Court : Gujarat
Reported in : [2004]135TAXMAN210(Guj)
..... 2 herein, on 20-3-2003 under section 154 of the income tax act, 1961 withdrawing the reduction or waiver of interest granted by the settlement commission under sections 234a, 234b and 234c of the act, while passing the orders under section 2451)(4) of the act on 31-3-1999.3. ..... ]82itr50(sc) wherein the hon'ble supreme court has held that 'the question whether section 17(1) of the act of 1922 was applicable to the case of the respondent firm was not free from doubt, and it was not open to the income tax officer to go into the true scope of the provisions of the act in a rectification proceedings under section 154 of the income tax act, 1961 : the officer was wrong in holding that there was a mistake apparent from the ..... interest contemplated under section 234a for default for furnishing a return, under section 234b for deficiency for default in payment of advance tax and under section 234c for deferment of advance tax is mandatory in nature and the fact that the power of waiver has not been conferred on the settlement commission, indicates that so far as payment of statutory interest is concerned, the same is outside the purview of settlement contemplated in chapter xix-a. .....
Tag this Judgment!Court : Gujarat
Reported in : (2004)187CTR(Guj)583
..... 2 herein, on 20-3-2003, under section 154 of the income tax act, 1961 withdrawing the reduction or waiver of interest granted by the settlement commission under sections 234a, 234b and 234c of the act, while passing the orders under section 245d(4) of the act on 31-3-1999.3. ..... : [1971]82itr50(sc) wherein the honble supreme court has held that 'the question whether section 17(1) of the act of 1922 was applicable to the case of the respondent firm was not free from doubt, and it was not open to the income tax officer to go into the true scope of the provisions of the act in a rectification proceedings under section 154 of the income tax act, 1961, the officer was wrong in holding that there was a mistake apparent from the record ..... interest contemplated under section 234a for default for furnishing a return, under section 234b for deficiency for default in payment of advance tax and under section 234c for deferment of advance tax is mandatory in nature and the fact that the power of waiver has not been conferred on the settlement commission, indicates that so far as payment of statutory interest is concerned, the same is outside the purview of settlement contemplated in chapter xix-a. .....
Tag this Judgment!Court : Gujarat
Reported in : [2003]128TAXMAN72(Guj)
..... reported in : [1987]166itr292(guj) , interest cannot be levied under section 216 of the income tax act unless the income tax officer finds that the assessee had underestimated the advance tax payable by it.it is clear from the order of the income tax officer that copious reasons are given by the income tax officer for holding that the interest was leviable under section 216 of the income tax act on the ground that the assessee had underestimated advance tax payable by it and had not given ..... any satisfactory explanation for underestimating advance tax ..... abichandani, j.income tax appellate tribunal, ahmedabad bench 'b' has referred the following question at the instance of the direction issued by this court for the opinion of this court under section 256(2) of the income tax act, 1961. ..... 'the matter pertains to the assessment year 1982-83 in respect of which the assessee had filed a return on 29-6-1982, declaring a total income of rs. ..... it was held that the assessee failed to prove with the help of any figures regarding sales, purchase etc. .....
Tag this Judgment!Court : Gujarat
Reported in : AIR2004Guj164
..... a prohibitory order under section 226(3) of the income tax act has been passed by the income tax officer, ..... of such standing committees, namely, the president and the vice-president, ex officio, and three other members of the council elected by the council; but the proviso under sub-section (3) specifies that out of such three other members of the council, elected by the council, two shall be elected by council and the third shall be nominated by the ..... as to record a prima facie opinion that the respondent was guilty of professional and/or other misconduct and accordingly referred the case to the disciplinary committee constituted under the act for necessary inquiry.4. the disciplinary committee held various hearings commencing from 29-4-1999 and ending on 23-5-2001, after perusing the documents on record, examination of the witnesses and ..... 1990-1991 and 1991-92 the refund orders already issued on the basis of 'fake' advance tax challans attached with the returns have already been encashed and the income tax officer was requested to issue fresh challans for the amounts payable including interest so as to prevent any further loss of ..... assessees. the respondent was further questioned as to whether the details, such as bank passbook, details of payment etc, as referred to in the summons issued to all the four assessees on 16-4-1993 had been brought ..... the exact amount which has been obtained by him on the basis of false and fabricated challans but approximately the same would be to the .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]114ITR197(Guj)
..... been referred to us for our opinion : 'whether, on the facts, and in the circumstances of the case, the tribunal was justified in law in holding that there was no right of appeal under the provisions of section 246 of the income-tax act, 1961, against levy of interest under section 139 and 217 of the act ?' 2. ..... were referred for the opinion of the high court and the second question was whether an appeal lay to the appellate assistant commissioner from an order passed by the income-tax officer levying penal interest under section 18a(8) of the income-tax act. ..... contention regarding the items which had been disallowed the assessee also urged the contention regarding levy of interest under section 139 and 217 of the income-tax act, 1961. ..... of the bombay high court was concerned with the question of payment of advance tax only under section 18a of the act tax only under section 18a of the act of 1922 was not concerned with the question of payment of penal interest for late filing of the return. ..... from the orders passed by the appellate assistant commissioner, the tribunal held that the order passed by the appellate assistant commissioner holding that no appeal lay to him against the imposition of penal interest by the income-tax officer was an order passed under section 31 and, therefore, an appeal lay to the tribunal and the tribunal further held that an appeal lay to the appellate assistant commissioner in respect of an order passed by the income ..... industries : [1974]93itr563(guj) .....
Tag this Judgment!Court : Gujarat
Reported in : [1995]211ITR889(Guj)
..... income-tax appellate tribunal has referred the following question for our opinion under section 18 of the companies (profits) surtax act, 1964, read with section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case and scheme of the surtax act, the tribunal was justified in law in rejecting the claim of the appellant for deduction of interest charged under section 217(1a) and section 139(8) of the income-tax act, 1961, as part of 'income-tax in ..... submission is without any substance because sub-section (8) of section 139 specifically provides that where the return under sub-section (1) or sub-section (2) or sub-section (4) for an assessment year is furnished after the specified date, or is not furnished, then the assessee shall be liable to pay simple interest at 12 per cent. ..... the day immediately following the specified date to the date of the furnishing of the return, or, where no return has been furnished, the date of completion of the assessment under section 144, on the amount of the tax payable on the total income as determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted at source. ..... similarly, under section 156 of the income-tax act, it has been specifically provided that for non-payment of tax, interest, penalty or any other sum which is payable in consequence of any order passed under the income-tax act, the income-tax officer shall serve upon the assessee a notice of demand specifying .....
Tag this Judgment!Court : Gujarat
Reported in : [1978]111ITR384(Guj)
..... the questions are : '(1) whether, the tribunal was justified in law in holding that the share or interest of the assessee in the partnership firm is an 'asset' within the meaning of section 2(e) of the wealth-tax act, 1957 (2) whether the tribunal was correct in holding that the said interest or share of the assessee was includible in its net wealth under the provision of section 3 of the said act (3) whether, on the facts and in the circumstances of the case, the tribunal's finding to the effect that ..... there is adequate machinery under the provisions of the wealth-tax act, 1957, and the rules framed thereunder to evaluate ..... and compute such interest or share is warranted by law (4) if the answer to the above .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR585(Guj)
..... additional income-tax act, officer, cannanore, where the learned single judge was concerned with the legality of the rectification proceedings under section 35 of the indian income-tax act, 1922, in respect of an original assessment order where the income-tax officer omitted to charge interest as required under section 18a. ..... ishwarlal bhagwandas, where the court was concerned with the question whether the income-tax officer has exercised his discretion in fact under the 5th proviso to section 18a(6) of the income-tax act, 1922, and reduced or waived the interest payable by the assessee on the advance tax. ..... authorities were not justified in treating the instalments of the annuity deposit as subject to tax in subsequent years and the least which we can recommend in the facts of these references is that the competent authority should consider the facts of these references and make necessary orders for refund of the tax collected in subsequent years on respective instalments repaid under section 280d of the income-tax act, 1961. 21. having regard to the facts and circumstances of these references, ..... unless the assessee concerned made an application before the specified date, which in the present references is the date of filing of return, for condoning the delay, the income-tax officer concerned could not have exercised his discretion at all. ..... 5 of 1974 was liable to pay annuity deposit for the assessment year 1967-68, admittedly before 31st march, 1967. .....
Tag this Judgment!Court : Gujarat
Reported in : [1976]102ITR584(Guj)
..... tax act, officer, cannanore, where the learned single judge was concerned with the legality of the rectification proceedings under section 35 of the indian income-tax act, 1922, in respect of an original assessment order where the income-tax officer omitted to charge interest as required under section ..... we will be required to answer the question referred to us in each of these references.on behalf of the revenue, it was urged that there was no absolute discretion to the income-tax officer under the provision to sub-section (2) of section 280c of the income-tax act, 1961, and the income-tax officer has to exercise his discretion for condoning delay in such cases, under such circumstances and subject to such conditions as may be specified in the scheme framed under ..... after coming to the conclusion whether rule 48(1) has been satisfied, the error could not be said to be an error apparent on the face of the record and the officer cannot invoke section 35 of the indian income-tax act, 1922, to include interset under section 18a(6) originally not included in the assessment.we do not think that now in view of the settled legal position on the question about the scope of the jurisdiction of the income ..... an application before the specified date, which in the present references is the date of filing of return, for condoning the delay, the income-tax officer concerned could not have exercised his discretion at all. ..... 5 of 1974 was liable to pay annuity deposit for the assessment year 1967-68, .....
Tag this Judgment!Court : Gujarat
Reported in : 181(2003)CLT134
..... court in vishakhapatanam port trust case (supra) and held that the assessee was not liable to deduct tax at source from the payment of interest to the non-resident and hence, the disallowance of interest made under section 40(a)(i) was not warranted.6.1 on the question of the claim of the assessee for deduction under sections 80hh and 80-i of the act, the tribunal relying upon the decision of the bombay high court in ship scrap traders v. ..... which was rendered in context of the provisions of section 28 of the land acquisition act, in which the court followed its earlier decision in rama bai etc. v. ..... supreme court referred to the definition of 'interest' in black's law dictionary (7th edition), in which it was defined, inter alia, as the compensation fixed by agreement or allowed by law for the use or detention of money, or for the loss of money by one who is entitled to its use; especially, the amount owed to a lender in return for the use of the borrowed money. ..... 1974, much prior to the insertion of the provisions of clause (v) in section 9(1) of the act by the finance act ..... the factories act, 1948, to point out that 'breaking up or demolishing' any article with a view to its use, sale, etc ..... interest' under the dtaa was meant to be interest earned on government securities, bonds, etc. ..... definition of 'manufacture' from webster's dictionary, where it is defined to mean; 'anything made from raw materials by the hand, by machinery, or by art, as clothes, iron utensils, shoes, machinery, etc. .....
Tag this Judgment!