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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Page 11 of about 27,418 results (0.094 seconds)

Dec 05 2008 (HC)

P.R.P. Granites Represented by Its Chief Accounts Officer R. Arumugam ...

Court : Chennai

Reported in : (2009)221CTR(Mad)371

orderk. raviraja pandian, j.1. the writ petition is filed questioning the correctness of the assessment order dated 31.03.2006 for the assessment year 2003-04 under the income tax act, 1961. ('the act for short). the petitioner, a partnership firm, is engaged in the business of exploration, exploitation, manufacture, process and production of polished and dressed granite in assorted dimensions and a ..... the annexure to be appended to the statement of particulars in which the 'marble and granite' has been classified under the manufacturing industry sector. thus, for the purpose of income tax, under the rules, marble and granite industry has been considered to be manufacturing industry. under the rules governing the compulsory audit in respect of various businesses also, marble and ..... granite industry has been included in the sector of manufacturing industry. this goes to show that so far as the authorities under the income tax entrusted with the task of its implementation are concerned the cutting of marble and granite blocks into slabs and polishing them for bringing them to the stage of usability as ..... approval has been constituted and eou status has been granted to the petitioner's unit. hence, respondents 5 and 6, i.e., the cbdt and the assistant commissioner of income tax, have no jurisdiction to deny the benefit granted to the petitioner by way of interpreting the word 'manufacture'. the main object of eou scheme is to promote, earn valuable .....

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Dec 23 2008 (HC)

The Commissioner of Income Tax Vs. Adar Tea Products Company

Court : Chennai

Reported in : (2009)221CTR(Mad)597; [2009]314ITR38(Mad); [2009]178TAXMAN126(Mad)

..... said definition?2. the assessee had claimed depreciation at 100% on fluid bed drier for the assessment year 1994-95. it was allowed. the notice under section 154 of the income tax act, 1961 ('act' in short) was issued calling for the assessee's objection for withdrawal of the 100% depreciation. the assessee objected to the disallowance. the objections were rejected as untenable since ..... , the words that were construed by the supreme court were 'that is to say'.10. in : [1978]114itr802(mad) [commissioner of income-tax v. arasan fertilisers (p) ltd.], the word used was 'namely'. in item 13 of the fifth schedule to the income tax act, after the word 'fertilizers', the word 'namely' was introduced. our court held that 'namely' would restrict the interpretation of the ..... word to those types of fertilizers that are enumerated and not to all types of fertilizers and answered the reference in favour of the revenue.11. in (2000) 118 s.t.c. 379 [commissioner of sales tax v. popular ..... mentioned herein is an energy saving device.22. for the reasons mentioned above, we answer the question raised in this appeal in favour of the revenue. the order of the income tax appellate tribunal, 'a' bench, chennai, dated 8.4.2003 passed in i.t.a. no. 1105/mds/2002 is set aside and the appeal is allowed.

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Jun 17 2003 (HC)

Smt. Sushila Vs. Nihalchand Nahata

Court : Chennai

Reported in : AIR2004Mad18

..... next contention of the defendant is that since the property is of value more than rs. 10 lakhs, the parties must have got the clearance from the income tax department, under section 230-a of the income tax act; for that, both parties must file a joint draft application. but, such an application cannot be filed before the land was exempted from the urban land ..... ; that has to be paid only at the time of sale transaction; a draft sale deed was not prepared by her for getting permission under section 230-a of the income tax act; she did not refuse to receive any letters from the defendant; she always had the means to complete the transaction; further, she has stated in the re-examination that the ..... exemption. therefore, the plaintiff is not guilty of breach of this term of the agreement.25. the other condition is to get clearance from the income tax authorities. an application under section 230-a of the income-tax act cap be made only after the grant of exemption by the urban land celling authorities. if any application is made before grant of such exemption, that ..... draft sale deed was forwarded to enable the defendant to secure necessary certificate under section 230-a of the income-tax act. the plaintiff was indifferent towards his obligations. in the year 1986, the income-tax act was amended with the introduction of chapter xx-c, the plaintiff was informed that the law required a joint application to be made to the competent authority for grant .....

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Sep 11 2009 (HC)

N. Meenakshi Vs. the Assistant Commissioner of Income Tax

Court : Chennai

Reported in : (2009)226CTR(Mad)625

..... value is determinable only after hearing the assessee as per the statutory provisions stated supra. there is no indication either in the provisions of section 50c of income-tax act or section 47a of the stamp act or rules made there under about the adoption of the guideline value. hence, the contention that the section 50c is arbitrary and violative of article 14 cannot ..... by which the respondent, having referred the matter to the valuation cell on 17.12.2008 as per section 50c(2) of the income tax act, 1961 (for brevity, 'the act'), completed the assessment by invoking section 50c of the act by taking the value of land as determined for stamp duty purpose as the sale value, as no valuation report was received from the ..... report from the valuation officer is perfectly valid. 4.3. he would distinguish between section 50c and section 55a of the act by referring to the judgment of the bombay high court in rallis india ltd. v. deputy commissioner of income tax and ors. : [2006] 284 itr 159 (bom). he would also rely upon the judgments in bombay metropolitan regional development authority, bombay ..... market value, conferring such power to the assessing officer. while construing the said section 55a of the act, the bombay high court in rallis india ltd. v. deputy commissioner of income tax and ors. : [2006] 284 itr 159 (bom), observing that section 55a of the act does not prohibit ascertainment of the fair market value after the assessment order is passed by the assessing .....

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Nov 24 2009 (HC)

KA. Manshoor Vs. Assistant Director, Enforcement Directorate, Governme ...

Court : Chennai

Reported in : [2010]97SCL167(Mad)

..... of the summons. it was stated that the power given to the enforcement directorate under section 37 is the same as that of an income tax officer under the income tax act in terms of section 131. such power is available to deal with the discovery of materials in contravention of foreign exchange violations. it ..... prohibition against the department for having issued the summons by the exercise of the powers vested on them under section 37 read with section 131 of the income tax act. in standard chartered bank and ors. v. directorate of enforcement and ors. reported in : (2006) 4 scc 278 which arose out of the ..... of the issues involved in the suit pending before it. similarly, it seems to us that the officers mentioned in section 131 of the income-tax act have been vested with powers to make the orders as mentioned therein provided they are satisfied that the orders made would be relevant for the ..... but under both the sections it is necessary to apply the mind to determine the question of relevancy of the documents. under section 131 of the income tax act, 1961, the officers mentioned therein have no larger power than a civil court trying a suit, under the code of civil procedure, and the ..... used either under the code of civil procedure or under the code of criminal procedure, but has chosen to apply analogous provisions found in the income tax act. therefore, while interpreting the scope and width of section 37 of fema, one cannot apply the concept of summons as available to a civil .....

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Dec 22 2011 (HC)

The Commissioner of Income Tax-iii Vs. M/S.Park Trust

Court : Chennai

..... running educational institutions and it has been granted registration under section 12aa of the income tax act by the commissioner of income tax. for the assessment year 2003-04, the assessee trust filed its return of income on 15.12.2003 admitting nil income, after availing income exemptions under section 10(23c) of the act. the case was taken up for scrutiny and a notice under section 143(2 ..... trustee shri.p.v.ravi for purchasing a property during the assessment year 2002-2003; accordingly the violation of section 13(1)(c) of the act is attracted; the assessee had submitted before the commissioner of income tax (appeals) vide para 5 of the grounds of appeal with regard to assessment year 2003-2004 that the referred transaction did not relate to the ..... was right in holding that there was a mistake apparent from the records warranting rectification of its order under section 254(2) of the act? (b) whether on the facts and circumstances of the case, the income tax appellate tribunal was right in law in holding that there was a mistake apparent from the record inasmuch as the decision of the hon'ble ..... 31.03.2008, allowed the appeal filed by the assessee and directed the assessing officer to grant exemption under section 11 of the act to the assessee. as against the same, the revenue filed an appeal before the income tax appellate tribunal in i.t.a.no.1343/mds/2008 and the assessee filed cross objection in c.o.no.158/mds/2008 .....

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Apr 25 2012 (HC)

Elgi Electric and Industries (P) Ltd. Vs. the Deputy Commissioner of I ...

Court : Chennai

..... prayer: appeal filed under section 260a of the income tax act, 1961 as against the order of the income tax appellate tribunal, chennai bench 'd' dated 28th february 2005 in i.t.a.no. 499/mds/1998. (judgment of the court was delivered by ..... appearing for the assessee submitted that the said issue is covered by the decision reported in [1997] 225 itr 298 (shibu soren and others vs commissioner of income-tax).4. this leaves us with the last question of disallowance of rs.1,50,420/- as 'entertainment expenditure' as hit by explanation 2 to section 37(2a ..... was covered by section 37(2a). hence, addition of rs.1,50,420/- was made in this behalf. the commissioner of income tax (appeals) affirmed the view of the assessing officer. so too the income tax appellate tribunal.5. it is seen from the reading of section 37 that the ceiling which was there for grant of deduction ..... on the entertainment expenditure under sub section (2) and (2a) was however removed by the substitution of sub section (2) under finance act of 1992 with effect from ..... provided by the assessee to his employees in office, factory or other place of their work. "the above-said provision was however omitted by the finance act 1997 with effect from 1.4.1998. in matters of granting relief on expenditure of this nature, the test is not whether the entertainment expenditure is necessary .....

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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 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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Nov 16 1988 (HC)

Commissioner of Income-tax Vs. A. Mohammed Mohideen

Court : Chennai

Reported in : [1989]176ITR393(Mad)

..... c.j.1. at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the transaction of the assessee of purchasing ..... his own family or to rent it out to third parties. on the basis of the materials before him, the income-tax officer concluded that the assessee's conduct of demolishing the building, converting the entire area into house sites leaving space for roads and subsequently selling ..... the condition of the building was not habitable and the assessee also could not have realised any rent from letting out the building. the income-tax officer further noticed that the assessee did not take any step to renovate the building to make it suitable for living by the members of ..... the advertisement also offered the property for lease. before the income-tax officer, the assessee contended that the property was purchased as an investment either to be used by his family members who were in india or, ..... stand and contended that the entire realisation from the sale of plots represented capital receipt assessable to capital gains in the respective assessment years. the income-tax officer, while examining the claim of the assessee, found that the assessee had advertised for the sale of the property in the year 1964, though .....

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