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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2006 Page 4 of about 252 results (0.048 seconds)

Jun 13 2006 (HC)

Official Liquidator, High Court Vs. Tamil Nadu Handloom Weavers' Co-Op ...

Court : Chennai

Decided on : Jun-13-2006

Reported in : [2008]145CompCas748(Mad); [2009]96SCL25(Mad)

..... judge expressed that (page 556), 'the only restriction is that the court has to satisfy on the facts of a particular case that the claim for statutory interest under the income-tax act would amount to hardship, cause grave miscarriage and injury to the contributories'. after ascertaining the liability and the hardship that the demand would have on the assets of the company ..... language of section 446 must be so construed as to eliminate such startling consequences as investing the winding up court with the power of an income-tax officer conferred on him by the income-tax act, because in our view the legislature could not have intended such a result.15. with the above law laid down, the decision in the case of catholic centre v ..... to obtain the leave of the court to exercise his jurisdiction. the apex court considered the question as regards the effect of section 446 of the companies act over the section 148 of the income-tax act, as to whether former would prevail over later.14. the apex court held (page 180):looking at the legislative history and the scheme of the indian companies ..... . v.m. deshpande : [1972]83itr685(sc) , this court held that the power of the company court under section 446(2)(b) of the companies act overrides any other law, more particularly section 220(2) of the income-tax act. in the context of this pronouncement of this court, the learned counsel submitted that the recourse to the rent controller is totally illegal and without .....

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Mar 01 2006 (HC)

Commissioner of Income Tax Vs. S.M. Anandvel (Huf)

Court : Chennai

Decided on : Mar-01-2006

Reported in : [2007]288ITR286(Mad)

..... 'act') on 27.1.1986 at the residence of the assessee and some incriminating materials in form of papers and books were seized. based on those documents, it ..... to the revenue, the wife of the assessee, smt. manomani did not have any regular source of income and therefore the said land and building, referred to above, was considered to be that of the assessee under section 22 of the income tax act and thus the income from the said property was computed at rs. 35,354/- after deducting a sum of rs. 1 ..... ,046/- towards municipal tax and rs. 3,600/- towards expenses allowed under section 23(2) of the act, taking into consideration that the assessee and his wife were living in ..... /-. subsequently, he filed a revised return of income on 28.3.1988 admitting a total income of rs. 91,755/-. the difference being a sum of rs. 225/- between the original return and revised return represents the interest admitted under the head 'other sources'. in the meanwhile, there was a search under section 132 of the income-tax act (herein after referred to as the .....

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Jun 30 2006 (HC)

Hema Mohnot Vs. State Through Chief Commissioner of Income Tax Adminis ...

Court : Chennai

Decided on : Jun-30-2006

Reported in : (2006)205CTR(Mad)418; [2006]285ITR402(Mad)

..... concern of this petitioner and other records were seized and statements of a.1 to a.4, a.5 and a.12 were recorded under section 132(4) of the income tax act. some pronotes standing in the name of m/s. ashoka traders, hindustan electronics were found along with other documents and certain challans. according to the investigation a cheque had been ..... /w. sections 420, 467, 468, 472, 181, 182, 177, 193, 196. 197, 198, 199, 200, 201, 380, 379, 419, 420 r/w. section 511 i.p.c., and 277 of income tax act. the petitioner is accused no. 12 in the said complaint. p.ws 1 to 69 were examined on behalf of the complainant and exs.p.1 to p.26 were ..... at madras and at ootacamund as well as in the inter venue races are paid the winning amounts after deducting income-tax proportionate amount from the winnings as laid down by the income-tax act, 1961. the winners are given a temporary receipt for deduction of income tax at source. the winners have to sign in token of acknowledgment in the temporary receipt. thereafter, the race club ..... accused, forged the signatures of the original winners and made false documents with the help of the other accused, that a.1 filed income-tax returns containing false declaration and statements before the income tax authorities, that the income tax authorities were induced to act on such false, forged and untrue documents and issue refund orders and that thereby the accused attempted to cheat the government and .....

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Jan 31 2006 (HC)

In Re: Sri Kanchi Kamakoti Peetam Charitable Trust and ors.

Court : Chennai

Decided on : Jan-31-2006

Reported in : AIR2006Mad230

..... at such time and for such items of contribution that the trustees may deem fit, insofar as any such transaction does not offend the provisions of section 13 of the income-tax act, 1961, or any statutory modification or re-enactment thereof for the time being in force.9. sri jayendra saraswathi institute of medical sciences and sri kanchi kamakoti sankara hospital ..... working and teaching staff. the difficulties in running the institution and the hospital cannot be reason to sell away the entire assets. no details of other trust properties and the income derived thereon are furnished. learned counsel for the plaintiffs has submitted that the sale proceeds of sri jayendra saraswathi institute of medical sciences and sri kanchi kamakoti sankara hospital ( ..... were established in the year 2003 with a view to provide medical education at an affordable cost to deserving students in the middle and lower income groups. the hospital was established as a teaching hospital attached to the college. the hospital is said to be catering the needs of 47 villages around perumbakkam, near sholinganallur, ..... were established in the year 2003 by the first plaintiff herein with a view to provide medical education at an affordable cost to deserving students in the middle and lower income groups. the hospital was established as a teaching hospital attached to the college. the hospital caters to the needs of 47 villages around perumbakkam, near sholinganallur. the hospital .....

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Oct 26 2006 (HC)

Commissioner of Income-tax Vs. Attur Agricultural Producers Cooperativ ...

Court : Chennai

Decided on : Oct-26-2006

Reported in : [2008]306ITR151(Mad)

..... co-operative society which is engaged in the marketing of the agricultural produce is eligible for the benefit of section 80p(2)(a)(i) of the income tax act in respect of the interest received from members 4. it is fairly conceded by the learned counsel appearing for the revenue that the issue raised in ..... agricultural products. the assessee advanced loans to its members and received interest therefrom. the assessee had claimed deduction under section 80p(2)(a)(i) of the income tax act and the assessing officer negatived the claim of the assessee as the primary objective of the assessee is not that of the credit society that is engaged ..... and advances to the members, held that the assessee therein is entitled to exemption under section 80p(2)(a)(i) of the income tax act. the said decision was also followed in the judgment dated 2.1.2006 made in t.c.(a) no. 1627 of 2005 (commissioner of ..... and 1994-95 held that the assessee is entitled to deduction in respect of interest income received on advances made to his customers for the purpose of deduction under section 80p of the income tax act. the said order of the commissioner of income tax (appeals), on appeal by the revenue, was confirmed by the tribunal.3. exasperated, ..... is engaged in the marketing of the agricultural produce is eligible for the benefit of section 80p(2)(a)(i) of the income tax act in respect of the interest received from members.finding no substantial question of law arises for consideration, the appeal stand dismissed. .....

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Sep 11 2006 (HC)

The Commissioner of Income Tax Vs. S. Muthukarupan

Court : Chennai

Decided on : Sep-11-2006

Reported in : (2006)206CTR(Mad)231; [2007]290ITR154(Mad)

..... is the appellant. for the assessment years 1992-93, 1994-95 and 1996-97, the returns of income filed by the appellant were processed under section 143(1)(a) of the income tax act (for brevity, 'the act'). on subsequent verification, the assessing officer found that the appellant had claimed for each of these assessment ..... appeals pertains to the disallowance of the interest claimed by the assessee under the head 'business'. the assessing officer as well as the commissioner of income tax (appeals) held that the payments made by the assessee, when there are more than one loan outstanding can only be credited in the first ..... at rs. 1,50,000/-, and made additions in all the three assessments.2.2.2. on appeal by the assessee, the commissioner of income tax (appeals), though noted that the assessing officer has not justified his suspicions with the help of any material or evidence, agreed that the rent as ..... year after year, under various heads and allowed interest in respect of those heads in respect of which income had been offered and, disallowed the balance.2.3.2. the commissioner of income tax (appeals), on appeal by the assessee, laid the proposition to work out allowable and disallowable interests and held ..... the choice of the method to be adopted for determining the value of property should be left to the assessee, and that under the wealth-tax act, 1957, the incidence of taxation is the ownership of net wealth. if during the same assessment year the same quantity of wealth in possession .....

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Sep 11 2006 (HC)

The Commissioner of Wealth-tax Vs. Fagun Co. P. Ltd.

Court : Chennai

Decided on : Sep-11-2006

Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836

..... a leasing company which owns machinery and leases such machinery to third parties for manufacture of articles is entitled to investment allowance of such machinery under section 32a of the income-tax act. even though at the first glance such decision appears to support the contention of the assessee, but on deeper scrutiny, we are of the view that the ratio of the ..... . further it was held that the let out plant and machinery, were used in the business of leasing. hence, the apex court granted investment allowance under section 32a of the income-tax act. in the present case, the article of association indicates the main object, which is extracted hereunder:2. to acquire by purchase, lease, exchange or otherwise farms, lands, buildings and hereditaments ..... wealth. the explanation also make it clear that 'company in which public are substantially interested' shall have the same meaning assigned to, under clause (18) of section 2 of the income-tax act. sub section (2) contemplates the computation of net wealth of the company, which says that the amount by which the aggregate value of all the assets referred to in sub ..... - for the purposes of this sub section, 'company in which the public are substantially interested' shall have the meaning assigned to it in clause (18) of section 2 of the income-tax act. (2) for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in .....

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Nov 22 2006 (HC)

Commissioner of Income-tax Vs. S. Ajit Kumar

Court : Chennai

Decided on : Nov-22-2006

Reported in : [2008]300ITR152(Mad)

..... p.p.s. janarthana raja, j. 1. this appeal is filed by the revenue under section 260a of the income tax act, 1961 against the order of the income-tax appellate tribunal, chennai, 'b' bench dated 28.04.2006 in i.t.(s.s.)a. no. 53/mds/2005, raising the following substantial questions of law:1. whether on the ..... of income on 11.08.2003, admitting the undisclosed income as 'nil'. on the date of search, there was a survey in the premises of ..... of the search, evidences were noticed that the assessee had indulged in understatement of his real income relating to the block period 01.04.1996 to 17.07.2002. a notice dated 25.02.2003, under section 158bc of the income-tax act (hereinafter referred to as the 'act'), was issued to the assessee and in response to the same, the assessee furnished the return ..... for specific methods of computation and the revenue are bound to follow the statutory procedures provided under section 158bb of the act. the tribunal correctly followed the principles enunciated by the judgment of this court, in the case of commissioner of income-tax v. g.k. senniappan reported in : [2006]284itr220(mad) . the court considered the scope of sections 133a and 158bb of .....

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Dec 12 2006 (HC)

The Commissioner of Income-tax Vs. Abdul Rahman Industries

Court : Chennai

Decided on : Dec-12-2006

Reported in : [2007]293ITR475(Mad)

..... p.p.s. janarthana raja, j.1. this appeal is filed by the revenue under section 260a of the income tax act, 1961 in i.t.a. no. 803/mds/98 passed by the income tax appellate tribunal, chennai, 'c' bench. on 03.02.2004, this court admitted this appeal and formulated the following substantial question of law:whether on the facts and in the circumstances ..... corresponding accounting year ended on 31.03.1993. the assessee filed return of income on 15.12.1994 admitting the total income as nil. the return was processed under section 143(1)(a) of the income-tax act ('act' in short). the assessee did not furnish form 10ccac along with the return of income and hence the claim of the assessee firm for deduction under section 80hhc ..... )(a) of the act was determined at rs. 10,89,460/-. subsequently ..... of the act, was rejected. later the total income as per assessment under section 143(1 .....

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Mar 20 2006 (HC)

Commissioner of Income Tax Vs. C.S. Kothari

Court : Chennai

Decided on : Mar-20-2006

Reported in : (2006)203CTR(Mad)259; [2006]286ITR397(Mad)

..... the arguments advanced by the assessee, we find that the return of the assessee was processed under section 143(1)(a) of the income tax act which says that only prima facie adjustments to be made. as was observed by the commissioner in his impugned order it is clear that whether ..... no representation on behalf of the assessee. 5. we heard the learned standing counsel appearing for the revenue. section 143 of the income tax act deals with the procedure for assessment of income of the relevant assessment year. when the return was filed, section 143(1) contemplates acceptance of the return as it is with ..... p.p.s. janarthana raja, j.1. this appeal is by the revenue under section 260a of the income tax act, 1961 (hereinafter referred to as the 'act'). the above appeal came up for hearing before this court on 20.10.2003 and this court admitted the appeal ..... the interest on income tax is to be treated as tax is a debatable question which cannot be considered under section 143(1)(a). therefore, considering this aspect in 143(1)(a) proceedings ..... interest payable under sections 234a, 234b and 234c of the act from the total tax payable by the firm for determining apportionable profit among the partners. 3. aggrieved by that order, the assessee filed an appeal to the commissioner of income tax (appeals). the commissioner of income tax (appeals) dismissed the appeal and confirmed the order of .....

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