Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 10 interest escaping assessment Court: income tax appellate tribunal itat ahmedabad Page 1 of about 296 results (0.285 seconds)

income-tax Officer Vs. Gujarat State Co-operative Land

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1984)8ITD354(Ahd.)

..... assessment on 31-12-1975 for the assessment year 1973-74 and on 31-12-1976 for the assessment year 1974-75, the ito on the basis of the information said to have come into possession came to the conclusion that the income of the assessee has escaped assessment within the meaning of section ..... the interest on the securities was exempt from tax by virtue of section 81 or section 80p of the income-tax act, ..... agreement with the finding of the tribunal that the amounts in dispute are income from securities pure and simple, chargeable to tax under section 18 and not entitled to be exempted under section 81(i)(a) of the income-tax act". (p. ..... , it was contended that provisions of section 144b of the act did not apply to the assessment proceedings.lastly, it was contended on merits that there was no justification for bringing to tax in reassessment proceedings the income as set ..... under section 80p of the income-tax act, 1961 ('the act'). ..... of the aac and in particular the observations made by the aac in the said order stating that in the case of madras land mortgage bank and action under section 263 of the act, which was proposed by the commissioner to tax the income from investment was later on dropped and the matter was not pursued. ..... the facts and in the circumstances of the case, the assessee's income from interest on securities earned by the investment of funds other than the debenture redemption (sinking) funds was exempt from tax in terms of section 81(i)(a) or section 81(v) of the act. .....

income-tax Officer Vs. Ambalal Sarabhai Trusts (Nos. 2,

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1982)2ITD158(Ahd.)

..... it is practically a settled law by now that two conditions must be satisfied before the ito can act under section 147(6) or section 148.the first condition is that he must have information which comes into his possession subsequent to the making of the original assessment order and secondly, that the information led to his belief that income chargeable to tax has escaped assessment, or has been under-assessed, or assessed at too lower rate or has been made the subject of excessive relief. ..... , according to us, for the purpose of section 13(2)(a) of the act, fixed deposits are not investments as they are governed by section 13(2)(a) and none of the companies referred to above, was a concern in which persons referred to in section 13(3) had a substantial interest.the ito, after considering the material and contentions of the assessee-trusts, completed the assessments. ..... , have substantial interest, as already verified and held in the assessment orders for assessment years 1972-73 and 1973-74, and, therefore, provisions of section 13(2)(h) are applicable in respect of this interest income. ..... after stating and such facts the ito also pointed out that in the assessment years 1974-75 and 1975-76 and in wealth-tax assessments for the assessment years 1973-74 to 1975-76 the revenue audit raised objection on this point. ..... the source of income of the assessee-trusts are, income from interest on securities, dividends, bank interest, interest on other deposits and voluntary contributions.3. .....

Ashima Syntex Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)100ITD247(Ahd.)

..... here again, the question whether interest on securities, bonds and debentures was interest on loans and advances within the meaning of interest tax act, 1974 came up for consideration and it was held that interest tax act will not apply to interest received by the assessee bank on securities/ ..... case of india cements ltd (supra), the tribunal held that if the company incurs expenditure on issue of debentures, when it is already in business, it is not covered either under section 35d(1)(i) or (ii) of the income-tax act because what is contemplated under section 35d is an expenditure incurred before commencement of the business or after the commencement of business but in connection with the expansion of the undertaking or in connection with setting up a new unit ..... the tribunal held that if the company incurs expenditure on issue of debentures, when it is already in business, it is not covered either under section 35d(1)(i) or (ii) of the income-tax act because what is contemplated under section 35d is an expenditure incurred before commencement of the business or after the commencement of business but in connection with the expansion of the undertaking or ..... to 1/10th of the expenditure under section 35d and thus restored the order of the assessing officer. ..... assessing officer allowed 1/3rd expenditure as revenue and disallowed the balance to be considered under the provisions of section ..... to l/10th of the expenditure under section 35d and thus restored the order of the assessing officer. .....

Shri Arvindbhai H. Shah Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)91ITD101(Ahd.)

..... 1967. the ao served notices under section 148 of the act for 16 assessment years - 1968-69 to 1971-72 and 1981-82 to 1992-93 for bringing to tax the interest which had escaped assessment in those ..... he then referred to the provisions in another statute like central excise act and customs act- section 35(2), 129b and interest tax act- section 17(1) dealing with rectification within a time limit prescribed.5. mr. ..... .24. in the case of smt tarulata and others (supra) section 2(6a)(e) of the indian income tax act, 1922 came for consideration which created a fiction for its applicability if at the time of payment of advance or loan to a share holder of a company, in which public are not substantially interested and tax is attracted on the loan or advance to the extent to which the company possess the accumulated profits, the moment the loan or advance is ..... the chapter at any time before the time for presenting an appeal against such order has expired, either on his own motion or on the mistake being brought to his notice by any person affected by the order: (iii) section 269uj- with a view to rectifying any mistake apparent from the record, like appropriate authority may amend any order made by it under this chapter, either on its own motion or on the mistake being brought to ..... ." in the legislative enactment of 1974, the period of our years to carry amendment of order passed is explicitly and clearly provided; leaving no scope for arguments, like the one advanced before us .....

Utkarsh Fincap Pvt. Ltd. Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99ITD259(Ahd.)

..... in assessments, the assessing officer has observed as under: since the assessee company's activity is to give intercorporate deposits and making investments in shares of other companies, the assessee company is covered by sub-section (ii) and (iv) of the section 2(5b) of the interest tax act, 1974.3. ..... the dispute in all these appeals is as to whether the income from interest on inter corporate deposits was chargeable to tax under interest tax act or not and their consequent assessment entails penalty under section 13 of the said act. ..... 95 itd 356 however, observed with regard to assessability of interest on deposit under interest tax act as under making a distinction of the judgment of the bombay high court in the case of pennwalt (india) ltd. ..... (supra) directed the assessing officer to exclude the interest earned by the assessee on the deposits made with financial institutions while computing the total chargeable income under the interest tax act. ..... in the case of life insurance corporation of india 82 itd 749, the mumbai bench of the tribunal in the context of the term "interest" used in section 2(7) of the interest tax act it was held that interest tax has to be levied only on loans and advances and not on investment as a whole and in that context the investment in debentures, bonds and government securities was held to be outside the scope of section 2(7) of the act. .....

Barkha Investments and Trading Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... income-tax officer failed to do so, the assessment order made by him was considered erroneous in so far as it was prejudicial to the interests of revenue, a notice under section 263 was, therefore, issued to the assessee asking it to show cause as to why the assessment order of the income-tax officer be not set aside/suitably modified under section 263 of the income-tax act, 1961 ..... commissioner of income-tax erred in setting aside the assessment for the assessment year 1982-83 on the ground that the income-tax officer failed to make the disallowance of interest in accordance with section 40a(8) of the income-tax act, 1961." 2. ..... appeal, the point of difference is required to be referred to a third member for his opinion and, therefore, we propose the following question for the opinion of the third member : " whether the commissioner of income-tax erred in setting aside the assessment for the assessment year 1982-83 on the ground that the income-tax officer failed to make the disallowance in accordance with section 40a(8) of the income-tax act, 1961?" 37. ..... ratio decidendi of the above case, to my mind, fully covers the issue before us and there should be no escape from the conclusion that the expression " financial company " used in the bracketed language of sub-section (8) of section 40a of the act includes such " investment company" only which carries on, as its principal business, acquisition of shares, stocks, debentures, ..... act, 1934, interest-tax act, 1974, fera act, 1973, and .....

Arvindbhai H. Shah Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2004)84TTJ(Ahd.)725

..... the assessing officer served notices under section 148 of the act for 16 assessment years 1968-69 to 1971-72 and 1981-82 to 1992-93 for bringing to tax the interest which had escaped assessment in those years. ..... he then referred to the provisions in another statute like central excise act and customs act, sections 35(2), 129b, and interest tax act-section 17(1) dealing with rectification within a time-limit prescribed.mr. ..... this could never be the intention of the legislature.reference is invited to the wordings of section 35(1) of indian income tax act, 1922, dealing with rectification of mistake by commissioner, appellate assistant commissioner and assessing officer, wherein a different phraseology is used on the basis of which it is contended that in absence of similar words "within like period" no time-limit can be inferred for rectification on request of either party. ..... there was an amendment in section 150 lifting an embargo for period of limitation to enable the reopening the assessment not only on the basis of order passed in proceedings under the income tax act but also on the basis of an order of the court in any proceedings under any law. ..... " in the legislative enactment of 1974, the period of four years to carry amendment of an order passed is explicitly and clearly provided; leaving no scope for arguments, like the one advanced before us.clarity and maturity of legislative draftsmanship is evident in the subsequent enactment. .....

Rakshak Chemicals Pvt. Ltd. and Vs. the Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)98TTJ(Ahd.)357

..... appeals are by six assessees arising out of the orders of the commissioner of income-tax(appeals) for assessment years 1995-96 to 1999-2000 confirming the levy of penalty under section 201 read with section 221 of the income-tax act for the failure of the assessees in not deducting tax at source as required under section 194a of the act from the interest provided and claimed deduction in its profit & loss account.2. ..... . all sums deducted in accordance with the provisions of section 192 to 194, section 194a section 194b, section 194bb, section 194c, section 194d section 194e section 194ee, section 194f, section 194g, section 194h, section 1941, section 194j, section 194k, section 194l section 195, section 196a section 196b section 194a and section 196d shall, for the purpose of computing the income of an assessee, be deemed to be income received: provided that the sum being the tax paid, under sub-section (1a) of section 192 for the purpose of computing the income of an assessee, shall not be ..... of the shares remains with the assessees and the loan is to be repaid to : (a) the custodian; if the supreme court decides that the loan along with interest is to be repaid to the custodian then as per the order of the special court no tax is to be deducted since the special court act overrides the income-tax act; or else the loan is to be paid to : (b) syndicate bank: as they have made an alternative claim to step into the shoes of ffsl in its appeal ..... interest-tax act, 1974 (45 of 1974 .....

Rakshak Chemicals (P) Ltd., Vapi Vs. Ito, Tds, Valsad

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2005)97TTJ(Ahd.)135

these 30 appeals are by six assessees arising out of the orders of the commissioner (appeals) for assessment years 1995-96 to 1999-2000 confirming the levy of penalty under section 201 read with section 221 of the income tax act for the failure of the assessees in not deducting tax at source as required under section 194a of the act from the interest provided and claimed deduction in its profit and loss account.the facts giving rise to these appeals are that ..... deposits made on or after the 1-7-1995) with a co-operative society, other than a co-operative society or bank referred to in sub-clause (a); (viii) to such income credited or paid by the central government under any provision of this act or the indian income tax act, 1922 (11 of 1922), or the estate duty act, 1953 (34 of 1953), or the wealth tax act, 1957 (27 of 1957), or the gift tax act 1958 (18 of 1958), or the super profits tax act, 1963 (14 of 1963, or the companies (profits) surtax act, 1964 (7 of 1964), or the interest tax act, 1974 (45 of 1974). ..... not automatic and required a specific order of the special court under section 11(2)(c) of the act for the percentage of distribution and not otherwise.with regard to penalty and interest the supreme court observed that the interest or penalty for any action or default after the date of notification are not covered by the act; that the income tax act is a code in itself for imposition of penalty and interest; that the remedy of a notified person who is levied penalty .....

United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD553(Ahd.)

..... concerned industrial undertakings and accordingly depreciation cannot be allocated to the different industrial undertakings as per the scheme of the income-tax act, 1961 in respect of allowance of depreciation on the concept of "block of assets".13.3 in view of the above grounds of appeal, the appellant prays that the assessing officer be directed to recompute the deduction eligible under section 80-i and section 80-m on the profits and gains of each eligible industrial undertaking without excluding from the profits of the concerned industrial undertakings ..... to be a change in the constitution of the lessee, provided further where the lessee, for the purpose of constructing a building on the demised premises has obtained loan from the bank or other financial institution by mortgaging his leasehold interest in the demised premises of the lessor shall be deemed to have been subject to the conditions :- (a) that such mortgage shall not affect the rights or powers of the lessor under this lease deed, and (b) that the ..... ) of 1974-75, dated 19-8-198 preferred to at page 148 of 41 itd. .....