to make an assessment on legal representative and ..... their lordships observed as under: under the scheme of the income-tax act, the "individual" and the "hindu undivided family" are treated as separate units of assessment and if a notice under section 34 of the act is wrongly issued to the assessee in the status of an individual and not in the correct status of a hindu undivided family, the notice is illegal and all proceedings taken under that notice are ..... order, the assessment proceedings in this case was initiated on 22-12-2000 by issue of notice under section 148 of the income-tax act to suraj mai individual on the basis of information that the assessee sold his agricultural land measuring 18b-08b situated in village ishlampur to the company kareshekh builders (p. ..... erred in law and on acts in upholding the action of the assessing officer in charging interest under sections 234a and 234b. 1 .....
Tag this Judgment!Court : Delhi
..... the plaintiff has failed prove that defendant no.1 was getting any agricultural income or that any part of the income from agricultural land was utilized for raising construction on plot no.45, sant nagar, new delhi in the year 1957-58.16. ..... extremely unlikely that defendant no.1, who was in government service at the time he purchased this plot would be getting any part of the agricultural income in the life time of his father, particularly, when the land was held in the name of his father. ..... no evidence except her bald statement has been produced by the plaintiff to prove that any agricultural income used to be received by defendant no.1 in respect of the land inherited by him in village patial, ..... has, however, not produced any evidence, which would prove that defendant no.1 was receiving any agricultural income in the life time of his father and had used any part of that income for purchase of plot no.45 at sant nagar, new delhi. ..... under the provisions of hindu succession act, section 4 of the act provides that save as otherwise expressly provided in the act, any text, rule or interpretation of hindu law or any custom or usage as part of that law in force immediately before the commencement of this act shall cease to have effect with respect to any matter for which provision is made in the act and any other law in force immediately before the commencement of the act shall cease to apply to hindus in so far it is ..... [1987] 1 scr 516 and commissioner of income tax v. p.l. ..... of wealth tax v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD96(Delhi)
..... the issue pertains to allowance of interest under section 244(1a) of the income-tax act, 1961. ..... when that section is read math section 140-a(2) it has to be held in the light of the national agricultural co-operative marketing federation of india ltd ..... 878 of 1978 directing the payment of interest under sections 214 and 244(1a) of the it act.shri haldar submits that, as a result of the above interim stay order, the decision of the delhi high court in national agricultural co-operative marketing federation of india ltd. ..... the ratio of the judgment in national agricultural co-operative marketing federation of india ltd ..... according to the departmental representative, national agricultural co-operative marketing federation of india ltd ..... the supreme court ordered as under in that matter on the application of the cit, delhi-ii, new delhi, the respondent being the national agricultural co-operative marketing federation of india ltd. ..... other words, applying the ratio of the national agricultural co-operative marketing federation of india ltd. ..... shri butani drew attention to the following passage from the judgment in national agricultural co-operative marketing federation of india ltd. ..... the above position was in line with the decision in national agricultural co-operative marketing federation of india ltd. ..... is the ratio in the case of national agricultural co-operative marketing federation of india ltd. ..... delhi high court in the case of national agricultural co-operative marketing federation of india ltd. .....
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