Court : Patna
..... s.k. katriar, j.1. the assessee has preferred this appeal under the provisions of section 260a of the income tax act, 1961 (hereinafter referred to as the 'act'), whereby his claim for exemption from payment of income-tax on the interest earned on the two items in question has concurrently been rejected by the three authorities. it relates to the ..... tribunal for valid reasons. she lastly submits in the alternative that the matter may be remitted to the learned commissioner of income-tax, inter alia, for the reason that the provisions of the central act have not been considered by him as well as the learned tribunal.7. we have perused the materials on record and ..... from house property does not qualify for deduction under section 80p of the i.t. act as banking business income?(2) whether on the facts and in the circumstances of the case, the income tax appellate tribunal is justified in holding that the interest income of rs. 14,23,316/- earned on investment of reserve fund is not derived .....
Tag this Judgment!Court : Patna
..... to realise the rent of the house, ownership within the meaning of section 22 of the income-tax act, 1961, stands transferred in favour of the intending purchaser and it is he and not the seller who is liable to tax on its income.6. mr. vidyarthi submitted that the facts of the present case are distinguishable and, therefore, ..... section 256(1) of the income-tax act, 1961, is at the instance of the revenue. the income-tax appellate tribunal, patna bench, has referred the following question to this court for its opinion : 'whether, on the facts and in the circumstances of the case, the tribunal is right in law in holding that the income from property, proposed to be ..... earnest money from the intending purchaser, one smt. usha kumari, the rent from the house property was receivable by her, i.e., the intending purchaser. the income-tax officer held that in the absence of any registered deed of conveyance in favour of the intending purchaser, the assessee continued to be the legal owner of the .....
Tag this Judgment!Court : Patna
..... tribunal has erred in holding that the penalty should be levied by applying the provisions of section 271(1)(c)(iii) of the income-tax act, 1961, as amended with effect from april 1, 1976 ? (2) whether the date of decision of the authority to initiate penalty proceeding would govern the ..... ,822. therefore, while making the assessment, the assessing officer added the said amount towards the income of the assessee. the assessing officer thereafter initiated penalty proceedings under section 271(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the said act'). with respect to the aforesaid sum of rs. 18,822, upon conclusion of the penalty ..... proceedings the original authority imposed minimum penalty of rs. 18,822 which was equal to the income concealed applying the law prevailing on the date .....
Tag this Judgment!Court : Patna
..... for purchase by central government of immovable properties in certain cases of transfer. with a view to achieve early finalisation of proceedings under the existing chapter xx-a of the income-tax act, 1961, the board has decided that with effect from 1st april, 1986, acquisition proceedings under section 269c will not be initiated in respect of an immovable property for which the apparent ..... connected appeals are directed against the order dated september 26, 1980, of the appellate tribunal passed under section 269g of the income-tax act, 1961 (for short, 'the act'), setting aside the order, passed by the competent authority under section 269f of the act by which order the competent authority directed acquisition of property consisting of 17.85 kathas of land and building bearing house no .....
Tag this Judgment!Court : Patna
..... , it was found that the petitioners purchased tendu leaves worth rs. 1,11,528 from the bihar state forest development corporation and under the provisions of section 44ac of the income-tax act, 1961, the accused got profit to the tune of rs. 39,035 but they had only shown the profit to the extent of rs. 5,754 and so there was concealment ..... . 33,281. thus it was found by the assessing authority that the petitioner-accused persons wilfully attempted to evade the tax chargeable and submitted a false income account and, thus, prosecution report was also submitted under sections 276c and 277 of the income-tax act, 1961, and then this complaint was filed and on that basis the court below took cognizance of the offence. 3. it .....
Tag this Judgment!Court : Patna
naresh kumar sinha, j.1. the petitioner, who is an income-tax assessee, has invoked the writ jurisdiction of this court to quash his prosecution under sections 276c and 277 of the income-tax act, 1961, (hereinafter the 'act'), vide complaint case no. 423 of 1991 pending before the special court of economic offences, bihar, muzaffarpur.2. the ..... facts of the case lie within a short compass. the petitioner submitted a return showing a total income of rs. 14,770, for the ..... court also failed. the petitioner was, therefore, prosecuted for an offence punishable under sections 276c and 277 of the act for evading tax chargeable by concealing the true particulars of his income. the certified copies of the complaint petition filed for the prosecution of the petitioner for the aforesaid offences including the .....
Tag this Judgment!Court : Patna
..... and is not utilised for the benefit of a private individual. hence keeping this aspect under consideration, even the income tax department had granted exemption under section 22a of the income tax act. similar exemption was also granted by the labour court, muzaffarpur with regard to the applicability of bihar shops and establishments ..... proper to grant similar exemption with regard to the applicability of the instant act. there may be cases where hospitals are run without any income or profit motive. naturally the provisions of the income tax act cannot be enforced unless there is ascertained income to the private individual. similarly, the decision of the labour court ..... that of the applicability and implementation of the provisions of the minimum wages act. simply because the institution in question was granted exemption under the income tax act, or with regard to the applicability of the bihar shops and establishments act, it would not be proper to take a plea that similar exemption is .....
Tag this Judgment!Court : Patna
..... for quashing the demand notices dated november 4/10, 1999, passed by the deputy commissioner of income-tax, circle-2(1), patna, (respondent no. 4), with regard to charging interest under section 245d(6a) of the income-tax act, 1961 (for short 'the act') for the period may, 1999, to october 1999, as well as for quashing the order ..... passed by the assistant commissioner of income-tax, circle 1, patna (respondent no. 5), dated april 18, 2002/may 2, 2002, rejecting ..... are that the petitioner is a doctor engaged in a private practice since 1989. on august 10, 1994, the income-tax department made a search and seizure operation on his premises and found undisclosed income. the petitioner filed an application on february 2, 1995, for settlement of the cases for the assessment years 1991- .....
Tag this Judgment!Court : Patna
..... alleged that although the petitioner made the required deductions but failed to submit the requisite return within time, and as such committed an offence punishable under section 276b of the income-tax act.3. i have heard learned counsel for the parties and have perused the records.4. the orders under challenge cannot be sustained for the reason that no sanction for prosecution ..... (economic offences), muzaffarpur, whereby he took cognizance against the petitioner of an offence under section 276b of the income-tax act and also order dated march 27, 1992, passed by the commissioner of income-tax, patna--opposite party no. 1, under section 279(1) of the income-tax act, whereby he sanctioned the filing of the complaint against the petitioner.2. the allegations against the petitioner are that .....
Tag this Judgment!Court : Patna
..... counsel appearing for the revenue, relied upon a supreme court decision in kerala financial corporation v. cit : [1994]210itr129(sc) , wherein it was observed as follows (headnote) : ' a circular of the central board of direct taxes under section 119 of the income-tax act, 1961, cannot override or detract from the act, inasmuch as what section 119 has empowered is to issue orders, instructions or directions for ..... the 'proper administration' of the act or for such other purposes specified in sub-section (2) of the section. such an .....
Tag this Judgment!