Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter viii rebates and reliefs Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 14 results (0.159 seconds)

income-tax Officer Vs. Chemicon Engg. Consultants (P.)

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)22ITD223(Mum.)

..... thomas, arguing for the revenue, contended that relief under section. 80mm should be given on the gross total income of the assessee and that "gross total income" is defined in section. 80b(5) which means the total income computed in accordance with the provisions of the income-tax act before making any deductions under this chapter (chapter via) and, as such, there is absolutely no room ..... the first step to be taken is the same. section. 80e contemplated "total income" (as computed in accordance with the provisions of the act) should be first determined, while for section. 80mm, the gross total income, that is to say the total income computed in accordance with the provisions of the income-tax act should be the basis. it is clear from the above that if unabsorbed .....

Saurashtra Trust Vs. Seventh Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1987)21ITD62(Mum.)

..... is a trust. the first grievance common to both the assessment years is that the claim, of exemption as laid down under section 11 of the income-tax act, 1961 ('the act') was wrongly not allowed by the commissioner (appeals). here it will be necessary to point out that the commissioner (appeals) in his order has allowed ..... claim for exemption was rightly not allowed by the revenue authorities on income other than income from house property.4. the next grievance is that in the computation of business income, which, as already described, was held liable to tax and not exempt, the income-tax authorities wrongly did not allow carry forward of loss determined for ..... shri mehta, submitted to us that once the income was held not exempt and liable to tax, it must follow as a corollary that the income should be determined in accordance with the provisions of the act. even otherwise, according to shri mehta, the prescribed return of total income in the case of assessees claiming exemption under section .....

Leben Laboratories Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)294ITR1(Mum.)

..... (b) has not been pressed before us and therefore, the only issue which remains for our consideration relates to the interpretation of section 80-ia(9) of it act, 1961 (act). briefly stated the facts are these : the assessee was running an industrial undertaking, profits of which were eligible for deduction under sections 80-ia and 80hhc of the ..... thus worked out the deduction at rs. 26,67,213 as against rs. 38,07,772 computed by the assessee. thus the total income was determined by him at rs. 41,56,537. on appeal, the cit(a) confirmed the computation made by the ao. aggrieved by the same, the assessee has preferred this appeal before the tribunal.3. ..... be allowed under any other provisions of chapter vi-a under the heading "c-deductions in respect of certain incomes". section 80hhc falls under the above heading in chapter vi-a. therefore, while computing the relief under section 80hhc, the tax authorities are duty bound to give effect to both the limbs provided in section 80-ia(9). therefore, .....

Sterlite Industries (India) Ltd. Vs. Additional Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102TTJ(Mum.)53

..... order--finding that subsidiary and parent company carried .on same business--capital borrowed for purposes of business of subsidiary--deductible--income-tax act, 1961, section 36(1)(iii) a careful reading of section 260a(6) of the it act, 1961, shows that the high court can decide only that question which was raised but not determined by the tribunal. ..... , 1998,- such unaudited accounts have to be submitted on quarterly basis instead of half-yearly basis.however, for income-tax purposes, the it act, 1961 requires a separate compilation of final account for the previous year prescribed under the it act which ends on the 31st of march of the previous year. this was made mandatory from the asst. yr ..... called for the printed annual reports for the years ended 30th june, 1998 and 30th june, 1999, i.e., the companies act accounts and on comparison of the companies act accounts and the income-tax accounts found the following: asst. yr. 1998-99: the printed p&l a/c for the year ended 30th june, 1998 .....

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... incurred by the assessee on purchase and sale of units of mutual funds is allowable or not? 2. whether the provisions of section 94(7) of the income tax act, 1961 can be interpreted as retrospective in operation and if so, its effect?" the facts of the case relevant to the questions referred to us, briefly, are ..... the basis of colourable device during the period prior to the introduction of the provisions of section 94(7). the learned cit, dr pointed out that the provisions of section 68 of the income tax act, 1961 introduced in the statute a legal position that had been identified and formulated in the judgments of honble supreme court several ..... provisions of the statute and therefore, nugatory." the learned cit, dr argued that in the charging sections of income tax act, 1961, the expression "loss" had not been mentioned anywhere. it was regarded as a part of income chargeable to tax. if in the process of making an income chargeable to tax any loss occurred, the same would also fall within .....

Wallfort Shares and Stock Brokers Vs. Income-tax Officer [Alongwith

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... incurred by the assessee on purchase and sale of units of mutual funds is allowable or not? 2. whether the provisions of section 94(7) of the income-tax act, 1961 can be interpreted as retrospective in operation and if so, its effect?" 2. the facts of the case relevant to the questions referred to us, briefly, ..... the basis of colourable device during the period prior to the introduction of the provisions of section 94(7). the learned cit, dr pointed out that the provisions of section 68 of the income-tax act, 1961 introduced in the statute a legal position that had been identified and formulated in the judgments of hon'ble supreme court several ..... of the statute and therefore, nugatory. " 47. the learned cit, dr argued that in the charging sections of income-tax act, 1961, the expression "loss" had not been mentioned anywhere. it was regarded as a part of income chargeable to tax. if in the process of making an income chargeable to tax any loss occurred, the same would also fall within the .....

Deputy Commissioner of Income Vs. Manjara Shetkari Sahakari Sakhar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)91ITD361(Mum.)

1. under section 255(3) of the income tax act, 1961 (hereinafter called the act), the president of the income tax appellate tribunal (hereinafter called the tribunal) has constituted this special bench to consider the following questions:- "1. whether provision of section 40a(2) of i.t. act, 1961 are applicable to payments made by a co-operative society to its members towards purchase ..... expenditure has to be judged from the point of view of businessmen. the payment was not a sham. the payment was purely for business purposes. under the income tax act one has to see whether the expenditure was incurred only and exclusively for the purposes of business. if the expenditure has been incurred out of commercial expediency ..... itr 371 (mad). in this case the hon'ble high court has held that the word "actually paid" used in section 10(5) of the income tax act, 1922, is not to be understood in a physical sense, but in the sense that expenditure is actually incurred.27. shri kapila argued that the .....

Addl C.i.T., Spl. Rg 15 Vs. Ashok Alco Chem Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)1000

..... initial assessment year and to every subsequent assessment year up to and including the assessment year for which the determination is to be made." section 80-ia was introduced in income-tax act with retrospective effect from 1.4.90. reading the language of section 80ia(7) with the underlined observations of hon'ble supreme court, it will be clear that ..... set off in earlier years. he submitted that sub-section (7) is non-obstante section and therefore, provisions of section 32, 70, 71 and 72 of i.t.act 1961 are not to be considered while calculating deduction under section 80-ia. further, he relied upon the decision of hon'ble supreme court in the case of ..... storage plant in the asstt. year relevant to a.y. 1967-68. the cold storage plant was a new industrial undertaking within the meaning of section 80j of it. act 1961 (the act). the losses, depreciation allowance and development rebate in respect of cold storage plant for the a.ys. 1967-68 to 1969-70 were adjusted against the profits from .....

Harsha Bhogle Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)86ITD714(Mum.)

..... ble supreme court ranchi club ltd. 's case (supra). the patna high court in this case held that "from the bare reading of section 156 of the income-tax act,1961 it is not clear that the notice of demand claiming interest can be issued only when there is a specific order, levying interest. to use the expression 'charge ..... in the case of ranchi club ltd. (supra), and held that interest under sections 234a and 234b of the income-tax act,1961 is livable on the tax on the total income as declared in the return and not on the income as assessed and determined by the assessing authority. in the absence of any specific order of the assessing officer, interest ..... penal action or prosecution was initiated against him. he filed a belated return on april 20,1998, admitting that amount as his income. in response to the notice issued under section 148 of the income-tax act,1961, he relied on the second return. in the assessment order, the assessing officer ordered "charge interest as per law. issue demand .....

Fist Income-tax Officer Vs. Sadanand A. Shetty

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1982)1ITD122(Mum.)

1. in this departmental appeal, the only issue is the quantum of income which is to be included in the assessment under section 64(1) of the income-tax act, 1961 ("the act"). the assessee is an individual. he is a director in fouress engg. (i) (p.) ltd., his wife is employed by this company on a salary of rs. 21 ..... ,500. she had also received fees for attending board meeting amounting to rs. 1,350. the ito included these two amounts under section 64(1). apart from the income ..... the case, the tribunal was right in holding that under' total income' as laid down in section 5 the basis of charge of income-tax tantamounts to gross total income as defined in section 80b (5) of the act ?" "the tribunal has argued that where the legislature wanted to exclude income under section 64, it has expressly said so. the argument cannot .....