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 7 of about 1,149 results (0.172 seconds)

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

Court : Income Tax Appellate Tribunal ITAT Cochin

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

..... issue in all appeals of the assessee is with regard to levy of interest under section 234b and under section 234c of the it act, 1961, when the tax liability arises under the provisions of section 115ja of the act. the assessee is a closely held company which is engaged in the business of hotel. in all the years under consideration, the ..... ' means the 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 ..... surcharge for any assessment year has to be as per the provisions of the finance act of that assessment year. the finance act, 1997, provides in section 2(1) of that act that for the assessment year commencing on the first day of april, 1997, income tax shall be charged at the rate specified in part i of the first schedule and .....

Commissioner of Customs (Preventive) Vs. Uma Shankar Verma

Court : Kolkata

Reported in : 2000(70)ECC163,2000(120)ELT322(Cal)

..... . the effect of such a legal fiction is that a position which otherwise would not obtain is deemed to obtain under the circumstances.' 16. in commissioner of income tax, madras v. urmila ramesh reported in : [1998]230itr422(sc) the apex court observed :-'even though the word 'deemed' is not used in section 41(2) of the ..... true that by a legal fiction created under section 41(2) a balancing charge arising from sale of old machinery or building is treated as deemed income and the same is brought to tax; in other words, the legal fiction enables the revenue to take back what it had given by way of depreciation allowance in the preceding years ..... under section 80-e(1), in order to compute and allow the permissible special deduction, computation of total income in accordance with the other provisions of the act is required to be done and after allowing such deduction the net assessable income chargeable to tax is to be determined; in other words, the legal fiction under section 41(2) and the grant .....

V.G. Gajjar and ors. Vs. Deputy Commissioner of Wealth Tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)93ITD624(Ahd.)

..... of upendra m. dalai (supra), wherein it has been held that the sale proceeds of a stock exchange card were considered to be liable for capital tax under the it act, 1961. while distinguishing the judgment of the supreme court in ahmedabad stock exchange (supra), the learned departmental representative submitted that the supreme court has considered the right ..... because each year and each assessee is a separate year and a separate assessee and the principles of res judicata and estoppels did not apply to income-tax proceedings even though the department is one and also because in the earlier order some of the decisions of the supreme court and the high court ..... even for nomination. mr. shreyan shah, appearing wta nos. 8, 83 and 100/2001, adopted the arguments of the earlier counsel. the learned counsel emphasised that income-tax matters are governed by all india statutes. when there is a decision of another co-ordinate bench of tribunal on the interpretation of a statutory provision, it would .....

Shakti Advertising and Others Vs. Nagar Nigam and Others

Court : Allahabad

..... for renewal of the advertisement sites. 10. we find substance in the contention of shri vivek varma, that with the sharp decline in the income of the nagar nigam from advertisement tax, and the increase in the amount realised by the advertising firms from the companies, the nagar nigam was entitled to charge increased site rent ..... are concerned, it was observed in the order dated 17.4.2012 that without the permission of the municipal commissioner under sections 192 and 193 of the act, no person can display advertisements on private sites. the nagar nigam takes decision for displaying advertisements on private sites after examining and considering the merit of each ..... for the corporation to consider the proposal of the state government in pursuance to the powers conferred under section 202 of the act and thereupon the corporation could have directed for imposition of tax. in the event of failure on the part of the corporation the government has option to take recourse to the powers conferred .....

Areva Tandd. Vs. the Asst. Director of Income Tax, and ors.

Court : Delhi

..... the facts regarding the complete role of the indian subsidiary are still not on record. these can be known only during the detailed scrutiny. proceedings u/s 197 of the income-tax act 1961 were never carried out in such a manner to investigate the case to its depth. however these facts are in the knowledge of the assessee. the assessee could have disclosed ..... at the same price at which the said contracts were awarded to the petitioner by pgcil.3. the pgcil had moved an application under section 195(2) of the income tax act, 1961 (for brevity the act') with regard to the payments to be made to the petitioners. the revenue, vide orders dated 6.6.2000, 23.5.2001 and 28.12.2001, passed orders ..... profit shall be nil for the above onshore contracts in view of the sub-contracts. the assessee has filed the last two orders passed u/s 195(2) of the income tax act, 1961, in regard to the onshore supply and onshore services contracts for the financial years 2000-01 and 2001-02. in both these orders, the .....

Babu Lal and ors. Through Its Partner Babu Lal Vs. Director of Income- ...

Court : Allahabad

Reported in : (2005)198CTR(All)274; [2006]281ITR70(All)

..... petitioner-partnership firm for quashing the warrant of authorization dated 20.03.1999 (annex.6) issued under the provisions of section 132 of the income tax act, 1961 (hereinafter called 'the act') and further for directing the respondents to refund the amount of rs. 3,06,00,000/- (rupees three crores six lakh only) ..... expressions 'reason to believe' and distinguished the same from 'reason to suspect' comparing the provisions with the un-amended provisions of section 34(1) of the income-tax act, 1922 and held that after amendment, the expressions 'reason to believe' had to be based as a consequence of 'definite information' which came into possession ..... -(a) ............ ...............(b) ............ ..............(c) any assets represent either wholly or partly income or property which has not been, or would not be disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act by any person from whose possession or control such assets have been taken into custody .....

Commissioner of Income-tax Vs. Karamchand Premchand Pvt. Ltd.

Court : Gujarat

Reported in : (1992)107CTR(Guj)340; [1993]200ITR281(Guj)

..... . 3,00,000 from the general reserve to the profit and loss appropriation account for declaration of dividends was infringement of section 34(3) of the income-tax act, 1961, justifying the withdrawal proceedings under section 155(5) read with section 154 and withdrew the development rebate already granted to the assessee and initiated proceedings under ..... it was a user of money for the purpose of the undertaking of the assessee and was not a user prohibited under section 155(5)(ii) of the income-tax act, 1961, that is these amounts were not paid for distributed of dividends or for remittance of profits outside india.' 55. it was further observed (headnote) : 'it ..... that connection made the following pertinent observations (headnote) : 'in order to claim the deduction on amount of development rebate under section 33(1) of the income-tax act, 1961, it is obligatory that the debit entries in the profit and loss account and the credit entry in a reserve account should be made in the relevant .....

Commissioner of Income Tax Vs. Willamson Financial Services and ors.

Court : Supreme Court of India

Reported in : 2008(56)BLJR544; (2007)213CTR(SC)612; [2008]297ITR17(SC); 2007(14)SCALE337; (2008)2SCC202

..... they were in the business of growing and manufacturing tea. since they earned composite income, their case stood covered by rule 8(1) of income-tax rules, 1962 ('1962 rule' for short). 5. for the ..... provides that 40% of the composite income from sale of tea, grown and manufactured, arrived at on making of the apportionment 'shall be deemed to be income liable to tax'.4. assessees exported tea in the accounting year. they were entitled to deduction under section 80hhc of income-tax act, 1961 (for short, '1961 act') in respect of the export. ..... made in accordance with the provisions of the i.t. act, the agricultural income-tax officer would have no option but to accept the computation by the a.o. under 1961 act and treat 40% of such income, as business income and the balance 60%, as agricultural income.26. to the above extent there is no dispute. the .....

Commissioner of Income-tax, Bombay City Iii Vs. Century Spg. and Mfg. ...

Court : Mumbai

Reported in : [1978]111ITR6(Bom)

..... ) its other reserves as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the indian income-tax act, 1922, or the income-tax act, 1961; (iv) its debentures, if any; and (v) any moneys borrowed by it from government or the industrial finance corporation ..... that takes us to question no. 5. at the outset it may be stated that though in the question framed there is reference to section 80j of the income-tax act, 1961, on the facts of the case such reference is uncalled for and we, therefore, modify question no. 5 by deleting reference to section 80j therefrom and ..... instance of the revenue, question no. 5 has been referred for our determination. 23. in respect of the income-tax assessment, relief was obtained by the assessee-company under section 84 contained in chapter vii of the income-tax act, 1961, to the extent of rs. 24,63,318 and decision of the question referred depends upon the interpretation of .....

C.i.T.-iii Vs. the Baroda Peoples Co-op. Bank Ltd.

Court : Gujarat

Reported in : (2005)198CTR(Guj)1; [2006]280ITR282(Guj)

..... arises for determination has been framed at the time of admission : whether on the facts and circumstances of the case, the income tax appellate tribunal was right in allowing deduction under section 80-p(2)(a)(i) of the income-tax act,1961 on interest income as being attributable to the business of banking ?2 on behalf of the appellant-revenue mr. m.r. bhatt, learned senior ..... ]227itr172(sc) , the supreme court reiterates fundamental principles thus :xxxx xxxx under the income-tax act,1961, the total income of the company is chargeable to tax under section 4. the total income has to be computed in accordance with the provisions of the act. section 14 lays down that for the purpose of computation, income of an assessee has to be classified under six heads :(a) salaries.(b .....