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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1988 Page 1 of about 71 results (0.048 seconds)

Nov 16 1988 (HC)

Commissioner of Income-tax Vs. A. Mohammed Mohideen

Court : Chennai

Decided on : Nov-16-1988

Reported in : [1989]176ITR393(Mad)

..... c.j.1. at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the transaction of the assessee of purchasing ..... his own family or to rent it out to third parties. on the basis of the materials before him, the income-tax officer concluded that the assessee's conduct of demolishing the building, converting the entire area into house sites leaving space for roads and subsequently selling ..... the condition of the building was not habitable and the assessee also could not have realised any rent from letting out the building. the income-tax officer further noticed that the assessee did not take any step to renovate the building to make it suitable for living by the members of ..... the advertisement also offered the property for lease. before the income-tax officer, the assessee contended that the property was purchased as an investment either to be used by his family members who were in india or, ..... stand and contended that the entire realisation from the sale of plots represented capital receipt assessable to capital gains in the respective assessment years. the income-tax officer, while examining the claim of the assessee, found that the assessee had advertised for the sale of the property in the year 1964, though .....

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Feb 10 1988 (HC)

Commissioner of Income-tax Vs. M. Balamuralikrishna

Court : Chennai

Decided on : Feb-10-1988

Reported in : (1988)69CTR(Mad)18; [1988]171ITR447(Mad)

..... m.n. chandurkar, c.j.1. the question which has been referred under section 256(1) of the income-tax act, 1961, at the instance of the revenue, reads as follows : 'whether, on the facts and in the circumstances of the case, the ..... by him for his residence, he received presents from his relatives, friends and well-wishers amounting to rs. 19,244. this amount was assessed as income by the income-tax officer. the amount was, however, deleted by the appellate assistant commissioner and the order of the appellate assistant commissioner was confirmed by the tribunal. ..... 400, ranging between rs. 5 to rs. 500 and the contributions came from different strata of society, castes and individuals. the assessment made by the income-tax officer was confirmed by the appellate assistant commissioner and by the tribunal. this court held that as the assessee was being remunerated separately for his discourses ..... cricketer was a donation or a gift and was not an employment or profit arising from the assessee's employment and was consequently not assessable to income-tax. the commissioners took the view that the amount was a donation or gift. the view of the commissioners was affirmed by rowlatt j. but his ..... as professional income and brought it to tax. 4. the appellate assistant commissioner held the payment to be by way of a testimonial and personal gift and not taxable. he recorded an alternative finding that even if it is regarded as income, it would be exempt under section 10(3) of the act being casual .....

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Feb 11 1988 (HC)

Commissioner of Income-tax Vs. Pioneer Engineering Syndicate

Court : Chennai

Decided on : Feb-11-1988

Reported in : [1989]175ITR93(Mad)

..... year 1969-70 2. whether, on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the order of the commissioner of income-tax under section 263 of the income-tax act, 1961f, for the assessment year 1967-68 3. whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that ..... , 1966, which is described as a deed of dissolution. 5. all these questions have been referred in accordance with the directions of this court under section 256(2) of the income-tax act, 1961. 6. the assessee is a partnership firm which was originally constituted under an instrument of partnership deed dated april 1, 1962. the construction company which has been referred to ..... disallowed the deduction treating the payment as capital expenditure. in respect of the order of the income-tax officer for the assessement years 1967-68 and 1968-69, the commissioner exercised his revisional jurisdiction under section 263 of the income-tax act, 1961, and set aside the deduction. 9. in respect of the assessment year 1969-70, in the appeal filed by the assessee, its ..... the payment of rs. 50,000 made by the assessee to pioneer construction company, vijayawada, under the 'dissolution deed' dated january 1, 1966, was allowable as deduction in computing the income of .....

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Mar 11 1988 (HC)

C. Leo Machodo Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-11-1988

Reported in : (1988)69CTR(Mad)95; [1988]172ITR744(Mad)

..... high courts, unless there are compelling reasons to depart from that view, normally, that construction should be accepted.' now, undoubtedly, in respect of construction of a provision of an act like the income-tax act, uniformity of construction is extremely desirable. but that does not however mean that this court must always accept the construction placed upon a particular statutory provision by other high ..... . 34. as already pointed out, in the instant case, we are unable to hold that there was any 'transfer' as contemplated by section 45 read with section 45 of the income-tax act, 1961, when the boat sank in the sea. further, the insurance amount received by the assessee cannot, in our view, be considered as 'consideration'. 35. accordingly, we answer the reference ..... capital assets which are held by him to a firm as his contribution towards capital, there was transfer of capital assets within the terms of the section 45 of the income-tax act, 1961, because an exclusive interest of the partner in his personal assets is reduced, on their (assets) entry into the firm, into a share interest. it was held that though ..... as to whether divestiture of title under a law relating to compulsory acquisition of property would amount to a transfer or not did not survive after the enactment of the income-tax act, 1961. the legislature has now expressly included compulsory acquisition of a capital asset under any law within the definition of transfer. section 2(47) of the .....

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Feb 22 1988 (HC)

Commissioner of Income-tax Vs. K. Govindarajulu (Decd.) by Legal Repre ...

Court : Chennai

Decided on : Feb-22-1988

Reported in : [1988]173ITR112(Mad)

..... indirectly from such transferred assets and hence has to be included in the assessment of the assessee for the assessment year 1965-66 under section 64(1)(iii) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the entirety of the amount disallowed in the assessment of m/s. sri hari mills private ltd ..... tribunal approved of the reasoning of the appellate assistant commissioner and upheld his conclusion in that regard. 5. at the instance of the revenue, under section 256(1) of the income-tax act, the tribunal forwarded a statement of the case and referred the following questions for consideration by this court : '1. whether, on the facts and in the circumstances of the case ..... an asset transferred by the assessee to his wife and, therefore, it was liable to be assessed in the hands of the assessee under section 64(1)(iii) of the income-tax act, 1961. 2. in the assessment of m/s. sri hari mills private limited, for the assessment years 1965-66 and 1967-68 to 1971-72, certain amounts were disallowed as ..... assessed the capital gain of rs. 58,000 derived from the sale of the house in the hands of the assessee invoking section 64(1)(iv) of the income-tax act. while the appellate assistant commissioner confirmed the assessment, the tribunal reversed it holding that there was no proximate connection between the cash gift and the capital gain derived by the .....

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Jun 22 1988 (HC)

Commissioner of Income-tax Vs. Southern Agrifurane Industries Ltd.

Court : Chennai

Decided on : Jun-22-1988

Reported in : (1988)72CTR(Mad)99; [1988]174ITR697(Mad)

..... sub-clause (ii), in the case of assets acquired by purchase not entitled to depreciation, their actual cost to the assessee is to be taken. under section 32 of the income-tax act, before an assessee can become entitled to claim depreciation, it must be shown that the building, machinery, plant or furniture owned by the assessee has been used for the purpose ..... holding that the value of work-in-progress, stores and raw materials in transit should be taken as capital for the grant of relief under section 80j of the income-tax act, 1961 ?' 4. in cit v. indian oxygen ltd. : [1978]113itr109(cal) , the calcutta high court has observed as follows (p. 119) : 'only in the computation of the value of the assets, ..... ltd. : [1978]115itr879(guj) , the assessee purchased machinery in the previous year relevant to the assessment year 1969-70, which was not installed. the income-tax officer disallowed the claim for relief under section 80j of the income-tax act, 1961, on the ground that the machinery was not yet installed and, therefore, was not in use and the amount of capital was not employed ..... . ratnavel pandian, offg. c.j. 1. the assessee, viz., m/s. southern agrifurane industries limited, madras, in its computation of income for the assessment year 1976-77, claimed relief under section 80j of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer, however, while accepting the claim of the assessee, did not accept the quantum of relief claimed by the assessee .....

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Feb 15 1988 (HC)

Commissioner of Income-tax Vs. Veppalodai Salt Corporation

Court : Chennai

Decided on : Feb-15-1988

Reported in : (1988)68CTR(Mad)125; [1988]171ITR366(Mad)

..... as follows (p. 966) : 'now, the question is whether orders levying interest under sub-section (8) of section 139 and under section 215 are applicable under section 246 of the income-tax act. clause (c) of section 246 provides an appeal against an order where the assessee denies his liability to be assessed under the ..... to a direction by this court under section 256(2) of the income-tax act. 2. in an appeal against the assessment, the assessee who is a registered firm contended that the income derived from the production of salt should be exempted under section 10(1) as it would amount to agricultural income. that contention was negatived by all the authorities including the tribunal. 3 ..... the date extended by the income-tax officer under sub-section (1) or sub-section (2) of section 139 of act, does not file the return within the extended date, but files the same before the end of the four assessment years concerned; and (2) the ..... sub-section (4) of section 139 is not confined only to the extension of time granted by the income-tax officer, but also to the time originally fixed for the filing of returns under sub-sections (1) and (2) of section 139 of the act. there may be two types of cases in the late filing of returns, namely, (1) the assessee, after .....

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Mar 11 1988 (HC)

E.i.D. Parry Limited Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Mar-11-1988

Reported in : (1988)69CTR(Mad)49; [1988]174ITR11(Mad)

..... and only the balance of rs. 1,050 could be considered as deemed dividend under section 2(6a)(e) of the indian income-tax act of 1922. rejecting that contention, the income-tax officer assessed the whole amount of rs. 25,107 as deemed dividend under section 2(6a)(e) by taking into consideration also ..... of learned counsel for the revenue that it is an 'exchange' and, therefore, a 'transfer' within the meaning of section 2(47) of the income-tax act cannot be accepted. 20. in the result, we hold that the surplus amount obtained by the assessee on account of devaluation of the rupee is not a ..... connected with any business. such a conversion, in our opinion, can never be considered as exchange within the meaning of section 2(47) of the income-tax act, 1961.' 18. we are entirely in agreement with the above reasoning of the karnataka high court. learned counsel for the revenue draws our attention to ..... aggrieved thereby. in this case, the revenue did not apply for a reference in the prescribed form as required by section 256(1) of the income-tax act. as pointed out by learned counsel for the assessee, there was not even an oral request at the time when the application for reference filed ..... the tribunal was right in holding that the accumulated profits will not include the current profits for the purpose of section 2(6a)(e) of the income-tax act. at the assessee's request, the tribunal included in the same reference the further question whether the tribunal was right in holding that rs. .....

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Sep 09 1988 (HC)

Geethanjali Mills Ltd. and ors. Vs. V. Thiruvengadathan

Court : Chennai

Decided on : Sep-09-1988

Reported in : (1988)74CTR(Mad)115

..... other than interest on securities, etc., and not otherwise. he would further submit that the case on hand would be secqarly covered by the provisions of section 278b of the income-tax act, 1961, about which i have discussed earlier. even at the risk or repetition, it may be stated here that in respect of an offence by a company, the company ..... this decision is applicable on all fours to the case on hand. according to the decision, the pendency either of assessment proceedings or penalty proceedings in forums contemplated under the income-tax act, is not a ground at all for the launching of simultaneous prosecution before the appropriate forum. in the face of the decision, the argument of learned counsel for the ..... an application for reference against the order of the inspecting assistant commissioner imposing penalty which was pending. thereafter, the department launched prosecution against the assessee under section 277 of the income tax act, 1961. the assessee filed a petition in the high court under section 482 of the criminal procedure code, 1973, for quashing the criminal complaint against it on the ground that the ..... the offenses under sections 120b read with sections 193, 196, 420 read with section 511 of the indian penal code ('ipc') and sections 276c(1), 277 and 278b of the income tax act, 1961. the first petitioner is a limited company, a spinning mill manufacturing cotton yarn. the second petitioner is its managing director. petitioners nos. 3 to 6 are its directors .....

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Dec 09 1988 (HC)

Kanaka Films Private Ltd. Vs. Income-tax Officer

Court : Chennai

Decided on : Dec-09-1988

Reported in : (1989)75CTR(Mad)209; [1989]177ITR88(Mad)

..... pointed out that the petitioner is seeking revision of assessments under section 154 of the income-tax act for the year 1966-67 to 1971-72. the time limit specified under section 154 is four years from the date of the order sought to be revised. 13. therefore ..... commissioner's finding. it was stated that the assessments for 1970-71 and 1971-72 could not be rectified under section 154 of the income-tax act earlier, in view of the fact that until the appellate tribunal passed the order on july 31, 1978 there was no loss to be carried forward. learned standing counsel further ..... assessments for the years 1970-71 and 1971-72 could not be revised. the carry forward of the loss can be made only through action under section 154 of the income-tax act which is barred by limitation in this case. according to learned standing counsel, there is no failure on the part of the department to give affect to the appellate assistant ..... assessment year 1963-64 up to the assessment year 1971-72 and that it was the statutory duty of the respondent to make suitable rectification under section 154 of the income-tax act. the respondent, in his letter dated february 26, 1979, informed the petitioner that the revision of the assessment for the assessment years 1970-71 and 1971-72 could not be .....

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