Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Court: mumbai Page 1 of about 15,479 results (0.162 seconds)

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 .....

Suresh B. JaIn Vs. P.K.P. Nair and Others

Court : Mumbai

Reported in : [1992]194ITR148(Bom)

..... of rs. 4,26,090.2. it also appears that action was taken against the petitioner under section 132 of the income-tax act, 1961, (hereinafter referred to as 'the said act'), on september 13, 1982, and all his business as well as residential premises were raided as a result of which thirty drafts which were deposited by the petitioner ..... mistry appears to be attractive but i am unable to persuade myself to agree with him for the simple reason that, while interpreting the provisions of section 245 of the income-tax act, we cannot give such a restricted meaning to the word 'refund'. it is important to bear in mind in this connection that the expression 'refund' is a commonly ..... if the said amount was a refund due to an assessee. thus, i find no substance in the argument of mr. mistry that 'refund' and 'interest' in the income-tax act are two different things.8. the second argument of mr. mistry is that, even if the provisions of section 245 apply and the interest amount payable to the petitioner .....

Life Insurance Corporation of India, Bombay Vs. Commissioner of Income ...

Court : Mumbai

Reported in : [1978]115ITR45(Bom)

..... .----------------------------------------------------------------------rs.1. (a) 1,72,009 interest on post office and nationaltreasury savings certificates notincludible in total income under section10(15)(ii) of the income-tax act, 1961.(b) 41,019 agricultural income not includible intotal income under section 10(1) of theincome-tax act, 1961.2. 1,44,751 rebate of income-tax on the interestreceived by the assessee during therelevant inter-valuation period on mysoregovernment securities in view ofnotification no ..... life insurance business under section 44 read with rules in the first schedule to the income-tax act, 1961, was the assessee entitled, under notification no. 878(f) issued under section 60(1) of the indian income-tax act, 1922, read with section 297(2)(1) of the income-tax act, 1961, to a rebate of income-tax on the interest of rs. 1,44,751 received by it during the relevant inter .....

Universal Generics (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1989)31ITD369(Mum.)

..... that the tax can be charged under the income-tax act. the income-tax act is a permanent act, whereas the finance act is passed every year and its main purpose is to fix the rates to be charged under the income-tax act for that year. that should be the construction is also made clear by section 55 of the income-tax act, whereunder super-tax shall be ..... authority of law. keeping this constitutional provision in mind, we have to consider the scheme of 1961 act with a view to finding out whether the assessee would be entitled to refund of the entire tax paid by it (whether byway of advance tax, t.d.s., self-assessment, completion of assessment, etc., etc.) on the ground that ..... of the hon'ble courts was not drawn to the scheme and ambit of various sections of the 1961 act like self-assessment (section 140a), assessment for refund (section 141a) as well as the fact that the advance tax and the tax deducted at source, whereunder the authority of law passed by the parliament. he, therefore, urged .....

Mahindra and Mahindra Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (1997)61ITD129(Mum.)

..... 37(3) only and not any other section. in that view of the matter, if an expenditure or allowance is allowable under sections of 1961 act and other sections of the income-tax act, 1961, the allowance cannot be withdrawn or denied to the assessee because of the prohibitory provision to section 37(4). similar view was taken in the ..... the contention that rent was allowable under section 30 and in respect of the maintenance expenses under section 31, and, therefore, neither section 37(3) of the income-tax act, 1961, nor any rules made thereunder were applicable to the case. the tribunal considered the submissions that expenditure of rs. 4,200 on rent and rs. 1, ..... referred to the hon'ble president under section 255(4) of the income-tax act, 1961 as under : "whether, the rent, repairs and taxes pertaining to the guest house maintained by the assessee can be disallowed by resorting to the provisions of section 37(4) of the income-tax act, 1961 ?" 1. the learned members have been unable to agree on an .....

Asstt. Cit Vs. Crystal Granite and Marble Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... supreme court has been dismissed, it may be relevant to mention that the said judgment was rendered in the context of the provisions of section 115ja of the income tax act which has ceased to be effective from the assessment year 1991-92. in section 115j, there was no provision similar to sub-section (4) in section ..... ., would apply in respect of the provisions of section 115ja. for the matters not provided in section 115ja, one has to turn to other provisions of the income tax act which have been made mutatis mutandis applicable to the assessees falling under section 115ja.6. next issue for consideration is as to whether the provisions relating to payment ..... sub-section (4) has two critical limbs: one, it provides primacy to the matters covered by section 115ja; and, two, it makes other provisions of the income tax act applicable to the assessees falling under section 115ja. we shall now concentrate as to what section 115ja provides for. on careful analysis of section 115ja, it is quite .....

Cit Vs. Kotak Mahindra Finance Ltd.

Court : Mumbai

Reported in : [2003]130TAXMAN730(Bom)

..... tax. under section 207 of the income tax act, advance tax is payable during any financial year in respect of the ,current income. the words 'current income' are very crucial. the words 'current income' refer to computation of total income under the provisions of the income tax act including section 115j. under section 207 of the income tax act, the words 'total income ..... ' have been equated to the expression 'current income ..... shall apply. that, section 234b and section 234c have not curved out any exceptions for section 115j of the income tax act. he, therefore, contended that in this case both sections 234b and 234c are applicable.mr. irani learned counsel .....

Mohananlal M. Shah Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2007)105ITD669(Mum.)

..... assessing the total income by wrongly applying the provisions of section 14a of the act. (b) (i) your appellant submits that the said interest was ..... 1. this appeal by the assessee is against the order of cit(a), central-ill, mumbai dated 23-10-2002 relating to assessment year 1999-2000 against the order under section 143(3) of the income-tax act, 1961. (a) the ld. cit(a) erred in law and on facts in upholding the order of the assessing officer for disallowing interest of rs. 2,81,889 while .....

Sunderlal Daga (Decd.) and Another (Through Lrs) Vs. Tax Recovery Offi ...

Court : Mumbai

Reported in : [1997]225ITR10(Bom)

..... the alleged sale deeds in favour of the writ petitioners are violative of section 230a of the income-tax act, 1961 (for short 'the i.t. act'). apart from finding that the aforesaid sale deeds are violative of section 230a of the income-tax act, the first respondent also found that the property did not belong to the aforesaid firm; and ..... order, annexure 'e', reveals, the first respondent rejected the claim by the petitioners chiefly on two grounds, viz., the sale deeds violate section 230a of the income-tax act, and since the vendor or petitioners had no title to convey, the objections to the attachment are 'redundant'. the first respondent also is of the view that ..... section 281 of the income-tax act has no application as the vendors are not the defaulters. in the context of the aforesaid factors and arguments, it would be convenient first to advert to .....