Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 26 abetment of false returns etc Page 3 of about 209 results (0.155 seconds)

Assistant Commissioner of Vs. U. P. National Manufacturers Ltd

Court : Income Tax Appellate Tribunal ITAT Allahabad

..... mandatory provisions of section 194h, the acit(tds) was fully justified in levying the interest under section 201(1a) of the income-tax act and that the ..... imposing any penalty under section 221 perhaps due to reasonable cause, though the assessee has been treated as in default under section 201(1) of the income tax act due to non-deposit of tds to the credit of central government as laid down under section 200, read with rule 30 of income-tax rules, 1962. ..... family, who is responsible for paying on or after the 1st day of october, 1991 (but before the 1st day of june, 1992), to a resident, any income by way of commission (not being insurance commission referred to in section 194d) or brokerage, shall, at the time of credit of such income to the account of the payee or at the time of payment of such income in cash or by the issue of a cheque or draft or by any other mode, ..... such persons or class or classes of persons as the central government may, having regard to the extent of inconvenience caused or likely to be caused to them and being satisfied that it will not be prejudicial to the interests of the revenue, by notification in the official gazette, specify in this behalf; (b) where the amount of such income or, as the case may be, the aggregate of the amounts of such income credited or paid or likely ..... , the words "reasonable cause", "sufficient cause", "reasonable belief", "bona fide conduct", "without negligence" etc. ..... and selling of tullu water pumps, fans and machines etc. .....

Canara Industrial and Banking Syndicate Ltd. Vs. Commissioner of Incom ...

Court : Karnataka

Reported in : [1964]51ITR479(KAR); [1964]51ITR479(Karn)

..... in our opinion, on the facts of the case, the following questions of law arise : '(i) whether initiation of action under section 34(1) for the purposes of making reassessment for the assessment year 1954-55 has been validly made (ii) whether interest on mysore durbar securities has been rightly held to be chargeable to super-tax the indian income-tax act, 1922, for assessment years 1954-55 and 1956-57 ?' 21. ..... they are : '(1) whether initiation of action under section 34(1) for the purposes of making reassessment for the assessment year 1954-55 has been validly made (2) whether interest on mysore durbar securities has been rightly held to be chargeable to super-tax under the indian income-tax act for the assessment years 1954-55 and 1956-57 ?' 2. ..... their lordships further observed, judging by the dictionary meaning alone, it would be difficult to confine the meaning of the word 'escape' in section 34(1)(b) only to cases where no return has been submitted by the assessee; even if the assessee has submitted a return of his income, cases may well occur where the whole of the income has not been assessed and such part of the income as has not been assessed can well be regarded as having escaped assessment; ..... section 60(1) of the indian income-tax act empowered the governor-general in council (subsequently changed to the central government) to make exemptions, etc. .....

Commissioner of Income-tax Vs. Tide Water Marine International Inc.

Court : Uttaranchal

Reported in : [2009]309ITR85(Uttaranchal)

..... of 2007, the assessing officer (hereinafter referred as 'the ao') while assessing the tax under section 143 of the income-tax act, 1961, on the income shown in the return, directed that interest be charged under section 234b of the act. ..... /d/2003, in which the appeal of the revenue is dismissed and the order of the commissioner of income-tax (appeals) (hereinafter referred as the commissioner of income-tax (appeals)) is affirmed that the assessee is not liable to pay the interest under section 234b of the income-tax act, 1961. ..... 3330/2007 : [2007]293itr194(sc) , when a penalty was imposed on the employer under section 201 of the income-tax act, 1961, for not complying with the provisions of section 195 of the act, the apex court held that for default on the part of the employer's failure to deduct the tax, penalty was leviable under section 201(1) of the act and it allowed the appeal of the revenue in the said case.10. ..... del/99, whereby the appeal of the assessee was allowed holding that he is not liable to pay interest under section 234b of the income-tax act, 1961. ..... of 2007, initially on the return filed by the assessee no interest was charged on the tax assessed by the assessing officer, but subsequently on receiving a petition of tax evasion the assessing officer issued notice under section 148 of the act and directed that interest be charged under section 234b of the act. ..... the special provisions for computing profits and gains in connection with the business of exploration, etc. .....

Commissioner of Income-tax Vs. Shree Krishna Gyanoday Sugar Ltd.

Court : Kolkata

Reported in : [1990]186ITR541(Cal)

..... of income-tax (appeals), however, reversed the above order of the income-tax officer by observing that whatever might be the nature of the accounting entries made by the assessee, it was clear that the writ petition was filed in the interest of the business in getting a better sale price for the sugar and as such this expenditure was allowable as proper business expenditure under section 37 of the income-tax act, 1961 ..... section 80vv provides that 'in computing the total income of the assessee, it shall be allowed by way of deduction any expenditure incurred by him in the previous year in respect of any proceedings before any income-tax authority or the appellate tribunal or any court relating to the determination of any liability under the income-tax act, by way of tax, penalty or interest ..... reference under section 256(1) of the income-tax act, 1961, for the assessment year 1977-78, the following questions of law have been referred to this court : '(1) whether, on the facts in the circumstances of the case, the tribunal was justified in holding that the perquisites in terms of rule 3 of the income-tax rules, 1962, alone would be the ceiling in the hands of the assessee-company under section 40(c)(iii) of the income-tax act, 1961 ..... 22,664 in terms of sub-section (5) of section 40a of the income-tax act, 1961, on account of certain perquisites, including ..... writ petition was not concerned with the determination of any liability under the income-tax act by way of tax, penalty or interest. .....

Ramkrishna Bajaj (HUF), Wardha and Others Vs. The Commissioner of Weal ...

Court : Mumbai Nagpur

..... (iii) whether the tribunal was right in holding that unlike section 3(1) (f) of the income tax act, there was no similar specific provision in the wealth-tax act or in the rules that while ascertaining the partner's interest, the valuation date would be the last date of the accounting year of the partner ? 3. ..... as quoted in market as on 31/03/1981 or validity of its use, is not in dispute and, hence, the only issue to be gone into is whether on 31/03/1981, when previous year of respective firms had not ended and was scheduled to end on 30/06/1981, interest of partners in such firms could have been subjected to valuation in terms of section 7(1) of the wealth-tax act read with rule 2 of the wealth-tax rules answer to this issue answers first two questions mentioned supra. ..... as per section 4(1)(b) of the wealth-tax act, where the assessee is a partner in a firm, value of his interest in the firm or association determined in prescribed manner is also to be included in his net wealth. ..... the hon'ble apex court has found that for the purposes of above mentioned provisions in the income-tax act, the interest of such an assessee partner cannot be evaluated immediately and it is subjected to operation or future transaction of the partnership. ..... it can also govern the situations in which the partner resigns or retires or the business of the firm is over, discontinued, dissolved etc. .....

M/S Ws Retail Services Private Limited Vs. The State of Karnataka

Court : Karnataka

..... . the provisions of section 42(6) of the act, read in conjunction and on sequence with other sub-sections of section 42, upon a harmonious reading would reflect that normally assessee is expected to first square up its liabitlity to pay the tax with the returns itself and thereafter upon passing of the assessment order and if the amount paid falls short of the aggregate amount of tax and other amount (penalty) and interest payable, such amount paid shall be first adjusted against interest ..... are filed under articles226& 227 of the constitution of india, praying to quash the issued by the deputy endorsement dtd.1.6.2017 commissioner of commercial (audit)6.6 bengaluru, the r-3 herein, in having denied to the petitioner the benefit of waiver of interest payable under karnataka value added tax act, 2003 to the extent of90 granted in the karasamadhana scheme, 2017 for the years200607, 2007-08 and200809 and demanding additional amounts annexure-f, g, h and etc. ..... . the state of karnataka & others 52/88 (c) notwithstanding anything contained in the code of criminal procedure, 1973 (central act 2 of 1974), on application to any magistrate, by such magistrate as if it were a fine imposed by him ..... briefly stated, the said karasamadhana scheme, 2017 ( kss2017, for short) provided for the waiver of penalty and interest under the 8 enactments namely, karnataka sales tax act, 1957, central sales tax act, 1956, karnataka value added tax act, 2003 etc. .....

inspecting Assistant Vs. Srikrishan Khanna

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1994)48ITD1(Delhi)

..... aac had decided:- (a) that the firm not being an assessee under the wealth-tax act, for the purpose of determining the value of the interest of the partner in the firm under section 4(1)(b) of the wealth-tax rule 2(1) of the wealth-tax rules only would be applicable and rules 2a & 2b etc. ..... 1974] 97 itr 188 refused to endorse the stand of the revenue regarding the claim for deduction of huge income-tax liability outstanding for more than 12 months based on the plea of prescription regarding such liability in clause (m) of section 2 of the wealth-tax act ..... mind this observation of karnataka high court, it is clear that the supreme court has laid down that if the property is not put to full use or the return is not commercial, capitalisation of rental value pegged down statutorily by the provisions of the rent control legislation yields misleading results and cannot be considered as fair value ..... wealth-tax assessment year 1974-75 in respect of which the valuation date was 31-3-1974, the value of his interest in ..... two wealth-tax appeals of the revenue and the cross objections of the assessee, relating to assessment years 1973-74 and 1974-75, were fixed for hearing, as provided in section 24(11) of the wealth-tax act, read with section 255(4) of the income-tax act, 1961 ..... the aac has disposed of the appeals of the assessee for the assessment years 1973-74 and 1974-75 by a combined order, which action is based on the detailed reasoning given by her in one of the connected cases of assessee's .....

Prakash Cotton Mills Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1993]203ITR75(Bom)

..... hence, the question under consideration is devoid of merit and is answered against the assessee.in the result, we allow that appeal partly and remit the case relating to appellant-assessee's claim for deduction under section 37(1) of the income-tax act, 1961 to income- tax appellate tribunal, bombay for being, decided in the light of our answer to the first question and decide the appeal of the assessee, accordingly. ..... act) the interest paid by it for delayed payment of sales tax under the bombay sales tax act, 1951 (the bst act) and the damages paid by it for delayed payment of contribution under employees' state insurance act, 1947 (the esi act ..... mere nomenclature as interest, penalty or damages in the act may not conclusive for the purpose of allowing it as a deduction under the income-tax act. ..... act, without any examination of the scheme of the provisions of the bst act, to find whet her impost of the interest paid by the assessee for delayed payment of sales tax was compensatory in nature as would entitle it for deduction under section 37(1) of the i.t ..... , whether the appellant was entitled to claim as allowance under section 37(1) of the income-tax act, 1961 (the i.t. ..... in his assessment order made on that return, treated the said item of expenditure of rs.19,635 as penal interest and disallowed it. ..... in the income-tax return of the assessee for the assessment year 1966-67 (the previous accounting year being from 1st july, 1964 to 30th june, 1965), the interest and, the damages of rs .....

Commissioner of Income-tax Vs. Indo Asian Switch-gears (P.) Ltd.

Court : Punjab and Haryana

Reported in : (1997)137CTR(P& H)9; [1996]222ITR772(P& H)

..... it was observed by the supreme court that the income-tax officer and the appellate authorities had refused to allow the claims made by the assessee under section 37(1) without any examination of the scheme of the provisions of the bombay sales tax act to find whether impost of the interest paid by the assessee for delayed payments of sales tax was compensatory in nature as would entitle it for deduction under section 37(1) of the act. ..... certain amount paid by way of interest and damages for delayed payment of sales tax under the bombay sales tax act and for delayed payment of contribution under the employees state insurance act was claimed as a revenue expenditure under section 37(1) of the act. ..... whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in law in holding that the provisions of section 144b of the income-tax act, 1961, introduced with effect from january 1, 1976, have rightly been applied and the assessment made was not barred by limitation ? 3. ..... the facts, as disclosed by the assessee, make it clear that an entry showing the proposed amount of refund was made on november 1, 1976, under the belief that the sales tax liability created on the amount of freight in the assessment year 1974-75 had not been sustained. ..... therefore, these questions are returned unanswered.4. ..... the high court endorsed the view taken by the tribunal that an expenditure incurred albeit for the purposes of serving food, refreshments drinks, etc. .....

M/S. Prakash Cotton Mills Pvt. Ltd. Vs. Commissioner of Income-tax (Ce ...

Court : Supreme Court of India

Reported in : AIR1993SC2174; (1993)111CTR(SC)389; [1993]201ITR684(SC); JT1993(2)SC619; (1993)2MLJ115(SC); 1993(2)SCALE425; (1993)3SCC452; [1993]2SCR983

..... in the result, we allow that appeal partly and remit the case relating to appellant-assessee's claim for deduction under section 37(1) of the income-tax act,1961 to income-tax appellate tribunal, bombay for being decided in the light of our answer to the first question and decide the appeal of the assessee, accordingly. ..... act) the interest paid by it for delayed payment of sales tax under the bombay sales tax act, 1951 (the bst act) and the damages paid by it for delayed payment of contribution under employees' state insurance act, 1947 (the employees insurance act. ..... the mere nomenclature as interest, penalty or damages in the act may not be conclusive for the purpose of allowing it as a deduction under the income-tax act. ..... act, without any examination of the scheme of the provisions of the bst act, to find whether impost of the interest paid by the assessee for delayed payment of sales tax was compensatory in nature as would entitle it for deduction under section 37(1) of the i.t. ..... act corresponds to section 10(2)(xv) of predecessor indian income-tax act of 1922 (the i.t. ..... first, whether the appellant was entitled to claim as allowance under section 37(1) of the income-tax act, 1961 (the it. ..... in the income-tax return of the assessee for the assessment year 1966-67 (the previous accounting year being from 1st july, 1964 to 30th june, 1965), the interest and the damages of rs. ..... , in his assessment order made on that return, treated the said item of expenditure of rs. .....