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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1986 Page 1 of about 62 results (0.047 seconds)

Jun 19 1986 (HC)

K. Eapen Jacob Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jun-19-1986

Reported in : (1986)55CTR(Mad)398; [1987]166ITR199(Mad)

..... v. ramaswami, j.1. the following three questions have been referred at the instance of the assesses under section 256(1) of the income-tax act, 1961 : '1. whether, on the facts and in the circumstances of the case, the sum of rs. 90,500 received by ..... 7,004. in this return, he claimed a sum of rs. 90,500 as receipt and not taxable as income. however, the income-tax officer took the view that it is a revenue receipt assessable to income-tax on the ground that : 'this represents profits which the assessee would have made had the partnership continued. the entire ..... therefore, bone no doubt that what was given under the compromise as held by the appellate assistant commissioner was for surrendering the assessee's source of income, namely, the share in the partnership. the assessed entered into the partnership with a view to bringing into existence a source expected to yield a regular ..... source was surrendered by him, the compensation received in lieu of such surrender would manifestly be a receipt on capital account. the ratio of the decision in cit v. uttama reddy : [1984]148itr580(mad) relied on by learned counsel for the revenue, far from supporting the revenue, supports the case of the ..... was for relinquishing all his rights in the partnership and that no part of its related to his business income and that, therefore, the inclusion of the sum of rs. 90,500 as revenue income cannot be sustained. in that view, the appeal was allowed. the revenue assistant commissioner was right in his .....

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Jan 29 1986 (HC)

Sundaram Industries Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jan-29-1986

Reported in : (1986)53CTR(Mad)51; [1986]159ITR646(Mad)

..... facts and in the circumstances of the case, the sum of rs. 52,765, provision for surtax, was a proper deduction in computing the total income under the income-tax act, 1961, for the year under appeal ?' 34. in view of our decision rendered just now in t.c. no. 636 of 1978 in ..... gains of the business of companies, the company was not entitled to claim deduction of surtax payable by it in computing its total income under the income-tax act. this decision does not refer to the decision of the calcutta high court and the conclusions have been independently arrived at. 7. mr ..... profits' and the charging provision, the subject-matter of the charge on which surtax is levied is clearly the total income of an assessee computed under the income-tax act, 1961. that income has to be adjusted in accordance with the provisions of the first schedule. in the first schedule, a procedure is laid ..... concept of 'business expenditure', it was pointed out that an expenditure cannot be allowed as a business expenditure under section 37(1) of the income-tax act, 1961, unless it was incurred or laid out directly or indirectly by the assessee wholly and exclusively for the purpose of his business. the ..... 2)(xv) of the indian income-tax act, 1922, in computing their business income and such tax was not a wealth-tax or any of the other taxes referred to in the explanation to sub-clause (iia) inserted in section 40(a) of the income-tax act, 1961, by section 2 of the income-tax (amendment) act, 1972. the supreme court .....

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Jun 17 1986 (HC)

A.S.S.P. and Co. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jun-17-1986

Reported in : (1986)55CTR(Mad)375; [1988]172ITR274(Mad)

..... wherein this court held that when a return is furnished by the assessee in consequence of a notice issued under section 34 of the indian income-tax act, 1922, it was not open to the income-tax officer to ignore that return and issue a further notice under section 34(1)(a) on the assumption that there had been an omission ..... and 1963-64 were invalid ?' 2. whether the reassessments made on march 29, 1973, are beyond the period of limitation prescribed under section 153(2) of the income-tax act and hence invalid ?' 2. the assessee is a registered firm carrying on business in purchase and sale of cloth. for the assessment year 1962-63 corresponding to the ..... section 148 was valid. for this view, the tribunal relied on the decision of the punjab high court in atma ram bindra ban v. cit . that was a case arising under the indian income-tax act, 1922, and it was held therein that a second notice issued under sub-section (1) of section 34, while the proceedings which had ..... of the view that it is not possible to accept the contention of the assessee that because of the issue of notice under section 148 of the act by the income-tax officer, erode, the original assessment proceedings could not be said to have been set at large and that in view of the facts that the assessment ..... v. ramaswami, j.1. in this reference under section 256 of the income-tax act, 1961, the following two questions have been referred at the instance of the assessee : '1. whether, on the facts and in the circumstances of the .....

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Jan 07 1986 (HC)

B.N.K. Press Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jan-07-1986

Reported in : [1986]161ITR310(Mad)

..... . the tribunal also took the view that by virtue of section 297(2)(e) of the income-tax act, 1961, the income-tax officer who completed the reassessments was authorised to invoke section 23a of the 1922 act and he was entitled to look into the reassessments made under the income-tax act, 1961. arising out of this order, the following two questions have been referred to this court ..... income-tax act, 1961 (hereinafter referred to as 'the act'), the company filed revised returns showing a total income of rs. 1,44,498 for the assessment year 1960-61 and rs. 84,736 in respect of the assessment year 1961-62. the ..... , in view of the provisions of section 297(2)(e) of the income-tax act, 1961, the orders passed on september 15, 1973, under section 23a of the indian income-tax act, 1922, for the assessment years 1960-61 and 196]-62 based on the incomes as assessed in the proceedings under section 147 of the income-tax act, 1961, for the aforesaid years are valid in law 2. 'whether ..... as 'sri nagi reddy group'. as a result of some investigations in respect of bogus loans shown by the assessee, the assessments were reopened under section 147(a) of the income-tax act, 1961. there was a settlement in respect of the group of cases and in response to a notice under section 148 of the .....

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Feb 04 1986 (HC)

C.P. Chitrarasu (by Legal Representative C. Socrates) Vs. Commissioner ...

Court : Chennai

Decided on : Feb-04-1986

Reported in : (1986)53CTR(Mad)31; [1986]160ITR534(Mad)

..... relied on by the tribunal must be accepted by this court as binding for purposes of the reference under section 66 of the indian income-tax act, 1922, or section 256 of the income-tax act, 1961, in so far as the present case is concerned, on the question as to whether the amount in question can be treated ..... pointed out that it is well established that the high court is not a court of appeal in a reference under section 66(1) of the indian income-tax act, 1922, and it was not open to the high court in such a reference to embark upon a re-appraisal of the evidence and to arrive ..... of the case, the tribunal is justified in its view that the receipts by the birthday celebrations committee is not exempt under section 10(3) of the income-tax act, 1961 ?"6. the learned counsel appearing on behalf of the assessee's legal representative has contended that the first question is really concluded by a decision ..... of the tribunal, the following two questions have been referred to this court for opinion at the instance of the assessee under section 256(2) of the income-tax act, 1961."1. whether, on the facts and in the circumstances of the case, the tribunal is right in its view that the sum of rs. 48 ..... as income arising from vocation or occupation being dependent upon a legal inference to be drawn on established facts, we must hold that the .....

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Feb 19 1986 (HC)

Commissioner of Income-tax Vs. B.C. Kothari

Court : Chennai

Decided on : Feb-19-1986

Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)

..... gains, adopted the year ending june 30, 1968, as the previous year and hence had exercised its option under section 3(1)(b) of the income-tax act. this decision also proceeds on the facts disclosed giving rise to an inference as to in respect of which previous year the assessee had exercised its option ..... assessee had exercised his option for the previous year which was the financial year 1971-72, is justified or not. section 3(1) of the income-tax act, 1961, defines 'previous year'. we are concerned only with sub-clauses (a) and (b) of that definition which read as follows : '1. for the ..... receipt of the previous year relevant to the assessment year commencing on the 1st day of april, 1972, and provided that any income falling within clause (3) of section 10 of the income-tax act, as it stood immediately before the 1st day of april, 1972, shall not be included, then what was material to be ..... case are concerned. it is also well-established that the assessee can exercise his option under section 3(1)(b) of the income-tax act even before the tribunal if the case does not fall under any of the other clauses of section 3(1) - see the decision in addl ..... as follows : 'certain casual ad non-recurring receipts not to be included the total income for the assessment year 1972-73. - notwithstanding the amendments made by this act to the income-tax act, in computing, in the case of any person, the total income of a previous year relevant to the assessment year commencing on the 1st day of .....

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Feb 12 1986 (HC)

Commissioner of Income-tax Vs. East India Corporation Limited

Court : Chennai

Decided on : Feb-12-1986

Reported in : (1986)53CTR(Mad)212; [1986]159ITR712(Mad)

..... not agreeing with the decision of the gauhati high court as given by the division bench were as follows (p. 863 of 121 itr) : 'the income-tax act takes the relevant previous year as a unit for the purpose of making an assessment. therefore, the eligibility for deduction will be dependent on what had happened ..... the year of demand for which provision has already been made in the accounting year, deduction under section 10(2)(xv) of the indian income-tax act, 1922, was permissible. the division bench in krishnan's case : [1980]121itr859(mad) has undoubtedly not agreed with the view taken by the gauhati high ..... the previous year relevant to the assessment year 1958-59 and it was, therefore, properly allowable as deduction under section 10(2)(xv) of the indian income-tax act, 1922. the gauhati high court took the view that in the absence of a legal bar in the way of the assessee claiming the expenditure in ..... out of this order of the tribunal, the following question has been referred to this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the deduction of the sales ..... this is how a deduction in respect of rs. 1,40,316 was sought by the assessee. the income-tax officer disallowed the deduction on the ground that the original order of assessment under the central sales tax act had been made as early as on february 28, 1964, and the liability having arisen then, the .....

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Jan 28 1986 (HC)

Commissioner of Income-tax Vs. S.S.M. Ahmed Hussain

Court : Chennai

Decided on : Jan-28-1986

Reported in : (1986)54CTR(Mad)327; [1987]164ITR525(Mad)

..... insurance co. ltd. : [1967]63itr632(sc) , in determining whether two lines of business constitute the 'same business ' within the meaning of section 24(2) of the income-tax act, the income-tax authorities must consider the interconnection, interlacing, interdependence and unity furnished by the existence of common management, common business organisation, common administration, common fund and a common place of business.' 11 ..... insurance business could be set off against its profits of the general insurance business for the assessment years 1951-52 to 1954-55 under section 24(2) of the indian income-tax act, 1922. the supreme court took the view that the life insurance business and the general insurance business constituted one composite business and that the interconnection, interlacing, interdependence and ..... not carried on in the assessment year in question, the assessee was not entitled to carry forward and set off the unabsorbed loss under section 72(1) of the income-tax act, 1961. the appellate assistant commissioner took the view that the transactions had been entered in a single set of account books and that the funds required for the two ..... carried on by the assessee was relevant for the purpose of deciding the question whether the assessee was entitled to carry forward the loss under section 72(1) of the income-tax act, 1961, or not and whether that finding is supported by materials on record ?' 2. the assessment year in question is 1968-69. during the prior assessment year, .....

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Mar 05 1986 (HC)

Dollar Company Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-05-1986

Reported in : (1986)58CTR(Mad)121; [1986]161ITR455(Mad)

..... wholly and exclusively laid out for the business and the deduction, therefore, did not come within the scope of section 10(2)(xv) of the indian income-tax act. 1922. the supreme court found that the sum of rs. 50,000 contributed by the assessee was for the construction of roads in the area ..... was on capital account and not an expenditure for producing profits in the conduct of business and was not, therefore, deductible under section 37 of the income-tax act, 1961. 5. aggrieved by this view of the tribunal, the following question has been referred at the instance of the assessee for the opinion of ..... this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the liability incurred by the assessee to pay rs. 7,985 as betterment tax in respect of the land on which its factory is situate during the ..... been paid in respect of such increase, the expenditure was only capital expenditure. 4. the assessee took the matter in appeal to the income-tax appellate tribunal. before the tribunal, the assessee pointed out that it had been carrying on business long before the corporation started improving the locality ..... of the land on which its factory was situated on the basis that the liability had accrued during the relevant previous year. the income-tax officer disallowed the deduction holding that the expenditure was of capital nature. 3. the appellate assistant commissioner, while rejecting the appeal filed .....

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Mar 19 1986 (HC)

East Asiatic Company (India) P. Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-19-1986

Reported in : [1986]161ITR135(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, or any act repealed by that act or under any executive orders issued when the indian income-tax act, 1886 (act 2 of 1886), was in force. it is difficult for us to see how ..... of the andhra pradesh and karnataka high courts. 8. section 10(2) (vi), proviso (b), of the indian income-tax act of 1922 corresponds to the provisions of section 32(2) of the income-tax act, 1961. in cit v. dutt's trust, caliclt : [1942]10itr477(mad) , this court has taken the view that section 10( ..... view that unabsorbed deprecition is required to be set off and carried forward not by force of section 72 and/or section 73 of the income-tax act, 1961, but by virtue of the provisions of section 32(2) itself and that the manner of carry forward and set off of depreciation ..... decision of the question referred to this court depends considerably on the interpretation which can be placed on the provisions of section 32(2) o the income-tax act. section 32(1) enumerates several deductions which are permissible 'in respect of depreciation of buildings, machinery, plant or furniture owned by the assessee and ..... tribunal. the tribunal rejected the contention of the assessee that since amounts were assessed under sections 41(1) and 41(2) of the income-tax act, the business should be deemed to have been carried on by the assessee and the unabsorbed depreciation of the earlier years should also be .....

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