Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 10 interest escaping assessment Court: income tax appellate tribunal itat mumbai Page 4 of about 611 results (0.247 seconds)

Wallfort Shares and Stock Brokers Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)96ITD1(Mum.)

..... dividend received by the assessee from the mutual fund was exempt from income-tax in view of the provisions of section 10(33) of the act could be no ground to disregard or ignore the resultant loss suffered by a person purchasing the units cum- dividend and selling the units ex-dividend, after collecting the dividend from the mutual fund.the learned assessing officer held that the assessee had entered into a pre-meditated agreement ..... part of the purchase price paid by the assessee in the present appeals, was an expenditure incurred "in relation to" income declared by the mutual fund.the learned counsel for the revenue argued that proviso to section 14a only barred the assessing officer from reopening an assessment that had become final either under section 147 or under section 154 of the act.the retrospection of section 14a did not, therefore, affect the cases where no proceedings were pending. ..... , if any, arising from such purchase or sale shall be ignored to the extent such loss does not exceed the amount of such dividend or interest, in the computation of the income chargeable to tax of such persons.cbdt circular itself states that prior to the promulgation of the provisions of section 94(7) it was legally permissible to claim the losses in the manner the assessee before us has done.during the course of hearing before us reference has ..... a party cannot escape the consequences of law merely by describing an agreement in a particular form though in essence and in substance it may .....

Joint Commissioner of Income-tax Vs. Montgomery Emerging Markets Fund

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD217(Mum.)

..... the counsels for the assessee further invited the attention of the bench to the latest amendments brought to sections 70 to 74 of the income-tax act, 1961 with effect from assessment year 1992-93 and further clarification issued by the cbdt in its circular no. ..... the circular has stated that the existing provision contained in section 70 of the income-tax act provides that where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from another source under the same ..... the circular has explained that the existing provision contained in section 70 of the income-tax act provides that where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be entitled to have the amount of such loss set off against his income from any other source under the ..... further, section 74 of the income-tax act provides that a loss under the head 'capital gains' can be carried forward and set off against capital gains in the following eight assessment years. ..... in the above example, the assessee has loss under the head "business", profit under the head "income from house property" and also has income under the head "interest on securities" which was tax free. .....

Deputy Commissioner of Vs. Oman International Bank Saog

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD285(Mum.)

..... with the amendment in section 36(2) of the act.however, litigations and controversies as also hardships to the assessees continued on various points even the post 1961 period.therefore, the direct tax laws (amendment) act, 1987 with effect from assessment year 1989-90 has further liberalized the requirement of writing off of debts by an assessee by altogether doing away with the condition precedent of the satisfaction of the assessing officer in writing ..... has taken the view that the deduction under section 36(1)(vii) of the income-tax act, 1961 (act) can be allowed if the assessee writes ..... for the first time specific provisions were made regarding deduction of the write off of bad debt in the year 1939 by the income-tax (amendment) act, 1939, which introduced provisions of section 10(2)(xi) to the 1922 act, which read as under: (xi) when the assessee's account in respect of any part of his business, profession or vocation are not kept on the cash basis, such sum, ..... the disputes in the matter of determining the year in which a bad debt can be allowed and also to rationalise the provisions, the amending act, 1987 has amended clause (vii) of sub-section (1) and clause (z) of sub-section (2) of the section to provide that the claim for the bad debt will be allowed in the year in which such a bad debt has been written off as ..... the provisions relating to bad debts as are in shape today have an interesting history and are to be deliberated upon before we draw into any meaningful conclusion .....

Jt. Director of Income Tax Vs. Booz Allen and Hamilton Inc.,

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2008)298ITR87(Mum.)

..... not remain any defect of not giving any specific direction of charging of interest under section 234a and 234b of the income tax act, 1969 in the assessment order however, i agree with the contention of the ar that interest under section 234a & 234b is not chargeable in this case because it is a case of a non resident assessee where any sum chargeable to tax is liable to deduction of tax at source under section 195 of the income tax act, 1961 respectfully following the decisions as relied by the appellant levy ..... in respect of assessment year 98-99 declaring nil income on the ground that the payments received by one nri company from other nri companies cannot be brought to the charge of tax under the provisions of income tax act, 1961 this claim was rejected by 1he assessing officer with the result that the payments receivcd by the nri were assessed in the hands of the assessee company as representative assessee of the nri the assessing officer also levied interest under section 234a & 234b ..... assessing officer charged interest for the return filed by assessee after a delay of 11 months under section 234a of the income tax act ..... of this decision may be reproduced below from the head note: while computing the assessed tax as defined under section 215(5) of the income tax act, 1961, for the purpose of determining the quantum of minimum penalty imposable for the default falling under section 273(1)(b) tax deductible at source and deducted within the financial year has to be taken into .....

Asstt. Cit, Rg. 4(1) Vs. Claridges Investments and

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... section 14a of the income tax act on account of deemed interest ..... argues that reference to the special auditor was made under section 142(2a) of the act only because the assessing officer was interested in extending the period of limitation prescribed in section 153 of the act and that was done without observing the principles of natural ..... that he had kept separate accounts of the purchases on own account as well as on account of the clients and all shares were paid for from the assessee's bank accounts.the assessing officer, however, insisted upon the full documents of each and every purchase and for want of some supporting record, for which no proper or adequate opportunity was given to the assessee, he ..... while rejecting the transactions resulting into loss as non-genuine.the learned counsel for the assessee has pointed out that the reasons given by the assessing officer, for whatever they are worth, apply in equal measure to the profit transactions as well as loss transactions and therefore the addition could not exceed the sum of rs. ..... the present appeal is in a way parallel to the reasons to be recorded under section 148(2).the courts had held in a plethora of cases that where the reasons to believe as recorded under section 148(2) are such that no inference of escapement of income from assessment can be drawn wherefrom, the consequential assessment order itself would become a nullity even if cogent reasons for escapement of income from assessment may otherwise be found. .....

Dy. Cit, Special Range 18 Vs. Reliance Industries Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2004)88ITD273(Mum.)

..... section 41(1) of bombay sales tax act states that subject to such condition as it may impose, the state government may, if it is necessary in public interest, by notification exempt any specified class of sales/purchases from payment of whole or any part of any tax payable under the provisions of the act ..... tribunal also referred to the sales tax assessment order for the calendar year 1983, wherein at page 3, the assessing authority (sales tax) stated as under :- " the dealer has into maintained tax collection accounting ledger as tax is not separately charged in sales ..... (iv) under the scheme, at no point of time, was the assessee required to pay any sales tax to the government, and (v) the assessee did not maintain any separate sales tax account, any separate incentive account nor has shown any amount as outstanding liability under the head.after noticing the above reasons given by the assessing officer which were confirmed by the cit (appeals), the tribunal proceeded to consider the various arguments advanced ..... earlier orders of the tribunal in the assessee's own case for the assessment years 84-85 and 85-86 and again, as we shall show presently, no fresh material or fact or a change in the legal position has been brought to our notice in the course of the arguments before us or in the orders of the departmental authorities justifying our taking a different view of the matter.judicial consensus in the field of income-tax law, as in other branches of law, has always been that if .....

Reliance Industries Ltd. Vs. Ddi (international

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2005)3SOT501(Mum.)

..... assessing officer was right in directing the assessee to deduct withholding tax at the rate of 20 per cent vide an order under section 195(2) of the income tax act.even before we proceed to answer the above questions it in pertinent to examine the contents of section 248 of income tax act, which according to both the parties is the only section under which an appeal lies against such direction as made in the impugned order under section 195 of income tax act ..... has -clearly granted the exemption from withholding tax under section 10(15)(iv)(f) of indian income tax act in respect of the payment of coupon/interest rate, commission and fees.there was an another condition of approval of rbi, exchange ..... as well as legal aspect of the issue raised before us on proper perusal of the material placed before us.the appellant was aggrieved and the issue arises from an order passed under section 195(2) of income tax act dated 13-2-2002, relevant portion already reproduced supra, through which the assessee was directed to remit the interest only after deducting withholding tax at the rate of 20 per cent. ..... money borrowed by it in foreign currency from sources outside india under a loan agreement approved by the central government having regard to the need for industrial development in india, to the extent to which such interest does not exceed the amount of interest calculated at the rate approved by the central government in this behalf, having regard to the terms of the loan and its repayment. .....

Renaissance Jewellery (P.) Ltd. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)101ITD380(Mum.)

..... 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 assessee was not entitled to special deduction under section 80hhc in respect of such interest.the kerala high court in the above case considered the provisions of section 80hhc(1) wherein it is laid down that deduction would be admissible in respect of profits derived by the assessee from the export of goods or merchandise. ..... the assessing officer brought to charge of tax the aforesaid interest income as income from other sources. ..... (1) subject to the provisions of this section, a deduction of such profits and gains as arc derived by an undertaking from the export of articles or things or computer software for a period of ten consecutive assessment years beginning with the assessment year relevant to the previous year in which the undertaking begins to manufacture or produce such articles or things or computer software, as the case may be, shall be allowed from the total income of the assessee.8. ..... the assessing officer admitted the assessee's claim for exemption under section 10a in respect of the export profits, but he held that interest income of rs. ..... we, therefore, direct the assessing officer to exclude from the profits only the net interest. .....

Chohung Bank Vs. Deputy Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)102ITD45(Mum.)

..... law but only clarifies the position as it stood earlier also, and which we have discussed in earlier paragraphs that section 90(2) only authorizes central government to make agreement with foreign countries in respect of assessability and computation of income and not about rates of taxes on the income so computed as it falls in the domain of annual finance act.further, the power of parliament to make amendment in law is not assigned or compromised by virtue of dtaa being ..... let us consider the definition of domestic and non-domestic companies provided in section 2(22a) of income-tax act, 1961, which reads as under : 2(22a) 'domestic company' means an indian company, or any other company which, in respect of its income liable to tax under this act, has made the prescribed arrangements for the declaration and payment, within india, of the dividends (including dividends on preference shares) payable out of such ..... it is interesting to note that while sections 80r and 80rra deal with the citizenship also, many similar sections such as section 80qqb, section 80rr, section 80rrb, there is no reference to ..... except where the provisions of article 10, paragraph 7 of article 12, or paragraph 7 of article 13 apply, interest, royalties and other disbursements paid by an enterprise of a contracting state to a resident of the other contracting state shall, for the purpose of determining the taxable profits of such enterprise, ..... interest article 12(2) provides 15 per cent rate on gross interest .....

Mrs. Khatiza S. Oomerbhoy Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Reported in : (2006)100ITD173(Mum.)

..... these two appeals have been filed by the assessee against the common order dated 1-3-2005 of cit-xvii, mumbai passed under section 263 of the income-tax act, for the assessment years 1997-98 and 1998-99. ..... the ratio of this case may also be reproduced below from the headnote: a bare reading of the provisions of section 263 makes it clear that the prerequisite to the exercise of jurisdiction by the cit under it is that order of the assessing officer is erroneous insofar as it is prejudicial to the interest of the revenue. ..... itat decision in the case of girdharilal b.rohra (supra) may also be fruitful and the ratio of this case is as under (reproduced from the headnote): it is now well-settled position of law that in order to assume jurisdiction under section 263, the cit must satisfy himself prima facie that the order of the assessing officer is erroneous and prejudicial to the interests of revenue. ..... in this note, the following facts were placed before the assessing officer: the assessee held 20 per cent undivided right, title, interest in plot of land with structure thereon known as 'baug e roohi' having cts no ..... it would be appropriate to reproduce below the relevant part of the ratio of this case from the headnote: a bare reading of section 263 of the income-tax act, 1961, makes it clear that the prerequisite for the exercise of jurisdiction by the commissioner suo motu under it, is that the order of the ito is erroneous insofar as it is prejudicial to the interests of the revenue. .....