Court : Delhi
..... therein held as follows: it is true that the assessee itself had included that dividend income in its return for the year in question but there is no estoppel in the income tax act and the assessee having itself challenged the validity of taxing the dividend during the year of assessment in question, it must be taken that it had resiled from the position which it had ..... there a concept of super profit in the arm s length price/transfer price determining process under the income tax act, 1961 ("the act") or the rules framed thereunder, entitling tax administrators to include high profit ita4172014 page 1 making companies data in ..... an international transaction has to be determined by applying one of the methods provided in section 92c (3) of the act; it should be the most appropriate method and should also ita4172014 page 10 take into account prescribed factors. ..... on 19.10.2012, the ao completed the assessment under section 143(3) read with section 144c of the act assessing the income of the assessee after sustaining the transfer pricing additions made by the tpo and disallowing ..... court s determination in the present appeal is the assessee s claim for deduction under section 36(1)(ii) of the act in respect of the bonus paid by it to its two shareholders - ashish dhawan and kunal shroff. ..... the questions framed for decision in this appeal, under section 260-a of the act, arising from an order of the income tax appellate tribunal ( itat ) dated 20.12.2013 in ita no.6183/del/2012 for assessment .....
Tag this Judgment!Court : Karnataka
..... authority being a specialized authority, it would be in a better position to examine the issue and as such, this task of certifying or disallowing the claims made in this regard having been outsourced by the revenue under the act, assessing officer cannot sit in judgment over such certificate issued and hence, in the instant case, the assessing officer committed a jurisdictional error in rejecting the claim on the ground that he would be empowered to disallow such ..... 31.01.2013 (annexure-r) and the consequential demand notice dated 31.01.2014 (annexure-r1) are hereby quashed to the extent of addition made by the assessing officer by disallowing the deduction under section 35(2ab) of the income tax act, 1961 and on all other issues, assessment order stands and no opinion is expressed in that regard and this order would not come in the way 48 of either parties to pursue their grievance if any before ..... having availed alternate remedy and contends that order impugned in the present writ petition has been passed by the jurisdictional assessing officer under section 12 143(3) read with section 144c(13) of the income tax act, 1961 or in other words, draft assessment order having been issued to the petitioner was subject to objections and as such assessee objected to said order before the dispute resolution panel which comprises of ..... research" means any activities for the extension of knowledge in the fields of natural or applied science including agriculture, animal husbandry or fisheries;]. .....
Tag this Judgment!Court : Mumbai Goa
..... then, notwithstanding anything contained in that section, for the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in his gross total income. 7 ..... out that there was a first round of litigation in connection with the amount which the appellant is entitled as a deduction in terms of section 80hhc of income tax act (herein after referred to as 'the said act') which this court had partially modified the directions of the tribunal though that aspect is not relevant for deciding the above appeals. ..... 281 of 1980 dated 22.09.1980 which has no application to interpret the relevant provisions of the said act the learned senior counsel further pointed out that in the context of sections 80ia and 80o of the said act, this court had occasion to consider whether the deductions under these provisions are to be restricted to the income under the head profits and gains of business or profession or is to be allowed to the ..... through the orders passed by the commissioner as well as by the tribunal and pointed out that both the said authorities have misconstrued the relevant provisions of the income tax act and have accordingly erroneously rejected the contentions by restricting the deductions as effected by the assessing officer. .....
Tag this Judgment!Court : Jharkhand
..... court is to examine the action in accordance with law and to determine whether the legislature or the executive has acted within the powers and functions assigned under the constitution and if not, the court must strike down the action. ..... a valid one and both the co operative societies, registered under the bihar co operative societies act, 1935 (for the sake of brevity hereinafter to be referred as the act, 1935 ) as well as the society registered under the bihar self supporting co operative societies act, 2 1996 (for the sake of brevity hereinafter to be referred as the act, 1996 ) have been treated at par with each other, so far as allocation of pond of fisheries is concerned. ..... hereinabove, by virtue of the policy decision dated 29th june, 2011, both the co operative societies under the act, 1935 as well as under the act, 1996 have been treated at par with other, so far as grant of pond for fisheries is concerned. ..... patent appeal and also on their own, policy decision has been taken by the state of jharkhand that the co operative societies, which are registered under the act, 1935 as well as under the act, 1996 shall be treated at par with each other, so far as allocation of pond of fisheries is concerned. ..... is chartered accountant or cost accountant to whom priority is given in the state whether earlier co operative societies registered under the act, 1935 or subsequent co operative societies registered under the act, 1996 or both of them should be treated at par with each other. .....
Tag this Judgment!Court : Delhi
..... as the allegations made in the fir and the investigation conducted prima facie disclosed the commission of offence under section 13(1)(e) read with 13(2) of pc act, 1988 by the petitioner for acquiring assets disproportionate to her known sources of income and the present petition is premature. ..... learned special pp for cbi also contended that the petitioner is not protected under section 6 of the delhi special police establishment act, 1946 as she was employed in connection with the affairs of the union of india and was then posted as dy. ..... ), the petitioner impugns registration of fir bearing no.2172011a0012, under section 13(1)(e) read with 13(2) of the prevention of corruption act, 1988 (hereinafter referred to as the pc act ) / section 109 ipc registered at police station cbi/acu(v), new delhi dated 23.11.2011.2. ..... owned by the petitioner would be well within the income earned by the petitioner even if the contents of the fir and source report are taken at their face value and the ingredients to invoke section 13 (1) (e) of the act are not made out as per the facts and submissions made by both the parties.34. ..... the other major contention raised by the learned counsel for the petitioner is that cbi has failed to take sanction under section 6 of the delhi special police establishment act and registered the fir without any sanction, thus the fir is liable to be quashed. .....
Tag this Judgment!Court : Mumbai
..... shall draw a conclusion that no such agreement was arrived at and shall hold that that the arbitral award was in violation of principles of natural justice and contrary to section 24 of the arbitration act is concerned, in my view since the parties have not disputed that they had informed the learned arbitrator that sufficient opportunities were given to them and had requested the learned arbitrator to proceed further, ..... therefore, in my view, the expression grant of interest on interest while exercising the power under section 31(7) of the act does not arise and, therefore, the arbitral tribunal is well empowered to grant interest even in the absence of clause in the ..... relevant paragraphs of the said judgment in case of associate builders (supra) read thus:- in the 1996 act, this principle is substituted by the 'patent illegality' principle which, in turn, contains three sub heads - (a) a contravention of the substantive law of india would result in the ..... by this petition filed under section 34 of the arbitration and conciliation act, 1996, (for short the said arbitration act), the petitioner has impugned the arbtiral award dated 8th october, 2010 rendered by the learned arbitrator allowing some of ..... he submits that in any event under section 31(7)(a) of the arbitration and conciliation act, 1996 it is at the discretion of the learned arbitrator to allow the claim for interest at such rate as the learned arbitrator deems reasonable, on the whole or any part of the money, for the .....
Tag this Judgment!Court : Mumbai Goa
..... figures of production and sale and, consequently, confirmed the demand of rs.40,18,686/- as basic excise duty and rs.6,02,803/- as additional duty of excise and also imposed penalty of equivalent amount under section 11ac of the central excise act, 1944, whereby, the polyester sewing thread totally valued at rs.19,690.29 was ordered to be confiscated which was allowed to be redeemed with a fine of rs.5,000/- in lieu of confiscation. ..... was allowed in part and, consequently, the demand of duty for polyester yarn was set aside and the demand of viscose yarn was confirmed; the penalty imposed under section 11ac of the central excise act was set aside; the penalty imposed under rules 173q was reduced to rs. .....
Tag this Judgment!Court : Karnataka
..... three years, on 18.6.2012, a notice was issued requiring the petitioner to submit a reply as to why penalty under s.72(2) of the kvat act be not imposed for under statement of tax liability, which was more than 5% of the tax paid during the period in question. ..... 2 a block, i floor, koramangala bangalore 47 commissioner of commercial taxes vanijya therige karyalaya 1 gandhinagar, bangalore 9 respondents 2 revision is filed under s.65(1) of the karnataka value added tax act praying to set aside the order dated 29.1.2014 - annexure k of the tribunal and demand notice dated 16.7.2012 annexure f, etc. ..... learned counsel for the petitioner has also submitted that the provisions of s.72(2) of the act would not be attracted and, in the facts of the present case, the only return which was there for consideration before the authorities was the revised return filed under s.35(4) of the kvat act, and there was no under statement of the liability of the petitioner to pay the tax in the said return, and it is ..... counsel for the petitioner has submitted that imposition of penalty under s.72(2) of the kvat act is not automatic, although the liability to pay the interest on the admitted tax ..... in the light of the aforesaid, we may now proceed to consider the provisions of s.72(2) of the kvat act which provides that a dealer, who, for any prescribed tax period, furnishes a return which 12 understates its liability to tax by more than 5% of its actual liability of tax, shall be liable to a penalty .....
Tag this Judgment!Court : Supreme Court of India
..... the second and third prayers relate to the cost of treatment of the acid attack victims and application of section 357c of the code of criminal procedure, 1973, which was inserted by an amendment act in 2013 with effect from 03.02.2013. .....
Tag this Judgment!Court : Karnataka
..... the above discussion, we hold that under section 138 of the act, it is only the drawer of the cheque who can be prosecuted ..... that both the accused having joint account and, as any one could issue the cheque, the petitioner and her husband being an association of individuals , as envisaged under section 141 of the act, 4 learned magistrate is justified in taking cognizance and issuing process. ..... the dishonour of a cheque can, in no case except in case of section 141 of the ni act be extended to those on whose behalf the cheque is issued. ..... is an exception to section 141 of the ni act which would have no application in the case on ..... we also hold that under section 138 of the ni act, in case of issuance of cheque from joint accounts, a joint account-holder cannot be prosecuted unless the cheque has been signed by each and every person who is ..... ingredients which are required to be fulfilled, to attract the provisions of section 138 of the act, apex court has held, that there is little doubt that the very first ingredient of section 138 being not satisfied, that the case for the offence under section 138 of the act can be held as having been committed. 5 7. ..... , contended that though the cheque was drawn on a joint account to be operated as either or survivor , as the petitioner was not the drawer of the cheque and in view of section 7 of the act, defining the word drawer , as the maker of a bill of exchange or cheque, no liability under section 138 of the act can be fastened on the petitioner. .....
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