Court : Chennai
Decided on : Jan-02-2007
Reported in : (2007)210CTR(Mad)300; 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 .....Tag this Judgment!
Court : Chennai
Decided on : Jul-17-2007
Reported in : (2008)217CTR(Mad)545; 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 .....Tag this Judgment!
Court : Chennai
Decided on : Jun-04-2007
Reported in : 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 .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Chennai
Decided on : Aug-29-2007
Reported in : 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 .....Tag this Judgment!
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 .....Tag this Judgment!
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 .....Tag this Judgment!
Court : Chennai
Decided on : Oct-23-2007
Reported in : (2008)217CTR(Mad)416; 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 .....Tag this Judgment!
Court : Chennai
Decided on : Jan-22-2007
Reported in : 300ITR324(Mad)
..... the deputy commissioner of income-tax, chennai. consequently, it held that the revenue had no case and allowed the appeal of the assessee.aggrieved of this, the revenue is on appeal before this ..... lease transactions entered into this year appropriate action has been taken as mentioned in the order as per discussions held with the additional commissioner of income-tax.4. on the basis of the said note, on which heavy reliance is placed by the assessee, the tribunal noted that the same carried the signature of ..... for 1996-97 is rs. 15,000 which has been arrived at on erroneous comparison. since the assessment for 1996-97 has been confirmed by the commissioner of income-tax (appeals) the addition of rs. 58,91,945 has been made as above in line with the decision taken in that assessment order. however, for the fresh ..... respect of the assessment year 1995-96, he restricted the claim on lease rentals by rs. 15,000 as cost of steel rolls. on appeal, the commissioner of income-tax (appeals) partly allowed the appeal, but rejected the cost of acquisition of each steel roll. in the course of the order, the commissioner held that the assessee had ..... appeal is filed under section 260a of the income-tax act, 1961, by the revenue raising the following questions of law:1. whether, on the facts and circupstances of the case, the tribunal was right in allowing .....Tag this Judgment!
Court : Chennai
Decided on : Jul-13-2007
Reported in : (2008)217CTR(Mad)206
..... ' in short) and completed the assessment holding that income from sale of shares is assessable only under the head 'profits and gains of business'. aggrieved by the order, the ..... 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 'c', chennai in i.t.a. no. 778(mds)/2005 dated 11.01.2007, raising ..... assessee filed an appeal to the commissioner of income-tax (appeals) ('cit(a)' in short). the cit(a) allowed the appeal and directed the assessing officer to treat the surplus earned by the assessee on the sale of shares, under ..... not a perverse one. the concurrent finding given by both the authorities below is based on valid materials and evidence. in the case of commissioner of income-tax v. p. mohanakala : 291itr278(sc) , the supreme court held that whenever there is a concurrent finding by the authorities below, no interference ..... income of rs. 5,93,96,140/-. the assessing officer was of the view that since the assessee is a share broker, the income derived from the sale of shares should be assessed only under the head 'profits and gains of business'. hence, the assessing officer issued notice under section 148 of the income-tax act ('act .....Tag this Judgment!