Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)98ITD357(Hyd.)
..... any circumstance. therefore, having regard to the ground realities and having regard to the meaning assigned to the term "owner" under the income-tax act, since asbestos centre is receiving income from the impugned property in its own right, transfer of title per se falls into insignificance and for all practical purposes the asbestos centre ..... to utilise the property the ownership does not pale into insignificance. he also pointed out that under the wealth-tax act, value of a property belonging to that person is taxable unlike the income-tax act, where section 22 of the act recognises an "owner" of the property. it may be relevant to extract the observations of the apex ..... the company, it has to be treated as "productive asset" and thus falls outside the purview of section 2(ea) of the wealth-tax act.6. the learned commissioner of income-tax (appeals) observed that the impugned property was determined as excess land under the ulca and consequently such excess land vests with the government .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)105ITD344(Hyd.)
..... their say, in the face of the letter of the assessing officer dated 29.12.2004, which prompted the cit(a) to draw the above adverse inferences against the assessees. further, the notice is issued by the cit(a) under section 154 of the income tax act, which deals with the rectification of mistakes apparent from record. in the instant case, even though in the ..... result, both the kinds of appeals before the cit(a) have been rejected, the earlier order discussing in detail on merits dismissed the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)112TTJ(Hyd.)654
..... aside. the commissioner (appeals) while holding that the contracts entered into by the appellant are works contract, lost sight of the relevant provisions of the income tax act, 1961, valid lesls and guidelines laid down by various benches of income tax appellate tribunal, the jurisdictional high court/other high courts as well as the hon'bte supreme court. the hon'ble jurisdictional high court in the ..... claim on account of the same. however, wherever sale-in-transit is effected, powergrid shall issue requisite sales tax declaration forms to you.in respect of erection contracts, the assessee had deducted taxes at source duly applying the provisions of section 194c of the income tax act, 1961. in so far as the supply contracts are concerned, the assessee did not make any deduction, on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD340(Hyd.)
..... aside. the commissioner (appeals) while holding that the contracts entered into by the appellant are works contract, lost sight of the relevant provisions of the income-tax act, 1961, valid tests and guidelines laid down by various benches of income-tax, appellate tribunal, the jurisdictional high court/other high courts as well as the hon'ble supreme court. the hon'ble jurisdictional high court in the ..... claim on account of the same. however, wherever sale-in-transit is effected, powergrid shall issue requisite sales tax declaration forms to you.in respect of erection contracts, the assessee had deducted taxes at source duly applying the provisions of section 194c of the income-tax act, 1961. insofar as the supply contracts are concerned, the assessee did not make any deduction, on the ground that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : 195629ITR206(Hyd.)
..... to paragraph 2 of the taxation laws (part b states) (removal of difficulties) order, 1950, purporting to have been made under section 60a of the indian income-tax act is valid in law (2) if the answer to question no. 1 is in the affirmation, whether the central government had the power to pass an order with ..... in the indian income-tax act, and the question was whether the value of the assets should be written down under the hyderabad income-tax act and depreciation allowed on the value under section 10(2)(vi) of the indian income-tax act. this contention was sought to be supported by the provisions ..... cost of the assets acquired 40 years earlier. prior to the assessment year 1950-51 when the indian income-tax act was applied to all part b states including the hyderabad state, there was in existence the hyderabad income-tax act, under which depreciation was allowed on the written down value of the assets. no corresponding provision existed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD67(Hyd.)
..... nandyal, was carrying on business in iron, etc., at nandyal, having been constituted under a deed of partnership dated 5-4-1957. this firm was registered under the income-tax act, 1961 ('the act'), and the registration was continued up to and inclusive of the assessment year 1974-75. for the assessment year 1975-76, being the year under appeal, the continuation of ..... benefit of registration for the assessment year 1975-76 under appeal. he, however, determined the status of the assessee as an aop. the ito also brought to tax the net income from house property of rs. 26,425. the ito also computed the long-term capital gains in respect of the sales of properties of the firm on the ..... per the principles laid down by the calcutta high court in the case of sunil krishna paul v. cit [1966] 59 itr 457, the contention of the assessee that even if the business was discontinued, the assessment of the total income of the firm shall be made as if no such discontinuance had taken place cannot be accepted. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)3ITD194(Hyd.)
..... there be any benefit, it does not come within the scope of section 17(2) of the income-tax act, 1961 ('the act'). it was pointed out that a similar addition made in the hands of the company under section 40a(5) of the act was deleted by the first appellate authority in appeal and the commissioner has not preferred an appeal ..... sale, it is not possible to arrive at the conferment of benefit implied in the definition of 'perquisite' under section 17(2). where the concession was to be taxed, the statute has definitely said so, as in respect of concessional rate.again, the element of concession is not measurable with reference to any objective criteria. the price ..... commissioner, though reference was sought on another issue decided in that case. the assessee has shown a letter wherein it is seen that the cbdt had no intention of taxing such a benefit (concessional loan) as a perquisite. in fact, the stand of the cbdt before the public accounts committee in respect of the concessional loans was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)6ITD362(Hyd.)
..... for registration is not exactly known. however, the sub-registrar of khairatabad under date 2-8-1976 drafted proceedings giving time to the assessee to produce income-tax clearance certificate under section 230a of the income-tax act, 1961 ('the act') in respect of the property covered by the gift deed, dated 5-11-1975, on or before 15-8-1976. the proceedings of sub-registrar were ..... of the case, the tribunal was justified in holding that the transfers in question were not transfers effected before march 1, 1970, as contemplated in section 47(vii) of the income-tax act, 1961 3. whether, on the facts and in the circumstances of the case, the tribunal was right in not accepting the assessee's contention that in view of the provisions of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)14ITD409(Hyd.)
..... case as the contributions are made to the scheme formulated under employees' provident funds and miscellaneous provisions act and not to any provident fund mentioned in part a of the fourth schedule to the income-tax act, 1961 ('the act'). it is further contended that shri janardhana rao contributed to the provident fund in his individual capacity, ..... scheduled provident fund'. the learned departmental representative brought to our notice that section 9 of the employees' provident funds and miscellaneous provisions act is as follows : for the purpose of the indian income-tax act, 1922, the fund shall be deemed to be a recognised provident fund within the meaning of chapter ix-a of this ..... as two out of the seven categories coming under the definition of 'person'. the charging section, namely, section 4 of the act expects income-tax to be levied in respect of the total income of the previous year or previous years of every person. in view of the above, it is very difficult to appreciate the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1988)24ITD228(Hyd.)
..... cannot be denied. he referred to the decision of the madras high court in the case of cit v. admiralty flats motel [1982] 133 itr 895 and held that the concept of business as envisaged in the income-tax act cannot be imported in determining a question whether a group of individuals by an agreement carried on business ..... could be treated as business activity. we of course agree with the assessee that merely because the income has assessed under any other head other than income tax other than business, it does not mean that for purposes of partnership act, the assessee is not carrying on business. it is quite possible to hold that an assessee carries ..... on business even if the income for the purpose of computation of tax is treated as income under 'other sources' or 'house .....
Tag this Judgment!