Court : Rajasthan
Reported in : (2002)75TTJ(NULL)172
..... (supra) as under:'section 234c, read with section 210 of income tax act, 1961, advance tax interest or default in payment ..... intimation under section 143(1) of the income tax act, the assessee moved an application under section 154 for rectification in the interest so charged under section 234c. ..... assessee commenced business 15 days before first instalment of advance tax was due sudden spurt in sales after due date of second instalment resulted in profit liable to tax on which basis income tax officer held that there was default of deferment of advance tax of and levied interest under section 234c whether it can be said that liability to advance tax is not absolute but dependent on estimate based on material available on record held, yes whether when ..... amount of capital gains; or(b) income of nature referred in sub-clause (ix) of clause (24) of section 2.and the assessee has paid the whole of the amount of tax payable in respect of income returned to in clause (a) or clause (b) as the case may be, had such income been a part of the total income, as part of the remaining instalments of advance tax which are due or where no such instalment are due by the 31st day of march of ..... section 234c(1)(b) provides that the tax relatable to the capital gain, etc ..... as a part of remaining instalments of advance tax which are due in the financial year whereas under the old provision of the income tax act, the assessee was required to pay whole of the advance tax relatable to the capital gain, etc. .....
Tag this Judgment!Court : Rajasthan
Reported in : (1987)66CTR(Raj)246; [1988]171ITR47(Raj)
..... the facts and in the circumstances of the case, the tribunal is right in law in holding that the income-tax officer is not under an obligation to reduce or waive the penal interest under section 139/215/217(la)of the income-tax act, 1961, read with rule 117a/ 40 of the income-tax rules, 1962, without there being a petition by the assessee before him ? 7. ..... is correct in law in holding that no notice to show cause need be given to the assessee before levying penal interest under section 139/215/217(1a) of the income-tax act, 1961 ? 6. ..... facts and in the circumstances of the case, the tribunal is justified in law in holding that the expenditure in providing tea, coffee, coca-cola and bare meals is entertainment expenditure in terms of section 37(2b) of the income-tax act, 1961, and in sustaining the disallowance of rs. ..... a consolidated reference has been made for the assessment years 1969-70 to 1974-75 under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), at the instance of the assessee for answering the following questions of law ..... controversy at this stage that the expenditure incurred by the assessee in providing tea, coffee and snacks etc. ..... the assessment year 1972-73 as expenditure incurred in providing tea, coffee and refreshment, etc. ..... , and the consent decree dated february 25, 1959, the tribunal is justified in holding that the assessee is not the owner of the cinema theatre styled 'maratha mandir' and the machinery, plant, furniture, etc. .....
Tag this Judgment!Court : Rajasthan
Reported in : RLW2003(2)Raj1161; [2003]130STC186(Raj); 2002(5)WLN363
..... by issuing a notification under section 4(2) of the rajasthan sales tax act on 23rd may, 1987, the rajasthan sales tax incentive scheme for industries, 1987 was ..... scheme, the industrial unit, which had commenced commercial production on or after april 1, 1985 and was entitled for interest-free loan under the 1985 dispensation scheme, was included in the category of industrial units to whom the benefit of ..... during the continuance of the rajasthan sales tax incentive/deferment schemes of 1987 under the rajasthan sales tax act as well as central sales tax act, the government of rajasthan brought into effect a new scheme called the rajasthan sales tax new incentive scheme for industries, 1989 as well as the new deferment scheme, 1989 vide notifications dated july 6, 1987 and these schemes were ..... benefit of the 1989 scheme was not extended to the 1985 dispensations but other industrial units if covered by sales tax incentive scheme for industries, 1987 or under the deferment scheme of 1987 were given option to seek the benefit under ..... when 1998 scheme has come into existence, the provision of establishing an industry and its functioning under the industries (development and regulation) act, 1951 had already been given the go-by in 1991 and it was clearly reflected in the definition of 'expansion', which reads as under :-- '2(g) 'expansion' means the increase in the value ..... under 1985 dispensations by making available to the new industrial units interest-free loans against the tax burden. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1993]203ITR530(Raj)
..... . briefly stated, the facts of the case are that an application under section 154 of the income-tax act, 1961, was moved by the assessee praying therein for relief under section 80j on the ground that the value of the asset has been taken at ..... . the income-tax appellate tribunal, jaipur bench, jaipur, has referred the following question of law under section 256(1) of the income-tax act, 1961, for the assessment year 1973-74 ;'whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the order of the appellate assistant commissioner and directing ..... . it has been provided under section 41(1) of the income-tax act, that where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure of trading liability incurred by the assessee and, subsequently, during any previous year, the ..... further observed that 'if the matter is decided in favour of the assessee finally and no liability remains, it will be open to the department to invoke the provisions of section 41(1) of the income-tax act, 1961, and bring the amount allowed as deduction to assessment of tax' ..... time has already passed and the present reference does not contain full facts, it would be in the interest of justice that the reference be returned unanswered to the tribunal for deciding the same in accordance with law.9 ..... the assessee submitted that stay was granted by the rajasthan high court on august 20, 1974, and the writ petition no ..... of 1974 is .....
Tag this Judgment!Court : Rajasthan
Reported in : [1993]202ITR853(Raj)
..... maliram pooranmal is an industrial undertaking within the meaning of section 5(1)(xxxii) and subsequently in holding that the value of the assessee's interest in the firm is exempt under section 5(1)(xxxii) of the wealth-tax act.4. ..... maliram pooranmal is an industrial undertaking within the meaning of section 5(1)(xxxii) and subsequently in holding that the value of the assessee's interest in the firm is exempt under section 5(1)(xxxii) of the wealth-tax act ?' 2. ..... this reference under section 27(1) of the wealth-tax act, 1957, at the instance of the revenue, is to answer the following questions of law, namely:'1. ..... tribunal on this point requires proper application of mind and the entire material should have been perused and then a finding should have been given as to whether the assessee is an industrial undertaking within the meaning of section 5(1)(xxxii). ..... of this case, the court has answered the reference against the revenue and in favour of the assessee holding that the tribunal's view is correct that the condition precedent for invoking, rule 2b(2) of the wealth-tax rules, has not been satisfied. ..... whether, on the facts and in the circumstances of the case, the tribunal was right in holding that rule 2b(2) of the wealth-tax rules was not applicable in the assessee's case and consequently in deleting the addition made by the wealth-tax officer ? 2. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1961]42ITR650(Raj)
..... had divested himself of the ownership, the entries in the account books did not create a valid trust and the assessee was not entitled to claim a deduction of the interest credited in the books to the trust account from his income under section 10 of the indian income-tax act.in the cases discussed above, the donees made entries in their own books of account in pursuance of their intentions to make gifts of their property but as there was no ..... (2) if the answer to the first question is in the negative whether still the assessee firm is entitled to claim a deduction of the interest credited in the two accounts under the provisions of section 10(2)(iii) of the income-tax act ?the tribunal has stated the facts and circumstances of this case as noted below.the assessment year under consideration is 1954-55, the previous year being the period ranging from october 10, 1952, to october 26, 1953 ..... this is a reference by the income-tax appellate tribunal (delhi bench) under section 66(1) of the indian income-tax act. ..... credited to the accounts of the donees by the assessee firm could not be regarded as allowable deductions under section 10(2)(iii) of the indian income-tax act. ..... 000 made to the accounts of shri mayaram and shrimati jasodha bai may operate as valid gifts.the answer to the first question being in the affirmative, we are not called upon to return any answer to the second question.let the reference be answered accordingly.we make no order as to costs.reference answered accordingly. .....
Tag this Judgment!Court : Rajasthan
Reported in : [2007]289ITR154(Raj)
..... confined to the claim of the assessee for deduction of liability of interest that has accrued on outstanding dues under the rajasthan sales tax act as well as the income-tax act which has been rejected by the assessing officer and affirmed in appeal by the tribunal that unless the liability of interest is discharged in terms of section 43b(a) of the act, the assessee is not entitled to claim deduction under section 37 of the income-tax act, 1961. ..... the purpose of deduction under section 10(2) of the indian income-tax act, 1922, or for that matter under section 37 of the act of 1961, liability to pay interest on the delayed payment of tax becomes part and parcel of the tax for the purpose of allowing ..... the aforesaid discussion, we hold that interest accrued on delayed payment of tax which is otherwise allowable as deduction under the provisions of the income-tax act while computing the total income is part of tax within the meaning of section 43b.47. ..... it is also apposite to note there that the provisions of : section 11b of the rajasthan sales tax act, 1954, provide for charging interest on failure to pay tax, fee or penalty. ..... the question that had arisen before the court was whether the expression 'tax' under section 11 (2)(a) of the special court (trial of offences relating to transactions in securities) act, 1992, would include interest or penalty as well for the purpose of claiming priority in regard to its payment or other liabilities to be distributed by the special court in .....
Tag this Judgment!Court : Rajasthan
Reported in : (1984)43CTR(Raj)241; [1985]156ITR90(Raj)
..... 's case : [1982]135itr227(cal) a division bench of the calcutta high court, while considering the provisions of the act, has held that the liability to pay interest under section 3(3) of the up sugarcane (purchase tax) act which arises for the delayed payment of tax, is compensation for the delayed payment and not in the nature of a penalty imposed for an infraction of law and, therefore, the interest is an allowable deduction in computing the business income of an assessee who carries on the business of manufacture and ..... a perusal of the aforesaid provisions contained in section 11b of the sales tax act shows that interest was payable automatically on the amount of tax payable if the amount of tax payable under sub-sections (2) and (2a) of section 7 was not paid within the period allowed or, if amount specified in any notice of demand, whether for tax, fee or penalty was not paid within the period specified in such notice, or in the absence of such specification within 30 days from the date of service of such notice. ..... cit : [1979]116itr387(all) wherein it has been held that the payment of interest under section 3(3) of the up sugarcane (purchase tax) act, 1961, was a penal liability which accrues on an infraction of the law. ..... for the reasons given in the aforesaid judgment, it must be held that the interest that was payable under section 11b of the sales tax act is not a penalty but is a revenue expenditure which is deductible as interest under section 37(1) of the act.10. .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]67STC103(Raj)
..... non-petitioner is also restrained from recovering interest under section 11b of the rajasthan sales tax act, 1954 on the amount of difference of tax which stands quashed by this order. ..... the graduated rates of interest provided by sub-section (2) of section 8 of the j & k general sales tax act, 1962 cannot be characterised as arbitrary or ..... rice mills [1972] 30 stc 567, their lordships of the supreme court were no doubt dealing with section 12(8) of the orissa sales tax act, 1947 wherein the opening words 'if for any reason' where the same as in section 12(1) of the rajasthan act, but the difference lay in the fact that form vi appended to the rules framed under the orissa act, which had been prepared in pursuance of rule 23, used the words 'whereas i have reason to believe ..... a bench of this court on september 23, 1986 by an express order not only ordered for listing the appeal for hearing on merits but also directed the respondents to file their returns to the writ petition, which had been dismissed summarily by the learned single judge. ..... assistant commercial taxes officer, jodhpur, made assessment under section 10(3) of the rajasthan act for the financial years 1978-79 and 1979-80, on february 28, 1984 and after having gone through the books of account, purchases and sales vouchers, etc. ..... : [1974]1scr25 which says that the liability to pay interest is automatic and arises by operation of law and that of the delhi high court in ram body builders ..... [1974] 34 stc 532, in khajan singh .....
Tag this Judgment!Court : Rajasthan
Reported in : 2000(2)WLN362
..... an application was filed by the revenue before the income tax appellate tribunal, jaipur, under section 256(1) of the income tax act, 1961 praying that the two questions mentioned in the application may be referred ..... section 256(2) of the income tax act, 1961 the applicant has prayed that the income tax appellate tribunal be directed to refer following two questions to the high court for decision:(i) whether on the facts and circumstances of the case the income tax appellate tribunal was justified in law in holding that the amount of compensation awarded to the assessee was not chargeable to capital gains tax ..... in response to notice under section 143(2) of the income tax act, issued on 30th may, 1994, required papers were ..... the decision is in accordance with the law declared by the hon'ble supreme court, it cannot be said that any question of law referable to the high court under section 256(2) of the income tax act, 1961 arises.12. ..... learned counsel for the applicant was submitted that the view taken by the income tax appellate tribunal is not correct and the amount of compensation as well as the interest which has accrued thereon are liable to be included in the income for ..... state government wins the case in the high court, the amount will be refunded back but the assessee has been allowed to enjoy the interest on this amount only and the compensation amount has been sanctioned on production of the bank guarantee. ..... a return of the income for the assessment year 1991-92 was filed by the .....
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