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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Page 3 of about 27,421 results (0.116 seconds)

Oct 31 2002 (HC)

K.T. Venkatesan and K.T. Srinivasa Raja Vs. the Appropriate Authority ...

Court : Chennai

Reported in : (2003)179CTR(Mad)584; [2003]261ITR202(Mad)

..... in passing the impugned proceedings by the competent authority. it is fairly stated that the first respondent-appropriate authority has followed the procedure prescribed under chapter xx-c of the income-tax act.24. the appropriate authority considered two relevant and comparable sale transactions (1) the agreement dated 14.7.1997 in respect of door no.21, srinivasamurthi avenue, adyar, chennai-20 and ..... under chapter xx-c of the income-tax act, 1961. after considering the objections submitted by the transferor and transferees the first respondent-appropriate authority passed an order under section 269ud(1) on 28.5.199 exercising its pre ..... to why the property should not be purchased by the department under section 269ud of the income-tax act, 1961. 9. the transferor and transferees submitted their objections on 10.5.1999 to the said show cause notice objecting to the exercise of the right of pre-emptive purchase ..... in respect of the agreement dated 10.2.1999 entered between themselves. 8. the first respondent issued a show cause notice under sub section (1a) of section 269ud of the income-tax act, dated 23.4.1999 to the transferor and transferees along with the valuation report citing two comparable sale instances in the same locality calling upon them to show cause as .....

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Sep 07 2009 (HC)

Mani Vs. the Commissioner of Income Tax-i

Court : Chennai

Reported in : [2010]320ITR472(Mad)

..... for the department, since the said circular relating to waiver or rejection of interest is in respect of one under section 234(a), 234(b) and 234(c) of the income tax act and cannot be applicable to the case the petitioner.31. as held by this court in p. ramasamy case (referred supra) pursuit of remedies available to the assessee under the ..... from 04.02.2004 to 24.06.2005. it is further stated by the petitioner that the respondent failed to appreciate properly the scope of section 220(2a) of the income tax act, 1961, more particularly clauses (ii) and (iii) and stated that the condition in clause (iii) is squarely applicable to the petitioner and the respondent erred in not granting the waiver ..... of the law and ensure a fair enforcement of its provisions, by issuing circulars in exercise of its statutory powers under section 119 of the income-tax act which are binding on the authorities in the administration of the act. under section 119(2(a), however, the circulars as contemplated therein cannot be adverse to the assessee. thus, the authority which wields the power ..... business premises of the petitioner. consequent upon search and seizure operation a notice under section 158bc of the income tax act (in short, act) was issued on 31.03.1997, requiring the petitioner to prepare a true and correct return of his total income including the undisclosed income in respect of which he is assessable for the block period commencing from 01.04.1986 ending 05 .....

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Dec 31 2002 (HC)

The Tamil Nadu Brick and Tile Manufacturers Industrial Service Co.Oper ...

Court : Chennai

Reported in : (2003)182CTR(Mad)158; [2004]265ITR332(Mad)

..... made after the determination of net profit, when actually the payment was made for the purpose of business, it would constitute an allowable deduction under the income-tax act.16. learned counsel for the assessee also relied upon the decision of the andhra pradesh high court in armoor co-operative marketing society v. c.i. ..... profits and not statutory profits. they are real profits and not notional profits. the real profit of a businessman under section 10(1) of the income-tax act cannot obviously include the amounts returned by him by way of rebate to the consumers under statutory compulsion. it is as if he received only from ..... was right in law in holding that the assessee society was not entitled to deduction of rs. 40,000/- under section 80p(2)(c)(i) of the income-tax act. 3. in respect of t.c. no. 254 to 259 of 1998, the relevant assessment years are 1980-81, 1981-82, 1982-83, 1983-84 ..... the co-operative society is not conclusive in determining the question whether the said amount is a deductible expenditure in the computation of business income of the co-operative society under the income-tax act.12. as far as the decision of this court in c.i.t. v. south arcot district co-op. society : [1981 ..... co-operative society.15. the supreme court in poona electric supply co. ltd. v. commr. of inc.-tax 56 itr 521 laid down the law as under:-' under section 10(1) of the income-tax act, tax shall be payable by an assessee under the head 'profits and gains of business' in respect of profits and .....

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Sep 11 2009 (HC)

Visvas Promoters P. Ltd. a Private Limited Company Represented by Its ...

Court : Chennai

Reported in : [2009]185TAXMAN145(Mad)

..... allowed.21. that decision has been taken on the substantial issue raised by the petitioner on the basis of construction of relevant provisions of the income-tax act, viz., section 80i-b(10). in such circumstances, there is no question of rectifying any mistake stated to have crept in the original order ..... judgment of the calcutta high court and differing with the stand taken in those judgments, on facts, since under section 254(2) of the income-tax act, no party should suffer on account of any mistake committed by the tribunal. it is also stated that the supreme court has held that the ..... high court judgment, wherein in respect of residential units of less than 1500 sq. ft. size deduction under section 80i-b(10) of the income-tax act was granted, which is binding on the first respondent appellate tribunal and it was not intended that the first respondent should consider that aspect in the ..... ft. area. in respect of flats which are measuring less than 1500 sq. ft., the petitioner claimed deduction under section 80ib(10) of the income-tax act.2(a). the assessing officer, by order dated 26.12.2006, held that the petitioner was not entitled for deduction in respect of those two ..... the petitioner before the first respondent tribunal even prior to passing the order on 13.10.2008 was under section 80i-b(10) of the income-tax act which is as follows:section 80ib. deduction in respect of profits and gains from certain industrial undertakings other than infrastructure development undertakings.(1) to .....

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Feb 13 2012 (HC)

The Commissioner of Income Tax-i Vs. Ms Gec Alsthom India Ltd.

Court : Chennai

..... for all the purposes under section 195 of chapter xxxv of the code of criminal procedure, 1898. it has been conferred with such power under section 131 of the income tax act. that provision empowers the appellate tribunal to have the same powers that are vested in a court under the code of civil procedure, 1908, when trying a suit in ..... (2009) 317 itr 433 (shivsagar veg. restaurant v. assistant commissioner of income tax and another). as against the order of the commissioner of income-tax (appeals), the assessee or the revenue as the case may be preferred a further appeal to the income tax appellate tribunal under section 253 of the income tax act. the income tax appellate tribunal is constituted under the provisions of section 252 of the ..... re-calculation of the eligible profit under section 32ab by deleting the expected return of customs duty, which was not included in the computation of income is an error rectifiable under section 154 of the income tax act?2.the assessee is engaged in the manufacture of electrical items. the relevant assessment year is 1987-88 and the corresponding accounting year ended ..... act and the tribunal shall consist of as many judicial and accountant members. sub section (6) of section 255 reads as under : 255( .....

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Nov 23 1998 (HC)

Commissioner of Income-tax Vs. Smt. P. Andal Ammal and anr.

Court : Chennai

Reported in : [2000]243ITR715(Mad)

..... purpose of the case, are reproduced as under : '56. income from other sources.--(1) income of every kind which is not to be excluded from the total income under this act shall be chargeable to income-tax under the head 'income from other sources', if ..... by way of rent in respect of the lodging house is assessable under the head 'income from house property' or under the head 'income from other sources'. 2. as the question involves an interpretation of the provisions of section 56(2)(iii) of the income-tax act, 1961 (for short, 'the act'), the provisions of the section, in so far as it is relevant for the ..... it is not chargeable to income-tax under any of the heads specified in section 14, items a to e ..... . (2) in particular, and without prejudice to the generality of the provisions of sub-section (1), the following' income shall be chargeable to income-tax under the head 'income from other .....

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Jan 02 2007 (HC)

The Commissioner of Income Tax Vs. Sakthi Finance Ltd.

Court : Chennai

Reported in : (2007)210CTR(Mad)300; [2007]291ITR83(Mad)

..... with reference to the assessment year 1989-90.2. the above batch of references has been made under section 256(1) of the income-tax act, 1961, by the income-tax appellate tribunal, chennai bench 'b', at the instance of the commissioner of income tax, coimbatore, raising substantial questions of law, referred to and dealt with hereunder, arising out of the common order dated 10.1. ..... that the contingent deposit is nothing but sales-tax collected from the lessees on lease rentals and not paid to the government and hence, it has ..... the amount collected as contingent deposit towards the sales tax payable by the assessee is still open to be assessed to tax, since till such sales tax is paid by the assessee out of the contingent deposit, such deposit forms part, of the assessee's income. but the, assessing officer invoking section 43b of the income-tax act, 1961, disallowed the claim of the assessee holding ..... to be disallowed under section 43b and accordingly, added the contingent deposit to the assessee's income.3.3. aggrieved by the .....

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Sep 18 2002 (HC)

The Commissioner of Income-tax Vs. Bradford Trading Company (P) Ltd.

Court : Chennai

Reported in : (2003)179CTR(Mad)324; [2003]261ITR222(Mad)

..... and exclusively in connection with the said sale and it was allowable as a deduction under section 48(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer rejected the claim of the assessee on the ground that the company petition was filed by a.m. buhari claiming ..... the transfer of the capital asset. 4. the assessee, aggrieved by the order of the income-tax officer, filed an appeal before the commissioner of income-tax (appeals) and the commissioner of income-tax (appeals) upheld the order of the income-tax officer holding that the expenditure incurred did not relate to the sale of the property and ..... treated as a part of sale consideration. the income-tax officer also disallowed the balance sum of rs.50,000/- paid by the assessee company to a.m. buhari and the legal expenditure incurred in ..... the expenditure and the matter was settled between the majority and minority shareholders and the assessee company had nothing to do with the compromise. the income-tax officer therefore held that the sum of rs.1.5 lakhs received from m/s. india tobacco company ltd. by way of reimbursement should be ..... the assessee company had disclosed capital gain of a sum of rs.1,06,490/- in its return for the assessment year 1974-75. the income-tax officer was of the view that the capital gain shown by the assessee company was on the low side and proposed certain additions. the case .....

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Sep 08 2006 (HC)

Bapalal and Co. Exports Vs. the Joint Commissioner of Income Tax (Osd)

Court : Chennai

Reported in : (2007)208CTR(Mad)330; [2007]289ITR37(Mad)

..... to re-open the assessment.13. in the light of the discussion made above and in view of the supreme court rulings (supra) and also the relevant provisions of the income tax act already dealt with, i am of the considered view that the impugned order is liable to be set aside and accordingly, it is set aside and the writ petition is ..... and ors. (sc), observed as follows:we see no justifiable reason to interfere with the order under challenge. however, we clarify that when a notice under section 148 of the income tax act is issued, the proper course of action for the noticee is to file a return and if he so desires, to seek reasons for issuing notices. the assessing officer is ..... the expiry of one year from the end of the financial year in which the notice under section 148 was served.10. having dealt with the relevant provisions of the income tax act, let met now proceed to analyse the various case laws necessary for deciding this appeal and they are as under:i. in the judgment of the supreme court reported in ..... to be dismissed.9. before proceeding to consider whether the impugned order is sustainable or not, it would be proper for this court to refer to certain sections of the income tax act and they are as under:assessment - section 143(1)where a return has been made under section 139, or in response to a notice under sub-section (1) of section .....

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Jul 30 2002 (HC)

Commissioner of Income-tax Vs. Mrs. Kalavathy

Court : Chennai

Reported in : [2003]260ITR361(Mad)

..... and one of the transferees is the respondent herein in the appeal.3.the competent authority, notified by the central government under the provisions of chapter xx-a of the income-tax act, 1961, initiated proceedings for acquisition of the property and the publication of notice in the official gazette was made under section 269d(1) of the ..... (ker) and also the decision of the punjab and haryana high court in sutlej chit fund and financiers (p.) ltd, v. cit . teamed senior standing counsel, therefore, submitted that the presumption under subsection (2) of section 269c of the income-tax act would be available to the competent authority even prior to the publication of the notice in the official gazette under section 269d ..... of the act for initiating the proceedings for the acquisition of the property.6. learned counsel appearing for the respondent referring to the ..... and the view of the tribunal that the presumption as contemplated under section 269c(2) of the act was not available to the competent authority at the time of initiation of proceedings is erroneous. he submitted that the report of the inspector of the income-tax department estimating the fair market value would constitute the material for the competent authority to form a .....

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