Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)5ITD624(Hyd.)
..... in these appeals relates to relief under section 35c of the income-tax act, 1961 ('the act'). ..... section 35c would be applicable to the extent of services rendered, the income-tax officer should compute the expenditure incurred towards such services after deducting any consideration received and compute the allowance due under section 35c ..... as the income-tax officer held that section 35c was wholly inapplicable, he did not examine the details ..... similar facts the delhi high court came to the conclusion that the words 'being the property of the assessee' appearing in section 10(2)(vi) of the 1922 act had the same meaning as the words 'owned by the assessee' appearing in section 32(1) of the 1961 act and these words merely clarified the position that already existed under section 10(2)(vi). ..... the articles or things which are treated to be manufactured or produced for purposes of section 33 of the act as set out in the fifth schedule is 'processed seeds' which finds place at item ..... the income-tax officer would compute such relief as per the guidelines indicated above ..... claimed, was with the appellant corporation during the relevant period and having regard to section 53a of the transfer of property act, 1882, the appellant's claim should have been allowed.13. ..... allahabad high court held that : therefore, an undertaking engaged in processing of seeds is an industrial undertaking and the income derived from the processing of seeds would be entitled to relief under section 80j of the act.... (p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD84(Hyd.)
..... stood thus, the assessing officer passed orders dated 27-3-1991 under section 154 read with section 254 of income-tax act, 1961 to give effect to the order of the itat dated 15-11-1989 ..... so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or failure on the part of the assessee to disclose fully and truly all material facts necessary ..... of each assessee, 4 orders were passed by the commissioner of income-tax under section 263 of the act. ..... however, on 9-3-1999, the cit, ap-ii, hyderabad passed orders under section 263 of the act wherein he observed that the land in question was within 5 kms distance from the municipal limits and thus the income on the sale of land should have been brought to tax under the `capital gains' consequently, it was held that the order of the assessing officer is erroneous and prejudicial to ..... a specific direction by the tribunal which requires to be given effect to by the assessing officer and thus the assessing officer was justified in taking aid of section 150(1) of the act for reopening the assessments.he further submitted that the finding or direction by the tribunal was very much necessary for disposal of the appeal because it was inextricably linked to the main finding that the income on the sale of plots is not liable to be taxed as business income. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)100TTJ(Hyd.)236
..... accepted that, in regard to the businesses governed by the doctrine of mutuality, the levy of tax under the income tax act did not arise.8.10 thus, going by the proposition laid down by the hon'ble supreme court, to hold that the assessee cannot claim exemption on principles of mutuality, it would be very much necessary to hold that the activity in question, which results in the income is a commercial activity or an adventure in the nature of trade; and that the activity is ..... in that case, this court held (headnote) under the income-tax act, what is taxed is the 'income, profits and gains' earned or 'arising', 'accruing' to ..... learned counsel therefore submitted that the issues in these appeals stand covered in his favour and the distinction sought to be made does not merit consideration.6.9 on the issue of reference under section 255(3) to the special bench in case the department's pleas are not accepted by the tribunal, the learned counsel states that the revenue has not made out any case for reference and ..... coming to the second issue, the assessee has made certain claims, subsequent to re-opening of the assessment under section 147.irrespective of the merits of the case, we are of the considered opinion that the issue is covered against the assessee by the judgment of the apex court in the case of ..... is covered in favour of it is not acceptable to the tribunal, it prayed that the matter may be placed for constitution of special bench under section 255(3) read with regulation 98a. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... . how many items of jewellery qualify for exemption under section 47(ix) of the income-tax act, 1961 ..... . in our opinion, the intention is presumed to cause that which is the natural consequence of something consciously done or omitted ..... . for these reasons, we are of the view that the assessee is not entitled for exemption of the 59 items inclusive of 'jacob diamond' under section 5(1)(xii) of the wealth-tax act.35.3 before we close matter, we may mention that the assessing officer has granted exemption under section 47(ix) of the income-tax act in respect of capital gains for 31 items which included 23 items declared as 'antiquities' and 7 items declared as 'art treasures' and jacob diamond ..... shall not apply to return furnished in response to a notice under section 17.36.4 commenting on the analogous provisions of section 139 of the income-tax act, the learned authors sampath iyengar observed as under: total income of any other persons:-while the 1922 act imposed an obligation on a person to file a return only where the total income of such person exceeded the maximum not chargeable to tax, this act also imposes an obligation on a person to file a return showing the total income of another person in respect of which he is assessable, if such .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD493(Hyd.)
..... section 12a of the income-tax act, 1961 ..... book income tax law, fifth edition, vol.1, at page 424, under the heading "income, when falls into the tax net", observed as follows:- "although section 14 of the 1961 act classifies income under six heads, the main charging provision is section 4(1) which levies income-tax, as only one tax, on the "total income" of the assessee as defined in section 2(45) of that act. ..... and the ld' dcit both failed to note that even if section 11 of the income-tax act is held to apply, all the receipts ipso facto become ..... and hold that the assessee-society had violated the provisions of section 13(1)(c) read with section 13(2)(b) of the income-tax act which necessarily means that the exemption under section 11 has to be denied to the assessee.20. ..... be taxed as income, the learned commissioner (appeals) held that under section 2(24)(iia) income includes voluntary contributions and that the entire receipts were income taxable under the income-tax act. ..... number of activities in the interest of public and if this tribunal is of the view that the assessee's contentions are found not in consonance with the provisions of the income-tax act, then at least the actual disbursements that had been incurred in meeting the assessee's purposes may be allowed by applying a blend of all judiciousness in a just and fair manner as expected of this ..... omitted from section 2(24)(ii-a), the exclusion of such capital donations from the definition of "income" implicit in that section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)268ITR23(Hyd.)
..... arising in these appeals for the assessment years 1990-91 and 1991-92: "whether, on the facts and in the circumstances of the case, the excise duty paid in advance for importing liquor can be allowed as a deduction under section 43b of the income-tax act, 1961, irrespective of whether the goods have been received during the year under consideration or not?" 2. ..... he further held that such payments were made towards the discharge of a statutory liability and so the deduction was allowable under s.37 of the income-tax act read with s.43b. ..... 1987-88, irrespective of the year in which the assessee incurred the liability on the basis of the method of accounting regularly adopted by him section 43b in clear terms provides that the deduction claimed by the assessee in respect of any sum paid by way of tax, duty, cess or fee, shall be allowed only in computing the income referred to in section 28 of that previous year in which it was actually paid, irrespective of the previous year in which the liability was incurred for the ..... that section only enables the income tax officer to disallow the claim for deduction of the provision made in the profit and loss account if the expenditure relates to certain taxes and other statutory levies which have not actually been paid. ..... it was therefore, not only the right but the duty of the income-tax officer to act in exercise of his statutory powers for determining what, in his opinion, would be the correct income." 39. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
..... the gist of that decision is as follows:- "section 145 of the income-tax act, 1961, read with sections 45q and 45ja of the reserve bank of india act, 1934 - method of accounting -system of accounting - assessment year 1998-99 - whether rbi act is a special act applicable to a class of assessees as opposed to income-tax act, 1961 which is applicable to assessees at large which can be considered to be a general act - held, yes - whether chapter iiib of rbi act has an overriding effect on provisions of income-tax act, including section 145 - held, yes - whether, therefore, income of assessee, a non-banking financial company (nbfc ..... ), from non-performing assets will not be assessed on accrual basis, even though assessee is following mercantile system of accounting - held, yes -assessee did not recognize as its income lease .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... extent the language renders it necessary.7.3.p further, in the case of uppala peda venkataramanaiah (1964 lll itr -short notes of current cases- 2) relied upon by the assessee, examining the retrospective or otherwise nature of the provisions of section 155 of the income tax act, 1961, hon'ble andhra pradesh high court held as follows- (ii) that in the absence of express words or necessary implication to the contrary a statute which was not purely procedural had only prospective and not retrospective ..... induprasad devshankar bhatt relied upon by the assessee hon'ble supreme court, examining the scope of section 297(2)(d)(ii) of the new act, i.e.income-tax act, 1961, held as follows- on a proper construction of section 297(2)(d)(ii) of the new act, the income tax officer cannot issue a notice under section 148 in order to reopen the assessment of an assessee in a case where the right to reopen the assessment was barred under the old act at the date when the new act came into force. ..... and another(260 itr 548)-sc, wherein the court was concerned with the nature of amendment made to the provisions of section 80p(2)(a)(iii).facts before the apex court in that case are that section 80p(2)(a)(iii)'of the income tax act, 1961 as originally inserted provided that in the case of a co-operative society engaged in (iii) the marketing of the agricultural produce of its members" the whole of the amount of profits and gains of business attributable to such activity would be deducted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... during search operations - amount shown in balance-sheet -transaction recorded in books-finding that there was no concealment ofincome within the meaning of section 158b(b)-no substantial question oflaw - amount not assessable as income from undisclosed sources - income tax act, 1961, sections 158b, 260a.46 ..... block assessment-undisclosed income-undisclosed transactions assessed in block assessment - tribunal finding transactions disclosed in return which were subject-matter of regular assessments-transactions in question not to be considered in block assessment - income tax act, 1961, sections 143, 158b ..... . the entire dispute in these cases pertains to additions made under section 68 of the income tax act, 1961, in respect of share capital introduced in the case of value line securities (india) ..... in the case of these assessees, actionunder section 132 of the income tax act, 1961, was initiated on 24-1-1996and was concluded on 23-4-1996 ..... . from a perusal of section 158bb of the income tax act, 1961, it is clear that the returns are required to be filed in pursuance of a notice under section 158bc(a) and the assessment has to be framed on that basis in the light of material that had come into the possession of the assessing authority during the course of search which was the foundation of ..... . the explanation to section 158ba of the income tax act, 1961, makes it clear that the legislature thought it fit to make a distinction between the block assessment and the regular ..... 8 is omitted). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)47ITD122(Hyd.)
..... question is whether the amounts added under section 68 of the income-tax act can be considered to be concealed income automatically, or whether the concealment has to be independently found out apart from the additions made under section 68.14 ..... 700 was to be added to the returned income for assessment year 1975-76, still it did not show any of these figures as part of the returned income for these years and they were added under section 68 of the income-tax act ..... relatable to the assessment year 1975-76 has to be added under section 68 of the income-tax act. ..... the ito invoked the provisions of section 68 and held that if any sum is found credited in the books of account maintained by the assessee, for any previous year and the assessee offers no explanation about the nature and source thereof, the sum so credited may be charged to income-tax as income of the assessee for that previous ..... may be that the findings given by the authorities on certain materials at the assessment stage may not be conclusive but still the material constitutes good and relevant evidence.at page 5986 of sampath iyengar's law of income-tax (8th edition), under the authority of the following decisions, viz ..... stated, in pursuance of search proceedings, which took place under section 132 on the premises of the assessee-firm, on 22-12-1977 which revealed the concealment of income by inflating the balances in the accounts of trade creditors, notice under section 148 was issued to the assessee reopening the assessment. .....
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