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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1985 Page 2 of about 73 results (0.048 seconds)

Mar 21 1985 (HC)

Commissioner of Income-tax Vs. Binny and Company

Court : Chennai

Decided on : Mar-21-1985

Reported in : (1985)47CTR(Mad)329; [1986]159ITR303(Mad)

..... machinery forms part of the 'actual cost' of the assets of the assessee within the meaning of that expression in section 10(5) of the indian income-tax act, 1922, and the assessee will be entitled to depreciation allowance and development rebate with reference to such interest also. clt v. simco meters ltd. ..... business activity of the assessee and, therefore, the entire interest should be deducted in computing the business income. while granting relief under section 80m of the income-tax act, 1961 (hereinafter referred to as 'the act'), the income-tax officer computed the same at 60% of the net dividend, that is to say, rs. ..... agreement, by way of salary paid to the foreign technicians, the cost of air passage, hotel accommodation, etc., for them. beside, the income-tax officer found that the assessee had employed a portion of the money borrowed by it for investment in the shares of other companies and concluded that ..... at rs. 40,52,750 for the assessment year 1968-69, with which we are concerned in this reference, the income-tax officer, disallowed, among others, rs. 4,11,474 representing the aggregate of the amounts paid to the foreign company, ..... cit : [1979]118itr243(sc) , has approved of the view taken by this court in madras auto service v. ito : [1975]101itr589(mad) and held that the deduction permissible under section 80m of the act is to be calculated with reference to the full amount of dividends received from a domestic company and not with reference to the dividend income .....

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Mar 06 1985 (HC)

Commissioner of Income-tax Vs. Carborandum Universal Ltd.

Court : Chennai

Decided on : Mar-06-1985

Reported in : (1986)50CTR(Mad)145; [1985]156ITR1(Mad)

..... whether, on the facts and in the circumstances of the case, and having regard to the provisions of section 37(2b) of the income-tax act, 1961, the appellate tribunal was justified in deleting 50% of the total entertainment expenditure claimed 2. whether, on the facts and in the ..... in providing customary hospitality to the customers. the ito declined to treat these amounts as business expenditure and added them back while computing the taxable income of the assessee. the assessee then filed appeals before the aac who deleted the disallowance finding that the expenditure related to coffee, tea and other ..... in the special context of the exempting provisions of section 5(1)(xxi) of the act, the words 'set up' present some complexity, crating a stubborn indefiniteness. the proper interpretation of an important provision of a statute, section 5(1 ..... follows (p. 392 of 56 itr) : 'we perused the judgment of this bench of this court in ramaraju surgical cotton mills v. commissioner of wealth-tax : [1962]46itr820(mad) , and we may observe that the learned judges felt some difficulty in construing the words 'set up'. they have observed that ..... to be produced because eight years had already elapsed and the relevant papers necessary were not to be found. relying on the decision of this court in cit v. karuppuswamy nadar & sons : [1979]120itr140(mad) , deduction of the entire amount was claimed. the tribunal, having regard to the view which .....

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Mar 05 1985 (HC)

Commissioner of Income-tax Vs. S. Balasubramaniam

Court : Chennai

Decided on : Mar-05-1985

Reported in : (1986)50CTR(Mad)90; [1986]159ITR288(Mad)

..... it necessary to refer to these deeisions because we have decided the matter more on principle than on application of any statutory rules which necessarily are outside the income tax act. 23. accordingly, so far as the first qustion is concerned, we must hold that the tribunal was in error in holding that the value of each ..... m.n. candurkar, c.j.1. these are references under section 256(1) of the income-tax act, 1961, in which at the instance of the revenue, the following two questions have been referred to this court : '1. whether, on the facts ..... because of the restrictions in the matter of transfer. such shares are not easily transferable and will, therefore, have restricted buyers. the tribunal has observed that the income-tax officer has deducted 15 per cent. on the value arrived at by him, but had given no reasons. the tribunal further observes that presumably he was guided ..... by multipying the result by the total amount invested, we will get the total value of relevant shares. it is this method which has been adopted by the income-tax officer and which, on facts, it appears to us, is the only equitable method. 18. now when we come to the view taken by the tribunal, ..... 15% thereof 8,758-----------49,630value of capital subscribedafter 31-12-1953 in respectof 1,055 shares 94,950------------total cost of shares 1,44,580'8. the income-tax officer made a further reduction of 15 per cent. of the total value in view of the fact that the shares were of a private limited company. originally .....

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Mar 05 1985 (HC)

Commissioner of Income-tax Vs. S. Balasubramanian (Lrs. of T.S. Sriniv ...

Court : Chennai

Decided on : Mar-05-1985

Reported in : [1986]160ITR610(Mad)

..... view of the tribunal has been challenged by the revenue in this case before us. 3. however, a mere reading of section 41(2) of the income-tax act will clearly show that the order of the income-tax officer withdrawing the proportionate initial depreciation granted in the hands of the bigger hindu undivided family by invoking section 41(2) cannot legally be sustained. as ..... tribunal : 'whether, on the facts and in the circumstances of the case, the cost to the assessee for the purpose of computing profit assessable under section 41(2) of the income-tax act, 1961, is the cost at which it was valued in the partition deed and without taking into account the proportionate initial depreciation granted in the hands of the larger hindu ..... . 97,666 had earlier been granted. taking note of the allowance of such initial depreciation in the hands of the larger hindu undivided family, the income-tax officer attempted to bring to charge under section 41(2) of the income tax act, the said amount in the hands of the larger hindu undivided family. when that larger hindu undivided family objected to the same, the ..... income-tax officer proceeded to assess under section 41(2) of the act, the said initial depreciation in the hands of the smaller hindu undivided family headed by balasubramanian .....

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Mar 08 1985 (HC)

Commissioner of Income-tax Vs. T.S. Hajee Moosa and Company

Court : Chennai

Decided on : Mar-08-1985

Reported in : (1986)51CTR(Mad)200; [1985]153ITR422(Mad)

..... of the senior partner was wholly and exclusively for the purposes of business of the assessee-firm and, therefore, the same was an allowable expenditure under s. 37 of the income-tax act, 1961 2. whether the finding of the appellate tribunal is based on valid and proper materials and is a reasonable view to take on the facts and in the circumstances ..... are apposite. state of madras v. coelho : [1964]53itr186(sc) , dealt with the interpretation of s. 5(e) of the madras plantations agricultural income-tax act, 1955, which provided for deduction of certain items in the computation of taxable agricultural income and one such item was that any expenditure incurred in the previous year (not being in the nature of capital expenditure or personal ..... of providing herself with the clothing which she needed as a human being; and that, accordingly, the expenses was not a deductible expenses under s. 130(a) of the income and corporation taxes act, 1970. even applying this test, the object of the partner of the assessee at the time when he took his wife along with him on his foreign tour was ..... based on evidence, but rests only on the imagination and importation of facts and circumstances, not apparent on the record. in the absence of materials, the tribunal, judicially acting and properly instructed in income-tax law, certainly could not have come to the conclusion it did and under those circumstances, the findings of the tribunal cannot be accepted. 13. besides, there is another .....

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Mar 07 1985 (HC)

Madura Coats Limited Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-07-1985

Reported in : [1986]158ITR697(Mad)

..... hands of the company in whose hands the income is to be assessed. section 198 of the income-tax act, 1961, says that all sums deducted at source shall, for the purpose of computing the income of the assessee, be deemed to be income received. thus, as per section 198, the tax deducted at the source will be the income received by the erstwhile companies which owned the ..... , the tax deducted at source cannot also be given credit to the assessee and no referable question arises. we are ..... dividend income is not to be assessed in the assessee's hands ..... deduction was made. that section contemplates the credit for the tax deducted at source being given only to that person from whose income the deduction has been made. in respect of tax paid by one person, another person cannot get credit under the provisions of the income-tax act. in this view of the matter, 701 on the finding rendered by the tribunal that since the .....

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Sep 16 1985 (HC)

K. Jayaraman Vs. Income-tax Officer, City Circle (1), (2) Coimbatore

Court : Chennai

Decided on : Sep-16-1985

Reported in : [1986]161ITR531(Mad)

..... city circle i(2), coimbatore, in pan py-2276/1(2) dated may 23, 1985, is in accord with section 132(5) of the income-tax act, 1961. 2. a warrant was issued by the director of inspection, madras, for a search of the residential premises of the petitioner at no. ..... the officer is rather not only wild but highly unacceptable to me. it cannot be said that merely because the account books were in madras, the income-tax officer could not have perused these accounts earlier and then put up a draft. nor again is it required on the part of the inspecting assistant ..... assistant commissioner. it does not say, 'after reciting the same in the order'. to my mind it appears that the previous approval only invests the authority, viz., income-tax officer, to make an order under clauses (i), (ii), (iia) and (iii). beyond that, there is nothing peculiar about it. to repeat, it is a ..... hereafter in this section and in sections 132a and 132b referred to as the assets) is seized under sub-section (1) or sub-section (1a), the income-tax officer, after affording a reasonable opportunity to the person concerned of being heard and making such enquiry as may be prescribed, shall, within ninety days of the ..... such a wild accusation. in fact, the draft was put up before the officer concerned on may 21, 1985 (sic), and it was discussed with the concerned income-tax officer. after being satisfied about the reasons given, the draft was approved on april 22, 1985 (sic). thereafter, the impugned order came to be passed. .....

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Mar 13 1985 (HC)

Commissioner of Income-tax Vs. Balmore Estates Private Ltd.

Court : Chennai

Decided on : Mar-13-1985

Reported in : [1987]164ITR687(Mad)

..... tribunal by seeking a reference to this court. however, we find that subsequent to the decision of the tribunal, the assessee brought before this court the assessment under the agricultural income-tax act in t.c. nos. 443 to 445 and 469 to 471 of 1982 - balamore estates private limited v. state of tamil nadu : [1987]163itr195(mad) , relating to the same assessment ..... proceeds of albezia trees are revenue receipts and, therefore, taxable under the provisions of the agricultural income-tax act, as agricultural income, thus upholding the view of the agricultural income-tax officer. once the sale value of the trees is treated and assessed as agricultural income under the provisions of the agricultural income-tax act, the same cannot be treated as capital receipts and charged as capital gains. it is ..... appellate tribunal was right in holding and had valid materials to hold that the sale consideration of albezia trees was in the nature of agricultural income and hence it is not liable to capital gains tax under the income-tax act, 1961 ?' 2. the assessee is a company carrying on business in the manufacture and sale of tea. the assessments for the assessment years 1975 .....

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Feb 25 1985 (HC)

Commissioner of Income-tax Vs. Copes Vulcan Inc.

Court : Chennai

Decided on : Feb-25-1985

Reported in : (1986)57CTR(Mad)244; [1987]167ITR884(Mad)

..... the circumstances of the case, that and having regard to the provision of section 9(1)(vii) of the income-tax act, 1961, the appellate tribunal was right in deleting 30% of the technical services fees treating it as income arising in india and in taxing the assessee foreign company ?' 2. however, we find on the facts and circumstances of this case, that the question ..... the central government as early as on may 3, 1974. the income-tax officer did not accept this claim but proceeded to treat 30% of the amount paid to the ..... the previous year relevant to the assessment year 1978-79. the assessee claimed before the income-tax officer that the payment was for the services rendered by the technical personnel and, therefore, it was exempt by virtue of the proviso to section 9(1)(vii) of the income-tax act inasmuch as the licensing and technical assistance agreement between the two companies was approved by ..... the technical fee paid was as a result of the business connection and, therefore, 30% of the amount has rightly been taxed by the income-tax officer, even though as per section 9(1)(vii) which was inserted by the finance act of 1976 with effect from june 1, 1976, no portion of the technical fees paid could be brought to charge there-under .....

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Feb 26 1985 (HC)

Commissioner of Income-tax Vs. Deccan Sugars and Abkhari and Co. Ltd.

Court : Chennai

Decided on : Feb-26-1985

Reported in : [1986]157ITR467(Mad)

..... , therefore, it should be allowed a claimed by the assessee. aggrieved by the decision of the tribunal, reference was sought for under section 256(1) of the income-tax act. b that was rejected. the revenue has filed this application under section 256(2). 3. the learned counsel for the revenue makes a two-fold contention. one ..... ramanujam, j. 1. in this petition filed under section 256(2) of the income-tax act by the revenue, a direction is sought for referring the following question for the opinion of this court : 'whether, on the facts and in the ..... . on appeal, the commissioner of income-tax (appeals) held that the assessee having decided to write off the amount due to it only in the previous year relevant to the assessment year under consideration, it ..... provisions and other articles dealt with by the stores. the assessee claimed the said sum of rs. 60,000 as a business loss. that was disallowed by the income-tax officer on the ground that the loss was for the year ending with december 31, 1973, and hence it is not admissible for the assessment year 1976-77 ..... said question need be given in this case. the assessee in this case is a manufacturer of sugar. while completing the assessment for the year 1976-77, the income-tax officer disallowed a sum of rs. 60,000 being the amount given to the employees' co-operative stores which could not be recovered. the said employees' co .....

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