Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... 1964 lll itr -short notes of current cases- 2) relied upon by the assessee, examining the retrospective or otherwise nature of the provisions of section 155 of the income tax act, 1961, hon'ble andhra pradesh high court held as follows- (ii) that in the absence of express words or necessary implication to the contrary a statute which was not ..... amendment made to the provisions of section 80p(2)(a)(iii).facts before the apex court in that case are that section 80p(2)(a)(iii)'of the income tax act, 1961 as originally inserted provided that in the case of a co-operative society engaged in (iii) the marketing of the agricultural produce of its members" the whole ..... gathered during the course of search, the commissioner(central) found that there have been several instances of violation of the provisions of section 11 to 13 of the income-tax act, 1961. he accordingly issued a show-cause notice on 15.11.2003 to the assessee, calling for its explanation within ten days from the receipt thereof, in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)288ITR226(Hyd.)
..... doubts" as in all retrospective or declaratory legislations. thus, we have no difficulty in holding that the proviso inserted to section 113 of the income-tax act, 1961, by finance act, 2002, with effect from 1.6.2002 is neither retrospective nor declaratory or clarificatory having retroactive operation. in fact, the memorandum explaining the provisions ..... that such an argument cannot be raised before tribunal. (d)there is no express intendment in the proviso introduced to section 113 of the income-tax act, 1961, by the finance act, 2002, that it is retrospective, though the revenue argues that this is retroactive due to necessary implication. (e)the resolution of the ..... revenue implication in all search cases. it has wide ramifications, and it required an in depth examination of the position of the annual finance acts vis-is the income-tax act, 1961, and also an in depth analysis of the principles of statutory interpretation. for these reasons, and as there are conflicting decisions on this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD84(Hyd.)
..... stood thus, the assessing officer passed orders dated 27-3-1991 under section 154 read with section 254 of income-tax act, 1961 to give effect to the order of the itat dated 15-11-1989. the assessing officer brought to tax the profits arising out of the sale of plots in question as `capital gains'. this order was challenged ..... therefore, i decline to interfere with the assessing officer's order passed under section 143(3) read with section 263 of the it act, 1961 dated 28-3-2001.11. the orders passed by the learned commissioner of income-tax (appeals) were challenged before us and they give rise to the second batch of appeals.12. all these appeals were taken ..... and quasi-judicial controversies as it must in other spheres of human activity. so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)100TTJ(Hyd.)236
..... occasion to deal with the claims of a number of clubs seeking benefits based on the principle of mutuality. in that case, this court held (headnote) under the income-tax act, what is taxed is the 'income, profits and gains' earned or 'arising', 'accruing' to a 'person'. where a number of persons combine together and contribute to a common fund for the financing of some ..... royal western india turf club ltd. , otherwise this court in that judgment had accepted that, in regard to the businesses governed by the doctrine of mutuality, the levy of tax under the income tax act did not arise.8.10 thus, going by the proposition laid down by the hon'ble supreme court, to hold that the assessee cannot claim exemption on principles of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... 10-1994. he worked out the relevant values on the relevant valuation dates by backward calculation applying the cost of inflation index relevant to capital gains under the income-tax act, 1961 to the said compensation. he rejected the claim of the assessee that the values of she jewellery have to be determined on the basis of the report ..... at this juncture, the only questions of material importance the present proceedings are i. how many items of jewellery qualify for exemption under section 47(ix) of the income-tax act, 1961? and ii. whether the amount received as interest by the trustees on 12-1-1995 is taxable or not? to qualify for exemption under section 47(ix), any ..... item has to be a work of art, archaeological, scientific or art collection etc. no definition is available in the income-tax act for the terms 'work of art'. the assessee did not produce any cogent evidence to prove all the items as works of art. therefore efforts were made to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD493(Hyd.)
..... 11 of the i.t.act.the assessing officer held that the assessee violated the provisions of section 13(1 ..... the assessee against the order of the commissioner of income-tax (appeals)-i, hyderabad, dated 12-11-2001, for asst. year 1997-98.2. the assessee is a society registered under section 12a of the income-tax act, 1961. the assessee had filed its return of income for the asst. year 1997-98 on 24-10-1997 declaring 'nil' income after claiming exemption under the provision of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)268ITR23(Hyd.)
..... the facts and in the circumstances of the case, the excise duty paid in advance for importing liquor can be allowed as a deduction under section 43b of the income-tax act, 1961, irrespective of whether the goods have been received during the year under consideration or not?" 2. facts of the case lie in a small compass, but the ..... stock. he further held that such payments were made towards the discharge of a statutory liability and so the deduction was allowable under s.37 of the income-tax act read with s.43b. the cit(a) framed the following issues as arising for consideration in these appeals - "(1) whether the countervailing duty is different from the excise duty (2) ..... not properly be deduced therefrom. it was therefore, not only the right but the duty of the income-tax officer to act in exercise of his statutory powers for determining what, in his opinion, would be the correct income." 39. the decision of the apex court in the case of hindustan sugar mills v/s. state of rajasthan and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
..... area of taxation which is covered by the income-tax act, 1961, which is also an act of parliament operating in its particular field. thus, there is no inconsistency or anomaly between the income-tax act and the rbi act, because these acts operate in different fields. for the proposition that income-tax act and rbi act have different fields of operation, the learned dr ..... debtors' account as amount realisable, the ao held that the same could not be allowed as an expenditure under section 37(1) of the income-tax act, 1961. the cit (a) was of the view that by making a claim in the computation statement without duly reflecting the same in the books of account would ..... force or any instrument having effect by virtue of any such law." as such, the provisions of section 45ja contained in chapter iiib of the rbi act override the income-tax act, 1961, as well as the agreements entered into between the assessee company and its hirer/lessees/loanees.in peerless general finance & investment co. ltd. and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... and shri b.k. gupta are director and managing directorrespectively, of the said company. in the case of these assessees, actionunder section 132 of the income tax act, 1961, was initiated on 24-1-1996and was concluded on 23-4-1996. search was conducted at the registeredoffice of the company and the residential premises of the ..... the revenue authorities as well as all the papers filed before us. the entire dispute in these cases pertains to additions made under section 68 of the income tax act, 1961, in respect of share capital introduced in the case of value line securities (india) ltd. during the course of search and seizure operations, certain share ..... has to be examined with reference to the material in the b possession of the assessing authority having nexus to assessment of undisclosed income. the explanation to section 158ba of the income tax act, 1961, makes it clear that the legislature thought it fit to make a distinction between the block assessment and the regular assessment. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)94ITD219(Hyd.)
..... but in the subsequent years the advance becomes npa the interest accrued and credited into income account should be reversed or provided for in the corresponding previous year. the mode of claiming deduction under the it act was obviously not mentioned in the instruction.10. income-tax act in a self contained code and in order to claim a deduction, it is ..... for the assesses to show that the act provides for such a deduction. it could be seen from the note given ..... off would be possible only if the amount is recognised.8. on the other hand, learned dr submitted that there is no provision under the it act to claim deduction from the total income by passing a reversal entry and in this regard he relied upon the decision of itat, jaipur bench in the case of bank of rajasthan .....
Tag this Judgment!