Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Apr-26-2006
Reported in : (2007)288ITR226(Hyd.)
..... 167b, as the case may be, or the rate or rates of income-tax specified in this behalf in the finance act ..... act of the relevant year, and for the purposes of computation of the "advance tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section 167b, section 115b or section 164, the rate or rates specified in section 115a or section 115b or section 115bb or section 115e or section 164 or section 164a or section ..... - 39. lastly, it was contended on behalf of the appellants that the amending act whereby new section 15 of the act has been substituted is declaratory and, therefore, has retroactive operation. ordinarily when an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : May-22-2006
Reported in : (2007)108ITD639(Delhi)
..... of search and seizure operations. the appellant also produced evidence in the shape of panchnama that the premises of the appellant was covered under section 132 of the act by showing the warrant of authorization against the appellant. the assessing officer acknowledged that search and seizure operations were contemplated because of the ..... letters of confirmation directly addressed to the asstt. commissioner of income tax, it is clear that the assessing officer himself addressed letters under section 133(6) of the act requiring the shareholders to furnish the details of investment with the appellant company. they have responded and furnished the details as required by the ..... books of account and no adverse evidence is found during the course of search, no addition can be made while completing the assessment under section 158bc of the act.12. without prejudice to the above, the learned counsel submitted thatthe share capital introduced cannot be considered as not genuine.hesubmitted that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : May-26-2006
Reported in : (2007)108ITD534(Hyd.)
..... of cit v. bhagwan broker agency (1995) 212 itr 133 held as follows- the word "business" has been defined under clause (13) of section 2 of the income tax act, 1961, to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture. the word "profession" ..... is evident from the consistent stand of the assessee right from the beginning in respect of the assessment year 1998-99; and the act of the assessee in causing belated compliance with section 44ab by getting its accounts audited, though belatedly, in respect of assessment year 1999-2000 notwithstanding its stand that its activities constitute ..... orders impugned, besides highlighting that : a combined reading of the definitions of the terms 'business' under section 2(13), 'person' under section 2(31) of the act clearly indicate that the assessee-firm also constitutes a 'person' as defined in section 2(31), and the activities carried on by it also constitute 'profession', as defined in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Jun-21-2006
Reported in : (2007)108ITD65(Hyd.)
..... as annual value assessable to tax under section 22 of the act. as for the 'sum for which the property might reasonably let', it is a settled position of law, as approved by several high courts, such as the kerala ..... from other heads on account of set off of such loss under the head 'house property' against incomes determined under other heads, are permissible in law. as per section 23(1) of the act, it is broadly the higher of the sum for which the property may reasonably let or the annual rent actually received or receivable, that has to be taken ..... within the framework of law, or is it a colourable device to evade or reduce the incidence of tax.5.3 the provisions of section 23(1), as they stood prior to their amendment by the finance act, 2001 with effect from 1-4-2002, which are relevant for the purposes of these appeals read as under- 23. (1) for the purposes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Jul-28-2006
Reported in : (2007)112TTJ(Hyd.)654
..... of assessing officer that the contracts entered info by the assessee were "works contract". the appeal was partly allowed to the extent of tds under section 201 of the act on supply portion in case the. appellant establishes to the satisfaction of assessing officer that the respective contractors engaged for supply of material as per ..... the contractors who supplied the materials as per specification and who also executed the erection with or without additional material being supplied by the appellant under section 194c of the act.the learned commissioner (appeals) further held at para 6.13 of the order as follows: however, the hon'ble rajasthan high court in the ..... was made to the specific need of the assessee, the contract in whole is a works contract. the assessing officer accordingly raised a demand under section 201(1) of the act.2.1 aggrieved, the assessee filed appeal before the commissioner of income-fax (appeals), hyderabad. the assessee had raised similar contentions that were raised .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Jul-28-2006
Reported in : (2007)108ITD340(Hyd.)
..... of assessing officer that the contracts entered into by the assessee were "works contract". the appeal was partly allowed to the extent of tds under section 201 of the act on supply portion in case the appellant establishes to the satisfaction of assessing officer that the respective contractors engaged for supply of material as per ..... the contractors who supplied the materials as per specification and who also executed the erection with or without additional material being supplied by the appellant under section 194c of the act.the learned commissioner (appeals) further held at para 6.13 of the order as follows: however, the hon'ble rajasthan high court in the ..... was made to the specific need of the assessee, the contract in whole is a works contract. the assessing officer accordingly raised a demand under section 201(1) of the act.2.1 aggrieved, the assessee filed appeal before the commissioner of income-tax (appeals), hyderabad. the assessee had raised similar contentions that were raised .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Aug-31-2006
Reported in : (2008)111ITD1(Hyd.)
..... of the impost as given by the statute, to find out whether it is compensatory or penal in nature. the authority has to allow deduction under section 37(1) of the act, wherever such examination reveals the concerned impost to be purely compensatory in nature. wherever such impost is found to be of a composite nature, i. ..... appeal before the cit(a), who, concurring with the reasoning given by the assessing officer upheld the disallowance made by the assessing officer in terms of section 43b of the act. hence, assessee is in second appeal before this tribunal.3. the learned counsel for the assessee submitted that: the appellate commissioner erred in sustaining the disallowance ..... high court in the case of mewar motors v. cit 260 itr 218. he further held that payment of interest is covered by the provisions of section 43b of the act and the amount claimed is therefore not allowable. he, therefore, concluded that the interest charged by the government of andhra pradesh is penal and not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Sep-21-2006
Reported in : (2008)111ITD124(Hyd.)
..... dated 21.9.2005 for assessment year 2002-03.2. the first issue relates to the computation of book profits under section 115jb of the income-tax act, 1961(the act). the assessee company is engaged in the manufacture of detonators, industrial explosives and its accessories. it returned total loss of rs. 34,27,39,176 for the year under consideration. since the ..... of rs. 3,62,005 on account of delayed payment of provident fund; (c) disallowance of rs. 9,34,455 on account of sales-tax payment under section 43b of the act.8. after hearing the parties, so far as the first item is concerned, it is not disputed that the entire payment was made before the end of the ..... also does not help the revenue as it merely says that sometimes, appropriation account is included as a separate section of the profit & loss account. but, as we have seen earlier, parts-ii and iii of schedule-vi to the companies act do not speak of appropriation account at all. in the light of this discussion, we are convinced that .....
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