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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Page 11 of about 27,418 results (0.093 seconds)

Apr 02 2012 (HC)

Ms. Shanti Logistics (P) Limited Vs. the Assistant Commissioner of Inc ...

Court : Chennai

..... due date. however, the remittance was made well before the due date for filing the return of income. but the assessing officer disallowed a sum of rs.3,42,30,735/- under section 40(a)(ia) of the income tax act for the delay in remittance of tax deducted at source. the assessing authority, however, rejected the claim on the ground that the deduction had ..... been made beyond the accounting year. aggrieved by this, the assessee filed an appeal before the commissioner of income tax (appeals).4. in considering the claim of the assessee ..... board dated 27.3.2009, particularly with reference to the amendment brought under the finance act, 2008 with retrospective effect from 1.4.2005, the commissioner of income tax (appeals) held that since tax deducted at source had been paid well before the due date for filing the return of income, the assessee was entitled to have the deduction.5. as against the substantive portion ..... for the assessment year 2007-08, the commissioner of income tax (appeals) referred to the contention taken by the assessee as regards the amendment brought forth with effect from 1.4.2005 under the finance act, 2008, mitigating the rigour of section 40(a)(ia) and the circular dated 27.3.2009 that the amendment .....

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Jun 04 2012 (HC)

Ms. Premier Synthetic Industries. Vs. the Income Tax Officer

Court : Chennai

..... . in fact he observed that the assessee had purchased the loss and hence, could not be allowed under any of the provisions of the income tax act, 1961. the officer who passed the order had considered every aspect of the transactions in detail and commented the manner in which he dealt with ..... shares?"2. the assessee herein is a partnership firm. the return originally filed by the assessee was accepted under section 143(3) of the income tax act. subsequently, while scrutinising the assessment for the assessment year 1988-89, it was found that the assessee had claimed short term capital loss on ..... 1988-89. accordingly, the assessment for assessment year 1987-88 was sought to be reopened under section 147 of the income tax act. the assessee went on appeal before the commissioner of income tax (appeals), who found the modus operandi adopted to purchase the shares of the premier mills limited and subsequent sale ..... sold by the assessee to the sister concern by name m/s. belathur investments private limited.3. a perusal of the order of the income tax officer shows that initially the assessee had 54390 shares in m/s. premier mills limited in the name of capricorn general finance private limited, ..... were all colourable device, as such, the claim of capital loss was rejected. aggrieved by the same, the assessee went on appeal before the income tax appellate tribunal, which remanded the matter back to the officer for a fresh consideration based on the records. as far as the assessment year 1988 .....

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Jul 18 2012 (HC)

Ms.Builtec Engineers and Builders. Vs. the Deputy Commissioner of Inco ...

Court : Chennai

..... to be accepted, then the purport of section 269 ss itself would be lost and there is no necessity at all to the provision like section 273 d of the income tax act. the parameters which would govern an outgoing and receipt cannot be one and the same, the assessee is duty bound to justify the receipt of cash from a close relative ..... facts and in the circumstances of the case, the tribunal is right in law in confirming the levy of penalty of rs.7,35,475/- under section 271d of the income tax act?2. whether on the facts and in the circumstances of the case, the tribunal is right in law in rejecting the explanation offered by the appellant that the amount was ..... cause shown could not be accepted for exonerating the assessee from the rigour of penalty under section 271 d of the income tax act. in the absence of any satisfactory explanation offered for receiving cash in violation of section 269 ss of the income tax act, the tribunal confirmed the levy of penalty. aggrieved by this, the present appeal has been filed by the assessee.7 ..... the proposal of penalty and accordingly, a sum of rs.7,36,475/- was levied as penalty under section 271 d of the income tax act.3. challenging the order of penalty, the assessee filed an appeal before the commissioner of income tax (appeals). confirming the findings of the assessing officer, the commissioner held that the explanation offered by the assessee was far from satisfactory .....

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Jul 17 2012 (HC)

Ms.Sapthagiri Finance and Investments. Vs. the Income Tax Officer

Court : Chennai

..... notice under section 143(2) within the prescribed time for the purpose of block assessment could be fatal to the validity of the assessment made under chapter xivb of the income tax act, 1961. in other words, the assessee contended that the issuance of notice under section 143(2) within the prescribed period of time for the purpose of block assessment is mandatory ..... partners. they also signed the sworn statement. thus, the capital gains was held liable to be assessed at the hands of the firm. consequently, notice under section 148 of the income tax act was issued for the assessment year 2000-01 on 20.5.2002 for the reassessment of capital gains at the hands of the firm which had escaped assessment by reason ..... proceedings, but reassessment proceedings under section 147 and 148 of the act on the premise that the original return filed by the assessee had not showed the capital gains arising from sale of the property. the return was found to be incorrect and that there was an escapement of income from being taxed. on this ground only, proceedings under section 148 was initiated ..... .10. as already pointed out, the assessee reiterated its contention in the letter dated 18.12.2002, pursuant to notice issued under section 142(1) stating that original return filed shall be treated as return filed in response to the notice issued under section 148 of the act .....

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Mar 09 1982 (HC)

Commissioner of Income-tax Vs. Madras Auto Service Ltd.

Court : Chennai

Reported in : (1983)33CTR(Mad)106; [1985]156ITR740(Mad)

..... . rowlatt j.'s decision was upheld by the court of appeal. the principle of this decision has been held to apply to cases arising under our income-tax act - vide cit v. ashok leyland ltd. [1972] 86 itr 546. 11. the ruling of courts on this point is but an extension of the principle that ..... the assessee had put for ward this particular point not for the first time before the tribunal but earlier too, before the appellate assistant commissioner of income-tax. that authority rejected the assessee's contention as untenable in law, but said nothing against the facts which the assessee had placed in support. on ..... trade and hence it must be capital in nature. this argument again was inspired by a catch phrase, perhaps the most enduring catch phrase, in income-tax law. we grant that the facts in the present case do leaned countenance to the description of the expenditure as one incurred with a view ..... , written off in portions as the years of the lease roll by. but perhaps, the distinction between premium and rent is too well entrenched in income-tax for rethinking by the judicial process. however, we might at least ensure that every case should proceed on a reasonable view of the facts first, ..... difference between the two is that whereas rent is a recurring payment, premium is an 'once and for all' payment. but nobody who knows his income-tax would set any store by this supposed contrast between the two. and yet, over a period of years, courts have persisted in disallowing premium as capital .....

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Nov 20 1981 (HC)

Commissioner of Income-tax, Madras (Central) Vs. Devi Films (P) Ltd.

Court : Chennai

Reported in : (1982)31CTR(Mad)341; [1983]143ITR386(Mad)

..... decision of the supreme court. it is enough to set out certain principles which have been summarised at p. 530 : 'income-tax is a tax on the real income, i.e., the profits arrived at on commercial principles subject to the provisions of the income-tax act. the real profit can be ascertained only by making the permissible deductions. there is a clear-cut distinction between deductions ..... . it credited the interest to a separate account known as interest suspense account. on a reference, it was held by the kerala high court that there was accrual of income liable to tax and that the assessee was not justified in not crediting the interest accrued on such advances in its interest account. the court has not gone into the principle of ..... sethuraman, j.1. at this instance of the commissioner of income-tax and in pursuance of the directions of this court, two questions have been referred under s. 256(1) of the i.t. act, 1961. the first of them is : 'whether, on the facts and in the circumstances of the case and having regard to the terms of the agreement entered into between ..... background of these facts that we have to examine the relevant authorities. 8. the bombay high court in h. m. kashiparekh & co. v. cit : [1960]39itr706(bom) , enunciated the principle of 'real income' applicable to the taxation of income. in that case, the assessee maintained its account on the mercantile system of accounting. it was the managing agent of a paper mill. under .....

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Jun 20 1983 (HC)

Commissioner of Income-tax, Tamil Nadu-v Vs. K.S.M. Guruswamy Nadar an ...

Court : Chennai

Reported in : [1984]149ITR127(Mad)

..... court first held that (p. 196) : 'there is nothing in law which prevents the income-tax officer in an appropriate case in taxing both the cash credit, the source and nature of which is not satisfactorily explained, and the business income estimated by him under section 13 of the indian income-tax act, 1922, after rejecting the books of account of the assessee as unreliable.' the supreme ..... further burden lies or the income-tax officer to show that income is from any ..... court, however, proceeded to say that (p. 197) : 'where there is an unexplained cash credit, it is open to the income-tax officer to hold that it is income of the assessee, and no ..... particular source. it is for the assessee to prove that even if the cash credit represents income, it is income from a source which has already been taxed.' 7. as per the decision .....

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Feb 18 1997 (HC)

Chemplant Engineers (P.) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : [1998]234ITR23(Mad)

..... . at the instance of the assessee, the tribunal referred the following question, for the opinion of this court, under section 256(1) of the income-tax act, 1961 : -'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the compensation of rs. ..... and releasing their rights under the agreement dated april 17, 1972. on considering the subsequent agreement, the income-tax officer held that the assessee had received the compensation of rs. 20,000 for loss of income suffered and added it as revenue receipt. 3. before the commissioner (appeals) in appeal, the assessee ..... the decisions reported in gillanders arbuthnot and co. ltd. v. cit : [1964]53itr283(sc) ; cit v. best and co. p. ltd. : [1966]60itr11(sc) and cit v. saraswathi publicities : [1981]132itr207(mad) . a passage occurring at page 168 of law of income-tax in the text book written by kanga and palkhivala, 8th edition ..... were handed over for an agreed price as part of the agreement would clearly establish that there had been a loss of source of income and that therefore, the compensation is a capital receipt. it is well established that the compensation received for mere loss of profits will be ..... the same business of rubber lining and rubber bonding till april 16, 1975. according to the department, the compensation received was for loss of income suffered. the assessee, on the other hand, would contend that the restraint, which was placed on the assessee and the fact that the machinery .....

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Sep 18 1974 (HC)

R. Ramachandra Naidu Vs. Commissioner of Income-tax and anr.

Court : Chennai

Reported in : [1976]102ITR227(Mad)

..... , circle i, kancheepuram, the second respondent herein, and quashing the order dated january 28, 1972, made by him under section 132(5) of the income-tax act, 1961.2. armed with a warrant under section 132(1), the second respondent searched the premises of the petitioner at no. 36, kumarichetty street, kancheepuram, and seized out of a ..... petitioner's lands.5. it is seen from the statements and the supporting records produced by the petitioner that he was owning about 50 acres of garden lands, which the income-tax officer would call as 'dry lands' and another 30 acres of leasehold lands. it is also found that about 2,400 yielding coconut trees are in these lands. it was ..... such income is relatable. but the first proviso enables him to treat the entire estimated undisclosed income as the total income chargeable to tax in the financial year in which the assets ..... such an order to be made if the tax calculated on the amount of undisclosed income estimated by him under that provision or any amount that may be required to satisfy any existing liability of the petitioner under the act, exceeds the amount. it, therefore, becomes necessary for the income-tax officer to ascertain or estimate the undisclosed income and the particular previous year to which .....

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Mar 25 1995 (HC)

Commissioner of Income-tax Vs. Madras Race Club

Court : Chennai

Reported in : [1996]219ITR39(Mad)

..... or charitable institutions and, therefore, the profits from the scheme were not exempted from taxation under section 4(3)(ia) of the income-tax act.24. thus, considering the facts arising in the assessment year 1972-73 in the light of the decisions of the supreme court in ..... following two questions for the opinion of this court under section 256(1) of the income-tax act, 1961 :'(1) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the income of rs. 3,87,832 being the net collections on the three days on which ..... separate fund which would be administered by the secretary of the club. the fund has its own separate rules, and it has separate accounts. the income-tax officer in the prior order wanted to make out that the collections were made by the secretary of the race club and the surplus should be treated ..... the second question relates to surplus in the race club accident fund. there was a surplus of rs. 7,733 in the said fund. the income-tax officer followed the prior year's order and had pointed out that there was no obligation imposed on the trust to disburse the fund and such disbursement ..... was purely discretionary. the income-tax officer treated this surplus as income of the assessee-company. on appeal, the appellate assistant commissioner considered all the facts and had held that this is a separate fund .....

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