Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 8 of about 1,864 results (0.154 seconds)

Deputy Commissioner of Income Tax Vs. Ardeshi B. Cursetjee and Sons Lt ...

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)916

..... in india as contemplated by clause (a) of the explanation to section 9(1)(i) of the it act, 1961. the commission amounts which were earned by the non-residents for services rendered outside india could not be deemed to be income which had either accrued or arisen in india. a credit balance, without more, only represents a debt ..... (a) where no return of income has been furnished by the assessee although his total income or the total income of any other person in respect of which he is assessable under this act during the previous year exceeded the maximum amount which is not chargeable to income-tax. (b) where a return of income has been furnished by the assessee but ..... rejecting the government approval in a light-hearted manner. according to them, the government of india's approval has no weight as persons granting approval are not expert in income-tax. we would like to refer another decision of the hon'ble supreme court in union of india v. azadi bachao andolan and anr. (2003) 184 ctr (sc) .....

Nirmala P. Athavale Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)353

..... krishna menon (supra), hence, the provisions of section 28(iv) of the act were squarely applicable. accordingly, he treated the gifts received by the assessee as his income from profession.6. aggrieved by this, the assessee carried the matter in appeal before the learned cit(a) wherein the assessee pointed out that the assessee was working tirelessly and ..... , the burden lied upon the department to prove that it was within the taxing provisions and where, however, a receipt was of the nature of income, the burden of proving that it was not taxable because it fell within an exemption provided by the act, lied upon the assessee. the learned counsel contended that in the present case ..... lender was not chargeable to tax as the income of the assessee.10. from the perusal of above, it is clear that in the present case there is no intention of circumvention of income on the part of assessee or receiving income in other forms, hence, provisions of section 28(iv) of the act cannot be applied. we would .....

Jcit, Special Range 47 Vs. Associated Capsules Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR85(Mum.)

..... four separate undertakings as claimed by the assessee.5. perusal of the record shows that the department had carried out a survey under section 133a of the income-tax act at the factory premises of the assessee-company at the time of survey, existence of all the four undertakings located in the same premises of the factory ..... assessment order. his main submission was that each of the unit might be separate but it was not an undertaking within the meaning of section 80i/80ia of the income tax act. his submissions in brief are as under: (i) all the machines involved in the manufacturing of capsules are located in the same premises. (iii) air ..... the term "undertaking" is defined to mean, inter-alia, "to take on an obligation or task". the income-tax act does not define the term "undertaking" though the term "industrial undertaking" is defined in section 33b of the income-tax act as "any undertaking which is mainly engaged in the business of...or in the manufacture or processing of goods...." .....

Shardul Securities Ltd. Formerly Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)117TTJ(Mum.)614

..... form of current assets and loans and advances from which it is earning interest income as a result of which, it is automatically covered in the category of a "loan company" as defined in clause (iv) of sub-section (5b) of section 2 of interest tax act, 1974. in view of the analysis of facts and figures as discussed above ..... one of its business activities.10. at this stage, it may also be appropriate to refer to the provisions of the explanation to section 73 of the i.t. act, 1961 which refers to the principal business of banking or granting of loans and advances. the expression 'principal business' in the above explanation was the subject matter of the ..... the security deposits are outside the scope of the expression 'loans and advances' as held by the tribunal in the case of oriental insurance co. ltd. (supra). advance income tax also cannot be treated in the nature of loans. loans to subsidiary company are given as interest free loan to meet the financial crises. though, it is in the nature .....

Saroj Sales Organisation Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)485

..... pointed out that in respect of the second block, i.e.'breezy corner', the assessee has not even claimed deduction under section 80-ib(10) of the act from the income from such blocks. the learned counsel for the assessee further pointed out that one housing co-operative society for maintaining the affairs of 'nisarg' has already ..... project and having a flat area exceeding 1,000 sq. ft., the income from this block is not eligible for deduction under section 80-ib(10) of the act. it also estimated the income of rs. 12 crores from this project and paid the advance-tax thereon to establish the bona fides of the claim from the very beginning of ..... the project.8. the learned counsel for the assessee has placed reliance on the decision of the tribunal, kolkata bench in the case of bengal ambuja housing development ltd. v. dy. cit .....

Jayram Rajgopal Poduval Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... "not ordinarily resident" within the meaning of section 6(6) is subject to tax in respect of income received or accruing or arising or deemed to be received, accruing or arising in india unconditionally ..... a non-resident is liable only in respect of income received or deemed to be received, accruing or arising or deemed to accrue or arise in india only. it implies that the income derived by such non-residents from any source outside india is immune from taxation under the it act, 1961.the third category of the assessees having status of ..... accordingly the status of ror was granted, as a consequence of which the exemption under section 10(15)(iv)(fa) was denied which resulted in charging to tax the interest income to the tune of rs. 1,97,450. the first appeal did not cheer up the assessee as the assessment order was affirmed by relying on the .....

Pransukhlal and Sons Jewellers Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)116TTJ(Mum.)197

..... in the cases of m/s pransukhlal & sons jewellers and m/s pransukhlal brothers have raised the additional ground challenging the validity of proceedings initiated under section 158bd of it act, 1961 (the act). the additional ground being legal one was admitted by us.3. first we take up the additional ground raised by the assessee in the above two appeals. the ..... to rs. 1,49,842 being gp on unaccounted sales since the gp rate has not been disputed before us. the order of cit(a) is therefore, modified accordingly and the ao is directed to assess the undisclosed income at rs. 1,49,842.13. now, we take up the appeal of m/s pransukhlal brothers [it(ss)a no. ..... , the assessment in the case of m/s pransukhlal & sons jewellers was completed on 31st jan., 2005, determining the undisclosed income at rs. 18,84,131. the additions made by the ao were confirmed by the cit(a).5. the learned counsel for the assessee has contended before us that initiation of proceedings under section 158bd were void ab initio .....

The Income Tax Officer Vs. Ellora Silk Mills Pvt. Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... and circumstances of the case, the ito had jurisdiction to reopen the assessment under section 147 (a) of the act and whether the order of reassessment was liable to be quashed. once the appellate assistant commissioner came to the conclusion that the income tax officer had no jurisdiction to reopen the case under section 147 (a) and that the assessment order should be ..... been shown as 'rent'. in facts, these receipts should have been taxed under the head 'income from house property' instead of 'business income'. hence, there was reason to believe that income has escaped assessment in this case. therefore, the case was reopened for assessment under section 147 of the act.3.3 before the cit (a), it was submitted that these warehousing structures are in possession .....

irb Infrastructure Ltd. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)304ITR76(Mum.)

..... respect of their offerings, the offerings were impressed with trust character and that the offerings were exempt from income tax under section 4(3) (i) of the indian income-tax act, 1922. and the claim of the dayal bagh group for exemption from income tax under section 4(3)(i) was accepted by the allahabad high court in the case of secretary ..... the question before hon'ble apex court was whether, for a.y. 1964-65 to 1969-70, the assessee trust was entitled to exemption from income tax under section 11 of the i.t. act, 1961. there was no satguru long before the periods of assessment. the tribunal held that the assessee was entitled to the exemption but on a reference ..... council. on the death of the third satguru in october 1907, the creed split into two as the swami bagh sect and the dayal bagh satsangis. in income tax proceedings on the radhasoami satsang for the assessment year 1937-38, the commissioner had accepted that the offerings though made to the satgurus, were not for their personal .....

Deputy Commissioner of Income Tax Vs. Abg Heavy Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)115TTJ(Mum.)369

..... structures at ports for storage, loading and unloading etc. will fall under the definition of 'port' for the purposes of sections 10(23g) and 80-ia of the it act, 1961. 2. the board has considered the matter and it has been decided that such structures will be included in the definition of 'port' for the purposes of sections ..... as the eligible business to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to the percentage specified in sub-section (5) and for such number of assessment ..... on by the assessee; but the ao has failed to consider the fact that the said statement was withdrawn at a later date.patel engineering ltd. v. dy. cit (supra) had held that the statutory provision as contained in section 80-ia provides for 'development of infrastructure facility, but it nowhere provides that the entire infrastructure .....