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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1976 Page 1 of about 156 results (0.046 seconds)

Apr 15 1976 (HC)

Commissioner of Income-tax Vs. Amalgamations (P.) Ltd.

Court : Chennai

Decided on : Apr-15-1976

Reported in : [1977]109ITR115(Mad)

..... consideration for more than one year in the application of section 23a. we do not find any warrant in the statute for any such assumption. the whole scheme of the income-tax act is to divert attention on the facts of the relevant year unless as in clause (i) of section 23a(1) in the case of losses the position of the earlier ..... the year of account; and (ii) receipts from the liquidator of sembiam saw mills (private) ltd. from the distributable surplus for the purpose of levying additional super-tax under section 23a(1) of the indian income-tax act, 1922, for the assessment year 1960-61 ?'6. out of the above three questions, we may dispose of questions nos. 2 and 3 first. it is ..... assessee had sold certain assets on which it had obtained depreciation in the relevant income-tax assessments. the difference between the original cost of the said assets and the written-down value was brought to tax by applying the second proviso to section 10(2)(vii) of the indian income-tax act, 1922. the question before the supreme court was whether this difference should have been ..... of the proceedings under section 23 a of the indian income-tax act, 1922, for the assessment year 1960-61. the assessee is a holding company which has several subsidiaries. it is a company in which the public are not substantially interested. the relevant previous year ended on 30th june, 1959. when the income-tax officer considered the application of section 23a to this company .....

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Jul 27 1976 (HC)

Commissioner of Income-tax Vs. Banarsilal Dhawan

Court : Chennai

Decided on : Jul-27-1976

Reported in : [1977]109ITR360(Mad)

..... . 52,230 in all was erroneous and unsustainable. it was the correctness of that order which was challenged before this court in a reference under section 66(1) of the income-tax act. this court held that the addition of rs. 52,230 made in thereafter two years was not an 'intangible addition' ; it represented the real estimate of the profits earned by ..... reason such as that the receipt is of a casual nature not arising from any business or profession or occupation, or that it is exempt under any provision of the income-tax act, 1961.2.3.4.5.6.7.8.total of section f.6. the request to the officer to treat the sum as having been included in section 'f' of ..... year 1963-64, the relevant accounting year being the preceding financial year, he returned an income of rs. 10,260 under 'business'. at the time of hearing before the income-tax officer, it was submitted for the assessee that the proviso to section 145(1) of the income-tax act was applicable and that the assessee had no objection to the estimate of gross profit as ..... mudaliar and co. on february 10, 1950, which came within the 'previous year' for the assessment year 1950-51. with this information in his possession, the income-tax officer initiated proceedings under section 34 of the act and issued appropriate notices to the assessee for reopening the assessment of the years 1949-50 and 1950-51. the contention of the assessee was that .....

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Apr 05 1976 (HC)

Commissioner of Income-tax Vs. Sri Ramakrishna Nursing Home

Court : Chennai

Decided on : Apr-05-1976

Reported in : [1976]105ITR86(Mad)

..... tribunal, madras bench, has stated a case and referred the following question of law to this court under section 256(1) of the income-tax act, 1961, for its opinion :'whether, on the facts and in the circumstances of the case, the deed of partnership dated april 1, 1961, could be said to be illegal or ..... partnership was a genuine one and there was no illegality, was there anything within the powers of the income-tax officer to question the partnership and refuse to grant registration on the ground that the partnership was opposed to public policy? section 185 of the income-tax act, 1961, is the statutory provision dealing with the procedure on receipt of applications. sub-section (1) of ..... that section states :'on receipt of an application for the registration of a firm, the income-tax officer shall inquire into the genuineness of the firm and its constitution as specified ..... for the year 1963-64. however, for the year 1964-65, when the assessee filed a declaration as required under the provisions of section 184(7) of the act of 1961, the income-tax officer took the view that there was no genuine firm in existence and that the partnership contravened certain ethical code of medical profession. according to him, a qualified medical .....

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Aug 20 1976 (HC)

Aishabi Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Aug-20-1976

Reported in : [1980]126ITR293(Mad)

..... of this court:'1. whether, on the facts and circumstances of the case, the reopening of the assessment is justified under section 147(a) of the income-tax act ? 2. whether, on the facts and circumstances of the case, the tribunal was justified in holding that a sum of rs. 1,75,000 is ..... of the opinion that the high court was in error in reappraising the evidence before the appellate tribunal and in interferring with its finding that the income-tax officer had no reason to believe that there was an omission on the part of the assessee to disclose fully and truly all the material facts ..... its contents were essentially in line with the contents of the agreement dated december 27, 1958, which had been disclosed to the income-tax officer, it cannot be said that the income-tax officer who initiated action under section 147 had gathered any fresh facts by seeing the agreement of february 9, 1959, which had ..... of rs. 1,75,000 would be in the custody of one sri soumb.rarajan, a chartered accountant of salem, who was the assessee's income-tax adviser. after the meeting of the regional transport authority and the transfer of the permits in favour of kalaran, sri soundara-rajan returned the documents ..... by oversight did not bring the amount represented by the drafts to tax as the income of the assessee. subsequently, he took up proceedings under section 147(a) of the i.t. act, 1961, with a view to assess the amount as the income of the assessee from undisclosed sources. on a writ petition before .....

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Jul 28 1976 (HC)

S. Subramania Chetty Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jul-28-1976

Reported in : [1978]114ITR283(Mad)

..... books for a period of nearly two years, namely, from august 1962 to 1964, when the assessment proceedings after the issue of notice under section 148 of the income-tax act, 1961, were pending before the income-tax officer, the assessee did not come forward with any explanation in this behalf at all; (3) that the assessee came forward with a new case of borrowal ..... above. in the first decision referred to above, the bombay high court observed (page 105) : 'the proceedings under section 28(1)(c) (corresponding to section 271(1)(c) of the income-tax act, 1961) in their very nature are penal proceedings, and the elementary principles of criminal jurisprudence must apply to these proceedings, and nothing is more elementary at least in this country ..... year 1960-61, under section 271(1)(c) of the income-tax act, 1961, is valid and justified in law ?' 2. the facts are simple. the assessee carries on business in oil seeds. for the year ending march 31, 1960, relevant to the ..... and in the circumstances of the case, the levy of penalty of rs. 3,000 against the assessee for the assessment year 1960-61, under section 221(1) of the income-tax act, is justified in law 3. whether, on the facts and in the circumstances of the case, the levy of penalty of rs. 11,200 against the assessee for the assessment .....

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Nov 10 1976 (HC)

Yercaud Coffee Curing Works Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Nov-10-1976

Reported in : [1978]111ITR787(Mad)

..... 2(18)(b)(b)(i) corresponded to sub-clause (i) of clause (b) of the explanation which we have extracted except for the difference that in the provisions of the income-tax act, 1961, after the expression 'the public' the expression was '(not being a director or a company to which this clause does not apply)'. with reference to that clause, the kerala ..... question. the tribunal by its order came to the conclusion that the appellate assistant commissioner was wrong in treating the subsequent amendments made in 1957 to the act and those made in 1965 to the income-tax act, 1961, as merely declaratory. consequently, on the construction of the relevant statutory provision applicable to the respective years, the tribunal came to the conclusion that the ..... referred to as the first question in the course of this judgment.3. the questions referred to above turn upon the interpretation of section 23a of the indian income-tax act, 1922 (hereinafter referred to 'as the act'). as the questions themselves will indicate, the assessment years concerned are 1956-57, 1959-60 and 1960-61. the said provision, namely, section 23a of the ..... were asked to construe the scope of the explanation in the light of the amendments made in 1955 and 1957 to the act and the corresponding provisions contained in the income-tax act of 1961 and the amendments made in the new act in 1965, they observed at page 778 :'now, we do not think that, having regard to the nature, scope and extent of .....

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Sep 13 1976 (HC)

Essorde Industrial Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Sep-13-1976

Reported in : [1977]110ITR298(Mad)

..... to appreciate the question raised, it is necessary to refer to the relevant provisions. section 183(b) of the income-tax act, runs as follows :' in the case of an unregistered firm, the income-tax officer--... (b) if, in his opinion, the aggregate amount of the tax payable by the partners if the firm were treated as a registered firm would be greater than the aggregate ..... order that the firm was treated as registered firm under the provisions of section 183(b) of the income-tax act. subsequently, penalty proceedings were taken for the failure of the assessee to submit the return of income within the time allowed under the law. the income-tax officer, after considering the assessee's explanation, which is not material for our present purpose, held that the ..... were so assessed as a registered firm. the object of the provision is to see that there is no avoidance of or reduction in the tax liability by a firm not claiming registration.5. section 271(1)(a) of the income-tax act provides that if the income-tax officer is satisfied that any person has without reasonable cause failed to furnish the return of total ..... certain legal submissions in the form of additional grounds. those submissions were that the assessee having been treated as a registered firm under section 183(b) of the income-tax act, no penalty was leviable under section 271(1)(a) of the act, and that no tax having been found to be payable by the assessee which was assessed under section 183(b) of the .....

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Nov 18 1976 (HC)

Commissioner of Income-tax Vs. Lucas-t.V.S. Limited (No. 1)

Court : Chennai

Decided on : Nov-18-1976

Reported in : [1977]110ITR338(Mad)

..... the actual cost to the assessee less all depreciation actually allowed to him under this act, or under the indian income-tax act, 1922 (xi of 1922), or any act repealed by that act, or under any executive orders issued when the indian income-tax act, 1886 (ii of 1886), was in force : provided that in determining the written ..... should not be deducted for arriving at the written down value for the computation of the capital for the purposes of section 84 of the income-tax act, 1961. hence, we answer the second question also in the affirmative and in favour of the assessee.21. the assessee will be entitled to ..... combined reading of rule 19(1) and (6) read with section 43(6) of the income-tax act, 1961, will clearly show that the initial depreciation shall not be deducted in computing the written down value for the purpose of calculating the capital. however ..... not include depreciation allowed under sub-clauses (a), (b) and (c) of clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922 (xi of 1922), where such depreciation was not deductible in determining the written down value for the purposes of the said clause (vi).' thus, a ..... under sub-section (6) of section 43 as if for the words 'previous year' the words 'computation period' were substituted. 'section 43(6) of the income-tax act, 1961, defines 'written down value' as meaning:'(a) in the case of assets acquired in the previous year, the actual cost to the assessee; (b) .....

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Nov 24 1976 (HC)

Commissioner of Income-tax Vs. Lucas-t.V.S. Ltd. (No. 2)

Court : Chennai

Decided on : Nov-24-1976

Reported in : [1977]110ITR346(Mad)

..... ,037 representing earlier business loss, should be deducted before the deduction of 8 per cent. of the profit as provided for in section 80e is granted. section 80e of the income-tax act, 1961, as it stood at the relevant time, was as follows :' 80e. deduction in respect of profits and gains from specified industries in the case of certain companies.--(1) in ..... the land on which the building is constructed can be taken into account or not. the supreme court, after examining the provisions contained in section 10(2) of the indian income-tax act, 1922, held that the language employed in that section clearly showed that the word ' building ' did not include the site or the land on which the building was constructed. that ..... , depreciation was not admissible in the cost thereof. the tribunal overruled the said contention. mr. j. jayaraman, the learned counsel for the department, contends that the word ' building ' in the income-tax act has got a very restricted meaning and does not include land and, therefore, the roads laid on such lands will not be eligible for allowance of depreciation. in support of ..... ? 3. whether it has been rightly held that the expenditure incurred on the construction of roads was entitled to depreciation as part of the building under section 32 of the income-tax act, 1961 ' 2. in the latter reference the second and the third questions in the former reference have been referred to this court.3. the assessee-company acquired land at padi .....

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Sep 21 1976 (HC)

Commissioner of Income-tax Vs. S. Ramaswamy Iyer

Court : Chennai

Decided on : Sep-21-1976

Reported in : [1977]110ITR364(Mad)

..... exempt from tax for the assessment years 1962-63 , and 1963-64 under section 11 of the income-tax act, 1961 '2. the assessee is the sole trustee of a trust known as ' gnani s. ramaswamy iyer charitable trust' of ..... . for the assessment year 1961-62, the trustee filed a return showing ' no income ' as taxable and indicating in section d of the return that the trust, had a net income of rs. 3,050. the trustee claimed exemption from assessment under section 4(3)(i) of the indian income-tax act, 1922. we are not referring to this assessment any further for the reason ..... that we are concerned in this reference only with the assessments for the assessment years 1962-63 and 1963-64. however; we may point out one thing. since the income-tax officer, for the purpose of completing the assessment for ..... ismail, j.1. the income-tax appellate tribunal, madras bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as the act, has referred the following question of law for the opinion of this court: ' whether, on the facts and in the circumstances of the case, and on a true construction of the deed as subsequently modified, the entire income from trust property is .....

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