Court : Delhi
Reported in : 2001IIIAD(Delhi)303
..... -74 and 1974-75. at the instance of revenue, the following questions have been referred for opinion of this court under section 256(1) of the income-tax act, 1961 (in short the act) by the income-tax appellate tribunal, delhi bench (in short, the tribunal) 'whether on the facts and in the circumstances of the case the itat was right in law ..... holding that the provisions of section 13(2)(h) of the income-tax act are not applicable to the present case and thereby exempting the assessed from tax under s.11 of the income-tax act.' 2. factual position in a nutshell is as follows: assessed trust was created on 25-3-1961 with an amount of rs. 5000/- donated by sir sobha singh ..... . on 28-3-1961, he donated to the trust 1500 shares of sobha singh & .....
Tag this Judgment!Court : Delhi
Reported in : [1971]81ITR500(Delhi)
..... a result of the above, we hold that a sum of rs. 33,624.00 out of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act. the remaining amount of rs. 50,000.00 was not rightly assessed. the question referred to this court is answered accordingly.(19) in the circumstances of the case, ..... the capital gain arises only on the transfer of a capital asset which has actually cost to the assessed something in money. the actual cost in the context of the income-tax act can only be cost in terms of money. it cannot, it would appear, apply to transfer of capital assets (assuming that the goodwill is a capital asset, about ..... , c.j.(1) following question has been referred to this court under section 66(1) of the indian income-tax act, 1922 (hereinafter referred to as the act) :- 'whetherthe sum of rs. 83,624.00 was rightly assessed under section 12b of the indian income-tax act, 1922?'(2) the case relates to assessment year 1947-48, the previous year for which ended on march .....
Tag this Judgment!Court : Delhi
Reported in : (2009)221CTR(Del)97; [2009]316ITR1(Delhi); [2009]176TAXMAN473(Delhi)
..... by finance act, 2001 w.e.f. 1.4.2002 section 92 was substituted by sections 92 to 92f; provisions which are contained in ..... to arise in that business then, the assessing officer was empowered to tax profits which were derived or which may reasonably be deemed to be derived from the business in the hands of a person resident in the taxable territory.6.5 with the enactment of income tax act, 1961 a somewhat similar provision was inserted by way of section 92. ..... two or more enterprises of the same multi-national group would manipulate their prices in a manner which led to erosion of tax revenues. the raison d'etre for substituting the existing section 92 of the income tax act was best explained in the following paragraphs of the said circular no. 14/200 155.2under the existing section 92 of the .....
Tag this Judgment!Court : Delhi
Reported in : (2006)203CTR(Del)550; [2006]283ITR212(Delhi)
..... . the power of the high court to issue prerogative writs under article 226, is untrammeled by any ordinary piece of legislation, whether enacted by the parliament or a state legislature. income tax act, 1961, is one such piece of legislation which does not and cannot in the constitutional scheme of things affect the power of the superior courts in the country to issue appropriate ..... taken up for final disposal at the admission stage itself. this writ petition is directed against the notice dated 10.2.2005 issued under section 148 of the income tax act, 1961 (hereinafter referred to as 'the said act') issued by the income tax officer in respect of the assessment year 2001-2002. it is also directed against the order dated 17.8.2005 passed by the .....
Tag this Judgment!Court : Delhi
Reported in : 2000VIIAD(Delhi)1124
..... 5 to 21 will take all requisite steps in expeditiously moving the requisite application in form 34-a for a certificate under section 230a(1) of the income tax act. on requisite certificate being granted by the appropriate authorities, within a period of four weeks thereafter the requisite sale deed will be executed by the appellant ..... the said sum of rs. 30,00,000/-. consequently, the parties were required to apply for requisite permission of appropriate authority under section 269 of the income tax act. on sanction being granted sale deed was required to be executed within a period of two months. sale deed was to be confirmed by all respondents and ..... requisite certificate to the effect that no liabilities are outstanding against the transferor under the income tax act and the registration of the sale deed will not prejudicially affect the recovery of any of the taxes due under the provisions of the income tax act.' this application has been contested by some of the parties and the bank, who .....
Tag this Judgment!Court : Delhi
Reported in : ILR1974Delhi190; [1974]95ITR117(Delhi)
..... committed by the accused would be covered by the income-tax act, 1961 in view of section 297(2)(b) thereof. (2) the imposition of penalty on the accused could also be only under the income-tax act, 1961 and not under the income-tax act of 1922. (3) section 277 of the income-tax act, 1961 was applicable to the making of a false ..... of maharashtra : 1964crilj249 it was held by the supreme court that the effect of section 37(4) of the income-tax act, 1922 corresponding to section 136 of the income-tax act, 1961 was that the proceeding before the income-tax officer had to be treated as 'proceeding in any court' within the meaning of section 195(1)(b) of ..... petitioner accused in these petitions:- (1) & (6). while on the one hand the offence punishable under section 277 of the income-tax act, 1961 was allegedly committed by the accused before the income-tax officer, the prosecution against the accused for that offence could not be lodged 'except at the instance of the commissioner' in view .....
Tag this Judgment!Court : Delhi
Reported in : [1971]80ITR101(Delhi)
..... carry forward' or 'carry back' of the exemption one cannot speculate on the supposed intention of the legislature.17. mr. natesan next referred to section 80j of the income-tax act, 1961 where by sub-section (3) the principle of 'carry-forward' and 'set-off'' has been made applicable to profits and gains from a newly established, industrial undertaking ..... certain notices and assessments under section 34 of the income-tax act, 1922, with respect to an earlier period or clause (iii) of section 2(m) defining the expression 'net wealth' in the wealth-tax act, 1957.23. no such provision is to be found in section 80j of the act of 1961.24. the result of the foregoing discussion is ..... to be set of against the future profits assessment year 1955-56: (2) whether the unutilised portion of the exemption granted under section 15c of the indian income-tax act, 1922, could be carried forward to be set off against the future profits assessment year 1956-57 : (3) whether the assessed is entitled to the set- .....
Tag this Judgment!Court : Delhi
Reported in : [1992]195ITR232(Delhi)
..... april, 1986 passed by the specified authority, government of india, ministry of industries, department of industrial development, under section 72-a of the income-tax act, 1961 (in short the act), whereby it did not recommend to the central government to make declaration under that section.(2) this writ petition will dispose of civil writ no ..... the said letter as follows: '.....thespecified authority is not satisfied that the conditions as referred to in sub-section (1) of section 72a of the income-tax act, 1961 are fulfillled in view of the following: the requirement that the amalgamating company viz. m/s.alkali & chemicals corporation of india limited was not ..... supplemented by a further letter of 4th december, 1984 when comparative figures in respect to the company as per the balance sheet and also as per the income-tax act were given.(10) on 10th may, 1985, the specified authority once again required the petitioner to furnish certain additional information. in this letter, reference .....
Tag this Judgment!Court : Delhi
Reported in : (1993)109CTR(Del)171; 50(1993)DLT14; [1993]200ITR584(Delhi)
..... the present writ petition has been filed by the petitioner feeling aggrieved by an intimation issued under section 143(l)(a) of the income-tax act whereby the department has raised a demand of additional tax of rs. 55,33,2401- purporting to be payable under section143(1a).(2) the assessed had returned a net loss of rs. ..... /92 decided on7.7.1992 wherein the division bench has taken cognizance of the amendment introduced in the finance act, 1992 wherein the assessed has been provided with an alternative remedy under section 154 of the income-tax act and also under section 264 by providing for a revision petition, to my mind that amendment is prospective in ..... some inexplicable logic the department has proceeded to levy the additional tax livable under section 143(ia)(a) sub-clause (1). for convenience section 143(ia) of the income-tax act is reproduced hereunder :- 'section 143(1a)(a): where, in the case of any person, the total income, as a result of the adjustments made under the first .....
Tag this Judgment!Court : Delhi
Reported in : [2009]176TAXMAN448(Delhi)
rajiv shakdher, j.1. the revenue has preferred an appeal under section 260a of the income-tax act, 1961 (hereinafter referred to as the 'act') against the judgment of the income-tax appellate tribunal (hereinafter referred to as the 'tribunal') passed in ita no. 889/d/2004, in respect of, the assessment year 1990-91. the only issue ..... the opinion that the impugned judgment of the tribunal deserves to be sustained for the reasons given hereinafter.4.1 the purpose of insertion of section 115j in the income-tax act has been brought out vividly by the supreme court in its judgment in the case of surana steels (p.) ltd. (supra). the supreme court observed that ..... repeatedly is: how are the 'book profits' required to be calculated? for this purpose we are required to note certain provisions from the income-tax act, as well as, the companies act.4.3 section 115j of the act, insofar as it is relevant for the purpose of the appeal, is extracted hereinbelow:(1a) every assessee, being a company, shall, .....
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