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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)

..... 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. ..... 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. ..... in the context of disallowance of entertainment expenditure as a business expenditure by virtue of sub-section (2a) of section 37 of the income-tax act, 1961, the word 'entertainment' must be construed strictly and not expansively. ..... 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 ? ..... 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. .....

Hiralal Dewan Chand Vs. Income-tax Officer

Court : Punjab and Haryana

Reported in : [1974]93ITR204(P& H)

..... a firm in bombay and from the interest paid by the -firm in this account, tax at the maximum rate was deducted under section 18(3b) of the indian income-tax act, 1922. ..... petitioner-firm on november 14, 1969, reading as under :'whereas i have reason to believe that your income, in respect of which you are assessable, chargeable to tax for the assessment year 1965 has escaped assessment within the meaning of section 147 of the income-tax act, 1961 ;i, therefore, propose to reassess the income for the said assessment year and i hereby require you to deliver to me within 30 days from the date of ..... the ghee was not mentioned and that, on that account, the statement must be recorded as incomplete; that though the income-tax officer was informed about the interest paid by the firm to the assessee, no question was raised of any possible liability of the assessee to tax on any other account, and that the question of the receipt of the sale proceeds in the taxable territories was bypassed. ..... tax officer initiated proceedings for reassessment under section 34(1)(a) of the income-tax act ..... of the assessee-firm were bogus hundi dealers, and on the basis of that information the income-tax officer entertained the belief that the cash credit entries in favour of those five firms shown in the accounts of the assessee were bogus and on that ground issued notice under section 148 of the act, i held that it amounted to change of opinion and not suppression of material facts on the part ..... tax officer, [1974 .....

Commissioner of Income-tax Vs. K.S. Gopalakrishnan

Court : Chennai

Reported in : [1995]216ITR443(Mad)

..... at the instance of the department, the tribunal referred the following two questions of law for our opinion under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that no interest under section 139(8) and section 215 of the income-tax act, 1961, could be levied in the assessee's case in the assessment completed on september 27, 1979 2. ..... whether the appellate tribunal's view that the assessment made on september 27, 1979, consequent to the setting aside of the assessment originally made under section 144 of the act by the commissioner of income-tax under section 263 was not a regular assessment and, therefore, the income-tax officer was not justified in charging interest under section 139(8) and section 215 of the income-tax act, 1961, is sustainable in law ?' 2. ..... as the income-tax officer did not grant interest on this refund amount under section 214 of the income-tax act, 1961, the assessee filed a revision petition to the commissioner for grant of interest on the refund amount of rs. ..... on appeal, the commissioner of income-tax (appeals) held that the ex parte assessment earlier made is a regular assessment and the fresh assessment made in pursuance of the order passed by the commissioner under section 263 of the act is not a regular assessment and, therefore, the commissioner of income-tax (appeals) held that interest under section 139(8) and section 215 cannot be levied. .....

Commissioner of Income Tax. Vs. Ms.Amal Generators Ltd.

Court : Chennai

..... in exercise of the jurisdiction under section 263 of the income tax act, the commissioner of income tax (appeals) sought to revise the order, placing reliance on the decision of the income tax appellate tribunal, special bench, mumbai reported in [1996] 217 itr itat reports 51 (cadell weaving ..... the facts and in the circumstances of the case the tribunal was right in not considering the applicability of the amendment to section 55(2) of the income tax act whereby the cost of acquisition of tenancy rights is stated to be nil?4. ..... raised now before this court are concerned, we do not think that they deserve any consideration, considering the fact position which was admitted by the commissioner while passing the order under section 263 of the income tax act.in the result, the tax case appeal stands dismissed. ..... prayer: tax case appeal filed under section 260a of the income tax act against the order of the income tax appellate tribunal, madras "b" bench dated 31.05.2002 in i.t.a.no.629/mds/1999 relating to the assessment year 1994-95.judgment(judgment of the court was delivered by ..... a matter of record that the only ground on which the commissioner exercised his jurisdiction to interfere with the order was that the assessee was not having any right to transfer its interest in tenancy and hence, rights being personal, the compensation received has to be considered as income assessable at the hands of the assessee.10. ..... admittedly, after 1974, there was no renewal of the lease in favour of .....

Commissioner of Income Tax Vs. Motor and General Finance Ltd.

Court : Delhi

..... khanna,j:(oral)vide order dated 11.9.2009, the following substantial questions of law were framed :(a) whether the itat was correct in law in holding that the assessee is neither a financial company nor a credit institution in terms of section 2(5b) of the interest tax act, 1974 and as such was not a taxable entity for the purpose of interest tax act, 1974? ..... first aspect was whether the assessee was a financial company as defined in section 2 (5b) of the interest tax act, 1974. ..... (b) whether the itat was correct in law in holding that for deciding principal business of a taxable entity under the interest tax act, 1974 only receipt from business is the criteria and the other parameters as the turnover, capital employment, head-count of persons employed in each line of business activity etc. ..... whether the receipt from lease charges, hire purchase charges and bill discounting charges could be taxed under the interest tax act, 1974 has not been examined.5. ..... the second aspect was whether the interest earned under the three heads namely, lease charges, hire purchase charges and bill discounting charges were chargeable to tax under interest tax act, 1974. ..... above, the issues which arose before the authorities below covered a wide spectrum, namely, reopening of the proceedings, the nature of the business carried on by the assessee, whether the assessee was a credit institution as defined in section 2(5a) of the 1974 act and on the merits of the case whether the a.o. .....

Travelite (India) Vs. Uoi and ors.

Court : Delhi

..... may be allowed by such officer or the audit party, as the case may be,(i) the records as mentioned in sub-rule (2) of rule 5; (ii) trial balance or its equivalent; and (iii) the income-tax audit report, if any, under section 44ab of the income-tax act, 1961 ( 43 of 1961), for the scrutiny of the officer or audit party, as the case may be. ..... in this regard, it is clarified that records/documents required to be maintained under various laws such as the income tax act, companies law the cenvat credit rules, 2004, vat and other state legislation would be acceptable, and the amendment made in the rule does not cast any additional ..... mechanism for audit and scrutiny of documents with the objective of safeguarding the interests of the revenue, in furtherance of the amendments made in the service tax rules, as indicated in paragraph 7 of the circular. ..... has also been incorporated in the said rules to prescribe that an officer authorised by the commissioner shall have access to any premises registered under the service tax rules for the purpose of carrying out any scrutiny, verification and checks as may be necessary to safeguard the interest of revenue and that the assessee w.p. ..... tax rules to enable the duly authorised offices to carry out audit or scrutiny as may be necessary to safeguard the interest ..... shall have access to any premises registered under these rules for the purpose of carrying out any scrutiny, verification and checks as may be necessary to safeguard the interest of revenue. .....

Assam Forest Products (P.) Ltd. Vs. Commissioner of Income-tax

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. .....

Commissioner of Income-tax, Bombay City Vs. Jagadishprasad Ramnath

Court : Mumbai

Reported in : AIR1955Bom255; (1955)57BOMLR77

..... the income-tax officer imposed penal interest upon the assessee under section 18a(8), income-tax act in the sum of rs. ..... to pay either tax, penalty or interest; and again under section 47, which deals with recovery of penalties in contradistinction to recovery of tax under section 46, provision is made for the recovery of any sum imposed by way of penalty under the various provisions which are set out there and also interest payable under the provisions of section 18a.therefore, the legislature has clearly kept in mind the distinction between a penalty imposed under certain provisions of the act and the interest which the ..... assessee is liable to pay under section 18a, and while providing for .....

M.V. Amar Shetty Vs. the Chief Commissioner of Income Tax and anr.

Court : Karnataka

Reported in : ILR2008KAR3441; [2009]309ITR93(KAR); [2009]309ITR93(Karn); [2009]177TAXMAN186(Kar); 2008(4)KCCRSN320; 2008(6)AIRKarR161(DB)

..... within four months from the date of receipt of the certified copy of the order, the request of the appellant was considered, but erroneously rejected that the petitioner had not satisfied condition (c) for waiver of interest charged under section 220(2a) of the income tax act, 1961, by not co-operating with the department by filing returns or in the assessment proceedings/payment ..... 1) rejecting his request under section 220(2a) of the income tax act, which enables an assessee to seek reduction of waiver of the interest payable on the delayed payment of tax demanded pursuant a notice issued under section 156 of the act, and for defaulting in payment of tax beyond the permitted period, had filed the writ petition.3. ..... learned counsel for the appellant submits that, the impugned order dated: 21-8-2007 passed by respondent herein (annexure-a to the writ petition) has been passed contrary to the provisions of section 220(2a) of the income tax act, and that, there has been a non-application of mind to the conditions mentioned under the sub-section and the request made by the petitioner at annexure-h1, h2 and h3, has been rejected in an arbitrary manner. ..... being unsuccessful in the said appeals, the assessee had, filed the writ petition questioning the rejection of his request for waiver of interest on the delayed payment of tax, as determined for those years and for not paying the tax within the time stipulated under the demand notice under section 156 of the act. .....

S. Venka Reddy Vs. Commissioner of Wealth-tax

Court : Andhra Pradesh

Reported in : (1985)49CTR(AP)271; [1986]159ITR683(AP)

..... the income-tax officer included the value of the partnership interest acting under section 4(1)(b) of the wealth-tax act, 1957. ..... we, therefore, answer the second question of law referred to us to the effect that the inclusion of the value of the partnership interest in the computation of the net wealth of the assessee under section 2(m) read with section 3 of the wealth-tax act is perfectly valid. 12. ..... that being so, we do not see why the wealth-tax officer cannot seek guidance from rule 2(1) of the wealth-tax rules for the purpose of valuing the partnership interest held by a hindu undivided family for the purpose of the wealth-tax act itself. ..... learned counsel for the assessee then contended that in the event of partnership interest held by a hindu undivided family being taxed under charging section 3 itself, the valuation of such partnership interest cannot be made in the manner prescribed by rule 2(1) of the wealth-tax rules, 1957, for purposes of section 4(1)(b) of the act as the said rule is only for the purpose of section 4(1)(b) of the act. ..... this is the clear effect of section 2(e) and section 2(m) read with section 3 of the wealth-tax act. ..... this reference arises under section 27(1) of the wealth-tax act, 1957 ('the act' for short). ..... reading section 3 together with section 2(e) and 2(m) of the act, there can be no escape from the conclusion that a hindu undivided family is liable to pay wealth-tax in respect of the value of the partnership interest held by it. .....