Court : Chennai
Reported in : (2009)226CTR(Mad)313; [2009]185TAXMAN438(Mad)
..... mandamus to direct the first and the second respondent to forbear from relying upon the provisions of section 40(a)(ia) of the income tax act, 1961 (herein after referred to as 'the act') and to disallow the revenue expenditure of the petitioners incurred on the purchases of the printed stationery and packing materials for non-compliance ..... the impugned provision suffers from any arbitrariness or unreasonableness.89. as far as the contention based on section 195(5) of the income tax act, which provides for non-deduction of tax at source by providing a certificate under the provisions of the rules and notifications of the cbdt and that no such safety valve has ..... 29.01.1997 issued by the cbdt, which specifically declares 'no demand visualized under section 201(1) of the income tax act should be enforced after the tax deductor has satisfied the officer-in-charge of tds, that taxes due have been paid by the deductee-assessee. however, this will not alter the liability to charge interest under .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1982]134ITR158(AP)
..... created under the proviso (b) to clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922 (11 of 1922), or under sub-section (3) of section 34 of the income-tax act, 1961 (43 of 1961), and of its other reserves in so far as the amounts credited to such other reserves have not been allowed in ..... to it of the assets the income from which in accordance with clause (iii) or clause (vi) or clause (viii) of rule ..... computing its profits for the purposes of the indian income-tax act, 1922 (11 of 1922), or the income-tax act, 1961 (43 of 1961), diminished by the amount by which the cost .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1986SC484; 1986LC276(SC); [1985]156ITR585(SC); 1985(2)SCALE737; (1985)4SCC590; [1985]Supp3SCR593
..... the provision made in the books of account and that the balance liability claimed i.e. rs. 15,71,855 towards gratuity is admissible under section 37 of the income tax act, 1961.and for the reasons mentioned, for the assessment year 1973-74 which is the subject matter of the next appeal and following the said decision, the high court held ..... whether, on the facts and in the circumstances of the case, the tribunal was justified in allowing the deduction of rs. 28,59,431 under section 37 of the income tax act, 1961 out of the total rs, 48,59,431 made by the assessee towards liability for gratuity?9. section 40a was inserted by the finance ..... assessee.(g) section 34(3)(a) spoke of the creation of a development rebate reserve by debiting the profit and loss account and crediting the reserve account. thus, the income-tax act itself contemplated, according to the assessee, a reserve as an appropriation or earmarking of profits by making entries for this purpose in the books of account.(h) the other .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2007)210CTR(SC)454; 2007(214)ELT491(SC); [2007]292ITR444(SC); JT2007(9)SC65; 2007(3)KLT624(SC); 2007(9)SCALE100; (2007)6SCC429
..... qualities of tea and blending the same for the purpose of export is entitled to weighted deduction under section 35b (1a) of the income tax act, 1961 (hereinafter referred to as 'the act') in respect of expenditure incurred for its export for the assessment year 1979-80.3. brief facts which are necessary to dispose of ..... decided cases to properly comprehend the distinction in these terms. manufacture11. the term 'manufacture' has not been defined in the income tax act, 1961.12. the term manufacture has been defined in section 2(f) of the central excise act, 1944. parts (i) and (ii) of section 2(f) read as under: 2(f). 'manufacture' includes any ..... the terms manufacture and production and omitted the term processing. therefore, the respondent assessee cannot be extended the benefit of section 35(1)(b) of the income tax act. 60. the processing is only an intermediate stage of production and/or manufacture. the processing of tea of the respondent assessee falls short of either manufacturing .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2007)109BOMLR1348; 2007BusLR58(SC); (2007)5CompLJ21(SC); (2007)210CTR(SC)419; [2007]292ITR416(SC); JT2007(9)SC1; 2007(9)SCALE1; (2007)7SCC1;
..... into by india. thus the intention was to rely on the concept and definition of p.e. in the dtaa. however, vide finance act, 2002 the definition of p.e. was inserted in the income tax act, 1961 (for short, 'i.t. act') vide section 92-f(iiia) which states that the p.e. shall include a fixed place of business through which the business of ..... the mne through its p.e. in india. therefore, there is a difference between the taxability of the p.e. in respect of its income earned by it in india which is in accordance with the income-tax act, 1961 and which has nothing to do with the taxability of the mne, which is also taxable in india under article 7, in respect of the ..... the mne is wholly or partly carried on. this is where the difference lies between the definition of the word p.e. in the inclusive sense under the i.t. act as .....
Tag this Judgment!Court : Mumbai
Reported in : [1974]94ITR616(Bom)
..... dismissed the appeal on march 9, 1970. thereafter, the assessee seems to have made an application for reference to the high court under section 256(1) of the income-tax act, 1961, in regard to certain questions of law referred in paragraphs 21 of the tribunal's order, but that application was rejected by the tribunal on february 10, 1971. ..... years' rigorous imprisonment. the petitioner has stated that the alternate remedy which was open to him, that is to say, an application under section 256(2) of the income-tax act, 1961, was onerous in so far as he was required to pay a court-fee of rs. 7,500. now, it has been suggested by mr. hajarnavis for ..... hajarnavis for the revenue that he present writ petition was no maintainable by reason of the alternate remedy being available to the petitioner under section 256(2) of the income-tax act, 1961, which he had, without sufficient cause, not availed of. i shall deal with this contention at the appropriate time. 41. i will now consider the crucial point .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [2008]143CompCas325(SC); (2008)5CompLJ369(SC); (2007)213CTR(SC)301; [2008]297ITR176(SC); 2007(13)SCALE204; [2007]80SCL283(SC); 2007AIRSCW7443
..... 'rateof exchange', 'foreign currency' and 'indian'currency' shall have the meanings respectively assigned to them undersub-section (1) of section 43a of the income-tax act, 1961 (43 of 1961), andexplanation 2 and explanation 3 of the said sub-section shall, as far as maybe, apply in relation to the said paragraph as they apply ..... of civil appeals is:whether accounting standard 22 (as 22) entitled 'accounting for taxes on income' insofar as it relates to deferred taxation is inconsistent with and ultra vires the provisions of the companies act, 1956 (the companies act), the income-tax act, 1961 (i.t. act) and the constitution of india?2. m/s. j.k. industries ltd ..... of that expense is allowed under section 43b in subsequent year(s). an example of tax effect of a timing difference resulting in a deferred tax liability is the higher charge of depreciation allowable under the income-tax act, 1961, compared to the depreciation provided in the statement of profit and loss. in subsequent years .....
Tag this Judgment!Court : Mumbai
Reported in : 2008(6)BomCR340
..... sale of his movable property in the manner laid down in the third schedule of the income-tax act, 1961 (43 of 1961). section 29 provides for application of certain provisions of the income-tax act and it states that the provisions of the second and third schedules to the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible ..... due from the defendant by distraint and sale of his movable property in the manner laid down in the third schedule to the income tax act, 1961. section 29 further provides that provisions of second and third schedules to the income-tax act, 1961 and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, apply with necessary modifications as if .....
Tag this Judgment!Court : Andhra Pradesh
Reported in : [1972]84ITR296(AP)
..... kondaiah, j.1. this is a reference by the income-tax appellate tribunal, hyderabad bench, under section 256(1) of the income-tax act, 1961 (hereinafter referred to as ' the act '), for the opinion of this court on the following question:' whether, on the facts and in the circumstances of the case, the assessee was entitled ..... in bombay, calcutta and other places, resulting in embezzlement by an employee or agent in its business was a permissible deduction under section 10(1) of the indian income-tax act, 1922, as it was incidental to the carrying on of its business. it was observed by the learned judge, venkatarama aiyar j. thus:'at the same time, ..... business or profession. section 28(1), corresponding to section 10(1) of the indian income-tax act, 1922, makes the profits and gains of any business or profession carried on by the assessee at any time during the relevant previous year chargeable to income-tax under the head ' profits and gains of business or profession'. section 29 states that .....
Tag this Judgment!Court : Chennai
Reported in : [1995]214ITR93(Mad)
..... , and hence, offends article 14 and also article 19(1)(g) of the constitution of india. the said section 21 is also contrasted with section 132 of the income-tax act, 1961, which provides for such search and seizure. only where the officer concerned has the requisite 'reason to believe', then only such search or seizure would be possible. but ..... : [1967]66itr664(sc) and ito v. lakhmani mewal das : [1976]103itr437(sc) were relied on. here again, there is no doubt, just as in the income-tax act and other taxing enactments, the requisite 'reason to believe' must be there on the part of a fairly high official before launching upon such search or seizure and there must also be ..... ) , relied on by one of the counsel for petitioners will have no application to the present case, because that only dealt with a case of 'business' under the income-tax act. but, here we are concerned not only with the term 'business', but also with a much wider term 'calling'. in 100 lw 450 (supra) also a division .....
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