Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)86ITD412(Hyd.)
..... effect from 1-4-1993.but, that does not mean that the disallowance in question is not on a debatable issue. the amended provisions of section 75 of the income tax act, which came into effect from 1-4-1993 read as under: "75. where the assessee is a firm, any loss in relation to the assessment year commencing on ..... reason to interfere with the order of the assessing officer under consideration. it appears that the loss sought to be set off by the appellant out of his income for the assessment year under consideration represents the carried forward unabsorbed depreciation loss. from the assessment year 1993-94, the provisions relating to the assessment of the firms ..... appeal and confirm the assessing officers order at issue." in the grounds taken, the assessee has mentioned that as the share income is taken into account in the assessment of the partner, for ascertaining the rate of tax, the share of loss allocated to the partner has also to be considered in the hands of the partner.before me, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)2SOT371(Hyd.)
..... of the paper book that the sale price was either higher than the cost price or equivalent to the cost price but for computing the profit under the income tax act under the head 'capital gains' the indexed cost of acquisition was taken into consideration by which the net loss worked out to rs. 23 lakhs.the assessing ..... as under: "considering the volume of the business done by the assessee, the assessee was asked to show-cause why the income/loss on purchase and sale of shares should not be brought to tax under the head income from business/ profession. the assess vide letter dated 21-3-2003 stated, "some of the shares acquired earlier were classified ..... of shares sold cannot be an indicator to decide the head under which the income therefrom is assessable. on the other hand, learned departmental representative relied upon the orders of the tax authorities. it may be noticed that the assessing officer as well as cit(a) mentioned that detailed orders were passed by the assessing officer as well .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)279ITR135(Hyd.)
..... and they pertained to the assessment years 1997-78 to 1979-80.2. by these appeals, the assessee claims interest under section 243/244 or the income-tax act, 1961, on the delayed refund of tax and interest.these cases have a chequered history. the assessee is a partner in two firms, i.e., m/s. swasthik oil industries and ..... interest on interest which should have been paid to the assessee, but unjustifiedly retained.21. from the aforesaid decisions, it is clear that section 240 of the income-tax act casts an obligation on the assessing officer to grant refund even though the assessee has not asked for it. the refund includes the interest payable under section ..... on behalf of the assessee submitted that there is substantial delay in passing the consequential orders, and if the interpretation placed upon the provisions of the act by the commissioner of income-tax (appeals) is accepted, the provisions of sections 243 and 244 cannot be applied uniformly to all the assesses, and it would be at the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)105ITD613(Hyd.)
..... himself states in his order under column no. 5 that the section under which order appealed against was passed is section 143(3) read with section 263 of the income tax act. further even though the revenue would contend that the assessee has committed a delay of 38 days since the date of receipt of tribunal's order in filing the appeal ..... given.2.2 in the reassessment made under section 143(3) read with section 263 on 24.7.1996 in pursuance of the said order of the cit, the assessing officer determined the total income of the assessee, other than long term capital gains at rs. 21,41,460. aggrieved by the said order of reassessment, assessee initially preferred an ..... order dated 20.11.2002 of the cit(a)-ii, hyderabad, as erroneous. assessee company filed return of income for the assessment year 1993-94 on 2.12.1093, declaring a total income of rs. 37,09,9.80. originally, assessment was completed under section 143(3) of the act on 16.3.1995, determining the total income of the assessee at rs. 8 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD151(Hyd.)
..... from utilization of reserve funds for statutory reserves under section 67(2) of the gujarat co-operative societies act, 1961 was eligible for deduction under section 80p(2)(a)(i) of the income-tax act, 1961. from this it can be inferred that to be eligible for exemption under sc.80p(2)(a)(i), a co-operative bank need not deal only with its members.also ..... of the learned commissioner of income-tax (appeals)-iv, hyderabad dated 31.12.2004 for the assessment year 2002-03.2. the appellant has taken as many as 8 grounds in the grounds appeal.however, the basic grievance of the appellant is disallowance of exemption under section 80p(2)(a)(i) of the income-ax act, 1961 in respect of income of rs. 1,98,982 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD65(Hyd.)
..... the purposes of the above explanation, so as to arrive at annual rent on the basis of rent for such one day. the word 'period' is not defined in the income tax act. hence, it has to be understood giving general grammatic and contextual meaning. the general, and grammatic meaning of the word 'period' indicates a length of time and it starts somewhere ..... house property and ultimate benefit in the form of taxes on incomes from other heads on account of set off of such loss under the head 'house property' against incomes determined under other heads, are permissible in law. as per section 23(1) of the act, it is broadly the higher of the sum for which the property may reasonably let or the annual .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD516(Hyd.)
..... learned counsel for the assessee contended that the commissioner (appeals) is not justified in directing the ito to restrict the bonus under section 36(1)(ii) of the income-tax act, 1961. it was further contended that the commissioner failed to appreciate the fact that the bonus is paid as per the agreement entered into with the staff and the entire ..... , and to restrict the allowance to that amount only having regard to the provisions of the first proviso to section 36(1)(ii) of the income-tax act.similarly with regard to the addition of the sum of rs. 10,500 claimed to have been advance received from shri ponnuru kasiviswanatha rao, the commissioner (appeals) ..... find from the records that the basis on which the bonus has been paid to the workers is not clearly available though the income-tax officer has treated it as in accordance with the payment of bonus act. in the circumstances he is directed to enquire into the percentage of the salary that would have been payable as bonus during the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)3ITD105(Hyd.)
..... chronological events we have set out, it is clear that there was no recording of reasons by the wto for reopening the assessments. the act, of course, does not specifically state, unlike the income-tax act, 1961, that reasons should be recorded. assuming for a moment that it is not mandatory to record reasons, still we have to scrutinize the records ..... the wto was directed by the iac (audit) in his letter dated 26-3-1979 to reopen the income-tax assessments, it would not alter the position because still the belief that the provisions of section 147(b) of the income-tax act applied would not be that of the ito. therefore, the additional communication dated 26-3-1979 does ..... not alter our conclusion arrived at in wealth-tax proceedings, viz., that the reason to believe was not that of the ito.14. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)3ITD593(Hyd.)
..... . the first appellate authority assumed that there was a bar to the deduction of premium amount in section 40a(7) of the income-tax act, 1961 ('the act') and that it could not, therefore, be considered under section 37 of the act. all the same, he observed that the amount would be allowable as a deduction, if and when the gratuity fund receives approval ..... supreme court had occasion to consider the meaning of the word 'provision' in contradistinction to the word 'reserve' in a surtax case in vazir sultan tobacco co. ltd. v. cit [1981] 132 itr 559. in the absence of a definition in the statute, it held that the sense of the meaning should be the one that is attributed to it ..... payment. in this view recognition of the trust fund was necessary. he relied upon the decisions of the madras high court in the cases of cit v. andhra prabha (p.) ltd. [1980] 123 itr 760 and cit v. carborundum universal ltd. [1977] 110 itr 621. he also relied upon the decision of this tribunal in. it appeal no. 405 (hyd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)5ITD82(Hyd.)
..... constituted as a partnership under the terms of the deed dated 22-9-1977. for the assessment year 1978-79 the firm applied for registration under section 185 of the income-tax act, 1961 ('the act'), by filing an application in form no. 11a accompanied by the partnership deed dated 22-9-1977.during the course of assessment proceedings of her son, madduletaiah, who is ..... any time element. the headnote which reflects the true ratio laid down by the kerala high court is as follows : section 11(2) of the income-tax act, 1961, allows certain income to be not included in the total income of the previous year subject to certain conditions being satisfied. one of the conditions is that the assessee specifies by notice in writing to the ito .....
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