Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Court: income tax appellate tribunal itat cochin Page 5 of about 323 results (0.135 seconds)

Peninsular Capital Market Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... right to trade on the floor of the stock exchange is acquired by the assessee. since, it is an intangible asset within the definition of section 32 of the income tax act, the assessee is entitled for depreciation thereon. we, therefore, find, no merit in the disallowance made by the revenue authorities. accordingly, we set aside the order ..... of stock exchange, ahmedabad (supra) and vinay bubna v. stock exchange, mumbai 10. in the case of stock exchange, ahmedabad (supra), the income-tax department invoked section 28 1b of the income tax act in respect of one shri rajesh shah who was a member of the stock exchange and died on 7-2-1994. after his death, his legal ..... . the first issue which arises for our consideration is whether the commissioner (appeals) is justified in holding that no depreciation under section 32(1)(ii) of the income tax act can be allowed on the cost of membership card of the bombay stock exchange.3. as far as the assessee peninsular capital market ltd. is concerned, it is .....

Thomas Vaidyan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1997)63ITD324(Coch.)

..... employer is includible in his salary or not and whether any further deduction other than that contemplated in section 16(1) of the income-tax act, 1961 is permissible. the cochin bench of the income-tax appellate tribunal held in the case mentioned supra that such incentive bonus cannot fall within the definition of 'salary' and that the ..... contention that the provisions of lic act cannot override the provisions of the income-tax act he has cited section 32 from the unit trust of india act (l11 of 1963) and pointed out that "notwithstanding anything contained in the wealth-tax act, 1957, the income-tax act, 1961,..." such a situation is not there in the lic act or in the schedule iii thereto ..... the supreme court in the aforesaid case analysed the expression 'salary' as defined in section 17 of the income-tax act, 1961 as well as in rule 2(h) of part a of fourth schedule of the act at pages 9 to 12.5. the learned departmental representative relied on the observations of the allahabad high court .....

Deputy Commissioner of Income Tax Vs. Travancore Sugars and Chemicals

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1999)65TTJ(Coch.)598

..... 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 income tax act- shri shaji jacob submitted that in the notes accompanying the statement of income filed along with the return of income for the assessment year 1990-91 the assessee had admitted the fact of ..... accrual of income and also quantified the refund due from the government of tamil nadu ..... officers. it is the contention of the assessee that until the claims were made and accepted by the distilleries no amount could be said to have accrued as income. in this connection shri satyanarayana submitted that on 15-5-1992, m/s coimbatore alcohol & chemicals ltd. sent to the assessee a draft application form for .....

Assistant Commissioner of Income Vs. Nanji Topanbhai and Co.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)75ITD478(Coch.)

..... bom). the issue before the bombay high court was with regard to the meaning of the terms 'manufacture' or 'production' used in section 80hh of the income tax act, 1961. the hon'ble bombay high court held that prawns processed for the purpose of export do not loose their original character. no new commodity or article emerged ..... 86. the only effective ground of objection by the revenue is against the order of the learned commissioner (appeals) in allowing deduction under section 80hhc of the income tax act, 1961, in respect of ginger, turmeric, kapurkachli, kolinjan, methi seeds, etc., on the ground that the commodities imported could not be considered as primary agricultural products ..... (supra) does not lay down any general principle to be followed. inviting our attention to the decision of the cochin bench of the tribunal in case of income tax officer v. m.m.abdul hamid & sons (1993) 46 itd 149 (coch-trib), the learned counsel submitted that the decision of the learned commissioner (appeals .....

ito Vs. Pulimoottil Silk House

Court : Income Tax Appellate Tribunal ITAT Cochin

..... us are concerned, the partnership deed has provided the payment of salary to the working partners by stating that the same will be as per the provisions of the income tax act applicable from time to time. it is further provided that the salary and interest to the partners shall be settled only on ascertaining the profit of the business and ..... the partnership as provided in clause 5 above shall be after providing salary to working partners and interest on the capital of the partners as per provisions of the income tax act applicable from time to time. it is expressly provided and agreed to by the partners that the partners shall be eligible for salary and interest on capital only to ..... partnership is created by the contract between the parties and parties are at liberty to determine the terms of their contact. the income tax act does not provide how the partnership should determine the terms in respect of determining the quantum of salary or remuneration agreed to be payable to the working .....

Harrisons Malayalam Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Cochin

..... by the assessee and these principles of disallowance had already got recognition in the earlier judicial pronouncements and the same principles are only codified by introducing section 14a in the income tax act.14. an identical issue has come for the consideration in the case of dhanalakshmi bank ltd. (supra) and this tribunal has held as under: 10. now, ..... necessity to incur such expenditure (head notes). the principles laid down by the hon'ble supreme court while interpreting section 10(2)(xv) of the 1922 act are squarely applicable to section 37(1) of 1961 act.in our opinion, the payments made by the assessee to rpgel is an allowable expenditure under section 37(1) of the ..... act. we, therefore, set aside the order of the commissioner (appeals) on this issue in all the assessment years before us and direct the assessing officer to .....

income-tax Officer Vs. N.S.S. Murthy

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1985)14ITD206(Coch.)

..... -7-1980 and 17-10-1980, the leave travel assistance was treated as exempt under section 10(5) of the income-tax act, 1961 ('the act'). the assessments were completed under section 143(1) of the act. these assessments were rectified under section 154 of the act on the ground that an error apparent from the record had occurred in granting exemption with regard to the entire ..... including taxi fare, etc., apparently at bombay. the exemption claimed by the assessee is under section 10(5)(ii) which reads thus : in computing the total income of a previous year of any person, any income falling within any of the following clauses shall not be included- (5) subject to such conditions as the central government may prescribe in the case of .....

Tara Agencies Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)50ITD280(Coch.)

..... this, the assessee filed a return of loss and also filed a revised return and the assessment was completed under section 143(3) read with section 148 of the income-tax act, 1961. therefore, it is contended that the levy of interest under sections 139(8) and 215 were not proper. the assessee relies on the decision of the karnataka high ..... in a way compelling the assessee to have a change in the system of accounting regularly followed by the assessee which is not permissible under the provisions of the income-tax act.5. shri abraham, the learned departmental representative submitted that no doubt there was an obligation on the part of the assessee to refund the incentive received in ..... always remained a small scale unit and that the assessee was processing and manufacturing tea and therefore the embargo found in section 35b(1a) of the income-tax act will not be applicable to the case of the assessee. the revenue is on appeal.30. we have heard rival submissions. section 35b(1a) was inserted by .....

Deputy Commissioner of Vs. South India Corpn. Ltd.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1998)67ITD279(Coch.)

..... ., deleting the addition of rs. 13,40,36,950 made on account of shortage cover, rs. 7,60,047 disallowed under section 43b of the income-tax act, 1961 and deduction under section 80hhc of the i.t.act. as both these appeals were heard together, they are disposed of by a consolidated order for the sake of convenience.3. we have heard the learned ..... of the undertaking by the government. the supreme court held that the amount due on such enhancement had not accrued and was not assessable because it was not a real income under the income-tax act, 1961. sri kesavan submitted that unless the liability is determined at the end of the contract the shortage cover cannot become the ..... . the further submission of sri kesavan is that there is a remedy for the department under section 41(1) of the income-tax act, 1961, to bring back the profit to tax, but the assessee does not have any such remedy to claim after the payment is made. in the process of loading and unloading of coal from different ports to the .....

Asstt. Cit Vs. Panachayil Industries

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2006)7SOT96(Coch.)

..... benefit of deductions available to the assessee under sections 80hh and 80-i of the income tax act, 1961.it is against the above directions of the commissioner of income tax (appeals) that the revenue has approached the tribunal."the learned commissioner of income tax (appeals) erred in directing to recompute the total income allowing the deduction under sections 80hh and 80-i. the learned commissioner (appeals) cught to ..... )-iv, cochin dated 5-6-2002 and arise out of the assessments completed under section 143(3) read with section 147 of the income tax act, 1961.in filing its returns of income, the assessee claimed deductions available under sections 80hh and 80-i on the ground that it is carrying on a manufacturing activity. the assessee is a small-scale industrial unit .....