Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter viii rebates and reliefs Page 31 of about 329 results (0.076 seconds)

income Tax Officer Vs. World Wide Stones

Court : Income Tax Appellate Tribunal ITAT Jaipur

Reported in : (2008)115TTJ(JP.)613

..... tiles for the interior and exterior decoration and designing. the assessee treated such activities as a manufacturing activity hence claimed deduction under section 80-ib of the it act, 1961 on its net profit. there is no dispute on the fact that all the other conditions as mentioned under section 80-ib have been fulfilled by the ..... he should have invited the attention of the assessee towards this deduction.32. the learned cit(a), however rejected the additional ground and such a claim on the plea that the assessee neither made any claim in the return of income nor the fact that the assessee was entitled, to the deduction under section 80hhc was ..... prayed not to admit such a claim, made before the cit(a) for the first time under section 80hhc.34. on the other hand, the learned authorised representative for the assessee mr. mahendra gargieya, vehemently argued that in this case return of income was filed declaring nil income on 2nd dec., 2003, which was originally processed under section .....

Komarla Feeds Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2000)74ITD65(Bang.)

..... "manufacture or production of textiles" within the meaning of entry 23 of sch. i to the industries (development and regulation) act, 1951, and hence, the assessee would not be entitled to the grant of tax credit certificate under s. 280zb of the it act, 1961. this decision is also distinguishable on facts because the end-product in the instant appeal, manufactured by the appellant-firm ..... -going vessels or other powered craft) to which this section applies there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to twenty per cent thereof." 8. now the rate is enhanced from 20 per cent to .....

Southern Petro Chemical Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)93TTJ(Chennai)161

..... learned cit(a) erred in confirming that the expenditure to the extent of 10 per cent of the dividend earned, amounting to rs. 88,73,758 was attributable to earning of dividends.3. the brief facts apropos this issue are that the assessee had claimed exemption under section 10(33) of the it act, 1961, in respect of dividend income ..... aggregating to rs, 8,87,37,583. in regard to the query of the ao regarding the expenditure attributable to the earning of this dividend income, the assessee contended that no direct expenditure was incurred in relation to the ..... 1962, says that 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 the act. the supreme court has held in the case of saluja farms v. cit (2002) 254 itr 172 (sc) that where borrowed money is not used for earning taxable .....

income Tax Officer Vs. Bothra International and ors.

Court : Income Tax Appellate Tribunal ITAT Jodhpur

..... above discussion, we are of the view that while cash compensatory support (cash assistance) received by the assessee would not constitute income 'derived from' an industrial undertaking and, therefore, the same is eligible for relief under section 80j of the it act, 1961 in the case of duty drawback, the same is 'derived from' the industrial undertaking and, therefore, eligible for relief under section ..... raw material can be used for manufacture of handicraft articles by the assessee, instead of supporting the contention of the learned departmental representative, supports the view taken by the learned cit(a) because the prohibition of use of imported raw material for manufacture/production of handicraft articles will require incurring of higher cost of production/manufacture, as they cannot avail the .....

Gujarat Processing Works Vs. Income Tax Officer (Gujarat

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1997)58TTJ(Ahd.)168

..... the aggregate sum of rs. 2,98,913 from the computation of total income.as a consequence of these directions, the ito need not issue only notice, under s. 274 for the assessees default for imposition of a penalty under s. 271(1)(c) of the it act, 1961." 15.6 it is time that scheme of modvat came into force w. ..... also placed on the decision of the honble supreme court in cit vs. british paints india ltd. (1991) 188 itr 44 (sc) which held : "(i) even if the assessee had adopted a regular system of accounting it was the duty of the ao under s. 145 of the it act, 1961 to consider whether the correct profits and gains could be deduced ..... discusses "excise duty as an element of cost" and recommendations of icai.7. from the said extract it will be seen that cost of purchase specifically includes duties and taxes, excise duty contributes to the value of the produce and, therefore, cannot be treated differently from other expenses for the purpose of determination of cost for inventory valuation. for .....

Deputy Commissioner of Income Tax Vs. I.T.C. Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT

Reported in : (2004)82TTJ(Bang.)652

..... business loss, for being set off against other heads of income of that year." we may mention here that the apex court was dealing with the provisions of section 10(2)(vi) of the it act, 1922 which are akin to the provisions of section 32(2) of the it act, 1961, with which we are presently dealing. the aforesaid view ..... is also in consonance with the decision of the andhra pradesh high court in cit v. gogineni tabacco ltd (1999) 238 itr 970 (ap ..... issue on the following lines. the present controversy essentially revolved around the provisions of sub-section (3) of section 80hhd. sec. 80hhd has been inserted to provide tax concession to the three segments of the tourism industry, namely, hotels, tour operators and travel agents in respect of their earnings in convertible foreign exchange. sub-section (1 .....

Moonbeam Finvest Lease Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)510

..... the part of the assessee to disclose truly and fully all material facts necessary for its assessment for this year, the income chargeable to tax has escaped assessment within the meaning of section 147 of the act. approval to issue notice under section 148 may be granted accordingly.5. after receiving reasons the assessee objected to the reassessment ..... assessee vide letter dt. 1st july, 2005 and thereafter reassessment was completed vide impugned assessment order dt. 31st oct., 2005 passed under section 143(3)/147 of it act, 1961. the copy of reasons as supplied by the ao vide letter dt. 1st july, 2005 are as under: original assessment in this case was completed under section 143 ..... is made, no action shall be taken under section 147 after the expiry of 4 years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for that very year by reason of the failure on the part of the assessee to disclose fully and truly all material facts necessary .....

Assistant Commissioner of Income Vs. Tea Agency Trading Centre

Court : Income Tax Appellate Tribunal ITAT Guwahati

Reported in : (2004)88ITD96(Gau.)

..... inserted to define the written down value in the context of the block system of assets. it was elaborately explained in the commentary on the it act, 1961, by the learned author, a.c. sampath iyengar, the law of income-tax, 9th edition, vol. 2 at p. 2932 which is reproduced as under : (i) the aggregate of the written down value of all the assets ..... also held to be assessable under section 28 of the it act, 1961.accordingly, the ao did not allow the claim made by the assessee in the revised computation of income. in other words, the entire amount of rs. 29,48,511 was assessed to tax as a business receipt.4. the assessee appealed to the cit(a). whereas the action of the ao in assessing .....

Monga Metals (P) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... defined under s. 158b(a) upto 3rd sept., 1996. in pursuance of the provisions of s. 158 of the it act, 1961, you are requested to prepare a true and correct return of your total income including the disclosed income in respect of which as individual/huf/firm/company/aop/boi local authority are assessable for the block period mentioned a ..... of these documents. the findings of the ao seems to be simply on his own astronomical presumption borne out from extra constitutional mind which cannot be sustained under the income-tax law, and under these circumstances unable to accept the conclusion that lp 9 also belong to the appellant's business. (a) from p. 5 of assessment ..... s reply dt. 22nd sept., 1997, available at p. 230 of paper book and the relevant part of appellant's reply reads as under : the asstt. commissioner of income-tax central circle-ii, kanpur re : block assessment proceeding with reference to your letter dt. 19th sept., 1997, we respectfully beg to submit as under : the other points .....

Synthetic Industrial Chemicals Vs. the Dy. Commissioner of Incometax

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)90ITD851(Coch.)

..... , and stated that tax chargeable on the total income means, the tax reduced by the amount of tax deducted or collected at source.therefore, here also the assessing officer has to provide for the set off in respect of tax credit under section 115jaa(1).12. section 115jaa comes under chapter xii-b of the incometax act, 1961. the learned chartered ..... other provisions of section 115ja. as per the provisions of section 115jaa(4), tax credit under sub-section (1) has to be set off in an year when the tax becomes payable on the total income computed in accordance with the provisions of the act, other than sections 115ja or 115jb.the learned chartered accountant contended that as ..... (3) allows an assessee to carry forward the amount of tax credit. sub-section (4) further provides for the set off of the carried forward tax credit in an year when tax becomes payable on the total income computed in accordance with the provisions of the act other than section 115ja.20. therefore, it could be seen that .....