Court : Kerala
Reported in : [1999]238ITR551(Ker)
..... accordingly, we are answering the following question :'whether, on the facts and in the circumstances of the case, the assessee being a processor and having exported through export houses is entitled to the benefit under section 80hhc of the income-tax act, 1961, with out producing the disclaimer certificate from the export house ?'4. ..... assessee is entitled to get the benefit under section 80hhc on the exports made through export houses', only one question as refrained by it need be referred and the following question was referred for opinion :'whether, on the facts and in the circumstances of the case, the asses-see being a processor and having exported its goods through export houses is entitled to the benefit under section 80hhc of the income-tax act, 1961, without producing the disclaimer certificate from ..... the reference applications under section 256(1) of the income-tax act, 1961, were filed by the commissioner of income-tax seeking reference of three common questions arising out of the consolidated order of the tribunal for the above two years. ..... 20497 of 1997 and 20573 of 1997 under section 256(2) of the income-tax act for compelling reference of the other questions also.3. ..... it is submitted by the senior standing counsel for the income-tax department that if the words 'its goods' are deleted from the question referred for opinion the other two original petitions will not be pressed. ..... therefore, the words 'its goods' can be omitted from the question referred for our opinion. .....
Tag this Judgment!Court : Chennai
Reported in : [1974]94ITR397(Mad)
..... according to him even after the omission of sections 280k, 280r and 280t of the income-tax act, 1961, by section 32 of the finance act of 1966, by virtue of section 6 of the general clauses act, the income-tax officer has still the power to assess and demand the annuity deposit accrued due before april 1, 1967, and that, therefore, the impugned notice of demand issued by the income-tax officer and the steps taken for recovery of the amount as per that demand are perfectly valid and within ..... it is further contended that by section 32 of the finance act of 1966, sections 280k, 280r and 280t and the words '(including annuity deposit referred to in chapter xxii-a)' in section 156 of the income-tax act, 1961, had been omitted with effect from april 1, 1967, and that as a result of these omissions there is, in fact, no machinery by which the annuity deposit amounts could be assessed and recovered under the income-tax act. ..... it is contended that chapter xxii-a dealing with annuity deposit was inserted in the income-tax act, 1961, by section 44 of the finance act of 1964 with effect from 1st april, 1964, that under the said scheme of annuity deposit the taxpayers have the option to make or not to make deposit, that the annuity deposit not being tax, there cannot be any compulsion to pay the same, and that in the event of non-payment of the annuity deposit the only course .....
Tag this Judgment!Court : Chennai
Reported in : [1999]235ITR751(Mad)
..... in the course of the same transaction, the second accused delivered before the income-tax officer a false return of income making a false verification which omitted to record the purchase of the demand drafts mentioned supra knowing them to be false, having reason to believe that the statements and records are not true and thereby the second accused committed an offence punishable under section 277 of the income-tax act, 1961. ..... in pursuance of the conspiracy and common intention, all the accused delivered the first accused's return of income declaring a false total income by omitting to include the demand drafts mentioned supra and thereby committed the offence punishable under section 276c(1) of the income-tax act, 1961. ..... the second accused to the seventh accused are partners in the first accused firm and they are proceeded against under section 278b of the income-tax act, 1961 (hereinafter called as the 'act'), as they are partners in the first accused firm. ..... in pursuance of the conspiracy and, common intention of all and in the course of the same transaction, the first accused has intentionally fabricated false evidence in the shape of account books, which omitted entries about the demand drafts mentioned supra and thereby committed the offence punishable under section 193 of the indian penal code, 1860, read with section 136 of the income-tax act. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]236ITR941(Mad)
..... the accused delivered before the income-tax officer, in the income-tax assessment proceedings for the assessment years mentioned above, the false return of income accompanied by false trading and profit and loss account and a false balance-sheet based on the fabricated cash book and ledger, which omitted to record the demand drafts knowing them to be false and thus committed an offence punishable under section 277 of the income-tax act, 1961.4. ..... of the assessment proceedings with a view to wilfully evade tax imposable under the income-tax act, 1961, and fraudulently and dishonestly attempted to induce the income-tax officer to deliver an assessment order based on the false return of income and statements determining the tax payable by the accused at a far lower amount than the legitimate amount of tax payable by him and thereby committed the offences under sections 193, 196 and 420 of the indian penal code and sections 276c(1) and 277 of the income-tax act, 1961. ..... with a view to evade income-tax and to defraud the exchequer of its legitimate revenue and to mislead and deceive the income-tax officer, the accused committed offences punishable under sections 193, 196 and 420 of the indian penal code of 1860 and sections 276c(1) and 277 of the income-tax act, 1961. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)91TTJ(Chd.)1044
..... "as law stands at present, the payment of a sum by one charitable trust to another for utilization by the donee trust towards its charitable objects is proper application of income for charitable purpose in the hands of the donee trust; and the donor trust will not lose exemption under section 11 of the income tax act, 1961, merely because the donee trust did not spend the donation during the year of receipt itselt" it was further submitted that the hon ..... 2.49 lakhs by holding that income/loss derived from agricultural operation forms part of income of the appellant-trust and is exempt being a charitable institution without appreciating the facts that the business of the agricultural operation was not incidental to the attainment of the objectives of the trust and hence provisions of section 11(l) of the income tax act, 1961, would not be applicable to such income/loss as provided in section 11(4a) of the income tax act, 1961.8. ..... the income has to be computed as provided in section 11 of the income tax act, 1961. ..... the assessing officer had deliberately omitted the word 'educational' from the donee society and had substituted the word 'educational' by 'charitable'. .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]113ITR208(Guj)
..... having regard to the new machinery purchased and installed as aforesaid, the assessee for the first time claimed the relief of tax-holiday under section 84 of the income-tax act, 1961 (hereinafter referred to as 'the act'), in the course of proceedings for its assessment to income-tax for the aforesaid two assessment years. ..... of 1976 : 'whether the assessee was entitled to relief under section 84 of the income-tax act, 1961, for the assessment years 1966-67 and 1967-68 ? ..... a provision substantially similar to section 84, which offers tax incentive in the form of fractional exemption from tax on profits of a newly established undertaking for five assessment years was, for the first time, introduced in the indian income-tax act, 1922, by section 13 of the taxation laws (extension to merged states and amendment) act, ..... time to time, but it has also made at least two further concessions in favour of new industrial undertakings since its initial enactment; first, from clause (ii) of sub-section (4) of section 80j, which as initially enacted was in pari materia with clause (ii) of sub-section (2) of section 84, the words 'a building (not being a building taken on rent or lease), have been omitted by the finance act, 1975, with effect from april 1, 1976, and, secondly, a provision for carrying forward has been made in ..... (no. 2) act, 1967, section 84 was omitted on and with effect from april 1, 1968, and in its place section 80j was enacted in chapter via to provide a substantially .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD569(Chd.)
..... 1132 dated 5.1.1978, it was decided that 'as law stands at present, the payment of a sum by one charitable trust to another for utilization by the donee-trust towards its charitable objects is proper application of income for charitable purpose in the hands of the donee-trust; and the donor-trust will not lose exemption under section 11 of the income-tax act, 1961 merely because the donee-trust did not spend the donation during the year of receipt itself. ..... therefore, the charitable character of the assessee cannot be called into question and the assesses cannot be denied exemption in respect of income on the ground that it was not a charitable institution.12.1 sub-section (15) of section 2 of the income-tax act defines "charitable purpose" as to include relief to the poor, education, medical relief and advancement of any other object of general public utility. ..... . thus, in the light of the detailed discussion and the legal position discussed above, we are of the considered opinion that cit(a) was justified in holding that donation given to sukes by the assessee trust amounted to utilization of income for the objects of the assessee-trust and, therefore, such income qualified for exemption under section 11 of the income- tax act.accordingly, we do not find any legal or factual infirmity in the well-reasoned and well-discussed order of ld ..... the ao had deliberately omitted the word 'educational' from the donee society and had substituted the word 'educational' by 'charitable'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)5SOT788(Chd.)
..... the above decision of the hon'ble kerala high court thus supports the view taken by the cit that assessee is not entitled to registration under section 12a of the income tax act, 1961.taking the totality of facts and circumstances of this case into consideration, we are of the considered view that the cit was justified in denying the benefit of registration to the assessee-trust as the ..... the commissioner of income tax are contrary to law and the facts of the appellant's case as far as it relates to denial of registration of trust under section 12(a) of the income tax act, 1961.2. ..... for the assessee contended before us that the cit has passed a consolidated order in regard, to registration of the trust under section 12a and exemption under section 8og of the income tax act, 1961. ..... assessee is directed against the order dated 22-6-2000 of the commissioner of income-tax, chandigarh by virtue of which application for registration of the assessee trust under section 12a and exemption under section 80g of the income ttax act, 1961 has been rejected."1. ..... , on the other hand, opposed the request of the assessee.it was contended that since the assessee had intentionally omitted to contest the order of the cit relating to exemption under section 80g, the additional ground of appeal may not be entertained, especially when assessee has not given any valid reasons for its omission.on ..... filed, the assessee inadvertently omitted to raise a ground relating to rejection of exemption under section 80g. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)7SOT208(Mum.)
..... the head notes for reference are "the scheme of sections 69,69a, 69b and 69c of the income tax act, 1961, would show that in cases where the nature and source of investments made by the assessee or the nature and source of acquisition of money, bullion ..... it may constitute profits or gains of the business by virtue of section 28 of the income tax act, 1961, but, it cannot be considered as profits or gains "derived" from the industrial undertaking for, its immediate and proximate source is not the industrial undertaking but the scheme for ..... cit "the words "derived from" in section 80hh of the income tax act, 1961, must be understood as something which has a direct or immediate nexus with the assessee's ..... (appeals) has also erred in deleting the interest charged under section 234b of the income tax act. ..... cit on the other hand, learned authorised representative relied on the order of commissioner (appeals) that addition under section 69 is business income and hence, entitled for deduction under section 80hhc.we have heard the rival submissions and considered the facts and material on record including the case laws cited by ..... any of these various heads, will not be attracted in the case of deemed incomes which are covered under the provisions of sections 69, 69a, 69b and 69c of the act in view of the scheme of those provisions.held, on the facts, that it was clear that when the investment in or acquisition of gold, which was recovered from the assessee was not recorded in the books of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (2006)101ITD380(Mum.)
..... the ratio of this judgment may be reproduced below from the head note: the words 'derived from' in section 80hh of the income-tax act, 1961, must be understood as something which has a direct or immediate nexus with the assessee's industrial undertaking. ..... the aforesaid case arose in the context of section 80hhc and the ratio of this case is reproduced below from the head note: the provisions of section 80hhc of the income-tax act, 1961, clearly provide that the deduction permissible under the said section is of the profits derived by the assessee from the export of such goods or merchandise. ..... counsel submitted that the aforesaid decision of hon'ble supreme court was rendered in the context of section 80hh of the income-tax act, which requires that deduction will be allowable in respect of profits and gains derived from an industrial undertaking. ..... the ld.counsel contended that the provisions of sub-section (4) are akin to the provisions of sub-section (3) of section 80hhc of the income-tax act. ..... 2,67,212 is eligible for deduction under section 10a of the income-tax act. ..... counsel for the assessee therefore contended that the ld.cit(a) was not justified in enhancing the income by withdrawing deduction under section 10a in respect of profit earned by the assessee on account of exchange rate fluctuation. .....
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