Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Court: income tax appellate tribunal itat ahmedabad Page 14 of about 698 results (0.137 seconds)

Barkha Investments and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... and conclusions' arrived at by my learned brother in respect of the merits of the main issue relating to the applicability of section 40a(8) of the income-tax act, 1961 (the act) to the appellant-company (henceforth the " company"). the relevant facts have been set out in the proposed order but i would like to point out a ..... company is an investment company as defined under section 40a(8), explanation (c)(ii) of the income-tax act, 1961. it is claimed that the company had taken up investment as its main object and accordingly changed its name from prabhat fabrics private limited to barkha investments and ..... money. it is urged that, in view of this, the company is a financial company within the meaning of section 40a(8), explanation (c)(iv) of the income-tax act, 1961, and, therefore, section 40a(8) would not be applicable. this contention, it is claimed, is in addition and without prejudice to their prima facie contention that the .....

Executors to the Estate of Late Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1988)27ITD204(Ahd.)

..... section is about the benefit or reduction which the aasessee gets under estate duty assessment and hence got no connection with capital gain computation under income-tax act.thereafter, the ito finalised the assessment wherein, he has included rs. 3,54,035 being the long-term capital gains on the sale of the property situated at ..... ) has erred in confirming the order of the ito under section 143(3) r.w.s. 144b of the it act, 1961 and thereby dismissing the appeal for a.y. 1981-82. the learned cit (appeals) ought to have appreciated the contention raised before him that the property sold was a specific property with a condition in the will that the ..... interest to the bank in the three assessment years 1959-60, 1960-61 and 1961-62 till the whole amount was repaid in 1962. the trustees claimed the amounts paid as interest as deduction against their income under the head. 'dividends' and 'interest on securities'. the income-tax officer rejected the claim but it was allowed by the tribunal. on a .....

Gift-tax Officer Vs. Sarabhai Management Corpn. Ltd.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1989)29ITD249(Ahd.)

..... gifts made by any person (v) to any institution or fund established (or deemed to be established) for a charitable purpose to which the provisions of (section 80g) of the income-tax act apply ; 6. we now proceed to the definition of the term "gift" which is set out in section 2(xii). this is as follows : 2(xii). 'gift' means ..... decision of the tribunal for ay 1980-81 whereby sarabhai foundation had been allowed exemption under section 11 of the it act, 1961, had been subsequently upheld by the hon'ble high court of gujarat in judgment dt. 4-4-1988 delivered in income-tax ref. no. 289 of 1985.it was accordingly submitted that the decision of the cgt(a) holding sarabhai ..... sarabhai foundation had for the asst. year 1980-81 enjoyed the exemption under section 11 of the it act. in the income-tax assessment of the sarabhai foundation for ay 1980-81, the cit(a) in his order in appeal no. cit(a)iii/xvi-134/83-84 dt. 11-1-1985 had given a specific finding that the exemption under section 11 should .....

income-tax Officer Vs. Ramandu Trust

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)32ITD524(Ahd.)

..... ), baroda dated 22-10-1986 cancelling the levy of interest under sections 139(8) and 217 of the income-tax act, 1961 (the act) and holding the status of the respondent trust as that of an 'individual'.2. the assessee is a discretionary trust settled by one shri raojibhai patel on april 1,1984. ..... .13. the doctrine of 'reasonable cause' which enumerates the principle of natural justice, has not been cut short in size by section 139(8).the words 'whether or not the income-tax officer has excluded the date for furnishing the return', occurring in the language of section 139(8) are subject to the mandate contained in the proviso to that sub-section ..... 8. in reply mr. m.m. patel, the learned counsel for the respondent, heavily relying upon the proviso to section 139(8) and clause (v) of rule 117a of the income-tax rules, 1962 (the rules) submitted that as held by the gujarat high court in the case of patel engg. co. ltd. v.c.b. rathi [1985] 151itr 542, charge of .....

Producers Union Ltd. Vs. Assessing Officer.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)37TTJ(Ahd.)145

..... of opinion has arisen amongst the members who constituted the bench. the following point of difference is referred to the honble president of the income-tax appellate tribunal under section 255(4) of the income-tax act, 1961 : per shri ch. g. krishnamurthy, president, third member -this is a matter coming out of an appeal taken up for hearing ..... as there was a difference of opinion between the learned members, the matter has been referred to me as a third member under section 255(4) of the income-tax act, 1961. the difference of opinion is :- the difference of opinion is very widely framed. i have heard shri n.a. palkhiwala for the assessee and shri r ..... not guided by any commercial considerations and therefore not allowable as an expense under section 37(1) of the income-tax act, 1961. he also invoked the provisions of section 40a (2). it was for these reasons that the income-tax officer disallowed the claim of the assessee. i have tried to summarise all, the points that were mentioned .....

income-tax Officer Vs. Gujarat Tea Processors and

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)35ITD510(Ahd.)

..... that in the facts and circumstances of the case, the account maintained by the aforesaid persons are not deposit account as envisaged under section 40a(8) of the income-tax act and hence nothing should be disallowed under the above proviso. it is submitted that the addition made on this score be deleted now. (2) the learned ..... ) has further erred in law and on facts in directing the ito to charge the tax at the rate applicable on industrial unit. (1) the learned cit(a) erred in confirming the disallowance of interest under section 40a(8) of the income-tax act for a sum of rs. 12,543 being interest on loan account of the directors and shareholders of ..... desai, withdrawals have been made out of old deposit by three cheques dated 5-11-1982 and 6-11-1982. the debit in various other accounts solely consists of income-tax deducted at source out of the amount of interest credited in these deposit accounts. there is a distinct difference between moneys on current accounts and moneys kept as deposits. .....

Bhagwatilal G. Shah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1990)35ITD526(Ahd.)

..... income in question was not taxable as per proviso to section 5(1)(c) and if taxable the ..... india in his status of "not ordinarily resident" (nor) in india. the income-tax authorities rejected his claim on the ground that during the year under consideration the assessee was "resident" in india and the income in question was taxable under section 5(1)(c) of the income-tax act, 1961 ('the act').2.2 it was urged on behalf of the assessee that the ..... assessee was entitled to the benefit of section 80r of the act in respect thereto. we find no force in .....

Deputy Commissioner of Vs. Jayant Paper Mills

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1992)41ITD153(Ahd.)

..... . nagri mills co. ltd. [1958] 33 itr 681 (bom.) at page 684 : we have often wondered why the income-tax authorities, in a matter such as this where the deduction is obviously a permissible deduction under the income-tax act, raise disputes as to the year in which the deduction should be allowed. the question as to the year in which a ..... deduction is allowable may be material when the rate of tax chargeable on the assessee in two different years is different; but in ..... the case of income of a company, tax is attracted at a uniform rate, and whether the deduction in respect of bonus was granted in the assessment .....

income-tax Officer Vs. Ahmedabad Hospital

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1993)47ITD345(Ahd.)

..... para-2 above. the assessee trust had been admittedly registered under the bombay public trust act and also under section 12a of the income-tax act, 1961. donations to assessee institution were eligible for exemption under section 80g of the act on the basis of orders passed by the cit gujarat from time to time. the copies of those orders are in the paper ..... vide registration no. e-2581 dated 31-3-1975. the assessee trust was also registered with the commissioner of income-tax, gujarat-iii, under section 12a(a) of the income-tax act vide registration no.a-77/iv certificate dated 14-7-1975 in pursuance of the application filed by the assessee on 4-2-1975. recognition under section ..... 80g(5) had been granted to the assessee trust from time to time and last certificate issued by the cit on 2-8-1982 was valid .....

Assistant Commissioner of Vs. Harikrishna Family Trust

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1996)57ITD353(Ahd.)

..... ground spaces to shopkeepers, stallholders and daily casual market vendors. the question was whether the appellant's income from subletting the stalls was assessable as business income under section 10 of the income-tax act, 1922 or as income from other sources under section 12. the hon'ble supreme court held that since the appellant-company was ..... of the case and in law, the learned cit(a), surat has grossly erred in holding that income of the assessee-trust is assessable under section 56 of the income-tax act under the head "income from other sources", and not under section 28 of the income-tax act under the head "income from business or profession", even though, the ..... cannot be assessed either under section 22 or 28 of the income-tax act, the income would naturally fall under the head "income from other sources". the cit(a) accordingly directed the assessing officer that the income of the assessee be assessed under section 56 of the act.7. shri m.p. lohia, the learned dr relied upon .....