CiteTEXT
...considered interest income from ICD fixed deposits as I.T.A. No. 493/Mds/11 2 not eligible for claiming deduction under Section 36(1)(viii) of Income- ...from the order of this Tribunal in I.T.A. No. 787/Mds/2007 (supra) that such claim for deduction under Section 36(1)(viii) of the Act on interest income from ICD Fixed Deposits was denied...offered income under the head house property after claiming deduction under Section 24(a) of the Act. However, for the same property assessee also claimed depreciation. The A.O. disallowed the...
.../- and considered interest income from ICD fixed deposits as I.T.A. No. 493/Mds/11 2 not eligible for claiming deduction under Section 36(1)(viii) of Income-.... 6. We find from the order of this Tribunal in I.T.A. No. 787/Mds/2007 (supra) that such claim for deduction under Section 36(1)(viii) of the Act on interest income ..., assessee had offered income under the head house property after claiming deduction under Section 24(a) of the Act. However, for the same property assessee also claimed depreciation. The A.O. disallowed...
.../- and considered interest income from ICD fixed deposits as I.T.A. No. 493/Mds/11 2 not eligible for claiming deduction under Section 36(1)(viii) of Income-.... 6. We find from the order of this Tribunal in I.T.A. No. 787/Mds/2007 (supra) that such claim for deduction under Section 36(1)(viii) of the Act on interest income ..., assessee had offered income under the head house property after claiming deduction under Section 24(a) of the Act. However, for the same property assessee also claimed depreciation. The A.O. disallowed...
...references under Section 256(1) of the Income-tax Act, 1961 (hereinafter referred to as "the Act"), the Income-tax Appellate Tribunal, Indore Bench, In...Income-tax Act was to be calculated on the assessee's total income as it stood before the deduction allowable under
Section 36(1)(viii) of the...Income-tax Act, 1961 ?"
3. The material facts giving rise to this reference, briefly, are as follows : The assessee is a financial corporation. For the assessment years in question...
.... The Revenue has raised more or less common grounds of appeal for all assessment years, however, major issues challenged by the Revenue for all assessment years are disallowance of deduction u/s.36(1)(....
6. The first issue that came up for our consideration from appeals filed by the Revenue from all assessment years is disallowance of deduction u/s.36(1)(viii) of the ..., there is no dispute with regard to business activity carried out by the assessee and its entitlement for deduction u/s.36(1)(viii)
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Income Tax Act 1961 s.256 JUDGMENT Sohani, J.
1. This is an application under Section 256(2) of the Income-...-tax Officer allowed the deduction under Section 36(1)(viii) of the Act at 40% of the total income of Rs. 10,09,422. The assessee thereupon preferred an appeal before th...allowed at 40% of the total income computed before making deduction under Chapter VI-A and before making deduction under Section 36(1)(viii) of the Act. Following that decision ...
...providing housing loan. A deduction amounting to Rs. 8,14,50,000/- was claimed u/s. 36(1)(viii) of the Income-tax Act, 1961 (hereinafter also called ‘the Act’) with the computati...:—Chart-AComputation of Rebate Allowable u/s. 36(1)(viii) of the Income Tax Act, 1961.
1.
Business ...: 100
2.
Profit from Long Term Housing Loans Therefore, 68.39% of business income is eligible for rebate u/s. 36(1)(viii) (A)
40,81,54,023...
...section 11 of the Income-tax Act. The Assessing Officer brought to tax the investments made by the assessee in M/s. India ...the Income-tax Act was not disposed of...question of law:“Whether on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in dismissing the appeal filed by the assessee as barred...
...ground of appeal is with regard to the determination of deduction allowable under section 36(1)(viii) of Income-tax Act, 1961 (in short ‘the ...Assessing Officer to scale down the amount deductible under section 36(1)(viii), a reference can be made to the following amounts of other reserves appearing in the balance sheet : ...created. The appellant has taken the plea that the addition of the words ‘and maintained’ in the provision of section 36(1)(viii) of the Income-tax Act...
...Paripoornan, J.:— The applicant-M/s. Kerala State Industrial Development Corporation Ltd., Trivandrum--is an assessee to Income-tax. The respondent is the Revenue. We are concerned with the assessment year 1976-77. the as...income computed by him before the allowance of this deduction and the deduction under S. 80G of the Art was Rs. 30,41,567/-.’ The Income Tax Officer held that the assessee is entitled to 10% of th...Commissioner of Income Tax took the view that the order of assessment so passed by the Income tax Officer dated 22-8-1979 is prejudicial to the interest of the Revenue. According to the C...
...:“Whether, the Tribunal was right in law in holding that the statutory deduction under Section 36(1)(viii) of the IT Act, 1961 should be calculated on the total income ..., the total income has to be computed in accordance with the provisions of Sections 30 to 43-A except Section 36(1)(viii). In arriving at this decision, the High Court...the Kerala High Court but the relevant sub-clause (viii) of Section 36(1) has subsequently been amended so as to bring it in line with the view of the Patna and Kerala High Courts. The decision of...
...holding that the deduction under section 36(1)(viii) of the Income-tax Act, 1961, be allowed at the prescribed percentage of the total income ...deduction under Chapter VI-A and also before taking into account the deduction allowable under section 36(1)(viii) itself?”2. The assessee claimed deduction under section 36(...36(1)(viii) had to be calculated on the basis of the total income of the assessee as it stood before the deduction allowable under section 36(1)(viii) of the ...
...(1)(a) on 16-9-1997 at a total income of Rs. 1,89,23,98,215. The assessee is financing the power project and the reason for revising the return by the assessee was because of the enhanced claim of deductio.... will not qualify for deduction under section 36(1)(viii) of the Income-tax Act. Hence, the assessee has rightly reduced such non-eligible income from...assessee and Shri P.V. Rao, CIT DR, for the revenue, perused the record and carefully gone through the orders of tax authorities below and also examined the case law cited by both the parties.21. The contention ...
...case are that the assessee is a company engaged in the business of providing housing loan. A deduction amounting to Rs.8,14,50,000/- was claimed u/s 36(1)(viii) of the Income-tax ...also called `the Act) with the computation as under:- Chart-A Computation of Rebate Allowable u/s 36(1)(viii) of the Income Tax Act, 1961. ...36(1)(viii) of the Income Tax Act 59,68,03,660 Ratio of interest on Long Term Housing Loans to Total interest of Housing Loans 140,69,40,560 : 205,70,94...
...case are that the assessee is a company engaged in the business of providing housing loan. A deduction amounting to Rs.8,14,50,000/- was claimed u/s 36(1)(viii) of the Income-tax ...also called `the Act) with the computation as under:- Chart-A Computation of Rebate Allowable u/s 36(1)(viii) of the Income Tax Act, 1961. ...36(1)(viii) of the Income Tax Act 59,68,03,660 Ratio of interest on Long Term Housing Loans to Total interest of Housing Loans 140,69,40,560 : 205,70,94...
...case are that the assessee is a company engaged in the business of providing housing loan. A deduction amounting to Rs.8,14,50,000/- was claimed u/s 36(1)(viii) of the Income-tax ...also called `the Act) with the computation as under:- Chart-A Computation of Rebate Allowable u/s 36(1)(viii) of the Income Tax Act, 1961. ...36(1)(viii) of the Income Tax Act 59,68,03,660 Ratio of interest on Long Term Housing Loans to Total interest of Housing Loans 140,69,40,560 : 205,70,94...
...147 of the Act for the assessment year 1992-93. The assessee, a Government of Kerala undertaking, filed original return for the assessment year on December 31, 1992, declaring a taxable income of Rs. 50,48...Rs. 35,68,730 under section 36(1)(viii) of the Income-tax Act. The assessment was completed under section 143(1) on January 20, 1995, accepting the ret..., the assessee does not support its claim of deduction under section 36(1)(viii) of the Act which admittedly it was not entitled. Therefore, the claim of deduction made was irregular. How...
.... The Revenue has raised more or less common grounds of appeal for all assessment years, however, major issues challenged by the Revenue for all assessment years are disallowance of deduction u/s.36(1)(....
6. The first issue that came up for our consideration from appeals filed by the Revenue from all assessment years is disallowance of deduction u/s.36(1)(viii) of the ..., there is no dispute with regard to business activity carried out by the assessee and its entitlement for deduction u/s.36(1)(viii)
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.... The Revenue has raised more or less common grounds of appeal for all assessment years, however, major issues challenged by the Revenue for all assessment years are disallowance of deduction u/s.36(1)(....
6. The first issue that came up for our consideration from appeals filed by the Revenue from all assessment years is disallowance of deduction u/s.36(1)(viii) of the ..., there is no dispute with regard to business activity carried out by the assessee and its entitlement for deduction u/s.36(1)(viii)
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.... The Revenue has raised more or less common grounds of appeal for all assessment years, however, major issues challenged by the Revenue for all assessment years are disallowance of deduction u/s.36(1)(....
6. The first issue that came up for our consideration from appeals filed by the Revenue from all assessment years is disallowance of deduction u/s.36(1)(viii) of the ..., there is no dispute with regard to business activity carried out by the assessee and its entitlement for deduction u/s.36(1)(viii)
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