Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat hyderabad Page 17 of about 573 results (0.095 seconds)

Smt. Hansa Bai Sanghi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)89ITD239(Hyd.)

..... 54f(2), and hence withdrawal of exemption under section 54f is justified.11. we are of the view that the assessee deserves to succeed. section 54f(2) of the income-tax act reads as under: (2) where the assessee purchases, within the period of two years after the date of the transfer of the original asset, or constructs, within ..... not justified in holding that the appellant has purchased two house and that she will forfeit the claim for exemption under section 54f of the income tax act. 7. the learned commissioner of income tax erred in not following the case law brought to the notice and is not justified in holding that cases sited are distinguishable." thus, the grievance of ..... for the assessment year 1998-99 had to be withdrawn. his comments in this regard are as under- "the provisions of section 54f(2) of the i.t.act, 1961 says that if the assessee purchases within two years after the date of transfer of the original asset, or constructs, within the period of three years after such date .....

Godavari Capital Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... its non-speculative activity.9. now, the question is whether section 73 applies to a case where the assessee earns profit in speculative transactions. section 73 of the income-tax act, 1961, reads as follows:- 73. (1) any loss, computed in respect of a speculation business carried on by the assessee, shall not be set off except against ..... filed by the assessee. further aggrieved, the assessee is in appeal before us.6. the learned counsel for the assessee submitted that section 73 of the income-tax act, 1961, does not apply to the facts of the assessee's case as the undisputed fact is that the assessee had no losses in speculative business. he further ..... was set off with carried forward business loss relating to asst. year 1996-97 and nil income was declared under regular assessment proceedings. the assessee computed income under section 115j of the income-tax act, 1961, at rs. 32,960 and paid tax accordingly.3. the assessee during the year traded in purchase and sale of shares.this trading .....

Panyam Cements and Mineral Vs. Joint Cit, (Assts.) S.R. - 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... supreme court was 'whether it is open to the revenue to issue intimation under section 143(1)(a) of the income tax act, after notice for regular assessment has been issued under section 143(2) of the income tax act, 1961. thus, what is to be decided to apply the ratio of the hon'ble supreme court decision mentionedsupra, is ..... the circumstances of the case, the learned commissioner of income-tax (appeals 1), hyderabad is not justified in applying the provisions of section 143(1)(a) of the income tax act, 1961 against the circular issued by the central board of direct taxes, after issuance of notice under section 143(2) of the act, he has to make assessment in accordance with ..... law, ie., under section 143(3) of the act.3.1 after observing that probably ground no. .....

Vibha Agrotech Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the rival parties and perused the material available on record and also the case law cited at the bar. section 2(1a) of the income tax act, 1961 defines agricultural income. the relevant part of the definition reads thus: (a) any rent or revenue derived from land which is situated in india and is used ..... knowledge of plant genetics, physiology and agronomy.9. according to the assessing officer, the definition of agriculture as contemplated in section 2(1a) of the income tax act, 1961 does not cover the activity of foundation seed production by assessee, just because the assessee is undertaking the basic agricultural operations like sowing, weeding, irrigation, ..... retain the traits of the seed. as per section 2 (1) of the income tax act, 1961, agricultural income means any rent or revenue derived from land, which is situated in india and is used for agricultural purposes. any income derived from such land by agricultural operations including processing of agricultural produce raised or .....

R.M. Kandaswamy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1982)1ITD961(Hyd.)

..... from our decision on the issue with reference to all the arguments addressed before us.7. section 67(1)(a) of the income-tax act, 1961, prescribes the method of computing a partner's share in the income of the firm. it is stated that the apportionment shall be made as under : (a) any interest, salary, commission or ..... bench referred to above, we find that certain statutory provisions relating to the relief to be given in respect of tax paid by a registered firm in allocating the share income, etc., as obtaining in the income-tax act were apparently not placed before the bench. we may also state that the learned counsel for the assessee very ..... sub-paragraph (i), of the relevant finance act. the assessee being a registered firm, tax has to be levied on its total income at the rates specified in the finance act which has reference to the total income of the particular registered firm. it is mandatory that the authorities administering the income-tax act have to follow this provision. as long .....

Sundaram Tobaccos Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)17ITD177(Hyd.)

..... ., hyderabad (vstco) on leasing out its godowns at keesara falls under property income within the meaning of section 22 of the income-tax act, 1961 (the act) or business income within the meaning of section 28 of the act. the revenue wants to treat it as property income whereas the assessee wants to treat it as income from business. this matter is very extensively argued. the few facts relating to ..... the godown for its own business, the income derived therefrom would not be assessable under the head income from house property because section 22 of the act specifically excludes such portion to the property as the assessee may occupy for the purposes of any business carried on by it the profits of which are chargeable to income-tax. the assessee had an offer from vstco .....

S. Venkata Kannaiah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)14ITD116(Hyd.)

..... customers in order to enable him to arrive at the targeted sales. the inspector authorised to make the assessment, accepted the returns under section 143(1) of the income-tax act, 1961 ('the act') without any discussion of the assessee's claim.the commissioner on going through the records was of the view that the commission being a part of salary and ..... the assessee for expenses incurred during the course of the services. it is in this view that he directed the ito to include the commission amounts in the taxable income of the assessee for the years under consideration. the assessee is in appeal. it is contended that the commissioner has no jurisdiction to assume prejudice. it is further ..... necessarily be taken of all losses and expenses in order to arrive at salary in a commercial sense. the concept of real income as laid down by the supreme court in the case of badridas daga v. cit [1958] 34 itr 10 was relied upon among other things. even as observed by this tribunal in the decision in k. .....

Nandanam Construction Co. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1985)13ITD916(Hyd.)

..... registration on completion of the flats. he took the view that the 'notional income' from these flats had to be assessed in the assessee's hands as income from property. he issued a notice under section 263 of the income-tax act, 1961 ('the act') for including such income in the assessee's hands.3. the assessee objected to the commissioner's ..... case (supra) extracted by the patna high court in addl. cit v. sahay properties & investment co. (p.) ltd. [1983] 144 itr 357 while referring to section 9 of the 1922 act analogous to section 22 of the 1961 act. as mentioned earlier that section seeks to bring to tax income of the property in the hands of the owner. hence, ..... the focus of that section is on the receipt of income. [emphasis supplied] the word 'owner' has different meanings in .....

income-tax Officer Vs. Poosarla Visweswara Rao and V.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1986)17ITD88(Hyd.)

..... together. the departmental appeal is against the order of the commissioner (appeals) cancelling a penalty under section 271(1) (c) of the income-tax act, 1961 (the act).2. briefly, the facts regarding concealment of income are as follows : the assessee is a firm having business in manufacture and sale of jaggery and groundnut oil. the assessee-firm consisted of ..... as an admissible deduction because such loss was not incurred in the ordinary course of business -please see the commentary of kanga and palkhivala on law & practice of income-tax, seventh edn. at p. 881. we are not concerned with a claim for loss, but the case of penalty.19. we must also refer to the ..... concealment is that the assessee has full enjoyment of certain income but for the purpose of income-tax proceedings, he will not show it as part of his taxable income. these two aspects that the assessee should be in possession of income and that he has not shown that income would only amount to concealment. both aspects must be .....

Singh Poultry (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (1987)20ITD627(Hyd.)

..... , he considers that in the light of the tribunal's order in the said case, the appellant-company before him also should be given relief under section 32a of the income-tax act, 1961 ('the act'). he, therefore, directed the ito to verify the figures relating to this claim and give suitable deduction in accordance with law. the ito while purporting to give effect to ..... ] 68 itr 842 where it was held that under section 34(1) (a) of the indian income-tax act, 1922 ('the 1922 act') which is the predecessor of section 147 of the income-tax act, recomputation can take place only with a view to gathering any income escaping assessment and that it was clear from the section itself that it was not intended for the benefit of the .....