Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 6 computation of chargeable interest Court: income tax appellate tribunal itat amritsar Page 1 of about 7 results (0.174 seconds)

income Tax Officer Vs. J and K Bank Ltd. [Alongwith Ita

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)94TTJ(Asr.)836

..... interest on such debentures must be treated as interest on investments, which (all outside the purview of the interest tax act, 1974 and not as interest on loans and advances taxable under the interest tax act, 1974 ..... this judgment is with reference to interest tax act, 1974, which is applicable to the interest received by banks and later ..... held that interest on investment made in debentures in accordance with banking regulation act was not interest on securities in terms of sections 18 and 193 of the it act, so as to go out of purview of interest-tax act. ..... at cost, but in the assessment year under appeal, it decided to change the method of valuation of investment in securities to bring in line with the provision in the banking regulation act wherein it is provided that for deciding whether a particular banking company was maintaining cash and unencumbered approved securities at a specified percentage of total deposits, the market value of the securities at ..... before the cit(a) that the assessee being a banking company, investments in securities were essential part of the banking business.it was submitted that as per banking regulation act, the assessee was under statutory obligation to keep part of the deposits in the form of securities for meeting liabilities and also for ensuring liquidity.relying on the ..... stock-in-trade or investment and consequently, the loss claimed by the banks on the valuation of their securities should be allowed as deduction in computing the taxable profit. .....

Onkar Capital Growth Pvt. Ltd. Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)92ITD453(Asr.)

..... assessee is a chit fund company as defined in the chit funds act, 1982, that a return declaring total chargeable interest at nil was filed; that in the course of assessment proceedings, it was stated on behalf of the assessee that the business carried on by it was that of conventional chits and hence it was not a credit institution as defined in section 2(5a) read with (5b) of the interest tax act, 1974 (hereinafter called the act) and hence the subscriptions received in respect of chit fund were not ..... in the opening part of the assessment order that the assessee is chit fund company, governed by the chit funds act, 1982 we, therefore, find no hesitation in holding that it is not covered in section 2(5a) with (5b) and is accordingly out of the ambit of the interest tax act. ..... have been excluded from the residuary non-banking companies, for the purposes of directions that are meant for residuary non-banking company, a term, which is synonymous with clause (va) of section 2(5b) of the interest tax act.6.6. ..... sum or in instalments by way of contribution or subscription or by sale of units or certificates or other instalments or in any other manner.the meaning given to a residuary non-banking company, in these directions, is similar to that which has been defined in section 2(5b) (va) of the interest tax act. ..... the assessee is the action of the cit(a) in holding it as a financial company, being a residuary non banking company, as defined in section 2(5b)(va) of the interest tax act.3. .....

The Asstt. C.i.T., Range 1 Vs. the J and K Bank Ltd.

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2008)110ITD603(Asr.)

..... that reference in the said provisions and the rule to the assessee, shall be construed as reference to an assessee has defined in this act.8.1 according to the learned counsel for the assessee, a reading of section 21 of the interest tax act itself shows that section 295 of the income tax act has not been made applicable to interest tax act; and that being so, rule 46a(3) of the income tax rules, 1962 is also not applicable to the interest tax act.8.2 the contention on behalf of the assessee is, we find, correct to the extent that ..... for facility, section 21 of the interest tax act is being reproduced hereunder: the provisions of sections and schedules of the income tax act and the income tax (survey proceeds) rules, 1962 as enforced from time to time shall apply that necessary modification as if the said provisions and the rule referred to interest tax instead of income tax act; and 2(44), 119, 129, 131, 132, 132a, 132b, 133 to 136 (both inclusive), 138, 140, 145, 156, 160, 161, 162, 163, 166, 167, 170, 173, 175 ..... this, according to the learned counsel for the assessee, is so since section 21 of the interest tax act, which lays down the sections or the income tax act which are applicable to the interest tax act, does not mention section 295 of the income tax act. ..... in the computation of taxable interest, as per the revised return filed by the assessee, the assessee claimed deduction on account of interest on commercial paper, to the tune of rs. .....

The Asstt. Commr. of Income-tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2005)97TTJ(Asr.)1101

..... for which the assessee failed to rebut the presumption raised under the law that contents of the documents seized were "correct; he further referred to the provisions of section 92 of the income-tax act which was rightly invoked in the present case because of assessee's close connections with the foreign countries through whom transactions of under invoicing were routed. ..... year, no action shall be taken under this section after the expiry, of four years from the end of the relevant assessment-year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under section 139 or in response to a notice issued under sub-section (1) of section 142 or section 148 or to disclose fully and truly all ..... the ld.dr submitted that the period of limitation for filing a reference under section 256 of the income-tax act, 1961 start from the date of service of the order of the ..... punjab & haryana high court held, where the relevant additions were made on the basis of the order of assessment passed by the assessing authority under the sales tax act, it is still further admitted position that the appeal filed by the assessee against the order of the assessing officer before the joint excise and taxation commissioner was ..... interest under section 234b(3) was chargeable ..... formed part of business profit or not for the purpose of computing deduction under section 80hhc was restored by the tribunal to the file of the .....

NavIn Kumar and Ashu Bagla Vs. Jt. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... on the date when bench heard the appeals and the member sent the initial draft order on account of difference between the learned members of the income tax appellate tribunal, amritsar bench, amritsar, the following questions have been referred to me under section 255(4) of the income tax act:- "whether penalty under section 271d, in view of facts and circumstances, can be entirely deleted or matter can be restored back on the file of the assessing officer for reconsideration ..... 200 per day and once the principal including the interest is returned, they have taken again further loan of rs. ..... 10,000 and had returned it with interest at a nominal instalment running from rs ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the assessing officer for adjudication of ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the assessing officer for adjudication of ..... juneja traders, fazilka found that this concern has advanced loans to various persons against interest. ..... 10,000 to various persons against interest. ..... lt was further stated that the assessing officer, while making the assessment of m/s.juneja traders, fazilka, found that this concern has advanced loans to various persons against interest. .....

Durga Prashad Goyal Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD0227S(Asr.)

..... in section 147 of the income tax act.section 147 of the income tax act prior to the substitution by direct tax laws (amendment) act, 1987 with effect from 1-4-1989, stood as under:- (a) 'off the assessing officer has reason to believe that, by reason of the omission or failure on the part of an assessee to make a return under section 139 for any assessment year to the assessing officer or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax ..... ashoka industries, the appellant in three years has also challenged the levy of interest under sections 139(8) and 215 in the reassessment proceedings. ..... as the proceedings and the consequential assessment under section 148 are annulled, there cannot be any question of charging interest under these sections.in the result, the appeal(s) of m/s. ..... such loan was stated to have been raised and returned in cash though interest on such loan was paid by cheque/bank draft. ..... during the assessment proceedings, the income tax officer finalized the return by allowing deduction of such interest. ..... 2 on merits as it is of academic interest only.no other point is argued or pressed nor there is any need to go in those points in view of our above finding.as a result, we cancel the orders of the authorities below and allow all the appeals of the assessee. .....

Asstt. Commr. of Income Tax Vs. Sachdeva and Sons

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)97ITD425(Asr.)

..... on the show-cause notices issued by the fera, authorities, confessional statement of shri ashok sachdeva, statement of shri kranti arora and other statements recorded by the fera authorities for the purpose of initiating action under section 147 of the income tax act.now the issue that requires to be considered by this bench is whether such material was sufficient for the assessing officer for initiating action of under ..... (2000) 245 itr 659 (del), the learned departmental representative submitted that the period of limitation for filing a reference under section 256 of the income tax act, 1961, starts from the date of service of the order of the tribunal on the cit concerned having jurisdiction over the case of the assessee. ..... that the cit(a), amritsar, has grossly erred in confirming the action of the learned income tax officer, ward-v(4), amritsar, in reopening the case of the assessee under section 148 of the income tax act, 1961, on the basis of alleged statement by shri ashok sachdeva, partner of the assessee-firm before the enforcement directorate on 31-5-1997.3. ..... however, the issue whether the rental income formed part of business profit or not for the purpose of computing deduction under section 80hhc was restored by the tribunal to the file of the assessing officer vide tribunal's order dated 20-3-1998 (copy placed at pp. ..... that interest under section 234b(3) was chargeable with effect from 1-4-1990 and not with effect from 1-4-1989. .....

Shri NavIn Kumar S/O Shri Sohan Lal Vs. the Jt. C.i.T. [Alongwith I.T. ...

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... .there being difference of opinion amongst the members constituting the bench in above noted appeals, following point of difference is formulated and referred to learned president for nominating third member under section 255(4) of the income tax act whether penalty under section 271d, in view of facts and circumstances, can be entirely deleted or matter can be restored back on the file of the assessing officer for reconsideration 1. ..... reported in 255 itr 258 and hon'ble supreme court while upholding the validity of the provision has held as under: section 269ss of the income tax act, 1961, prescribing the mode of taking or accepting certain loans or deposits, is not discriminatory and it not violative of article 14 of the constitution of india; nor was it enacted ..... day and once the principal including the interest is returned, they have taken again further ..... had returned it with interest at a nominal instalment running ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the ..... therefore, in the interest of justice and in order to have fair play in the matter, i find it just and appropriate to set aside the orders of authorities below and restore the matter back on the file of the ..... this concern has advanced loans to various persons against interest. ..... against interest. ..... that this concern has advanced loans to various persons against interest. .....

Wealth-tax Officer Vs. Walaiti Ram (Huf)

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (1998)66ITD46(Asr.)

..... the hon'ble president has referred this matter to me under section 24(11) of the wealth-tax act read with section 255(4) of the income-tax act, on account of difference between the members of amritsar bench who heard the appeals in the ..... act, 1957 read with section 255(4) of the income-tax act, 1961 as there is a difference or opinion on the point of applying the multiple for determining the market value of assessee's rented properties, we refer the case to the president of the appellate tribunal in accordance with section 24(11) of the wealth-tax act, 1957 read with section 255(4) of the income-tax act, ..... to me as a third member :- "as there is a difference of opinion on the point of applying the multiple for determining the market value of assessee's rented properties, we refer the case to the president of the appellate tribunal in accordance with section 24(11) of the wealth-tax act, 1957 read with section 244(4) of the income-tax act, 1961 ? ..... the matter could then be referred to a third member under section 255(3) of income-tax act, 1961, if need be' which is evident from d.o. no. ..... before 31-3-1978 and 31-3-1979, then it cannot be relied upon, because on these dates the bank was in competition to have capital by way of deposits and, therefore, on such deposits, it can and has to allow higher rate, interest than that of nationalised banks or state bank of india or on bonds by government of india or reserve bank of india.20. ..... madhu 1974 klt 143 and gujarat high court decision in .....

T.S. Manocha Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)98ITD242(Asr.)

..... jammu bottling co.were taken over by buyer except for working directors.we may refer to section 28(va) of the income tax act which provides that the following income shall be chargeable to income-tax under the head "profits and gains of business and profession", "any sum, whether received or receivable, in cash or kind, under an agreement for (b) not sharing any know-how, patent, copyright, trademark, ..... whatever compensation or other payments were-received by its directors are to be taxed under section 28(ii)(a) of the income tax act which provides that any person, by whatever name called, managing the whole or substantially the whole of the affairs of an indian company, at or in connection with the termination of his management or the modification ..... gillette being a part of the non-compete agreement and non-compete agreement merely providing certain restrictions on the assessee in the line of non-undertaking any competitive enterprise hampering with the interests of gillette, the receipt must be considered to be directly related to the said restrictive activities and could not be stretched to be pertaining to any other duties of the nature of active performances. ..... it was in the business interest to get the agreement also executed by the assessee ..... , it cannot be said that the order passed by the assessing officer was erroneous insofar as prejudicial to the interest of the revenue. ..... -compete fee has been paid to the working directors to safeguard the company's interest. ..... interest .....