Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Court: income tax appellate tribunal itat cochin Page 33 of about 323 results (0.157 seconds)

Assistant Commissioner of Income Vs. Baby Marine Exports

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the learned counsel for the assessee took us through the cbdt circular no. 466, dt. 14th august, 1986, regarding the provisions of s.80hhc of the it act, 1961, and share of tax between export house/trading house and manufacturers. by this circular, the board made it clear that the payment received by any manufacturer whose goods or merchandise are exported ..... of four years from the end of the relevant assessment year can be issued only in a case where the assessing authority had reason to believe that income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to make a return under s. 139 or in response to a notice ..... reflected from the record of reasons made by the ao. in a case where the ao holds the opinion that because of excessive loss or depreciation allowance the income has escaped assessment, the reasons recorded by the ao must disclose by what process of reasoning he holds such belief that excessive loss or depreciation allowance has been .....

Jhai NaraIn Trades Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

..... , such amounts would not quality for deduction under s. 37 of the it act. according to him, such malpractice of issuing wrong out-agency receipts by a customs house agent would threaten the banking system of the country and so allowing deduction for such payments for income-tax purpose would be against public policy. the departmental representative further stated that as ..... 1. this appeal has been filed by the assessee jhai narain trades, cochin, against the order of the cit (a), cochin, in the income-tax assessment for the asst. yr. 1990-91. the assessee is a partnership firm carrying on business as a customs house agent and also undertaking lorry transport contracts. ..... expenditure incurred for the purpose of the business and then the amount recovered in turn from bakul cashew co. should be brought to tax as deemed income under s. 41(1) of the it act in the respective years of receipt. in view of our finding that the assessee is not entitled to deduct amounts paid to the bank as .....

R. Prakash Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Cochin

..... the asst. yr. 1992-93. the assessee is individual deriving income from business in the export of cashew kernels.2. the first ground raised by the assessee in this appeal is that the cit(a) erted in confirming the disallowance of rs. 52,500 under section 40a(2) of the it act. in the course of the assessment proceedings, the ao noticed ..... with banks. in such a case of bank deposits being maintained for the purpose of business, interest earned on the deposits can be considered as pan of the business income. the cit(a) has relied on the decision of the madras high court in the case of addl. ctt v. vellore etectric corporation ltd. (supra) for the view that ..... relief under section 80hhc on that basis.16. the next ground in this appeal is regarding the claim for deductions under sections 80hh and 80-i of the it act. in computing the income for the asst. yrs. 1992-93 the assessee claimed deduction under section 80hh of rs. 23,83,985 as the profits from newly established industrial undertaking .....

Assistant Commissioner of Income Vs. Choice Trading Corporation Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)90ITD1(Coch.)

..... hand, the learned counsel for the assessee submitted, relying upon the decision of the hon'ble supreme court in the case of cit v. rajendra prasad mody (1978) 115 itr 519 (sc), that earning of income from an investment made for the purpose of business is not essential so as to allow the claim of the assessee. the ..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision. hence, the departmental representative submitted that ..... articles of food from raw materials in a hotel would not constitute "manufacture or processing of goods" within the meaning of section 2(6)(d) of the finance act, 1968. a company which carries on such activity will not fall within the definition of an "industrial company" under that provision." the decision rendered by the kerala .....

Deputy Commissioner of Income Tax Vs. Catholic Syrian Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2004)267ITR52(Coch.)

..... of this provision in view of the position that under section 80p(2)(a)(i) of the it act, the profits and gains of a co-operative society engaged in the business of banking or providing credit facilities to its members are completely exempt from income-tax. 13.3 it may be relevant to mention that the provisions of new clause (viia) ..... view of section 36(1)(vii) which limits the deduction allowable under the proviso to the excess over credit balance made under clause (viia) of section 36(1) of the it act, 1961 ?" 7. section 36(1)(vii), as it stands with effect from the asst. yr.1989-90, allows deduction in respect of the amount of any bad debt or ..... credit balance in the provision for bad and doubtful debts account made under that clause". (a) a scheduled bank............ an amount not exceeding five per cent of the total income (computed before making any deduction under this clause and chapter vi-a) and an amount not exceeding two per cent of the aggregate average advances made by the rural .....

Shri C.H. Aboobacker Haji, Pwo Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)300ITR310(Coch.)

..... order of the commissioner of income-tax (appeals)-iii, kochi dated 13-03-2006 for the assessment year 2004-05.2. the assessee has taken seven grounds in this appeal, but the only issue involved for our consideration is whether the assessing officer was justified in levying the penalty under section 271a of i.e. i.t.act, 1961.3. the facts of this ..... case are in a narrow compass. the assessee is a civil contractor. he filed the return of income for the assessment year 2004-05 on 1-11-2004. it was noticed by the assessing officer that as ..... the conclusion that due to the non-maintenance of the books of accounts on the part of the assessee, it was not possible for him to compute the correct income under the act. it is interesting to refer to the assessment order also, copy of which is. filed by the assessee, that the assessee has offered rs. 5 lacs as an additional .....

Kerala Rubber and Reclaims Ltd. Vs. Income Tax Officer (Also Ito V.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1993)45TTJ(Coch.)53

..... that the assessee is not producing any new article or thing by a process which qualifies the assessee to claim investment allowance under s. 32a(2) (b) (iii) of the it act, 1961. the said section reads as under : "32a(2) (b) any new machinery or plant installed after the 31st day of march, 1976, - (iii) in any other ..... not an end product but only an intermediate product. therefore, following the decision of the gujarat high court in the case of cellulose products of india vs. cit (supra) the cit(a) rejected the claim of the assessee.7. after hearing the learned representative of the assessee we are of the opinion that the conclusion arrived at by ..... use from raw or prepared materials by giving such materials new forms, qualities, properties or combinations whether by hand labour or machine, would be manufacture. in the case of cit vs.n. c. budharaja & co. (1980) 121 itr 212 (ori) their lordships of the orissa high court has held that all manufacturing activities are industrial activities but .....

Deputy Commissioner of Vs. Travancore Sugars and Chemicals

Court : Income Tax Appellate Tribunal ITAT Cochin

..... refund of the vend fee and the excise duty and so on accrual basis the sum of rs. 46,23,600 was includible in the total income. in the assessee's appeal, the cit(a) held that even though the government of tamilnadu passed the order, so far as the assessee was concerned it could obtain the refund only after ..... to the state government for acquiring from the state government the exclusive right and privilege in question, then the fact that these were levied and collected under the prohibition act along with excise duty, or the fact that the magnitude of the levy is disproportionate to the services rendered, or the compulsory nature of the levy, or even ..... order of the state government, the amount concerned was assessable as the assessee's income of the previous year by virtue of s. 41(1) of the it act. shri shaji jacob submitted that in the notes accompanying the statement of income filed along with the return of income for the asst. yr. 1990-91 the assessee had admitted the fact of accrual .....

Jhai NaraIn Trades Vs. Deputy Commissioner of Income Ta

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1999)63TTJ(Coch.)318

..... , such amounts would not quality for deduction under s. 37 of the it act. according to him, such malpractice of issuing wrong out-agency receipts by a customs house agent would threaten the banking system of the country and so allowing deduction for such payments for income-tax purpose would be against public policy. the departmental representative further stated that as ..... expenditure incurred for the purpose of the business and then the amount recovered in turn from bakul cashew co. should be brought to tax as deemed income under s. 41(1) of the it act in the respective years of receipt. in view of our finding that the assessee is not entitled to deduct amounts paid to the bank as expenditure ..... this appeal has been filed by the assessee jhai narain trades, cochin, against the order of the cit(a), cochin, in the income-tax assessment for the asst. yr. 1990-91. the assessee is a partnership firm carrying on business as a customs house agent and also undertaking lorry transport contracts.2 .....

industrial Finance Corporation Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)72ITD449(Coch.)

..... limits for the purpose of s. 10(13a) as under : "rule 2a : the amount which is not to be included in the total income of an assessee in respect of the special allowance referred to in cl. (13a) of s. 10 shall be - (a) the actual ..... also directed payment of interest of rs. 833 under s.201(1a). though the assessee took up the matter in appeal, the dy.cit(a) confirmed the order of the ao. aggrieved with the order of the first appellate authority, the assessee has filed this appeal before ..... salary for working out the exemption on house rent allowance under s. 10(13a) of the it act and accordingly, house rent allowance was not included while determining the tax to be deducted at source in respect of the salary of the employees. the ito (tds) found ..... of the employees. in response to a show cause notice issued by the ao, it was stated that in working out the tax deductible on the payments made to the employees, the dearness allowance payable to the employees of the corporation did not form part of .....