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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2004 Page 8 of about 156 results (0.059 seconds)

Sep 10 2004 (HC)

Mohan Breweries and Distilleries Limited Vs. Commercial Tax Officer an ...

Court : Chennai

Decided on : Sep-10-2004

Reported in : (2005)1MLJ197; [2005]139STC477(Mad)

..... trite that circulars which are issued by the central board of direct taxes are legally binding on the revenue.8.6.8. the constitution bench of the apex court in collector of central excise, vadodara v ..... are of far greater importance than winning or losing court proceedings.8.6.5. in uco bank v. commissioner of income-tax : [1999]237itr889(sc) , the apex court held that the circular issued by the revenue under section 119 of the income-tax act are binding on the revenue and such circulars are meant for ensuring proper administration of the statute and they are designed ..... held by the apex court in keshavji ravji & co. v. commissioner of income-tax : [1990]183itr1(sc) . in keshavji ravji & co. v. commissioner of income-tax : [1990]183itr1(sc) , referred supra, while dealing with section 119 of the income-tax act, which is part materia to section 28a of the tamil nadu general sales tax act, the apex court held that the benefits of such circulars to assessees have ..... issued by the sales tax authorities is binding on the taxing authorities and the taxing authority cannot be heard to advance an argument that is contrary to that interpretation.8.6.7. in commissioner of income-tax v. kelvinator of india ltd. [2002] 256 itr 1, it was held that the board has power to issue circulars under section 119 of the income-tax act and it is .....

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Jun 21 2004 (TRI)

Tocheunglee Stationery Mfg. Co. Vs. Income Tax Officer, Company Ward

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-21-2004

Reported in : (2006)5SOT428(Chennai)

..... received from the export for the assessment year under consideration. in our view, though by way of legal fiction, the excess provision was treated as income under section 41(1) of the income tax act, it cannot be treated as income derived from export. therefore, we do not find any infirmity in the order of the first appellate authority. accordingly, we confirm the same.no ..... import license because of the scheme framed by the government of india to encourage the export business. it may be a business income because of section 28(iii) of the income tax act. for the purpose of claiming deduction under section 10b, the income should be derived from export business and form part of export turnover. the immediate source for special import license may be ..... account, the assessee has admitted provided excess amount towards incentive and bonus for earlier years. according to the assessee, this provision was written back under section 41(1) of the income tax act.the case of the assessee is that since the provision is written back in the accounts, it has to be treated as business ..... coming to the refund received by the assessee from sales tax authorities. as already discussed regarding the issue of excess provision, the refund of sales tax may be a business income because of section 41(1) of the income tax act. however, it cannot be construed as income received from export of business or it would not form part of export turnover.now .....

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Feb 16 2004 (TRI)

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-16-2004

Reported in : (2007)288ITR150(Chennai)

..... also perused the material available on record. the only issue arises for consideration is whether there can be levy of surcharge over and above the rate of income tax prescribed under section 113 of the income tax act, 1961. before considering the rival submissions made on behalf of both parties we have to first see what is "surcharge". the apex court had an occasion to ..... the socio, economic scenario that exist in particular year. it does not mean that the source of power for prescribing rate of income tax flows from section 4(i) of the income tax act. the source of power for prescribing the rate of income tax remains with parliament under article 265 read with article 270 of the constitution of india. likewise, the power to prescribe the rate ..... article 271 of the constitution of india. therefore, it may not be correct to say that merely because there was no reference about central enactment in section 113 of the income tax act, as referred in section 4(1), the parliament cannot fix the rate of surcharge by a separate enactment in respect of surcharged in our considered opinion, what is required is ..... surcharge can be levied only if an amendment was made in section 113 of the income tax act. finance act, 2001 is also a central enactment which prescribes the rate of surcharge over and above the income tax prescribed under section 113 of the income tax act. the apex court in the case of cit v. k. srinivasan (supra) held as follows :- "it is in exercise of the legislative power .....

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May 21 2004 (TRI)

Shriram Chits and Investments (P) Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-21-2004

Reported in : (2005)2SOT838(Chennai)

..... the learned counsel for the assessee is that under section 3(3)(c) of the interest tax act, interest cannot be levied on interest. now we are concerned with the income tax act and not the interest tax act. we have to interpret the law as provided in the income tax act. when the income tax act provides for levy of interest in respect of interest levied under sections 217 and 234b which ..... paid, if any, shall be refunded." in view of the above provisions, any amount specified in the demand notice served on the assessee under section 156 of the income tax act other than advance tax shall be paid within the specified date.normally, the assessee shall pay within thirty days from the date of receipt of the notice. however, the assessing authority may restrict ..... available on record. the only issue arises for our consideration is whether there can be any levy of interest under section 220(2) of the income tax act in respect of interest levied under sections 217and 234b of the income tax act. according to the learned counsel for the assessee, there cannot be any levy of further interest on the interest levied under sections 217 and ..... the assessee specifying the sum payable.since the assessee has not paid the specified sum in the demand notice the assessing officer levied interest under section 220(2) of the income tax act. the assessee is challenging the levy of interest under section 220(2) on the ground that interest on the interest cannot be charged. in other words, interest levied under .....

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Aug 16 2004 (TRI)

Asstt. Cit, Investigation Circle Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)278ITR41(Chennai)

..... to the learned departmental representative is not correct. the learned d.r.invited our attention to section 158bc and submitted that the provisions of income tax act, which is applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 158bc. therefore. the ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(3) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a does not apply in respect of return filed under section 158bc for the block period, the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221 (1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221 (1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section- 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Aug 16 2004 (TRI)

Asstt. Cit Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)96TTJ(Chennai)1033

..... to the learned departmental representative, is not correct. the learned departmental representative invited our attention to section 158bc and submitted that the provisions of income tax act, which are applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 1e-3bc. therefore ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(1) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a do not apply in respect of return filed under section 158bc for the block period.the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221(1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Aug 16 2004 (TRI)

Asstt. Cit Vs. S Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)278ITR41(Chennai)

..... to the learned departmental representative, is not correct. the learned departmental representative invited our attention to section 158bc and submitted that the provisions of income tax act, which are applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 158bc. therefore, the ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(1) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a do not apply in respect of return filed under section 158bc for the block period.the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221(1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Apr 02 2004 (HC)

Western India Cashew Co. Vs. the Tamil Nadu Taxation Special Tribunal, ...

Court : Chennai

Decided on : Apr-02-2004

Reported in : (2004)2MLJ595; (2008)11VST450(Mad)

..... karnataka), which is a division bench judgment of the karnataka high court. that was a matter arising under the karnataka sales tax act (25 of 1957). we find that the provisions in this act are identical to the provisions in the karnataka agricultural income-tax act, 1957. in fact, in this case, the division bench relied on the ruling of the supreme court in consolidated coffee ..... , following the said ruling, the impugned demand is liable to be quashed. that was a case arising under the karnataka agricultural income tax act, 1957. it is necessary to quote sections 41 and 42 of the said act, which read as under:-' 41. tax when payable.- (1) any amount specified as payable in a notice of demand under section 31 or an order under section ..... ltd. v. agricultural income-tax officer 248 itr 417. thus, this ruling certainly will not help the petitioner to substantiate its submission. 12. from ..... makes an application within the time mentioned in the notice of demand in section 31, for being allowed to pay the tax due, the agricultural income-tax officer may in his discretion, by order in writing, allow the assessee to pay the tax due, in instalments not exceeding four in number at such intervals as the said officer may fix in his discretion or .....

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Jul 13 2004 (HC)

Consortium of Professional Arts and Science Colleges and ors. Vs. Perm ...

Court : Chennai

Decided on : Jul-13-2004

Reported in : 2004(3)CTC721

..... upon by ,the learned advocate general is distinguishable on facts. that case arose under the income tax act, 1922 wherein the constitutionality of section 5(7-a) was challenged. by the said section, the commissioner of income tax was vested with the power of transfer of any case from one income tax officer subordinate to him to another and the central board of revenue to transfer any ..... did not raise any objection for their cases being transferred from one income tax officer to another and submitted themselves to the jurisdiction of the income tax officers whom their cases were transferred, the apex court held that after submitting the jurisdiction and after they acquiesced themselves to the jurisdiction of ..... the income tax officer to whom their cases were transferred, they were certainly not entitled to invoke the jurisdiction of the apex court under article 32. in the case on hand, the challenge ..... case from any one income tax officer to another. when a question arose as to whether such of those petitioners who .....

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Sep 24 2004 (HC)

Cit Vs. India Equipment Leasing Ltd.

Court : Chennai

Decided on : Sep-24-2004

Reported in : [2007]293ITR350(Mad)

..... 'the act'), the assessing officer found that the income on the non-performing assets had not been brought by the assessee to the profit and loss account for the year 1994-95. it was the ..... assessee doing the business of hire purchase transactions and leasing of plant and machinery filed their return of income on 29-11-1994. after hearing the explanation offered by the assessee pursuant to the notice issued under section 143(2) of the income tax act, 1961 (hereinafter referred to as ..... are filed by the revenue against the orders of the income tax appellate tribunal dated 10-2-2004, and 19-9-2003, made in i. t. a. nos. 1332/mds/1997 and 2522/mds/96, respectively.2. for the purpose of disposing of the case, we refer to the facts relating to the tax case (appeal) no. 744 of 2004 only.3. the ..... tamil nadu industrial investment corporation ltd. v. cit reported in : [1999]237itr889(sc) in which the supreme court recorded the finding as follows (page 900):in the present case, the circulars which have been in force are meant to ensure that while assessing the income accrued by way of interest on a 'sticky' loan, the notional interest which is transferred to a .....

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