Judgment Search Results Home > Cases Phrase: income tax act 1961 section 234d interest on excess refund Page 1 of about 2,424 results (0.100 seconds)

Commissioner of Income-tax, Ludhiana-II Vs. Avery Cycle Inds Ltd.

Court : Punjab and Haryana

..... filed a return declaring a business loss of rs. 1,03,32,832/- the return was processed under section 143 (1) of the income tax act, 1961 (hereinafter referred to as 'the act'). a statutory notice under section 143(2) of the act was served upon the assessee, followed by a detailed questionnaire dated 23.05.2001. after considering the material on record, the assessing officer ..... pay interest on excess refund admittedly received by the assessee. the assessing officer rightly levied interest but the cit(a) and the income tax appellate tribunal have both erred in deleting the interest. counsel for the assessee on the other hand, submits that section 234d of the act does not apply to the appellant and even it is held that section 234d of the .....

Commissioner of Income-tax Vs. Ashok Leyland Ltd.

Court : Chennai

Reported in : [1999]240ITR899(Mad)

..... provisional assessment and, therefore, the assessee was not entitled to interest under section 244(1a) of the income-tax act, 1961. the assessee preferred an appeal before the commissioner of income-tax (appeals) (sic) holding that the assessee was entitled to interest under section 244(1a) of the income-tax act. the income-tax appellate tribunal rejected the reference application filed by the revenue on the ground that no referable question ..... circumstances of the case, the appellate tribunal was right in law in holding that the assessee is entitled to interest under section 18 of the companies (profits) surtax act, 1964, read with section 244(1a) of the income-tax act, 1961, on the excess payment of provisional tax paid by the assessee ?'. 2. the order of assessment made in the assessee's case under the surtax .....

Jose T. Mooken Vs. Commissioner of Income-tax

Court : Kerala

Reported in : [1979]117ITR894(Ker)

..... assessee, who was adopted by n, received rs. 1,93,328. the question was whether the interest receipt constituted income in the hands of the assessee and, if so, whether it was exempt under section 4(3)(vii) of the indian income-tax act, 1922, as a casual and non-recurring receipt; '23. the supreme court confirming the decision of the madras ..... what had happened at the time of the making of the assessment. better material could have been placed to enable the court to come to a conclusion whether the income-tax officer acted bona fide in serving the notices only on e. d. sadanandan, because he was the executor who intermeddled with the estate and was in actual management thereof.' ..... on a total income of rs. 65,977. the interest received on the refund of tax as mentioned above was not shown in the return. therefore, it was also not assessed. if it was assessable it should be in the assessment year 1960-61. the ito reopened the assessment under section 147(a) of the i.t. act, 1961. a notice .....

Raja Ram Kumar Bhargava (Dead) by Lrs. Vs. Union of India (Uoi)

Court : Supreme Court of India

Reported in : AIR1988SC752; (1988)68CTR(SC)174; [1988]171ITR254(SC); 1988(1)SCALE235; (1988)1SCC681; [1988]2SCR352

..... the matter fell within s. 297(2)(a) and not s. 297(2)(d)(i). the claim for interest on the refund of income-tax becomes wholly untenable. -o.r.m.m.sp sv. p. panchanatham chettiar v. cit relied on. income tax act 1961 s.297 m.n. venkatachaliah, j.1. this appeal, by special leave, by the legal representatives of raja ram kumar bhargava, the ..... on the said refunds under section 66(7) of the 1922 act.4. in the meanwhile, on 1-4-1962, the income-tax act (1961 act) had come into force. section 297(l) of the1961 act' repealed the '1922 act'. under the 1922 act and the excess profit tax act 1940, appellant was entitled to claim interest on the refund of taxes under circumstances contemplated by section 66(7) of the '1922 .....

Commissioner of Income-tax Vs. Bowater Corporation Limited

Court : Kolkata

Reported in : (1986)54CTR(Cal)338,[1986]161ITR280(Cal)

..... the refund due?2. whether, on the facts and in the circumstances of the case, and in view of the specific provision contained in section 244(2) of the income-tax act, 1961, the tribunal was justified in holding that the question whether section 244(1a) or section 244(2) would apply was of debatable nature and, therefore, outside the ambit ..... the tribunal held that the provisions of section 154 should not be invoked in the case.6. on an application by the revenue under section 256(1) of the income-tax act, 1961, the following questions have been referred as questions of law arising out of the order of the tribunal for the opinion of this court :' 1. whether, on the ..... ground that excess interest has been granted to the assessee and the mistake was apparent on the face of the record. proceedings were initiated under section 154 of the income-tax act, 1961. by an order passed on august 18, 1978, it was held that excess interest amounting to rs. 1,48,150 paid was refundable by the assessee.4. .....

Deputy Commissioner of Vs. Lipton India Ltd.

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (1996)57ITD397(Kol.)

..... courts in this country in numerous and countless decisions. any other contrary view would collide with the very scheme of the provisions relating to refund in the income-tax act, 1961. such interpretation appears to have an element of sharp edge considering the fact that the assessing officer has granted time limit of 30 days to the assessee ..... initiation of steps for recovery of such demand through other mode as prescribed in ii and iii schedule to the income-tax act, 1961.under the provisions of the income-tax act, a refund can arise only when tax has been paid earlier by an assessee in excess of what is due and payable legitimately. any mode of payment, whether by actual ..... due to the government is settled in course of litigation as provided in the hierarchy of appeal or other proceeding under the income-tax act, 1961. the rationale is quite plain. if a proceeding under the act concludes to the effect that the government as a result of the proceeding at a lower level took away more of the .....

Vishnubhai N. Thakkar Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)80ITD291(Ahd.)

..... of the judgment is reproduced as below :- whenever refund of any amount becomes due to the assessee and it is not granted within a particular period, section 244 of the income-tax act, 1961, mandates payment of interest. section 240 is a general section which envisages refund of any amount that becomes due to the assessee and takes within its fold even interest levied ..... is reproduced as under :- the assessee claimed that it was a wholly charitable institution and its income should not be subject to tax under sections 12 and 13 of the income-tax act, 1961. the income-tax officer rejected the contention and assessed the tax and also charged interest for non-payment of tax. the tribunal held that the assessee was a charitable institution and the assessment under sections 12 .....

Vishnubhai N. Thakkar Vs. Astt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)72TTJ(Ahd.)879

..... of the judgment is reproduced as below : "whenever refund of any amount becomes due to the assessee and it is not granted within a particular period, section 244 of the income tax act, 1961, mandates payment of interest. section 240 is a general section which envisages refund of any amount that becomes due to the assessee and takes within its fold even interest levied ..... is reproduced as under : "the assessee claimed that it was a wholly charitable institution and its income should not be subject to tax under sections 12 and 13 of the income tax act, 1961. the income tax officer rejected the contention and assessed the tax and also charged interest for non-payment of tax.the tribunal held that the assessee was a charitable institution and the assessment under sections 12 .....

income Tax Officer Vs. Shri Mool Chand Gupta

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)110ITD89(Delhi)

..... receipt of a letter cum notice from the commissioner of income tax, under section 133(6) of the income tax act, 1961. there is also substance in the submission when he said that it was basically the counsel, who had master-minded the claim of refund ..... not withdrawn the claim, his complicity would have been established. whereas, it is true that the assessee had been issued a notice under section 154 of the income tax act, 1961, but since the assessing officer did not proceed further, there was no occasion for the assessee to have withdrawn the claim. the assessee stated the truth on ..... as per the voluntary retirement scheme of the employer's organization; and on account of various deductions and exemptions and by claiming relief under section 89(i) of the income tax act, 1961, the assessee otherwise would have been entitled too a refund of rs. 85,000/- to rs. 90,000/- approximately. on receipt of refund, it is thus .....

Commissioner of Income Tax Vs. M/s. Barak Industries Ltd

Court : Guwahati

..... the expenses incurred under that particular head and the resultant profits and gains of the business of industrial undertaking would be eligible for deduction under section 80 ib of the income tax act, 1961. 2. if the answer to question no.1 is in the negative, whether on the facts and in the circumstances of the case, the learned tribunal was right in holding ..... consent of the parties, the appeal is taken up for final disposal. this appeal is filed by the appellant under section 260 a of the income tax act, 1961 against the order dated 19.3.2010 passed by the income tax appellate tribunal (for short hereinafter called the tribunal ), guwahati in ita no.45/gau/2009 arising out of the assessment year 2006-07. the appeal .....