Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 26 abetment of false returns etc Page 8 of about 209 results (0.115 seconds)

Commissioner of Income-tax Vs. Makal Suta Cotton Co. P. Ltd.

Court : Madhya Pradesh

Reported in : (2005)198CTR(MP)675; [2005]275ITR54(MP)

..... this appeal by the revenue under section 260a of the income-tax act, 1961 ('the act' for short), is against the order of the income-tax appellate tribunal, indore bench, dated march 26, 2004, in ..... has filed this appeal contending that the following substantial questions of law arise on the facts and circumstances of the case for consideration :(i) whether the income-tax appellate tribunal was justified in law in quashing the order passed by the commissioner of income-tax under section 263 of the income-tax act, 1961 ? ..... found that having regard to the fact that the persons who had deposited the share application money were examined and found to be income-tax assessees with pan numbers, the order of the assessing officer accepting the credits in this behalf was correct. ..... that the persons who had paid the share application money were all regular income-tax assessees and their pan numbers were disclosed and money had been received through account ..... the assessee filed an application dated december 20, 2000, under section 144a before the joint commissioner of income-tax, bhopal range, seeking a direction to the assessing officer to ..... -tax appellate tribunal was justified in law in holding that the order passed by the assessing officer cannot be said to be erroneous as well as prejudicial to the interests of the revenue in view of the detailed reasoning given by the commissioner of income-tax, while passing order under section ..... the assessee filed its return of income on november 27, 1998, .....

Mehatpur Filling Station and anr. Vs. State of Himachal Pradesh and or ...

Court : Himachal Pradesh

Reported in : [2003]133STC101(HP)

..... 8 of the bill as introduced, that it proposes to authorise the state government to prescribe the form and manner in which certificate under sub-section (3) of section 3 shall be furnished by the dealer, the manner of furnishing security under section 5, the manner and intervals at which and the authority to which the returns are to be furnished under sub-sections (1) and (2) of section 5-a together with the manner of payment of tax under sub-sections (3) and (4), the manner of service of notice and of payment of tax, penalty or interest under sub-sections (2) and (7) of section 5-b, etc. ..... particulars of his sales or purchases or has furnished to, or produced before, any authority under this act or the rules made thereunder any account, return or information which is false or incorrect in any material particular, the commissioner, or any person appointed to assist him under sub-section (1) of section 20, may, after affording such dealer a reasonable opportunity of being heard, direct him to pay by way of penalty in addition to the tax to which he is assessed or is liable to be assessed, an amount which shall not be less than twenty .....

The Commissioner of Income-tax, Bombay Vs. Daimler Benz A.G.

Court : Mumbai

Reported in : AIR1978Bom307; 1978TAXLR924

..... tax and that since under sub-section (8) of section 18a the amount of interest determined in accordance with the provision of sub-section (6) was liable to be 'added to the tax as determined on the basis of the regular assessment', it was clear that the amount of interest determined under sub-section (8) of section 18a was an addition to the tax and this addition to the tax had been made by reason of the provisions of the section which formed part of the general machinery for assessment of tax liability created by the income-tax act ..... court recast the question thus: 'whether on the facts and circumstances of the case, the appellate assistant commissioner was right in declining to consider the objection of the assessee to the levy of interest under sub-section (4) (a) read with clause (iii) (a) of the proviso to sub-section (1) of section 139 and to the levy of penal interest under section 215(1) of the income-tax act, 1961 ? ..... under section 2 (2) 'assessee' means 'a person by whom income-tax or any other sum of money is payable under this act' and under sub-section (1) of section 23 what the income-tax officer is called upon to do, after being satisfied that a return made under section 22 is complete, is that 'he shall assess the total income of the assessee and shall determine the sum payable by him on the basis of such return. ..... act, which deals with the topics like deduction of tax at source, etc. ..... 35 of 1974 decided on ..... 35 of 1974) decided on 18-3-1976 a copy of which was made .....

Mitsui and Company Ltd. Vs. Deputy Commissioner of Income Tax

Court : Delhi

Reported in : (1999)65TTJ(Del)1

..... . when no action has been taken by the revenue for levy of penalty under section 221 and delay in payment of tax has been fully compensated by payment of interest no further action is justified under section 271c of the income tax act, looking to the ratio of the affricated decision of the hon'ble jurisdictional delhi high court.8.42 ..... (d) that the department has not taken any action for charge of interest for the delay in payment of the amount of short tax deduction as per the provisions of section 201(1a) of the income tax act and the assessee- company paid the interest amount along with the amount of short tax deduction suo motu. ..... in india, further, it was also being asked (para 2) as to whether any tds returns under section 206 of the income tax act were being filed, and, if yes, where the questionnaire, to submit the least, was a general questionnaire addressed to anpara project seeking details of personnel, having no experience of finance/tax matters entrusted with disbursement of specific amounts to the expatriates employed in india, duly furnished details vide reply dt. ..... the assistant commissioner issued a letter on 28th march, 1995, calling for information under section 133(6) of the income tax act about the salary, etc. ..... the tax deductor had been resisting in furnishing the details as is obvious from the false denial made by the company.3.4. ..... cgt : [1974]94itr269(delhi) .8.28. .....

Cil Securities Ltd., Hyd. Vs. Commissioner of Income Tax, A.P. and Ano ...

Court : Andhra Pradesh

Reported in : 2000(4)ALD69; 2000(2)ALT541; (2000)161CTR(AP)44; [2000]242ITR472(AP)

..... it cannot be said that the tax was not due under the interest tax act by the date of filing declaration when the dues payable under the interest tax act are adjusted without giving any notice as contemplated under section 245 of the income tax act. ..... the demand under interest tax act was adjusted while finalising the assessment under section 143(1)(a) of the income tax act and the said intimation under section 143(1)(a) has become final as the petitioner has not questioned the same.10. ..... section 245 has no application for the adjustment of the demand of tax under the interest tax act. ..... the assessing officer simultaneously initiated penal proceedings under section 13 of the interest tax act. ..... the petitioner-company was contending that it was not liable to interest tax, and therefore, according to the petitioner, no return of income were filed for the assessment years 1994-95 and 1995-96. ..... the deputy commissioner of income fax (assets), special range, hyderabad, while scrutinsing return of income-tax of the petitioner for the assessment year 1997-98 intimated the proceedings dated 30-3-1998 under section 143(1)(a) of the income tax act, 1961, determining the total income tax payable and the refundable amount to the petitioner. ..... he can do so by scrutinsing the return and perusing the departmental records relating to assessment and recovery. .....

Commissioner of Income-tax Vs. Ajoy Paper Mills Ltd.

Court : Kolkata

Reported in : [1990]181ITR454(Cal)

..... the time of completion of the assessment, a question regarding the allowance of interest to the assessee under section 214 of the income-tax act, 1961, arose. ..... 500 made on january 16, 1976, for the purpose of calculation of interest under section 214 of the income-tax act, 1961 ?'2. ..... the instance of the commissioner of income-tax, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the assessment year 1976-77 :'whether, on the facts and in the circumstances of the case, the tribunal is justified in directing the income-tax officer to take the payment of rs. ..... there is no reference in section 214(1) about the dates on which instalments are payable under section 211 of the act this section does not prescribe that, to be eligible for interest, advance tax has to be paid on the date(s) stipulated under section 211 for payment of such ..... when the matter came before the appellate assistant commissioner, he agreed with the income-tax officer that interest under section 214 could not be allowed on the amount paid on january 16, 1976, which was after the due date of december 15, 1975, though it was prior to the end of the financial ..... is submitted that though credit is given by the department for the tax paid in the financial year beyond the stipulated date(s), the assessee cannot claim interest under section 214 unless payments have been made in accordance with the provisions of the act within the time provided under the law. .....

Life Insurance Corporation of Vs. Joint Commissioner of Interest

Court : Income Tax Appellate Tribunal ITAT Mumbai

..... bonds for the purpose of chargeable interest under the act as the same could not be classified as interest on loans and advances under section 2(7) of the interest-tax act, 1974 (as amended by the finance act, 1994).4. ..... interest on such debentures must be treated as interest on investments, which fall outside the purview of the interest-tax act, 1974, and not as interest on loans and advances taxable under the interest-tax act, 1974 ..... reference is then made to the definition of the term "interest" given in section 2(28a) of the it act, 1961, and to the definition of the expression "interest on securities" given in section 2(28b) of the it act r/w section 2(10) of the interest-tax act and it is held that government security and other securities are special categories of loans and advances as they are secured ..... loans and advances are transactions of lending of money or transfer of goods by the creditor to the borrower under an agreement under which there is recognition of liability on the part of the borrower to return it with or without interest.12. ..... interest on securities), in the new version of the act, natural meaning of the word "interest" as defined in section 2(7) of the act had to be given effect, and therefore, interest on debentures, bonds, securities, etc ..... consideration, assessee filed its returns oe chargeable interest showing chargeable interest as follows :asst. ..... , 'to loan' implies that a thing is delivered to another for use, without reward, and to be returned in specie. .....

ito Vs. Dr. Manjit Singh Sekhon

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)91TTJ(Chd.)393

..... only effective issue raised in these appeals is that commissioner (appeals) was not justified in deleting the interest charged under section 234b of the income tax act in view of the fact that the said order ceased to exist when chief commissioner partially waived the interest and his order became final under the provisions of section 273a(5) of the income tax act.the facts of the case are that the government had acquired the agricultural land owned by the ..... but this sub-clause was omitted by the direct tax laws (amendment) act, 1989, with effect from 1-4-1989.though the above mentioned circular of the cbdt conferred powers on the chief cit/director general of income-tax to reduce or waive the interest charged under these sections, yet the corresponding provisions in sub-section of section 273a have not been restored in the income tax act. ..... , however, in the present cases, we have already stated that interest has not been reduced under section 273a of the income tax act. ..... he submitted that the chief commissioner waived the interest by relying on the abovementioned instructions of the cbdt and not under section 273a of the income tax act. ..... in that case, the assessing officer had imposed penalty under section 18(l)(a) of the wealth tax act, the assessee also moved an application under section 18(2a) before the cwt for waiver of penalty. ..... but no such condition was imposed.as regards section 273a(5) of the income tax act, the same deals with waiver of penalties. .....

Motorola Inc., Erisson Radio Vs. Deputy C.i.T.

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2005)96TTJ(Delhi)1

..... in the case of ranchhoddas karsondas (1959) 36 itr 569 (sc) as per the head note, it was held as under:- "a return showing income below the taxable limit submitted voluntarily in answer to the general notice under section 22(1) of the income-tax act is a good return; it is a return such as the assessee considers represents his true income. ..... the liability to pay interest arises on the default being committed and thereafter any reference to the specific section of the income-tax act under which the interest is charged is only a matter of procedure. ..... dastur submitted that the precise question before the supreme court was not with regard to the power of the a.o.to levy interest under section 234a etc. ..... basis of kalyankumar ray (supra) which according to him is not applicable to a case of levy of interest under sections 234a and 234b etc. ..... he also pointed out that this judgment is being erroneously invoked by the department in cases of levy of interest under sections 234a etc. ..... whereas in fact that judgment has nothing to do with the levy of interest at all and was only concerned with the question whether the calculation of the tax, interest, etc. .....

Commissioner of Income Tax Vs. Excellent Commercial Enterprises and In ...

Court : Delhi

Reported in : (2005)197CTR(Del)187; 122(2005)DLT72; 2005(83)DRJ193; [2006]282ITR423(Delhi)

..... the appeal of the revenue thus was dismissed giving rise to the present appeal by the revenue under section 260a of the income-tax act. ..... to set off the unabsorbed b/f losses against dividend income which is chargeable to tax u/s 56(2)(i) of the income tax act, 1961 as income from other sources and not income from business or profession.'2 ..... the income whether directly or incidentally for holding of such shares as stock-in-trade, would be business income then it cannot be said that the dividend income would fall as an income from other sources as contemplated under section 56 of the act and that set off of under section 72 of the act in subsequent year would not be permissible. ..... applying the above settled principles, the income-tax appellate tribunal had affirmed a finding of the income-tax commissioner (appeals) that the company in the interest of its business and to earn additional profits arising from such stock-in-trade had invested its money which was earning dividends on shares held in stock-in- ..... 1954 pending completion of sale, the business was being carried on on behalf of the purchaser company since the price fixed less than the book value of the assets, the appellant claimed a balancing allowance under section 10 of the act for the assessment year 1956-57. ..... the necessary facts are that assessed filed return of income declaring `nil income' on 26th november, ..... dalmia : [1974]96itr463(delhi) and the judgment of the madras high court in the case of commissioner of income-tax v. .....