Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat delhi Page 6 of about 2,011 results (0.192 seconds)

Assistant Commissioner of Vs. Gallium Equipment (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the following question of difference under section 255(4) of the income-tax act, 1961 (hereinafter referred to as the "act"): "whether on the facts and in the circumstances of the present case, the assessee is entitled to deduction under section 80-i of the income-tax act, 1961 on interest income earned on fdrs ?" the assessee-company was found engaged in the ..... the assessee's industrial undertaking. the receipts from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80hh of the income-tax act, 1961." the hon'ble supreme court in this case was dealing with section 80hh.if we look at the section ..... , against the payment of interest on borrowed funds at rs. 6.56 lakhs. for the purpose of allowing the deduction under section 80-i of the income-tax act, the assessing officer did not allow the set off of the interest received on fdr against the payment of interest, by holding that earned interest is not .....

J.C.i.T., Spl. Range-14 Vs. National Agriculture

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)92ITD35(Delhi)

..... the contention has taken the view that the assessment order that had been initially passed in that case (which was under section 18a(5) of the indian income-tax act, 1922) would not be said to have become final in the literal sense of the word and in that behalf this court pointed out that irrespective of ..... decision allowed the appeal of the respondent.as a sequel to this decision section 80(2)(iii) was amended by the income-tax act (second amendment) bill, 1998 and the said bill was passed and became an act as income-tax (second amendment) act, 1998.the clause (iii) was worded earlier as under:- 4. it is pertinent to note that the said ..... entitled for deduction under section 80(p)(2)(a)(iii). however, the decision of supreme court has become redundant as a result of amendment to section 80p vide income tax (second amendment) act, 1998, which has amended the provisions of section 80p(2) with retrospective effect from 1.4.1968 (copy enclosed). the amended provisions read as under:- "( .....

Sarb Consulate Marine Products Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)290ITR128(Delhi)

..... evidences, opposed to evidences on records and based on surmises and conjecture. 13. that determination and inclusion of income of rs. 33,12,96,575/- as alleged unexplained income under section 69 of the income tax act, 1961 is wrong, perverse, not based on evidences, opposed to evidences on records and based on surmises and ..... . 11. that determination and inclusion of income of rs. 2,28,637/- as alleged unexplained expenditure under section 69c of the income tax act, 1961 is wrong, perverse, not based on evidences, opposed to evidences on records and based on surmises and ..... evidences, opposed to evidences on records and based on surmises and conjecture. 10. that determination and inclusion of income of rs. 9,050/- as alleged unexplained expenditure under section 69c of the income tax act, 1961 is wrong, perverse, not based on evidences, opposed to evidences on records and based on surmises and conjecture .....

Lumax Industries Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)282ITR180(Delhi)

..... member) is a party (sic)that it was incumbent upon the assessee company to estimate its total income under the income tax act or its book profit for the purpose of computation of its income under section 115ja and to pay advance tax of such income and having failed to do the same, interest under section 234b and 234c, which is automatic ..... and circumstances involved in that case, hon'ble punjab & haryana high court held that advance tax was payable by the assessee on the current income irrespective of whether the same was computed under section 115ja or under other provisions of the act. it was also held that the provisions of section 234b and 234c are mandatory and the ..... to the determination of quantum of income or loss. levy of tax or interest does not amount to adjustment in the income or loss declared in the return. the tribunal, in our opinion, has committed the basic mistake of treating the levy of interest under sections 234b and 234c of the act at par with the adjustments envisaged .....

Sikkim Janseva Pratisthan (P.) Vs. Dy. Cit, Spl. Range-26

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)5SOT487(Delhi)

..... other competent authority. learned counsel for the assessee submitted that law relating to registration of companies under the sikkim act, 1961 has neither been repealed nor invalidated by the legislature. he further submitted that operation of the income tax act, 1961 was extended to the state of sikkim by notification issued under article 371f with effect from assessment year 1990-91 ..... time in 1975 and, therefore, become a part and parcel of the indian territory. the learned cit (appeals) and the assessing officer failed to appreciate that by notification no : so 148(e), dated 23-2-1989 the income tax act, 1961 was extended to the state of sikkim with effect from 1-4-1989, i.e., assessment year ..... 1989-90 and subsequently by section 26 of the finance act, 1989 the date was postponed to 1-4-1990, i.e., assessment year .....

St. Stephen'S Hospital Vs. Deputy Commissioner Of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)6SOT60(Delhi)

..... vide its letter dated 24-4-2003, it was explained by the assessee that medical profession is covered in the category of profession even under the income tax act and since remuneration paid to the consultant doctors comprised of share in the fees collected from the patients and some minimum amount agreed to be paid to ..... the assessee under the head 'professional fees' and even the concerned consultant doctors had declared the said income in their income-tax returns under the head 'income from profession'. he contended that both the sides thus had acted upon the arrangement between them as a professional assignment and there was no intention to have an employer- ..... employee relationship. he relied on the decision of hon'ble calcutta high court in the case of income tax officer v.calcutta medical research (1999) 107 taxman .....

Pride Foramer S.A. (Formerly Vs. Acit, S.R.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)98ITD249(Delhi)

..... income for the assessment year 1988-89 was filed by the appellant on 5.9.1988. at ..... establishment situated in india. even fees for technical services can be charged to tax only on the net income as per article xvi of the treaty.3. the provisions of indo-french treaty override the provisions of the income tax act, 1961, including section 44bb and 44d. as per the treaty, tax can be charged only on the net profit, if any; derived from ..... source by ongc on payments made to the company be refunded.4. even under the income tax act the unabsorbed depreciation of last year rs. 9,55,59,728/= is available for set off against income in the current year as per the provisions of section 71 and 72 of the income tax act, 1961.8. it is also pertinent to mention that the return of .....

Mange Ram Mittal Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... in holding that as the entries were found in the regular books of account, therefore, it cannot be treated as undisclosed income. the view is contrary to the provisions of chapterxiv-b of the income-tax act, 1961. in chapter xiv-b of the act, special provisions for assessment in search cases have been given and if any amount of ..... income has not been taxed and during the course of search, if some undisclosed income is found on the basis of material seized, that should be treated as undisclosed income as per the ..... claims made by the assessee with regard to exemption and/or deduction. those can be considered under section 143(3) of the said act of 1961, whereas the third income being the undisclosed income is taxed and by way of block assessment resulting in search and seizure. such block assessment is made under section 158ba. the logic behind .....

improvement Trust Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 1. this appeal arises out of the order of commissioner, hissar, passed on 18-3-2004, under section 12aa of the income tax act, 1961, by which registration sought by the assessee was refused. the assessee has taken up 9 grounds of appeal, the 10th is residuary in nature, which does not require any ..... as contemplated under that clause. a local authority is also a "person" under section 2(31) of the act. therefore, the assessee is a person under the income tax act.however, only a trust or an institution can be registered under section 12aa of the act. therefore, the question is whether the assessee is a trust or an institution? it was stressed that section 12aa ..... of societies or with the registrar of documents. the hon'ble tribunal held that in view of clear provisions of law contained in section 12a of the act and rule 17a of the income-tax rules 1962, that cannot be a ground for refusal of registration. it was pointed out by the learned counsel that the instrument of creation was filed, .....

Shri Raghav Bahl Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)111ITD174(Delhi)

..... 03.02.2006. the corresponding order of assessment was passed by the dy. commissioner of income-tax, central circle -iii, new delhi (hereinafter called the assessing officer) under the provisions of section 15 8bc read with section 15 8bd of the income-tax act, 1961.the assessee has taken up four substantive grounds of appeal, the fifth being residuary in nature ..... . ground nos. 1 and 2 are against the findings of the learned cit(appeals) in which he confirmed the action of the assessing officer by which ..... nature of transactions with that party. the question before us is whether the impugned income is liable to be taxed as the udi of the block period, as agitated by the revenue or as income liable to tax under other provisions of the act, as agitated by the learned counsel.6.2 the learned dr also relied on .....