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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1976 Page 1 of about 156 results (0.043 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 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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Sep 20 1976 (HC)

K. Sankaranarayana Iyer and Sons and anr. Vs. Commissioner of Income-t ...

Court : Chennai

Decided on : Sep-20-1976

Reported in : [1977]110ITR571(Mad)

..... rights in the land and the amount invested by him must, therefore, be treated as capital expenditure within the meaning of section 10(2)(ix) of the indian income-tax, act, 1922, as it then stood. the present assessee has agreed presumably to pay some premium and an annual rent for all his rights under the lease, and ..... allowable as a revenue expenditure 't.c. no. 226 of 1972 :2. this reference has been made by the cochin bench under section 256(1) of the income-tax act, 1961, raising the following question for the opinion of this court :' whether, on the facts and in the circumstances of the case, the tribunal was justified in law ..... be taken into consideration for the computation of the allowable expenditure. the supreme court held that :' in computing the profits from its business under the indian income-tax act, 1922, the assessee was entitled to deduct by way of expenditure the market value of the thatch, bamboo and fuel, etc., grown by it and utilised ..... application to the facts here. that was a case where the supreme court was considering the question as to what was assessable under the central income-tax act in relation to the assessment of income from tea business. the bamboo, thatch, fuel, etc., had been treated as having been sold to the tea business in the agricultural ..... sethuraman, j. 1. under section 256(1) of the income-tax act, 1961, the following questions of law have been referred by the appellate tribunal, madras bench, for the opinion of this court : t.c. no. 406 of .....

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Nov 15 1976 (HC)

Palani Andavar Mills Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Nov-15-1976

Reported in : [1977]110ITR742(Mad)

..... rights in respect of rs. 2,87,422 and claimed this amount as a deduction under sections 10(2)(xi) and 10(2)(xv) of the indian income-tax act, 1922. the question was whether the amount of rs, 2,87,422, which was given up by the assessee, represented a loss of capital or was ..... tribunal, bangalore bench, at the instance of the assessee, under section 256(1) of the income-tax act, 1961, has referred the following question of law for the opinion of this court: 'whether, on the facts and in the circumstances of ..... gains of the assessee. however, mr. s. swaminathan, the learned counsel for the assessee, very strongly relied on the decision of the supreme court in commissioner of income-tax v. mysore sugar co. ltd. : [1962]46itr649(sc) . in that case the assessee, who was engaged in the manufacture of sugar, used to advance seedlings ..... any amenity to all the employees or even a majority of the employees. these conclusions of the income-tax officer were affirmedby the appellate assistant commissioner as well as by the tribunal. it is the correctness of these conclusions that is challenged in the form ..... in an account called 'staff house construction advance', at the close of the accounting year concerned the assessee transferred this amount to 'staff welfare account'. the income-tax officer negatived this claim for the reason that no expenditure was incurred during the year under reference and, further, that it was not incurred for providing .....

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Apr 29 1976 (HC)

Commissioner of Income-tax Vs. V.V.S. Sarma and anr.

Court : Chennai

Decided on : Apr-29-1976

Reported in : [1977]110ITR778(Mad)

..... of the regulation also show that we must interpret the concessions order in a manner not affecting the substance of the scheme of the income-tax act. the substance of the income-tax act is that in respect of income from salary for which no books of account have been kept by the assessee, the previous year is the financial year and the rates ..... 1961. in these circumstances, the tribunal was right also in holding that the income-tax officer was not entitled to deduct the compulsory ..... (income-tax payers) scheme, 1963. it is not part of the income-tax act. the indian rate of tax has been defined in the concessions order as the rate determined by dividing the amount of income-tax and super-tax payable on the total income under the provisions of the income-tax act, 1961, by the total income. there is no reference to the deduction of compulsory deposit in the income-tax act, ..... states that all words and expressions used in the concessions order, which had not been defined therein but defined in the income-tax act, 1961, shall, in relation to the provisions relating to income-tax, have the meaning assigned to them in the income-tax act, 1961. therefore, the words 'previous year ' in paragraph 5 is the previous year as denned in section 3 .....

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