Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat indore Page 1 of about 124 results (0.297 seconds)

Asstt. Commissioner of Incometax Vs. Mupnar Films Limited

Court : Income Tax Appellate Tribunal ITAT Indore

..... plant.24. hon'ble bombay high court in the case of padamjee pulp and paper mills limited; 210 itr 97 held- that in view of section 43a of the income-tax act, 1961, the additional liability amounting to rs. 21,36,840 and rs. 4,89,502 on account of exchange fluctuations with reference to the amount of loan outstanding on ..... ltd. 229 itr 137 held- depreciation-actual cost-foreign exchange-increase in value of asset due to fluctuation in rate of foreign exchange-depreciation allowable on such increase-income-tax act, 1961, sections 32,43a.23. hon'ble karnataka high court in the case of widia (india) ltd v.ccit 233 itr 1 held- held, (i) that section 43a ..... in the foreign exchange rate, its liability had increased by rs. 6,03,172, it claimed depreciation on the increased liability also. the claim was rejected by the income-tax officer. the tribunal was of the view that no enforceable obligation had arisen during the relevant previous year as the first instalment was to be paid in the following .....

Maya Spinners Ltd. Vs. Dy. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Indore

..... itat, indore bench in the case of dcit v. laxmi trading co. 2 itj 266 in which it was held [head note]: assessment - under section 153 of the income-tax act, 1961 -whether the assessment barred by the limitation of time is valid under the law? - held - no. direction for audit was issued on 11.3.97 and last ..... it was held (head note): assessment-special audit of accounts-nature of direction for special audit-not administrative-is of quasi-judicial nature-notice to assessee to be given-income-tax act, 1961, sections 136, 142(2a), (3), 158bc.ld. counsel for assessee further submitted that no audit report was filed because the auditor refused to audit the accounts which ..... 150 days ended beyond 30.5.96, the proviso is not applicable to this case. 12. with regard to the above submissions we also rely on the commentary on income-tax act by sampath ayanger, 9^th edition, fourth volume, page 5604. while dealing with clause (iii) of explanation 1, the author states that the said explanation provides .....

Dy. Cit Vs. Rahul Products Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

..... finance ltd. (supra) considered its earlier decision in the case of steller investment ltd.'s case (supra) and held that under section 68 of the income tax act, income tax officer has jurisdiction to make enquiries with regard to nature and source of sum credited in the books of account of the assessee and it is immaterial ..... creditors, creditworthiness of the creditors and genuineness of the transactions.the assessing officer, accordingly, made addition of rs. 9,28,000 under section 68 of the income tax act. the additions were challenged before the commissioner (appeals) and written submissions were filed in which assessee had filed voluminous details to support the genuineness of the ..... the authorities below.3. the revenue has challenged the order of commissioner (appeals) deleting addition of rs. 9,28,000 under section 68 of the income tax act.4. the facts of the case are that the assessing officer noted from the balance-sheet of the assessee-company about fresh introduction of cash credit .....

Dewas Silk Mills Vs. Cit

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)92TTJIndore481

..... are hawala entries and all these entries are bogus entries, no action will be taken against me and in case i do not admit then extreme actions under income tax act and ipc act will be taken against me.(7) that, i was under heavy pressure, mental tension and frightened of imprisonment and fine and in such a panic and duress ..... within the prescribed period, though the actual service of the order may be beyond that period." it is not known that what were the provisions of the particular state act. in income tax act, the provisions are clear and the time-limit is provided only for making an order and not for communicating the same.this case also, therefore, is of no ..... served on 8-3-2002, are, therefore, not valid order. i do not find any merit in this contention of the assessee. no such provision is there in income tax act to provide that order must also be communicated within such time-limit prescribed for making the order. making of an order and communication of such order are two separate .....

Arihant Builders Developers and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD10Indore

..... was @ 0.48 %. though it is a case of assessment year 1992-93, but we find that the provisions of section 44ad of the income-tax act, 1961, have been inserted into the income-tax act, 1961, with effect from 1.4.1994 provided in sub-section (1) special provision for computing profits and gains of business of civil construction. it provides ..... issuing notice under section 143(2). both the provisions are altogether dealing with different situation. even if revenue has remedy to proceed under section 147 of the income-tax act, 1961, the powers of the a.o.cannot be curtailed for issuing notice under section 143(2) for making regular assessment. we may further mention that we do ..... would squarely apply to the case, where refund is granted by the assessing officer after processing of the return under section 143(l)(a)(ii) of the income-tax act, 1961. accordingly, the decision of the hon'ble delhi high court in the case of apogee international and the decision of hon'ble supreme court in the case of .....

income Tax Officer Vs. Shreejee Chitra Mandir

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2005)98TTJIndore935

..... by the assesssee, this amount was shown as a capital receipt but the commissioner of income-tax invoked the powers available under section 263 of the income-tax act, 1961 for enhancing the assessment. the commissioner of income-tax accordingly directed the income-tax officer to include the subsidy of rs. 37,500 in the total income of the assessee. being aggrieved by the order of the commissioner, the assessee filed ..... & press works ltd.'s case (supra) and as per head note held as under: "held that the income from winnings of horse races is taxable under the head "income from other sources", in view of the definition of "income" in section 2(24)(ix) of the income-tax act, 1961. the subsidy receive by the assessee from the race club was a subsidy, which enabled him to .....

Asstt. Commissioner of Wealth Tax Vs. Smt. Mrunalinidevi Puar of Dhar

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2007)106ITD541Indore

..... not apply to such administrator, pendente lite. the court observed (page 762) : "we have noted section 168 and sub sections (3) and (4) of the income-tax act, 1961. section 168, in our opinion contemplates the distribution of the assets in the case of the administration of an estate by the executor.if the executor or the administrator cannot ..... discussion various aspects of these provisions and different case law, hon'ble high court has opined as under: the assessable person under section 168 of the income tax act, 1961, is the executor. an administrator is also an executor for purposes of this section by virtue of the explanation. neither term has been defined in the ..... . james anderson 51 itr 345 (sc). to overcome this lacuna, certain sections in chapter xv were introduced in the income tax act 1961. particular reference in respect of taxation of the income of the deceased can be made to sections 159 to 168. in the present case, section 168 which is a complete code in itself will apply. .....

S.R. Kalani, Huf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1985)14ITD132Indore

..... 1963-64 and 1965-66, has taken the following grounds : 3. that the learned aac has erred in holding that the order passed under section 143(3)/250 of the income-tax act, 1961 ('the act') by the learned ito is valid in law though the same was passed in pursuance of notice under section 148 of the ..... and assessment of the share income of the minors in their income-tax returns and the factum of gifts. he placed reliance upon a judgment reported in ch. gur narayan's case (supra) for the view that action is maintainable against the benamidar though he is only a representative of the real owner, which shows that the benamidar could act on behalf of the ..... either to the beneficiary or to the joint family, and assessment of that income in the hands of the joint family or the beneficiary was never a bar under the act and in fact courts have recognised this principle of taxing the income in the hands of the person to whom it belonged even though it arises in the hands of some one else .....

State Bank of Indore Vs. Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)64ITD209Indore

..... as a bad debt or irrecoverable interest, but keeping it in a suspense account was repugnant to section 36(1)(vii) read with section 36(2) of the income-tax act, 1961. she has also drawn our attention to the return filed by the assessee for the assessment year 1985-86 in which he has not disclosed the method of accounting ..... to the profit and loss account, no fault as such can be found with the system followed by the assessee. the only power the income-tax officer has in such cases is the power under the proviso to section 145(1) of the income-tax act, 1961 which permits him, on being satisfied that the method employed by the assessee is such that his ..... income cannot be properly deducted therefrom, to compute his income upon such basis and in such a manner as he may determine. the assessee-bank followed .....

Assistant Commissioner of Income Vs. Abril Pharmaceuticals (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2000)70ITD206Indore

..... haryana high court in prithipal singh & co.'s case (supra) wherein their lordships held as under: "the word "income" in clauses (c) and (iii) of section 271(1) of' the income tax act, 1961, refers to positive income only. evasion of tax is the sine qua non for imposition of penalty. clause (iii) of section 271(1) deals with cases referred to ..... ). shri mehta further argued that in the case of prithiphal singh & co. (supra) high court interpreted that the word 'income' in clause (c) and (iii) of section 271(1) of the income tax act, 1961 refers to positive income only. in that case, the loss of rs. 3,35,830 returned by the assessee was finally assessed at a loss ..... "clause (iii) of section 271(1) of the income tax act, 1961, uses the words "amount of income'. the word "income" has been defined under section 2(24) of the act. it is an inclusive definition and it takes into its fold not only the real income, but also such items which are not incomes in the natural sense of the word. in section 4 .....