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Mirje Family Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1986)18ITD25(Pune.)

..... appeal is filed by the assessee-trust against the order of the commissioner dated 6-3-1984 for the assessment year 1980-81, under section 263 of the income-tax act, 1961 ('the act').2. ..... in the case of closely-held companies, statutory percentage was changed by the finance act, 1959, which received the assent of the president on 28-4-1959 with effect from ..... they are not mentioned here separately as they come into the picture again in chapter iv, which gives the relevant provisions touching the issue as below : the trustees shall hold and stand possessed of the trust fund upon the trust with and subject to the powers, provisions, acts, directions and discretions hereinafter referred to contain and concerning the same that is to ..... portion is as under : under the existing provisions, the flat rate of 65 per cent is not applicable where the beneficiaries and their shares are known in the previous year, although such beneficiaries or their shares have not been specified in the relevant instrument of trust...this provision has been misused in some cases by giving discretion to the trustees to decide the allocation of income every year and in other ways. ..... the commissioner, the above provisions when read in the light of the explanation to section 164 (newly added) render the trust liable to assessment as such at maximum rate. ..... rejected the main and alternative arguments and directed the ito to treat the assessee as discretionary trust and, hence, liable to be assessed at maximum rates. .....

Dy Cit, Central Circle 5 Vs. Mrs. Meena Nayan Chandan

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT1(Mum.)

..... the undisclosed income falling in this domain will suffer tax at normal rates as prescribed in the yearly finance act and also suffer interest and penalty as provided under sections 234a, 234b, 234c, 271(1)(c), 271b ..... (a) the assessment made under this chapter shall be in addition to the regular assessment in respect of each previous year included in the block period; (b) the total undisclosed income relating to the block period shall not include the income assessed in any regular assessment as income of such block period; (c) the income assessed in this chapter shall not be included in the regular assessment of any previous year included in the block period ..... respect of claim of allowance expenses or claim of exemption found false or incorrect as a result of search, it has been held in cit v.shamlal balram gurbani (2001) 249 itr 501 (bom) that such claims cannot be taxed under chapter xiv-b. ..... ravi kant jain (2001) 250 itr 141 (del), the hon'ble delhi high court, where after the, search operation, the assessing officer referred the seized material /regular books of account to special audit and such special auditor expressed his opinion about certain items of income, it was held that such income cannot fall under chapter xiv-b. in ..... danchand ghodawat (2001) 247 itr 448 (bom), hon'ble bombay high court held that unaccounted investment in any part of gold or silver articles and jewellery found during the course of search were disclosed in wt return, would not fall under chapter xiv-b. .....

Sunash Investment Co. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)106TTJ(Mum.)855

..... of this indivisible business would be deductible, the legislature has inserted section 14a by the finance act, 2001 with retrospective effect from 1st april, 1962, according to which, 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.8.1 the scope and effect of this new provision was also explained by the board through ..... this additional income-tax was not charged at a scheduled rate of tax, as such, the tax suffered on the distributed amount cannot be called the tax paid by the recipient on the dividends and make the dividend income as taxable to take it out from the purview of non-taxable income in order to have an escape from the clutches of section 14a of the act. ..... the expression 'for the purpose of charge of income-tax and computation of total income' used in section 14 amply clarifies the intention of the legislature and the scheme of the it act, 1961. ..... the learned departmental representative further contended that as per section 115-0, additional tax is to be paid by the company on any amount declared, distributed by the company by way of dividend @ 12-1/2 per cent in addition to the income-tax chargeable in respect of total income to a domestic company for any assessment year. .....

Shri Lunawat Jayant Maniklal Vs. Dy. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD268(Pune.)

..... the finance act 1955 introduced a new scheme of assessment of "undisclosed income" determined ..... appeal, on the facts of the case, it was held that the ito never formed the requisite belief that there had been escapement of income or that income had escaped assessment by reason of omission or failure on the part of the assessee to disclose fully and truly the material facts for the ..... "undisclosed income" detected as a result of a search initiated after 30^th june 1995 is to be assessed separately as the income of a designated period termed as "block period" consisting of 10 previous years and the undisclosed income is subject to tax at a flat rate of 60% ..... compass, we hereby proceed to examine the concerned chapter xiv b and the impugned section 158 bd of ..... the notices issued by the a.o, to whom the records of the person against whom notices had been issued, had been transferred, were perfectly valid and the application of the provision of chapter xiv b was equally held as valid. ..... person and the provisions of this chapter shall apply accordingly. ..... over to the assessing officer having jurisdiction over such other person and that assessing officer shall proceed [under section 158bc] against such other person and the provisions of this chapter shall apply accordingly.9. ..... the concerned cit(a) can be termed as a superior officer than the a.o but he was not a supervisory officer, so his satisfaction as well as his direction were not in accordance with the provision of the chapter in question. .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 92 of chapter x as brought out on the statute by the finance act, 2001, has shifted the burden of proof on the assessee to establish that the international transaction has been recorded at arm's length price. ..... the memorandum explaining the provisions of the finance bill 2001 further provides as under: - "with a view to provide a statutory framework which can lead to computation of reasonable, fair and equitable profits and tax in india, in the case of such multinational enterprises, new provisions are proposed to be introduced in the income-tax act. .............. ..... found to exist between the indian company and its foreign ae, can to be treated as an 'international transaction', and in case its price is found to be not at arm's length, it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25 ..... domestic transaction other than an #international transaction or specified domestic transaction referred under sub-section (1), comes to the notice of the transfer pricing officer during the course of the proceedings before him, the provisions of this chapter shall apply as if such other #international transaction or specified domestic transaction is an #international transaction or specified domestic transaction referred to him under sub-section (1). ..... ar that if rate of net profit of the assessee is better than other comparables, then no adjustment can be done under chapter-x. 21.7. .....

Sitaram Arvind Kumar Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1986)19ITD780(Delhi)

..... he also referred to the provisions of annuity deposit scheme introduced by the finance act, 1964 with effect from 1-4-1964 vide chapter xxiia of the income-tax act, 1961 ('the 1961 act') and submitted that the nature of the compulsory deposit was the same as that of the annuity deposit and the said annuity deposit was in the nature of annuity and was as such treated by the ..... clear that the compulsory deposit to be made by an assessee under the said act is a deposit of money by him with the government and on such deposits of money interest is payable by the government at a rate equal to the bank deposit rate and it is the said deposit of money of the assessee which is repaid to him by the government in five equal annual instalments commencing from the expiry of two years from the end of that financial year together ..... so far as they are relevant for our purpose they read as below : subject to the provisions of this chapter and any scheme framed there under, the central government shall reply to the depositor the annuity deposit made or recovered in any year in ten annual equated instalments of principal and interest at such rate as may be notified by the central government in the official gazette : it will be seen from the wordings of section 280d that but for ..... was a case of a settlor creating a trust of certain government securities bearing interest at a fixed rate with powers in the trustees to reinvest the proceeds upon redemption in the government or other securities. .....

income-tax Officer Vs. W.D. Estate (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1993)45ITD473(Mum.)

..... it was then pointed out that after chapter xxviii of income-tax act was amended, the booking rates of flats all over bombay started shooting ..... the amendment brought about by the finance act, 1984 empowered the department to acquire apartments in multistoreyed buildings by payment of a solatium.the stiff rise in prices was on account of the fact that the builders and purchasers of the flats/apartments became apprehensive and ..... in doing so, he merely relies on report published by national institute of public finance and policy which had only disclosed a trend in metropolitan towns and cities in ..... 45 lakhs was influenced by a report published by national institute of public finance and policy in march 1985 titled "aspects of the black economy in india ..... may be mentioned in this connection that the reason that persuaded the cit (appeals) to confirm a minor part of the addition made by the assessing officer, was this report published by the ministry of finance and also the so-called comparable cases. ..... report of the national institute of public finance and policy cannot be a substitute for evidence ..... such circumstances, merely to depend on a report published by the ministry of finance would be totally incorrect. ..... such are the facts, an addition based on a report, though prepared by the experts of the ministry of finance, cannot be upheld. ..... is this practice which has been highlighted in the report titled "aspects of black economy in india" published by ministry of finance - government of india. .....

Coimbatore Insulation Tapes (P) Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD459(Chennai)

..... the adoption of the higher rate of tax on the view that the assessee was not carrying on the business of manufacture or processing of goods and that the total income comprised ..... the cit later passed a revision order under section 263 of the it act setting aside the assessments with the direction to adopt the correct rate of tax as per section 2(8)(c) of the finance act, 1976 after giving the assessee a fresh opportunity of being heard.the ao then passed revised assessment orders levying tax at the rate of 65 per cent (with surcharge at 5 per cent) as applicable to a non-industrial company.though the assessee took up the matter in appeal the cit(a) confirmed ..... 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 it act, 1961) is not less than fifty one per cent of such total income;" there is no dispute on the fact that during the previous years under consideration, the assessee was not .....

income-tax Officer Vs. Pan American World Airways

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1990)35ITD206(Delhi)

..... respect of every international journey by a passenger, where the fare for such journey is paid or is payable in indian currency, a tax (hereafter in this chapter referred to as the foreign travel tax) at the rate of fifteen per cent of the fare paid or payable by such passenger for such journey.explanation -when a passenger performs an international journey at a concessional rate or without being charged any fare, the fare ordinary payable for the journey shall, for the purpose of this section, be deemed to ..... now, the assessee's case is that, under section 45(2) of the finance act 1971, the assessee, as the carrier, has to include the foreign travel tax in the sale price of the ticket and, therefore, it becomes part of the sale ..... india to citizens of the united states of america and to corporations organized in the united states of america, exclude from gross income and exempt from income-tax all earnings derived- (ii) a non-resident alien as to the united states of america from the operation of aircraft in international ..... the ito found that what the agreement covered was the income earned by the international airways in the business of transport of goods and passengers and it did not cover the commission earned by them on collection of foreign tax.in some of the later assessments, the assessee had taken up ..... shri ananthanarayanan, appearing for the assessee, submitted that the entire income would be exempt since it arises from the activity of the assessee and directly springs .....

Chettinad Agencies (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD243(Mad.)

..... under the scheme of the act, income-tax is chargeable, at the rate or rates prescribed, in accordance with and subject to the provisions of the act in respect of the total income of the previous year, or previous years, as the case may be, for every person. ..... in other words, the income from dividends, which qualifies for deduction under section 80m, should be computed in accordance with the provisions of the income-tax act but before making any deduction under chapter via'. ..... we then have section 14, which stipulates that for purposes of charge of income-tax and computation of total income, all income shall be classified under the six heads listed therein. ..... this appeal by the assessee is directed against the order passed by the commissioner of income-tax, tamilnadu-i, madras under section 263 of the income-tax act, 1961.2. ..... but sub-section (2) of section 80a provides that the aggregate amount of the deductions required to be made under chapter via shall not exceed the gross total income of the assessee so that the total income arrived at after making the deductions specified in sections 80c to 80w from the gross total income can never be a minus or negative figure.the calcutta high court also took a similar view in the case of national engg. ..... parliament, by section 12 of the finance (no. ..... circular referred to and relied upon by the assessee's representative "was issued prior to the introduction of section 80aa with retrospective effect from 1-4-1968 by the finance (no. .....