Judgment Search Results Home > Cases Phrase: income tax act 1961 section 234d interest on excess refund Page 5 of about 2,424 results (0.215 seconds)

Lloyd Triestino Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1999)70ITD33(Mum.)

..... learned counsel for the assessee relied. the head note of this decision reads as follows :- "section 172(1) of the income-tax act, 1961, gives a right to the income-tax officer to levy and recover tax in the case of any ship belonging to a non-resident in a summary manner (ad hoc assessment) notwithstanding anything contained ..... d. j. works' case (supra) reads as follows :- "section 214(1) of the income-tax act, 1961, itself recognizes in principle the liability to pay interest on the amount of tax paid in excess of the amount of assessed tax which is retained by the government. interest on the excess amount is payable at the rate ..... other proceedings" used in section 240 is of wide amplitude and would cover any order passed in proceedings other than appeals under the income-tax act. therefore, the phrase "orders passed in other proceedings under the income-tax act" would include orders passed under section 154 (rectification proceedings)" .... in this view of the matter, in our view, there .....

Jamnadas Morarjee and Co. Vs. Dcit

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)104ITD257(Mum.)

..... was contended that refund had arisen as a result of appellate order and, therefore, was required to be issued to the assessee automatically in terms of section 240 of the income tax act, 1961 (act). according to the assessee, the payment of rs. 7.50 lacs was actually made against the demand of block assessment but by mistake assessment year 1997-98 was mentioned in ..... to be in excess, then the assessee is entitled to refund. this principle has been recognized by the legislature while enacting the income tax act, 1961 by enacting the provisions relating to refund and interest thereon in chapter-xix. section 237 of the act which is relevant for disposal of this appeal, provides as under: 237. if any person satisfies the assessing officer that the .....

Jamnadas Morarjee and Co. Vs. Dy. Cit, Central Circle-34

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)9SOT254(Mum.)

..... was contended that refund had arisen as a result of appellate order and, therefore, was required to be issued to the assessee automatically in terms of section 240 of the income tax act, 1961 ('act'). according to the assessee, the payment of rs. 7.50 lakhs was actually made against the demand of block assessment but by mistake assessment year 1997-98 was mentioned in ..... to be in excess, then the assessee is entitled to refund. this principle has been recognized by the legislature while enacting the income tax act, 1961 by enacting the provisions relating to refund and interest thereon in chapter xix section 237 of the act which is relevant, for disposal of this appeal, provides as under: '237. if any person satisfies the assessing officer that the .....

Commissioner of Income-tax Vs. S.C. Shah

Court : Mumbai

Reported in : (1981)25CTR(Bom)401; [1982]137ITR287(Bom); [1982]11TAXMAN66(Bom)

..... the period of delay in granting refund ? (3) whether, on the facts and in the circumstances of the case, the assessee was entitled to interest under section 244 of the income-tax act. 1961, on the amount of refund due to him for the period of delay after the expiry of six months from 10th november, 1964 ?' 5. in i.t. ref. no ..... aac refusing to award interest. both these contentions were negatived by the tribunal. thereafter, under the provisions of section 256(1) of the i.t. act, 1961, a reference has been made to us.4. in income-tax reference no. 98 of 1971, the following three questions have been referred to us for determination :'(1) whether, on the facts and in the ..... k. c. shah and company also has a third partner. for the assessment year 1962-63 the assessees in both these references could not file their income-tax returns under section 139(1) of the i.t. act, 1961, since the accounts of the partnership firm of m/s. k. c. shah and company were not finalised. the partnership firm of m/s. .....

Commissioner of Wealth-tax Vs. Smt. Shashi Agrawal

Court : Allahabad

Reported in : (2005)198CTR(All)305; [2005]276ITR64(All)

..... ltd. v. union of india : [1981]130itr928(delhi) , the delhi high court has held that after introduction of sub-section (2) in section 214 of the income-tax act, 1961, whatever may have been the interpretation that might be placed on the expression 'regular assessment' contained in section 214, there is no escape from the conclusion that the assessee ..... 1987 which relates to the assessment years 1970-71 and 1972-73 to 1974-75, the income-tax appellate tribunal, new delhi, has referred the following question of law under section 27(1) of the wealth-tax act, 1957 (hereinafter referred to as 'the act'), for the opinion to this court :'whether, on the facts and circumstances of the case ..... full bench of the gujarat high court has held that interest on the excess of advance tax refunded under section 214(1) of the act has to be paid up to the date of 'regular assessment'. when the first assessment of the income-tax officer is final, that is the 'regular assessment' for purposes of section 214(1). .....

Ritu Sengupta and Vs. Municipal Corporation of Delhi

Court : Delhi

Reported in : 152(2008)DLT68; 2008(106)DRJ54

..... at source on the basis of an appellate order whereby additions made by the assessing officer were set aside. after examining the provisions of the income tax act, 1961, the supreme court held that interest can be paid only if the statute provides for the payment of the same and it was observed that ..... have charging provisions, computation sections as well as recovery provisions. the computation provisions provides for the method and the manner to determine income, wealth or the value on which tax is to be paid. tax is thereafter payable on the sum so determined as per the rates specified. these are two separate and distinct steps which have to ..... in lieu of compensation or damages in appropriate cases. the interest can also be awarded on equitable grounds.21. the petitioner herein had paid tax as per the provisions of the act and the property tax bye laws - 1994 for the period after 1st april, 2001. these payments were made pursuant to calculations made by the petitioners themselves .....

Commissioner of Income Tax Vs. Dinesh Mills Ltd.

Court : Gujarat

Reported in : (2008)215CTR(Guj)440; [2008]302ITR164(Guj)

..... assessment for the assessment year in question came to be framed vide assessment order dt. 31st march, 1989. the commissioner of income-tax, baroda (the cit) issued show cause notice under section 263 of the act on the following ground:the interest payable on excise refund amount to rs. 2,63,658 has been claimed and allowed as ..... a contractual liability and hence, it should be considered to be a statutory liability which would be allowable only on fulfilment of requirements under section 43b of the act. that the interest was payable to the excise department in relation to refund of excise duty and, therefore, would assume the same characteristic viz. characteristic of excise ..... bench 'b' has referred the following question under section 256(1) of the it act, 1961 (the 'act') at the instance of the cit:whether, the tribunal is right in law and on facts in quashing the order passed by cit under section 263 of the act whereby he had directed the ao to disallow interest of rs. 2,63,658 .....

Commissioner of Income Tax-iii, Hyde Vs. Sirpur Paper Mills Ltd., Hyde ...

Court : Andhra Pradesh

..... by the appellant is allowed and the respondents are directed to consider the claim of the appellant for payment of interest on the excess amount of tax under section 214 of the income tax act, 1961 in accordance with the principles laid down in the decision in modi industries ltd.case (supra).no order as to costs. not only the amount ..... (per the hon'ble sr.justice l. narasimha reddy) the respondent is an assessee under the income tax act, 1961 (for short, the act).for the assessment year 1979- 80, it paid advance tax of rs.38,00,000/-. however, in the regular assessment, the tax liability was fixed at a lower figure. thereby, the respondent became entitled to be refunded the amount. ..... of advance tax treated as not leviable, but also interest of rs.21,39,442/- from the date of regular assessment i.e., 01-04-1979 up .....

Union Of India Vs. M/s Willowood Chemicals Pvt. Ltd.

Court : Supreme Court of India

..... due by way of refund: (a) in modi industries ltd. and another v. commissioner of income tax and another8 a bench of three judges of this court was called upon to consider the effect of section 214 of the income tax act, 1961, and the questions which arose were set out as under: we shall now indicate how the controversy ..... relating to the meaning of the expression "regular assessment" arises: an assessee pays advance tax according to his estimate of his income during the financial year relevant to the particular assessment ..... in k.t. plantation pvt. ltd. and anr. v. state of karnataka4 , sandvik asia ltd. v. commissioner of income tax-i pune and others5 and commissioner of 4 (2011) 9 scc15 (2006) 2 scc5085 income tax, gujarat v. gujarat fluoro chemicals6. in its judgment dated 10.7.2019 which is under challenge in the second case, the .....

Hindusthan Motors Ltd. Vs. Commissioner of C. Ex.

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Calcutta

Reported in : (2003)(88)ECC296

..... after the further delay, it is liable to pay interest on the aforesaid second component.13.1 the aforesaid position of law, in the context of similar provisions of income tax act, 1961, is now directly covered by the recent judgment of hon'ble supreme court reported 2002 (254) itr 606 (cir v. narendra doshi). in the said judgment, the ..... to the date of issuance of the cheques by the appellant. in this connection he relies upon the madras high court's decision in the case of commissioner of income tax (tamil nadu-i) v. kumudam publications pvt. ltd. - 1981 itr volumn-128 617. it is seen that in the said case it was held by the ..... question for consideration was the following :- "whether, on the facts and the circumstances of the case,, the income tax appellate tribunal was justified in law in upholding the order of the deputy commissioner of income-tax (appeals), indore, directing to allow interest on interest, when the law points for grant of simple interest only." the hon' .....