Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter vii incomes formaing part of total incomeon which no income tax is payable Page 4 of about 1,149 results (0.177 seconds)

Cambay Electric Supply Industrial Co. Ltd. Vs. the Commissioner of Inc ...

Court : Supreme Court of India

Reported in : AIR1978SC1099; [1978]113ITR84(SC); (1978)2SCC644; [1978]3SCR660; 1978(10)LC412(SC)

..... following two questions to the gujarat high court for its opinion:(1) whether the tribunal was correct in holding that the profits under section 41(2) of the income tax act 1961 arising from the sale of machinery and building, amounting to rs. 7,55,807/- should be taken into account while computing the deduction of 8 per cent ..... . 115 of 1974 raise two interesting questions regarding the mode in which and the fund from which deduction of 8% contemplated by section 80e(1) of the income tax act, 1961 (as it stood at the relevant time) should be computed.2. the short facts giving rise to the questions may be stated : the assessee-cambay electricity ..... of his contention he placed reliance upon a decision of this court in commissioner of income-tax, bombay city v. bipinchandra maganlal & co. ltd., : [1961]41itr290(sc) where the real nature of the balancing charge arisig under the corresponding provision of the 1922 act has been explained by this court as being a capital return or a capital receipt .....

Andhra Pradesh State Electricity Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1994)49ITD552(Hyd.)

..... appeals is as to the fee to be paid for filing the appeal before the tribunal under section 253(6) of the income-tax act, 1961.2. the issue in these appeals can be classified into four categories as follows : i. where the income originally assessed is more than rs. 1 lakh but after first appellate order it is reduced below rs. 1 lakh. ii ..... ) of section 10 of the it act. the inclusion of agricultural income for determining the tax payable by the assessee is under the finance act but that is only for the purpose of charging income-tax in respect of the total income and for no other purpose. the tax on the total income of the assessee other than agricultural income is determined by deeming the agricultural income as part of the total .....

Stock Exchange Vs. V.S. Kandalgaonkar

Court : Mumbai

Reported in : 2004(1)BomCR274; (2003)181CTR(Bom)30; [2003]261ITR577(Bom); [2003]44SCL254(Bom)

..... x) r/w section 222 to 225 r/w rule 26 of schedule-ii to the income-tax act, 1961 :7. in this case, we are concerned with the period after 1st april 1989. section 222 to 226 fall in chapter-xvii of the income-tax act, which deals with collection and recovery. section 226 falls under the caption 'other modes of ..... the assessee-broker. therefore, either of the two conditions, if satisfied, would attract section 226(3)(i), which is one of the modes of recovery prescribed under the income-tax act.now, in the present case, there existed a contractual relationship between the broker and bse. however, on 29th june, 1994, the broker was declared a defaulter under ..... rbi in respect of outstanding demands. by the said letter, the assessing officer further stated that he would be issuing notice under section 226(3) of the income-tax act on receiving intimation from the stock exchange regarding auctioning of the membership card. by letter dated 11th october 1995, a reply was given by the stock exchange to .....

A.V. Thomas and Co. Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1977]110ITR515(Ker)

..... geared to the concept of total income under the income-tax act, 1961; and the integral connection with the income-tax act is further emphasised by clause (9) of section 2 of the act. turning now to the income-tax act, 1961, section 2, clause (45), defines 'total income'. section 10 provides for incomes which do not form part of the total income. section 14 provides for the various ..... high court, was the decision next cited. the assessment year was 1963-64. the decision turned on section 85a and section 99(1)(iv) of the income-tax act, 1961. the statutory provision with which we are here concerned did not come up for examination.8. for the said reason, we do not think that the decision ..... general insurance co. ltd : [1975]99itr243(mad) was cited to us. the question there debated was one of rebate under section 99(1)(iv) of the income-tax act, 1961. it was ruled that the said rebate is available also on the gross dividend. this was rested on the words ' received by it 'having been deleted by .....

Merit Enterprises Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2007)288ITR226(Hyd.)

..... doubts" as in all retrospective or declaratory legislations. thus, we have no difficulty in holding that the proviso inserted to section 113 of the income-tax act, 1961, by finance act, 2002, with effect from 1.6.2002 is neither retrospective nor declaratory or clarificatory having retroactive operation. in fact, the memorandum explaining the provisions ..... that such an argument cannot be raised before tribunal. (d)there is no express intendment in the proviso introduced to section 113 of the income-tax act, 1961, by the finance act, 2002, that it is retrospective, though the revenue argues that this is retroactive due to necessary implication. (e)the resolution of the ..... revenue implication in all search cases. it has wide ramifications, and it required an in depth examination of the position of the annual finance acts vis-is the income-tax act, 1961, and also an in depth analysis of the principles of statutory interpretation. for these reasons, and as there are conflicting decisions on this .....

Dcit Vs. S.G. Investments and Industries

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2004)89ITD44(Kol.)

..... borrowed for investment in shares which had not yielded any dividend was admissible as a deduction under section 57(iii) of the income-tax act, 1961, in computing its income from dividend under the head "income from other sources". "moreover, it has been submitted on behalf of the assessee that the assessee is entitled to submit before ..... to clarify the intention of the legislature since the inception of the income-tax act, 1961, that no deduction shall be made in respect of any expenditure incurred by the assessee in relation to income which does not form part of the total income under the income-tax act. 25.3 vide circular no. 11/2001 dated 23rd july, 2001 ..... absence of any such provision like that of section 14a the expenditure incurred in respect of exempt income was being claimed against taxable income though the legislature had no such intention since the inception of the income-tax act, 1961.the amendment by inserting section 14a was thus made retrospective with effect from 1-4-1962, .....

Stumpp, Schuele and Somappa Pvt. Ltd. Vs. Second Income-tax Officer, C ...

Court : Karnataka

Reported in : [1976]102ITR320(KAR); [1976]102ITR320(Karn); 1975(1)KarLJ481

..... may be, as exceed the statutory deduction, at the rate or rates specified in the third schedule. the expression 'chargeable profits' is defined in section 2(5) as the total income of an assessee computed under the income-tax act, 1961, for any previous year or years, as the case may be and adjusted in accordance with the provisions of the first schedule of the ..... stated under note 8 as follows : 'instances of income, profits and gains not includible in the total income as computed under the income-tax act, 1961, are agricultural income in india, and in the case of a non-resident company, its income accruing or arising outside india.' 9. agricultural income is an item referred to in section 10(1) of the income-tax act. that the said expression cannot refer to any .....

Cloth Traders (P) Ltd. Vs. Additional C.i.T., Gujarat-i

Court : Supreme Court of India

Reported in : AIR1979SC1691; (1979)10CTR(SC)393; [1979]118ITR243(SC); (1979)3SCC538; [1979]3SCR984

..... of appeals and references raises a short question of construction of sections 85a and 80m of the income tax act, 1961 (hereinafter referred to as the present act). the question is whether on a true interpretation of these sections, rebate of income tax is admissible on the actual amount of divident received by an assesses, being a company, from ..... rao, j., that : 'this notification does not refer to the provisions of section 8 of the income-tax act at all. it gives a total exemption from income-tax to an assessee in respect of the interest receivable on income-tax free loans mentioned therein. it gives that exemption subject to two conditions, namely, (i) that the ..... to specified conditions. therefore, there is no scope for controlling the provisions of the notification with reference to section 8 of the income-tax act. the expression 'interest receivable on income-tax free loans' is clear and unambiguous. though the point of time from which the exemption works is when it is received within .....

Commissioner of Income-tax Vs. Hindustan Teleprinters Ltd.

Court : Chennai

Reported in : [1999]239ITR60(Mad)

..... of the information received in the form of a report from the audit party, which felt that the tax credit certificates to the extent of rs. 19,57,996 received by the company under section 280zb of the income-tax act, 1961 (act no. 43 of 1961 for short 'the income-tax act'), should have been deleted from the capital base under rule 4 of the second schedule to the ..... audit note giving an opinion on that question cannot amount to an 'information' within the meaning of section 8(b) of that act (corresponding to section 147(b) of the income-tax act, 1961), as has been held by the supreme court. hence, the income-tax officer did not have valid jurisdiction to initiate the reassessment proceedings and, accordingly, the reassessment has to be cancelled. in this .....

Commissioner of Income Tax - Ii Vs. M/S Multiplex Capital Ltd.

Court : Delhi

..... , advocates. coram:honble mr justice badar durrez ahmed honble mr justice vibhu bakhru judgment vibhu bakhru, j 1.these are appeals filed by the revenue under section 260a of the income tax act, 1961 (hereinafter referred to as the said act'') challenging the decisions of the income tax appellate tribunal. the tribunal has held that rebate available to an assessee under section 88e of the ..... needs to be interpreted strictly and there was nothing in the language of section 88e of the act that limited the availability of rebate only on the tax as calculated under the normal provisions of the act. the revenue preferred an appeal before the income tax appellate tribunal. the tribunal also did not accept the contention on behalf of the revenue that rebate under section .....