Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter xiv procedure for assessment Sorted by: recent Court: mumbai Page 3 of about 391 results (0.087 seconds)

Jt. Commissioner of Income-tax, Vs. D.C. Polyster Pvt. Ltd., Sir

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD394(Mum.)

..... the assessment merely because of the change of opinion on the part of the assessing officer ignoring the fact that section 147 of the income tax act, 1961 had been amended by direct tax law (amendment) act, 1989 w.e.f 1.4.89 and the assessee's case falls under sub-clause (iv) of clause (c) below explanation ..... the book profit is higher and is adopted for the purposes of levying tax, the normal assessment as per income tax act, 1961 does not become non-entity or non-existent.since, the assessment of total income as per normal provisions of income tax act, 1961 very well stands, the escapement of income has to be seen therein only. since excess relief has been allowed ..... 03,115/-, but he has restricted the claim to 70% of rs. 73,43,219/- approximately so as to bring the income as computed under the provision of income tax act, 1961 to rs. 21,45,574/- equivalent to income computed under section 115j by taking 30% of book profit. this resulted in carry forward of investment allowance to rs. 36, .....

Parshuram D. Patil Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD241(Mum.)

..... difference to the president under section 255(4) of the income-tax act, 1961: whether long-term capital gain is subject to tax at the rate of 60 per as provided under section 113 being part of undisclosed income assessed under chapter xiv-b of it act or the same is subject to tax at the rate of 20 per cent under section 112 which ..... gain charged accordingly. he emphasized that all provisions applicable to a regular assessment are applicable to the assessment made under chapter xiv-b of income-tax act as is clear from section 158bh of the income-tax act. in this connection shri trivedi referred to two decisions of itat, kerala bench, wherein it was held that even in cases of block ..... assessees are directed against the block assessment years each dated 28-3-2002 passed by acit, central circle 2, thane under section 158bc(c) read with section 254 of the income-tax act.2. i. t.ss(a) nos. 222 & 223/mum/2004 - the following grounds of appeal (as concised) have been raised in these appeals- 1. the .....

Godrej and Boyce Mfg. Co. Ltd. Vs. P.K. Gupta, Commissioner of Income ...

Court : Mumbai

Reported in : 2006(1)BomCR840; (2006)202CTR(Bom)308; [2006]284ITR85(Bom); 2005(4)MhLj659

..... submissions, mr. pardiwalla, referred to and relied upon the division bench judgment of our high court, with regard to the interpretation of section 214 of the income tax act in the case of commissioner of income tax v. saswad mali sugar factory ltd. : [2001]249itr756(bom) . in that case, the assessment year was 1980-1981 and the assessment was completed ..... pardiwalla has therefore contended that both the above judgments have very clearly laid down the law as far as section 214 as well as section 244(1a) of the income tax act are concerned. he therefore submitted that based on the said provisions of law, the petitioner is entitled to interest. mr. pardiwalla produced before us two charts showing ..... /-. the inspecting assistant commissioner determined a refund of rs. 1,19,78,111/-together with the interest at rs. 31,14,306/-under section 214 of the income tax act and the amount of rs. 4,80,000/- was also charged as an interest under section 216. the total amount of refund was computed at rs. 1 .....

Union of India (Uoi) Through the Commissioner of Customs Vs. Hoganas I ...

Court : Mumbai

Reported in : (2005)107BOMLR61; 2006(199)ELT8(Bom)

..... that the supreme court has clearly held to the contrary as it was dealing with the post-1991 case that 'the batch of cases concerns section 245d of the income tax act, 1961 as it stood prior to 1991 and thereafter'. it is pointed out by mr. shroff that the judgment in the case of bhaskar picture palace in fact assist the ..... provide setting up of the customs and central excise settlement commissions on the lines of a similar commission already existing under the income tax act, 1961. in the said bill it is mentioned that the settlement commission will also entertain application for settlement of cases relating to the levy, assessment and collection of customs ..... set out prior to the commencement of the afore-quoted order, in which it is, interalia, stated: '11. section under which the 245-d(1) of the income the order is passed tax act 1961.''6. in his submission, the application had, therefore been rejected not only under sub-section (1-a) but also under sub-section (1). the submission has .....

Dy Cit, Central Circle 5 Vs. Mrs. Meena Nayan Chandan

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)5SOT1(Mum.)

..... found during search to establish assessee spent more on renovation of residential house than recorded in books of account-justified-income tax act, 1961, sections 131(1)(a), 158bb(l), 158bc".similarly, the hon'ble bombay high court, in case of cit v. vikram a.doshi (2002) 256 itr 129 (bom), has held that whether tribunal has found that the ..... in the proceedings initiated under sections 131, 133a, 133, 142(1), 143(2) or 142(ia), 147/148. the undisclosed income falling in this domain will suffer tax at normal rates as prescribed in the yearly finance act and also suffer interest and penalty as provided under sections 234a, 234b, 234c, 271(1)(c), 271b etc. the undisclosed ..... income falling under search domain will have to be computed and taxed as per chapter xiv-b and interest and penalty have to belevied,if facts justify, in .....

Sigma Securities Vs. the Jcit, Spl. Rg. 28

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD342(Mum.)

..... issued summons section 131 to m/s.gujarat health care ltd. and directed it to furnish the following details: (a) wards/circle/ranges with assessed to income tax (b) copies of p&l account & balance sheet, audited report with computation of income (c) date of original purchase, copy of depreciation schedule as per it rules filed with the return of ..... to look into this ground of the appellant company and to do the needful in accordance with the provisions of the act.13. since we have reversed the finding ld. cit(a) and deleted the disallowance of depreciation, therefore, rental income shown by the assessee on leased asset in a.y 1996-97 would be taxable. the ld. a.o shall ..... for the first time. he further contended that search in this case has taken place in jan. 97, whereas tax as per section 158 ba(2) on undisclosed income was to be charged at the rate prescribed section 113 of the act. at the time of search levy of surcharge was not available in section 113. it has been amended w .....

Akruti Nirman Pvt. Ltd. and anr. Vs. Brihanmumbai Mahanagar Palika and ...

Court : Mumbai

Reported in : 2005(3)ALLMR601; 2005(4)BomCR32; 2005(3)MhLj684

..... purchased or occupied on or after the 1st day of april, 1947 as part of a recognized scheme of subsidised housing for industrial workers or persons belonging to lower income groups or poorer classes, and in the explanation it is stated that '...recognized scheme of subsidises housing for industrial workers.... shall mean such scheme as may be ..... the question involved in that appeal was whether the primary liability is imposed upon the appellant i.e. national and grindlays bank ltd. under the mmc act to pay property taxes to the municipal corporation of greater bombay in respect of the land owned by the appellant and let on a monthly basis to a third party who ..... have been driven to this option due to compelling circumstances as they were thrown out of the formal housing sector, the latter being unavoidable and much beyond their income levels. it is imperative to enhance their standard of living and for which an authorised dwelling unit is a first step in the right direction. this, in .....

Sun Pharma Exports Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96TTJ(Mum.)415

..... directed against the order of the cit(a), central-viii at mumbai, passed on 28th nov., 2003. these appeals arise out of the block assessment completed under section 158bc(c) r/w section 143(3) of the it act, 1961. the block assessment order has been passed on 27th dec., 2000, fixing a total undisclosed income of rs. 13,73,35,263 ..... as against nil income returned by the assessee.2. the assessee in this case, m/s sun pharma exports (spex ..... consideration in a block assessment.25. the third principal ground raised by the assessee firm is that the cit(a) has erred in holding that the assessee-firm was not entitled for the deduction under section 80-ia of the it act, 1961, for the alleged reason that the various conditions attached thereto have not been fulfilled by the assessee-firm .....

The Morarjee Goculdas Spg. and Vs. Dy. Commissioner of Income Tax,

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... the claims made by the assessee with regard to exemption and/or deduction. those can be considered under section 143(3) of the said act of 1961, whereas the third income being "the undisclosed income" is taxed and by way of block assessment resulting in search and seizure. such block assessment is made under section 158ba. the logic behind the ..... as the issues raised therein are based on transactions which, by no stretch of imagination can be said to be undisclosed transactions falling under section 158b of the income-tax act, since the transactions in question were disclosed in returns which were the subject-matter of regular assessment the same ought to have been assessed in the regular ..... what is to be seen in the case is as to whether the facts which came to light pursuant to the search conducted under section 132 of the income-tax act, could come to light in the proceedings relating to regular assessment and whether such facts were brought to light as a result of the enquiries made in .....

Mr. Parashuram D. Patil Vs. Asst. Commissioner of I.T.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... section 255(4) of the income-tax act, 1961: whether long-term capital gain is subject to tax @ 60% as provided under section l13 being part of undisclosed income assessed under chapter xiv-b of l. t. act or the same is subject to tax @ 20% under section 112 which lays down rate of tax on long-term capital gains? 1 ..... accordingly. he emphasized that all provisions applicable to a regular assessment are applicable to the assessment made under chapter xiv b of income-tax act as is clear from section 158bh of the income-tax act. in this connection shri trivedi referred to two decisions of itat kerala bench, wherein it was held that even in cases of ..... decision followed the second decision. shri trivedi further submitted that under the scheme of the income-tax act relating to computation of "undisclosed income" the total income is to be charged at the rate of 60% under section 113 of the income-tax act.however, there is nothing to show that provision of section 113 override the provision of .....