Court : Supreme Court of India
Reported in : (1998)150CTR(SC)607; [1998]233ITR50(SC); (2000)10SCC513
..... the assets comprising service lines acquired prior to april 1, 1961, which written down value had been correctly arrived at under the indian income-tax act, 1922, was required for the assessment years 1968-69 and 1969-70 by virtue of the definition of 'actual cost' introduced by the income-tax act, 1961, with effect from the assessment year 1962-63 ?(iv ..... ) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the income-tax officer was justified in withdrawing the interest of rs. 14,64,130 ..... direction given by the higher authority will not be a regular assessment. the higher authority may direct the income-tax officer to modify his order. the higher authority may also set aside the order and direct the income-tax officer to pass a fresh order of assessment. in neither of these two cases will the consequential .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1998)150CTR(SC)96; [1998]232ITR318(SC); (1998)8SCC604
ORDER1. Leave granted. 2. The question raised before the High Court for reference was whether on the facts and in the circumstances of the case, the Tribunal was right in holding that the assessee is entitled to interest under Section 214 from 1-4-1970 to 31-8-1978, the date of completion of the set-aside assessment even though the regular assessment was made on 28-12-1970 in the assessee's case. There was a sharp difference of opinion among the High Court as to the interpretation of Section 214. It is very surprising that the High Court did not think that this was a question of law which should be gone into and decided by the High Court itself. In any event, the controversy now stands concluded by the decision of this Court in the case of Modi Industries Ltd. v. CIP, : [1995]216ITR759(SC) . Therefore, we do not propose to send the case back to the High Court for examining the issue. We treat the question as to have been referred before this Court and we answer the question in the nega...
Tag this Judgment!Court : Supreme Court of India
Reported in : (1995)128CTR(SC)361; [1995]216ITR759(SC); JT1995(6)SC549; 1995(5)SCALE362; (1995)6SCC396; [1995]Supp3SCR642
..... section 144.the procedure for making an assessment under section 143 of 144 has been laid down in chapter xiv of the income tax act, 1961 (sections 139 to 158). section 139 deals with return of income. section 140 lays down by whom and how a return has to be signed and verified. section 141 provides for ..... 156 and recover the amount in accordance with the procedure laid down in chapter xvii_d of the income tax act, 1961.(b) the next questions (sic) nay interest payable under section 214, if the amount of tax determined as payable by the income tax officer is reduced in appeal? here again, the answer will depend upon the scheme of ..... the expression 'regular assessment' was not defined in the 1922 act.4. clause (40) of section 2 of the income tax act, 1961 defines the expression 'regular assessment' to mean the assessment made under section 143 or section 144. the 1961 act contains a whole lot of sections dealing with advance tax, commencing from section 207 to section 219, under the sub .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR2006SC1223; 2006(4)BomCR886; 2006(1)CTC741; (2006)200CTR(SC)505; 2006(196)ELT257(SC); [2006]280ITR643(SC); JT2006(2)SC7; (2006)2MLJ25(SC); 2006(1)SCALE569; (2006)2SCC508
..... court erred in allowing them to urge such a contention in the impugned judgment?b. assuming for the sake of argument that there is no provision in the income-tax act, 1961 ('the act') for grant of such compensation, this court had upheld the view of the gujarat & madhya pradesh high courts that compensation should be granted (whether called interest ..... holding that the assessee is entitled to interest under section 244 on the amount of interest amounting to rs. 1,90,499 payable under section 214 of the income-tax act, 1961? arijit pasayat, c.j. speaking for the bench held as follows:- the provisions of this sections hall not apply in respect of any assessment for the ..... respondent no. 1 are set aside and the matter is remitted to him for considering the revision petitions filed by the appellant claiming interest under section 214 of the income tax act, 1961 in accordance with the principles laid down in modi industries ltd. case (supra). no order as to costs. sd/-(s.c.agarwal)sd/- (d.p.wadhwa .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1975SC1017; (1975)4SCC16; [1975]3SCR735; 1975(7)LC275(SC)
..... the chairman under office order dated january 1, 1964 which included matters relating to the reopening of assessments under section 34 of the income-tax act, 1922 or under section 147 of the income-tax act, 1961, but the paragraph adds that 'later with the approval of the central government this item of work was assigned to the member ..... writ petitions filed by the respondent before us challenging the validity of six notices dated september 7, 1965 issued under section 148 of the income-tax act, 1961 (hereinafter referred to as the act). the notices relate to the assessment years 1949-50, 1950-51 and 1951-52, the corresponding accounting years ending on the 30th september ..... work of according sanction of the board under section 151(1) for reopening of assessments under section 147 of the income-tax act, 1961 to which he consented.4. rule 4 of the central board of direct taxes (regulation of transaction of business) rules, 1964 envisaged that chairman may by an order made with the previous .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1967SC617; [1964]51ITR849(SC); [1964]6SCR91
..... allowed and the question answered in favour of the assessee firm but only in respect of the business in piece-goods, yarn and banking which alone had paid tax under the income-tax act of 1918. i would therefore allow the appeals with costs here and in -the high court. order by court in accordance with the opinion of the majority ..... (4) of s. 25. the second condition of the applicability of s. 25(4) is that business must have been carried on at the commencement of the indian income-tax act (amendment) act, 1939, that is, april 1, 1939, by the person claiming the relief. the third condition is that the person carrying on the business on april 1, 1939 has ..... april 1, 1939. the contention of the department has so far succeeded and i need not give the details of the decisions of the various tribunals under the indian income- tax act and the high court, because my learned brother's judgment gives all such details. i shall therefore address myself to the questions (a) whether there was a succession .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2004)1CompLJ50(SC); (2003)184CTR(SC)450; [2003]263ITR707(SC); JT2003(Suppl2)SC205; 2003(8)SCALE287; (2004)10SCC1
..... carrying on no business there; they are, in fact, prevented from earning any income there; they are not liable to income tax on capital gains under the mauritius income-tax act. they are liable to pay income-tax under indian income-tax act, 1961, since they do not pay any income-tax on capital gains in mauritius, hence, they are not entitled to the benefit ..... entities are really resident by investigating the center of their management and thereafter to apply the provisions of income-tax act, 1961 to the global income earned by them by reason of sections 4 and 5. of the income-tax act 1961.81. it is urged by the learned attorney general and shri salve for the appellants that the phrase ..... law. in the situation where the terms of the dtac have been made applicable by reason of section 90 of the income-tax act, 1961, even if they derogate from the provisions of the income-tax act, it is not possible to say that this principle of lifting the veil of incorporation should be applied by the court .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (1970)2SCC180
..... . under the scheme of section 15-c the profits or gains of an industrial undertaking must be determined under and in the manner provided by section 10 of the income tax act. for that purpose all the allowances under sub-section (2) must be taken into account, and the resultant amount forms a component of the taxable profit. if by ..... -section (1) of section 15-c are not business profits: they are taxable profits computed in accordance with the provisions of section 10 of the income tax act. under section 15-c(1) no tax is payable by the industrial undertaking on its taxable profits equal to six per cent per annum of the capital employed. sub-section (4) of ..... profits, for the depreciation for the current and the previous years amounted to rs 2,83,343 which was an admissible allowance in the computation of income under section 10 of the income tax act. since full effect could not be given to the allowance, the company was entitled to add to the depreciation for the following year the unabsorbed .....
Tag this Judgment!Court : Supreme Court of India
Reported in : 1996IIIAD(SC)488; AIR1996SC1887; I(1996)BC659(SC); [1996]86CompCas555(SC); (1996)133CTR(SC)505; [1996]219ITR498(SC); JT1996(3)SC410; 1996(1)KLT699(SC); 1996(3)SCALE20; (199
..... views is correct.4. in order to appreciate the controversy in question, it will be useful to bear in mind the relevant provisions of the income-tax act, 1961 and the companies act, 1956. the relevant provisions are extracted herein-below :income-tax act, 1961178. company liquidation. - (1) every person -(a) who is the liquidator of any company which is being wound up, whether under the orders of ..... in the section.6. in the judgment under appeal the high court has referred to the legislative history and background that led to the enactment of section 178 of the income-tax act, 1961. the high court has referred to report of the company law reforms committee which has been referred to in the decision of the andhra pradesh high court, wherein the plea .....
Tag this Judgment!Court : Supreme Court of India
Reported in : [2003]263ITR706(SC); [2003]132TAXMAN373(SC)
..... carrying on no business there; they are, in fact, prevented from earning any income there; they are not liable to income tax on capital gains under the mauritius income tax act. they are liable to pay income-tax under indian income tax act, 1961, since they do not pay any income-tax on capital gains in mauritius, hence, they are not entitled to the benefit ..... entities are really resident by investigating the center of their management and thereafter to apply the provisions of income tax act, 1961 to the global income earned by them by reason of sections 4 and 5 of the income tax act, 1961.76. it is urged by the learned attorney general and shri salve for the appellants that the phrase ..... law. in the situation where the terms of the dtac have been made applicable by reason of section 90 of the income tax act, 1961, even if they derogate from the provisions of the income tax act, it is not possible to say that this principle of lifting the veil of incorporation should be applied by the court. .....
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