Judgment Search Results Home > Cases Phrase: income tax act 1961 section 234d interest on excess refund Page 11 of about 2,424 results (0.102 seconds)

Lord Krishna Bank Ltd. Vs. Income-tax Officer and ors.

Court : Kerala

Reported in : (1989)76CTR(Ker)62; [1989]176ITR508(Ker)

..... the liability of the central government to pay interest to assessees under the provisions of the income-tax act, 1961, on the difference between the aggregate of the income-tax deducted at source under the provisions of sections 193, 194 and 194a of the act and paid to the credit of the central government under section 200 of the said ..... has taken possession of land compulsorily acquired is interest paid for the delayed payment of the compensation and is, therefore, a revenue receipt liable to tax under the income-tax act.' 12. the principle underlying the award of interest is that the party is compensated for keeping back the amount due and payable to him. it ..... deduction made and paid to the government is treated as payment on behalf of the person who earned the income. 10. it could be thus seen that chapter xvii of the income-tax act empowers the collection of tax on income earned at the time of the receipt itself, whereas the provisions contained under sections 202 - 213 are for .....

The Commissioner of Income Tax And#8211; 10 Vs. M/S. Indian Oil Corpor ...

Court : Mumbai

..... m.s. sanklecha, j. this appeal by the revenue under section 260a of the income tax act, 1961 (hereinafter referred to as the act) challenges an order dated 24/11/2010 of the income tax appellate tribunal (hereinafter referred to as the tribunal) in ita no.2201/mum./2006 relating to the assessment year 2002-03. 2) the appeal ..... notes on clauses in respect of the finance bill reads as under: clause 85 of the bill seeks to insert a new explanation to section 234d of the income -tax act relating to interest on excess refund. the existing provisions of sub-section (1) of the aforesaid section 234d provides that where any refund is granted to the ..... memorandum explaining the provisions of the finance bill 2012 inter alia as under: under the existing provisions of section 234d of the income tax act (inserted with effect from 1st june, 2003, vide the finance act,2003), where any refund has been granted to the assessee under sub-section(1) of section 143 and subsequently on regular assessment, .....

income-tax Officer Vs. Dalmia Dairy Industrses Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1989)31ITD549(Delhi)

..... goods act, 1930. before addressing us on this ground, the learned counsel for the assessee narrated the facts in the background of the ..... for asst. yr. 1981-82 in extenso: for that the learned cit (a) has erred in rejecting the contention of the assessee-company that the amount of rs. 24,06,528 received by the company as a refund of central excise duty was not its -income liable to tax under the it act, 1961 in view of the provisions of section 64a of the sale of ..... (a) for that on the facts and in the circumstances of the case, the learned ito has erred in law in bringing to tax on protective basis or otherwise under the provisions of section 41(1) of the it act, 1961 a sum of rs. 42,05,173 claimed by the assessee company as a refund of central excise duty on its production of .....

income-tax Officer Vs. Amersey Exports (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1985)11ITD74(Mum.)

..... assessee received interest of rs. 56,972 from the government under section 214 of the income-tax act, 1961 ('the act'). the assessee credited this amount in profits and loss account and treated this amount as part of the business income of the relevant years. the ito treated this amount as income from other sources. in appeal, the commissioner (appeals) directed the ito to treat this amount ..... , in respect of any business to which this act applies, be charged, levied and paid...a tax". under the income-tax act, the levy of the tax is not in respect of any business but on chargeable income. secondly, under section 12 of the excess profits tax act, the tax was an allowable deduction for computation of the profits, while the income-tax under the 1961 act is not an allowable deduction. in these .....

N. Chakravorti and Co. and anr. Vs. Union of India (Uoi) and ors.

Court : Kolkata

Reported in : [2002]257ITR10(Cal)

..... matter, when it is subject to appeal and revision under chapter xx of the income-tax act, 1961. relying on section 246(l)(k) of the said act, he points out that the order rejecting the claim of refund is appealable before the deputy commissioner of income-tax (appeals). as such, there being an alternative remedy, the writ jurisdiction cannot ..... to pass orders on that application since the relief provided under sections 236 and 237 in substance is identical. thus, the 1961 act provides for specific remedy by way of appeal before the deputy commissioner of income-tax (appeals), which can go into all the questions, which are now being raised before this court. in fact, the ..... a combined order cannot come under section 246(l)(k) of the 1961 act. therefore, this court should remit back the matter to an officer higher than the assessing authority as specified in section 246(l)(k) of the act being the deputy commissioner of income-tax (appeals) to whom it should be remitted.can the order be brought .....

Reliance Jute and Industries Ltd. Vs. Commissioner of Income-tax

Court : Kolkata

Reported in : [1981]127ITR842(Cal)

..... section 297. but there it is abundantly clear that only the machinery of assessment of escaped income was being contemplated. in the case of reopening either under section 34 of the indian i.t. act, 1922, or the i.t. act, 1961, it was never suggested that the substantive law would be anything different than the law prevalent ..... for the relevant assessment year. in this case to hold that section 214(1a) was merely made for excess income-tax paid for the purpose of recovery and ..... collection would make this fiction redundant in view of the provisions of section 229 of the act .....

Wipro Limited Vs. The Joint Commissioner Of Income Tax

Court : Karnataka

..... a copy whereof is at annexure-a whereby the second respondent-dcit having negatived its application dated 22.03.2019 filed u/s 244a(1a) of the income tax act, 1961 (hereafter 1961 act ) has denied additional 3% interest on the allegedly delayed refund of amount relatable to assessment year 2008-09. 33. the second respondent having contexted section 244a ..... that a fresh reassessment be made, the same would be covered by section 153(3); one may also note that section 32 2(40) of the income tax act, 1961, act defines the term regular assessment to mean assessment under sub section 3 of section 143 or section 144; therefore these terminologies have different import in different sections. ..... it has been held under the erstwhile income tax act, 1922 that the word assessment is not confined to the definite act of making an order of assessment; in c.a. abraham v. ito [1961]. 41 itr425(sc), in the context of section 44 of 1922 act (similar to section 189 of the 1961 act), it has been held 16 that the .....

Cit Vs. Engineers India Ltd

Court : Delhi

..... r.k.gauba mr. justice r.k.gauba % 1. this appeal under section 260-a of the income tax act, 1961 assails the order dated 30.09.2011 of income tax appellate tribunal (hereinafter referred to as the itat ) passed in income tax appeal no.5392/del/2010 in respect of the respondent (assessee) for assessment year 2006-2007, holding ..... formulated: whether on the facts and circumstances of case, the income tax appellate tribunal was correct in law in confirming the order of the cit(a) that the assessee shall be entitled to interest under section 244a of the income tax act, 1961 in respect of excess self assessment tax paid?. 4. the background facts relevant for purposes of addressing ..... ignoring the order of the ao as communicated in terms of section 210(3 or (4).29. unlike the liability towards advance tax (section 207), there is no specific provision in the income tax act for guiding the assessee in computing his liability towards self-assessment (in terms of section 140a). but since, in the scheme .....

Pahwa Cycles (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)51ITD301(Chd.)

..... for assessment year 1980-81 is whether it was entitled to interest under section 244(1a) of the income-tax act, 1961 ("the act" for short) on the interest paid by the assessee under section 220(2) of the act which was ultimately refunded to it.2. briefly stated the facts are these. while giving effect to the ..... the question as to whether or not the interest that was charged to the company under section 18a of the indian income-tax act should be deducted along with income-tax before the fictional dividends as contemplated by section 23a observed ..... april, 1965 and any subsequent assessment year means income-tax chargeable under the provisions of this act and in relation to any other assessment year income-tax and super-tax chargeable under the provisions of this act prior to the aforesaid date.13. in the case of bhor industries ltd. v. cit [1961] 42 itr 57, the supreme court while considering .....

Caltex Oil Refining (India) Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : (1993)95BOMLR975; (1993)113CTR(Bom)358; [1993]202ITR375(Bom); 1993(2)MhLj1758

..... assessment year 1970-71, by an order dated february 11, 1972, the income-tax officer assessed the total income of the assessee at rs. 82,72,020 and allowed interest under section 214 of the income-tax act, 1961 (hereinafter referred to as 'the act'), on advance payment of tax in excess of the tax determined on regular assessment. the matter went in appeal up to the tribunal ..... dr. b.p. saraf, j.1. by this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following question of law to this court for opinion at the instance of the assessee : 'whether, on the facts and in the ..... . in consequence of the order of the tribunal passed on february 12, 1974, the total income of the order of the assessee was reduced .....