Court : Guwahati
..... , on the facts and in the circumstances of the case, the interest paid by the assessee under sections 139, 215 and 217 of the income-tax act, 1961, was allowable as a deduction in computing, the income of the assessee chargeable under the head 'profits and gains of business or profession' ?'2. the facts of the case are these. the assessee ..... in the context of the view taken about the interest payable on arrear of cess under section 3(3) of the relevant act. but as the amount of income-tax paid is not deductible under the act in view of what has been stated in section 40(a)(ii), interest on it would also not be deductible.7. shri ..... of return mention of which has been made in section 139 of the act, the shortfall in the payment of advance tax covered by section 215 of the act and failure to make estimate, interest for which is chargeable as per section 217 of the act. the income-tax officer disallowed the deductions claimed. the assessee appealed to the appellate assistant commissioner .....
Tag this Judgment!Court : Guwahati
..... or not, what is imperative to note is that in ito v. seth brothers : [1969]74itr836(sc) , the apex court, while considering the action taken under section 132 of the income-tax act, 1961, held as under (page 843) :'if the action of the officer issuing the authorization or of the designated officer is challenged, the officer concerned must satisfy the court about the ..... . the patna high court in a recent decision in takshila educational society v. director of income-tax (investigation) : [2005]272itr274(patna) , while examining the provisions of section 132 of the income-tax act and the scope of judicial scrutiny, held as under (headnote) :'the provisions of section 132 of the income-tax act, 1961, are directed against persons, who are believed, on good grounds to have illegally evaded payment .....
Tag this Judgment!Court : Guwahati
d.n. chowdhury, j. 1. the legality of the proceeding under section 147 of the income-tax act, 1961, as well as the notice dated march 30, 1987, issued by respondent no. 4 in exercise of power under section 148 of the income-tax act, 1961, for reopening the income-tax assessment for the assessment year 1982-83 is the subject-matter of this proceeding. 2. the petitioner filed its return ..... the assessment year 1982-83. 3. i also find that debtors and creditors appearing in the return of income submitted by you does not tally with those appearing in the original talpat impounded. however, before reopening the case under section 147 of the income-tax act, 1961, i allow you an opportunity to explain the circumstances and also to explain why assessment for the assessment .....
Tag this Judgment!Court : Guwahati
..... of the provisions of section 115-c(1) and section 115-c(3) of the income tax act, 1961, (hereinafter referred to as the 'act'), so far as levy of the additional income-tax on dividends distributed on the basis of agricultural income on the ground of legislative incompetence of parliament and also praying for a writ in the ..... case was (page 456) : 'whether the dividend received by the assessee as shareholders from tea companies or any part thereof is agricultural income within the meaning of the bengal agricultural income tax act, 1944, and assessable as such?17. answering the said question in the negative on the basis of the ratio of mrs. bacha f ..... it is seen that the said clause deals with individual shareholders.the income tax act provides levying of tax on the income. the following heads of income can be found under section 14 of the act.(a) salaries,(b) interest on securities (omitted by the finance act, 1988),(c) income from house property,(d) profits and gains of business or profession .....
Tag this Judgment!Court : Guwahati
..... ) provides that the amount of the voluntarily disclosed income shall not be included in the total income of the declarant for any assessment year under any of the acts mentioned in sub-section (9), i.e., indian i.t. act, 1922, i.t. act, 1961, excess profits tax act, 1940, business profits tax act, 1947, super profits tax act, 1963, and companies (profits) surtax act, 1964, if he had credited such amounts in ..... the circumstances of the case and in view of the declaration made by the creditors, viz., smt. swati devi jhunjhunwalla and smt. bhagwati devi tibrewalla, under the finance (no. 2) act of 1965 and accepted by the commissioner of income-tax, the tribunal was justified in holding that the credits standing in the names of the :said creditors were correctly included by the .....
Tag this Judgment!Court : Guwahati
..... and circumstances of the case, the receipt of rs. 6,103 for the assam provincial textile co-operative society by the assessee was exempt from taxation under the income-tax act as casual income of the assessee ?(2) whether, under the facts and circumstances of the case, and in view of the addition of rs. 5,147, the tribunal was ..... and circumstances of the case, the receipt of rs. 6,103 from the assam provincial textile co-operative society by the assessee was exempt from taxation under the income-tax act as casual income of the assesse ?(2) whether, under the facts and circumstances of the case, and in view of the addition of rs. 5,147, the tribunal was ..... . it is not necessary to refer to the various authorities of the supreme court laying down the powers and scope of this court under section 66 of the income-tax act. it is sufficient to point out that the facts proved or admitted may provide evidence to support further conclusions to be deduced from them, which conclusions may themselves .....
Tag this Judgment!Court : Guwahati
..... the negative and in favour of the assessee against the revenue. a.k. patnaik, j.22. in this reference under section 256(1) of the income-tax act, 1961 (for short, 'the act'), the following question has been referred by the income-tax appellate tribunal for opinion of this court : 'whether, in the facts and circumstances of the case, the tribunal had any material to hold that ..... (cal) , has interpreted the provisions as under (headnote) : 'interest under section 216 is chargeable when an assessee files a wrong estimate of advance tax. a speaking order should be passed while charging interest under section 216 of the income-tax act, 1961.''the question whether there was any justification for the estimate whether it was in fact an understatement has to be examined by the .....
Tag this Judgment!Court : Guwahati
..... reference has been made at the instance of the assessee under section 256(1) of the income-tax act, 1961, by the income-tax appellate tribunal with three questions, stated to be questions of law, arising out of the order dated march 19, 1992, passed by the income-tax appellate tribunal in i. t. a. no. 108/(gau) of 1990, for opinion ..... in the circumstances of the case, the tribunal was right in holding that capital gain was chargeable to tax in the year of taking possession even though no capital gains could be computed under section 48 of the income-tax act, 1961, during that year ?' 2. the assessee is a private limited company having its registered office at ..... assessment year ended on december 31, 1973. the relevant original assessment was made on january 29, 1976, under section 143(3) of the income-tax act (in short, 'the act' hereinafter referred to), for the assessment year 1974-75 on a total income of rs. 10,260. but, subsequently, the assessment was reopened under section 147 of the .....
Tag this Judgment!Court : Guwahati
..... is ultra vires the constitution. the impugned orders/intimations imposing additional income-tax under sub-section (1a) of section 143 of the income-tax act, 1961, on the two assessees/petitioners in the two civil rules nos. 2072 of 1993 and 2089 of 1993 are quashed, and ..... facts in civil rule no. 2072 of 1993 are that petitioner no. 1 is a limited company registered under the companies act, 1956, and is an assessee under the income-tax act, 1961 (hereinafter referred to as 'the act'), and petitioner no 2 is the director and shareholder of petitioner no. 1 company. for the previous period july 1, ..... 28. in the result, i hold that sub-section (la)(a) of section 143 of the income-tax act, 1961, substituted by the finance act, 1993, is constitutionally valid, but the retrospective operation given to the provision therein that additional income-tax is to be imposed where the loss declared by a person is reduced as a result of adjustments .....
Tag this Judgment!Court : Guwahati
..... in i. t. a. no. 42 of 2003, is an ex-principal of the cotton college, guwahati. both are assessees under the income-tax act, 1961 (for short 'the act').2. search and seizure was conducted on august 21, 1996, under section 132 of the act at the residence of the appellants. in response to the notice under section 158bc, the appellants filed return disclosing undisclosed ..... have incurred in accordance with the provisions of the finance act and the income-tax act. both the quantum of tax payable and its mode of recovery are authorised by law. the liability to pay income-tax chargeable under section 4(1) of the act thus, does not depend on the assessment being made. as soon as the finance act prescribes the rate or rates for any assessment year .....
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