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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2002 Page 1 of about 440 results (0.054 seconds)

Dec 31 2002 (HC)

The Commissioner of Income Tax Vs. Coromandel Indag Products P. Ltd.

Court : Chennai

Decided on : Dec-31-2002

Reported in : (2003)183CTR(Mad)90; [2004]265ITR611(Mad)

..... ended on 30.6.1982. in this reference, the question of validity of levy of penalty under sections 271(1)(c) and 273(2)(a) of the income-tax act, 1961 (hereinafter referred to as 'the act') is the subject matter of consideration. 2. the assessing officer levied penalty under section 271(1)(c) as well as under section 273(2)(a) of the ..... fact even if another view is possible. the supreme court has also held that the high court hearing a reference under the income-tax act does not exercise the appellate or revisional or supervisory jurisdiction over the appellate tribunal and that it acts in a purely advisory capacity. we are of the view that if the tribunal, after considering the evidence produced before it ..... that penalty for filing such an estimate was exigible and accordingly, levied penalty under section 273(2)(a) of the act also. 11. the assessee carried the matter before the commissioner of income-tax (appeals) challenging the orders of penalty. the commissioner of income-tax (appeals) confirmed the orders of penalty. the assessee carried the matter in further appeal before the appellate tribunal. the appellate ..... of a sum of rs. 42,67,054/-. 5. in so far as assessment proceedings are concerned, the commissioner of income-tax (appeals) upheld the order of the assessing officer in not granting deduction under section 35(1)(iv) of the act, the income-tax appellate tribunal, in the appeal preferred by the assessee against the order of assessment, also held that the assessee has .....

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Feb 11 2002 (HC)

Sri Murugan Transports, Chennai Vs. Commercial Tax Officer, Loansquare ...

Court : Chennai

Decided on : Feb-11-2002

Reported in : [2003]129STC70(Mad)

..... made rectification at the behest of the superior officer pertaining to a legal position as it has been in the said case regarding section 119(3) of the income-tax act. therefore, though the general legal proposition that the authority has to pass orders in exercise of his powers as a judicial or quasi judicial authority in application of ..... assessment must be regarded as the final assessment of the income-tax officer'.7. so far as the third judgment cited above is concerned, in a case wherein the income-tax officer made rectification at the behest of the additional commissioner, income-tax, west bengal, remarking that section 119(3) of the income-tax act does not permit the authorities mentioned therein to interfere ..... with the exercises of judicial or quasi-judicial functions by the income-tax officer in making the assessment, the court has ..... held: 'the ito has to act judicially or quasi-judicially in the assessment .....

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Oct 31 2002 (HC)

K.T. Venkatesan and K.T. Srinivasa Raja Vs. the Appropriate Authority ...

Court : Chennai

Decided on : Oct-31-2002

Reported in : (2003)179CTR(Mad)584; [2003]261ITR202(Mad)

..... in passing the impugned proceedings by the competent authority. it is fairly stated that the first respondent-appropriate authority has followed the procedure prescribed under chapter xx-c of the income-tax act.24. the appropriate authority considered two relevant and comparable sale transactions (1) the agreement dated 14.7.1997 in respect of door no.21, srinivasamurthi avenue, adyar, chennai-20 and ..... under chapter xx-c of the income-tax act, 1961. after considering the objections submitted by the transferor and transferees the first respondent-appropriate authority passed an order under section 269ud(1) on 28.5.199 exercising its pre ..... to why the property should not be purchased by the department under section 269ud of the income-tax act, 1961. 9. the transferor and transferees submitted their objections on 10.5.1999 to the said show cause notice objecting to the exercise of the right of pre-emptive purchase ..... in respect of the agreement dated 10.2.1999 entered between themselves. 8. the first respondent issued a show cause notice under sub section (1a) of section 269ud of the income-tax act, dated 23.4.1999 to the transferor and transferees along with the valuation report citing two comparable sale instances in the same locality calling upon them to show cause as .....

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Dec 31 2002 (HC)

The Tamil Nadu Brick and Tile Manufacturers Industrial Service Co.Oper ...

Court : Chennai

Decided on : Dec-31-2002

Reported in : (2003)182CTR(Mad)158; [2004]265ITR332(Mad)

..... made after the determination of net profit, when actually the payment was made for the purpose of business, it would constitute an allowable deduction under the income-tax act.16. learned counsel for the assessee also relied upon the decision of the andhra pradesh high court in armoor co-operative marketing society v. c.i. ..... profits and not statutory profits. they are real profits and not notional profits. the real profit of a businessman under section 10(1) of the income-tax act cannot obviously include the amounts returned by him by way of rebate to the consumers under statutory compulsion. it is as if he received only from ..... was right in law in holding that the assessee society was not entitled to deduction of rs. 40,000/- under section 80p(2)(c)(i) of the income-tax act. 3. in respect of t.c. no. 254 to 259 of 1998, the relevant assessment years are 1980-81, 1981-82, 1982-83, 1983-84 ..... the co-operative society is not conclusive in determining the question whether the said amount is a deductible expenditure in the computation of business income of the co-operative society under the income-tax act.12. as far as the decision of this court in c.i.t. v. south arcot district co-op. society : [1981 ..... co-operative society.15. the supreme court in poona electric supply co. ltd. v. commr. of inc.-tax 56 itr 521 laid down the law as under:-' under section 10(1) of the income-tax act, tax shall be payable by an assessee under the head 'profits and gains of business' in respect of profits and .....

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Sep 18 2002 (HC)

The Commissioner of Income-tax Vs. Bradford Trading Company (P) Ltd.

Court : Chennai

Decided on : Sep-18-2002

Reported in : (2003)179CTR(Mad)324; [2003]261ITR222(Mad)

..... and exclusively in connection with the said sale and it was allowable as a deduction under section 48(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer rejected the claim of the assessee on the ground that the company petition was filed by a.m. buhari claiming ..... the transfer of the capital asset. 4. the assessee, aggrieved by the order of the income-tax officer, filed an appeal before the commissioner of income-tax (appeals) and the commissioner of income-tax (appeals) upheld the order of the income-tax officer holding that the expenditure incurred did not relate to the sale of the property and ..... treated as a part of sale consideration. the income-tax officer also disallowed the balance sum of rs.50,000/- paid by the assessee company to a.m. buhari and the legal expenditure incurred in ..... the expenditure and the matter was settled between the majority and minority shareholders and the assessee company had nothing to do with the compromise. the income-tax officer therefore held that the sum of rs.1.5 lakhs received from m/s. india tobacco company ltd. by way of reimbursement should be ..... the assessee company had disclosed capital gain of a sum of rs.1,06,490/- in its return for the assessment year 1974-75. the income-tax officer was of the view that the capital gain shown by the assessee company was on the low side and proposed certain additions. the case .....

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Jul 30 2002 (HC)

Commissioner of Income-tax Vs. Mrs. Kalavathy

Court : Chennai

Decided on : Jul-30-2002

Reported in : [2003]260ITR361(Mad)

..... and one of the transferees is the respondent herein in the appeal.3.the competent authority, notified by the central government under the provisions of chapter xx-a of the income-tax act, 1961, initiated proceedings for acquisition of the property and the publication of notice in the official gazette was made under section 269d(1) of the ..... (ker) and also the decision of the punjab and haryana high court in sutlej chit fund and financiers (p.) ltd, v. cit . teamed senior standing counsel, therefore, submitted that the presumption under subsection (2) of section 269c of the income-tax act would be available to the competent authority even prior to the publication of the notice in the official gazette under section 269d ..... of the act for initiating the proceedings for the acquisition of the property.6. learned counsel appearing for the respondent referring to the ..... and the view of the tribunal that the presumption as contemplated under section 269c(2) of the act was not available to the competent authority at the time of initiation of proceedings is erroneous. he submitted that the report of the inspector of the income-tax department estimating the fair market value would constitute the material for the competent authority to form a .....

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Oct 10 2002 (HC)

Shri M. Ct. Muthiah, Huf-ii Vs. the Commissioner of Income Tax

Court : Chennai

Decided on : Oct-10-2002

Reported in : (2003)180CTR(Mad)238

..... tribunal hereinafter referred to as 'the tribunal', at the instance of the assessee has stated a case and referred the following question under section 256(1) of the income tax act, 1961.'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the inspecting assistant commissioner had jurisdiction under section 144b ..... of the income tax act 1961 to direct the income tax officer to include a sum of rs.1,51,152/- as income from horse racing in computing the total income of the assessee which sum was not originally included by the income tax officer in his draft assessment order, for the assessment year 1978-79?'3 ..... facts and in the circumstances of the case, the appellate tribunal was correct in law in holding that the income derived by the assessee from lease of horses and sale of horses arising out of a 'hobby' and cannot be taxed under the income tax act? 2. whether on the facts and in the circumstances of the case, the appellate tribunal was right in holding ..... not in accordance with the law.25. the tribunal also referred to section 74a(a) of the income tax act,1961. section 74a(2) refers to computation of income to be made in respect of activity of owning and maintaining race horse. this court in 'commissioner of income tax .vs. m.a.chidambaram' 243 i.t.r.260 considered the provisions of section 74a of the .....

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Sep 18 2002 (HC)

Mr. D.B. Madan Vs. the Commissioner of Income-tax

Court : Chennai

Decided on : Sep-18-2002

Reported in : (2003)179CTR(Mad)487; [2003]261ITR193(Mad)

..... need and requirement of such a businessman.'9. this court also examined the question whether the expenditure would be allowable under section 37 of the income-tax act and held that the expenditure was not laid out wholly and exclusively for business purposes. it was held that the expenditure was laid out for ..... 5. the assessee thereafter sought for a statement of case on the questions of law set out in the reference application under section 256(1) of the income-tax act, 1961. the appellate tribunal rejected the reference application following the decision of this court in c.i.t. v. hajee moosa & co. : [1985] ..... 153itr422(mad) . thereupon the assessee filed a petition under section 256(2) of the income-tax act before this court and this court also rejected the tax case petition on the ground that no referable question of law arose out of the order of the appellate tribunal. the assessee ..... the supreme court of india in civil appeal no.1754(nt) of 1991, by order dated 25.3.1991, was pleased to direct the income-tax appellate tribunal, chennai to state a case and refer the question of law set out in its judgment and the appellate tribunal in compliance with ..... incurred for the assessee's wife who accompanied the assessee in his foreign trips to singapore, tokyo, hong kong, etc.3. the income-tax officer, while completing the assessment, disallowed the assessee's wife's foreign tour expenses for the reasons stated in the earlier assessment orders. on appeal .....

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Jul 31 2002 (HC)

H. Shahul Hameed Vs. the Asst. Commissioner of Income Tax (investigati ...

Court : Chennai

Decided on : Jul-31-2002

Reported in : (2003)179CTR(Mad)449

..... .j.,(as the learned chief justice then was) speaking for the bench, has held that the subject matter of the appeal under section 260a of the income tax act, 1961 is a substantial question of law and the expression 'substantial question of law' is not defined. the delhi court laid down the following five ..... as any investment the source of which is not explained, can be assessed as an undisclosed income only of the financial year in which such investment is made under section 69a or 69b of the income tax act, in the name of the person, who makes such an investment the conclusion of the tribunal ..... the assessee was not the owner of the property, the investment could not be assessed as undisclosed income of the assessee. the tribunal did not accept the submission and relying upon section 69 of the income-tax act, 1961, it held that the unexplained investment made in the name of the assessee's wife ..... is the deemed undisclosed income for the purpose of assessment. the tribunal, in this view, dismissed the appeal. the ..... on 21.11.1996 in his residential premises at karur and pursuant to the search a notice under section 158bc of the income tax at, 1961 (hereinafter called as 'the act') was issued. after considering the particulars furnished by the assessee in the return, it was found that a house property at .....

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Sep 18 2002 (HC)

George Maijo and Co. Vs. the Commissioner of Income-tax

Court : Chennai

Decided on : Sep-18-2002

Reported in : (2003)179CTR(Mad)494; [2003]261ITR231(Mad)

..... of the appellate tribunal. we are of the view that in view of the decision in associated clothiers ltd. v. commr. of inc.-tax : [1967]63itr224(sc) , this court in a reference under section 256 of the income-tax act has no power to admit or record additional evidence which has not been placed before the tribunal and to consider that evidence. hence, we ..... not properly appreciated the circumstances in which the consortium was formed in order to get the benefit given by the government for the customers. the commissioner of income-tax (appeals) held that the united exports acted only as a medium to channelise the export activities of the member units and after the goods were shipped, if any loss arose, that was a loss ..... the consortium was nothing but a group of certain parties with the object of achieving certain results for earning income. he was of the opinion that the united exports did not act as an agent for the constituent units. he agreed with the income-tax officer that it was the united exports which had imported the goods and the loss so occurred had to ..... of stock-in- trade of the member units. the commissioner of income-tax (appeals) therefore held that the assessee would be entitled to get deduction of the trading loss and .....

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