Court : Rajasthan
Reported in : [2009]185TAXMAN274(Raj)
..... petitions.4. counsel further submits that very assessments impugned made by assessing authority since have not been made in accordance with provisions of the income tax act, 1961 ('it act'), are without jurisdiction and that apart, certain pleas raised being not considered by assessing authority has caused prejudice to them.5. respondents ..... entered into a caveat and filed their reply wherein preliminary objection has been raised that statutory remedy of appeal before commissioner income tax (appeals) under section 246a of it act as contained in chapter xx, is available to petitioners (assessee); and without availing of statutory remedy, petitioners have rushed to ..... the constitution. counsel for the respondents (revenue) further submits that proceedings are initiated against respective assessee-petitioner under section 143(3) of it act after procedure as provided under law being followed and after due compliance of principles of naturla justice, the assessing authority has passed order of .....
Tag this Judgment!Court : Rajasthan
Reported in : 2009CriLJ1397; 2009(1)WLN133
..... provides for a remedy of revision, writ jurisdiction cannot be invoked.19. a constitution bench of the hon'ble supreme court, in k.s. rashid & sons v. income tax investigation commission and ors. air 1954 sc 207, held that article 226 of the constitution confers on all the high courts a very wide power in the matter of ..... statutory remedy of appeal/revision available to a person, the writ jurisdiction should not be invoked in such matters.16. in c.a. ibraham v. i.t.o. : [1961]41itr425(sc) and h.b. gandhi v. gopinath & sons , the hon'ble apex court held that where hierarchy of appeals is provided by the statute, party must exhaust ..... supreme court held in categorical terms that the writ petition under article 226 of the constitution of india should not be entertained when the statutory remedy is available under the act unless exceptional circumstances are made out.26. in uttaranchal forest development corporation v. jabar singh and ors. : (2007)iillj95sc , the hon'ble supreme court held that .....
Tag this Judgment!Court : Rajasthan
Reported in : [2009]176TAXMAN404(Raj)
..... bank on various loans extended to its employees from deposit of p.f. and housing loan is eligible to be exempted under section 80p(2)(a)(i) of the act, 1961.2. the necessary facts are that the assessee is a co-operative society, and carries on banking activities, including providing credit facilities to its members. in the ..... cost, or recovery and forfeiture of the security of the employees, is attributable to the activity of carrying on business of banking. therefore, it was found, that entire income in respect of the aforesaid activity does form part of, and is attributable to carrying on business, of banking, and is thus, exempt. it was also noticed, that ..... world tax 286, of course in this judgment, it has been held, that advancement being essential part of the activity of banking business, the interest earned by the assessee on advance, to staff can be said to be attributable to the business of banking, and as such, income was eligible for deduction, under section 80p(2)(a)(i). .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)217CTR(Raj)497
..... the property by recourse to section 147/148 of the income tax act, 1961?(2) if so, whether recourse to section 147/148 as on the date noticed were issued for the assessment were within the limitation for initiating proceedings under ..... whether in the facts and circumstances of the case annual value of the property in question had been assessed to tax as income from house property under section 22 under part c of chapter 4 of the income tax act, 1961 and subsequent increase in the actual rent with retrospective effect could result in re-assessment of the annual value of ..... effect, does not come within the purview of any of the provisions of section 5 of the income-tax act, 1961, and thus it was found, that the tribunal was not justified in directing the assessing officer to re-compute the income from the house property, on the basis of enhanced rent, sanctioned and agreed after the close of .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)218CTR(Raj)417; [2009]316ITR391(Raj); [2009]178TAXMAN304(Raj)
..... part of transaction price of sale a purchase of securities is taxable as income from profits and gains of business?(ii) whether taxability of such interest on securities subject of transaction ..... )(a) for raising a demand of tax and additional tax on that basis.?2. while the other three appeals have been admitted vide order dt. 13.12.2005, by framing the following three substantial questions of law:(i) whether since sections 18 to 21 have been deleted from the income tax act, 1961 the interest on securities, that becomes ..... at the question framed therein, does show, that the precise question was, as to whether deduction 9 could be claimed under sections 19, 20 and 37 of the income tax act, for the amount of rs. 58,568, being interest accrued on securities taken over by the assessee bank, from jayalakshmi bank ltd., and rs. 11,630/- .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)215CTR(Raj)315; [2008]306ITR363(Raj)
..... are by the revenue, seeking to challenge the order of the itat, upholding the acceptance of the application of the assessee, filed under section 154 of the income tax act, while civil writ, being no. 2568/1993, is by the assessee.2. first of all, we take up the appeals of the revenue. the ..... tax, mentioned therein. the assessee thereupon filed application under section 154 of the act, which was rejected by the dy. commissioner (assessment), special range. however, the learned commissioner set aside that order, and allowed application under section 154, and that order of the commissioner has been upheld by the learned itat.5. the controversy related to taxability of the interest income ..... to receive. likewise, it has also been propounded by honble the supreme court, that if income does not result at all, there can be no tax, even though, in book keeping, an entry is made about hypothetical income, which does not materialize. 7. learned counsel for the revenue relied upon a recent judgment .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)214CTR(Raj)696; [2009]312ITR179(Raj)
..... dt. 17.12.2004, by framing following substantial questions of law. 1. whether the jurisdiction of assessing officer for assessment of undisclosed income in a block assessment under section 158bb of the income tax act, 1961 is limited to the material found during the search or on the basis of information available the assessing officer could estimate the ..... income to the best of his judgment de hors the material on record, appreciating the factual circumstances of the case?2. whether ..... therefore, the assessment cannot be said to be time barred.5. we have considered the rival submissions, and have gone through the various provisions of the income tax act, and the relevant case law. 6. since the question involved in the cross objection goes to the root of the matter, inasmuch as if that question .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)215CTR(Raj)36; [2009]315ITR197(Raj)
munishwar nath bhandari, j.1. revenue has preferred this reference application under the provisions of section 256(2) of the it act, 1961 (hereinafter referred to as 'the act of 1961'). the income- tax appellate tribunal (hereinafter referred to as 'the tribunal') refused to make reference under the order dt. 17th feb., 1999.2. a ..... reference application was earlier filed before the tribunal under the provisions of section 256(1) of the it act, for reference of certain questions to this ..... facts and in the circumstances of the case, the tribunal was justified in law in holding that while making block assessment under chapter xiv-b of the it act, 1961, estimated addition on account of unrecorded household expenses was not permissible to make?3. the learned tribunal, vide its order dt. 17th feb., 1999, dismissed .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)16VST387(Raj)
..... be done after satisfying the requirements of article 304(b).13. in atiabari tea co.'s case : [1961]1scr809 considering the fact that the assam taxation (on goods carried by roads and inland waterways) act, 1954, which imposed the impugned tax had put a direct restriction on the freedom of trade and since the state legislature had not complied with ..... always in public interest. ordinarily it may be so but it cannot be posited that there cannot be any exceptions to it. a taxing law may be in public interest in the sense that the income realised may be used for public good, but there may be occasions when the rate or the mode of taxation may be so ..... levy is with a purpose that question of compensatory nature of tax arises in the sense that whether there is a proportionality between tax collected and the amount spent for the purpose for which the tax is levied vis-a-vis providing facilities to trade and commerce. if the income and outgoing are approximately in proportion to each other the working .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)210CTR(Raj)553; RLW2007(4)Raj3133
..... were 13 partners in the year 1979 which number fell down to 12 in the year 1984, but this partnership was meant only for the purpose of saving income-tax. none of these partners except 1 and 2 had any title in the land. the vendor agreed to sell part of her share to the intending buyer on ..... authority after receiving the report from the valuation officer issued a show cause notice to the appellants on 8th march, 1994 under section 269ud(1a) of the it act, 1961 stating therein that apparent sale consideration as disclosed by the appellants was on lower side for various reasons and that in fact the value of the land was much ..... accepting the rates notified by the government for registration of the conveyance deeds which have since received legislative recognition in newly inserted provision of section 50c of the it act. the learned single judge has thus proceeded to pass his judgment on the basis of presumptions and surmises, the impugned judgment is therefore suffering from error apparent .....
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