Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
1. This appeal by the assessee has been filed against the order of the CIT (Appeals) IV, Hyderabad, dated 12-12-2002, in respect of asst. year 1999-2000.2. The assessee has raised nine grounds in this appeal which involve the following issues:- Inclusion in the total income of the sum of Rs. 1,23,59,180 being unrealized finance charges on hire purchase agreements (Rs. 24,00,077), unrealized lease rentals (Rs. 97,50,771) and unrealized interest (Rs. 2,08,332) on loans and advances to - M/s Share Medical Care, as alleged accrued income assessable to tax for the year under appeal under the mercantile system of accounting - Ground Nos. 1 to Inclusion in the total income of Rs. 2,47,123 being unpaid interest allegedly accrued and receivable from Godavari Capital Limited for then year under appeal under the mercantile system of accounting - Ground Nos. 6 and 7. Disallowance of legal expenses of Rs. 21,84,009 incurred for conducting legal proceedings against the defaulting debtors - Ground N...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD285(Hyd.)
1. All these appeals filed by the assessees are directed against the orders of the CIT(A), dt. 4th May, 1999 (ITA Nos. 573 to 576/Hyd/1999) and 5th Nov., 2002 (ITA Nos. 948 to 951/Hyd/2002) and relate to asst.yr. 1995-96. Though these appeals relate to different assessees, the issues are common. For the sake of convenience, these appeals are heard together and disposed of by this common order.2. ITA Nos. 573 to 576/Hyd/1999 are filed against the original assessment orders passed by the AO under Section 143(3) and ITA Nos.948 to 951/Hyd/2002 are filed against reassessment orders passed for the same assessment year. The brief facts of the case are as follows.3. Late Shri B. Paparaju was one of the co-owners of an immovable property admeasuring 36 grounds and 1,703 sq.ft., along with a building known as "Dinrose Estate" situated at Nos. 73 to 76, Anna Salai, Chennai. This property had been acquired on 24th Feb., 1979, by late Shri B.V. Gopalakrishna, father of Shri B. Papa Raju, for a co...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)1SOT355(Hyd.)
This appeal filed by the assessee is directed against the order of CIT (A)-I, Hyderabad dated 1-7-2003 and it pertains to the assessment year 2000-2001.The facts of the case revolve in a narrow compass. The assessee is an Educational Society established in the year 1993. In view of section 10(22) of Income Tax Act, 1961, the income of the Educational Society was exempt from tax and hence it has not applied for registration under section 12AA of the Act. After introduction of section 10(23)(c) of the Act, educational institutions, whose income is above Rs. 1 crore, has to obtain registration and seek approval for exemption. Admittedly, the annual receipt of the assessee till the assessment year 1999-2000 did not exceed Rs. 1 crore. However, in respect of the previous year relevant to the assessment year 2000-2001 the annual receipts having exceeded Rs. 1 crore, the assessee filed an application Form No. 56D for grant of exemption for the year 1999-2000. It may be noticed that Form No. ...
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 : (2005)273ITR10(Hyd.)
1. This appeal of the. assessee is directed against the order of the CIT(A)-IV, Hyderabad, dt. 24th Jan., 2001, for asst. yr. 1997-98. Brief facts of the case are as follows : 2. The assessee is a public limited company carrying on business as an investment company. It also derived income from other sources. The assessee filed its return of income on 1st Dec., 1997. The income declared for the current year was set off with carried forward business loss relating to asst. yr. 1996-97 and nil income was declared under regular assessment proceedings. The assessee computed income under Section 115J of the IT Act, 1961, at Rs. 32,960 and paid tax accordingly.3. The assessee during the year traded in purchase and sale of shares.This trading was divided into speculative and non-speculative transactions. The assessee had a net loss of Rs. 9,61,168 from non-speculative transactions. It had a profit on speculative transactions to the tune of Rs. 6,61,337. The division of the transactions into sp...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
This appeal of the assesses is directed against the order of the CIT (Appeals) IV, Hyderabad, dated 24-1-2001, for asst. year 1997-98. Brief facts of the case are as follows.2. The assessee is a public limited company carrying on business as an investment company. It also derived income from other sources. The assessee filed its return of income on 1-12-1997. The income declared for the current year was set off with carried forward business loss relating to asst. year 1996-97 and Nil income was declared under regular assessment proceedings. The assessee computed income under Section 115J of the Income-tax Act, 1961, at Rs. 32,960 and paid tax accordingly.3. The assessee during the year traded in purchase and sale of shares.This trading was divided into speculative and non-speculative transactions. The assessee had a net loss of Rs. 9,61,168 from non-speculative transactions. It had a profit on speculative transactions to the tune of Rs. 6,61,337. The division of the transactions into ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD338(Hyd.)
1. This appeal, filed at the instance of the assessee company, is directed against the order of the CIT (Appeals) IV, Hyderabad, dated 29-3-2000 and it pertains to the asst. year 1995-96.2. The facts concerning the issue in dispute revolve in a narrow compass. The assessee company received dividend amount of Rs. 15,78,521 from Avon Industries Ltd., which was offered to tax in the assessment year 1994-95 on accrual basis. The dividend was declared on 22-8-1994 and Avon Industries Ltd. issued a TDS certificate for an amount of Rs. 3,90,280. As per the provisions of the Income-tax Act, 1961, the dividend is assessable to tax in the year in which it is declared, distributed or paid. Admittedly, the dividend was declared during the previous year relevant to asst. year 1935-96, but because of the consistent practice followed by the assessee, it was wrongly offered to tax in the asst. year 1994-95 and that was accepted by the Assessing Officer by assessing the same as income of the assessee ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
1. This appeal filed by the assessee is directed against the order of the CIT(A), Tirupati, dated 29.10.2001 for the assessment year 2000-2001.2. There are three issues that arise for consideration in this appeal.The first issue is the claim for deduction under Section 35(2AB) of the Income-tax Act, 1961. The Assessing Officer restricted the allowance of expenditure on scientific research to 100% as against the weighted deduction of 125% claimed by the assessee.3. The learned counsel for the assessee fairly conceded that the assessee could not file the copy of the certificate of exemption from the prescribed authority, i.e. Secretary, Department of Scientific Research and Industrial Research, Government of India, and that he is not eligible for weighted deduction. Alternatively, he submitted that his claim for deduction under Section 80IB should be enhanced by treating the expenditure under Section 35(2AB) as Rs. 1,22,92,369 only.He brought to our notice that while granting relief und...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)272ITR17(Hyd.)
1. This appeal filed by the assessee is directed against the order of the CIT(A), Tirupati, dt. 29th Oct., 2001, for the asst. yr. 2000-01.2. There are three issues that arise for consideration in this appeal.The first issue is the claim for deduction under Section 35(2AB) of the IT Act, 1961. The AO restricted the allowance of expenditure on scientific research to 100 per cent as against the weighted deduction of 125 per cent claimed by the assessee.3. The learned counsel for the assessee fairly conceded that the assessee could not file the copy of the certificate of exemption from the prescribed authority, i.e., Secretary, Department of Scientific Research and Industrial Research, Government of India, and that it is not eligible for weighted deduction. Alternatively, he submitted that its claim for deduction under Section 80-IB should be enhanced by treating the expenditure under Section 35(2AB) as Rs. 1,22,92,369 only.He brought to our notice that while granting relief under Sectio...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
1. Both these appeals are filed by the assessee. ITA No. 1055/Hyd/02 is directed against the order of the Commissioner of Income-tax, AP-I, Hyderabad, dated 17.3.2002 passed under Section 263 of the Act for the assessment year 1997-98, whereas the other appeal, ITA No. 1055/Hyd/03 is directed against the order of the CIT(A)-II, Hyderabad, dated 18.8.2003, whereby the first appellate authority confirmed the assessment made for the assessment year 1997-98 in pursuance of the above order of the CIT under Section 263. As the issues arising out of both these appeals are common and pertain to the same assessment year, for the sake of convenience, they are heard together and disposed of, by way of this common order.2. The assessee is State Electricity Board formed under Electricity (Supply) Act, 1948. It filed its return of income for the assessment year 1997-98 on 30.11.1998 declaring total income at 'nil', after setting off 'current year's profit of Rs. 6,69,21,424 against brought forward ...
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