Judgment Search Results Home > Cases Phrase: agricultural income tax act 1957 section 3 charge of agricultural income tax Court: delhi Page 5 of about 171 results (0.277 seconds)

D.L.F. United Limited Vs. Commissioner of Income-tax

Court : Delhi

Reported in : [1986]161ITR714(Delhi)

..... 1,04,924 was its agricultural income within the meaning of section 2(1) of the income-tax act, 1961, and as such exempt from income-tax 3. ..... 2 is answered in the negative on the basis that the compensation paid is not agricultural income but is a capital gain which is exempt under the income-tax act as arising from agricultural land. ..... five questions of law have been referred to us under section 256(1) of the income-tax act, 1961, for the assessment year 1963-64. ..... nirgudkar, 2nd ito : [1981]128itr87(bom) , was that even if agricultural land was sold, it was 'revenue' within the meaning of section 2(1)(c) of the act, and hence, we should reconsider the question whether the income was not exempt as being agricultural income. ..... the gains resulting from acquisition of agricultural land would, thereforee, be exempt from capital gains tax and would not be subject to income-tax. ..... in view of the definition of 'capital asset' given in the income-tax act, the gain resulting from acquisition was also not taxable. ..... the answer to the question was that the compensation amount was not income and, hence, the question of it being exempted as being agricultural income did not arise. ..... it was further held that agricultural land was excluded from the definition of 'capital asset' occurring in section 2(14)(iii) and, hence, any gain resulting from the acquisition of agricultural land was not income, either because it was not taxable as income or because it was not taxable as capital gains. .....

The Institute of Chartered Accountants of India and anr. Vs. the Direc ...

Court : Delhi

..... india (hereinafter referred to as the petitioners) have filed the present writ petition under article 226 of the constitution of india for setting aside the order dated 19th may, 2009 passed by the director general of income-tax (exemptions), new delhi (hereinafter referred to as the respondent) dismissing/rejecting the institutes application under section 10(23c)(iv) of the income-tax act, 1961 (act, for short) for the assessment year 2009-10 onwards. ..... agricultural income tax & sales tax v ..... which and conditions for entry into the register of members; fee payable for membership of the institute and annual fee payable, training of articled and audit clerks, fixation of limits within which premium may be charged from the articled clerks etc, regulation and maintenance of the status and standard of professional qualifications of members of the institute etc. 9. ..... view of the amendment made in section 2(15) of the act with effect from 1st april, 2009 for the assessment year 2009-10 onwards, the petitioner institute was not entitled to exemption as it is an institution which conducts an activity in nature of business and also charges fee or consideration. ..... even if the profits earned are used for charitable purposes, but fee, cess or consideration is charged by a person for carrying on any activity in the nature of trade, commerce or business or any activity of rendering of any service in addition to any trade, commerce or business, it would be covered under the proviso and the bar/ .....

Cit Vs. Anil Kumar Bhatia

Court : Delhi

..... 65.2 the finance act, 2003, has provided that the provisions of this chapter shall not apply where a search is initiated under section 132, or books of account, other documents or any assets are requisitioned under section 132a after may 31, 2003, by inserting a new section 158bi in the income-tax act. ..... the first question which we have to consider is whether the tribunal was right in holding that no addition can be made for agricultural income, gifts received and unexplained deposits as stated in the chart set out in para 10 (supra) on the ground that in respect of these additions, no material was found during the search carried out under section 132 and also on the ground that for all the years under consideration, the returns filed by the assessee ..... assessee before the tribunal: - assessment year additions disputed rupees 2000-01unexplained deposit2,50,000.002002-03agricultural income unexplained deposit6,12,885.00 57,115.002003-04gift unexplained deposit in bank loan to mohini sharma agricultural income2,71,000.00 1,50,000.00 1,50,000.00 16,699.002004-05agricultural income notional interest10,33,129.00 27,000.002005-06agricultural income notional interest36,524.00 27,000.002006-07gift agricultural income notional interest5,18,631.00 36,474.00 27,000.00it may be added that in respect of the assessment year 2000 .....

Smt. Indu Khorana Vs. Gram Sabha and ors.

Court : Delhi

..... also noted in the order of reference dated 25.08.2004 that, under the income tax act, capital gain is exempted when agricultural lands are compulsorily acquired and when agricultural land in an urban area is acquired, what would happen to those provisions of the income tax act. ..... the issues under the income tax act about the capital gains, being exempt when agricultural lands are acquired and what would be the position while valuing the capital cost of the land under the wealth tax etc. ..... the stand of the petitioner before the single judge was that the land in question had been urbanized vide notification issued by the mcd dated 24.10.1994 under section 507 of the delhi municipal corporation act, as such the area in question ceased to be a rural area and the revenue authorities had no jurisdiction to deal with the matter and impugned order was liable to be ..... 09.05.2006 wherein a suit for partition was filed in respect of an abadi land of a village mauzpur, delhi which by notification issued by municipal corporation of delhi approved by central government in exercise of powers conferred by clause (a) of section 507 of mcd act, 1957 was declared as an urban area. ..... hold that once rural area is urbanized by issuance of notification under section 507(a) of the delhi municipal corporation act, 1957, provisions of delhi reforms act will cease to apply. ..... the question of charging property tax by the mcd in an urbanized area has been considered and concluded by division bench of this court in .....

Commissioner of Income-tax, Delhi (Central) Vs. Dalmia Cement (Bharat) ...

Court : Delhi

Reported in : [1980]126ITR736(Delhi)

..... act as it then stood, it envisages the charging of income-tax on the total income of every assessed (which also includes the income of certain other persons as set out in chap.v). ..... 1 prescribed by r.5 while giving instances of the items contemplated under r.4, refers to agricultural income and foreign income of a non-resident which fall in chap. ..... 80g, 80-i, 80k, 80m and 80q part of the income, profits and gains of the company had become not includible in its total income as computed under the i.t.act; hence the capital computed under rr.1 to 3 required to be further reduced by reference to the proportion which the amount of the income, profits and gains deducted under the above sections bore to the total amount of income, profits and gains of the company and this the ito had failed to do. ..... without reproducing in full the observations of the learned judge, it would be sufficient to summarise the various considerations which compelled him to arrives at this conclusion :(a) any amount in respect of which deduction is claimed under any of the provisions in sections 80c to 80v is already included in the gross total income of the assessed and, thereforee, cannot be stated to be not includible in the income of the assessed. ..... in this context, the word can be said more appropriately to indicate an identifiable section, category or class of income rather than merely a portion of the amount of such income. .....

New JaIn Godowns, Budaun and Another Vs. Ito, Budaun and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... on going through the records i find that, on facts of the case the conclusion drawn by the assessing officer regarding treatment of rental income as agricultural income is not in accordance with the correct legal provisions as provided in section 2 (1a) (c) of the income- tax act, 1961 and, therefore, the same is erroneous in law in so far as prejudicial to the interests of revenue and hence the proceedings u/s 263 were initiated as discussed in the opening para of this order." 15. ..... since the income derived by you is totally non agricultural and is in the nature of income from house property because only rent of godowns has been disclosed, please explain as to why it should not be assessed under the head 'income from house property' as per provisions of the income-tax act, 1961." 11. ..... in the partners of the firm; that the assessing officer wrongly treated the rental income earned by the assessee firm from the letting out of the godown as agricultural income; that the agricultural land was not owned by the firm and the assessee firm, during the year, did not carry out any agricultural activity thereat in accordance with section 2 (1a) of the act; that then, the tenants were using the godown for business purposes; that since ..... it is a clearly a agriculture activity as per u/s 2 (1a) (c) of income tax act, 1961 which is as follows. .....

Commissioner of Income Tax Vs. M/S Orient Abrassive Ltd

Court : Delhi

..... is on account of this situation that section 59(2) of the income tax act provides for rules being made for prescribing the manner in which and the procedure by which incomes derived in part from agriculture and in part from business shall be ..... own consumption of the power generated and gained by the assessee by setting up its own power plant, we do not find any lack of merit in the claim of the respondent/assessee when it claimed by relying upon section 80-ia(1) of the income-tax act by way of deduction of the value of such units of power consumed by its own plant by way of profits and gains for the relevant assessment years."14. ..... having referred to section 80-ia(1) of the incometax act, we are also convinced that what is all to be satisfied in order to be eligible for the deduction as provided under sub-section (1) of section 80-ia, the assessee should have set up an undertaking or an enterprise and from and out of such an undertaking or an enterprise set up, any profit or gain is derived, falling under sub-section covered by sub-section (4) of section 80-ia of the income-tax act, such profit or gain derived by the assessee can be deducted in its entirety for a period of 10 years ..... whatever power generated from the sale to an outsider or the electricity board, and the profit or gain derived by such sale alone can be taken as profits or gains derived by the assessee as mentioned in section 80-ia(1) of the income-tax act, has been rejected by the tribunal in the order impugned. .....

Nokia India Private Limited vs.additional Commissioner of Income Tax a ...

Court : Delhi

..... 190 itr464(ker) dealt with section 35(2) of the kerala agricultural income tax act, 1950, which had stipulated that no order of assessment, etc ..... letter, on official records and also enclosed as annexure a-9 to the writ petition, has the words i am enclosing a copy of the draft order for special audit under section 142(2a) of the income tax act, 1961, as approved by the commissioner of income tax, delhi-5, again , which are missing in the copy filed by the petitioner as annexure b-8 with the rejoinder affidavit. ..... joseph jacob versus agricultural income tax officer and another, [1991 ..... joseph jacob versus agricultural income tax officer, [1991 ..... no.2974-2013 page 10 of 29 has interpolated the letter dated 2nd april, 2013 available in the assessment records and added words i am also enclosing a copy of the draft order for special audit under section 142(2a) of the income tax act, 1961, as approved by the commissioner of income tax, delhi-v, again . ..... no.2974-2013 page 1 of 29 return was selected for scrutiny and notice dated 9th september, 2010 under section 143(2) of the income tax act,1961 ( act , for short) was issued.4. ..... had signed the first page of the covering letter dated 30th march, 2013, the subject of which reads - "forwarding of terms of reference to special audit under section 142(2a) of the income tax act, 1961 for ay200910-reg".... ..... and ed867855493in mention the weight of the envelopes as 20 grams and the fee charged as rs.17/-, which was payable for packets up to 50 grams. .....

Tedco Investment and Financial Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

..... apex court after perusing the object and scheme of assam agricultural income-tax rules, 1939 came to the view that the said act does not contemplate that the state tax authorities are empowered to recompute the agricultural income contrary to the computation made by the central officers nor do the subjects specified in sub-section (2)(a) to (m) of section 50 in the state act provide for making rules empowering the state officers to make computation of agricultural income contrary to what is computed by the central officers under ..... was also contended that the cit(a) has relied upon schedule 11 para 6 of the audited balance sheet and the note appended by the auditors which reads as under : "lease rentals, interest and bill discounting charges not realized for more than six months has not been recognized as per rbi guidelines amounting to lease rentals of rs. ..... 3,98,587 as other income (dividend).3.2 from a perusal of accounting policies as mentioned in schedule-11 para 6 of the balance sheet, the assessing officer observed that auditors have mentioned : "lease rentals, interest and bills discounting charges not realized for more than 6 months has not been recognized as per rbi guidelines amounting to lease rentals ..... the charging of interest under sections 234a and 234b are wrong and bad ..... 50,34,796 and bill discounting charges not realized over six months amounting ..... as bill discounting charges and rs. ..... it is submitted that the borrower was not doing well and not paying finance charges. .....

Director of Income Tax (Exemptions) Vs. the Institute of Chartered Acc ...

Court : Delhi

..... of income tax (exemption) has filed the present appeal under section 260a of the income tax act, 1961 (1961 act, for ..... from such coaching classes are business income and the assessee was required to maintain separate books of accounts as per section 11(4a) of the income tax act. ..... assessing officer:- "therefore, keeping in view the facts of the case, the order passed by the ddit(e), trust circle-iv, delhi has been found to be erroneous as it is prejudicial to the interest of revenue within the meaning of section 263 of the income tax act. ..... therefore, it has clearly violated the provisions of income tax act and the order of the ao has become erroneous as it is prejudicial to the interest ..... agricultural income tax & sales tax ..... justified in the eyes of law in the facts and circumstance of the present case in passing the impugned order that running of the coaching classes is a business activity and therefore is in violation of the provisions of income tax as also supported by judgment of the patna high court cited in 208 itr 608? c. ..... which arises for consideration is whether activities of the institute mentioned above including those of holding classes for students/article clerks/members and charging fee for classes and for providing literature/material can be regarded as a business activity. ..... cst (1957) 8 stc 732 (bom), relied on for the respondent-port trust, the bombay high court held that an agriculturist did not necessarily fall within the definition of a 'dealer' under section 2(c) .....