Judgment Search Results Home > Cases Phrase: income tax act 1961 chapter xvi special provision applicable to firms Page 9 of about 2,897 results (0.125 seconds)

The Dy. Commissioner of Income Tax Vs. Mr. M. Bansilal Jain

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)99ITD8(Chennai)

..... from the date of the order under sub-section (5) of 132 to the date of regular assessment or reassessment. as we have already discussed, section 132(5) of the income tax act is not applicable to this assessee since the search was initiated only on 31.7.97. therefore, there is no requirement for passing the order under section 132(5). the ..... from 1.8.97 to 17.3.98 at the rate of 15%.4. the learned counsel for the assessee again invited our attention to section 132(5) of the income tax act and submitted that section 132(5) will not be applicable to any search initiated after 1.7.95. according to the learned counsel, under chapter xiv-b, a special procedure ..... order was not passed within ten months from the date of search. the learned d.r. further submitted that in this case no order under section 132(5) of the income tax act was passed and the block assessment was made on 17.3.1998. therefore, according to the learned d.r., the assessee is not entitled to any interest on the sum .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... and is directed against the order dated 10-1-2001 passed by the commissioner (appeals), in the matter of assessment under section 143 (3) of the income tax act, 1961, for the assessment year 1996-97.2. in the first ground of appeal, the main grievance raised by the assessee is that the commissioner (appeals) erred ..... dta with japan, no disallowance can be made under r. 61), section 40a(3), section 40a(12), section 37(2a) and section 43 b of the income tax act, 1961 ................ article hi(3) in the relevant dta relating to the year under consideration only provides that in determining the industrial or commercial profits of a pe, there ..... basis i.e. after allowing deduction in respect of costs and expenses incurred for earning the income ........ 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign companies from indian concerns.... .....

R. Dalmia and Others (A.O.P.) Vs. Commissioner of Income-tax (and Vice ...

Court : Delhi

Reported in : 1991(1)DRJ(Suppl)102; [1992]194ITR700(Delhi)

..... these references numbering fourteen, all consolidated, under section 256(2) of the income-tax act, 1961 (for brevity 'the act'), raise a common question whether the provisions of section 144b of the act (since repealed) are applicable to proceedings initiated under section 147/148 of the act. 2. the questions of law which have been referred are three and are ..... old act (income-tax act, 1922) after giving deduction for penalty levied under section 18a(9) of the old act on the basis of the original assessment under section 23(3) of the old act was legal and valid. the court, after examining the provisions of the old act and the relevant provisions of the 1961 act, held ..... well of the judgment of the andhra pradesh high court in parimisetti seetharamamma v. cit : [1963]50itr450(ap) : '... when once an assessment is reopened under section 34, the income-tax officer proceeds de novo under the relevant section of the income-tax act, i.e., he issues notice under section 22(2) and proceeds to assess .....

Jrd Stock Brokers (P) Ltd. Vs. Commissioner of Income Tax-Ii

Court : Delhi

..... . no.236/del/2006. the question of law urged is: whether in the circumstances of the case, the penalty under section 158bfa(2) of the income tax act, 1961 could be levied in respect of income which was not undisclosed income but was determined on the basis of estimation on the application of weight formula on gross credits in various bank statements considered as turnover?. ita1342014 ..... amounts to be derived on account of share trading transactions. the assessee s contentions were rejected because the ao and the cit(a) found that in the statement recorded under section 132(4) of the income tax act, 1961 (hereafter referred to as the act ), the assessee had admitted that the said sum of `1,04,76,94,004/- was actually not entirely based on share .....

Sri Venkateswara Hatcheries (P.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1982)1ITD1077(Mad.)

..... for decision in these cases is, whether the assessee, who is running a modern poultry farm, would be entitled to deduction under section 80j of the income-tax act, 1961 ("the act").2. the assessee-company has a poultry farm near poona. they have a large number of birds in that farm. the company claims that they are ..... object of bringing in the provisions of section 35 initially in 1946 by inserting clauses (xii), (xiii) and (xiv) in section 10(2) of the indian income-tax act, 1922, was to encourage expenditure on scientific research and not to merely provide accelerated depreciation on depreciable capital assets. it has to be borne in mind that these ..... include animate things like chicks. for this purpose, reliance placed by the assessee on authorities under the sales tax act is not material. the sales tax act, by definition, has included animate things for the purpose of levying tax on sales and so the meaning given to that expression should not be imported in considering section 80j.what .....

U.K. Paints (India) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1998)66ITD450(Delhi)

..... late begum noor bano (supra). as per discussion contained therein, relevant sections in this regard are 251 and 253 of the it act, 1961 and the rules framed in this regard. as per provisions of s. 251, the dy.cit(a)/cit(a) may confirm, reduce, enhance or annual the assessment. he may also send back to the ao for fresh assessment in ..... ao, reliance was placed on the case of taylor instrument co. (india) ltd. (1992) 198 itr 1 (del) where the assessee claimed deduction of sur-tax in the computation of business income before the tribunal. after holding that it was altogether a new point, the tribunal did not permit the admission of the ground. the delhi high court after considering ..... for the same is not far to seek that the department has no right to an appeal against the assessment order. while the first appellate authority can enhance the income, it is not so with the tribunal in the case of it proceedings. this distinction has to be kept in mind while examining the powers of the tribunal in .....

U. K. Paints (India) Ltd. Vs. Deputy Commissioner of Income Tax.

Court : Delhi

Reported in : (1997)57TTJ(Del)537

..... of late begum noor bano (supra). as per discussion contained therein, relevant sections in this regard are 251 and 253 of the it act, 1961 and the rules framed in this regard. as per provisions of s. 251, the dy. cit(a)/cit(a) may confirm, reduce, enhance or annual the assessment. he may also send back to the ao for fresh assessment in ..... of the ao, reliance was placed on the case of taylor instrument co. (india) ltd. (1992) 198 itr 1 where the assessed claimed deduction of sur-tax in the computation of business income before the tribunal. after holding that it was altogether a new point, the tribunal did not permit the admission of the ground. the delhi high court after ..... reason for the same is not far to seek that the department has no right to an appeal against the assessment order. while the first appellate authority can enhance the income, it is not so with the tribunal in the case of it proceedings. this distinction has to be kept in mind while examining the powers of the tribunal in .....

Cargo Clearing Agency (Gujarat) Vs. Joint Commissioner of Income Tax

Court : Gujarat

Reported in : (2008)218CTR(Guj)541; [2008]307ITR1(Guj)

..... rs. 5,05,087/- came to be filed.3. on 24.11.1995 search proceedings under section 132 of the income tax act, 1961 (the act) were carried out at the residential premises of three erstwhile partners of the petitioner firm. certain loose papers were found from the residence of one of the partners mr ..... the block period has to be read with computation of total income under chapter iv of the 1961 act.(emphasis supplied)9. in rejoinder, the learned counsel appearing for the petitioner has placed reliance on decision of high court of rajasthan in the case of commissioner of income tax v. ramesh chand soni (2005) 194 ctr (raj) 84. it was reiterated that ..... section 158be of the act was a complete code on the subject of .....

Mukesh Kumar and ors. Vs. Commissioner of Income-tax and ors.

Court : Patna

..... disposed of by this common judgment. in both the cases, the petitioners have challenged the order taking cognizance under sections 276c and 277 of the income-tax act, 1961 (hereinafter referred to as 'the act'), passed by the presiding officer, special court for economic offences, bihar, muzaffarpur, on march 6, 1992, and february 28, 1992, respectively.2 ..... placed before it, there is no legal bar in giving due regard to the result of the proceedings under the income-tax act, 1961.'thus, only on the ground that some proceeding is pending under the act and there is a chance of success of the assessee the criminal prosecution cannot be quashed against the assessee.21 ..... v. union of india ; amanullah quareshi v. union of india : 1992crilj2781 , and it has been held that the result of the proceeding under the income-tax act is one of the major factors to be considered by the criminal court while deciding a proceeding regarding the relevant assessment year and the resultant finding in the .....

Commissioner of Income-tax, Delhi-ii Vs. O.N. Talwar

Court : Delhi

Reported in : (1980)17CTR(Del)278; [1980]123ITR80(Delhi)

..... an annuity deposit made under chap. xxii-a of the i.t. act, 1961, is received by a person other than the one who actually made the deposit, would the whole or any part of the annual installment received be liable to income-tax that is the question raised in this income-tax reference. 2. shri o. n. talwar, the respondent-assessed, was ..... no more in existence. however, the share of coparceners having been fixed, the annuity returned would constitute income under s. 2(24)(vii) of the i.t. act, 1961, in the hands of each coparcener, notwithstanding the fact that s. 280d of the act as well as the annuity deposit scheme are silent in this behalf.' 24. a contention was raised on ..... behalf of the assessed that the repayment should have been taxed in the hands of the erstwhile karta but .....