Court : Karnataka
Reported in : [1967]65ITR146(KAR); [1967]65ITR146(Karn); (1967)1MysLJ215
..... : (i) in view of the fact that registration had been granted to the assessee by the appellate assistant commissioner for the assessment year 1960-61, the assessee was entitled under section 184(7) of the income-tax act, 1961, to renewal of registration for the assessment year 1961-62; (ii) that the certificate of the assessee furnished along with its application for renewal of registration was not incorrect in view ..... where a registration is granted to any firm for any assessment year, it shall have effect for every subsequent assessment year : provided that - (i) there is no change in the constitution of the firm or the shares of the partners as evidenced by the instrument of partnership on the basis of which the registration was granted; and (ii) the firm furnishes, along with its return of income for the assessment year concerned, a declaration to that effect, in the prescribed ..... act), where a return of income is filed after the commencement of this act otherwise than in pursuance of a notice under section 34 of the repealed act by any person for the assessment year ending on the 31st day of march, 1962, or any earlier year, the assessment of that person for that year shall be made in accordance with the procedure specified in this act.' 12. ..... as regards the first contention, the tribunal held that the order granting registration for the assessment year 1960-61 was an order passed under section 26a of the income-tax act, 1922, and that, therefore, the provisions of section 184(7) .....
Tag this Judgment!Court : Karnataka
Reported in : (2010)228CTR(Kar)1; [2010]186TAXMAN233(Kar)
..... as defined as defined in the explanation to sub-section (4) of section 80ia and subject to fulfilling the conditions laid down in that sub-section; or(vii) the amount of profits of sick industrial company for the assessment year commencing from the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the ..... an industrial undertaking from the business of generation or generation and distribution of power; or(v) the amount of profits derived by an industrial undertaking located in an industrially backward state or district as referred to in sub-section (4) and sub-section (5) of section 80-ib, for the assessment years such industrial undertaking is eligible to claim a deduction of hundred per cent of the profits and gains under sub-section (4) or sub-section (5) of section 80-ib; or(vi) the amount of profits derived by an industrial undertaking from the business of developing, maintaining ..... with effect from 1-4-2000 on the introduction of section 50b of the act and as such the relevant provision was not applicable to the assessee's case, as slump sale transaction was during the previous year relevant for the assessment year 1999-2000 and (sic) sale was also liable to tax is wrong and the related question as to whether the capital gain could be computed even when the entire undertaking was sold as one .....
Tag this Judgment!Court : Allahabad
Reported in : [1986]17ITD711(NULL)
..... , status, nature of the property and mode of valuation shown in the return and that simply because the assessee had furnished a valuation report in a subsequent assessment year, the wto could not have bona fide reason to believe that wealth liable to tax had escaped assessment simply because he felt that there must have been some appreciation in the value of the property as on 15-11-1963 which was the relevant valuation date. ..... in the return filed under section 14 of the wealth-tax act, 1957 for the assessment years 1964-65 to 1967-68.i have reason to believe that by reason of omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for its assessment, the net wealth chargeable to tax has escaped assessment for the assessment years 1964-65, 1965-66 and 1967-68.issue notice under section 17 of the wealth-tax act, ..... as on 31-12-1967 as under :rs.cost of land 36,440book value of building as on 31-3-1967.46,438total 82,878appreciation in value as per valuers report 335,368 total 418,246the assessee has shown this value in the return for the assessment year 1968-69 and is claimed exempt for residential house.the value as per books even as on 31-3-1964, 31-3-1965 and 31-3-1967 would be more than rs. ..... impugned order of the learned commissioner (appeals) and to the copy of the original return and the assessment order for the assessment year 1970-71, he placed reliance on the decision of the honble bombay high court in the case of dr .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)203CTR(All)75; [2006]285ITR158(All)
..... shall serve on the assessee a notice requiring him to furnish within such period, as may be specified in the notice, a return of his income or the income of any other person in respect of which he is assessable under this act during the previous year corresponding to the relevant assessment year, in the prescribed form and verified in the prescribed manner and setting forth such other particulars as may be prescribed; and the provision of this act shall, so far as may be, apply accordingly ..... sri shambhoo chopra, learned standing counsel, justifying the issuance of notice dated 12.9.2000 and the action taken under section 147 read with section 148 of the act in respect of all the four assessment years, submitted that the notices in question have been issued after obtaining the necessary satisfaction of the additional commissioner of income tax, muzaffar nagar, which satisfies the requirement of sub-section (1) of section 151 of the act ..... (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year):provided that where an assessment under subsection (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section .....
Tag this Judgment!Court : Allahabad
Reported in : (2007)210CTR(All)509
..... (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with, and subject to the provisions of this act, in respect of the total income of the previous year or previous years, as the case may be, of every person:provided that where by virtue of any provision of this act income-tax is ..... central circle ii, bangalore : [1968]68itr760(sc) , the apex court, while considering the provision of the indian income tax act, 1922, has held as follows:all these provisions clearly show that proceedings for assessment of a firm consist of computation of the income of the firm, determination of tax payable by the firm, apportionment of the income of the firm between its partners in the case of a registered firm ..... tax or any other sum of money is payable under this act, and includes-(a) every person in respect of whom any proceeding under this act has been taken for the assessment of his income or of the income of any other person in respect of which he is assessable, or of the loss sustained by him or by such other person, or of the amount of refund due to him or to such other person;(b) every person who is ..... the relevant assessment year provided for the procedure regarding assessment of registered firm whereas section 183 of the act provided for the procedure regarding assessment of an ..... last three years was as under:assessment year percentage of ..... assessment year .....
Tag this Judgment!Court : Allahabad
Reported in : (2007)207CTR(All)133; [2007]288ITR329(All)
..... marriage, except the thought that it occurred to the assessee that he may perhaps get away with the splitting of his business income upto 6th of february, 1975, when he was assessed for the assessment years 1972-73 to 1974-75, the assessee did not take the plea that he was not doing the cold drink business rather the combined assessment order specifically mentions that the assessee was doing cold drinks business. ..... counsel for the applicant submitted that the applicant had stopped doing cold drink business during the assessment years in question and that the said business was being done by his wife, smt. ..... in his revised order dated 18th january 1987 for assessment year 1974-75 & 76-77 the commissioner of income tax (appeals) again cancelled the penalties imposed by ..... the assessee's plea in respect of the aforesaid assessment years was that he had stopped doing cold drinks business and that the said business was being done by ..... about 15.9.1976, the assessee filed his revised returns for the assessment years 1974-75, 1975-76 and 1976-77 showing income at rs. ..... declared that she had bank account wherein the following deposits had been made in the accounting period corresponding to the assessment years 1974-75 to 1976-77:assessment year deposits made1974-75 rs. ..... he filed his returns of income for the assessment years 1971-72 to 1974-75 simultaneously declaring the income ..... period corresponding to the assessment year 1970-71 upto the assessment year 1972-73, the applicant was assessed at rs. .....
Tag this Judgment!Court : Punjab and Haryana
Reported in : (2005)199CTR(P& H)193; [2005]277ITR120(P& H)
..... omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the assessing officer or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year, or(b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the assessing officer has in consequence of information in his possession reason to believe that income chargeable to tax has ..... escaped assessment for any assessment year,he may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2006SC1223; 2006(4)BomCR886; 2006(1)CTC741; (2006)200CTR(SC)505; 2006(196)ELT257(SC); [2006]280ITR643(SC); JT2006(2)SC7; (2006)2MLJ25(SC); 2006(1)SCALE569; (2006)2SCC508
..... bench held as follows:- the provisions of this sections hall not apply in respect of any assessment for the assessment year commencing on the 1st day of april, 1989, or any subsequent assessment years.section 244 deals with interest on refund where no claim is needed. ..... 2 holding that interest under section 244(1a) of the act was admissible only on post assessment taxes.27.02.1987 appellant filed four revision petitions under section 264 of the act before the 1st respondent for grant of interest under sections 214 and 244 of the act for the following periods: assessment years period1977-78 01.04.1977 to 30.04.19861978-79 01.04.1978 to 30.04.19861981-82 01.04.1981 to 30.04.19861982-83 01.04.1982 to 30.04.198628 ..... section 214 of the act but refused to grant interest under sections 214(1a) and 244(1a) of the act.assessment year 1982-83:the appellant submitted its estimate of advance tax and paid instalments thereon of rs. ..... case of the appellant as set out above in the instant case for the assessment year 1978-79, it has been deprived of an amount of rs.40 lakhs for no fault of its own and exclusively because of the admittedly unlawful actions of the income tax department for periods ranging up to 17 years without any compensation whatsoever from the department. ..... substantial and important questions of law of great general public importance as well as under the income tax act, 1961 pertaining to assessment years 1977-78, 1978-79, 1981-82 and 1982-83 requiring consideration of this court. .....
Tag this Judgment!Court : Delhi
Reported in : 2001IVAD(Delhi)556; (2001)168CTR(Del)521; 92(2001)DLT35; [2002]253ITR83(Delhi)
..... that any income chargeable to tax | (a) the assessing officer has reason to||has escaped assessment for any assessment | believe that, by reason of the omission||year, he may, subject to the provisions of | or failure on the part of an assessed to||sections 148 to 153, assess or reassess | make a return under section 139 for||such income and also nay other income | any assessment year to the assessing||chargeable to tax which has escaped | officer or to disclose fully and truly||assessment and which comes to his notice | all ..... material facts necessary for his||subsequently in the course of the | assessment for that year, income||proceedings under this section, or | chargeable to tax has escaped||recomputed the loss or the depreciation | assessment for that year, or ||allowance or any other allowance, as the | (b) notwithstanding that there .....
Tag this Judgment!Court : Delhi
Reported in : [1984]7ITD25(Delhi)
..... act could be taken on the basis of the order of reassessment passed under section 147, because the power under section 273 can be exercised only if the ito 'in the course of proceedings in connection with the regular assessment for any assessment year, is satisfied that any assessed has furnished a statement of the advance tax payable by him which he knew or had reason to believe to be untrue. ..... the assessment year involved is the year 1959-60, for which the previous year for business income ended on diwali, 1958, and the previous year for income from other sources ended on 31-3-1959. ..... argument is that the provisions of section 144b which was inserted by the taxation laws (amendment) act, 1975, with effect from 1-4-1976 does not apply to the proceedings reopened under section 147 for the assessment year 1959-60. ..... the ito may have chosen to make two separate assessment (i) under section 23(3); and (ii) under section 147 but in making one assessment for one year in respect of the same assessed, the ito did not commit any legal infirmity. ..... in the case of ranchhoddas karsondas (supra), it has been held that :'where in respect of any year return has been voluntarily submitted before assessment, the income-tax officer cannot choose to ignore the return and any notice of reassessment and consequent assessment under section 34 ignoring the return is invalid.' (p. .....
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