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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2007 Page 1 of about 320 results (0.136 seconds)

Jan 02 2007 (HC)

The Commissioner of Income Tax Vs. Sakthi Finance Ltd.

Court : Chennai

Decided on : Jan-02-2007

Reported in : (2007)210CTR(Mad)300; [2007]291ITR83(Mad)

..... with reference to the assessment year 1989-90.2. the above batch of references has been made under section 256(1) of the income-tax act, 1961, by the income-tax appellate tribunal, chennai bench 'b', at the instance of the commissioner of income tax, coimbatore, raising substantial questions of law, referred to and dealt with hereunder, arising out of the common order dated 10.1. ..... that the contingent deposit is nothing but sales-tax collected from the lessees on lease rentals and not paid to the government and hence, it has ..... the amount collected as contingent deposit towards the sales tax payable by the assessee is still open to be assessed to tax, since till such sales tax is paid by the assessee out of the contingent deposit, such deposit forms part, of the assessee's income. but the, assessing officer invoking section 43b of the income-tax act, 1961, disallowed the claim of the assessee holding ..... to be disallowed under section 43b and accordingly, added the contingent deposit to the assessee's income.3.3. aggrieved by the .....

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Jul 17 2007 (HC)

Pyramid Films International Vs. the Deputy Commissioner of Income-tax

Court : Chennai

Decided on : Jul-17-2007

Reported in : (2008)217CTR(Mad)545; [2008]296ITR134(Mad)

..... above substantial questions of law are as under:the assessee is a partnership firm engaged in the production of feature films. there was a search under section 132 of the income-tax act ('act' in short) in the business and residential premises of shri. v. natarajan, one of the partners of the assessee firm. the search resulted in seizure of several incriminating documents. hence ..... p.p.s. janarthana raja, j.1. this appeal is filed under section 260a of the income tax act, 1961 by the assessee, against the order of the income tax appellate tribunal, chennai bench 'a', madras in it(ss)a no. 52(mds)/2002 dated 09.06.2003. on 03.02.2004, this court admitted the appeal and formulated the ..... had released, in january 1996, a tamil feature film by name 'love birds' for public exhibition. later the assessment was reopened under section 147 of the act on the ground that certain income chargeable to tax has escaped assessment and notice under section 148 of the act was served on 29.09.2000. in response to the notice issued under section 148 of the ..... given by the authorities below are that the assessee had not disclosed the income which has been accrued, but for the search under section 132 of the act, the accrued income would not have been brought to tax. hence, the authorities are right in making addition under chapter xivb of the act. 5. heard the counsel. the assessee produced the film by name 'love birds .....

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Jun 04 2007 (HC)

Commissioner of Income Tax Vs. Elgi Finance Ltd.

Court : Chennai

Decided on : Jun-04-2007

Reported in : [2007]293ITR357(Mad)

..... 11.1998 admitting a loss of rs. 10,25,985/-. the return of loss was processed under section 143(1)(a) of the income-tax act ('act' in short) on 30.03.1999 determining a total income of rs. 6,28,470/-. the assessment was revised on 10.10.2000 determining a loss of rs. 10,25,985/-. later ..... p.p.s. janarthana raja, j.1. this appeal is filed under section 260a of the income tax act, 1961 by the revenue, against the order of the income tax appellate tribunal, madras bench-b, madras in i.t.a. no. 361(mds)/2002 dated 12.12.2002. on 01.12.2003, this ..... senior counsel appearing for the assessee submitted that the issue now stands covered against the revenue by this court's unreported judgment in the case of commissioner of income-tax v. india equipment leasing ltd., madras in t.c.(a) nos. 744 and 349 of 2004 dated 24.09.2004. hence the order of the ..... the assessing officer rejected the contention and completed the assessment under section 143(3) of the act and determined the total income at rs. 2,78,83,950/-. aggrieved by the order, the assessee filed an appeal to the commissioner of income-tax (appeals). the c.i.t.(a) dismissed the appeal filed by the assessee and confirmed ..... up for scrutiny and the assessing officer issued notice under section 143(2) of the act. the assessing officer noticed that in the profit and loss account for the previous year and in the memo of the total income prepared for income-tax purpose for the year ending thereof, the assessee had not admitted the interest accrued .....

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Sep 26 2007 (HC)

The Regional Director, Southern Regional Business Centre, Oil and Natu ...

Court : Chennai

Decided on : Sep-26-2007

Reported in : (2008)IILLJ1001Mad

..... the employee ganga, who is also one of the petitioner, as per which, her contribution to prbs is shown as deduction under chapter vi-a under section 80(c) income tax act. by analysis of the rate of contribution, benefits available and that the contribution is deductible under section 80(c), we are prima facie convinced that prbs is beneficial to the ..... paid by purchasingby purchasing annuity annuity from lic or anyfrom lic at the time other insurer as defined inof superannuation or clause (28bb) of section 2 ofleaving the organiz- the income tax act, 1961, atation as per rule the time of superannuation or18.4 above. this will leaving the organization as be calculated on the per rule 18.4 above. thisbasis of ..... , observing that the proposed amendment to the existing prbs rules are not in violation of it act 1961. pursuant to the recognition by the income tax department, contribution towards prbs has become deductible under section 80(c) of the income tax act.44. mr.nazirudeen, learned counsel for the petitioner further urged that when central government has refused exemption under para 39, on the ground that ..... prbs is inferior or lesser than the benefits conferred under the act, it is obligatory on ongc to implement the statutory scheme. the main .....

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Jun 05 2007 (HC)

A.B. Shanthi @ Venniradai Nirmala Vs. the Asst. Director of Inspection ...

Court : Chennai

Decided on : Jun-05-2007

Reported in : (2007)212CTR(Mad)456

..... in a petition filed by the accused under article 227 of the constitution of india challenging the validity of section 269ss and 271d of the income tax act, 1961, as ultra vires and unconstitutional.10. after setting aside the findings rendered by the trial court, the honourable apex court in crl ..... petitioner would revolve around the subsequent amendment in the income tax act in respect of section 276dd which is the penal section for violation of the provision of section 269ss of the income tax act, 1961. section 276dd of the income tax act, 1961 was omitted by direct tax laws (amendment) act, 1987 which came into force with effect from ..... and documentary placed before him has come to the conclusion that the charges levelled against the accused under section 276dd r/w 269ss of income tax act has been proved beyond any reasonable doubt and accordingly convicted the accused and sentenced her to undergo 2 years ri and a fine of ..... against the order passed by this court in crl.m.p.2854/1988 challenging the constitutional validity of section 269ss, 276dd & 271d of the income tax act. the honourable apex court in crl.a.no.601/1992 (alongwith crl.a.4478/2000) has held that section 269ss, 271d, 276dd are constitutional ..... the above said borrowal of rs.4,65,000/- from the above said political party. according to the prosecution as per section 269ss of income tax act 1961, a person can obtain any loan or deposit only through an account payee cheque or an account payee bank draft if the amount of .....

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Jun 12 2007 (HC)

A.R. Complex and A.R. Plaza Vs. Income Tax Officer

Court : Chennai

Decided on : Jun-12-2007

Reported in : (2007)212CTR(Mad)328

..... return that the entire receipts were only from rentals. the assessing officer was of the view that the rental income has to be treated as 'income from house property' and not under the head 'business' and hence notice under section 148 of the income-tax act ('act' in short) was issued on 22.11.2000. the assessee firm by its letter dated 13.12.2000 stated ..... p.p.s. janarthana raja, j.1. these appeals are filed under section 260a of the income tax act, 1961 by the assessees, against the order of the income tax appellate tribunal, bench 'd', chennai in i.t.a. no. 2005 & 2007 (mds)/2002 dated 09.06.2003. on 04.02.2004, this court admitted t.c.(a) no. 75 ..... that the return filed on 22.03.2000 may be treated as the one filed in response to the notice under section 148 of the act. later, notice under section 143(2) was issued ..... . the assessment was completed under section 143(3) r/w section 147 of the act and assessed the rental receipts under the head 'house property' and determined a total income of rs. 2,21,540/-. aggrieved by the order the assessee filed an appeal to the commissioner of income-tax (appeals). the c.i.t.(a) dismissed the appeal and confirmed the order of .....

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Aug 29 2007 (HC)

St. Joseph's Estate Vs. State of Tamil Nadu

Court : Chennai

Decided on : Aug-29-2007

Reported in : [2009]310ITR451(Mad)

..... of the status of the assessee as a trust eligible for exemption, the same ratio deserved to be accepted for the purpose of granting relief under the tamil nadu agricultural income-tax act.7. learned counsel appearing for the revenue, however, pointed out that considering the reasoning given by this court in paragraph 20 of the decision in state of tamil ..... respect of the assessment year 2000-01, the assessing authority noted that the assessee is registered as a charitable institution under the provisions of section 12a(a) of the central income-tax act, 1961. on the inspection conducted on july 28, 2000, the assessing authority pointed out that the petitioner herein runs the society for educational and charitable purposes for all persons ..... beneficiaries has also not been produced by the institutions.4. the petitioner filed his reply stating that the institution was registered under the provisions of the indian income-tax act and that the indian trusts act is not applicable to the case herein. as to the non-production of the trust deed, the petitioner referred to clause 4 of the rules and regulations ..... 1999-2000 and 2000-01 on production of a certificate issued by the income-tax officer under section 11 of the income-tax act. admittedly, no trust deed was produced before the commissioner except for the certificate issued by the income-tax officer, ooty, as regards the grant of exemption under the income-tax act up to 2001-02. the assessee did not produce the certificate under section .....

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Jul 31 2007 (HC)

The Commissioner of Income Tax Vii Vs. Vijay Constructions

Court : Chennai

Decided on : Jul-31-2007

Reported in : [2009]311ITR381(Mad)

..... under section 143(3) of the act determining the total income at rs. 7,15,130/-. while computing the assessment, the assessing officer ..... ended on 31.03.1991. the assessee firm filed its return of income on 24.04.1992 admitting a total income of rs. 58,130/-. the return was processed under section 143(1)(a) of the income-tax act ('act' in short) accepting the total income returned. subsequently notice under section 143(2) of the act was issued. the assessing officer completed the assessment on 28.03.1994 ..... p.p.s. janarthana raja, j.1. this appeal is filed under section 260a of the income tax act, 1961 by the revenue, against the order of the income tax appellate tribunal, chennai bench 'a', chennai in i.t.a. no. 2442/mds/94 dated 21.10.2003. on 23.06.2004, this court admitted the appeal and formulated the ..... much is reasonable expenditure having regard to the circumstances of the case. no businessman can be compelled to maximize his profit. the income-tax authorities must put themselves in the shoes of the assessee and see how a prudent businessman would act. the authorities must not look at the matter from their own view point but that of a prudent businessman. as already .....

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Oct 23 2007 (HC)

Madathil Brothers Vs. the Deputy Commissioner of Income Tax, Special R ...

Court : Chennai

Decided on : Oct-23-2007

Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)

..... meaning ascribed by the apex court to the term 'property' applies with equal force to the understanding of 'capital asset' under the provisions of the income tax act. 32. the definition of 'capital asset' refers to property of any kind 'held' by an assessee. in contradistinction to the word 'owner' or 'owned', the definition uses the phrase 'held ..... import and, subject to any limitation which the context may require, it signified every possible interest that a person can hold or enjoy. the definition of 'capital asset' under the income tax act, referring to 'property of any kind' carry no words of limitation. the definition is of wide amplitude to include every possible interest that a person may hold and enjoy. the ..... to look at the definition provisions relating to 'capital asset' under section 2(14), 'short term capital asset' under section 2(42a) and 'transfer' under section 2(47) of the income tax act, 1961. the relevant provisions necessary for the purpose of our consideration are as follows:section 2(14) 'capital asset':'capital asset' means property of any kind held by an assessee ..... name 'kannamma' and 'uzaikum karangal'? 2. whether the tribunal was right in holding that the sum of rs. 1,26,000/- is unexplained cash credit under section 68 of the income tax act, 1961? 3. whether the tribunal was right in law in upholding the disallowance of loss arising from 'kasturi vijayam', without dealing with the said grounds of appeal? 4. whether the .....

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Jun 11 2007 (HC)

Commissioner of Income-tax Vs. Thiagarajar Mills Ltd.

Court : Chennai

Decided on : Jun-11-2007

Reported in : [2008]296ITR717(Mad); 2009[15]STR112

..... fluctuation has to be treated as revenue expenditure?2. t.c. (a) nos. 830 and 831 of 2007 are filed under section 260a of the income-tax act, 1961, by the revenue, against the order of the income-tax appellate tribunal, bench 'c', chennai in i.t.a. nos. 1673 and 1674/mds/03 dated november 23, 2005, for the assessment years 1997- ..... p.p.s. janarthana raja, j.1. t.c. (a) no. 446 of 2007 is filed under section 260a of the income-tax act, 1961, by the revenue, against the order of the income-tax appellate tribunal, chennai bench 'c' in i.t.a. no. 1565/mds/2004 dated april 21, 2006, for the assessment year 1999-2000, raising the following substantial questions of ..... 31, 1997 and march 31, 1998, respectively. for the said assessment years, the assessee filed returns of income and the assessing officer completed the assessments and restricted the benefit under section 80hhc of the income-tax act ('the act' in short) by including excise duty, sales tax and conversion charges to the total turnover. further, the assessee claimed a portion of additional liability on account ..... expenditure. aggrieved by the orders, the assessee filed appeal before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) held that the excise duty, sales tax and conversion charges are not includible in the total turnover for the purpose of section 80hhc of the act. further, the commissioner of income-tax (appeals) held that the additional liability on account of plant and machinery which .....

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