Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 91 of about 1,864 results (0.254 seconds)

Asstt. Cit Vs. Sohanlal Shantilal and Bros.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)87TTJ(Mum.)264

..... , the learned assessing officer noted that the assessee-firm had paid interest to its sister-concerns but had failed to deduct tax at source as per the provisions of section 194a. he accordingly initiated proceedings under section 201(1a) of the income tax act, 1961, and after giving an opportunity of being heard to the assessee, levied interest as per the following details the assessee ..... case of rathi gum industries (supra) which has been overruled by the hon'ble rajasthan high court in cit v. rathi gum industries (supra) and the hon'ble high court has held as under : "sec. 201 of the income tax act, 1961, provides not only for collection of tax which has not been deducted but for levy and charge of interest also. sub-section (1a) of .....

Deputy Commissioner of Vs. Vickers Systems International

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD182(Mum.)

..... the employees as per the agreement. the purpose was to buy industrial peace. it was stated before the cit(a) that the expenditure incurred on ex-gratia payments are to be allowed under section 37(1) of the income-tax act, 1961 (hereinafter called the act). it was further stated that as the amount did not exceed 2096 of the salary, this is ..... also allowable under section 36(l)(ii) of the act. cit(a) held that the amounts were paid as per the agreement for maintaining harmonious ..... of the business or profession for the previous year in question; and it is pertinent to note that the first proviso and second proviso were omitted by the direct tax laws (amendment) act, 1987, with effect from 1-4-1989. we are concerned with the assessment years 1986-87, 1987-88 and 1988-89. as such, the matter is .....

Seth Textiles Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)80TTJ(Mum.)329

..... source and genuineness of the credits appearing in the accounts of the impugned parties; and that the ao was justified in making the impugned addition under s. 68 of the it act, 1961. the addition was confirmed. the addition of rs. 40,932 on account of interest on the cash credits was also confirmed.11. an amount of rs. 2,19, ..... his explanation, and if the assessee fails to tender evidence, the ao is justified in rejecting the explanation and holding that the income is from an undisclosed source; that reliance was placed on seth kalekhan mohammad hanif v. cit (1963) 50 itr 1 (sc), that in so far as the ingredients of the assessee's onus are concerned, it is ..... amount was also disallowed by the ao and added to the income of the assessee. penalty proceedings under section 271(1)(c) were initiated separately on this account as well.12. in appeal, the learned cit(a) observed that such a disallowance would depend upon the finding given in respect of the addition made on account of unexplained cash .....

Assistant Commissioner of Income Vs. Phoenix Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD65(Mum.)

..... way of remission or cessation, the amount so obtained or the value of such benefit shall be deemed to be profit and gains of business and accordingly chargeable to tax as the income of that previous year. with this proposition in mind the ao has made the addition. after considering the arguments of both the sides and proposition of law as laid ..... held that a unilateral entry of transfer by the assessee in its books of account would not entitle the department to invoke section 41(1) of the act for inclusion in the total income of the assessee.6. we have carefully considered the rival submissions in the light of the orders of authorities below and the case laws cited by both ..... the claim of the assessee is that the assessee has not produced any cogent evidence to establish that the liability has not factually ceased and it was only a unilateral act on the part of the assessee.in our opinion the action of the assessee should be bilateral i.e. on one hand if the assessee is writing back the .....

Hindustan Conductors Ltd. Vs. the D.C.i.T. Spl. Rg. 1

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... of section 115j.15. the hon'ble andhra pradesh high court in the case of suryalatha spinning mills ltd. (1997) (223 itr 713), held that notional income taxed under section 115j(1) has to be ignored while carrying forward unabsorbed reliefs. the said decision of the hon'ble andhra pradesh high court reproduces the boards circular ..... tax and then the balance of unabsorbed amount of such allowance should be allowed to be ..... assessee wherein it was held that the amount over which tax paid under section 115j could not be deducted from the carried forward (sic).she has further added that the total income computed under the normal provisions of the it act should be reduces to the level of the income computed under section 115j over which the assessee has paid .....

income Tax Officer Vs. Smt. Devibai H. Parmani

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD342(Mum.)

..... to offer an explanation or offers an explanation which is found by the ao or the cit(a) to be false, or ..... . the question posed before the cit(a) was that whether penalty could be levied on the panoply of expln. 1 to section 271(1)(c) of the it act, 1961. expln. 1 to section 271(1)(c) reads as under: "expln. i--where in respect of any facts material to the computation of the total income of any person under this act,-- (a) such person fails ..... 1. this appeal by the revenue is directed against the deletion of penalty" amounting to rs. 52,589 imposed under section 271(1)(c) of the it act, 1961, and relates to the asst. yr. 1988-89.2. i have heard the rival submissions in the light of material placed before me and precedents relied upon. the assessee is .....

Shakti Insulated Wires Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)87ITD56(Mum.)

..... by the owner of a capital asset into or its treatment by him as stock-in-trade of a business carried on by him shall be chargeable to income-tax as his income of the pervious year in which such stock-in trade is sold or otherwise transferred by him and, for the purposes of section 48, the fair market ..... contained at p. 154 of the paper book. assessee had also submitted to the appropriate authority as constituted under chapter xx-c of the it act, 1961, for obtaining necessary nog under section 269ul(3) of the it act. it is also pertinent to mention that for obtaining this nog, the assessee had entered into a memorandum of intent dt. 29th june, ..... when the hon'ble supreme court rendered its judgment in the case of cit v. cocanada radhaswami bank ltd. (supra) the provisions of section 45(2) were not there, which were introduced w.e.f. 1st april, 1985, by taxation laws (amendment) act, 1984. the income was assessable under capital gains and provisions of section 71 specifically prohibits set .....

Gulabrai V. Gandhi Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2003)84ITD370(Mum.)

..... . (iii) specify in the statement the manner in which such income has been earned and (iv) pay the tax of such income together with the interest, if any, by the due date specified for filing the return of income either under section 139(1) or 139(2) of the income-tax act, 1961 whichever is earlier.in para 4, the assessing officer recorded the ..... reasons for holding that the aforementioned conditions were not fulfilled. these are : the assessee made declaration of rs. 1 crore and filed return of income of rs. 1,03,10,388 ..... the assessee on 12-9-1988. during the course of search the assessee has made a declaration of rs. 1 crore under section 132(4) of income-tax act. consequently the assessee has paid the taxes and has credited its p & l account by the sum of rs. 1 crore. as per the order under section 132(5) the assessee .....

Assistant Commissioner of Income Vs. Prakash G. Heblkar

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD495(Mum.)

..... further observed that by virtue of the agreement dt. 26th feb., 1990, between the assessee and tul, the assessee was free to render professional services to, and earn income by way of fees from persons other than those stipulated therein, which the assessee did.11. it was held that even otherwise, the amount in question was taxable under ..... ) 241 itr 827 (mad).15. it has been submitted on behalf of the assessee that section 17(3)(iii)(b) of the it act, which is effective w.e.f. 1st april, 2002, covers and brings to tax payments like the one in question herein.16. the memorandum explaining the provisions in the finance bill, 2001, issued by the government of ..... relied upon the decision of the hdn'ble supreme court in cit v. best & co. (p) ltd. (1966) 60 itr 11 (sc) and upon cit v. saraswati publicities (1981) 132 itr 207 (mad).9. the learned ao did not accept such reliance, observing that these cases related to business income, whereas the assessee was a professional.10. while rejecting the .....

Mrs. Gulshanbanoo R. Mukhi Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)83ITD649(Mum.)

..... took place purchased), or has within a period of three years after that date constructed, a residential house, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section that is to say,--- ..... residence is an exception dictated by compulsion of circumstances but not a rule to be followed universally.the assessee had referred to section 13 of the general clauses act. the cit(a) held that the provisions is to be seen with reference to the context. therefore, every singular word will not include plural or vice versa as ..... within common boundaries and having unity of structure could be regarded as one house for the purpose of granting exemption under section 5(1)(iv) of the wt act. the following text of clarification issued by the cbdt would further strengthen our stand outlined above as to the entitlement of exemption under section 54 as claimed .....