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Income Tax Case Laws - Section: 87

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Cases for Section: 87
Showing 1 to 11 of 11 Records

2013 (5) TMI 669 - DELHI HIGH COURT

Commissioner of Income Tax - II Versus M/s MBL & Co. Ltd., M/s Multiplex Capital Ltd.

Rebate in respect of securities transaction tax u/s 88E - whether was liable to be adjusted from the tax as payable for the purpose of Section 115JB or is not relevant/material? - MAT - ITAT allowed the claim - Held that - U/S 88E where the total income of an assessee in a previous year includes any income chargeable under the head Profits and gains of business of profession , arising from taxable securities transactions, he shall be entitled to .....

2012 (7) TMI 743 - ITAT, KOLKATA

Nakamichi Securities Limited Versus Commissioner of Income Tax

Assumption of jurisdiction u/s 263 by CIT(A) - AO had not considered the fact that the assessee had paid lesser tax than it was obliged to do under MAT - Held that - Looking at the provisions of section 87 the rebate is to be granted from the amount of income tax chargeable on the total income of the assessee. The income tax is computed after arriving at the total income of the assessee and section 87 does not differentiate between the total inco.....


Commissioner of Income-tax Versus Horizon Capital Ltd.

Rebate u/s 88E from the tax computed u/s 115JB - assessee engaged in the business of purchase and sale of shares STT paid Held that - If the transaction on which STT is paid is included in the total income of the assessee where the total income is assessed either under the provisions of the Act or under Section 115JB when tax chargeable on such income is arrived at & it is from that tax which is chargeable, the tax paid u/s 88E is given deduc.....

2011 (9) TMI 1 - ITAT MUMBAI

Bennett Coleman & Co. Ltd. Versus Additional Commissioner of Income-tax, Range-1(1)

Relinquishment of Asset - extinguishment of rights - Whether on the facts and in the circumstances of the case, the CIT(A) was justified in declaring long term capital loss of Rs. 22,21,85,693/- on account of reduction in paid up equity share capital? - basically the capital was reduced by reducing the face value of Rs. 10/- paid up of each share to Rs. 5/- paid up of each share. As a second step such shares (Rs 5/- per share) were again consolid.....

2007 (4) TMI 237 - MADRAS HIGH COURT


In a matter of Kar Vivad Samadhan Scheme or any such statutory scheme, as the case may be, the courts have no power to act beyond the terms of the statutory scheme under which the benefits have been granted to the assessee matter remitted to the appropriate authority to determine the benefits and liabilities of the assessee under the Samadhan Scheme



Petitioner is assailing the assessment made under the Kar Vivad Samadhan Scheme - submission of the petitioner is that the disputed income has been worked out on the basis of disputed tax which does not include levy of additional tax u/s 143(1A) as per CBDT clarifications additional tax is treated a part of the tax - Commissioner has not committed an illegality in computation - Inclusion of additional tax in disputed tax is found to be proper for determination of disputed income



During the pendency of appeal before ITAT, in respect of Unexplained Investment, Kar Vivad Samadhan Scheme was introduced assessee made declaration to designated authority & after payment of tax as per the KVSS assessee received a due Certificate from the designated authority - once the valid declaration has been made & as long as the declaration continues to be valid, the Department s appeal shall not survive - appeals pending before the Tribunal are dismissed as having become infructuous

2002 (11) TMI 62 - MADRAS High Court

M Kaliannan Versus Commissioner of Income-Tax.

(A) Whether the order passed by the respondent is vitiated by non-application of mind, arbitrariness and is violative of the Kar Vivad Samadhan Scheme provisions ? - (B) Whether the order is vitiated for failure to follow the principles of natural justice ? - (C) Whether the action of the respondent in including the tax liability for the disputed items which were originally included in the assessment by original authority, but set aside by the ap.....

1971 (8) TMI 70 - KERALA High Court

PK Yeshodamma Versus Commissioner of Income-Tax, Kerala.

Whether assessee was entitled to the rebate contemplated u/s 87(1)(a) in respect of the sum being the insurance premium on the policy of the life of the assessee s husband paid not by the assessee but by the assessee s husband - in the context of section 87(1)(a), the words the assessee can only mean the person who is bound to file the return of the income and who is actually assessed to tax by the Income-tax Officer, namely, the wife, here question is answered in negative

1970 (9) TMI 11 - ALLAHABAD High Court

Jaswant Rai Churamani Versus Commissioner Of Income-Tax, UP., Lucknow.

Amounts paid towards endowment policy which are refundable - claim for rebate u/s 87(1)

1964 (5) TMI 6 - SUPREME Court

Commissioner Of Income-Tax, Delhi And Rajasthan Versus Anant Rao B. Kamat

Whether the rate applicable to the total income of the said companies was the rate as finally applied after taking into consideration the effect of the Concession Order? BR BR Whether the word rebate occurring in section 16(2) does not include the relief given to the said companies under the Concession Order for the Concession Order is not concerned with granting rebate but is concerned with the determination of the tax payable? BR BR Held that -.....


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