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Kalindi Investment P. Ltd. Vs. Commissioner of Income-tax

Court : Gujarat

Reported in : (1994)122CTR(Guj)249; [1995]213ITR207(Guj)

..... a wholly owned subsidiary company, on march 30, 1973. since development rebate has been granted to the assessee in the earlier years, the income-tax officer acting under section 155(5) of the income-tax act, 1961 (hereinafter referred to as 'the act'), withdrew the development rebate, deduction in respect of which was given in the year 1970-71, amounting to rs. 11,45,826. ..... respect of a ship, machinery or plant installed after the 31st 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 ship ..... end of the previous year in which it was acquired or installed, any allowance made under section 33 or under the corresponding provisions of the indian income-tax act, 1922 (11 of 1922), in respect of that ship, machinery or plant shall be deemed to have been wrongly made for the purposes of this .....

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 and that the development rebate allowed for assessment years 1960-61 to 1965-66 cannot be withdrawn by the income-tax officer ?' 2.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 .....

Pradeep Agencies-joint Venture Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)346

..... generally held that once the ito opted for one course, the other course was barred to him. referring to the provisions of section 4 of 1961 act, they observed that income-tax shall be charged on the total income of 'every person' and the expression 'person' as defined in clause (31) of section 2 merely says that the expression 'person' includes ..... provisions, they referred to section 4 of the 1961 act [before it was amended by the direct tax laws (amendment) act, 1987, w.e.f. 1st april, 1989] which reads thus: 4. (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be ..... the course of assessment proceedings the assessee was required to explain as to why its income of rs. 2,37,55,912 should not be charged to tax in the status of aop under the provisions of section 167b(2) of it act, 1961 (for short "1961 act"). in reply, it was submitted that the aop has distributed the profit amongst its .....

Malabar Fisheries Co. Vs. Commissioner of Income-tax, Kerala

Court : Supreme Court of India

Reported in : AIR1980SC176; (1979)12CTR(SC)415; [1979]120ITR49(SC); (1979)4SCC766; [1980]1SCR696

..... firm consequent on its dissolution amounts to a transfer of assets within the meaning of the expression 'otherwise transferred' occurring in section 34(3)(b) of the indian income-tax act, 1961, having regard to the definition of transfer in section 2(47) of the act2. the facts giving rise to the question lie in a narrow compass. the ..... mutual adjustment of rights of the partners and does not amount to a sale or transfer had been rendered under the income-tax act, 1922 wherein the expression 'sale' of 'transfer' had not been defined whereas in the 1961 act by which the case was governed, the expression 'transfer' had been defined by section 2(47) in a very ..... circumstances of this case, there was a transfer of assets within the meaning of the words 'otherwise transferred' occurring in section 34(3)(b) of the income-tax act?the high court answered the second question in the affirmative and against the assessee and in view of that answer, declined to answer first question as being unnecessary .....

Commissioner of Income-tax, Bombay City-ii Vs. International Computers ...

Court : Mumbai

Reported in : [1990]186ITR616(Bom)

..... data processing machines are office appliances for the purposes of development rebate under s. 33(1) of the i.t. act, 1961, has been considered in sufficient detail in the earlier decision of this court in cit v. i.b.m. world trade corporation, income-tax reference no. 68 of 1968 decided on november 15, 1977 : [1981]130itr739(bom) . it was held in that case ..... remitted outside indian for all the years.6. when the matter was taken in appeal to the income-tax appellate tribunal, the tribunal considered the provisions of s. 10 (2)(vi) of indian i.t. act, 1922, and s. 34(3)(a) of the i.t. act, 1961. the tribunal found that it was not the revenue's case that any amount was specifically utilised .....

Commissioner of Income-tax Vs. International Computers Ltd.

Court : Mumbai

Reported in : [1981]131ITR1(Bom); [1981]7TAXMAN128(Bom)

..... data processing machines are office appliances for the purposes of development rebate under section 33(l) of the i.t. act, 1961, has been considered in sufficient detail in the earlier decision of this court in cit v. i.b.m. world trade corporation , income-tax reference no. 68 of 1968 decided on 15th november, 1977 : [1981]130itr739(bom) . it was held in that case ..... remitted outside india for all the years.6. when the matter was taken in appeal to the income-tax appellate tribunal, the tribunal considered the provisions of section 1 0(2)(vi) of indian i.t. act, 1922, and section 34(3)(a) of the i.t. act, 1961. the tribunal found that it was not the revenue's case that any amount was specifically .....

Anglo Dutch Paint, Colour and Varnish Works P. Ltd. Vs. Commissioner o ...

Court : Delhi

Reported in : (1985)48CTR(Del)210; [1986]157ITR615(Delhi)

..... -50 as against the actual sales shown in the books which amounted to rs. 5,16,792. a notice was issued under sections 147/148 of the income-tax act, 1961. the assessed was called upon to produce the account books which had been tendered before the police, but these books were withheld. in the result, a ..... holding that the rectification of mistake in the assessments for the years 1950-51 and 1951-52, completed under the indian income-tax act, 1922, could be carried out under the provisions of section 155(4) of the income-tax act, 1961 ?' 2. the assessed is a private limited company carrying on the business of manufacturing and selling paints and colours. ..... -52 was that a carried forward loss which did not exist had been allowed to be adjusted against the income of these two years. the income-tax officer in these circumstances took action under section 155 of the income-tax act, 1961, on the ground that there was a mistake apparent from the record which should be rectified under section 155 .....

C.i.T. Jodhpur Vs. Achaldas Dhanraj and anr.

Court : Rajasthan

Reported in : 1995(2)WLN208

..... d.b. i.t. reference no. 9/92 the following question of law has been referred by the income tax appellate tribunal in respect of assessment year 1987-88 under section. 256(1) of the income tax act, 1961:whether on the facts and in the circumstances of the case the itat was legally justified in granting the benefits ..... finance bill, 1983, the following explanation was given for inserting the above provision.(see-1983 140 itr 331)--disallowance of unpaid statutory liability 59. under the income-tax act, profits and gains of business and profession are computed in accordance with the method of accounting regularly employed by the assessed. broadly stated, under the marcantlle ..... second proviso to section 43b be deleted.this amendment will take effect from 1st april, 1989. unlike other payments referred to in section 43b of the income-tax act, the deduction regarding employer's contribution it denied in a year is not available as a deduction in any subsequent years also, on account of various .....

Mashreq Bank Psc Vs. Dy. Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... and is directed against the order dated 10-1-2001 passed by the commissioner (appeals), in the matter of assessment under section 143 (3) of the income tax act, 1961, for the assessment year 1996-97.2. in the first ground of appeal, the main grievance raised by the assessee is that the commissioner (appeals) erred ..... dta with japan, no disallowance can be made under r. 61), section 40a(3), section 40a(12), section 37(2a) and section 43 b of the income tax act, 1961 ................ article hi(3) in the relevant dta relating to the year under consideration only provides that in determining the industrial or commercial profits of a pe, there ..... basis i.e. after allowing deduction in respect of costs and expenses incurred for earning the income ........ 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income by way of royalties and fees for technical services received by foreign companies from indian concerns.... .....

Mashreque Bank Vs. Dy. Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of dta with japan, no disallowance can be made under rule 6d, section 40a(3), section 40a(12), section 37(2a) and section 43b of the income tax act, 1961. article 111(3) in the relevant dta relating to the year under consideration only provides that in determining the industrial or commercial profits of a permanent establishment, there ..... by the assessee and is directed against the order dated 15-1-2001 by the commissioner (appeals) in the matter of assessment under section 143(3) of the income tax act, 1961, for the assessment year 1997-98.2. ground nos. 1, as raised in the grounds of appeal before us, was stated to be not pressed. as ..... on net basis, ie., after allowing deduction in respect of costs and expenses incurred for earning the income. 26.2 the finance act has inserted a new section 44d in the income tax act, 1961, which lays down special provisions for computing income byway of royalties and fees for technical services received by foreign companies from indian concerns.... 26.3 as .....