Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD493(Hyd.)
1. This appeal is filed by the assessee against the order of the Commissioner of Income-tax (Appeals)-I, Hyderabad, dated 12-11-2001, for asst. year 1997-98.2. The assessee is a society registered under Section 12A of the Income-tax Act, 1961. The assessee had filed its return of income for the asst. year 1997-98 on 24-10-1997 declaring 'nil' income after claiming exemption under the provision of Section 11 of the I.T.Act.The Assessing Officer held that the assessee violated the provisions of Section 13(1)(c) of denied exemption under Section 11. Thus, the assessment was made under Section 143(3) on a total income of Rs. 1,09,12,615 and a sum of Rs. 43,65,048 was determined as tax payable thereon together with interest under Section 234B of Rs. 31,42,800, by assessment order dated 30-3-2000. The Assessing Officer had taxed all the receipts of the year. On appeal, the Commissioner (Appeals) upheld the order of the Assessing Officer that there is violation of provisions of Section 13(1)...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)1ITD45(Hyd.)
1. These appeals have been set down for hearing by a Special Bench as they involve a common question of law of general importance relating to the construction of Section 115J of the Income-tax Act, 1961.2. The facts relating to Messrs. Surana Steels (P.) Ltd. (I. T. A. No.1845/ (Hyd.) of 1990) are as follows. The assessee is a private limited company. For the assessment year 1988-89, corresponding to the previous year ending on October 22, 1987, the net profit according to the profit and loss account was Rs. 27,67,443. The Assessing Officer, by assessment order dated April 7, 1989, read with the rectification order dated September 20, 1989, deducted unabsorbed depreciation of Rs. 10,63,855 (made up of Rs. 10,10,304 for the assessment year 1986-87 and Rs. 53,551 for the assessment year 1987-88) and determined the book profits at Rs. 17,03,588 in order to apply the provisions of Section 115J. Thirty per cent. of this amount came to Rs. 5,11,076 which was determined as the taxable income...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46TTJ(Hyd.)458
These appeals have been set down for hearing by a Special Bench as they involve a common question of law of general importance relating to the construction of S. 115J of the IT Act, 1961.2. The facts relating to M/s. Surana Steels (P) Ltd. (ITA No.1845/Hyd/90) are as follows. The assessee is a Pvt. Ltd. Co. For the asst. yr. 1988-89, corresponding to the previous year ended 22nd Oct., 1987, the net profit according to the Profit & Loss account was Rs. 27,67,443. The Assessing Officer by assessment order dt. 7th April, 1989 read with the rectification order dt. 20th Sept., 1989 deducted unabsorbed depreciation of Rs. 10,63,855 (made up of Rs. 10,10,304 for asst. yr. 1986-87 and Rs. 53,551 for asst. yr. 1987-88) and determined the book profits at Rs. 17,03,588 in order to apply the provisions of S. 115J. Thirty per cent of this amount came to Rs. 5,11,076 which was determined as the taxable income since it was higher than Rs. 4,26,714 being the income computed under the other provis...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)93ITD71(Hyd.)
1. This appeal by the assessee is arising out of the order of the learned CIT (Appeals), Guntur, dated 3-3-2003. The assessee has raised the following grounds before us:- "2. The learned CIT (A) is not justified in upholding the addition made by the Assessing Officer of the amounts of donations received by 'Sri Satya Sai Trust for Learning' to the income declared by the appellant which is contrary to the facts and provisions of law. 3. The learned CIT (A) ought to have seen that the Assessing Officer did not call for the objections of the appellant for the proposed addition." 2. The assessee is the proprietrix of Omega Academic Services (OAS in brief), an educational institution. A survey was conducted at the premises of the institution on 24-8-1999. During the course of survey, certain challans for payment of donations to Sri Satya Sai Trust For Learning were found. The husband of the assessee, Shri P. Janaki Ramulu, who was in charge of administration of OAS, was questioned. He gave...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD583(Hyd.)
1. These two appeals, the first one being an appeal by the Revenue for assessment year 1983-84 and the other by the assessee for assessment year 1984-85, are against the orders of the Commissioner of Income-tax (Appeals) and as they involve common points they are being disposed of by this common order for the sake of convenience.2. The sole dispute in these appeals is as to whether the assessee is entitled to exemption under Section 10(22) of the Income-tax Act, 4961.The assessee is an educational society registered under the A.P.(Telengana Area) Societies Act, 1989 on 4-9-1980. The society has no other activity except running of Matari Venkata Subba Rao Engineering College. It was started in September 1981 and continues its affiliation with Osmania University since inception. The College has Civil Engineering, Mechanical Engineering, Computer Science, Electronics and Communication Engineering Branches with 290 annual intake of students - 250 for 4 years Degree Course and 40 for three...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)15ITD26(Hyd.)
1. This is an appeal filed by Sri Balaji Metal Finishers, Secunderabad against the order of Commissioner Hyderabad, for the assessment year 1979-80.2. The assessee is a company incorporated for job works for electroplating. The assessee claimed investment allowance and was allowed the same at 25 per cent on an outlay of Rs. 1,43,593 working out to Rs. 35,898. The assessee had made reserve as required and the ITO allowed the investment allowance as claimed. Since the assessee had only a loose investment allowance was indicated in the assessment order as an amount which would be carried forward. The Commissioner noticed the assessment. He was of the view that the activity of electroplating cannot be treated as manufacture and that, therefore, investment allowance was wrongly allowed. He issued notice to show cause why the investment allowance should not be withdrawn acting under Section 263 of the Income-tax Act, 1961 ('the Act'). The assessee replied with reference to case law that the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56ITD64(Hyd.)
1. These two appeals, one by the assessee and the other by the revenue, relate to asst. year 1985-86. They are against the orders of the Commissioner of Income-tax (Appeals). The assessee's appeal is against treating it as an agent of M/s South Glory International Pvt. Ltd., Singapore under Section 163 of the I.T. Act, 1961 while the Revenue's appeal is against cancellation of order under Section 143(3) on the assessee in representative capacity as agent of the non-resident company.2. The facts of the case are as follows: On 11 -2-1983, the assessee entered into an agreement at Singapore with M/s South Glory International Pvt. Ltd. for taking fishing vessels owned by the latter on hire for a period of 36 months with an option thereafter to purchase the vessels or return them to the owner. The vessels were to be delivered at Visakhapatnam fully equipped for deep-sea-fishing. As per clause 5 of the said agreement, the vessels were employed for carrying on the business of fishing/ proces...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)54ITD38(Hyd.)
1. These four appeals are by the assessee against the orders of the Commissioner of Income-tax (Appeals). The common controversy in these appeals is whether during asst. years 1991-92 to 1994-95, the assessee failed to deduct tax at source under sec. 195 of the I.T. Act from the payments made to the non-resident and make payment thereof to the credit of Government of India. For the sake of convenience, all these appeals are disposed of by this common order.2. The Assessing Officer held that the assessee made the payment to the non-resident within the meaning of sec. 195 and was liable to deduct tax at source therefrom and that failure to do so made the assessee liable to deposit the amount to the credit of Govt. of India and pay interest for such failure under Section 201 (1A) of the I.T. Act.Section 195 of the I.T. Act, 1961, reads as under : 195. (1) Any person responsible for paying to a non-resident, not being a company, or to a foreign company, any interest (not being interest on...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)16ITD544(Hyd.)
1. This is an appeal filed by the revenue against the decision of the Appellate Controller dated 6-5-1982 allowing the appeal filed before him by the accountable person against the order of the Assistant Controller dated 31-3-1977. The relevant facts necessary and leading to this appeal may be stated as under: 2. Rajah Manyam Kanakayya used to be zamindar of Gootala, etc., villages in the territory of French Yanam. He is a vysya (merchant community). It is admitted that in last seven generations there were only adoptions in the family wherefrom Rajah Manyam Kanakayya hails.Rajah Manyam Kanakayya had extensive properties both movable and immovable. Among immovable properties there are agricultural, non-agricultural as well as house at Rajahmundry. The Assistant Controller" valued the estate devolved upon the accountable person on the death of Smt. Manyam Meenakshamma wife of Rajah Manyam Kanakayya at Rs. 7,42,487. Rajah Manyam Kanakayya died on 28-7-1949. Before his death, while he was...
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