Court : Andhra Pradesh
Reported in : [1990]181ITR414(AP)
..... we have given our anxious consideration to the contentions, and we hold ultimately that the assessment should be completed before the proceedings, either by way of a penalty or a prosecution under chapter xxi and chapter xxii of the income-tax act, 1961, respectively, can be instituted and that although the finding in either of the said proceedings may not be binding on the other, it does not rule out the necessary of competing the assessment which is ..... of the commissioner of income-tax reads as follows : 'order under section 279(1) of the income-tax act, 1961 : on a perusal of the assessment records of sri abdul razack, an income-tax assessee on the file of the income-tax officer, b-ward, circle-i, hyderabad, for the assessment year 1987-88, it is found that sri abdul razack has committed : (i) the offence punishable under section 276c(1) of the income-tax act, 1961, inasmuch as he had willfully attempted to evade tax on an income of rs. ..... prior to its substitution, sub-section (1), as substituted by the taxation laws (amendment) act, 1975, with effect from october 1, 1975, and later on amended by the income-tax (second amendment) act, 1981, with effect from july 11, 1981, the finance act, 1982, with effect from july 1, 1982 (see [1982] 137 itr 6), and the taxation laws (amendment) act, 1984, with effect from april 1, 1984, stood as under : '(1) a person shall not be proceeded against for an offence ..... this section is substituted by the finance act, 1988, with effect from april .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1989)77CTR(AP)40; [1989]178ITR31(AP)
..... it clarifies that the deductions provided by chapter vi-a of the income-tax act would be permissible from the profit determined under section ..... section (1)), the income-tax officer shall, unless he is satisfied that, having regard to the losses incurred by the company in earlier years or to the smallness of the profits made in the previous year, the payment of a dividend or a larger dividend than that declared would be unreasonable, make an order in writing that the company shall, apart from the sum determined as payable by it on the basis of the assessment under section 23, be liable to pay super-tax at the rate specified by sub ..... the amount paid or payable by the buyer, as increased by a surcharge for purposes of the union calculated on the income-tax at the rates in force. ..... relationship was aptly expressed by the privy council in re : a reference under the government of ireland act, 1920 and section 3 of the finance act (northern ireland) 1934 [1936] ac 352, when it said : '........ ..... deduction is to be made at the rates of income-tax for the time being in force. ..... the travancore-cochin land tax act, 1955, was enacted by the kerala legislature 'to provide for the levy of a low and unifrom rate of basic tax on all lands in the state of travancore ..... was observed by a special bench of the patna high court in atma ram budhia v, state of bihar, : air1952pat359 , where a tax on passengers and goods was assessed as a rate on the fares and friehts payable by the owners of the motor vehicles. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1998)144CTR(AP)424; [1998]230ITR536(AP); [1998]99TAXMAN500(AP)
..... of commencement of this scheme; (c) which has escaped assessment by reason of the omission or failure on the part of such person to make a return under the it act or to disclose fully and truly all material facts necessary for his assessment or otherwise, then, notwithstanding anything contained in the it act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income) at the rates specified hereunder, namely - (i) in the case of a declarant, being a company or a firm, at the ..... chapter iv of the finance act, 1997, does not contain any section enabling the cbdt to issue any clarifications. ..... chapter iv of the finance act, 1997, introduced the scheme which was notified to come into force from 1st july, 1997, and to be in force until 31st december, 1997. ..... the cit has filed a counter-affidavit stating that the power to make a search under chapter xiii-c of the it act has not been kept in abeyance, and therefore, a search was conducted in the premises of the petitioner and his five brothers when unaccounted cash of rs. ..... construed in this way, income which was a subject of an assessment under chapter xiv-b would not be eligible for the benefit and the ban would operate for the block of 10 previous years preceding the previous year in which a search was conducted because that will be the block period for which assessment would be made under chapter xiv-b of the it act. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1983]143ITR805(AP)
..... the assessment year 1969-70 under section 37(1) of the income-tax act, 1961, holding that the said amounts constituted entertainment expenditure not allowable in terms of section 37(2a) of the act (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not an industrial company for the assessment year 1969-70 within the meaning of section 2(6)(c) of the finance act, 1969, and as such not entitled to the benefit of lower rate of tax ?' 2. ..... they are : '(1) whether, on the facts and in the circumstances of the case, the tribunal was right in disallowing the assessee's claim for deduction of guest house expenses in terms of section 37(3) of the income-tax act, 1961, and rule 6c(3) of the income-tax rules, 1962, for the assessment years 1968-69 and 1969-70 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in not allowing the assessee's claim for deduction of the sum ..... the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent, of such total income.' 13. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1974]97ITR265(AP)
..... . section 3 of the act charges the total income of the previous year of every individual, hindu undivided family, company and local authority, and of every firm and other associations of persons or the partners of the firm or the members of the association individually, to tax at any rate or rates specified in the respective finance acts ..... . 279, wherein the distinction has been very aptly pointed out in the course of the judgment thus :'of course, if it be capital invested, then it comes within the express provision of the income-tax act, that no deduction is to be made on that account.....no person who is acquainted with the habits of business can doubt that this is not capital invested ..... rao, one of its partners and, hence, it was not right to state that the profits earned by the assessee in the nellore firm did not reach it; that the assessee, subsequent to its allocation, had deposited the income receipts in the capacity of a depositor as the assessee had complete control and domain over the amounts standing in the account of sri annaji rao in the books of account of the nellore firm and that the ..... . commissioner of income-tax, , wherein the effect of the carrying on of business as money-lender in respect of advance made to his firm was considered thus:'it is no part of the business of a money-lender to finance the moneylender's ventures in the cotton market ..... . chapter iii deals with taxable income .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : (1983)34CTR(AP)92; [1983]143ITR804(AP)
..... for the assessment year 1969-70 under section 37(1) of the income-tax act, 1961, holding that the said amounts constituted entertainment expenditure not allowable in terms of section 37(2a) of the act (3) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the assessee was not an industrial company for the assessment year 1969-70 within the meaning of section 2(6)(c) of the finance act, 1969, and as such not entitled to the benefit of lower rate of tax ? ..... they are :'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in disallowing the assessees claim for deduction of guest house expenses in terms of section 37(3) of the income-tax act, 1961, and rule 6c(3) of the income-tax rules, 1962, for the assessment years 1968-69 and 1969-70 (2) whether, on the facts and in the circumstances of the case, the tribunal was right in not allowing the assessees claim for deduction of the sum of ..... - for the purposes of this clause, a company shall be deemed to be mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture or processing of goods or in mining, if the income attributable to any one or more of the aforesaid activities included in its total income of the previous year (as computed before making any deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent, of such total income .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1988]174ITR733(AP)
..... the appellant is the transferee of property in respect of which proceedings have been taken under chapter xxa of the income-tax act, 1961. ..... it is true that the expression 'certified copy' is not defined either in chapter xx-a or in part xb of the income-tax rules. ..... reliance is placed upon section 268 of the income-tax act. ..... this special appeal has been preferred under section 269h of the income-tax act. ..... against the order of the competent authority, the appellant preferred an appeal before the income-tax appellate tribunal under section 269g. ..... 37f prescribed under rule 48f of the income-tax rules, 1962. ..... we may also notice in this connection that chapter xx-a has been deleted altogether by the finance act of 1986. ..... section 268 no doubt would apply to appeals preferred under chapter xx and there the contention urged by standing counsel would be applicable and relevant, but not in the case of section 269g(1). ..... the grant of 'certified copy' is provided for by section 76 of the evidence act, which says that every public officer having the custody of a public document, which any person has a right to inspect, shall give that person on demand a copy of it on payment of the legal fees therefor together with ..... we may also note that chapter xx-a appears to be a self-contained chapter. ..... ' section 1 of the evidence act says that the act applies to all judicial proceedings in or before any court. ..... part xb carried the heading 'acquisition of immovable properties under chapter xx-a'. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1998]229ITR727(AP)
..... this was noticed by the commissioner of income-tax, who, in exercise of his power under section 263(1) of the income-tax act, held that the assessee's principal business was that of conducting chits and that it was not a financial company, therefore, the provisions of section 40a(8) of the income-tax act ought to have been made applicable and thus, by his order dated july 15, 1985, he directed the income-tax officer to redo the assessment. ..... bhaskara rao, learned counsel for the petitioner, strenuously contends that the assessee satisfies the requirement of section 40a(8), explanation (c)(iv), of the income-tax act, and, therefore, the tribunal erred in holding that the assessee is not a financial company. 4. ..... to appreciate the contentions of learned counsel for the parties, it would be useful to read here section 40a(8), explanation, (c)(iv), of the income-tax act on which reliance is placed by both the sides. ..... what is contended by sri bhaskara rao is that in a financial company, loans are advanced, so also, in a chit fund company; further, submits learned counsel, the words 'or otherwise' in sub-clause (iv) mean 'providing of finance in any form' and as the chit fund company provides finance to the public, it has to be treated as a financial company provides finance to the public, it has to be treated as a financial company. ..... a perusal of section 45-i(c)(v) of the reserve bank of india act shows that the definition contained therein was for the purpose of chapter iii-b of that act. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1998]231ITR472(AP); [1998]100TAXMAN492(AP)
..... immovable property under the provisions of section 269ud requires to be supported by reasons in writing and such reasons must be germane to the object for which chapter xx-c was introduced in the income-tax act, namely, to counter attempts to evade tax.the conclusion that the provisions of chapter xx-c are to be resorted to only where there is significant undervaluation of the immovable property to be sold in the agreement of sale with a view to evade tax finds support from the decision of this court in the case of k. p. ..... 88 issued by the central board of direct taxes of the government of india, ministry of finance, department of revenue and the counter-affidavit filed by the under secretary, central board of direct taxes, department of revenue, observed that (page 548 ..... spite of all these, the land rate as per the engineering report comes to ..... 2,500 as the rate fixed by the government for the purpose of stamp duty as the said rate was fixed on august 1, 1996, while the agreement of sale was executed on may ..... prior to the date of the guidelines rate issued by the government. ..... the rate prevailed as on november 29, 1994, cannot be compared with the rate prevailing as ..... the guidelines rates for road ..... is an important arterial road and this fact can be clearly seen that the guideline rate suggested for road no. ..... as basis for the purpose of ascertaining the fair market value.the appropriate authority was also of the view that for the purpose of stamp duty the guidelines rate was fixed at rs. .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : 2001(5)ALT706; (2002)173CTR(AP)151; [2002]253ITR1(AP); [2002]120TAXMAN88(AP)
..... as provided under section 192, the income of every employee has to be estimated for the financial year in question and thereafter after giving effect to the exemptions that are available not only under section 10(10c) but also under any other provisions of the act, one has to compute the average income-tax on the basis of the rates in force for the financial year and at that rate, the tds has to be effected on the amount paid at the time of such ..... the finance act, 1987, inserted clause (10c) in section 10 to provide that any payment received by an employee of a public sector company at the time of his voluntary retirement in accordance with any scheme which the central government may, having regard to the economic viability of the public sector undertaking and other relevant circumstances, approved in this behalf, shall be exempt from tax. ..... of ex gratia under the vrs, by estimating the entire income chargeable under the head of income 'salaries' for the financial year 2001-02 in question and also arriving at the average rate at which the tax was to be deducted at source.17. ..... sub-chapter (b) of chapter xvii contains provisions of sections 192 to 206b dealing with deduction of at tax source in different situations contemplated thereunder. .....
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