Court : Chennai
Reported in : 129ITR589(Mad)
..... clauses (a) and (b) of the proviso (to section 10(2)(vib) of the indian income-tax act, 1922), as already explained by us. if in the assessment year relevant to the year of installation, the total assessed income of the assessee from all heads is nil, the assessee cannot naturally be expected to have created ..... was installed. sub-section (2) of section 33 provided that in the case of machinery or plant installed after 31st december, 1957, where the total income of the assessee assessable for the assessment year relevant to the previous year in which the machinery or plant was installed or the immediately succeeding previous year, ..... of the i.t. act, 1961. the following question has been referred ;' whether, on the facts and in the circumstances of the case, the assessee is disentitled from carrying forward the development rebate of the earlier years to the extent of rs. 1,77,077 as held by the income-tax officer or to the extent ..... a balance of rs. 1,13,439. the assessee was eligible for relief under section 84 of the act in a sum of rs. 1,60,617.5. the result was that the total income of the assessee had to be determined as nil. the ito completed the assessment observing that the assessee was ..... allowed for the following assessment year will be such amount as would be sufficient to reduce the total income of the assessee assessable for that assessment year to nil and so on. section 34(1) of the act provided that the deductions referred to in sub-section (1) or sub-section (1a) of section .....Tag this Judgment!
Court : Chennai
Reported in : 222ITR357(Mad)
..... title or interest, which she had purchased from the mortgagee. for this reason, the case would not be covered by section 49(1)(ii) of the income-tax act, 1961, nor by section 55(2)(ii) for the purpose of computation of the capital gains. the case would be governed either by section 48 read ..... of the assessee by succession or inheritance on the death of p who had acquired the property in december, 1953, under section 49(1) of the income-tax act, 1961, the cost of acquisition of the asset is to be deemed to the cost for which the previous owner p, acquired it, as increased by ..... the cost of acquisition. accordingly, estate duty paid cannot be treated as part of the cost of acquisition as defined in section 55(2) of the income-tax act, 1961. the assessee's title to immovable properties acquired cannot be said to be incomplete or imperfect in any way. they had become the full owners ..... into account as representing the cost of improvement to the property which would be deductible under section 49(1) read with section 55(1)(b) of the income-tax act, 1961. on these facts, on a reference, this court held that as the asset became the property of the assessee by way of gift, the ..... at the instance of the assessee, the tribunal referred the following question, for the assessment year 1975-76, under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law .....Tag this Judgment!
Court : Chennai
Reported in : 240ITR562(Mad)
..... or deputy commissioners of income-tax or deputy commissioners of income-tax (appeals), (e) assistant directors of income-tax or assistant commissioners of income-tax, (f) income-tax officers, (g) tax ..... within his jurisdiction or who have their residence or own movable or immovable properties within his jurisdiction. therefore, it is submitted that respondents nos. 2 and 3 are income-tax authorities under the income-tax act and hence they had the necessary power and authority to be present during the survey operations. as seen earlier, the books of account and documents found in the business ..... of income-tax authorities for the purposes of this act, namely :- (a) the central board of direct taxes constituted under the central boards of revenue act, 1963 (54 of 1963), (b) directors-general of income-tax or chief commissioners of income-tax, (c) directors of income-tax or commissioners of income-tax or commissioners of income-tax (appeals), (cc) additional directors of income-tax or additional commissioners of income-tax or additional commissioners of income-tax (appeals), (d) deputy directors of income-tax .....Tag this Judgment!
Court : Chennai
Reported in : 243ITR531(Mad)
..... nucleus of rs. 2,500 by a registered deed of trust dated february 29, 1968, and the said trust was recognised by the commissioner of income-tax for the purpose of sections 11 and 80g of the income-tax act, 1961, in the proceedings in c. no. 212 (80) of 1968, dated february 21, 1969. the assessee, under the abovesaid trust deed transferred the entire ..... 469 of 1984, dated march 19, 1984, the following common questions of law were referred to this court by the income-tax appellate tribunal, madras bench 'a', for our opinion under section 27(2) of the wealth-tax act, 1957 (hereinafter referred to as 'the act') :'1. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that ..... the conclusion that the assessment made for wealth-tax under section 17 of the act by the assessing officer on the basis of the internal audit report, cannot be sustained and accordingly set aside the order of assessment.6. aggrieved at the abovesaid order of the appellate authority, the department preferred appeals before the income-tax appellate tribunal, madras. the tribunal after considering ..... the reasons assigned by the appellate authority for setting aside the order of assessment, held that there was no fault on the part of the assessee in disclosing his assets during the relevant assessment years, that the assessing officer cannot rely on section 17(1)(a) of the act, that if .....Tag this Judgment!
Court : Chennai
Reported in : 87ITR698(Mad)
..... sugarcane to be supplied by them later, which have become irrecoverable, are allowable deductions as bad debts under section 10(2)(xv) of the indian income-tax act, 1922. in this case we find that the assessees have not established the truth of the advances alleged to have been made and the factum ..... rs. 2,375 on the ground that it represented bad debts and that it is an allowable expenditure under section 5(e) of the madras agricultural income-tax act, 1955. but, that claim has been disallowed by the assessing authority, the appellate authority and the tribunal. the assessees contend before us that the said ..... ltd., : 74itr254(guj) directly dealt with a situation as the one arising in this case with reference to the provisions of the income-tax act. there in an appeal to the appellate assistant commissioner by the assessee against an order of assessment, he did not question the decision of ..... been expended for the purpose of the plantation have to be allowed as a deduction under section 5(e) of the act. the learned counsel refers to the decision in commissioner of income-tax v. mysore sugar co. ltd., : 46itr649(sc) where the supreme court held that advances made by a ..... if we may say so with respect, all the earlier decisions on the point including the decisions in phool chand gajanand v. commissioner of income-tax and commissioner of income-tax v. s. nelliappan has been considered, and we are in entire agreement with the view expressed by the learned judge in that case. it .....Tag this Judgment!
Court : Chennai
Reported in : 249ITR504(Mad)
..... .1. the question of status of the petitioner--whether it should be assessed in the status of a registered firm or an unregistered firm under the relevant provisions of the income-tax act, 1961, arises in the writ petition-the petitioner is a firm engaged in the manufacture of c.r.g.o. sheets for distribution transformers on job work basis. the assessment ..... compliance with the provisions of section 184(7). 2. section 185(2) of the income-tax act already provides that the income-tax officer shall not reject an application for registration merely on the ground that the application is not in order but shall intimate the firm and give it an opportunity to ..... section 184(7).-a declaration under section 184(7) of the income-tax act for continuance of registration has to be furnished by a firm along with its return of total income. if the return of income is delayed and no ex parte assessment is made by the income-tax officer, under section 144 of the income-tax act, the declaration filed along with the belated return would constitute sufficient ..... the case.6. i have carefully considered the submissions made by learned counsel for both the parties. section 184 of the act deals with the registration of the firms under the income-tax act and the provisions of section 184(7) of the act, which are relevant for the purpose of the case, reads as under :'where registration is granted or is deemed to have .....Tag this Judgment!
Court : Chennai
Reported in : (1980)17CTR(Mad)329; 127ITR186(Mad)
..... has been rightly held that the assessee was entitled to the deduction of loss on the sale of machinery under section 32(1)(iii) of the income-tax act, 1961 and (2) whether the tribunal's view, that the requirements of the provisions of section 32(1)(iii) are met when the assessee ..... the tribunal, therefore, confirmed the order of the aac and thus the matter is now before us under reference at the instance of the commissioner of income-tax.4. section 32(1)(iii) is the relevant provision and it runs as follows :' in respect of depreciation of buildings, machinery, plant or furniture owned ..... namely, on the 5th september, 1968.3. in the assessment for 1969-70, the assessee claimed the difference between the written down value in the income-tax records and the sale proceeds as loss and this amounted to rs. 11,026 which the ito originally allowed in the assessment made by him. subsequently ..... for the commissioner drew our attention to the decision in western states trading co. p. ltd. v. cit : 80itr21(sc) and also to a passage in the first volume of sampath iyengar's law of income-tax, 6th edn. the supreme court, in the decision mentioned above : 41itr225(sc) , merely points ..... the statutory requirements in this case.10. in considering a similar case, though under the corresponding provisions of the 1922 act, which is in pari materia, this court in p. appavu pillai v. cit : 58itr622(mad) pointed out that if the assessee had accounts in which the relevant entry with regard to .....Tag this Judgment!
Court : Chennai
Reported in : (1980)16CTR(Mad)260; 126ITR270(Mad)
..... the circumstances of the case, the tribunal was justified in holding that the notice issued under section 147(a) of the income-tax act, 1961, by the income-tax officer for each of the assessment years 1957-58 to 1963-64, was proper and in exercise of jurisdiction validly assumed '33. in order to assume jurisdiction the ito ..... follows :' whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the notice issued under section 147(a) of the income-tax act, 1961, by the income-tax officer for each of the assessment years 1957-58 to 1963-64 was proper and in exercise of jurisdiction validly assumed '2. for the assessment years 1957-58 and ..... , the question raised was as follows :' whether, on the facts and in the circumstances of the case, the reassessment made by invoking the provisions of section 147(a) of the income-tax act, 1961, for the assessment year in question was valid in law '32. it is this question which was reframed by the tribunal as follows :' whether, on the facts and in ..... by the assessee but not the sufficiency of the reasons for the belief. again the expression ' reason to believe' in section 34 of the income-tax act does not mean a purely subjective satisfaction on the part of the income-tax officer. the belief must be held in good faith : it cannot be merely a pretence. to put it differently it is open to the .....Tag this Judgment!
Court : Chennai
Reported in : 197ITR553(Mad)
..... of income-tax has authorised under section 279(1) of the income-tax act, 1961, the preferring of this complaint for theoffences under section 276b of the income-tax act, 1961, read with section 278b of the income-tax act, 1961.3. the first accused is a registered firm of which the second accused is the ..... respondent has filed the complaint against the petitioners arraying them as accused nos. 1 and 2 under section 276b of the income-tax act, 1961, for failure to deduct income-tax at source from the interest paid to the creditors under section 194a of the income-tax act, 1961, during the financial year ended on march 31, 1983. the allegations in it are briefly as follows :the commissioner ..... and is in charge of and responsible to the firm for the conduct of the business of the firm are equally punishable under section 276b of the income-tax act, read with section 278b of the said act. hence, the complaint.4. e. o. c. c. no. 248 of 1988 to e. o. c. c. no. 257 of 1988 are on similar allegations for ..... . 50,784.95 towards interest to city milk distributors private limited for the financial year ended march 31, 1983, from which it failed to deduct income-tax at source as per the provisions of section 194a of the income-tax act, 1961, of rs. 5,078 from rs. 50,784.95. as such, the first accused has committed an offence punishable under section 276b of .....Tag this Judgment!
Court : Chennai
Reported in : 125ITR191(Mad)
..... has been referred at the instance of the assessee :' whether it has been rightly held by the tribunal that the provisions of section 54 of the income-tax act, 1961, are not applicable to the assessment made on the applicant herein as a legal heir of his father for the assessment year 1970-71 '2 ..... years after that date constructed a house property for the purposes of his own residence, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section......'5 ..... the head 'capital gains', and shall be deemed to be the income of the previous year in which the transfer ..... . it is unnecessary to set out the rest of the provision. under the i.t. act, ordinarily, what is called revenue income was alone brought to tax until the capital gain became the subject of assessment in the year 1947. the transactions on capital account were till then ..... of the act. it is this order of the tribunal that is now challenged by the assessee in this reference.4. section. 45 of the i.t. act, 1961, provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to income-tax under .....Tag this Judgment!