Judgment Search Results Home > Cases Phrase: explosives act 1884 section 4 definitions Sorted by: old Court: income tax appellate tribunal itat hyderabad Page 21 of about 311 results (0.128 seconds)

Assistant Commissioner of Income Vs. Gayatri Traders

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1996)58ITD121(Hyd.)

..... -s. (2), discovers any omission or, wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made. sec. 10 of the act provided for penalties for non-filing of returns. relevant portion of the same ran as follows : "if the ito in the course of any proceedings under this ..... provisions considered in the said cases are not in pari materia with the provisions of s. 271b.11. we have duly considered the rival submissions. sec. 44ab was introduced into the statute book by the finance act, 1984, w.e.f. 1st april, 1985. relevant portion of s. 44ab as it stood during the relevant period reads as follows : (a) carrying on ..... completes the assessment on the basis of such a return." even a return filed under s. 6(3) of the super profits tax act, 1963, before the assessment is made, is also a valid return under s. 6. sec.10 merely states that an assessee who fails to furnish the return required under s. 6, is liable for penalty. in that case .....

Assistant Commissioner of Vs. Gayatri Traders

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... any omission or wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made. section 10 of the act provided for penalties for non-filing of the returns. the relevant portion of the same ran as follows (at page 628 of 80 itr) : " if ..... special bench for its decision. briefly, the submissions of shri indrakumar, the learned departmental representative, on this issue are as follows : the provisions contained in section 44ab of the income-tax act, 1961, are mandatory. its requirements are that an assessee whose total sales, turnover or gross receipts as the case may be, exceed rs. 40 ..... the revenue are directed against the consolidated order dated january 30, 1990, of the commissioner of income-tax (appeals), hyderabad, cancelling the penalty levied under section 271b of the income-tax act, 1961, for the assessment years 1985-85 and 1986-87.2. when these appeals first came up for hearing before the division bench (income-tax .....

Sattu Mallaiah Sons Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)57TTJ(Hyd.)312

..... . according to him, the deduction is available to an industrial undertaking which manufactures or produces articles or things and the processing operation is not covered by these sections.he observed that no ginning was done by the assessee and it only pressed ginned lint relating to others into small bales and charged a fixed rate for ..... by the learned counsel of the assessee, the issue was in the context of an industrial undertaking within the meaning of s. 2(7)(c) of the finance act, 1973, whereunder industrial company means "a company which is mainly engaged..... in the manufacture or processing of goods....". the assessee in that case received cotton in bulk ..... or using cotton. the assessee-company claimed that pressing of cotton fell within the expression "processing of goods" within the meaning of s.2(7)(c) of the finance act, 1973, and that therefore, it was an "industrial company" entitled to the concessional rate of tax. their lordships of the gujarat high court held : "loose cotton .....

Sattu Mallaiah Sons Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)60ITD131(Hyd.)

..... according to him, the deduction is available to an industrial undertaking which manufactures or produces articles or things and the processing operation is not covered by these sections.he observed that no ginning was done by the assessee and it only pressed ginned lint relating to others into small bales and charged a fixed rate for ..... by the learned counsel of the assessee, the issue was in the context of an industrial undertaking within the meaning of s. 2(7)(c) of the finance act, 1973, whereunder 'industrial company' means "a company which is mainly engaged..... in the manufacture or processing of goods....". the assessee in that case received cotton in bulk ..... using cotton. the assessee-company claimed that pressing of cotton fell within the expression "processing of goods" within the meaning of s.2(7)(c) of the finance act, 1973, and that therefore, it was an "industrial company" entitled to the concessional rate of tax. their lordships of the gujarat high court held : "loose cotton .....

Spade Electro (P.) Ltd. Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)60ITD600(Hyd.)

..... of business and determination of individual agencies a normal incident not affecting or impairing its trading structure. the amounts received by the appellant for the cancellation of the explosives agency therefore did not represent the price paid for the loss of a capital asset : they were of the nature of income. there is no immutable ..... not offer the same for assessment. the assessing officer, holding that it was a revenue receipt, made addition in that behalf, while completing the assessment under section 143(3) of the act on 29-3-1989. aggrieved by the action the assessing officer, assessee preferred appeal before the cit(a), contending, inter alia, that by the agreement ..... assessee for the alleged technical assistance and know-how as referred to in the agreement would partake the same character as the fees referred to in the then section 80mm and would rightly be exigible to tax as revenue receipt. considering all these aspects, the cit(a) confirmed the addition of rs. 3,00,000 .....

Assistant Commissioner of Income Vs. M. Srinivasulu

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)62ITD159(Hyd.)

..... to the obvious but also to that which is deducible from the return as filed, without doubt or debate. this is clear from the language of the section and is supported by authority as well as the circulars issued by the cbdt in this connection." the calcutta high court followed the views expressed by the bombay ..... therefore, the said expenditure should be allowed as a deduction. no doubt, incidentally it observed that the said expenditure could be allowed under s. 10(14) of the it act. in that connection, the special bench, while considering the nature of the duties of development officer, observed as follows : "8. coming to the incentive bonus, while additional ..... has to see that the business already obtained is maintained without the policies getting lapsed and that he should also attend to the grievances of policy-holders. he acts like a link between the agents and the policy-holders and between the agents and the lic. for that purpose, he maintains some establishment and incurs substantial .....

Assistant Commissioner of Income Vs. M. Srinivasulu.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1997)59TTJ(Hyd.)393

..... to the obvious but also to that which is deducible from the return as filed, without doubt or debate. this is clear from the language of the section and is supported by authority as well as the circulars issued by the cbdt in this connection." the calcutta high court followed the views expressed by the bombay ..... therefore, the said expenditure should be allowed as a deduction. no doubt, incidentally it observed that the said expenditure could be allowed under s. 10(14) of the it act. in that connection, the special bench, while considering the nature of the duties of development officer, observed as follows : "8. coming to the incentive bonus, while additional ..... to see that the business already obtained is maintained without the policies getting lapsed and that he should also attend to the grievances of policy-holders. he acts like a link between the agents and the policy-holders and between the agents and the lic.for that purpose, he maintains some establishment and incurs substantial .....

Deputy Commissioner of Income Tax Vs. Nagarjuna Investment Trust Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1998)65ITD17(Hyd.)

..... etc. hence, the assessee's claim that income accounted for on mercantile basis in its books of account did not in fact accrue, is not tenable. sec. 5 of interest act also recognised the same principle.6.8. the learned senior departmental representative also highlighted the principles of law laid down by various courts which have been discussed ..... rs. 104.10 lakhs out of which dividends of rs. 60 lakhs were declared for payment to shareholders and rs. 44 lakhs were transferred to reserves. sec. 205 of companies act provides that dividends can be paid only out of profits. the amount of rs. 60 lakhs has been paid by way of dividend to the shareholders ..... assessee's books of account should be considered as true and fair and incomes declared therein should be considered real and correct to the assessee : (i) sec. 145 of the it act provides that the income chargeable under the head 'profits and gains of business or professions, or income from 'other sources' shall be computed in accordance with .....

State Bank of Hyderabad Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1998)66ITD464(Hyd.)

..... is a certainty.36. we have considered the submissions advanced before us as also the decisions cited by the learned representative of the parties. sec. 4 of the interest-tax act relates to the charge of tax under the act. sec. 5 relates to the scope of 'chargeable interest'. at the relevant time, s.5 read as under : "scope of chargeable interest. ..... retroactive and should be applied to the assessment years under reference is also not acceptable, because there is nothing in the act to suggest that the said section would apply retrospectively.37. in view of the foregoing discussions, we are of the view that the interest on sticky loans has accrued to the assessee during ..... specifically excluded for the purposes of the term 'interest' as defined in s. 2(7) of the act. however, w.e.f. 1st october, 1991, s.2(7) has been substituted and, therefore, the provision as contained in the original section cannot come to the rescue of the assessee, nor can the statement of objects and reasons, as given .....

Hyderabad Chemical Products (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2000)72ITD323(Hyd.)

..... .14. a payment to a shareholder, in order to attract the charge a 'deemed dividend' need not necessarily be a loan or advance to a shareholder. the section includes within its scope and ambit all payments made by the company on behalf or for the individual benefit of the shareholder.15. this clause of s. 2(22 ..... . (d) of s. 2(22) speaks of distribution, but sub-cl. (e) speaks of payment. the distinction between 'distribution' and 'payment' is that, while 'distribution connotes two acts, (a) a division and (b) a delivery, 'payment' connotes something that is given, and it need not have been apportioned and disbursed. the two expressions mentioned above, viz. 'distribution ..... holds 10 percent voting power in the lender company and such shareholder also carried not less than 20 percent of the voting power under s. 2(32) of the act. after tabulating the shareholding pattern of dr. ramesh gandhi and dr. (mrs.) nandini gandhi in these two companies, the ao concluded that these two shareholders of .....