Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Court: income tax appellate tribunal itat cochin Page 1 of about 323 results (0.454 seconds)

Tcm Ltd. Vs. the Jt. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

..... that the re-opening of the assessment for the a.y. 1979-80 under section 147 read with section 150(1) of the income-tax act is valid and is not hit by section 150(2) of the income-tax act, 1961. 2. the cit(a) erred in holding that the re-assessment made under section. 143(3) read with section 147 and section 150(1) is ..... 58,697 received by the assessee by way of refund of electricity charges in the subsequent year is taxable in the year under consideration under section 41(1) of the income-tax act, 1961? 2. was the appellate tribunal justified in its view that the supreme court decision rendered during the accounting period relevant to the assessment year under consideration created a vested right ..... (sc), it was held as under: by applying the above principle, we are of the view that the term obtained" used in sub-section (1) of section 41 of the income-tax act, 1961, cannot be given a meaning "capable of being obtained". this is the view taken by the full bench of the gujarat high court in .....

The Dy. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2007)292ITR56(Coch.)

..... the provisions of section (sic), 237, 240, 243, 244 and relevant case law on the issue and held as under: in view of the express provisions of the income-tax act, 1961, an assessee is entitled to compensation, by way of interest for the delay in the payment of amounts lawfully due to the assessee which are withheld wrongly and contrary to ..... to the assessee for money remaining with the government. to remove this inequity, as also to simplify the provisions in this regard, the amending act, 1987, has inserted a new section 244a in the income-tax act, applicable from the assessment year 1989-90 and onwards, which contains all the provisions for payment of interest by the department for delay in the ..... know no equity. there cannot be a direction to the revenue to pay interest in equity, when there is no such provision in the income-tax act. the decision in the case of modi industries ltd. (supra) has been considered by the hon'ble supreme court in the recent decision in the case of sandvik asia .....

income-tax Officer Vs. Sea Pearl Industries

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1996)56ITD505(Coch.)

..... the assessee till the goods reach its destination and the insurance cover is also taken by the assessee. (i) there is no definition of export house in the income-tax act. one has necessarily to refer to paragraph 165 of chapter 17 in volume i of the import & export policy book of 1983 to understand what is an export ..... be conferred on one as against the other party unless the other party files disclaimer certificate. if the terms of the contract confer the tax benefit or tax burden on the assessee (so far as income-tax is concerned), certainly the assessee would be entitled to the benefit of section 80hhc. we have seen sample agreements, as stated above, from ..... which we cannot come to a definite conclusion. we, therefore, set aside the order of the cit (appeals) and restore the issue to the file of the .....

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... 1994-95. though the assessee has urged nine common grounds in these appeals they are, in fact, directed against the order of the cit (appeals) in denying the benefit under section 80hhc of the income-tax act, 1961.2. the facts of the case are these : the assessee-firm is engaged in the business of export of marine products. the ..... assessee filed the return of income for the assessment year 1993-94 on 28-2-1994 declaring total income of rs. 8,57,540. the return was ..... profits by 90% of the export earnings premium and the brokerage in computing the profits for purpose of deduction under sub-section (1a) of section 80hhc of the income-tax act". the learned departmental representative further submitted that the decision of the tribunal in the case of sri a.m. moosa (supra) has not been accepted by the revenue .....

A.M. Moosa Bharat Sea Foods Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1986)17ITD37(Coch.)

..... - this is an appeal against the order of the commissioner dated 20-3-1984 passed under section 263 of the income-tax act, 1961 (the act) directing the ito to recompute the deduction under section 80hh and 80j of the act after excluding the premia on import entitlements, exports house premia and drawbacks and revise the assessment.2. the assessee is ..... a legal concept but something which a practical man would regard as a real source of income. [the assessee may have separate sources of income - see section 3(3) of the act.] all taxable income must necessarily have a definite source [see the law and practice of income-tax by kanga and palkhivala, p. 162. ] if that is the concept of the ..... it then follows that the tribunal was right an assessees claim for rebate under section 2(5) (a) (i) of the finance act, 1966. ..." (p. 830) it has been held therein that the income, profit or gain cannot be said to have been derived from an activity merely by reason of fact that the said activity may have .....

Rev. Father Prior, Sacred Hearts Vs. Income-tax Officer,

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195630ITR451(Coch.)

..... collateral fact which the officer has to decide first before proceeding to assess the person to income-tax. under the income-tax act, the income-tax officer has full jurisdiction to decide whether a person is liable to be assessed to income-tax in respect of particular items of receipt. if the decision is wrong the remedy of the ..... also such things as the word signifies according to its natural impart. as observed by barund, j., in amrit kunwar v.income-tax commissioner : "in construing the word income in the indian income-tax act, one has to ask one self whether, having regard to the circumstances surrounding the particular payments and receipts in question, what ..... they were, therefore, voluntary contributions. it was accordingly held that the donations and mass stipends were liable it be assessed to income-tax as voluntary contributions under the cochin income-tax act as amended in 1122. the assessment for the year 1124 was based on the reasons given in the order relating to the assessment .....

P.K. Narayanan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)49ITD229(Coch.)

..... . these appeals are by the assessee in relation to the assessment years 1979-80 and 1980-81 against the orders of the cit (appeals) in sustaining the levy of penalty under section 271(l)(c) of the income-tax act, 1961. the previous year of the assessee is the financial year for each of the assessment years. in the return filed for the ..... took only the proportionate share of the minor children and thus rs. 13,333 was included on estimate basis under section 64 of the income-tax act, 1961. it would appear that the assessee has not contested the addition in appeal. this addition became concluded on which penalty was levied.23. we have heard rival ..... assessment year 1979-80 on 27-9-1979, the assessee admitted income totalling rs. 22,940 from house property, own business in prawn-fishing .....

The Gift Tax Officer Vs. Shri P.J. Kurian

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2005)94ITD44(Coch.)

..... learned dr in support of appeal, drew my attention to the dates of gifts and dates of cancellation. he argued that the assessee was not assessed under the income-tax act prior to assessment year 1991-92. however, all the returns for assessment years 1991-92 to 1994-95 were filed on 6.8.1997.in this connection, the ..... 18 and 19 are all additional evidence being produced for the first time in the second appeal. there is no request from revenue under rule 29 of the income-tax rules seeking permission of the tribunal to place these additional material on record. there is no order of itat admitting these documents as additional material. in the ..... record on the basis of above deeds which was made as applied.therefore, on facts of the case and in the light of relevant provision of gift-tax act; transfer of property act; comments by authors chaturvedi & pithisaria (volume 9 fourth edition) (relevant portion of statutory provision and commentaries cited), the learned jm held that gift was complete .....

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... section 44ab, the ao proposed to make disallowance in respect of the said contribution as the ao was of the opinion that provisions of section 40a(9) of the income tax act are applicable. the assessee contended that the said expenditure was incurred wholly and exclusively for the purpose of assessee's business and hence it was allowable expenditure under section ..... hence, the entire claim is required to be allowed. in the opinion of the ao, the method followed by the assessee was not as per the provisions of the income tax act. in the further opinion of the ao, if there is no; credit balance in the provision for bad and doubtful debts made as per section 36(1)(viia) ..... a further sum of rs. 1,14,98,000/- being interest exempt under section 10(23g) of the income tax act totalling rs. 8,86,71,505/-. the ao noted that as per section 14a, "for the purposes of computing the total income under this chapter, no deduction shall be allowed in respect of expenditure incurred by the assessee in relation .....

Thangalkunju Musaliar Vs. Authorised Official and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195425ITR120(Coch.)

..... force the travancore taxation on income (investigation commission) act, 1124 (travancore act xiv of 1124 ..... ) march 31, 1950. the finance act, 1950 (central act xxv of 1950) came into force and the indian income-tax act, 1922 (central act xi of 1922) was extended to travancore-cochin.(4) april 18, 1950. the opium and revenue laws (extension of application) act, 1950 (central act xxxiii of 1950) extended to travancore-cochin the taxation of income (investigation commission) act, 1947 (central act xxx of 1947), and continued in .....