Judgment Search Results Home > Cases Phrase: companies profits surtax act 1964 Court: delhi Page 6 of about 2,291 results (0.078 seconds)

Commissioner of Income Tax Vs. Bharat Commerce and Industries Ltd.

Court : Delhi

Reported in : (1999)157CTR(Del)53

..... c1t : [1996]219itr581(sc) , it has been held by the supreme court that surtax levied under the companies (profits) surtax act, 1964, squarely falls within the mischief of sub-cl. (ii) of cl. (a) of s. ..... whether, on the facts and in the circumstances of the case, the tribunal had erred in law in not entertaining and disposing of no merits the additional ground sought to be raised by the assessed that the surtax payable was an allowable deduction in the computation of income for the purposes of income-tax 2. ..... jain, j.in this reference under section 256(1) of the income tax act, 1961 (for short 'the act), at the instance of the revenue, in respect of the assessment year 1973-74, the tribunal, delhi has referred the following questions for the opinion of this court :'1. ..... the tribunal being the final fact-finding authority under the act, this court in the exercise of its advisory jurisdiction can neither go behind the facts stated by the tribunal nor can disturb the same unless a challenge in provided specifically by a question framed in a reference against the validity of ..... 40 of the act and, thereforee, cannot be allowed as deduction while computing the business income of the assessed under the provisions of the act. ..... 19a of the it rules, 1962, borrowed capital was not excludable for the purpose of relief under section 80j of the income tax act, 1961 2. .....

R.S. Avtar Singh and Co. (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)49ITD119(Delhi)

..... to the adt agreement between india and libya dated 2-3-1981, read "now, therefore, in exercise of the powers conferred by section 90 of the income-tax act (43 of 1961) and section 24a of the companies (profits) surtax act, 1964 (7 of 1964), the central government hereby directs that all the provisions of the said convention shall be given effect to in the union of india".chapter i prescribes the scope ..... tax acts that are covered by the said convention in libya and in india respectively and as far as india is concerned, one of the acts that is covered by this convention is the income-tax act, 1961.article 2 gives the definitions to the various terms such as contracting state, other contracting state, person, company, resident ..... be deemed as having a permanent establishment in the contracting state'.article iv(6) states that, 'merely for the reason that a company resident in the contracting state is controlled by a company resident in the other contracting state, would not lead to that company having permanent establishment in the contracting state'.chapter iii of adt covers taxation of income and in this chapter fall articles v ..... business in the other contracting state through a permanent establishment situated therein, there shall in each contracting state be attributed to the permanent establishment the profits engaged in the same or similar activities under the same or similar activities under the same or similar condition and dealing wholly independently with the enterprise .....

Continental Construction Ltd. Vs. Cit

Court : Delhi

Reported in : [2001]119TAXMAN573(Delhi)

heard.2. the following question has been referred by the tribunal under section 18 of the companies (profits) surtax act, 1964 for opinion of this court :'whether, on the facts and in the circumstances of the case, the tribunal was right in adopting its findings in the income-tax matter of the assessed for the assessment year 1983-84?'3. the findings relating to the income-tax matter, as referred to in the question, related to the claim under section 80-o of the income tax act, 1961. it was held by this court in continental construction ltd. v. cit : [1990]185itr178(delhi) that the assessed's income for the relevant assessment year was not exempt under section 80-o. the said conclusion appears to have been approved by the apex court in continental construction ltd. v. cit (1992) 195 itr 811 .4. that being the position, the obvious answer to the question is in the affirmative, in favor of the revenue and against the assessed.5. reference is disposed of accordingly.

Electronic Consortium (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)66ITD604(Delhi)

..... the aforesaid adjustment was made by the assessing officer by reference to rule 1-a of schedule ii of the companies (profits) surtax act, 1964. ..... assessment year which is of the nature of item (8) or item (9) under the heading 'current liabilities and provisions" in the column relating to "liabilities" in the "form of balance-sheet", given in part i of schedule vi to the companies act, 1956 (1 of 1956), or where the income-tax officer is of opinion that the amount credited in such account falls short of the amount which should have reasonably been credited by it, the amount of its capital as computed under ..... has been categorically stated that the amount which is considered as reasonable vide item (9) would mean the amount of dividend declared or paid by the company on or after the first day of the previous year relevant to the assessment year, for the previous year immediately preceding the first mentioned previous year ..... - for the purposes of this rule, the amount of credit which should have reasonably been made by a company in relation to any account of the nature of item (9) aforesaid, means the amount of dividend declared or paid by the company, on or after the 1st day of the previous year relevant to the assessment year, for the previous year immediately preceding the first ..... company provided liability for taxation on the basis of book profits ..... a further reference to the companies act, 1956 shows that item (8) pertains to the income-tax liability whereas item (9) pertains to the .....

Dr. Anand Prakash Vs. the Appropriate Authority Under the I.T.

Court : Delhi

..... as the case may be, sub-section (6), of section 269ue: provided that if any liability for any tax or any other sum remaining payable under this act, the wealth-tax act, 1957 (27 of 1957), the gift-tax act, 1958 (18 of 1958), the estate duty act, 1953 (34 of 1953), or the companies (profits) surtax act, 1964 (7 of 1964), by any person entitled to the consideration payable under section 269uf, the appropriate authority may, in lieu of the payment of the amount of consideration, set ..... , the two orders dated 29th november, 1994 passed by the appropriate authority under section 269ud in the chapter xx c of the income tax act, 1961 (act, for short) for compulsory acquisition of two commercial flats bearing no.512 and 512a, hemkunt tower (for brevity "the property/properties") was quashed ..... october 5, 2001, is modified to the extent that the appropriate authority shall issue the requisite declaration under section 269uh(2) of the act, and deliver or cause to be delivered possession of the property in question to the vendor within eight weeks from date of ..... the order of pre-emptive purchase made under section 269ud(1) of the act having abrogated, all restrictions imposed by chapter xx-c of the act, will disappear and the rights and liabilities of the vendor and the vendees shall obviously be governed by the agreement of sale ..... november, 1994, the respondents invoked their power under section 269ud of the act and exercised their pre-emptive right to purchase the two properties vide orders .....

NavIn Verma Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)100ITD73(Delhi)

..... , the hon'ble supreme court of india considered the issue which arose regarding the requirement of 'period not less than seven years', appearing in proviso to rule 1(v) of schedule ii to the companies (profits) surtax act, 1964. ..... appellant is rejected in view of the fact that the appellant was not an existing assessee and it was only the acit, who was the officer competent to issue a notice under section 158bd of the income-tax act.9.5 on going through the material on record, it is found that the validity of the assessment made by the assessing officer cannot be challenged on the ground that the assessing officer did not have a valid authority to make the ..... for want of jurisdiction.9.3 in his letter dated 20-11-2003 available at page 90 of the paper book, the assessee made following specific submissions in support of this ground: your honour, jurisdiction of the assessee under the income-tax act, vested with the assessing officer ward 1(3), faridabad and not with acit, range-1, faridabad and, therefore, the assessment having been framed without jurisdiction, is illegal, bad in law and ab initio void, for want ..... vide this office letter, dated 23-12-2002, the assessee was informed that the proceedings under section 158bd of the income-tax act, 1961 initiated on 23-4-2001 are not barred by limitation of time and, therefore, subsequent notices under section 142(1) requiring him to file the return of income for the above block period are valid in law. .....

Motor and General Finance Ltd. Vs. Commissioner of Income-tax

Court : Delhi

Reported in : (1992)108CTR(Del)9; [1992]198ITR698(Delhi)

..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was legally justified in holding that the petitioner-company was not entitled to claim deduction on account of surtax paid (in an application under) under section 154 of the income-tax act, 1961 2. ..... the assessed then filed applications under section 154 of the income-tax act for all these assessment years claiming deduction on account of surtax paid by it on the ground that its deduction was omitted to be claimed in the original assessments by mistake. 4 ..... , on the facts and in the circumstances of the case, the income-tax appellate tribunal was legally justified in holding that surtax paid by the petitioner-company was not deductible expenditure in computing the company's income from business ?' 2. ..... at least, seven high court have held that deduction of surtax which is paid is not allowable while computing the taxable income ..... income-tax officer dismissed the said application by following a decision of the special bench of the bombay tribunal in which it was held that surtax liability was not deductible in computing income from business. ..... this is a reference under section 256(1) of the income-tax act, whereby the income-tax appellate tribunal has referred the following two question to this court : ..... assessed in the present case was claiming deduction of the surtax which was paid. ..... , the gauhati high court has come to the conclusion that the amount of surtax paid is allowable as a deduction. .....

Usha Sales Ltd. Vs. Commissioner of Income Tax

Court : Delhi

Reported in : [2002]254ITR145(Delhi); [2001]119TAXMAN472(Delhi)

..... 2,92,319 incurred by way of interest under various sections ofthe income-tax act was an allowable deduction in computing the profits and gains of the assessed for the accounting period relevant to the assessment year 1974-75 ? 2. ..... whether, on the facts and in the circumstances of the case, the liability to pay surtax is an allowable deduction in computing the total income of the assessed for the accounting period relevant to the assessment year 1974-75 ?' 2. ..... at the instance of the assessed, the following questions have been referred for the opinion of this court under section 256(1) of the income-tax act, 1961 (in short 'the act'), by the income-tax appellate tribunal, delhi bench 'c' (hereinafter referred to as 'the tribunal'):'1. .....

Sahara Airlines Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)83ITD11(Delhi)

..... . *made satisfactory arrangements for payment of taxes due under the it act, 1961, it act, 1922, excess profits tax act, 1940, business profits tax act, 1947, wt act, 1957, expenditure tax act, 1957, and company's (profits) surtax act, 1964 in respect of the remittance(s) referred to above ..... portion of which, for the benefit of this order, is being reproduced as under: "195(1) any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on securities) or any other sum chargeable under the provisions of this act (not being income chargeable under the head "salaries") shall, at the time of credit of such income to the account of the payee or at the time of payment thereof in cash or by the issue ..... by way of supplemental rent related to running or operating of the aircraft and not for acquisition of the aircraft and consequently such payments made after 1st april, 1996, fell within exclusionary provisions of section 10(15a) of the act effective from 1st april, 1996, and consequently, such payments were chargeable to tax in the hands of recipient and, therefore, the assessee was liable to deduct tax at source under section 195 of the ..... . the perusal of the noc simply shows that the ao had declared to the effect that no liability was outstanding against aar aviation under any of the acts mentioned therein on the date of payment and, therefore, he had no objection if foreign exchange is remitted to that company .....

Jindal Strips Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1993)47ITD349(Delhi)

..... in this sub-clause, the expression 'the relevant amount of distributions of dividends' has the meaning assigned to it in the finance act of the relevant year.in the first schedule to the surtax act of 1964, the rules for computing the chargeable profits were mentioned. ..... was a time when companies were declaring excess dividends and with a view to discourage the declaration of excess dividends, the government levied some tax on such excess declaration of dividends by an act called "excess dividends act of 1964". ..... income referred to in clause (i) - capital gains ; clause (ii) compensation or other payment; clause (iii) profits and gains of any business of life insurance; and clause (viii) income by way of dividends from an indian company or a company which has made the arrangements for the declaration and payment of dividends in india.since these incomes are to be excluded to arrive at the chargeable profits meaning thereby that these are not incomes of a business earned in the normal course of business to be consistent ..... after making the exclusions mentioned in rule 1 shall be reduced by- (i) the amount of income-tax payable by the company in respect of its total income under the provisions of the income-tax act after making allowance for any relief, rebate or deduction in respect of income-tax to which the company may be entitled under the provisions of the said act or the annual finance act and after excluding from such amount- (a) the amount of income-tax, if any, payable by the .....