Court : Chennai
Decided on : Apr-06-2004
Reported in : 274ITR452(Mad)
..... to 1984-85. for the assessment year 1987-88, the assessment order was passed under section 143(3) of the income-tax act, 1961 on february 28, 1990, and for the assessment year 1988-89 on october 24, 1990. the commissioner of income-tax, who examined the matter, noticed that the initial assessment year for which the assessee had become entitled to the deduction under ..... and not one engaged in the business of banking or providing credit facilities for its members. as the commissioner of income-tax felt that the assessments for both the years required to be revised, he issued a notice under section 263 of the income-tax act to the assessee.3. by a common order, the commissioner directed the assessing officer to revise and modify the ..... , being aggrieved by the said common order passed in those two appeals, has preferred these two tax case appeals.4. a reading of section 80j(2) of the income-tax act would show that the deduction specified in sub-section (1) shall be allowed in computing the total income in respect of the assessment year relevant to the previous year in which the industrial undertaking ..... assessments by disallowing the deductions under section 80p(2)(a). being aggrieved by the said order, the assessee filed i. t. a. nos. 1189 and 1190 of 1992 before the income-tax appellate tribunal, 'b' bench, madras. the appellate tribunal, after elaborately considering the matter, upheld the order of the commissioner only in regard to the deduction allowable under section 80j. the .....Tag this Judgment!
Court : Chennai
Decided on : Jul-19-2004
Reported in : (2005)197CTR(Mad)487; 275ITR46(Mad)
..... an industrial undertaking for the purpose of relief under section 80hhc ?'2. in brief, the assessee-company has claimed rs. 44,09,187 as deduction under section 80hhc of the income-tax act, 1961, which includes interest on deposits of rs. 2,19,088 received from the state bank of india, for the assessment year 1990-91. the assessing officer disallowed the ..... was right in holding that the interest on deposit with the s.b.i. should be treated as income derived from an industrial undertaking for the purpose of relief under section 80hhc of the income-tax act is answered against the revenue in a decision reported in cit v. n. s. c. shoes : 258itr749(mad) , wherein this court held as follows (page 751) ..... be business income. aggrieved by the same, the department filed a further appeal before the income-tax appellate tribunal which was dismissed. hence, the present appeal by the appellant/revenue.4. ..... deduction.3. the assessee filed an appeal before the commissioner of income-tax (appeals), wherein the commissioner, by an order dated february 19, 1993, allowed the appeal and directed the assessing officer to recompute the deduction under section 80hhc of the income-tax act, taking into account the sum of rs. 2,19,000 being interest received and held to .....Tag this Judgment!
Court : Chennai
Decided on : Oct-06-2004
Reported in : 289ITR509(Mad)
..... , 1995, and not on october 25, 1995, and that has it ignored the provisions of section 32(1) second proviso and section 158b(a)(definition of block period) of the income-tax act?'. since the windmill installed by the assessee got commissioned on september 30, 1985, as certified by the electricity board, the entitlement of the assessee for 100 per cent, depreciation with ..... or things of value during the time of search.5. based on the above materials, the assessing officer gave due notice to the assessee under section 142(1) of the income-tax act ; received their objections ; gave an opportunity to the assessee to explain its objections ; and thereafter came to the conclusion that during the block period from 1986-87 to 1996-97 ..... director of the company, subba reddy (huf) and rajini reddy, wife of subba reddy.3. there was a search in the premises of the assessee under section 132 of the income-tax act, 1961 on february 23, 1996. in the course of the search the following documents were seized:(i) statement of accounts prepared by one v.c. gupta, executive director (finance) of ..... the premises of the assessee at the time of search as referred to above is a conclusive proof to arrive at the undisclosed income.23. the expression 'undisclosed income' has been defined in section 158b(b) of the income-tax act to include income based on entries in the books of account or other materials seized from the premises of the assessee at the time of .....Tag this Judgment!
Court : Chennai
Decided on : Apr-02-2004
Reported in : 2004(172)ELT149(Mad); 267ITR606(Mad); 146STC688(Mad)
..... . after referring to several decisions of the supreme court and different high courts, a division bench of this court observed : ' . . . the benefit under sections 80j and 80hh of the income-tax act can be availed of only if the assessee is able to prove that it is engaged either in the manufacture or in the production of articles. extraction of granite cannot ..... ) holding that the assessee, engaged in cutting and polishing of diamonds, amounts to manufacturing or production of goods and is entitled to deduction under section 80-i of the income-tax act, 1961 ?'the specific question, therefore, was whether the assessee in cutting and polishing diamonds amounts to manufacture or production of goods. the tribunal had taken the view that the ..... -88, the assessee claimed investment allowance in respect of cranes and in respect of assessment year 1988-89, the company claimed allowance under section 32ab of the income tax act (hereinafter referred to as 'the act'). the assessing officer disallowed the claim, firstly on the ground that cranes were transport vehicles and further on the ground that no manufacturing process was involved in ..... whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in upholding the finding of the cit (appeals) that the assessee was eligible for deduction under section 32a of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in upholding .....Tag this Judgment!
Court : Chennai
Decided on : Apr-28-2004
Reported in : 271ITR286(Mad)
..... to as 'the act'), the assessing officer had issued questionnaire calling for certain details. reply was filed on 2-3-1992. thereafter the appellants filed revised returns for the assessment years ..... assistant commissioner : explanation 1.- where in respect of any facts material to the computation of the total income of any person under this act, - (a) such person fails to offer an explanation or offers on explanation which is found by the income-tax officer or the appellate assistant commissioner to be false, or (b) such person offers an explanation which ..... partnership concerns deriving income as dealer in timber and tiles. the dispute relates to assessment years 1986-87 to 1991-92. the appellants had initially filed return for the different assessment years showing certain income. subsequently, in course of the assessment proceedings for the assessment years 1991-92 along with notice under section 143(2) of the income tax act (hereinafter referred ..... 1986-87 to 1991-92 and paid tax accordingly. the assistant commissioner of income tax while accepting the income declared in the revised returns, initiated penalty proceedings under section 271(1)(c) of the act. the appellants filed reply dated 27.4.1993 submitting that the additional income had been disclosed voluntarily to get benefit under section 273a of .....Tag this Judgment!
Court : Chennai
Decided on : Apr-20-2004
Reported in : (2004)190CTR(Mad)517; 268ITR436(Mad)
..... of immovable property was a relinquishment of the capital asset and therefore there was a transfer of a capital asset within the meaning of the income-tax act. the court in the said judgment has clearly mentioned that it does not find any reason to differ from the finding arrived at in : [ ..... assessee could have also assigned that right. hence, what he acquired under the said agreement for sale was therefore property within the meaning of the income tax act, 1961 and consequently a capital asset. the court further held that his giving up of the right to claim specific performance by conveyance to him ..... agreement dated 3.4.1986, the assessee had acquired a right in the property. the word 'property' used in section 2(14) of the income tax act is a word of widest amplitude and that any right that could be called property would be included in the definition of 'capital asset'. under the ..... in the first company and the first company was to be dissolved. the respondent was allotted 45 shares in the second company. the commissioner of income tax took the view that capital gains arose from the acquisition of 45 shares in the second company and directed the officer to revise the assessment. however ..... having been received.'7. section 45 of the act is to the effect that any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 54 etc., be chargeable to income-tax under the head 'capital gains', and shall be .....Tag this Judgment!
Court : Chennai
Decided on : Jun-24-2004
Reported in : (2004)192CTR(Mad)464; 270ITR77(Mad)
..... c.c.116 of 1990, the judicial magistrate no.1, poonamallee, has acquitted the accused uma rani, wife of arumugam, under sections 181, 193 ipc r/w 136 income tax act; 276c(1) and 277 income tax act in c.c.no.116 of 1990.c.a.no.838 of 1996:-2.by the impugned judgment (dated 27.02.1996), in c.c.117 of 1990 ..... to be true. necessary mens rea, therefore, is required to be established by the prosecution to attract the provisions of section 277 or section 276c.18.section 132 of the income-tax act deals with search and seizure and sub-section (4a) thereof stipulates that where any books of account, other documents, money, bullion, jewellery or other valuable article or thing are or ..... belong to vasudevan of trichy, no criminal intention could be attributed to the accused. it is the further contention that the 'keys' would not come under section 132 of the income tax act.10.upon careful consideration of the submissions of both sides, judgment of the trial court and the evidence and materials on record, the following common points arise for determination in ..... the judicial magistrate no.1, poonamallee, has acquitted accused arumugam and uma rani, under sections 181, 193 r/w 136 ipc; 276c(1) and 277 income tax act in c.c.no.117 of 1990.3.the respondents/accused in both the appeals are husband and wife. since common points for consideration are involved, both the appeals are .....Tag this Judgment!
Court : Chennai
Decided on : Jul-21-2004
Reported in : 2004(5)CTC410; 272ITR529(Mad)
..... . the original assessment for the assessment years 1972-73, 1973-74, 1974-75 and 1977-78 were sought to be reopened invoking section 147 of the income tax act by issuing a notice under section 148 of the income tax act, of course based on a search said to have taken place on 20.2.1980. during the search, assessee has alleged to have admitted that ..... reopening the assessment under section 147 of the income tax act. but, the apex court in the very same case also held that for the purpose of reopening the assessment, what is required to be seen is whether there were prima ..... and others.5. it is true, in raymond woollen mill's case, the apex court, while dealing with the power of the revenue under section 147 of the income tax act for reassessing the case held that sufficiency of the material relied on by the revenue is not relevant, inasmuch as, the same cannot be a criteria for the purpose of ..... and sale of semi-precious and precious stones respectively. 10. in any event, since the issue whether there were materials for the appellant/revenue to invoke section 147 of the income tax act are sufficient, bonafide, definite, relevant and reliable is purely a matter of fact, finding no substantial question of law, the appeals are dismissed. .....Tag this Judgment!
Court : Chennai
Decided on : Jul-15-2004
Reported in : 272ITR405(Mad)
..... 'act'), with reference to the sales tax paid after the close of the year under section 43-b of the act, which deals with certain deductions to be made only on actual payments, and by order ..... /93 on the file of the income tax appellate tribunal, 'c' bench, madras. the appeal is relating to the assessment year 1986-87.2. in brief, even though the original assessment for the assessment year 1986-87 was completed by the respondent/ assessee on 23.3.1989, the commissioner of income tax initiated action under section 263 of the income tax act (hereinafter referred to as the ..... refused to interfere with the order of the assessing officer made under section 143(3) of the act as the earlier order of the commissioner of income tax dated 26.2.1991 had become final. against the said order dated 28.6.1993 of the commissioner of income tax (appeals), the respondent/assessee preferred a further appeal before the tribunal. the tribunal, without standing on ..... any appeal against the said order of revision dated 26.2.1991 of the commissioner of income tax. 4. the assessing officer, thereafter, by exercising the power under section 143(3) read with section 263 of the act gave effect to the directions of the commissioner of income tax under the order dated 26.2.1991 and accordingly added a sum of rs. 7,17 .....Tag this Judgment!
Court : Chennai
Decided on : Jul-23-2004
Reported in : 273ITR262(Mad)
..... the value of rs. 7,51,186/- admitted by the assessee considering irrelevant evidence and disregarding relevant evidence?2. in brief, there was a search under section 132 of the income tax act in the premises of the assessee on 13.10.1993, pursuant to which a notice under section 148 was issued on 22.11.1995, based on the documents seized on ..... as net profit, particularly net profit in the profit and loss account prepared in accordance with parts ii and ii to schedule ii of the companies act is binding on the assessing officer under the income tax act, the apex court held that the assessing officer has only the power of examining whether the books of account are certified by the authorities under the ..... , on the following substantial questions of law:-1.whether on the facts and in the circumstances of the case, the income tax appellate tribunal was right in deleting the addition of rs. 2,49,173/- made u/s. 69 of the income tax act being the difference between the value of closing stock as found in the seized document and the value of rs.7 ..... ,51,186/- admitted by the assessee?2. whether on the facts and in the circumstances of the case, the income tax appellate tribunal was right in deleting the addition of rs .....Tag this Judgment!