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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 1994 Page 1 of about 192 results (0.049 seconds)

Apr 19 1994 (HC)

Commissioner of Income-tax Vs. R.M. Meenakshisundaram

Court : Chennai

Decided on : Apr-19-1994

Reported in : (1995)127CTR(Mad)329; [1995]212ITR220(Mad)

..... jayasimha basu, j. 1. pursuant to the order of this court under section 256(2) of the income-tax act, 1961, the following questions of law have been referred to us for our decision : '1. whether, on the facts and in the ..... was an individual and a minor at the relevant time, for the assessment years 1966-67 to 1969-70 included interest from certain loan transactions. the income-tax officer relying upon the fact that the entire capital that was received by the minor at a family partition had been invested with a small number of ..... the same constituted money-lending business by the assessee. the tribunal rightly held that the interest earned by the assessee on annuity deposits has to be taxed under the head 'income from other sources'. 5. sri n. v. balasubramaniam, learned counsel for the revenue, submitted before us that the facts found by the tribunal ..... the assessee was carrying on the business of money-lending, and that the interest income should be taxed under the head 'income from other sources'. he invited our attention to the definition of the word 'business' in section 2(13) of the act and to the decisions of the supreme court in narain swadeshi weaving mills v. ..... cept : [1954]26itr765(sc) and sole trustee, loka shikshana trust v. cit : [1975]101itr234(sc) . .....

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Mar 28 1994 (HC)

Indian Commerce and Industries Co. P. Ltd. Vs. Commissioner of Income- ...

Court : Chennai

Decided on : Mar-28-1994

Reported in : [1995]213ITR533(Mad)

..... gulab c. gupta, j. 1. this is a reference under section 256(2) of the income-tax act, 1961, in accordance with the direction of this court referring the following three questions for the opinion of this court : '1. whether, on ..... also submitted that because of these purchases, there was a phenomenal increase in the business of the assessee-company with kothari sugars and chemicals ltd. the income-tax officer disallowed the claim holding that the establishment of business with kothari group was itself a capital asset and the shares had not been converted into stock- ..... and the second lot of 10,000 shares for less than five years. the assessee claimed that the above loss should be deducted in computing the income of the assessee from business on the ground that the loss arose in the course of business. the assessee supported the claim by producing the correspondence ..... was incurred in order to procure better business for the assessee-firm. this decision has received the approval of the supreme court in patnaik and co. ltd. v. cit : [1986]161itr365(sc) . it was a case where the assessee, who was a dealer in automobile spare parts, had invested some amount in purchasing orissa ..... the investment in capital could only be treated as capital investment. reliance was placed on the decision of the supreme court in ramnarain sons (p.) ltd. v. cit : [1961]41itr534(sc) . on appeal, the appellate assistant commissioner found as a fact that the shares had been purchased in order to have good business .....

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Dec 15 1994 (HC)

N. Mohan (Legal Heir of the Late G.S. Nataraja Chettiar) Vs. Income-ta ...

Court : Chennai

Decided on : Dec-15-1994

Reported in : [1995]215ITR701(Mad)

..... to the company and that was challenged in different proceedings by the company with regard to the quantum of tax. the income-tax officer issued notices to the writ petitioner under section 148 of the income-tax act on september 5, 1981, for the purpose of considering the income in relation to the buses which were transferred to nataraja chettiar, as on march 19, 1981. nataraja chettiar ..... . the officer proceeded to make a best judgment assessment under section 144 of the income-tax act. he proceeded on the footing that the buses were owned by nataraja chettiar and assessed the income. the orders of assessment were challenged by the petitioner in revision petitions before the commissioner of income-tax. the commissioner passed an order dated july 28, 1984, rejecting the revision petitions. ..... in favour of elliah chettiar and natarajan. in those circumstances, there is absolutely no merit in the contention that the petitioner is not liable for the assessment made by the income-tax department. it is also submitted that nataraja chettiar having died in 1981, proceedings could not have been instituted thereafter for making an assessment. there is no substance in the ..... not stopped with merely referring to the judgment in the suit. in paragraph 11 of his order, he has proceeded to refer to the order of the appellate authority in income-tax appeals nos. 59-c and 60-c made on march 16, 1978. that was the proceeding taken by the company challenging the assessment made against it on the ground .....

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Jan 25 1994 (HC)

A.F.W. Low Vs. Commissioner of Income-tax

Court : Chennai

Decided on : Jan-25-1994

Reported in : (1995)124CTR(Mad)298; [1995]217ITR213(Mad)

..... . companies deducted tax on dividends and paid the amounts deducted to the inland revenue as an amount, apart ..... india held shares in certain united kingdom based companies and by virtue of the exercise of option under the provisions of the u. k. income-tax act, 1952, to reimburse themselves the tax paid by them, the united kingdom companies deducted income-tax from the gross dividend paid to the shareholders and the assessee during the relevant assessment year received a net dividend ..... that whatever might have been the position earlier, with reference to the payment of tax by the companies under the provisions of the u. k. income-tax act, by reason of the amendment brought about by the finance act of 1965, to the u. k. income-tax act, 1952, the united kingdom companies deducted tax from dividend and paid the same to the inland revenue and ..... in the assessment was the net dividend income received by the assessee after deduction of income-tax and, as, according to hi, the gross dividend was includible under section 5(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the act'), especially in view of the amendment brought about by the finance act, 1965, to the united kingdom income-tax act, 1952, under which u. k .....

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Dec 22 1994 (HC)

Anna Transport Corporation Limited and Others Vs. Commissioner of Inco ...

Court : Chennai

Decided on : Dec-22-1994

Reported in : [1995]215ITR800(Mad)

..... the direction given by this court, the tribunal referred the following questions for our opinion in the cases of the assessees and the department under section 256(2) of the income-tax act, 1961, for the various assessment years. the questions in all the assessees' references are : cheran transport corporation ltd. : '1. whether, on the facts and in the circumstances of the case ..... and machinery and transporting and erecting them at garaul incurred an expenditure of rs. 3,19,766. in its assessment to income-tax, the assessee claimed that that amount was a permissible deduction under section 10(2)(xv) of the indian income-tax act, 1922, and in the alternative, that depreciation should be allowed on that amount under section 10(2)(vi) if it were ..... the payments made to private operators by the corporation in the manner provided for under section 68g of the motor vehicles act was an expenditure of a capital nature and, as such, not entitled to deduction under section 37 of the income-tax act, 1961. on the other hand, learned counsel appearing for the assessee, in order to support his contention that the compensation ..... paid by the assessee was of revenue nature, relied upon a decision of the supreme court in empire jute co. ltd. v. cit : [1980]124itr1(sc) . according to the facts arising in .....

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Mar 23 1994 (HC)

Coimbatore Cotton Mills Ltd. Vs. Commissioner of Income-tax and Anothe ...

Court : Chennai

Decided on : Mar-23-1994

Reported in : [1995]211ITR641(Mad)

..... the commissioner of income-tax (appeals) or to the appellate tribunal. in c. gnanasundara nayagar v. cit [1961] 41 itr 375, a division bench of this court, while construing the corresponding provision in the old income-tax act, 1922, viz., section 33a(2) of the indian income-tax act, 1922, held that an order of assessment cannot be revised by ..... shift allowance in respect of electrical machine, and (2) incremental liability on account of gratuity claim of rs. 6,20,032 for the year in question. the income-tax officer had also charged interest under section 215 of the income-tax act, 1961 (hereinafter referred to as 'the act') in a sum of rs. 2,12,625. against the charging of interest under section of the ..... the commissioner on an application by the assessee under section 33a(2) of the said act, if an appeal has been preferred against that order to the appellate tribunal ..... the commissioner (appeals) or to the appellate tribunal.' 6. the provisions of clause (c) of sub-section (4) of section 264 of the act provides that the commissioner of income-tax exercising the revisional powers under section 264 of the act cannot revise any order under the said section where the very same order has been made the subject-matter of an appeal to .....

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Jun 15 1994 (HC)

Commissioner of Income-tax Vs. A.S.K. Rathinasamy Nadar

Court : Chennai

Decided on : Jun-15-1994

Reported in : [1995]212ITR527(Mad)

..... declined to make a reference, the revenue approached this court in t. c. p. nos. 140 and 141 of 1980 under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), and this court directed, in the said proceeding, the tribunal to refer the question to it for determination whether, on the facts and in the circumstances ..... assessee to produce the recipient for cross-examination. the appellate assistant commissioner, however, mainly took notice of the trade practice and recorded his disagreement with the view of the income-tax officer as regards the brokerage paid to ashok leyland limited and others were concerned. 4. the tribunal, however, has agreed with the appellate assistant commissioner that there is a ..... parties at certain amounts and disallowed the entire amounts for the same reason for which he disallowed the commission payment to ashok leyland limited. for the balance brokerage, the income-tax officer observed that there might be likelihood of inflation in the payments and disallowed further sums. on appeal by the assessee, the appellate assistant commissioner held that the assessee ..... heavily relied upon a judgment of the supreme court in the case of lachminarayan madan lal v. cit : [1972]86itr439(sc) . the assessee in this case had claimed deduction under section 37 of the act a certain amount of selling agency commission. the income-tax officer rejected the claim. but the appellate assistant commissioner allowed the claim and observed as follows (at .....

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Nov 16 1994 (HC)

Commissioner of Income-tax Vs. Anaimugan Transports (P) Ltd.

Court : Chennai

Decided on : Nov-16-1994

Reported in : [1995]215ITR553(Mad)

..... the period of limitation, the meaning of assessment will be one where after assessment, a notice of demand is served upon the assessee under section 143(2)(a) of the income-tax act and another in a case falling under section 144, clause (b) of sub-section (2) of section 143 and yet another in a case falling under some other provisions of ..... in the return such as rectifying any arithmetical error, etc., and allowing or disallowing deduction, etc., as contemplated under clause (a) of sub-section (1) of section 143 of the income-tax act, and the assessment having been made as above, serve a notice of demand as contemplated under clause (b) of sub-section (2) of section 143 or whether or not, an ..... formulated by the tribunal, the issues involved are of far-reaching consequence and assume importance particularly for the reason of certain specified provisions for reckoning limitation for assessment in the income-tax act, 1961. 2. the statement of the case and the facts that are disclosed from the order of the tribunal reveal that the assessee is a private limited company carrying on ..... the period of limitation, the meaning of assessment will be one where after assessment, a notice of demand is served upon the assessee under section 143(2)(a) of the income tax act and another in a case falling under section 144, clause (b) of sub-section (2) of section 143 and yet another in a case falling under some other provisions of .....

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Nov 16 1994 (HC)

Commissioner of Income-tax Vs. Binny Ltd.

Court : Chennai

Decided on : Nov-16-1994

Reported in : (1995)129CTR(Mad)258; [1995]215ITR536(Mad)

..... thanikkachalam j.1. at the instance of the department under section 256(2) of the income-tax act, 1961, the income-tax appellate tribunal referred the following question for our opinion : 'whether, on the facts and in the circumstances of the case ..... expenditure of rs. 4,19,000. according to the assessee, such expenditure is revenue in nature. therefore, deduction should be allowed. however, the income-tax officer held that it is capital in nature. on appeal the appellate assistant commissioner held that the amount of rs. 4,19,000 expended by the ..... claimed the relief by treating this expenditure as revenue in nature. lastly, the learned counsel appearing for the assessee relied upon a decision in the case of cit v. sree bhagavathi textiles ltd. : [1994]207itr826(ker) . according to the facts arising in that decision, the assessee, a spinning mill, claimed ..... appearing for the assessee submitted that the expenditure incurred for replacing the roof is only of revenue nature. in the decision of silver screen enterprise v. cit , the punjab and haryana high court while considering the distinction between the capital expenditure and the revenue expenditure observed as follows (at page 580) : ..... have to be treated as charges for repairs and, hence, exigible for deduction under section 37 of the act. again, learned counsel appearing for the assessee relied upon a decision in the case of cit v. mahalakshmi textile mills ltd. : [1967]66itr710(sc) . according to the facts arising in the decision .....

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Apr 19 1994 (HC)

Commissioner of Income-tax Vs. Chandrie and Company (P.) Ltd.

Court : Chennai

Decided on : Apr-19-1994

Reported in : [1995]212ITR63(Mad)

..... expression 'wholly and exclusively' used in section 10(2) (xv) of the indian income-tax act, 1922, does not mean 'necessarily', section 37(1) of the income-tax act, 1961, is analogous to section 10(2) (xv) of the 1922 act. payments made voluntarily are not to be disallowed only on account of their voluntary ..... working director, s. venkataraman, was an admissible deduction under the provisions of the income-tax act, 1961 ?' 2. the facts leading to this reference stated briefly are : the assessee, a private limited company, while computing the total income of the company for the assessment year 1971-72 claimed deduction of the sum ..... and that the payment made to him was not based upon commercial expediency. the appellate assistant commissioner having concurred with the view of the income-tax officer the assessee took up the matter on appeal to the tribunal. 3. the tribunal, after examining all the material available, held that ..... ,000 said to be the gratuity paid to its ex-working director, sri s. venkataraman. this claim, though initially allowed by the income-tax officer, was subsequently withdrawn by him after reassessment made pursuant to an audit note. the claim was disallowed on the ground that the payment ..... or compensation for termination of service as not business expenditure. such expenditure would ordinarily fall within the scope of section 10(2)(xv) of the act.' 6. the submissions made by learned counsel for the assessee, in our view, deserve to be upheld. 7. ordinarily, it is for .....

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