Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Page 2 of about 165,368 results (0.682 seconds)

Commissioner of Income-tax Vs. Ravjibhai Harkhabhai Savalia

Court : Gujarat

..... and in the circumstances of the case the appellate tribunal was right in holding that the alleged amount of compensation cannot be brought within the meaning of income u/s 45(5) of the income, tax act, 1961? (ii) whether on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that the taxability of interest ..... k.s. jhaveri, j. 1. the revenue has filed these appeals u/s.260a of the income tax act, 1961 (for short, the act) being aggrieved by and dissatisfied with the order dated 31.01.2006 passed by the income tax appellate tribunal, rajkot (for short, the tribunal) in i.t.a. no. 1260/rjt/2005 and allied matters. 1.1 this court vide ..... to withdraw against security or otherwise the enhanced compensation (which is in dispute), the same is liable to be taxed under section 45(5) of the 1961 act. this is the scheme of section 45(5) and section 155(16) of the 1961 act. we may clarify that even before the insertion of section 45(5)(c) and section 155(16) w .....

Commr.of Income Tax,rajkot Vs. Govindbhai Mamaiya

Court : Supreme Court of India

..... heirs to the estate of the deceased husband. it was held that since the widows had an equal share in the income from immovable properties, section 9(3) of the indian income tax act, 1922 will apply. so far as other incomes were concerned, it was held: ".coming back to the facts found by the tribunal, there is no finding that ..... 23 (1-a) and solatium under section 23(2) of the 1961 act forms part of enhanced compensation under section 45(5)(b) of the 1961 act. 8. it is clear from the above that whereas interest under section 34 is not treated as a part of income subject to tax, the interest earned under section 28, which is on enhanced compensation, ..... is treated as a accretion to the value and therefore, part of the enhanced compensation or consideration making it exigible to tax. after .....

Commissioner of Income-tax, Tamil Nadu-i Vs. S. Balasubramanian

Court : Chennai

Reported in : [1982]138ITR815(Mad)

..... and that the development rebate allowed for assessment years 1960-61 to 1965-66 cannot be withdrawn by the income-tax officer ?' 2. in making the original assessment for the year 1960-61 to ..... under s. 256(1) of the i.t. act, 1961, hereinafter referred to as 'the act', the following question is referred : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the provisions of section 155(5) of the income-tax act, 1961, are not applicable to the facts of the case ..... the business of the undertaking, then the development rebate originally allowed is to be deemed to have wrongly allowed, and the ito is authorised to recompute the total income of the assessee for the relevant previous year and make the necessary amendment to the assessment by rectification. the provisions of s. 154, in so far as .....

Commissioner of Income-tax Vs. Mamta Tiwari and ors.

Court : Madhya Pradesh

Reported in : (1987)66CTR(MP)83; [1988]171ITR59(MP)

g.g. sohani, j.1. by this reference under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), the income-tax appellate tribunal, indore bench, has referred the following question of law to this court for its opinion :'whether, on the facts and in the circumstances of ..... were not initiated during the course of the regular assessment proceedings but were initiated while revising the assessment under section 155(1) of the income-tax act, the levy of penalty under section 273(b) of the income-tax act is bad in law '2. the material facts giving rise to this reference, briefly, are as follows:the assessees are partners in ..... a registered firm. they filed returns of income for the assessment years 1974-75 to 1976-77 declaring their share income from the firm. the income-tax officer completed the assessments and .....

Commissioner of Income-tax Vs. D.K. Trivedi and Sons

Court : Rajasthan

Reported in : [2001]250ITR561(Raj); 2002(1)WLN230

..... of any extinguishment of the firm's rights in the partnership assets amounting to a transfer of assets within the meaning of section 2(47) of the income-tax act, 1961. there is no transfer of assets involved even in the sense of any extinguishment of the firm's rights in the partnership assets when distribution takes place ..... allowance was allowed for the assessment year 1979-80. the assessing officer holding it to be in contravention of the provisions of section 32a(5)(c) of the income-tax act, 1961, invoked the provisions of section 155(4a)(c) for the purpose of making necessary amendment in the assessment order of the assessment year 1979-80 by withdrawing ..... of a ship, machinery or plant installed after the 31st day of december, 1957, in any assessment year under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922), and ...(ii) at any time before the expiry of eight years referred to in subsection (3) of section 34, the assessee utilises .....

income-tax Officer, g Ward and anr. Vs. India Foils Ltd.

Court : Kolkata

Reported in : 76CWN549,[1973]91ITR72(Cal)

..... on 18th march, 1965, requires to be amended as there is a mistake apparent from the record within the meaning of section 154/155 of the income-tax act, 1961. the rectification of the mistake, as per details given below, have the effect of enhancing the assessment or reducing the refund or increasing your liability and if ..... under section 154/155 of the income-tax act, 1961. to,the principal officer, name : messrs, india foils ltd., 11, sooterkin street, calcutta. the assessment under section 143(3) for the assessment year 1962-63 made ..... proceedings connected therewith.2. a notice dated 11th march, 1969, relating to the assessment year 1962-63, purported to have been issued under section 154/155 of the income-tax act, 1961, is the subject-matter of this application. the notice dated 11th march, 1969, reads as follows :'c/1/1-27/g ward dated 11th march, 1969notice .....

Voras Exclusive Tools (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1984)7ITD620(Mum.)

..... in which the machinery and plant were installed, the development rebate had been wrongly allowed as laid down under the provisions of section 155(5) of the income-tax act, 1961 ('the act'). similarly, for the assessment year 1977-78, the ito held that the investment allowance had been wrongly allowed. the ito, therefore, by orders under section 155 ..... order of the appellate authority were in the context of the powers of revision of the commissioner under section 33b of the indian income-tax act, 1922 ('the 1922 act') and section 263 of the 1961 act, which will not be applicable to the issue of rectification or amendment of the assessment orders, as laid down under section 154 and ..... a ship, machinery or plant installed after the 31st day of december, 1957, in any assessment year under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922) and subsequently- (i) at any time before the expiry of eight years from the end of the previous year in which the .....

Indian Farmers Fertiliser Coop. Vs. Jcit, Range 23

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)105ITD33(Delhi)

..... and the gist thereof is that the order passed by the ao on 28-2-2003 purporting to be an order passed under section 147/143(3)/154 of the income tax act is bad in law, without jurisdiction, time-barred and at any rate the issue sought to be rectified is a debatable one not amenable to rectification under section 154.2 ..... present act has been broadly fashioned on the lines ..... section 35(1) of the old act which was similar to section 154(1) of the 1961 act did not apply to a case where the mistake arose out of the disposal of another case. the law was amended later by inserting sub-section (5) to section 35 with effect from 1-4-1952 by the indian income-tax (amendment) act, 1953. section 155 of the .....

Commissioner of Income-tax, Bombay City-ii Vs. Sakseria Cotton Mills L ...

Court : Mumbai

Reported in : [1980]124ITR570(Bom); [1979]2TAXMAN152(Bom)

..... part of the previous year for the assessment for the year ending on march 31, 1952, and no order has been made under subsection (1) of section 23a of the income-tax act, a rebate shall be allowed at the rate of on the amount of such excess.' 2. in order to qualify for the rebate permitted to be given by the clause ..... , the following question has been referred to this court under s. 256(1) of the i.t. act, 1961, at the instance of the revenue : 'whether, on the facts and in the circumstances of the case, the order under section 154 of the act passed by the income-tax officer on march 8, 1965, was valid ?' 7. mr, joshi on behalf of the revenue has ..... contended that the order which was sought to be rectified by the ito in the exercise of his jurisdiction under s. 154 was the order dated march 10, 1961, because, according to him, once the .....

Cit Vs. D.K. Trivedi and Sons

Court : Rajasthan

Reported in : (2001)168CTR(Raj)361; 2001(3)WLC393

..... no question of any extinguishment of the firms rights in the partnership assets amounting to a transfer of assets within the meaning of section 2(47) of the income tax act, 1961. there is no transfer of assets invoked even in the sense of any extinguishment of the firms rights in the partnership assets when distribution takes place upon ..... an assessee in respect of ship, machinery or plant installed after 31-12-1957, in any assessment year under section 33 or under the corresponding provisions of the indian income tax act, 1922 (11 of 1922) and subsequently(i) .......(ii) at any time before the expiry of the eight years referred to in sub-section (3) of section ..... allowance was allowed for assessment year 1979-80. the assessing officer holding it to be in contravention of the provisions of section 32a(5)(c) of the income tax act, invoked provisions of section 155(4a)(c) for the purpose of making necessary amendment in the assessment order of the assessment year 1979-80 by withdrawing the .....