Court : Delhi
..... as such income shown by the assessee as per profit and loss account is not in accordance with section 145 and 145a of the income tax act. ..... it was next urged that the assessee claimed benefit of section 80 ic of the income tax act, 1961 for the first time for ay201011. ..... the relevant statutory provisions governing the special audit are incorporated in section 142 of the income tax act which is titled "inquiry before assessment". ..... previous approval of the chief commissioner or commissioner, direct the assessee to get the accounts audited by an accountant, as defined (2) of section 288, nominated by the chief commissioner or commissioner in this behalf and to furnish a report of such audit in the prescribed form7 duly signed and verified by such accountant and setting forth such particulars as may be prescribed and such other particulars as the assessing officer may require : the explanation below sub-section in [provided that the assessing officer shall not direct the assessee to get the ..... 9.7 the assessee company has claimed deduction under section 801c of the income tax act, 1961 for the first time for assessment year 2010-11. ..... however, it failed to justify the maintenance of such a large number of accounts, accordingly it was observed that in the return of income the assessee company had mentioned the system of accounting followed as cash whereas the tax audit report mentioned it to be mercantile. .....
Tag this Judgment!Court : Supreme Court of India
..... act 30 of 1987 relates to accounts and audit and, under sub-section (2)(a) thereof, the accounts of every charitable institution the annual income of which, as calculated for the purpose of section 65 for the financial year immediately preceding, exceeds rupees one lakh, shall be subject to concurrent audit by an agency specified by the government, and the audit shall take place as and when expenditure is incurred. ..... act 30 of 1987 and section 2(15) of the income-tax act and, inasmuch as a.p. ..... section 2(15) of the income-tax act defines charitable purpose to include education . ..... of these appeals3 is the rejection of the appellants claim for registration as a fund or trust or institution or any university or other educational institution (hereinafter collectively referred to as institution / trust ) set up for the charitable purpose of education, under the income tax act, 1961 (hereinafter, it act ). ..... the conditions embodied in the six provisos dealt with genuineness of activities of the institution - application of income or its accumulation for its application in future to be wholly and exclusively for the objects for which the institution had been established, and allowing profits and gains for the purpose of exclusion, subject to the business being incidental to the attainment of its objectives and maintenance of separate books of accounts. .....
Tag this Judgment!Court : Supreme Court of India
..... provided also that the audits conducted under section 44ad, 44ae and 44af of the income-tax act, 1961 shall not be taken into account for the purpose of reckoning the specified number of tax audit assignments . ..... to persons other than members of the council or in any other manner, of research in accountancy; (l) the maintenance of a library and publication of books and periodicals relating to accountancy; (m) to enable functioning of the director (discipline), the board of discipline, the disciplinary committee and the appellate authority constituted under the provisions of this act; (n) to enable functioning of the quality review board; (o) consideration of the recommendations of the quality review board made under clause (a) of section 28b and the details of action taken thereon in its annual report ..... of enrolment; (f) the granting or refusal of certificates of practice under this act; (g) the maintenance and publication of a register of persons qualified to practice as chartered accountants; (h) the levy and collection of fees from members, examinees and other persons; (i) subject to the orders of the appropriate authorities under the act, the removal of names from the register and the restoration to the register of names which have been removed; (j) the regulation and maintenance of the status and standard of professional qualifications of members of the institute; (k) the carrying out .....
Tag this Judgment!Court : US Supreme Court
..... 17 critical examination of the different parts of the act of congress in question, was that the tax of five percent laid in the 122d section, was a tax upon the coupon or interest -- that is to say a tax on the thing, and not on haight's income, and therefore that under the contract in the mortgage it was to be paid by the company from its own property and not from haight's. ..... ;, the debt and interest, " without any deduction, defalcation or abatement to be made of anything for or in respect of any taxes, charges or assessments whatsoever " does not oblige the company to pay the interest on its bonds clear of the duty of five percent which by the 122d section of the revenue, act of 1864, such companies "are authorized to deduct and withhold from all payments on account of any interest or coupons due and payable. ..... been thus: the 122d section of the internal revenue act of 1864, provides that "any railroad company indebted for any money for which bonds have been issued upon which interest is payable shall be subject to and pay a duty of five percent on the amount of all such interest whenever the same shall be payable, and said company are authorized to deduct and withhold from all payments on account of any interest or coupons due and payable as aforesaid, the duty .....
Tag this Judgment!Court : US Supreme Court
..... the present case was thus: a statute of massachusetts of 1862 (entitled "an act to levy taxes on certain insurance companies and on depositors in savings banks") provides by its fourth section that every institution for savings incorporated under the laws of that commonwealth should pay to the commonwealth " a tax on account of its depositors of one-half of one percent per annum [ footnote 1 ] on the amount of its deposits, to be assessed one-half of said annual tax on the average amount of its deposits for the six months ..... court prior to the present case, in two cases not involving any question under the judiciary act and by long usage, a statute which enacts that every institution for saving incorporated under the laws of that commonwealth shall pay to the commonwealth "a tax on account of its depositors" of a certain percentage "on the amount of its deposits, to be assessed, one-half of said annual tax on the average amount of its deposits for the six months preceding the 1st of may ..... by their charter, the corporation defendants were empowered to receive deposits from any person or persons disposed to become depositors and to use and improve the same to the best advantage, but they were require to apply and divide the income or profit thereof, with reasonable deductions, among the persons making the deposits. .....
Tag this Judgment!Court : US Supreme Court
..... charters were subsequently granted by the state to savings and building associations, which are stock companies, and the tax act of 1857 was so modified as to include the ..... is vested in the corporation by its charter to receive such deposits in trust for the owner, and to loan, use, and improve the same, and to apply and divide the net income and profits thereof in just proportions among the persons making such deposits, subject to certain reasonable deductions as ..... the legislature of connecticut, in 1863, enacted that the several savings banks in the state should make annual return to the comptroller of public accounts "of the total amounts of all deposits" in them respectively on the first day of july in each successive year, and that each should annually pay to the treasurer of the state "a sum equal to three-fourths of one percent on the total amount of deposits" in such savings bank ..... whole amount of deposits in the defendant bank on the first day of july, 1863, was $4,758,273.37, of which the sum of $500,161 was then invested and held in securities of the united states, declared by act of congress to be exempt from taxation, as appears by the return of the treasurer of the bank to the comptroller of public accounts and by the agreed statement in the record. ..... [ footnote 3 ] institutions called savings and building associations are also embraced in the same provision, but the clauses of the section having respect to such associations are omitted, as they are not in any view .....
Tag this Judgment!Court : US Supreme Court
..... whether that portion of the ninth section of the internal revenue act of july, 1866, above quoted," "is to be construed as merely providing a rule as to the currency in which accounts, returns, and lists are to be stated, with a view to uniformity in keeping the accounts of internal revenue, or whether it is to be construed as denying to a person who has received in coined money, incomes or other moneys subject to tax or duty, the right to return the amount thereof in the currency in which it was actually received, and to pay the tax or duty thereon in legal tender ..... is: "whether that portion of the ninth (9th) section of the act of congress, approved july 13, 1866, entitled 'an act to reduce internal taxation,' and to amend an act, entitled 'an act to provide internal revenue to support the government, to pay interest on the public debt, and for other purposes,' approved june 30, 1864, and acts amendatory thereof, which provides as follows, to-wit:" " that it shall be the duty of all persons required to make returns or lists of income, and articles or objects charged with an internal tax, to declare in such returns or lists whether .....
Tag this Judgment!Court : US Supreme Court
..... ;" in the erection and furnishing of the college and outbuildings, the whole fund of $2,000,000 was exhausted, and the whole income of the final residuary fund was now habitually drawn upon for the maintenance and education of the orphans, numbering, at the time when the bill was filed, about three hundred and thirty and limited to this number because the income from even the residuary fund was inadequate to the maintenance and education of a greater number. ..... in this state of things, certain heirs of girard filed their bill in the court below praying an account and that a master might be appointed to inquire into the gross value, and then present capacity for annual yield of the coal lands, and if such an inquiry showed a capacity for affording income "immensely" beyond all the wants of the college, and all proper charges on the estate, that then, if the court should be of opinion that the whole residuary estate was ..... by the consolidation act, it may be well to add, the councils of the city, in laying taxes, were required so to lay them as to show how much was laid for each object supported respectively, and this exhibition was required by the act to be printed on the tax bills furnished to the taxpayers, as thus: "for the relief of the poor, 15 cents in the $100 of the assessed value of said property. .....
Tag this Judgment!Court : US Supreme Court
..... ;, owned in the united states by any citizen residing abroad, a tax of 5 percent the next act was passed july 1, 1862, [ footnote 3 ] and the 90th section of it directed that there should be levied and collected a tax of 3 percent on the annual income of every person residing in the united states, over $600 and under $10,000, and when exceeding $10,000, a tax of 5 percent; and upon the income of citizens residing abroad, a tax of 5 percent. ..... subsequent sections [ footnote 5 ] provided for the deduction from all payments on account of interest arising out of bonds of railroad companies, as in the act of july 1, 1862, and enacted that the payment by the company of the said duty so deducted from the interest, should discharge the company from that amount of interest on the bonds "so held by any person or persons whatever," except where ..... to them a reasonable construction, it was believed not to be the intent of congress to impose an income tax on nonresident aliens; that they were not only not included in the description of persons upon whom the tax was imposed, but were impliedly excluded by confining it to residents of the united states and citizens residing abroad, and that the deduction from the prescribed income of the interest on these railroad bonds, when paid by the companies, was regarded as simply a mode of collecting this .....
Tag this Judgment!Court : US Supreme Court
..... this latter tax was apportioned, agreeably to the direction of the constitution, among the several states in proportion to their respective numbers, and it was provided that if the act could not be carried into execution in any state in consequence of rebellion, it should be the duty of the president to proceed, as soon as the authority of the united states should be reestablished therein, to collect both the land tax and the income tax, with six percent interest. ..... clause of the 4th section of the act of 1862 -- which clause enacts "that the title of, in, and to each and every piece and parcel of land upon which said tax has not been paid as above provided shall thereupon become forfeited to the united states" does not operate proprio vigore, to vest the title of the land in the united states upon nonpayment of the tax, that clause being followed immediately by another which says "and upon the sale hereinafter ..... " the 7th section, as amended by the act of february 6, 1863, [ footnote 3 ] required the board of tax commissioners in case the taxes charged on the lands should not be paid agreeably to the provisions of the 3d section, to advertise the property for sale and to sell the same to the highest bidder for a sum not less than the taxes, penalty, and costs and ten percent per annum interest on the tax. .....
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