Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... of section 174 or section 175 or sub-section (2) of section 176 or deducting income-tax under section 192 from income chargeable under the head "salaries" or computation of the "advance tax" payable under chapter xvii-c in a case not falling under section 115a or section 115b or section 115bb or section use or section 164 or section 164a or section 167b, the rates or rate of income-tax specified in this behalf in the finance act of the relevant year, and for the purposes of computation of the "advance ..... 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 ..... tax" payable under chapter xvii-c in a case falling under section 115a or section 115b or section 115bb or section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2002)80ITD484(Hyd.)
..... under the section as substituted, the time-limit for making an order imposing a penalty under the provisions of chapter xxi of the income-tax act will, ordinarily, be two years from the end of the financial year in which the proceedings, in the course of which action for imposition of penalty has ..... have been stayed by an order of the court will be excluded in computing the period of limitation has been retained.the legislative intent from the above circular has been summarised as follows in chaturvedi and pithisaria's income-tax law: (c) section 275(1) operative from 1-4-1989, divides cases into three categories; category i covers the cases where the assessment to which the proceedings for imposition of penalty relate is the subject matter of an ..... with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income-tax act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of ..... income-tax was created by finance act, ..... we are convinced with the ld.assessee's counsel's argument that the finance act, 1984 states the legislative intent and describes a situation where explanation of taxpayer of loans obtained ..... legislative intent, the cbdt has explained the object of introduction of section 269ss by the finance act, 1984, in its circular no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)87TTJ(Hyd.)1098
..... under the section as substituted, the time-limit, for making an order imposing a penalty under the provisions of chapter xxi of the income tax act will, ordinarily, be two years from the end of the financial year in which the proceedings, in the course of which action for imposition of penalty has ..... letters from such persons in support of their explanation.with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income tax act debarring persons from taking or accepting, after 30-6-1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or the ..... as the appeal is on ground that the learned special judge has failed to award the sentence in accordance with the provisions of section 276dd of the income tax act on the presumption the fine amount should be equal to the amount of deposit and as i am not prepared to agree with that contention of learned counsel for the appellant, i hold that the appeals ..... we are convinced with the learned assessee's counsel's argument that the finance act, 1984, states the legislative intent and describes a situation where explanation of taxpayer of loans ..... legislative intent, the cbdt has explained the object of introduction of section 269ss by the finance act, 1984, in its circular no. ..... cit was created by finance act, 1994 with effect from 1-6-1994, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2001)76ITD423(Hyd.)
..... reference to the valuation cell in exercise of the powers conferred under these sections relate to machinery provisions of the income-tax act, therefore, these need to be construed liberally.section 158bb(1) clearly provides computation of undisclosed income under chapter xiv-b in accordance with the provisions of chapter iv.therefore, it is not correct to say that d.d.i.t ..... . moreover, the hon'ble high court of andhra pradesh in the case of daulatram (supra) has held that the income-tax authorities have wide powers under sections 55a, 131 and 142 of the income-tax act to refer the valuation of the property to the valuation officer for a second time if the crucial fact in determining the correct cost of construction comes to the knowledge of ..... valuation of the property to the valuation cell whereas such power is clearly vested in him under sections 131, 131(1 a) and 132 of the income-tax act, therefore, the objections raised by the learned counsel for the appellant are held to be devoid of any merit on this point.18 ..... the hon'ble high court has also held that sections 131, 133 and 142 of the income-tax act, 1961 are machinery provisions which vest ample powers in the assessing officer.the learned departmental representative also relied on the judgment of the hon'ble high court of andhra ..... a perusal of the valuation report shows that the valuation officer has not applied the rates prevailing at delhi rather he has adjusted the same by the cost index prevailing ..... by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)105ITD423(Hyd.)
..... midhani under a separate contract for the technical services rendered by a non-resident company, it must be deemed that there was a "business connection", and it attracts the provisions of section 9(1)(vii) of the income-tax act cannot be accepted and the judgments relied upon by the revenue are cases where there was a separate agreement for the purpose of technical services to be rendered by a foreign company, which is not connected with ..... case of income in respect of which provision is not made under this chapter for deducting income-tax at the time of payment, and in any case where income-tax has not been deducted in accordance with the provisions of this chapter, income-tax shall be ..... while conceding that in that circular the board was considering the case of oil exploration companies, he submitted that the instructions analogous principle is applicable and at any rate the facts of the present case show that the value of supervision work in india is only between 2% to 3% of the total contract value which is much less than what ..... does not deduct the whole or any part of the tax and such tax has not been paid by the assessee direct then, such person, the principal officer and the company shall, without prejudice to any other consequences which he or it may incur be deemed to be an assessee in default as referred to in sub-section (1) of section 201 in respect of such tax.the explanation is inserted by finance act with effect from 1.6.2003 and speaks of removal of doubts ..... (2006) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)18ITD515(Hyd.)
..... may arise whether the specified percentage of rate is to be applied to the total income (computed before making any deduction under chapter vi-a) before or after making any deduction under section 36(1)(iii) of the income-tax act, 1961. 2. ..... are concerned with the law as on 1-4-1982 and 1-4-1983 which governs the assessments for 1982-83 and 1983-84, respectively, for the following reasons : (a) section 36(1)(viii), which corresponded to section lo(2)(xiva) of the indian income-tax act, 1922 underwent subsequently many amendments-please see finance act, 1966, finance (no. ..... .the board's instruction dated 12-11-1973 was withdrawn in its instruction dated 13-8-1979 which is as follows : xxv/i/50 - special reserve account under section 36(1)(viii) of the income-tax act, 1961 in the case of financial corporations - clarification regarding under section 36(1)(viii') of the income-tax act, 1961, financial corporations engaged in providing long-term finance for industrial or agricultural development in india are entitled to a deduction, in the computation of their taxable profits, of the amounts transferred by them out of such profits ..... , 'computed before making any deduction under chapter vi-a' inserted by the finance (no.2) act, 1967, with effect from 1-4-1968 were not engrafted in the sub-clause under ..... 2) act 1971, finance act, 1974, finance act, 1977, finance act, 1979, finance act, 1981 and lastly finance act, 1985 by which the crucial words 'this clause and' were inserted with effect .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
..... " as such, the provisions of section 45ja contained in chapter iiib of the rbi act override the income-tax act, 1961, as well as the agreements entered into between the assessee company and its hirer/lessees/loanees.in peerless general finance & investment co. ..... the appellate assistant commissioner was right in deleting the said addition made by the income-tax officer and the tribunal had rightly held that the claim at the increased rates as made by the assessee-company on the basis of which necessary entries were made represented only hypothetical income and the impugned amounts as brought to tax by the income-tax officer did not represent the income which had really accrued to the assessee-company during the relevant previous years. ..... is as follows:- "section 145 of the income-tax act, 1961, read with sections 45q and 45ja of the reserve bank of india act, 1934 - method of accounting -system of accounting - assessment year 1998-99 - whether rbi act is a special act applicable to a class of assessees as opposed to income-tax act, 1961 which is applicable to assessees at large which can be considered to be a general act - held, yes - whether chapter iiib of rbi act has an overriding effect on provisions of income-tax act, including section 145 - held, yes - whether, therefore, income of assessee, a non-banking financial company .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD242(Hyd.)
..... 75 crores.the learned departmental representative has also drawn our attention to the memorandum explaining the provisions in the finance bill, 1987, regarding the levy of minimum tax on book profit of certain companies.he points out that under the existing provisions of the income-tax act, certain deductions are allowed in the computation of profits and gains of business or profession. ..... however, the expenditure relating to income as well as the receipts relating to incomes to which the provisions of chapter iii of the income-tax act apply, will be excluded from the computation of book profit. ..... he urges that under chapter xii-b, section 115j provided that in the case of any company whose total income as computed under other provisions of the income-tax act. ..... as a result of these concessions, certain companies making huge profits are managing their affairs in such a way as to avoid payment of income-tax.with a view to making the tax system more progressive, a new chapter, chapter xii-b, was inserted in the income-tax act. ..... further, the prospect of section 80wabecoming otfosebecame a near certainty with the conscious decision taken to enhance the depreciation rates from assessment year 1988-89 onwards, when block asset concept was to be introduced first.therefore, there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying section 80wa.accordingly, finance act, 1987, deleted section 80wa and introduced new section 115j in its place. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... down in section 158bb and the provisions of sections 142, 143(2) and (3), and sections 144 and 145 shall, so far as may be, apply section 158bb as existing prior to amendment by the finance act, 2002, provides that the undisclosed income of the block period shall be computed in accordance with the provisions of chapter iv on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the assessing officer. ..... the law on this issue is fairly settled by the following case laws: if prior to the date of search, the assessee had disclosed the particulars of income or expenditure either in the return or in the books of account or in the course of proceedings to the assessing officer or where the return had not become due, they are duly recorded in the regular books of account, then such income cannot be treated as 'undisclosed income' so as to tax a person at the rate of sixty per cent. ..... cit (2006) 98 itd 285 (tm),delhi bench of the tribunal held that the computation of income undersection 158bc need not be made exclusively on the basis of evidencefound as a result of search, provided there is some material available atthe time of search. ..... (e) the appellant prepared a consolidated paper book containing pages 1 to 67 on 22-2-2006 (this paper book consists of the papers contained in the paper book no. ..... cit (2006) 100 itd 1 (jodh. ..... cit (2006) 100 itd 1 (jodh. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)40ITD1(Hyd.)
..... 'explanation 2: below sub-section (3) of section 164 reads as follows : explanation 2: in this section, "maximum marginal rate" means the rate of income-tax (including surcharge on income-tax, if any) applicable in relation to the highest slab of income in the case of an association of persons as specified in the finance act of the relevant year.18. ..... therefore, it is clear that every case of an assessment against a trustee must fall under section 41, and it is equally clear that, even though a trustee is being assessed, the assessment must proceed in the manner laid down in chapter iii.the department has also always understood that this was only a residuary power to prevent any escapement of income but not to enable the revenue to tax the income derived from a trust as part of the total income of the beneficiary. ..... he is representative assessee shall be subject to the same duties, responsibilities and liabilities as if the income were income received by or accruing to or in favour of him beneficially, and shall be liable to assessment in his own name in respect of that income; but any such assessment shall be deemed to be made upon him in his representative capacity only, and the tax shall subject to the other provisions contained in this chapter, be levied upon and recovered from him in like manner and to the same extent .....
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