Judgment Search Results Home > Cases Phrase: income tax act 1961 section 35cc omitted Court: income tax appellate tribunal itat cochin Page 1 of about 126 results (0.035 seconds)

Choice Trading Corpn. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1995)54ITD216(Coch.)

..... had indicated the nature of prima facie adjustments that can be made in an intimation sent under section 143(1)(a) of the act and the circular is as follows: subject: scope of prima facie disallowances under section 143(1)(a) of the income-tax act, 1961- regarding. ..... passed a detailed order under section 154(1)(b) of the income-tax act, 1961. ..... made as prima facie adjustments in the intimation sent under section 143(1)(a) of the income-tax act, 1961. ..... that the profits of the business are to be determined in a commercial sense and in accordance with the specific provisions of the income-tax act, 1961 for determining the income under the head "profits and gains of business". ..... the denial of section 80-1 deduction was against the ratio laid down by the various benches of the income-tax appellate tribunal rendered in the following cases: it was also vehemently contended that at the time when the return of income was filed in december 1992, the interpretation of the appellate authority was that the assessee was entitled to claim deduction under section 80-1 in respect of the construction activities engaged by it and the decision of the supreme court in ..... was assailed on the ground that the assessee was engaged in the business of export of iqf product for which claim for deduction under section 80-1 had been made and in the process the assessing officer has omitted to consider the profit attributable to the export of block frozen products which was also the business of the assessee. .....

Asoka Tile Works (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2000)75ITD348(Coch.)

..... the assessee was maintaining whatever books or records that were statutorily required to be maintained by the assessee-company under section 44aa(2)(ii) of the income-tax act, 1961 and the assessee has produced all the papers, books that were in its custody in response to the summons. ..... he also noticed that these entries were omitted to be entered in the fair book by the assessee for the purpose of assessment which was meant for production before the income-tax authorities. ..... were actually such rough cash books with the assessee, whether the inspector has mistaken the fair book to the rough cash books, whether he had actually signed in the books or wanted to sign and omitted to sign are all matters to be verified and established before levying the penalty under section 272a(1)(c) and, therefore, the penalty order is liable to be set aside.8. ..... that "whether there was actually such rough cash books in the company, whether the inspector has mistaken the fair book for a rough book, whether he has actually signed in the book or wanted to sign or omitted to sign finally are all matters to be verified and established before a penalty can be imposed." 15. ..... section 272a(1) states - (a) ** ** ** (b) ** ** ** (c) to whom a summons is issued under sub-section (1) of section 131 either to attend to give evidence or produce books of account or other documents at a certain place and time omits to attend or produce books or documents at the place or time; or he shall pay, by way of penalty, a sum of .....

Asoka Tile Works (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Cochin

..... whatever books or records that were statutorily required to be maintained by the assessee-company under section 44aa(2)(ii) of the income tax act, 1961 and the assessee has produced all the papers, books that were in its custody in response ..... omitted to be entered in the fair book by the assessee for the purpose of assessment which was meant for production before the income-tax ..... assessee, whether the inspector has mistaken the fair book to the rough cash books, whether he had actually signed in the books or wanted to sign and omitted to sign are all matters to be verified and established before levying the penalty under section 272a(1)(c) and, therefore, the penalty order is liable to be set aside.replying to the above, the learned departmental representative submitted that, an officer of the ..... cash books in the company, whether the inspector has mistaken the fair book for a rough book, whether he has actually signed in the book or wanted to sign or omitted to sign finally are all matters to be verified and established before a penalty can be imposed. ..... section 272a(i) states- (c) to whom a summons is issued under sub-section (1) of section 131 either to attend to give evidence or produce books of account or other documents at a certain place and time omits to attend or produce books or documents at the place or time; or ..........................................................................................................................................he shall pay, by .....

income-tax Officer Vs. Sea Pearl Industries

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1996)56ITD505(Coch.)

..... tax benefit or tax burden on the assessee (so far as income-tax is concerned), certainly the assessee would be entitled to the benefit of section 80hhc ..... in the income-tax act. ..... by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, 1973 (46 of 1973), and any rules made thereunder; (b) "export turnover" means the sale proceeds receivable by the assessee in convertible foreign exchange of any goods or merchandise to which this section applies and which are exported out of india, but does not include freight or insurance attributable to ..... the transport of the goods or merchandise beyond the customs station as defined in the customs act, 1962 (52 of 1962); (c) "net foreign exchange realisation" means the total free on board value of exports out ..... of india of goods and merchandise to which this section applies as reduced by the aggregate of the cost, insurance and freight value of all categories of import licences, to be issued by the .....

Baby Marine Exports Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2001)77ITD442(Coch.)

..... though the assessee has urged nine common grounds in these appeals they are, in fact, directed against the order of the cit (appeals) in denying the benefit under section 80hhc of the income-tax act, 1961.2. ..... , we reject the contention of sri kesavan and uphold the computation of the assessing officer in reducing the profits by 90% of the export earnings premium and the brokerage in computing the profits for purpose of deduction under sub-section (1a) of section 80hhc of the income-tax act". ..... the counsel for the assessee referred to the following observations of kanga and palkhivala's income-tax, eighth edition, volume-i, page 870 : "except in the three cases noted below, if the net result in respect of any source under any head is a loss, that loss may be set off under section 70 against income from another source under the same head. ..... 1997 tlr 41, the madras bench of the income-tax appellate tribunal held the view that interest receipt on deposits out of export sale was not derived from the business in an export zone even though it may be attributable to it and therefore not eligible to the deduction under section 10a. ..... with a view to encouraging large exports of certain goods by finance act, 1982, a section was inserted for the first time with effect from 1-6-1982 for providing tax relief to companies and corporate tax payers resident in india whose export turnover for a year exceeds export turnover of the immediately preceding year by more than 10%. .....

Rev. Father Prior, Sacred Hearts Vs. Income-tax Officer,

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195630ITR451(Coch.)

..... the college and mass stipends are not "income" for which the monastery is liable to be taxed, that the income-tax officer had jurisdictions to assess income-tax on those amounts, that in any case they are receipts of a casual and non-recurring nature and, therefore, exempted under section 5(3) (vii) of the cochin income-tax, that the orders of the income-tax authorities are the result of a misconception regarding the scope of clause (iii) of section 5(3) of the cochin income-tax act, 1117, and the effect of the deletion ..... of the clause by act xxii of 1122, that they misunderstood the nature of mass stipends, and that the orders are erroneous on the ..... it was contended that the income-tax officer acted within his jurisdiction in assessing the petitioner to income-tax for donations and mass stipends, that the decision of the income-tax authorities on the question was correct, that no ground was taken by petitioner before the income-tax authorities that donations and mass stipends were not income, that the petitioner had a remedy by way of application for reference under section 109 of the cochin income-tax act, and that the petition was .....

A.M. Moosa Bharat Sea Foods Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1986)17ITD37(Coch.)

..... , judicial member - this is an appeal against the order of the commissioner dated 20-3-1984 passed under section 263 of the income-tax act, 1961 (the act) directing the ito to recompute the deduction under section 80hh and 80j of the act after excluding the premia on import entitlements, exports house premia and drawbacks and revise the assessment.2. ..... profits and gains derived from an industrial undertaking or a ship or the business of a hotel, to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains (reduced by the deduction, if any, admissible to the assessee under section 80hh and the section 80hha) of so much of the amount thereof as does not exceed the amount calculated at the reate of ..... the tribunal upheld the order of the commissioner.on reference, the karnataka high court observed as under : "section 80hh was meant to give a tax rebate to certain categories of assessee and one who wants to claim such relief must strictly satisfy the requirements prescribed ..... menon, that the words derived from in section 80j of the act cannot have a wide import so as to include any income which can in some manner be attributed to the ..... ] all taxable income must necessarily have a definite source [see the law and practice of income-tax by kanga and palkhivala, ..... the assessee may have separate sources of income - see section 3(3) of the act. .....

P.K. Narayanan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (1994)49ITD229(Coch.)

..... these appeals are by the assessee in relation to the assessment years 1979-80 and 1980-81 against the orders of the cit (appeals) in sustaining the levy of penalty under section 271(l)(c) of the income-tax act, 1961. ..... 13,333 was included on estimate basis under section 64 of the income-tax act, 1961. ..... 41,719 alone is considered as mentioned in para (2) above, and assessed under section 69 of the income-tax act as the deemed income of the assessee of this year.the assessee in his reply to the draft assessment order dated 19-4-1982 stated as follows : the assessee did not construct a new building at idappally as stated by you in paragraph one of your draft ..... sri abraham wants us to infer that the ito had treated the firm as registered firm under section 183(b) of the income-tax act and had proceeded to include the minors' income in the hands of the appellant. ..... , and unless the person responsible is shown to have concealed the income or furnished inaccurate particulars of such income, the charge of concealment cannot be upheld.in this case, since the assessment was not made on the aop we hold that there is no basis for levy of penalty under section 271(l)(c) of the income-tax act. ..... without prejudice to my above stand i may submit that you are making use of the alleged slip piece-meal omitting the latter portion where some expenditure are shown resulting the net figure in loss. .....

The Asstt. Commissioner of Vs. State Bank of Travancore

Court : Income Tax Appellate Tribunal ITAT Cochin

..... on the perusal of the tax audit report under section 44ab, the ao proposed to make disallowance in respect of the said contribution as the ao was of the opinion that provisions of section 40a(9) of the income tax act are applicable. ..... 1,14,98,000/- being interest exempt under section 10(23g) of the income tax act totalling rs. ..... that head is deductible; and (iii) in computing "profits and gains of business or profession" when an assessee is carrying on business in various ventures and some among them yield taxable income and the others do not, the question of allowability of the expenditure under section 37 of the act will depend on: (a) fulfillment of requirements of that provision noted above; and (b) on the fact whether all the ventures carried on by him constituted one indivisible business or not; if they do, the entire expenditure ..... in the opinion of the ao, the method followed by the assessee was not as per the provisions of the income tax act. ..... 44,33,575/- under section l4a of the act being the expenditure estimated to have been incurred for earning tax free income.9. ..... it means that the principles laid down by the apex court in the case of rajasthan state warehousing corporation (supra) still hold good law in respect of the introduction of section 14a governing the disallowance of the expenditure which is incurred for earning tax free income or in other words income which does not form part of the total income. .....

Thangalkunju Musaliar Vs. Authorised Official and

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : 195425ITR120(Coch.)

..... on it by any law for the time being in force in the state shall be deemed to be a decision given by the income-tax authority for the purposes of sub-section (2) of section 8 pf the travancore taxation on income (investigation commission) act, 1124 (travancore act xiv of 1124); (c) any reference in the state law, by whatever form of words, to the state government, or the state commission shall, in relation to income other than agricultural income, be construed as a reference to the central government or the cnetral commission, as the case may be; (d) the report ..... the powers of an "authorised official".it is notified for general information that the income-tax authority mentioned in column(i) of the table attached to this has been authorised by the income-tax investigation comm ission, without prejudice to his regular duties, to be authorised official under section 6 of the travancore taxation of income (investigation commission) act, 1124, read with act xxxiii of 1950 (indian act) and that under the provisions of the said act, any person (including a personwhose case is not under investigation) who is required .....