Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 1 of about 1,864 results (0.170 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 .....

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 .....

Johnson and Johnson Limited Vs. Commissioner of Income Tax-ltu

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... mittal, jm. assessee has filed this appeal against order of assessing officer dated 27.10.2010 passed u/s 143(3) r.w.s.144c(13) of the income tax act, 1961 (the act). 2. brief facts giving rise to this appeal are that assessee is an indian company and it is a subsidiary of johnson and johnson inc. us who is holding ..... rs.17.10 crores as against rs.58.37 crores paid/payable by the assessee and suggested the disallowance of rs.41.26 crores (including disallowance of income tax, randd cess and service tax borne by assessee). the assessee filed objections before drp. 28. the drp after considering the submissions of assessee has agreed with the tpo/ao and accordingly ..... from the department and the matter was adjourned. finally, on the 2.12.2013, ld. dr filed a copy of letter dated 27.11.2013 from commissioner of income tax (ltu), mumbai stating that department has no objection that appeal for assessment year 2006-07 being proceeded with, while the appeals for assessment years 2003-04 to 2005-06 .....

Ghisulal S JaIn (Huf), Mumbai Vs. Commissioner of Income-tax, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... , charging of interest is consequential, no specific adjudication is called for. 20. in respect of ground no.4 of initiation of penalty proceedings u/s 271(1)(c) of the income-tax act, the said ground is premature and the same is rejected. we may state that if any penalty is imposed on the 15 assessee, he will be at liberty to agitate ..... creditor and thereafter cheques were issued in favour of the assessee's firm. in view of above he treated loan of rs.2,50,000/- as income of the assessee u/s 68 of the income-tax act. d) in respect of loan from shri kirtibhai chandulal shah, the assessing officer has stated that he advanced loan of rs.2,50,000/- to the ..... m/s raj sales, proprietorship firm of the assessee. he has stated that in the absence of details of cash deposited, the same is treated as income of the assessee u/s 68 of the income-tax act. b) in respect of loan from smt. renudevi makharia, the assessing officer has stated that she advanced loan of rs.4,00,000/-. since no documentary .....

Suditi Indusries Ltd, Navi Mumbai Vs. Asst. Cit, Circle - 10(3)

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... m.: 1. this is an appeal by the assessee directed against the order by the commissioner of income tax (appeals)-22, mumbai ('cit(a)' for short) dated 29.12.2011, partly allowing the assessee's appeal contesting its assessment u/s.143(3) of the income tax act, 1961 ('the act' hereinafter) for the assessment year (a.y.) 2008-09 vide order dated 16.12.2010. the ..... , i.e., for running the business, would bear a different character, i.e., of a trade receipt, and is therefore assessable as business income u/s.28. this view stands again reiterated by it as recently as in cit vs. xylon holdings pvt. ltd. [2013] 90 dtr 205 (bom), adverting to its earlier decisions in mahindra and mahindra ltd. vs ..... each year separately, and it being assessed for another year would not operate to not bring it to tax in the year in which it arises or accrues. in fact, as afore-said, no part of it could be said to be income inasmuch as it only goes to reduce the loss sustained, whether on capital or revenue account, and .....

Deepa Restaurant and Bar P. Ltd Vs. Department of Income Tax, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... assessment order without deciding the issues of additions on merit." 3. the brief facts of the case are that the return of income of the assessee was processed by the ao under section 143(1) of the 'income tax act' (herein after referred to as 'the act'). thereafter the case was selected for scrutiny and a notice under section 143(2) of the ..... act was issued to the assessee and the assessment under section 143(3) was completed by the ao determining the total income at rs.4,32,24,440/-. assessee in ..... appeal before the ld. cit(a) challenged the legality of issuance of notice under section 143(2) of the act. the ld. cit(a), vide his order dated 22.12.06, allowed the appeal of the assessee by .....

Vidya Vardhini, Thane Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... )' for short) dated 29.06.2012, partly allowing the assessee's appeal contesting its assessment u/s.143(3) r.w.s. 147 of the income tax act, 1961 ('the act' hereinafter) for the assessment year (a.y.) 2007-08 vide order dated 31.12.2010. 2. explaining the background facts of the case, it was submitted by the ld. authorized ..... revenue and, secondly, was for a different year/s. further, the assessee is not in appeal against the part disallowance, i.e., for rs.90,000/-, sustained by the ld. cit(a); rather, in fact, against the impugned order itself. the ld. departmental representative (dr) could not rebut any of the assertions by the ld. ar. 3. we have heard the ..... .2013/pb pgs.1-4). this would dispose of the revenue's grounds # 1, 2 and 4, which, therefore, stand dismissed. 4. as regards its ground no. 3, the ld. cit(a) admitted additional evidence under rule 46a, duly calling for a remand report from the assessing officer (a.o.), and which stands considered, as apparent from a reading of para .....

Kiran Lilabhai Patel Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... sanjay arora, a. m.: 1. this is a set of two miscellaneous petitions/applications by the revenue in respect of a combined order u/s.254(1) of the income tax act, 1961 ('the act' hereinafter) by the tribunal in the assessee's own case for the assessment years (a.y.) 2006-07 and 2007-08. 2. the tribunal having dismissed the revenue's ..... 29.08.2011. no cascading effect has even otherwise been pointed out or alleged by the revenue in the instant cases. reference may also be made to the decision in cit vs. polycott corporation [2009] 318 itr 144 (bom) explaining that the board instructions could not be interpreted as a statute. that is, the consistent view of the hon'ble ..... respect of the second appeal, i.e., before the tribunal, and which would thus apply to appeals preferred during the period 15.05.2008 to 08.02.2011. the tax-effect of the instant appeals being above rs.2 lacs each, could not be therefore said to be not maintainable, and the impugned order requires reconsideration. 3. we have .....

Aayakar Bhavan, Mumbai Vs. Dena Bank, Mumbai

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... . under the circumstances, we consider it fit and proper, and particularly to give a quietus to the matter, to restrict the disallowance u/s.14a to 5% of the tax-exempt income, i.e., as for the immediately preceding year, inasmuch as rule 8d is admittedly applicable only w.e.f. a.y. 2008-09, as clarified in godrej and boyce ..... and is therefore to be allowed as deduction there-under, the balance being debited to the provision account. further, vide explanation 2 to section 36(1)(vii) (inserted by finance act, 2013 w.e.f. 01.04.2014) it has been clarified that the provision for bad and doubtful debts u/s.36(1)(viia) refers to a single account toward ..... . (supra), further stating, in light thereof, the manner in which the deductions under reference are to be computed: a). sections 36(1)(vii) and 36(1)(viia) of the act are distinct and independent provisions and operate in their respective fields. there is, thus, no scope for limiting the scope of one with reference to the other; the concept of .....