Allahabad High Court Cit vs Ram Rattan Lal Verma on 1 December, 2004 Equivalent citations: 2005 145 TAXMAN 256 All Author: P Krishna ORDER P. Krishna, J. The income-tax Appellate Tribunal, Delhi at the instance of the Income-tax department has referred the following two questions of law under section 256(1) of the Income Tax Act, 1961 (hereinafter … Continue reading Cit vs Ram Rattan Lal Verma
Commissioner Of Income Tax vs M.D. Patil
Karnataka High Court Commissioner Of Income Tax vs M.D. Patil on 19 September, 1997 Equivalent citations: ILR 1997 KAR 2922, 1998 229 ITR 71 KAR, 1998 229 ITR 71 Karn Author: G Bharuka Bench: G Bharuka, P V Shetty, V G Gowda ORDER G.C. Bharuka, J. 1. The assessee is a Development Officer employed with … Continue reading Commissioner Of Income Tax vs M.D. Patil
Cit vs Ram Rattan Lal Verma
Excerpt: payments received by an employee in respect of any period of leave not availed of by him will be exempt from income-tax only in cases where such payments are received on retirement and subject to the fulfilment of the other conditions laid down in section 10(10AA) of the Income-tax Act Allahabad High Court Cit vs Ram … Continue reading Cit vs Ram Rattan Lal Verma
S.C. Majumdar vs Commissioner Of Income-Tax
Excerpt: The harmonious effect of the provisions of the section would be to say that on completion of the entire building, including the residential unit which is in the occupation of the assessee, the assessee is entitled to a relief. But, in computing that relief, the annual value of the residential unit which is in … Continue reading S.C. Majumdar vs Commissioner Of Income-Tax
In order to claim benefit of deduction under Clause (c) of the second proviso to Section 23(1) of the Act from the annual value, the unit should be a residential unit.
Excerpt: The applicant is an individual. He derives income from salary and property. He owns a property situated at B-40, Nirala Nagar, Lucknow. The ground floor of the property was let out on 1st Aug., 1978, to the Fertiliser Corporation of India Ltd. on a monthly rent of Rs. 4,500 out of which Rs. 1,250 … Continue reading In order to claim benefit of deduction under Clause (c) of the second proviso to Section 23(1) of the Act from the annual value, the unit should be a residential unit.
If an assessee company carries on a particular business claiming to be a club or mutual concern, and by giving the same facilities to all alike, the dealings as a whole would the same profit earning motive.
Excerpt: if the object of the assessee company claiming to be a "mutual concern" or "club", is to carry on a particular business and money is realised both from the members and from non-members, for the same consideration by giving the same or similar facilities to all alike in respect of the one and the … Continue reading If an assessee company carries on a particular business claiming to be a club or mutual concern, and by giving the same facilities to all alike, the dealings as a whole would the same profit earning motive.
in the context of section 22 of the Income-tax Act, namely, ‘to tax the income’, we are of the view, owner’ is a person who is entitled to receive income from the property in his own right.
Excerpt: in the context of section 22 of the Income-tax Act having regard to the ground realities and further having regard to the object of the Income-tax Act, namely, 'to tax the income', we are of the view, owner' is a person who is entitled to receive income from the property in his own right. Supreme Court of … Continue reading in the context of section 22 of the Income-tax Act, namely, ‘to tax the income’, we are of the view, owner’ is a person who is entitled to receive income from the property in his own right.
If books are not correct or complete, the ITO may reject those books and estimate the income to the best of his judgment. When such an estimate is made, it is in substitution of the income that is to be computed under Section 29.
Excerpt: The computation under Section 29 is to be made under Section 145 on the basis of the books regularly maintained by the assessee. If those books are not correct or complete, the ITO may reject those books and estimate the income to the best of his judgment. When such an estimate is made, it is in substitution of … Continue reading If books are not correct or complete, the ITO may reject those books and estimate the income to the best of his judgment. When such an estimate is made, it is in substitution of the income that is to be computed under Section 29.
The amount paid by the assessee as interest on the loan that he took from the bank did not reduce his income by way of interest on the fixed deposit placed by him in the bank.”
Excerpt:The assessee, a Hindu undivided family, had fixed deposits with three banks and enjoyed interest income. The assessee had also regular business income. The assessee needed funds for the purpose of the business and for the construction of the house. Therefore, he took loans from banks against the said fixed deposits and paid interest on … Continue reading The amount paid by the assessee as interest on the loan that he took from the bank did not reduce his income by way of interest on the fixed deposit placed by him in the bank.”
An AppellateAuthority while hearing appeal against the order of a subordinate authority has all the powers which the original authority may have in deciding the question before it subject to the restrictions or limitation.
Excerpt: The declaration of law is clear that the power of the Appellate Assistant Commissioner is co-terminus with that of the Income Tax Officer. If that be so, there appears to be no reason as to why the appellate authority cannot modify the assessment order on an additional ground even if not raised before the … Continue reading An AppellateAuthority while hearing appeal against the order of a subordinate authority has all the powers which the original authority may have in deciding the question before it subject to the restrictions or limitation.
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