Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat delhi Page 1 of about 2,011 results (0.335 seconds)

Indian Farmers Fertiliser Coop. Vs. Jcit, Range 23

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)105ITD33(Delhi)

..... and the gist thereof is that the order passed by the ao on 28-2-2003 purporting to be an order passed under section 147/143(3)/154 of the income tax act is bad in law, without jurisdiction, time-barred and at any rate the issue sought to be rectified is a debatable one not amenable to rectification under section 154.2 ..... present act has been broadly fashioned on the lines ..... section 35(1) of the old act which was similar to section 154(1) of the 1961 act did not apply to a case where the mistake arose out of the disposal of another case. the law was amended later by inserting sub-section (5) to section 35 with effect from 1-4-1952 by the indian income-tax (amendment) act, 1953. section 155 of the .....

Smt. Saroj Gupta Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)106TTJ(Delhi)1073

..... assessment for the asst. yrs. 1988-89 and 1989-90 were made on the direction of the learned cit(a) given in the asst. yr.1990-91 and, therefore, the reopening was valid in terms of section 150(1) of the it act, 1961. he further submitted that the reasons for the reopening of the assessment were recorded by the ao before ..... ). it was also the argument of the counsel for the assessee that where the assessee had disclosed all material facts and full disclosure was made in the return of income regarding construction of property and its investment was supported by report of registered valuer, it cannot be said that full disclosure was not made by the assessee. it was ..... of house property was at rs. 3,27,783 and this was duly supported by the valuation report of the registered valuer which was furnished with the return of income. the assessee also submitted a fresh valuation report from another registered valuer dt. 11th may, 1995 showing the total investment in the house property at rs. 9,59 .....

Deputy Commissioner of Income Tax Vs. Insilco Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... of convenience are disposed of by this consolidated order. 1. on the facts and in the circumstances of the case and in law, the cit(a) has erred in deleting the interest charged under section 220(2) of the it act, 1961 amounting to rs. 1,30,10,582; 2. on the facts and in the circumstances of the case and in law, the ..... cit(a) has erred in directing the ao to allow proportionate credit of tds of rs. 68,98,588 in either asst. yr. 1992-93 or 1993-94, when the entire interest income corresponding to tds of ..... to be allowed by the ao in asst. yr. 1992-93. as per the provisions of section 199 of the act, the credit for the tds was to be allowed in the year in which such income was assessable to tax. addl. cit, range-11 delhi, accordingly, directed the ao to withdraw the credit of tds of rs. 68,98,588 in asst. yr .....

Pradeep Agencies-joint Venture Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)346

..... generally held that once the ito opted for one course, the other course was barred to him. referring to the provisions of section 4 of 1961 act, they observed that income-tax shall be charged on the total income of 'every person' and the expression 'person' as defined in clause (31) of section 2 merely says that the expression 'person' includes ..... provisions, they referred to section 4 of the 1961 act [before it was amended by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989] which reads thus: 4. (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be ..... the course of assessment proceedings the assessee was required to explain as to why its income of rs. 2,37,55,912 should not be charged to tax in the status of aop under the provisions of section 167b(2) of it act, 1961 (for short "1961 act"). in reply, it was submitted that the aop has distributed the profit amongst its .....

M/S. L.G. Electronics India Private Limited Vs. the Asstt. Commissione ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... ld. ar contended that the us regulations incorporate the bright line test within its legislation. in the absence of any such incorporation under the relevant provisions of the income-tax act, 1961, the ld. ar contended that taking cognizance of this test for denial of deduction of amp expenses was unwarranted. it was further submitted that the revenue authorities ..... notice during the course of proceedings. 7.2. the ld. counsel submitted that section 92ca of the income-tax act, 1961 (hereinafter also called `the act') has undergone certain changes. he referred to sub-section (2a) of section 92ca, inserted by the finance act 2011 w.e.f. 1-6-2011, as per which, where any other international transaction, apart ..... arm's length, it can be adjusted to bring it at arm's length, with reference to and under the chapter x of the income tax act, 1961, and not otherwise. 25. the finance act, 2001, has substituted the existing section 92 by new section 92 and 92a to 92f. according to the above provisions .....

M/S Integra Capital Management Ltd. Vs. Dcit, Circle 11(1)

Court : Income Tax Appellate Tribunal ITAT Delhi

..... on 29.2.2008 notice under section 263 of the income tax act, 1961 was issued by the commissioner of income tax (appeals)_iv, new delhi. thereafter an order under section 263 of the income tax act, 1961 was passed on 28.3.2008 setting aside the order under section 2 143(3) of the income tax act, 1961 dt. 28.2.2006 and the assessing officer was ..... dt. 25.9.2009 upheld the order under section 263 of the income tax act, 1961. 4. the assessing officer initiated fresh assessment proceedings. on 7.11.2008 he passed a fresh assessment order under section 143(3) of the income tax act, 1961 read with s.263 of the income tax act, 1961 at para 1.2 wherein it was held as follows:- "1. ..... clear that this expenditure, in the assessee's view, was in the revenue field. 18. the commissioner of income tax (appeals) was wrong to record that the cit-iv in his order under section 263 of the income tax act, 1961 directed the assessing officer to treat the entire expenditure of rs.9,49,039/- as capital in nature and .....

Sumitomo Corporation India Private Limited Vs. Deputy Commissioner of ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... was also required to explain as to why berry ratio was used to benchmark international transaction of the tested party. transfer pricing officer noted that the income tax act or income tax rule do not permit the use of 'operating expenses' in the base which do not include the cost of sales. in accordance with the provision of ..... to state whether similar 'gross profit' and 'cost' have been adopted in the case of comparables also. 5. it may be mentioned over here the income tax act or income tax rules do not permit the use of 'operating expenses' in the base which do not include the cost of sales. in accordance with the provision of rule ..... uncontrolled transaction to account for the material impact of the economic differences between the controlled and uncontrolled transactions as mandated under rule 10b(3) of the income tax rules 1961. 6. that the learned aoitpoidrp has erred in holding that the appellant has created human and supply chain intangibles for which it is not being adequately .....

Dy. Commissioner of Income Tax and Another Vs. M/S Chandra Global Fina ...

Court : Income Tax Appellate Tribunal ITAT Delhi

..... for scrutiny and a notice u/s 143(2) of the income tax act, 1961 (for short the act) was served on the assessee. during the assessment proceedings, the assessing officer observed that the assessee had an income from sale of investment and he treated the same as business income instead of income under the head "capital gains". with this observation, the amount ..... case, the ld. cit(a) has erred in confirming the addition of rs.38,637/-." c.o. no.1 ..... on the facts and in the circumstances of the case, the ld. cit(a)-iv, new delhi has erred in confirming the disallowance of rs.23,087/- u/s 14a of the i.t. act, 1961 on estimated basis without identifying any expenditure incurred for earning tax free/exempted income. 2. that on the facts and in the circumstances of the .....

Romer Labs Singapore Pte. Ltd. Vs. Adit, Tax Circle 2(1)

Court : Income Tax Appellate Tribunal ITAT Delhi

..... from this authority on the question whether the fee was taxable in india. the authority ruled: (i) there is some difference between section 9 of the income-tax act, 1961 and article 12 of the agreement for the avoidance of double taxation between india and canada in the definition of fee for technical/included services , inasmuch as the ..... limited (288 itr 408). 7. that, on facts and circumstances of the case and in law, the learned cit (a) erred in upholding levy of interest under section 234a, 234b and 234c of the income-tax act, 1961. the only issue involved in these grounds is regarding taxability of rs.28,76,271/- which the assessee received for ..... is at variance from the definition of fees for technical services as per the indian income-tax act, 1961 and definition of fee for technical services under indo-france tax treaty and also definition of royalty under indo-canada and indo-usa tax treaty. for this purpose, the ld. ar submitted a chart which is reproduced as under:-definition .....

M/S Filatex India Ltd. and Another Vs. Dcit and Another

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the position is perhaps a little simpler because it is a recurrent claim. under the definition contained under section 32 read with section 43(1) and (6) of income tax act, the depreciation as to be allowed on thereof in earlier years, thus, where the cost of assets subsequently goes up because of devaluation, whatever might have been ..... the case may be with reference to rate prevailing on last days of financial year in which that fluctuation occurs." 9. considering the above, ld. commissioner of income tax (a) held that he was of the opinion that before amendment to section 43a any loss suffered by the assessee on account of foreign exchange fluctuation has to ..... 23,324/-22001-0217,88,990/-32002-0327,29,513/-42003-0431,71,944/-52004-0511,21,235/- total91,84,006/- 3. before the ld. commissioner of income tax (a) assessee submitted that the allegations of suppression of sales against the assessee was erroneous. it was submitted that certain documents were seized by the excise authorities which .....