Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 100 of about 1,864 results (0.130 seconds)

P.R. Patel Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD51(Mum.)

..... business and residential premises of the assessee on 15/16th july, 1996. as a result of search, the assessment was completed by the assessing officer under section 158bc of the income-tax act, 1961 for the block period 1-4-1986 to 15-7-1996. during the course of search, cash of rs. 1,25,000 was seized apart from seizure of jewellery to ..... attorney holder and possessor or enjoyer of the property is considered as the owner of the property as per the definition of "transfer" given in section 2(47) of the income-tax act, 1961. the learned departmental representative relied upon the decision of itat, pune bench in the case of parakh foods ltd. v. dy ..... court's decision in v.c. shukla's case (supra) is not relevant as it pertained to the criminal proceedings, but in the income-tax act we are not strictly governed by the rules of evidence as per indian evidence act. it is further stated that the addition is not made merely on the presumption, but it is based upon the incriminating paper seized .....

Karnataka Ginning and Pressing Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)77ITD478(Mum.)

..... 1. this appeal by the assessee is directed against the penalty of rs. 38,10,000 imposed under section 271d of the income-tax act, for contravention of section 269ss of the act.2. the assessee is a partnership firm consisting of three partners, engaged in the manufacture of cloth. the partners are mrs. poonamdevi agarwal, mr. atulkumar ..... that the cash found during the search belongs to certain other persons, from whom the assessee had borrowed the monies. this practice was creating difficulties for the income-tax authorities and to counter this, section 269ss was introduced which debarred persons from taking or accepting after 30-6-1984 from any other person any loan or ..... little extra caution, especially in the matter of discharging the statutory payments. it has not been suggested on behalf of the department before us nor by the income-tax authorities that the assessee had sufficient monies of its own from which it would have easily made the excise duty payments and there was no need for .....

Ajay Enterprises Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)77ITD336(Mum.)

..... substantive requirement of law had been met. the assessee did not challenge the proceedings before the assessing officer and choose to do so only before the learned commissioner of income-tax (appeals). he thus supported the assessment order.5. we have carefully considered the rival submissions. the tribunal decisions in arasina hotels ltd's case (supra) and ..... want of service of notice under section 143(2) of the act within the statutory time limit.2. the facts of the case in this respect, in brief, are that the assessee filed return of income on 9-10-1989. according to the provisions of the act, the assessing officer, could, if he considered it necessary or ..... expedient to ensure that the assessee had not understated the income served on the assessee a notice under section 143(2) and thereafter make .....

Bank of America Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD1(Mum.)

..... convention between the two countries has statutory recognition under section 90 of the income-tax act, 1961. the assessing officer is empowered to make an assessment of any assessee in accordance with the provisions of the act. section 4 of the income-tax act, 1961 is the charging section. it provides that where a central act enacts that income-tax shall be charged for any assessment year at any rate or rates ..... under article 2 of the convention between the two countries the convention shall apply in india in respect of the income-tax including any surcharge thereon. it is not disputed that surcharge is part of income-tax and chargeable in certain cases under the income-tax act, 1961. the learned counsel contended that the restriction placed under clause 2 of article 14 of the convention is in regard .....

income-tax Officer Vs. Fashion Sports (i) (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD41(Mum.)

..... above decision that is called in question before us at the instance of the department.5. section 80hhc prescribes a formula for determining export profits, which are fully exempt from income-tax. the formula, which is given above, contains 3 components. as regards "profits & gains of business" and "export turnover", there is no dispute. the dispute is ..... as under : "total turnover' shall not include freight or insurance attributable to the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962)." the so-called definition is couched in negative language and only says what is not includible. in the case of c.i.f. exports ..... that question can be answered only by examining the nature and meaning of "total turnover" and the so-called definition is of no help. 'turnover' refers to the act of a businessman in "turning over" the goods he deals in, services he renders or the facilities he provides, into money. this involves the idea of quid .....

Allana Frozen Foods (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD223(Mum.)

..... may not be adjusted at this stage. however, we have also to consider the other provisions of the act.8. section 80a provides that in computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with and subject to the provisions of this chapter, the deductions specified in sections 80c to ..... unabsorbed business loss and unabsorbed depreciation.5. the learned departmental representative on the other hand relied upon the decision of the kerala high court in the case of cit v. v.t.joseph [1997] 225 itr 731 in support of the contention that deduction under section 80hhc is permissible with reference to the profits determined in ..... 80hhc. he has however adjusted the unabsorbed investment allowance of rs. 1,98,459 in computing the profits derived from exports in the year under appeal. the cit(a) has confirmed the view of the assessing officer.4. the learned counsel for the assessee relied upon the decision of the andhra pradesh high court in the .....

Allana Frozen Foods (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... earlier years may not be adjusted at this stage. however, we have also to consider the other provisions of the act.8. section 80a provides that in computing the total income of an assessee, there shall be allowed from his gross total income, in accordance with the subject to the provisions of this chapter, the deductions specified in ss. 80c to sou. ..... under section 80hhc. he has however adjusted the unabsorbed investment allowance of rs. 1,98,459 in computing the profits derived from exports in the year under appeal. the cit(a) has confirmed the view of the ao.4. the learned counsel for the assessee relied upon the decision of the andhra pradesh high court in the case of ..... cit v. gogineni tobacco ltd. (1999) 238 jtr 970 (ap) in support of the contention that deduction under section 80hhc is to be allowed before adjustment of unabsorbed business .....

Kamat Hotels (i) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD241(Mum.)

..... question of gathering the intention of parties to the agreement or arrangement. the use of the words "by whatever name called" in the definition does not permit the income-tax authorities to refuse to look into the real intention of the parties or the substance of the agreement.31. the ld. dr had submitted that the agreements were entered ..... handed over the possession of the premises and the business. the defence was that the person who came to possession was a protected licensee under the bombay rents control act, 1947 and therefore cannot be asked to vacate and handover the premises. the matter reached the high court, the high court held, on a perusal of the ..... the question whether the payment of royalty/commission under the agreements can be described as 'rent' within the meaning of explanation (i) below section 194-i of the act. it is, therefore, necessary to notice the terms of the agreements in some detail in order to understand the intention of the parties and the real nature of the .....

Deputy Commissioner of Vs. Crest Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2001)78ITD213(Mum.)

..... on the above ground be upheld. 3. without prejudice, your respondent submits that under section 2(47) read with section 45(2) of the income-tax act, 1961 capital gain arises only when instruments of conveyance is executed and registered by the respondent in favour of the flat holders collectively to finally "transfer" the ..... first five grounds are common and they read as follows: 1. "on the facts and in the circumstances of the case and in law the learned commissioner of income-tax (appeals) has rightly upheld that the capital gain on conversion of capital assets into stock-in- trade being immovable properties arises only when possession of last flat ..... 5. without prejudice, your respondent craves leave to rely on the submissions made before the learned commissioner of income-tax (appeals) vi, mumbai." "on the facts and in the circumstances of the case and in law the learned commissioner of income-tax (appeals) has correctly held that the liability to capital gain of rs. 3,96,52,458 will be .....

Deputy Commissioner of Income Tax Vs. Crest Hotels Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... to the buyers. 2. the respondent therefore prays that the order of the learned cit(a) on the above ground be upheld. 3. without prejudice, your respondent submits that under section 2(47) r/w section 45(2) of the it act, 1961 capital gain arises only when instruments of conveyance is executed and registered by the respondent ..... gains also which by fiction, had already arisen in 1986. the legislature in its wisdom, considering the fact that on conversion only notional income has arisen postponed the tax liability thereon till real income was earned on that asset. the assessee cannot, in our opinion, further postpone the liability beyond the point of time contemplated by section ..... under consideration. it is evident from the fact that assessee's share in the losses for the current years have been allowed to be adjusted while computing total income. hence, we see no reason not to allow the carry forward of losses of earlier years pertaining to wembly hotels. earlier the business of wembly was .....