Judgment Search Results Home > Cases Phrase: income tax act 1961 section 237 refunds Sorted by: recent Court: income tax appellate tribunal itat mumbai Page 96 of about 1,864 results (0.321 seconds)

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... availed of in india; and (b) discount on promissory notes and bills of exchange drawn or made in india; but does not include-- (i) any amount chargeable to income-tax, under the income-tax act, under the head "interest on securities" (ia) interest referred to in sub-section (1b) of section 42 of the reserve bank of india ..... and advances" have been used in a restricted sense in section 2(7) of the act in view of the provisions of section 28 of the act.17. reference is then made to the definition of the term "interest" given in section 2(28a) of the it act, 1961, and to the definition of the expression "interest on securities" given in section 2(28b ..... ) of the it act r/w section 2(10) of the interest-tax act and it is held that government security and other securities are special categories of loans and advances .....

Mandhana Exports (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... as per section 29, the income referred to in section 28 shall be computed in accordance with the provisions contained ..... computed under the head "profits and gains of business or profession". income under the head "profits and gains of business or profession" is to be computed under chapter iv-d. section 28 of the it act enumerates the various types of income which is chargeable to income-tax under the head "profits and gains of business or profession". ..... cit (1996) 217 itr 768 (sc) wherein their lordships held as under : "the profits and gains of an industrial undertaking to which section 84 of the it act, 1961, applies have to be computed in accordance with the provisions contained in chapter iv-d of the act and development rebate has first to be deducted from the total income .....

Maharashtra State Electricity Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD299(Mum.)

..... and took 30 per cent thereof as income for assessment purposes, which came to rs. 138.26 crores. on appeal, the assessment was confirmed. ..... , established under the electricity supply act, 1948. it is wholly owned by the government of maharashtra and its sole objective is to generate and supply electricity. in making the assessment, the ao applied the provisions of section 115ja of the it act, 1961, and computed the book profit for the purpose of income-tax at rs. 460.88 crores ..... the tax demand was raised accordingly, out of which after giving credit for the payments made by the assessee .....

Mandhana Exports (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD306(Mum.)

..... mills (supra). their lordships have accepted the assessee's contention and held as under: the language of the provisions of sections 32 and 34 of the income-tax act, 1961,is specific and admits of no ambiguity. section 32 allows depreciation as deduction subject to the provisions of section 34. section 34 provides that deduction under ..... of the" act and development rebate has first to be deducted from the total income and it is only thereafter, if any profits and gains remain from ..... 'ble apex court in the case of mettur chemical & industrial corporation ltd. v. cit [1996] 217 itr 768 wherein their lordships held as under: the profits and gains of an industrial undertaking to which section 84 of the income-tax act, 1961,applies have to be computed in accordance with the provisions contained in chapter iv-d .....

Yashodhan Industrial Investment Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD201(Mum.)

..... opinion, cannot debar the it authorities from examining the question closely in the years under appeal, not merely because there is no res indicate or estoppel in income-tax proceedings but more so because in those assessments there is no informed decision or conscious finding that the assessee is a dealer in shares. the profits and ..... trade and cannot be extended to cases where they are held an investments. adverting to the judgment of the supreme court in raja bahadur visheshwara singh v. cit (1961) 41 itr 685 (sc), the learned departmental representative submitted that in matters like this the past conduct of the it authorities did not operate as res judicata ..... in the market value of the shares in its assessments.9. mr; trivedi raised another contention. relying on the commentary in a. ramaiya's guide to the companies act, 14th edn., at p. 2426, under the heading 'meaning of investment company', he contended that though normally the word "investment" signifies only the acquisition and .....

Assistant Commissioner of Income Vs. Smt. Rasila S. Mehta and Smt.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)82ITD27(Mum.)

..... investment in various assets might not be properly known to them and, therefore, the members of the family made a declaration of additional income of rs. 3 crores under section 132(4) of the it act, 1961. it was promised that a detailed break-up of the amount would be given to the department in a few days time. it ..... headed by shri justice k.n. wanchoo was appointed by the government of india to examine and suggest legal and administrative measures for countering evasion and avoidance of direct taxes and to recommend concrete and effective measures for unearthing black money and preventing its proliferation through further evasion. expln. 5 was brought into force as a result of ..... failing under clause (a), before the date of search; and in the books of account, if any, maintained by him for any source of income or such income, is otherwise disclosed to the chief cit or cit before the said date; or (2) he, in the course of search, makes a statement under sub-section (4) of section 132 that .....

Bombay Housing Corporation Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD545(Mum.)

..... construction of real estate. from the asst. yr. 1983-84 to the asst.yr. 1990-91, the assessee was declaring a percentage of the sale price as its profits for income-tax purposes. in the asst. yr. 1991-92, the ao noted that the project undertaking by the assessee was completed.the project consisted of three buildings. in respect of two ..... investment is specified assets, he should be entitled to the exemption. he contrasts the provisions of section 88(2) of the act which clearly say that the deposit or investment by the assessee should be "out of his income chargeable to tax". he also points out that both the case of exchange of capital assets as also a transaction in the nature of ..... to the same assessment year. one of the appeals arises out of the order of the cit(a) dt. 30th jan., 1996, passed, in appeal against the assessment order under section 143(3) of the act. the other appeal arises out of the order of the cit(a) dt.19th dec., 1997, passed in appeal against the order of the ao dt. .....

Indian Institute of Bankers Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... cross-appeals pertain to the asst. yr. 1996-97. in the appeal by the department, the decision of the cit(a) accepting the assessee's claim that it is an educational institution and hence its income is exempt under section 10(22) of the it act, is challenged and in the appeal by the assessee, objection is taken to the decision of the ..... cit(a), denying such exemption in respect of its income by way of dividend and interest.2. the appeals arise this way. ..... the assessee is a company incorporated in 1928 under the indian companies act, 1913. it was allowed to omit the word "limited" from its name .....

Asstt. Cit Vs. India Magnum Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)74TTJ(Mum.)620

..... of law". the legal basis for levy of income-tax is given in section 4 of income tax act, 1961. it provides for charge of income-tax 'in respect of the total income of the previous year of every person" (emphasis, italicised in print, supplied). it is, therefore, clear that charge of income-tax under the income tax act, 1961, is in respect of the "total income". now, "total income" has been defined under the provisions of ..... section 2(45) in the following words : 'total income' means the total .....

Assistant Commissioner of Income Vs. India Magnum Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2002)81ITD295(Mum.)

..... law". the legal basis for levy of income-tax is given in section 4 of it act, 196). it provides for charge of income-tax "in respect of the total income of the previous year of every, person" (emphasis, italicised in print, supplied). it is, therefore, clear that charge of income-tax under the it act, 1961, is in respect of the "total income". now, "total income" has been defined under the provisions of ..... section 2(45) in the following words : . 'total income' means the total amount of income referred to in section 5; "computed in the manner laid down in this .....