Judgment Search Results Home > Cases Phrase: income tax act 1961 section 234d interest on excess refund Court: karnataka Page 12 of about 619 results (0.224 seconds)

K.V. Adinarayana Setty Vs. Commercial Tax Officer, Kolar Circle, Kolar

Court : Karnataka

Reported in : ILR1963KAR561; [1963]14STC587(Kar)

..... this connection, he also pointed out that in case of commissioner of income-tax, andhra pradesh v. bhikaji dadabhai and co. : [1961]42itr123(sc) , the supreme court, which was dealing with the question of the imposition of penalty under section 40 of the hyderabad income-tax act, was inclined to the view that the imposition of penalty was a necessary concomitant or incident of the process ..... in view of the subsequently reported decision of the supreme court in commissioner of income-tax, andhra pradesh v. bhikkaji dadabhai and co. : [1961]42itr123(sc) , wherein the supreme court regarded the penalty as an additional tax and repelled the argument that the power to impose the penalty under section 40 of the hyderabad income-tax act was not saved by section 13(1) of the finance .....

Commissioner of Income-tax, Karnataka-ii Vs. Mysore Petro-chemical Ltd ...

Court : Karnataka

Reported in : (1984)39CTR(Kar)177; [1984]145ITR416(KAR); [1984]145ITR416(Karn)

..... . the following question has been referred under s. 256(1) of the i.t. act : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in upholding the order of the commissioner (appeals), who directed the income-tax officer to allow the relief under section 80j at full 7 1/2 % of the ..... capital employed even though the under taking worked only for 1 1/2 months ?'2. the simple facts behind the legal formulation are as follows : the assesses company claimed relief under s. 80j of the act for the full assessment ..... per cent. per annum' are ordinarily applied to calculation of interest and in similar contexts. but the words 'per annum' would be in appropriate in a taxing statute levying tax on the income earned during the previous year, which is not necessarily a period of twelve months, though it would ordinarily be a period of twelve months. in the present .....

Fosroc Chemicals India Ltd. Vs. Commissioner of Income-tax and anr.

Court : Karnataka

Reported in : (2001)168CTR(Kar)51; [2001]248ITR603(KAR); [2001]248ITR603(Karn)

..... informing the petitioner it is stated that they are invalid and the conditions of the kar vivad samadhan scheme, 1998, in respect of outstanding tax liability of march 31, 1998, duly stand fulfilled. under section 245 of the income-tax act, if the refund is due, the assessing authority can set off the amount of refund or any part thereof against the sum payable ..... under section 143(1)(a) for rs. 18,59,056 was received which was reduced to rs. 14,75,003 and the matter is stated to be pending before the income-tax appellate tribunal. 3. for the assessment year 1996-97, by virtue of a rectification order passed under section 154 on august 31, 1998, a sum of rs. 22,87 ..... regarding giving any prior intimation nor adjustment or any order communicated to the assessee, it is considered that the declaration to that extent alone was pending. the commissioner of income-tax is directed to pass an order treating the sum of rs. 3,96,505 as outstanding of dues. 11. petitions are accordingly partly allowed. .....

Commissioner of Income-tax Vs. Deepchand Kishanlal

Court : Karnataka

Reported in : (1990)82CTR(Kar)322; [1990]183ITR299(KAR); [1990]183ITR299(Karn)

..... ]106itr38(cal) - (chloride india's case, for short). the decision was rendered in the year 1976. the assessment year was 1964-65 and was under the provisions of the income-tax act, 1961. section 214 as it then stood came up for consideration and it was held that the 'regular assessment' was the effective order of assessment; an initial order of assessment which ..... question of law referred to us under the provisions of section 256(1) of the income-tax act, 1961 (hereinafter referred as 'the act'), is as under: 'whether, on the facts and in the circumstances of the case, the tribunal is justified in upholding the decision of the commissioner of income-tax (appeals), (i) that no interest under section 139(8) is leviable on the registered firm .....

Cit and anr. Vs. Late Ramakrishna Hegde Through L.R.

Court : Karnataka

d.v. shylendra kumar, j.1. this appeal by the revenue under section 250a of the income tax act, 1961 (hereinafter referred to as the act) is directed against the order passed by the tribunal, bangalore bench, in appeal no. 817/bang/2006, dated 13-4-2007.2. the assessee is an individual and ..... the assessment year is 2000-01. the assessment had been initially concluded under section 143 of the act in the normal course.3. the income tax officer purporting to have come across certain fixed deposit receipts in the name of the assessee found in the course of recovery proceedings, particularly, by ..... assessment, namely:(a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax;(b) where a return of income has been furnished by the assessee but .....

Mysore Standard Bank Ltd. (In Liquidation) Vs. Commissioner of Income- ...

Court : Karnataka

Reported in : [1962]46ITR278(KAR); [1962]46ITR278(Karn)

..... and exclusively for the purpose of such business'. the scope of the words ' for the purpose of such business' has been considered by kanga and palkhivala, in their book on income-tax act. this is what the learned authors say about it : 'the words 'for the purpose of such business, profession or vocation' in this clause refer to the business, profession ..... hegde, j. 1. this is a reference made under section 66(1) of the indian income-tax act, to be referred to as the 'act' hereinafter. the question of law referred is : 'whether the expenditure in the sum of rs. 37,043-15-0 paid to the employees of the blank in the ..... admissible deductions under this clause.' (vide page 370, volume 1, fourth edition). 13. in indian molasses co. (private) ltd. v. commissioner of income-tax the supreme court observed : 'this section (section 10(2)(xv) of the act) though it enacts affirmatively what is stated in the negative form in the english statute, is substantially in 'pari materia' with the english enactment .....

Vishal Enterprises Vs. Union of India and anr.

Court : Karnataka

Reported in : [1988]174ITR548(KAR); [1988]174ITR548(Karn)

..... the buyer in respect of specified goods shall be deemed to be the profits and gains of the buyer from the business of trading in such goods, chargeable to tax under the income-tax act. 3. in the case of assessees dealing in alcoholic liquor, a sum equal to 40% of the amount paid or payable by the buyer as the purchase price ..... of any goods and at rates specified in the table annexed to section 44ac. what is required to be collected from the buyer is a percentage of such amount towards income-tax. 'such amount' referred to in section 206c cannot be any amount other than the 'purchase price' and the percentage of the purchase price which is deemed as the ..... s.r. rajasekhara murthy, j.1. the petitioner-firm is engaged in the business of buying and selling timber obtained from the state government and its agencies and is an income-tax assessee. it has challenged, in this writ petition, the press note dated june 23, 1988, issued by the ministry of finance, a copy of which is produced as annexure .....

Bangalore Race Club Vs. Commissioner of Income-tax, Mysore

Court : Karnataka

Reported in : [1970]77ITR435(KAR); [1970]77ITR435(Karn)

..... legal obligation incurred. in that view, the payment is really an item of expenditure incurred by the assessee in respect of its own racing activity. under section 37 of the income-tax act, 1961, the assessee is entitled to the deduction of the expenditure incurred exclusively for the purpose of its business. if profits had been earned through the racing activity at mysore, ..... the assessee and against the revenue.8. in the result, our answer is that, on the facts and the circumstances of the case, the income of the assessee was not exempt under section 11 of the income-tax act, 1961, and that, on the facts and circumstances of the case, the assessee was entitled to the deduction of the loss in running the races ..... govinda bhat, j.1. this is a reference under section 256(1) of the income-tax act, 1961, by the income-tax appellate tribunal, madras bench 'a'. the following two questions of law have been referred for our opinion :'1. whether, on the facts and in the circumstances of the case, .....

Gadi Cheluvaraya Chetty Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : [1984]150ITR60(KAR); [1984]150ITR60(Karn)

..... bhuwaneshwari kuer's case : [1964]53itr195(sc) . we may also refer to the significant change made in the language with regard to revocable transfers in the income-tax act, 1961. section 63 of that act provides : 'for the purposes of sections 60, 61 and 62 and of this section - (a) a transfer shall be deemed to be revocable if - ..... high court was considering a settlement deed containing a revocable clause with reference to s. 9(1) of the travancore cochin agricultural income-tax act, 1950, which corresponds to s. 16(1)(c) of the indian i.t. act, 1922. 19. under clause (6) of the settlement deed dated august 12, 1960, the transferor gave to chandra mohan ..... 1961 act as was rightly applied by the ito. 10. section 60 provides : 'all income arising to any person by virtue of a transfer whether revocable or not and whether effected before or after the commencement of this act shall, where there is no transfer of the assets from which the income arises, be chargeable to income-tax as the income .....

Sunandamma Vs. Commissioner of Income-tax

Court : Karnataka

Reported in : [1987]164ITR446(KAR); [1987]164ITR446(Karn)

k. jagannatha shetty, actg. c.j.1. this is a reference under section 256(1) of the income-tax act, 1961 ('act' for short). the following questions have been referred by the income-tax appellate tribunal, bangalore bench : '1. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the interest amount of ..... year 1972-73, the interest payable was rs. 2,000 being the assessee's share only. before the income-tax officer, the assessee made a claim for deduction of that amount under section 24(1)(iv) of the act. the income tax officer disallowed the claim on the ground that it was not an annual charge coming within the purview of that ..... the lease rent from neo mysore cafe building. that was claimed as a deduction under section 57(ii) and (iii) of the act. both the income-tax officer and the appellate assistant commissioner disallowed the claim. the tribunal has also agreed for the following reasons : 'what is allowable under section 57(iii) is .....