Court : Guwahati
..... the following question of law has been referred by the income-tax appellate tribunal to this court under section 256(1) of the income-tax act, 1961, hereinafter 'the act' : 'whether, on the facts and in the circumstances of the case, the interest paid by the assessee under sections 139, 215 and 217 of the income-tax act, 1961, was allowable as a deduction in computing, the income of the assessee chargeable under the head 'profits and gains of business or profession' ?'2. ..... the bench deciding the case regarded the interest payable under the relevant sales tax act as not much different from the interest payable under section 3(3)of the u. p. ..... 29,320 being the interest paid by the assessee to the department on various counts, namely, late filing of return mention of which has been made in section 139 of the act, the shortfall in the payment of advance tax covered by section 215 of the act and failure to make estimate, interest for which is chargeable as per section 217 of the act. ..... but these decisions cannot assist the assessee as payment of income-tax is not deductible as per section 40(a)(ii) of the act and so interest under sections 139, 215, and 217 which have to be regarded, for reasons given, as accretion to tax, cannot also be allowed to be deducted.8. ..... in so far as interest levied under sections 215 and 217 of the act is concerned, that has a direct connection with the amount payable as advance tax, by charging interest on which the corpus of the tax amount is enlarged. .....
Tag this Judgment!Court : Guwahati
..... deduction will lead to charging of statutory interest under section 201(1a) of the income-tax act, 1961, apart from other consequences. ..... to the amendment as cited above, the assistant commissioner of income-tax tds, by his memo dated august 18, 1994 (annexure-a), brought to the notice about the insertion of section 44ac in the income-tax act, 1961, and also subsequent deletion of the same by the finance act, 1992, and that similar provisions have been made in the new section 206c of the income-tax act, 1961, with effect from april 1, 1992. ..... act/tds/94-95 sent the following communication to the commissioner of excise :'it is reported by the income-tax officer, sibsagar, assam, that income-tax has not been deducted as per provision of section 206c by the concerned authorities in sibsagar district, etc ..... otherwise, as calculated by the petitioners, they were to pay much more tax than the expected returns which could not be considered to be the object of the legislation as ..... introduced for collecting income-tax at source under section 206c of the income-tax act in respect of profits and gains from the business of trading in alcoholic liquor, forest produce, etc. ..... liquor mentioned in annexure t in respect of l-13 ends is inclusive of all charges, including cost of transportation, establishment, godown, packing material and the existing export fee imposed by the uttar pradesh, punjab and haryana governments, etc. ..... from the business of trading in alcoholic liquor, forest produce, scrap, etc. .....
Tag this Judgment!Court : Guwahati
..... counsel for the petitioner, has submitted that the provisions of section 20c of the act are more or less identical with the provisions of section 234b of the income-tax act, 1961, and the requirement of law is that if the assessing officer intends to levy interest he must pass a specific order giving the grounds for levying the interest and also state the period for which the interest has been levied and at what rate, etc, etc.6. ..... the circumstances and the fact that the provisions of sub-clause (5) of section 20c of the act were more or less identical with section 234b of the income-tax act, we hold that in the absence of any specific order regarding the interest levied in the impugned order is bad in law and the same is hereby ..... 1996]217itr72(patna) , the patna high court held that in the absence of a specific and clear order by the assessing officer for charging interest under section 234b of the income-tax act, 1961, interest cannot be charged. ..... the assessment order dated september 7, 1996, and the same has been challenged in this writ petition stating that the interest levied is in violation of sub-clause (5) of section 20c of the act (since repealed).2. ..... there is no dispute at the bar that the provisions of section 20c of the act (since repealed) are applicable in the present case as the matter relates to the period during which the said provisions were ..... year 1987-88, the petitioner submitted his return whereby the competent authority assessed the income and tax thereupon. .....
Tag this Judgment!Court : Guwahati
..... from the records it appears that an order was passed by the income-tax officer under section 216 of the income-tax act, 1961, routinely and mechanically stating that interest under section 216 is found payable by the assessee as if the same is automatically payable. ..... sale as noted by the commissioner of income-tax (appeals) of the corresponding period ended august, 1973. ..... in the said order, it was stated that the assessee-company filed an estimate of advance tax under section 212(2) of the act on september 5, 1974, showing advance tax payable at rs. ..... that the assessee has underestimated advance tax payable and thereby reduced the amount payable in instalments for the year relevant to the assessment year 1975-76, it is necessary to quote the relevant portion of the order of the tribunal in which materials for the aforesaid finding have been discussed : 'in the instant case before us, it is seen that the assessee had filed the first estimate on september 5, 1974, under section 212(1) which was based on the ..... since the assessee had for the assessment year 1974-75 corresponding to the previous year 1973-74 returned an income of rs. .....
Tag this Judgment!Court : Guwahati
..... issued a notice dated 25.2.1994 under the provisions of section 36(1) of the assam general sales tax act, 1993 seeking to revise the appellate order dated 23.12.1989 passed by the assistant commissioner of taxes (appeals) on the ground that the said order was erroneous and prejudicial to the interest of revenue. ..... the power conferred by section 36(1) of the assam general sales tax act which evidently would apply to the present case by virtue of section 74 of the said act is a suo motu power conferred on the learned commissioner to revise any order passed by authority appointed under the ..... this court while interpreting the said expressions in the context of the parameteria provisions of the tripura sales tax act, 1976, has held that to invoke the suo motu power of revision both the conditions precedent, ..... account the expression 'erroneous' 'erroneous assessment and erroneous judgment' as defined in the black's law dictionary, this court has held that both the expressions 'erroneous' and 'prejudicial to the interest of revenue' must reflect a defect which is jurisdictional in nature in the assessment/order which is sought to be revised. ..... petitioner who was at the relevant time registered as the dealer under the assam finance (sales tax) act, 1956, was assessed to tax under the aforesaid act for the period ending 30.9.1971, 31.3.1972, 30.9.1972, 31.3.1973, 31.3.1974, 30.9.1974, 31.3.1975 and 30.9.1975 at nil rate by orders of assessment passed by the competentauthority under the act. .....
Tag this Judgment!Court : Guwahati
..... pleas were as follows:(1) in the absence of notification under section 4-a, the state government could not be prevented from enforcing the liability to sales tax imposed on the petitioners under the provisions of the sales tax act;(2) that the petitioners had waived their right to claim exemption ; and(3) that there could be no promissory estoppel against the state government so as to inhibit it from formulating and implementing its policies in public interest. 51. ..... : [1987]165itr57(sc) , also raised the similar question, namely, as to whether, without a notification having been issued under section 10 of the kerala general sales tax act, 1963, which contained provisions empowering the government to grant exemption from payment of sales tax, a mere notification issued by the government, on april 11, 1979, granting exemption from sales tax can be treated as legal and valid exemption granted to the industries, set up before april 1, 1979 and whether such ..... of an industrial policy of the state government inviting setting up of industries promising, in return of setting up of industries, exemption from payment of sales tax on the raw materials to be used by the industry as well as on the finished product of the industry for a specified period of time, when a person sets up an industry, can the finance department of the state government refuse to exempt the industry from payment of sales tax on the ground that until requisite notification is issued under the relevant statute .....
Tag this Judgment!Court : Guwahati
..... quote the said question : 'whether, on the facts and in the circumstances of the case and on a proper construction of section 2(m), section 4(1)(b), section 5(1)(iv) of the wealth-tax act, 1957, and rule 2 of the wealth-tax rules, 1957, the tribunal was justified in upholding the direction of the appellate assistant commissioner that exemption of proportionate share of the interest in the building belonging to the firm should be allowed under section 5(1)(iv) in the hands of the assessee-partner ?'9. ..... the question that is referred to us under section 27(3) of the wealth-tax act for opinion is the same and is quoted below : 'whether, on the facts and in the circumstances of the case, and on a proper construction of section 2(m), section 4(1)(b) and section 5(1)(iv) of the wealth-tax act, 1957, and rule 2 of the wealth-tax rules, 1957, the exemption is admissible under section 5(1)(iv) with respect to the property in question in the hands ..... (at page 235) ; 'whether, on the facts and in the circumstances of the case and on a proper construction of section 2(m), section 4(1)(b), section 5(1)(iv) of the wealth-tax act, 1957, and rule 2 of the wealth-tax rules, 1957, the tribunal was justified in upholding the direction of the appellate assistant commissioner that exemption of proportionate share of the interestin the building belonging to the firm should be allowed under section 5(1)(iv) in the hands of the assessee-partner ?'11. ..... reference relates to the assessment year 1974-75.4. .....
Tag this Judgment!Court : Guwahati
..... 'whether the appellate tribunal is right in law and on facts in cancelling the interest charged under section 217 of the income tax act?'2. ..... the income tax appellate tribunal, ahmedabad bench 'c' has referred the following question for the opinion of this court under section 256(2) of the income tax act, 1961 (hereinafter referred to as 'the act') at the instance of the commissioner of income-tax, baroda. ..... it was further submitted by him that, for the purposes of applicability of section 209a of the act, once the revenue was in a position to show that the total income of an assessee had exceeded the amount specified in sub-section (2) of section 208 of the act, the obligation to submit statement was absolute and levy of interest was a natural consequence. ..... insofar as the requirement under clause (a) of sub-section (1) of section 209 is concerned, it has an admitted position that, for all the subsequent years, the returned income was either nil or at a loss figure. ..... in other words, for the purposes of computing starting point of advance tax payable for a particular year, an assessee is required to adopt one of the two basis, namely, the one which is higher, either the total income assessed for the latest previous year by way of regular assessment, or the total income as shown in the return of income which is accompanied by self-assessment tax, and such return of income is relatable to the latest previous year as well as being late in point qua .....
Tag this Judgment!Court : Guwahati
..... this is a revision filed by the petitioner under section 81 of the assam value tax act, 2003 challenging the validity of the order dated 06.01.2014 passed by the assam board of revenue, guwahati, district kamrup (metro) assam in ..... first place, the petitioner being a dealer under the provisions of the assam value added tax act 2003, she was under obligation to file the return and pay taxes. ..... : the very fact that raid had to be carried out in the petitioners premises to determine their tax liability because she had not filed any returns, the assessment made by the assessing authority on the basis of the material collected cannot be interfered ..... the state has not challenged the impugned orders in so far as it relates to non award of interest and penalty, we are not called upon to go into that question at the instance of the ..... matter of fact, the petitioner should feel fortunate that the assessing authority neither imposed any interest nor any penalty under the act for the various breaches committed by her. ..... an appeal against the orders of the deputy commissioner of taxes dated 31.3.2011 wherein the assessment order dated 10.5.2010 was confirmed so far as the tax is concerned, while penalty and interest were waived. ..... interest have been waived by the deputy commissioner in appeal and only the tax remains ..... appellant did not respond to the notice, the assessing officer proceeded to make his assessment on the basis of what had been stated in the notice and imposed the tax, penalty and interest. .....
Tag this Judgment!Court : Guwahati
..... whether the dividend, interest and other income earned by the appellant company can be included in computing the profits of the eligible business under section 32ab of the income-tax act ?4. ..... the question in the present case is whether the income from interest and dividend falls under the definition of 'eligible business or profession' under section 32ab of the income-tax act. ..... a submission is made on behalf of the respondents that in the present case, there is nothing to show that the business of investment in shares, lending money for interest and manufacture and sale of the tea business are not common in nature and both the businesses are not intertwined and interlaced as was the case in apollo tyres (supra). ..... the facts of the present case are identical, and only because, the income from the interest and dividend have been shown under different heads, the benefit under section 32ab of the act cannot be denied to the appellate company.13. ..... the question was considered by the apex court in apollo tyres (supra), where the court held:the fact that it is shown under a different head of income would not deprive the company of its benefit under section 32ab so long as it is held that the investment in the units of the uti by the assessee-company is in the course of its 'eligible business'. ..... the appellant company filed its return of income for the assessment year 1990-91 claiming the deduction under section 80(8)hhc and also under section 32ab of i.t. .....
Tag this Judgment!