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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1984 Page 1 of about 120 results (0.123 seconds)

Apr 19 1984 (HC)

Commissioner of Income-tax Vs. Seshasayee Paper and Boards Ltd.

Court : Chennai

Decided on : Apr-19-1984

Reported in : [1985]156ITR542(Mad)

..... the interest on monies borrowed for investment in shares which had not yielded any dividend wa admissible as a deduction under section 57(iii) of the income-tax act, 1961, in computing its income from dividend under the head 'income from other sources', and the supreme court held that what section 57(iii) requires is that the expenditure must be laid out or expended wholly ..... page 616 of the same book that though income has been classified under section 14 under six heads of income, income-tax is levied on the sum total of the income classified under various heads and that it is not the collection of disting taxes levied separately on each head of income, that under the income-tax act, income and not several incomes is taxed and that, on that basis, the loss sustained ..... in any year under one head is to be allowed a set-off against income under another head in that year in order to arrive at the true ..... total income of the assessee. according to the learned counsel for the revenue, .....

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Apr 24 1984 (HC)

Commissioner of Income-tax Vs. South India Viscose Ltd.

Court : Chennai

Decided on : Apr-24-1984

Reported in : [1987]163ITR674(Mad)

..... the reimbursement of medical expenses incurred by the assessee would not form part of 'perquisites' for the purpose of disallowance under section 40(c) of the income-tax act, 1961, following its earlier order. it has been pointed out by mr. jayaraman, learned counsel for the revenue, that the provision in section 40(c ..... to use during the relevant accounting years should not be excluded from the 'capital base' for the purposes of computing relief under section 80j of the income-tax act, 1961 5. whether, on the facts and in the circumstances of the case, the appellate tribunal's view that the provision for gratuity amounting to ..... reimbursement of medical expenses incurred by the assessee would not form part of 'perquisites' for the purpose of disallowance under section 40(c) of the income-tax act is sustainable in law 4. whether, on the facts and in the circumstances of the case, the appellate tribunal is correct in law in holding ..... j. 1. at the instance of the revenue, the following five questions have been referred to this court for its opinion by the income-tax appellate tribunal : '1. whether, on the facts and in the circumstances of the case, the assessee is entitled to extra shift ..... that section and, therefore, the tribunal has to construe section 40(c)(i) and section 40a(5) independently and without reference to the decision in cit v. manjushree plantations ltd. [1980] 125 itr 150 which dealt with the provision in section 40(c)(iii). there is considerable force in the said .....

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Oct 12 1984 (HC)

Popular Lungi Co. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Oct-12-1984

Reported in : (1985)44CTR(Mad)181; [1986]158ITR656(Mad)

..... section 273(c) is justified in law ?' 2. the assessee is a registered firm and for the assessment year 1970-71, the income-tax officer raised an advance tax demand under section 210 of the income-tax act, 1961 (hereinafter referred to as 'the act'), in a sum of rs. 49,722 in august, 1969, based on the then latest completed assessment for the year 1964-65 ..... which showed a total income of rs. 2,13,750. the assessee, without complying with the said demand, sent an estimate under section 212(1) on september 6 ..... rs. 2,67,935. however, the assessment was completed on a total income of rs. 5,87,200 resulting in a tax demand of rs. 1,39,577. the income-tax officer thereafter initiated penalty proceedings for the assessee's failure to file an estimate in accordance with section 212(3a) of the act and ultimately levied a penalty of rs. 8,977. 3. against ..... the said levy of penalty, the assessee appealed to the appellate assistant commissioner contending that since the assessee has filed an estimate of advance tax on september .....

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Jan 03 1984 (HC)

Commissioner of Income-tax Vs. Chickanna Silk House

Court : Chennai

Decided on : Jan-03-1984

Reported in : (1984)42CTR(Mad)279; [1987]163ITR145(Mad)

..... ratnam, j.1. the following questions have been referred for the opinion of this court at the instance of the revenue under section 256(2) of the indian income-tax act, 1961 (hereinafter referred to as 'the act'). 2. for the assessment year 1964-65 : '(1) whether, on the facts and in the circumstances of the case and having regard to the explanation to section ..... the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the penalty of rs. 9,595 imposed under section 271(1)(c) of the income-tax act, 1961, for the assessment year 1966-67 (2) whether the appellate tribunal had valid material to hold that the assessee had not deliberately furnished inaccurate particulars of his ..... 271(1)(c) of the income-tax act, 1961, the appellate tribunal was right in cancelling the penalty of rs. 65,000 imposed under section 271(1)(c) of the act for the assessment year 1964-65 (2) whether the appellate tribunal had valid material to hold that the assessee ..... by the creditors were produced and the books of account maintained by the assessee and produced before the sales tax department earlier had not been made available for inspection by the income-tax officer despite service of notice under section 142(1) of the act. the income-tax officer, therefore, concluded that the assessee was intentionally withholding the production of the account books. under these circumstances .....

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Jan 03 1984 (HC)

Commissioner of Income-tax Vs. Lekhraj and Sons

Court : Chennai

Decided on : Jan-03-1984

Reported in : (1984)40CTR(Mad)238; [1985]153ITR535(Mad)

..... by the respondent company to the managing agents on the termination of the managing agency agreement was an admissible deduction under section 10(2)(xv) of the income-tax act. after recording a clear finding on the question, the appellate tribunal will finally dispose of the appeal.' 8. in this case also, we have earlier ..... to consider the question of m/s. ramchand and company being a genuine firm. indeed, it was pointed out earlier that the order of the income-tax appellate tribunal, bombay, proceeded only on the basis of m/s. ramchand and company not being a genuine firm and that was why registration was ..... assessee and mothiram basantrai continued to the receive brokerage from those vendors from whom he made purchases. for the assessment years 1960-61 and 1961-62, the 9th income-tax officer, market ward, bombay, passed orders on march 31, 1961, and october 31, 1961, respectively, determining the status of m/s. ramchand and company, ..... the ground that the firm was not a genuine one. on appeal to the aac, that order was confirmed and on the further appeal to the income-tax appellate tribunal, bombay, in relation to the assessment year 1960-61, in this order dated may 28, 1963, the tribunal observed as under : 'from ..... the facts found by the income-tax authorities, we have no doubt that the assessee-firm was not a genuine firm and the sole object of its formation was to divert and route .....

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Feb 07 1984 (HC)

Commissioner of Income-tax Vs. M.V.S. Sastry

Court : Chennai

Decided on : Feb-07-1984

Reported in : [1986]157ITR543(Mad)

..... family became the assets of the partnership firm and this according to the income-tax officer involved a transfer as contemplated under section 155(5)(i) of the income tax act, 1961, hereinafter referred to as the act, justifying the withdrawal of the development rebate allowed to the hindu undivided family earlier. the income-tax officer was of the view that the development rebate allowed to the hindu ..... hindu undivided family have been transferred to the partnership firm, the withdrawal of the development rebate under section 155(5)(i) of the act was fully justified. 4. there was a further appeal by the assessee to the income-tax appellate tribunal contending that when there was a partition in the hindu undivided family, there was no transfer of assets and when the ..... )(ii) and, therefore, the withdrawal of the development rebate could be justified on that ground. 7. on a perusal of the order passed under section 155(5)(i) by the income-tax officer, it is seen that the withdrawal of the development rebate was only on the ground that there is a transfer of assets as contemplated by section 155(5)(ii ..... purpose which is not a purpose of the business of the undertaking, then the development rebate originally allowed shall be deemed to have been wrongly allowed and the income-tax officer may recompute the total income of the assessee for the relevant previous years and make the necessary amendment under section 154. 6. admittedly, in this case, the hindu undivided family had been .....

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Mar 02 1984 (HC)

Commissioner of Income-tax Vs. P.R.L. Abubacker

Court : Chennai

Decided on : Mar-02-1984

Reported in : [1987]163ITR348(Mad)

..... , j. 1. the following question has been referred to this court for its opinion by the income-tax appellate tribunal : 'whether, on the facts and in the circumstances of the case, the reopening of the assessments made by the income-tax officer under section 147(a) of the income-tax act, 1961, for the assessment years 1964-65 and 1965-66 is valid and justified ?' 2. the ..... put up the construction. taking these new materials which were not brought to his notice at the stage of the original assessment, the income-tax officer initiated proceedings under section 147(a) of the act. in the reassessment proceedings, the income-tax officer has proceeded on the basis that since the estimate made by the assessee's own valuer is higher than the value fixed ..... the factum of construction of second floor at the stage of the original assessment, the reassessment could be justified under section 147(a) of the act. the appellate assistant commissioner has taken the view that the income-tax officer in the course of the original assessment was given no more data than the approved sanctioned plan and the fact that the assessee has ..... the tribunal. before the tribunal. two questions arose, namely, - '1. whether the initiation of proceedings for reopening the assessment under section 147(a) of the act was justified and 2. whether the addition made by the income-tax officer at the reassessment stage could be justified on merits ?' 3. the tribunal took the view that the proceedings under section 147(a) of the .....

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Dec 18 1984 (HC)

S.R. Arulprakasam Vs. Prema Malini Vasan, Income-tax Officer, Central ...

Court : Chennai

Decided on : Dec-18-1984

Reported in : [1987]163ITR487(Mad)

..... is based upon the revised return submitted by him before the completion of the assessment for the year 1977-78 under section 139(5) of the income-tax act. section 139(5) of the income-tax act lays act lays down that act lays down that if any person having furnished a return under sub-section (1) or sub-section (2) discovers any omission or any wrong statement ..... a penalty of rs. 2,17,910 under section 271(1)(c) of the income-tax act. on appeal,the commissioner of income-tax directed the income-tax officer to levy the minimum penalty under the act taking into account the income accepted by the income-tax appellate tribunal. notwithstanding the aforesaid proceedings, the respondent, the income-tax officer, has now initiated proceedings for prosecution under sections 193 and 420 read with ..... therein, he may furnish a revised return at any time before the assessment is made. according to the learned counsel for the petitioner, section 139(5) of the income-tax act gives locus poenitentiae to the assessee and the revised return takes the place of the original return, which thereafter becomes non est in the eye of law and hence no ..... and intended to harass the petitioner. the prosecution based on the original return is untenable in law in view of the revised submitted by him under section 139 of the income-tax act. he is not guilty of any of the offences under which he could prosecuted. 5. sections 193 of the indian penal code runs thus : '193. punishment for false evidence. - .....

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Dec 03 1984 (HC)

Vinod Kumar Didwania Vs. Income Tax Officer, Central Circle Iii, Madra ...

Court : Chennai

Decided on : Dec-03-1984

Reported in : [1986]159ITR91(Mad)

..... is not absolved of the liability under section 271(1)(c). this is the interpretation placed by the madras high court on the corresponding provisions of the old income-tax act in t. b. hanuantharaj v. cit : [1978]111itr414(mad) . the allahabad high court has also taken the same view in mir suba hari bhaka v. ito : [1960]39itr617(all) . the ratio of these ..... in c. a. abraham v. ito : [1961]41itr425(sc) . it was held by the supreme court that the income-tax act provides a complete machinery for assessment of tax and imposition of penalty and for obtaining relief in respect of any improper orders passed by the income-tax authorities, the appellant could not be permitted to abandon resort to that machinery and to invoke the jurisdiction ..... , does not admit the correctness of the statement. however, these are only events leading to the impugned order. 4. july 31, 1981, is the due date for filing the income-tax return for the assessment year 1981-82, under section 139(1) of the income-tax act. but no return was filed. therefore, on january 2, 1982, a notice under section 139(2) of the ..... act was issued to the petitioner calling upon him to file a return of income within 30 days from the receipt of notice issued along with the summons. on january 10, 1982 .....

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Jul 31 1984 (HC)

State of Tamil Nadu Vs. P. Ganesa Udayar

Court : Chennai

Decided on : Jul-31-1984

Reported in : [1988]172ITR199(Mad)

..... court in a decision rendered in state of tamil nadu v. sadhanandam : [1978]113itr453(mad) has held that section 9(2) of the agricultural income-tax act has no application if the assessment is made on the father in the status of a hindu undivided family and section 9(2) will come into ..... these cases is one ganesa udayar of pilliarnatham, kallaperambur post, thanjavur taluk. for the year 1975-76, there was an assessment under the agricultural income-tax act wherein all the lands in his possession and enjoyment were assessed in his hands as an individual. the assessee objected to the said assessment by filing ..... have to be clubbed with the other lands in view of the provisions of section 9(2) of the agricultural income-tax act. according to the assessee, however, the inclusion of the income from the lands belonging to the assessee's minor daughter and paternal grandmother cannot legally be justified and that the ..... 1978 and 1219 of 1979 arise out of a common judgment rendered by the tribunal in respect of the assessments made under the agricultural income-tax act for the assessment years 1975-76 and 1976-77 on the respondent/assessee. the other three cases arise out of the orders of ..... the assessment years 1972-73, 1973-74 and 1974-75, immediately after the assessment under section 17(4) of the act, the assessee filed revision petitions before the commissioner of income-tax (agricultural) questioning the status in which the assessment was made on the assessee and also the quantum and that the .....

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