Court : Chennai
Decided on : Dec-15-2005
Reported in : (2006)1MLJ350
..... appellants has invited our attention to exs.b23 and b24 and contends that the said exhibits are not the statement of accounts, but they are income tax assessment orders of the income tax department filed on behalf of the first defendant firm as well as on behalf of the partners of the firm, including the plaintiff as on ..... 3.12.1979 and the moneys due from the third party debtors to the first defendant firm were shown as bad debts, which was also accepted by the income tax department. in such event, the plaintiff is not entitled to the amount claimed on the basis of statement of accounts dated 31.12.1977.21. in this ..... is relevant to refer to the decision of the supreme court in debi prasad v. tribeni devi : 1scr101 . in that case, one gopal das filed income-tax returns and he was assessed as the karta of a hindu undivided family and the assessment orders proceeded on the basis that one gopal das and shyam behari lal ..... was examined as d.w.1 and marked 26 documents as exs. b1 to b26, out of which, exs.b23 and b24 are relevant, namely, the income tax assessment orders of the firm for the assessment years 1978-79 and 1979-80.8. the trial court after appreciating the evidence adduced by both sides, held that ..... of section 74 of the evidence act and can be relied upon for the purpose of determining the amount due to a retired partner as held by the andhra pradesh high court in somanna v. subba rao air 1958 a.p. 200 wherein it was held that an income-tax return as well as a statement .....Tag this Judgment!
Court : Chennai
Decided on : Dec-23-2005
Reported in : 287ITR40(Mad)
..... ), the first appellate authority, the appellant filed an appeal before the tribunal, contending that:(i) the petitioner was not an assessee under the interest-tax act and was not liable for levy of interest under the interest-tax act being a co-operative society not engaged in the business of banking;(ii) that the first appellate authority's conclusion that the processing for the ..... notice to the petitioner calling upon to file his return of chargeable interest and nil return was filed, since the appellant did not come in the purview of the interest-tax act. the ao held that the interest accruing to the appellant-assessee for the period from 1st oct., 1991 to 31st march, 1992 should be brought to ..... 1992-93 and the corresponding accounting year ended on 31st march, 1992. it did not file a return of chargeable interest under the interest-tax act of 1974. the ao issued a notice under section 10 of the said act which was served on the appellant-assessee on 1st march, 1997. the appellant filed a writ petition before this court challenging the said ..... fact that only cooperative societies engaged in banking business, would come under the purview of the interest-tax act. since the petitioner in the instant case does not carry on the business of banking either under the provisions of interest-tax act or under the banking regulation act, it would not be liable;(vii) that the crucial and material issue as to whether the appellant .....Tag this Judgment!
Court : Chennai
Decided on : Oct-26-2005
Reported in : 285ITR429(Mad)
..... payable under the act. the commissioner of income-tax (appeals) found that the matter has already been considered in favour of the appellant on identical facts ..... the tamil nadu urban land (ceiling and regulation) act should be the basis for valuing the property and not by adopting the market rate.5. aggrieved against the ..... s report.3. aggrieved by the assessment order, the assessee filed an appeal before the commissioner of income-tax (appeals), contending that the assessing officer ought to have appreciated that the land under reference comes within the purview of the urban land ceiling act and that as on the date of valuation, the land should be valued only as per the compensation ..... and allowed the appeal.4. on further appeal by the revenue before the income-tax appellate tribunal, the tribunal dismissed the appeal holding that the compensation payable under .....Tag this Judgment!
Court : Chennai
Decided on : Dec-01-2005
Reported in : 2006(3)CTC81; (2006)1MLJ370; 147STC218(Mad)
..... . in the case of hardeodasm, supra, the registered dealer's business was raided and thereafter a notice was issued dated 4th april, 1959 under section 19a of the assam sales tax act, 1947 for reassessment in respect of the half-yearly return periods ending on september 30, 1956, march 31, 1957 and september 30, 1957. thereafter, orders of re-assessments were passed ..... and ors. 1963  stc 976. the supreme court in that case was dealing with escaped assessment. under section 11-a of the central provinces and berar sales tax act, 1947, if the commissioner was satisfied that any turnover of a dealer for any period had escaped assessment, the commissioner could, within three years from the expiry of the period ..... the reassessment order passed under section 16(1)(a) of the act will not result in the obliteration of the original assessment order and that original assessment order retains its character and identity. learned counsel also referred to the decision of the supreme court in the case of commissioner of income tax v. sun engineering works pvt. ltd. 198 itr 397. the reliance ..... placed on the said decision is clearly misconceived. the question in that case was as regards the right of the assessee to contest matters closed by the original assessment in a revision of assessment under section 16 of the act. in the context of the .....Tag this Judgment!
Court : Chennai
Decided on : Jul-26-2005
Reported in : 127CompCas85(Mad); (2005)6CompLJ432(Mad); 63SCL326(Mad)
..... thaker, : 1scr534 , the supreme court has held that the gift cannot be held to be incomplete for failure to comply with the formalities prescribed by the companies act for transfer of shares. in cit v. m. ramaswamy : 151itr122(mad) , this court has held that the transfer of shares is complete though it is not registered, as the registration is only ..... the said provision in the application. while adjudging the issue, to render substantial justice, this court would be competent to issue directions strictly in conformity with the provisions of the act, though the applicant failed to mention the provisions under which the relief is sought. as the winding up proceedings are held to have commenced on november 4, 1999, the transfer ..... of fraudulent preference under section 531 and avoidance of voluntary transfer under section 531a of the act.5. i gave my anxious consideration to the above submissions. from the pleading as well as submissions of the respective counsel, the following points arise for consideration :(1) whether the ..... the tripartite agreement. hence, the provisions of section 536(2) cannot be invoked. he would also submit that insofar as invoking the provisions of sections 531 and 531a of the act, there is no fraudulent preference, as the shares cannot be the assets of the applicant-company and in that case the transaction cannot be questioned, more particularly, on the ground .....Tag this Judgment!
Court : Chennai
Decided on : May-30-2005
Reported in : 2005(3)CTC582; (2005)3MLJ210; 62SCL586(Mad)
..... will be considered, if not, that ground is irrelevant. though no other ground is raised in the pleadings, the learned counsel for the petitioner submitted that the shareholding details, income tax returns and annual audit report of each company listed in paragraph 3 found at page 3 of the affidavit are required and essential, and it is not indicated in the ..... political pressure, any difficulty in obtaining the said license is being overcome and due to political reasons, the respondents are intending to violate the mandatory principles envisaged in the competition act. in the reply affidavit, this is what is stated, 'the fifth respondent is playing a definite role in the grant of license to the sixth respondent. the sixth respondent ..... the court never moves, which piquant situation creates frustration in the minds of genuine litigants and resultantly, they lose faith in the administration of our judicial system.a person acting bona fide and having sufficient interest in the proceeding of public interest litigation will alone have a locus standi and can approach the court to wipe out violation of ..... the application, the entire process is vitiated by mala fides and bias and since there is imminent danger of the application being considered favourably violating the provisions of the competition act, 2002, the petitioner is entitled to maintain a quia timet action. learned counsel further submitted that though specific allegations have been made naming the union minister and his brother .....Tag this Judgment!
Court : Chennai
Decided on : Nov-07-2005
Reported in : (2006)201CTR(Mad)300; 284ITR385(Mad)
..... section 88, the appellant would be disentitled to claim any benefit under the scheme. learned counsel relied upon the decision of the hon'ble supreme court in hemalatha gargya v. cit and anr. .7. having heard the learned counsel for the respective parties, we are in full agreement with the learned standing counsel for the respondent. on a perusal of the ..... clear that in respect of a case where prosecution for concealment has been 'instituted' on or before the date of filing of the declaration under section 88 under any direct-tax enactment in respect of any assessment year, the concerned assessee would not be entitled to the benefits of the said scheme. it was on that basis, the appellant was issued ..... (supra), at p. 7 by stating :besides, the scheme has conferred a benefit on those who had not disclosed their income earlier by affording them protection against the possible legal consequences of such non-disclosure under the provisions of the it act. where the assessees seeks to claim the benefit under the statutory scheme they are bound to comply strictly with the conditions ..... for concealment has been instituted on or before the date of filing of the declaration under section 88 under any direct-tax enactment in respect of any assessment year, to any tax arrear in respect of such assessment year under such direct tax enactment or in respect of a person who has been convicted for concealment on or before the date of filing .....Tag this Judgment!
Court : Chennai
Decided on : Apr-13-2005
Reported in : 277ITR149(Mad)
markandey katju, c.j.1. heard the counsel for parties. the question referred to us is as follows:-'whether on the facts and in the circumstances of the case, the appellate tribunal is right in law in holding that the profit on sale of shares to the extent of rs.43,93,175/= is to be treated as capital gains instead of as business income, as adopted by the assessing officer?'2. the finding of fact recorded in para 15 of the order of the tribunal is that the shares in question were never treated by the assessee as stock-in-trade and they were held for earning dividend only. a company can hold some shares as stock-in-trade for the purpose of doing business of buying and sale of such shares, while at the same time it can also hold some other shares as its capital for the purpose of earning dividend income. here the shares in question were held as the assessee's capital and not as stock-in-trade. hence, there would be capital gain and not business income. hence, we answer the question referred in the affirmative i.e., in favour of the assessee and against the department.Tag this Judgment!
Court : Chennai
Decided on : Jan-07-2005
Reported in : III(2005)BC286; 124CompCas550(Mad); 2005(1)CTC758; (2005)1MLJ309; 64SCL202(Mad)
ordermarkandey katju, c.j.1. this civil revision petition has been filed against the order of the debts recovery appellate tribunal dated 27.8.2004. we have heard counsel for the parties and have perused the records.2. the revision petitioner is a secured creditor. m/s. vibrant investments & properties ltd. was a company which went into liquidation and the question is whether the claim of the petitioner will prevail over the claim of the income-tax department and the karnataka sales tax department.3. this issue is no longer res integra in view of the decision of the supreme court in dena bank v. bhikhabhai prabhudas parekh & co. where it has been held that the claim of a secured creditor will prevail over crown debts.4. in view of the above, we modify the impugned judgment of the debts recovery appellate tribunal dated 27.8.2004 and direct that the claim of the petitioner will prevail over that of the income-tax department and the karnataka sales tax department, but this will be subject to the provisions of section 529a of the companies act. this revision petition is disposed of accordingly. no costs. consequently cmp nos. 15322 and 19436 of 2004 are closed.Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Sep-06-2005
Reported in : (2006)99TTJ(Chennai)80
..... 188 (sc). in this case it was held that electricity is goods within the meaning of section 2(3) of central province and virar sales-tax act. this decision was rendered in the context of the language of a particular statute. as such this meaning cannot be extended to the facts of ..... available in respect of profits and gains from newly established industrial undertaking or hotel business in backward areas. for enabling the benefit of the section, income must be derived from an industrial undertaking. now the question arises whether the business of generation or distribution of power could be construed to be ..... hon'ble supreme court has laid down in the case of motilal pesticides (i) (p) ltd. v. cit that special deduction is to be allowed only on net income and not on gross income.11. adverting to the objection of the learned counsel for the assessee that deduction was allowed in the initial ..... part of the land which are agreed to be severed before sale or under the contract of sale. under section 3(36) of the general clauses act, 1897 movable property is of every description except immovable property. the term 'property' is nomen generalissimum (a term of the most general meaning). the ..... case, the provision of section 80ab was properly appreciated in regard to the consideration of income generated during the previous year from the windmill for quantifying the deduction under sections 80hh and 80-i of the act 3. we have herd the rival submissions in the light of material placed before us .....Tag this Judgment!