Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)83ITD296(Mum.)
..... the order under section 143(3) passed by the ao consequent to the order under section 263 by the cit. the grounds taken by the parties are as under : "1. the learned cit has erred in passing the order under section 263 of the it act, 1961, and setting aside the assessment order for asst. yr. 1988-89. on the ground that provisions of ..... agreed to be held subsequently and the balance consideration of rs. 15 lakhs was agreed to be given on the execution of the conveyance deed. the assessee filed return of income for asst. yr. 1987-88 wherein a note was placed that the property has been agreed to be sold for rs. 45 lakhs w.e.f 17th sept., 1986, ..... was dispensed with. the assessee did not disclose any capital gains in asst. yr 1988-89 also. the assessment was framed on the basis of return of income filed.3. subsequently, the cit assumed jurisdiction under section 263 and proposed to revise the order as the same was erroneous and prejudicial to the interest of the revenue. the assessee replied that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)83ITD467(Mum.)
..... ao observed that the assessee had already been allowed deduction @ 1/5th of the property income for repairs and maintenance, hence, no other deduction like society's maintenance charges is allowable under section 24 of the it act. in the first appeal, the learned cit(a) allowed the assessee's claim by observing that such claim was allowed by the ..... but concurring judgment wherein it was held that while computing property income under section 23(1)(b) of the act the outgoings for earning the rental income have to be deducted. learned jm has also referred to the decision of the hon'ble bombay high court in the case of cit v. khandelwal mining and ores (p) ltd. upon ..... section, by extending the same logic. in the case of cit v. h.g. gupta & sons (supra), the hon'ble delhi high court categorically held that under section 24 of the act stamp duty charges borne by the lessor are not allowable as deduction in computing the income under the head 'house property'. the court observed that section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)81ITD203(Mum.)
..... accrue or arise to him in india. thus, in the case of a non-resident, income which accrues or arise outside india and is also received outside india is not subjected to tax in india. 2. after the amendment made in section 6 of the it act, 1961 by the finance act, 1990 w.e.f. 1st april, 1990, an indian citizen who is a member ..... was issued in the context of section 192 of the it act, which deals with deduction of tax at source. in my view, the scope of the circular should not be stretched so as to exclude the taxability of income which falls within the ambit of section 5 of the it act, 1961. now i may examine the issue from the angle of the amendments to section ..... 9(1)(ii) of the act.section 9(1)(ii) is reproduced .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD573(Mum.)
..... court rendered a decision in the case of stock exchange, ahmedabad v. asst. cit [2001] 248itr 209, in which it was held that the stock exchange card is not a property and therefore cannot be attached under section 281b of the income-tax act, 1961. thereafter, when the appeals concerning this issue came up before the bombay benches ..... of the tribunal, the tribunal purporting to follow the above decision of the supreme court held that no wealth-tax was payable on the stock exchange card. further, by ..... case of vinay bubna v. stock exchange, mumbai [1999] 97 comp cas 874. this decision may be briefly noticed. section 281b of the income-tax act confers power on the income-tax authorities to effect provisional attachment of "any property belonging to the assessee" in the manner provided in the second schedule if they are of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)83ITD511(Mum.)
..... prescribed based on whether the transaction is a sale or a lease. income-tax is an annual levy of tax in respect of the total income of the previous year to be computed in accordance with the provisions of the act. chapter iv of the act, which deals with "computation of total income", does not draw any distinction as such between sale and lease and ..... " (hereinafter referred in this order as "the centre"). cbdt granted the centre approval for the purposes of clause (ii) of sub-section (1) of section 35 of the it act, 1961, on 6th april, 1970 (s.o. 1416). the department of company affairs, government of india, granted licence under section 25 of the companies ..... 1965) 57 itr 422 (sc); member for the board of agrl it v.sindhurani chaudhurani (1975) 32 itr 169 (sc) and maharaja chintamani sarangnath sahdev v. cit (1961) 41 itr 506 (sc). the learned cit(a) found that the tests laid down in these judgments of hon'ble supreme court are : "1. the payment of salami is consideration for creation of new .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)84ITD70(Mum.)
..... the arguments of the assessees are merely probabilities for which there is no legal, sanctity and the apprehensions are being clothed into a legal certainty. the income was ascertained, the tax was ascertained and the assessees' refund was granted and subsequently, the interest was given.the whole series of events is by way of statutory functions and ..... representative that the ao has to perform a statutory duty in processing the return under section 143(1)(a) as per the provisions of the act. as a natural corollary, the tax is to be computed and the amount of refund has to be ascertained and as per the provisions applicable, the interest to which the assessee ..... of section 244a(1)(b) become automatically and mechanically applicable and the interest is to be worked and granted to the assessee. there is no provision in the act which says that the interest granted is contingent. there is no provision that every section 143(1)(a) processing will be subject to scrutiny assessment under section 143 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2003)78TTJ(Mum.)369
..... ) 250 itr 521 (sc), a recent judgment of the supreme court, wherein it has been held, for purposes of levy of additional income-tax on undistributed income under section 104 of the it act, that profits on sale of house properties and rubber plantation treated by the directors of the company as commercial profits and brought into the p&l a ..... in a property situated at cadell road, prabhadevi, bombay. the question before their lordships in the income-tax reference, at the instance of the assessee, was whether the sum was liable to tax as casual and nonrecurring income under section 10(3) of the it act. a special bench of the tribunal had held that the sum was so assessable. various other ..... and in law, was the tribunal justified in holding that the capital gains which do not fall under the ambit of s. 45 of the it act, the same would be considered as income exigible to tax under s. 10(3)? whether, on the facts and in the circumstances of the case and in law, was the tribunal justified in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)82ITD512(Mum.)
..... dismissed the appeal on the ground that the same is not maintainable under the provisions of section 249(4)(a) of the it act, 1961. in this case, the return of income was filed on 27th nov., 1998.however, self-assessment tax of rs. 10 lakhs was not paid thereon. the appeal against the order of the ao was to be filed latest by ..... ) wherein the tribunal has interpreted the provisions of section 249(4)(a) of the it act, 1961, and has held that there is no dispute that the assessee had not paid tax on the returned income before filing of the appeal on 3rd feb., 1992, nor any advance tax or tax on account of self-assessment had been paid by the assessee. as such, the ..... made reference to the decision of the kerala high court in the case of vanaja textile ltd. v. cit (2001) 249 itr 374 (ker) wherein the high court laid down that "section 292b of the it act, 1961, provides that no return of income shall be invalid or shall be deemed to be invalid merely by a reason of any mistake, defect or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)81ITD401(Mum.)
..... benefit of that decision to the present assessee.27. mr. pardiwalla had stressed on the genuineness of nirmal enterprises on the ground that it was registered under the income-tax act which ruled out the applicability of the observations of the supreme court in sunil siddharthbai 's case (supra). the supreme court itself has observed that the genuineness ..... to the present case. even these observations, mr. pardiwalla contended, were not attracted to the present case because the firm of nirmal enterprises was registered under the income-tax act and the assessee was a partner thereof for a continuous period of five and a half years. according to mr. pardiwalla, it is difficult to hold that a ..... order of the commissioner (appeals) by which he cancelled the penalty of rs. 33,34,096 imposed on the assessee under section 271(1)(c) of the income-tax act.2. the appeal arises this way. the assessee is a company. it dealt in real estate and carried on business in construction. it purchased a plot of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2002)81ITD212(Mum.)
..... fail to deduct either whole or any part of tax. the deduction of tax is to be with reference to provisions of section 192 of the it act, 1961.8. section 192 requires the assessee to deduct tax with reference to the estimated income of the assessee. when there is any shortfall in the deduction of tax, then only section 201(1) will come ..... in section 192 even after the amendment of sections 201 and 201(1a). if the assessee made bona fide estimate of the income of its employees and excluded certain items from the purview of deduction of tax, then section 201 cannot be invoked for treating the assessee in default, however, it is to be seen whether the assessee ..... (1) came to the conclusion that the employer failed to make fair, reasonable and honest estimate of salary income of the respective employees and, therefore, had not deducted due taxes from the salary of employees. he assessed short-deduction of tax amounting to rs. 67,700 in the asst. yr. 1995-96 undersection 201(1) and also imposed .....
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