Judgment Search Results Home > Cases Phrase: income tax act 1961 section 145a method of accounting in certain cases Page 1 of about 40 results (0.146 seconds)

The Commissioner of Income Tax-iii Vs. Loknete Balasaheb Desai S.S.K. ...

Court : Mumbai

..... of law :- " whether on the facts and in the circumstances of the case and in law, the itat was justified in holding that under section 145a of the income tax act, 1961 the excise duty element cannot be added to the value of unsold sugar lying in stock on the last day of the accounting year " 2. by consent, appeal is ..... a liability incurred by the assessee under section 145a(b) of the income tax act, 1961 ('the act' for short) and has to be considered for disallowance under section 43b of the act. 5. on appeal filed by the assessee, the cit(a) upheld the order of the assessing officer. according to cit(a), the liability to pay excise duty is incurred on manufacture and ..... not cease to exist. 6. on further appeal filed by the assessee, the itat following the judgment of the madhya pradesh high court in the case of assistant commissioner of income tax -1(1), indore v/s. d & h secheron electrodes p.ltd. reported in (2008) 173 taxman 188 held that the assessing officer was not justified in adding .....

Dell India Pvt Ltd. Vs. Joint Commissioner of Income Tax, Large Tax Pa ...

Court : Karnataka

..... 23-03-2015 whereby the writ petition filed by the appellant challenging the initiation of proceedings under section 147, read with section 148 of the income tax act, 1961 (for short the act'), has been dismissed. 2. briefly stated, the facts of this case are: the appellant/assessee is engaged in the manufacture and sale of ..... 15. for the purpose of deciding this case, the relevant provisions of the income tax act, 1961 would be section 145 (method of accounting), section 145a (method of accounting in certain cases), section 147 (income escaping assessment) and section 148 (issue of notice where income has escaped assessment). for ready reference, the said sections are reproduced below: ..... overruled by the apex court in the case of indian and eastern newspaper society vs commissioner of income tax (1979) 110 itr 996? 3. whether reason to believein the context of section 147 of the income tax act can be based on mere change of opinionof the assessing officer? let the papers be placed before .....

Dell India Pvt Ltd Vs. The Joint Commissioner of Income Tax

Court : Karnataka

..... 03-2015 whereby the writ petition filed by the appellant challenging the initiation of 2 proceedings under section 147, read with section 148 of the income tax act, 1961 (for short the act ), has been dismissed. 2 briefly stated, the facts of this case are: the appellant/assessee is engaged in the manufacture and sale of ..... 15 for the purpose of deciding this case, the relevant provisions of the income tax act, 1961 would be section 145 (method of accounting), section 145a (method of accounting in certain cases), section 147 (income escaping assessment) and section 148 (issue of notice where income 16 has escaped assessment) for ready reference, the said sections are reproduced below ..... specifically overruled by the apex court in the case of indian & eastern newspaper society vs commissioner of income tax (1979) 110 itr996 3 whether reason to believe in the context of section 147 of the income tax act can be based on mere change of opinion of the assessing officer?. 49 let the papers be .....

Commissioner of Income Tax(C)-iii Vs. Svp Industries Ltd

Court : Delhi

..... para 8 of the judgment of this court in the case of commissioner of income tax v. hindustan zinc. ltd. [2007]. 291 itr391161 taxman 162 . (emphasis supplied) 5. we note that the legislature, by finance (no.2) act, 1998, has enacted section 145a of the income tax act, 1961 (act, in short), with effect from april 01, 1999, which reads as under ..... : 145a. method of accounting in certain casesnotwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable ..... , must be added to value the closing stock. this is not the correct position in law and the mandate of section 145a of the act.10. commissioner of income tax (appeals), on examination of the issue, had rightly held that as per the respondent-assessee, the excise duty was payable at the time .....

Deputy Commissioner of Income Tax Vs. Gandhar Oil Refinery (i) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)104TTJ(Mum.)630

1. these appeals filed by the revenue are directed against two orders of cit(a) dt. 20th april, 2001 and 21st may, 2002 at mumbai and arises out of assessment completed under section 143(3) of the it act, 1961.the relevant assessment years are 1999-2000 and 1998-99.2. we have heard both the sides and ..... accounting in certain cases-notwithstanding anything to the contrary contained in section 145, the valuation of purchase and sale of goods and inventory for the purposes of determining the income chargeable under the head "profits and gains of business or profession" shall be- (a) in accordance with the method of accounting regularly employed by the assessee; ..... inventory regularly employed in the books of account. the adjustments provided in this section can be made while computing the income for the purpose of preparing the return of income. these adjustments are as follows: (i) any tax, duty, cess or fee actually paid or incurred or inputs should be added to the cost of inputs (raw .....

Commissioner of Income Tax Vs. Wolkem India Ltd.

Court : Rajasthan

Reported in : (2009)221CTR(Raj)767; [2009]315ITR211(Raj)

1. this appeal under section 260a of the it act, 1961 (for short 'the act of 1961' hereinafter) is directed against order dt. 23rd nov., 2006 passed by the income-tax appellate tribunal, jodhpur bench, jodhpur (for short 'the tribunal' hereinafter) in ita no. 566/jd/2004 in respect of the asst. yr. 2000-01, ..... we have considered the rival submissions and perused the impugned order and other material available on record.9. as per the provisions of section 145a of the act of 1961, the income from business under the head 'profits and gains from business' has to be computed in accordance with method of accounting regularly employed by the assessee. ..... similarly, section 145a of the act of 1961 provides that the inventory shall be valued in accordance with the method of accounting employed by the assessee therefore, if the .....

Sanjeev Woolen Mills Vs. Commissioner of Income Tax, Mumbai

Court : Supreme Court of India

Reported in : AIR2006SC500; (2005)199CTR(SC)441; [2005]279ITR434(SC); 2005(9)SCALE519; (2005)13SCC307

..... returned a loss of rs.54,420/- for the second year. for the first year, the assessee claimed benefit under section 80hhc of the income-tax act 1961 (hereinafter to be referred to as an 'act'). it is the case of the assessee that during the financial year 1991-92, the rupee had undergone de-valuation against u.s. $. ..... 64.85% for accounting year 1991 and, therefore, the method adopted shows artificially inflated profit in order to get the deduction benefit under section 80hhc of the income tax act. while framing the question of law the high court has also framed a question whether in the facts and circumstances of the case and in law, the ..... framed consistently with the ordinary principles of commercial accounting, so far as applicable, and in conformity with the rules of the income-tax act, or of that act as modified by the provisions and schedules of the acts regulating excess profits duty, as the case may be. for example, the ordinary principles of commercial accounting require that in the .....

C. Rajendran and anr. Vs. Income-tax Officer

Court : Chennai

Reported in : (2002)173CTR(Mad)171; [2002]253ITR139(Mad)

..... the company was in tax arrears for the aforementioned two assessment years in the sum of rs. 27,347 and rs. 3,25,976, respectively. in ..... assessment year 1974-75 was rs. 18,855 while the tax liability for the assessment year 1978-79 came to rs. 3,58,174. a notice came to be served to the directors of the company, the petitioners in the writ petition, under section 179(1) of the income-tax act, 1961. by that notice, it was informed to the company that ..... better to remand the matter to the concerned authority who would consider all the aspects and then come to the conclusion regarding the proceeding under section 179(1) of the income-tax act and the resultant action thereof. however, the concerned authority shall be guided by the observations made by us in this order. 13. with this, we partly allow the .....

C. Rajendran and Another Vs. Ito

Court : Chennai

Reported in : [2001]253ITR139(Mad)

..... the company was in tax arrears for the aforementioned two assessment years in the sum of rs. 27,347 and rs. 3,25,976, respectively. in ..... assessment year 1974-75 was rs. 18,855 while the tax liability for the assessment year 1978-79 came to rs. 3,58,174. a notice came to be served to the directors of the company, the petitioners in the writ petition, under section 179(1) of the income tax act, 1961. by that notice, it was informed to the company that ..... better to remand the matter to the concerned authority who would consider all the aspects and then come to the conclusion regarding the proceeding under section 179(1) of the income tax act and the resultant action thereof. however, the concerned authority shall be guided by the observations made by us in this order.with this, we partly allow the appeal, .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Reported in : (1999)65TTJ(Del)1

..... -11-1998, in cw no. 4024/98 observing as under :'the grievance raised in this petition is very limited. penalty proceedings under section 271c of the income tax act, 1961 were initiated and finalised by the deputy commissioner, range 23, new delhi, against the petitioner resulting into a penalty of rs. 6,99,82,700 being ..... against the common order of the commissioner (appeals) for the financial years 1989-90 to 1994-95 confirming the penalties levied under section 271c of the income tax act, 1961. since the facts are common, these appeals have been heard together and are decided by this consolidated order.2. the assessees involved have raised the common ..... may, 1995 : the project office gave information among others as under :'2. mitsui is filing tds returns as required by the income tax act, 1961. the returns are being filed under the jurisdiction of the income tax officer, tds 22(5), new delhi.3. the employees have been provided with some or all of the following payments, allowances and .....