Judgment Search Results Home > Cases Phrase: income tax act 1961 section 145a method of accounting in certain cases Court: mumbai Page 1 of about 10 results (0.112 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 .....

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 .....

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD129(Mum.)

..... 37(3) only and not any other section. in that view of the matter, if an expenditure or allowance is allowable under sections of 1961 act and other sections of the income-tax act, 1961, the allowance cannot be withdrawn or denied to the assessee because of the prohibitory provision to section 37(4). similar view was taken in the ..... the contention that rent was allowable under section 30 and in respect of the maintenance expenses under section 31, and, therefore, neither section 37(3) of the income-tax act, 1961, nor any rules made thereunder were applicable to the case. the tribunal considered the submissions that expenditure of rs. 4,200 on rent and rs. 1, ..... referred to the hon'ble president under section 255(4) of the income-tax act, 1961 as under : "whether, the rent, repairs and taxes pertaining to the guest house maintained by the assessee can be disallowed by resorting to the provisions of section 37(4) of the income-tax act, 1961 ?" 1. the learned members have been unable to agree on an .....

Asstt. Cit Vs. Crystal Granite and Marble Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... supreme court has been dismissed, it may be relevant to mention that the said judgment was rendered in the context of the provisions of section 115ja of the income tax act which has ceased to be effective from the assessment year 1991-92. in section 115j, there was no provision similar to sub-section (4) in section ..... ., would apply in respect of the provisions of section 115ja. for the matters not provided in section 115ja, one has to turn to other provisions of the income tax act which have been made mutatis mutandis applicable to the assessees falling under section 115ja.6. next issue for consideration is as to whether the provisions relating to payment ..... sub-section (4) has two critical limbs: one, it provides primacy to the matters covered by section 115ja; and, two, it makes other provisions of the income tax act applicable to the assessees falling under section 115ja. we shall now concentrate as to what section 115ja provides for. on careful analysis of section 115ja, it is quite .....

Cit Vs. Kotak Mahindra Finance Ltd.

Court : Mumbai

Reported in : [2003]130TAXMAN730(Bom)

..... tax. under section 207 of the income tax act, advance tax is payable during any financial year in respect of the ,current income. the words 'current income' are very crucial. the words 'current income' refer to computation of total income under the provisions of the income tax act including section 115j. under section 207 of the income tax act, the words 'total income ..... ' have been equated to the expression 'current income ..... shall apply. that, section 234b and section 234c have not curved out any exceptions for section 115j of the income tax act. he, therefore, contended that in this case both sections 234b and 234c are applicable.mr. irani learned counsel .....

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.... .....

Mohananlal M. Shah Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD669(Mum.)

..... assessing the total income by wrongly applying the provisions of section 14a of the act. (b) (i) your appellant submits that the said interest was ..... 1. this appeal by the assessee is against the order of cit(a), central-ill, mumbai dated 23-10-2002 relating to assessment year 1999-2000 against the order under section 143(3) of the income-tax act, 1961. (a) the ld. cit(a) erred in law and on facts in upholding the order of the assessing officer for disallowing interest of rs. 2,81,889 while .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of dta with japan, no disallowance can be made under rule 6d, section 40a(3), section 40a(12), section 37(2a) and section 43b of the income tax act, 1961. article 111(3) in the relevant dta relating to the year under consideration only provides that in determining the industrial or commercial profits of a permanent establishment, there ..... by the assessee and is directed against the order dated 15-1-2001 by the commissioner (appeals) in the matter of assessment under section 143(3) of the income tax act, 1961, for the assessment year 1997-98.2. ground nos. 1, as raised in the grounds of appeal before us, was stated to be not pressed. as ..... on net basis, ie., 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 byway of royalties and fees for technical services received by foreign companies from indian concerns.... 26.3 as .....

Sunderlal Daga (Decd.) and Another (Through Lrs) Vs. Tax Recovery Offi ...

Court : Mumbai

Reported in : [1997]225ITR10(Bom)

..... the alleged sale deeds in favour of the writ petitioners are violative of section 230a of the income-tax act, 1961 (for short 'the i.t. act'). apart from finding that the aforesaid sale deeds are violative of section 230a of the income-tax act, the first respondent also found that the property did not belong to the aforesaid firm; and ..... order, annexure 'e', reveals, the first respondent rejected the claim by the petitioners chiefly on two grounds, viz., the sale deeds violate section 230a of the income-tax act, and since the vendor or petitioners had no title to convey, the objections to the attachment are 'redundant'. the first respondent also is of the view that ..... section 281 of the income-tax act has no application as the vendors are not the defaulters. in the context of the aforesaid factors and arguments, it would be convenient first to advert to .....

Elphinstone Spinning and Weaving Mills Co. Ltd. Vs. Commissioner of In ...

Court : Mumbai

Reported in : (1956)58BOMLR32; [1955]28ITR811(Bom)

..... which is the subject-matter of interpretation upon this reference : 'provided that in the case of a company which, in respect of its profits liable to tax under the income-tax act for the year ending on the 31st day of march, 1952, has made the prescribed arrangements for the declaration and payment within the territory of india excluding ..... which accrued to it in the year preceding to the previous year and there is no provision in the income-tax act for taxing income of this character. the finance act could have provided that in the income of the previous year certain income which was not made or not accrued in that particular year should be included, but we do not ..... urged by the advocate-general may be noticed. one is that in the proviso the expression '......a company which, in respect of its profits liable to tax under the income-tax act for the year ending on the 31st day of march, 1952, has made the prescribed arrangements for the declaration and payment within the territory of india .....