Judgment Search Results Home > Cases Phrase: finance act 2001 chapter 2 rates of income tax Court: income tax appellate tribunal itat cochin Page 1 of about 7 results (0.152 seconds)

Assistant Commissioner of Income Vs. Norasia Lines (Malta) Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)292ITR31(Coch.)

..... that nothing contained in this sub-section shall apply to any shortfall in the payment of the tax due on the returned income where such shortfall is on account of increase in the rate of surcharge under section 2 of the finance act, 2000 (10 of 2000) as amended by the taxation laws (amendment) act, 2001 (4 of 2001) and the assessee has paid the amount of shortfall on or before the 15th day of march, 2001 in respect of the installment of advance tax due on the 15th day of june, 2000, the 15th day of september, ..... . - in this section, "assessed tax" means the tax on the total income determined under sub-section (1) of section 143 or on regular assessment as reduced by the amount of tax deducted or collected at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection and which is taken into account in computing such total income ..... . - in this section, "tax due on the returned income" means the tax chargeable on the total income declared in the return of income furnished by the assessee for the assessment year commencing on the 1st day of april immediately following the financial year in which the advance tax is paid or payable, as reduced by the amount of tax deductible or collectible at source in accordance with the provisions of chapter xvii on any income which is subject to such deduction or collection] and which is taken into account in computing such total income .....

Paul John, Delicious Cashew Co. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD131(Coch.)

..... the same is proper and also as the proviso to section to section 14a of the act prohibits recourse to action under section 147/154 of the act to reassess such income prior to a.y.2001-02 it is to be mentioned that the proviso to section bans only action under section 147/154 but excludes the provision of section 263 of the act, which means where there is genuine escapement of income the commissioners of income tax can invoke the provisions of section 263 of the act and bring to tax such escaped ..... in view of the above facts, since the assessment made under section 143(1) of the income tax act, 1961 dated 27-12-2001 is erroneous in so far as it is prejudicial to the interest of revenue, the assessment made under section 143(1) of the act is set aside with a direction to assessing officer to redo the assessment in accordance with law. ..... assailing the order of the commissioner, , the assessee's representative submitted that section 14a was introduced by finance act, 2001 with retrospective effect from 1-4-1962. ..... for the purpose of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the .....

Asian Techs Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1992)40ITD37(Coch.)

..... 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.a close reading of the definition shows that the crucial words are 'mainly engaged'. ..... company in the accounting years relevant to the assessment years in question, he contended that the definition of 'industrial company' is found for the relevant assessment years in the he contended that as per the definition found in the relevant finance acts, since the assessee is neither engaged in the business of generation or distribution of electricity or in the construction of ships nor in the manufacture or processing of goods or in mining, it is not an industrial company and is not entitled to the levy ..... manufactured with the crushers and sand processing plants at site owned by the assessee.one of the issues that arose forconsideration before the bench was whether the assessee is an industrial company eligible for low rate of tax and another dispute was whether the assessee was engaged in the manufacture or production of any article or thing for the purpose of granting relief under section 38j as also under section 80hh. .....

K.R. Syamkumar Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)100ITD500(Coch.)

..... first schedule under the finance act, rates of income have been prescribed on the total income and according to that unless the income exceeds the taxable limit ..... income-tax payable shall be the aggregate of i) the amount of income tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other games of any sort or from gambling or betting of any form or nature whatsoever, at the rate of forty per cent; and ii) the amount of income tax with which the assessee would have been chargeable had his total income been reduced by the amount of income referred to in clause (i).in interpreting a section of the act ..... gambling or betting of any form of nature whatsoever, the income tax payable shall be the aggregate of: i) the amount of income tax calculated on income by way of winnings from such lottery or crossword puzzle or race including horse race or card game and other games of any sort or from gambling or betting of any form or nature whatsoever, at the rate of forty per cent; and ii) the amount of income tax with which the assessee would have been chargeable had his ..... chapter in the income-tax act ..... departmental representative submitted that the tax on winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or gambling or betting of any form or nature are included in 115bb of the income-tax act in the chapter xii for determining the tax in certain special cases. .....

K. Moidu, Alias Kunhippa and K. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2002)81ITD242(Coch.)

..... respect of the undisclosed income of the block period levy of tax is not as per the schedule to the finance act. ..... learned representative that the ao was not correct in going by the estimate made by the income-tax inspector, who has adopted plinth area rates for the different floors. ..... whether in the case of the assessee, who is a non-resident with no known source of income in india, there is material or justification for upholding partly or fully any of the additions made by the ao to the total income returned by the assessee under chapter xiv-b of the it act, 1961 whether, on the facts and in the circumstances of the case, there is any justification for upholding partly or fully the additions made on the following grounds : (ii) addition on account of the ..... 1961, for the decision of the tm : (1) whether in the case of the assessee, who is a non-resident with no known source of income in india, there is material or justification for upholding partly or fully any of the additions made by the ao to the total income returned by the assessee under chapter xiv-b of the it act, 1961 whether, on the facts and in the circumstances of the case, there is any justification for upholding partly or fully the additions made on ..... of the learned departmental representative that in respect of this transaction also there was understatement of consideration and that at the rates prevailing in 1991 the property could not have been purchased for the price of rs. ..... 14th march, 2001, and directed me ..... july, 2001.2 .....

P.A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)69TTJ(Coch.)566

..... in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under section 112 of the income tax act. ..... 1, trichur, under section 158bc of the income tax act on the assessee, shri p.a. ..... on 12-12-1996, the it department conducted a search in the residence of the assessee under section 132 of the income tax act. ..... this ground is thus decided against the assessee.the next ground in this appeal is regarding the tax rate to be applied in respect of the income by way of capital gains on the sale of the immovable property. ..... on behalf of the assessee shri vilayagopal submitted before us that as a government employee the assessee was in receipt of salary income and there could be no question of non-disclosure of such income, which was being regularly received from a government department and so the assessing officer was, not correct in treating the said sum of rs. ..... the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. ..... there is no provision either in chapter xiv or in section 112 providing for basic exemption and restricting the levy of tax on the excess amount alone.the contention of the learned counsel to allow basic exemption was thus rightly rejected by the assessing officer. .....

Mamatha Motels Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2003)84ITD582(Coch.)

..... the learned departmental representative, on the other hand, mentioned that there are so many provisions in the income-tax act outside chapter xivb like the provisions of chapter xv relating to liability in special cases like that of legal representatives referred to in section 159, which have an application even in the framing of a block assessment under section 158bc and so there is no reason to assume that the ..... 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section and sections 216, 217 and 273.in view of the definition of "regular assessment" contained in section 2(40) of the income-tax act and the contents of explanation 2 to section 214 and sub-section (6) of section 215, it appears that an assessment under section 147 is different from an assessment under section 143/144 and is not comprised within the ..... section 158ba(2) and the explanation read as under : (2) the total undisclosed income relating to the block period shall be charged to tax, at the rate specified in section 113, as income of the block period irrespective of the previous year or years to which such income relates and irrespective of the fact whether regular assessment for any one or more of the relevant assessment years is ..... shares of some of them : provided that nothing contained in clause (a) shall apply to a case where the firm is dissolved on the death of any of its partners.there was a proviso to section 187, which was omitted by finance act, 1992 w.e.f. .....

Mamatha Hotels, by K.L. George and Vs. the Asst. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Cochin

..... be seem that as a consequence of the search under chapter xiv-b of the income-tax act, 1961, a notice of demand under section 156 was ..... , and b had no opportunity of appearing before him, his order was liable to be set aside at the instance of b and as b was not aware of the order of the income-tax officer as well as the order of the appellate assistant commissioner, confirming the decision of the income-tax officer, b had a right to appeal from the order of the appellate assistant commissioner to the tribunal on the question whether he was or was not a partner. ..... there was a search and seizure operation under section 132 of the income-tax act, 1961, on 12-12-1996 at the residence of shri ramakrishnan, the present managing partner ..... that section 2(7) of the income-tax act on this point is cery ..... notice under section 156 has been served because they are assessees within the extended meaning to section 2(7) of the income-tax act, 1961.15. ..... section 156 of the income-tax act.25. ..... on 27-8-1998 as per section 189a of the income-tax act.5. ..... 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 the income of any other person in respect of which he is assessable, or of the lose sustained by him or by a such other person, or of the amount of refund due to him or to such other person; (b) every person who is deemed to be an assessee under any provision of this act .....

Escapade Resorts (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)303ITR118(Coch.)

..... 1997-98, finance act, 1997 (1997) 139 ctr (st) 1 : (1997) 225itr (st) 113} has prescribed the rates of income-tax. ..... net profit as shown in the p&l a/c for the relevant previous year prepared under sub-section (2), as increased by (a) the amount of income-tax paid or payable, and the provision therefor; or (c) the amount or amounts set aside to provisions made for meeting liabilities, other than ascertained liabilities; or (d) the amount by way of provision for losses of subsidiary companies; or (f) the amount or amounts of expenditure relatable to any income to which any of the provisions of chapter iii applies; if any amount referred to in els. ..... in the case of an assessee, being a company, the total income, as computed under this act in respect of any previous year relevant to the assessment year commencing on or after the 1st day of april, 1997, but before the 1st day of april, 2001 thereafter in this section referred to as the relevant previous year) is less than thirty per cent of its book profit, the total income of such assessee chargeable to tax for the relevant previous year shall be deemed to be an amount ..... 1997-98, 1998-99, 1999-2000 and 2001-02 and one appeal is preferred by the revenue relating to the asst. yr. ..... 1998-99, 1999-2000 and 2001-02 are concerned, the contention of the assessee was not accepted by the cit(a) and hence, the assessee is in appeal before us for those assessment years. .....

P. A. Chandran Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the basic exemption is available only at the time of levying tax at the rates as provided in the finance act for the respective assessment year. ..... in respect of undisclosed income of the block period, tax is levied not in accordance with the finance act, but as provided under s. ..... on behalf of the assessee shri vijayagopal submitted before us that as a government employee the assessee was in receipt of salary income and there could be no question of non-disclosure of such income, which was being regularly received from a government department and so the ao was not correct in treating the said sum of rs. ..... 8th december, 1997, we hold that tax is leviable at 20 per cent as provided in s.112(1)(a)(ii) on the capital gains included in the undisclosed income.the ao is, therefore, directed to levy tax at the lower rate of 20 per cent as applicable to capital gains.7. ..... the next ground in this appeal is regarding the tax rate to be applied in respect of the income by way of capital gains on the sale of the immovable property. ..... the question whether the return is to be filed does not depend on the quantum of income under each head.if the total income of an assessment year is liable to tax, the assessee ought to have filed the return. ..... 21,375 as undisclosed income and subjected the same to tax at the rate of 60 per cent. ..... there is no provision either in chapter xiv or in s. .....