Court : Chennai
Decided on : Aug-16-2010
1. the revenue has come forward with this appeal and the question of law sought to be raised reads as under:- "whether on the facts and in the circumstances of the case, the appellate tribunal was right in deleting the penalty levied under section 271(1)(c) when the assessee has made bogus claim made on the depreciation on goodwill? "2. we have perused the order of the tribunal impugned in this appeal. the respondent/assessee stated to have claimed depreciation on goodwill. according to the appellant such claim was rejected in the earlier assessment years. the assessee chose to make the claim for the present assessment year also. on that basis, it cannot be held that the claim itself was bogus. the question for consideration was whether penalty could be levied on such a claim which was made by the assessee on the footing that the claim should be construed as one of bogus. it is in that context the tribunal held that the claim of depreciation was not a bogus claim. therefore, mere disallowance would not attract levy of penalty under section 271(1)(c) of the income tax act. we are in full agreement with the conclusion of the tribunal. we therefore, do not find any scope to entertain this appeal and no question of law, much less any substantial question of law, arises for consideration. the appeal fails and the same is dismissed.Tag this Judgment!
Court : Chennai
Decided on : Mar-31-2010
..... bench of the bombay high court in the decision in narayan karwa's case :  296 itr 545 considered rule 57 of second schedule of income-tax act, 1961 and held that failure to deposit the entire purchase money on or before the fifteenth day from the date of sale not only renders the ..... and decisions interpreting rules 84, 85 and 86 of order 21 of cpc would squarely apply in case of rules 57 and 58 of second schedule to income-tax act, 1961. 13. the supreme court considered rules 84, 85 and 86 of civil procedure code in the decision in manilal mohanlal shah's case air 1954 sc ..... recovery officer as per the procedure contained in second schedule to income-tax act and the recovery officer would follow such rules contained in second schedule as far as possible with necessary modifications to the extent necessary and there ..... time raised the plea that the sale had become null and void because of non-compliance of provisions of rule 57 of second schedule to the income-tax act, 1961 in the additional counter filed by the respondents 1 to 3 on 5.11.2009 and the sale proceedings would be conducted by the ..... it is not maintainable. the learned senior counsel further contended that the auction sale proceedings became void due to operation of rule 57 second schedule to income tax act, 1961, when the auction purchasers failed to deposit 25% of the auction amount on the date of auction after declaration as successful bidders and even .....Tag this Judgment!
Court : Chennai
Decided on : Mar-26-2010
Reported in : 99SCL268(Mad)
..... the officer who are entrusted with the power to search shall exercise like powers which are conferred on the income-tax authorities under the income-tax act, 1961 and shall exercise such powers subject to limitations laid down under the act. section 131 of the income-tax act confers the same power for the authorities as are vested in a court under civil procedural code.7.5 ..... (3) contemplates that the officers referred to under sub-section (1) shall exercise like powers which are conferred on the income-tax authorities under the income-tax act, 1961.section 131 of the income-tax act contemplates that the officers concerned shall for the purpose of that act, shall have the powers as are vested in a court under civil procedure code, 1908, when trying a suit in respect of ..... petitioners and the learned special counsel appearing for the enforcement department, it would be more appropriate to reproduce section 37 of fema as well as section 131(1) of the income-tax act.section 37 of fema37. power of search, seizure, etc.--(1) the director of enforcement and other officers of enforcement, not below the rank of an assistant director, shall ..... 2009 is not true. the officers of the enforcement directorate visited the petitioner premises on 23-10-2009 and summons under section 37 of fema and section 131 of the income-tax act was issued by the assistant director of enforcement, chennai for the appearance of the petitioner on 23-10-2009. in response, the petitioner appeared on his own before the .....Tag this Judgment!
Court : Chennai
Decided on : Apr-30-2010
..... the person or of his or her spouse. the meaning of the term substantial contribution or substantial interest in a concern shall be as per the income tax act 1961 as it stands or amended from time to time.ii the trustees shall not be entitled to receive any remuneration from the trust, however, ..... trustees and such amendment was approved by the commissioner of the income tax. above all, though the defendants 1 to 5 (trustees) had agreed to resign their trusteeship on receipt of the amounts stipulated in the mou, ..... a resolution to the effect in their meeting provided that such variation, amendment shall not take effect unless it is approved by the commissioner of income tax, madras.22. it is not proved by the appellant herein/plaintiff that the trust deed was amended through a resolution in a meeting of the ..... through a resolution to that effect in their meeting provided such variation or amendment shall not take effect unless it is approved by the commissioner of income tax, madras. clause 19 is extracted here under:19. amendmentany of the presents of these trust may be varied or amended either by way of ..... plaintiff has come forward with the present suit with the sole aim of making personal profit for himself out of the trust property, trust funds and income of the trust derived therefrom. this court cannot allow such a thing to happen. for the said reason also the appellant/plaintiff is to be .....Tag this Judgment!
Court : Chennai
Decided on : Apr-27-2010
..... ,13,540/- and also claimed exemption of rs. 22,00,000/- being non-compete fee of a capital nature. the said return was processed under section 143(1) of the income tax act on 17.03.2003. the assessing officer has also sent intimation under section 143(1) determining the refund of rs. 8,98,673/- and the same was not granted. later ..... , the tribunal was right in holding that the sum of rs. 22 lakhs paid by the employer to the assessee would not fall under section 17(3)(i) of the income tax act?3. whether the definition of the profits in lieu of salary given under section 17(3) is an exhaustive definition or only illustrative?4. whether section 17(3)(iii) is ..... city-i v. e.d. sheppard reported in : 1963 48 itr 237, has considered the corresponding provision in explanation 2 to section 7(1) of the indian income tax act, 1922, wherein it has been held that when there is no employer-employee relationship between the parties, if any amount paid and not related to the relationship does not fall ..... under term 'profit in lieu of salary'10. in respect of other argument the amount received is to be considered under section 17(3)(i) of the act does not also hold good. chapter iv of the income tax act, 1961 enumerated heads of income. section 14 deals with same and they are as follows:a salariesb interest on securities-omitted from 01.04.1989c .....Tag this Judgment!
Court : Chennai
Decided on : Dec-10-2010
..... blended flavouring concentrates' would take within their fold synthetic essences which are concentrates used for providing flavour and which concentrates are blended. 4. the eleventh schedule to the income-tax act contains a list of articles and things for the manufacture or production of which machinery is installed which would not be eligible for grant of investment allowance. item no ..... , is entitled to investment allowance, therefore, cannot be sustained. the same is set aside and the appeal is allowed. index: yes website: yes to 1.the assistant registrar, income tax appellate tribunal, rajaji bhavan, iii floor, besant nagar, madras-90. (with records) (5 copies) 2.the secretary, central board of revenue, new delhi. (3 copies) 3. ..... the commissioner of income tax, tamil nadu-iv, chennai-34. 4.the deputy commissioner of income-tax, (appeals)-ii, madurai range, madurai. 5.the income-tax officer, company circle, madurai-2. 6.the deputy commissioner of income-tax, special range-ii, madurai. 7.the commissioner of ..... that eleventh schedule reads thus:- "aerated waters in the manufacture of which blended flavouring concentrates in any form are used." an explanation was added thereunder by the finance act 1987 which came into force from 1.4.1988, which explanation reads thus:-- "explanation.-- blended flavouring concentrates shall include and shall be deemed always to have included, .....Tag this Judgment!
Court : Chennai
Decided on : Apr-28-2010
..... for the petitioners. in fact, it has been issued under sections 25 to 29 of the recovery of debts due to banks and financial institutions act, 1993, read with rule 65 of the second schedule to income tax act, 1961. the civil suit filed by the respondent before the city civil court, chennai, has not been filed challenging the sale certificate issued by ..... s late father surrender kumar, jointly, along with three other brothers of his father, namely, ravi prakash, shasi prakash and rattan kumar, from and out of the joint family business income, in the year, 1982, from one r.s. malia, by a registered sale deed, bearing document no. 160 of 1982, registered in the office of the sub registrar, anna ..... civil suits can be maintained in certain circumstances, in spite of the prohibition prescribed by section 34 of the securitisation and reconstruction of financial assets and enforcement of security interest act, 2002. further, the petitioners could avail the appellate remedy, provided under order xliii rule 1 of the civil procedure code, 1908, by filing an appeal challenging the impugned order of ..... chennai, had taken into account irrelevant factors before granting the interim orders, as prayed for by the respondent. since securitisation and reconstruction of financial assets and enforcement of security interest act, 2002, is a self contained code, it overrides all other laws relating to the matter. when section 34 of the securitisation and reconstruction of financial assets and enforcement of .....Tag this Judgment!
Court : Chennai
Decided on : Oct-08-2010
..... us, we cannot embark upon the jurisdiction and role of the assessing officer by considering the same while exercising the power under section 260(a) of the income tax act. further, we are of the opinion that no prejudice would be caused to the assessee by remanding the matter to the assessing officer to find out ..... enactment should be read together by making an harmonious construction. therefore, we are of the view that section 11(4) and 11(4)(a) of the income tax act will have to be read together. further by holding that section 11(4)(a) would over ride section 11(4) would make the very provision contained under ..... mentioned above as the one vested with it as a trust property. the assessee trust is also registered under section 12a(a) of the income tax act, 1961 (hereinafter referred as "the act". 3.2.the property purchased being an old building was demolished and two halls have been constructed by the assessee which have been let ..... to file these appeals by raising the following substantial questions of law:"(i)when section 11(1) read with section 11(4) of the income tax act exempts income from the business undertaking of the trust to the extent it is applied for charitable or religious purpose, can section 11(4)(a) of the ..... to appreciate the rival contentions of the learned counsel appearing for both sides, it is useful to extract section 11(4)(a) of the income tax act, 1961."11(4)(a) sub-section (1) or sub-section (2) or sub-section (3) or sub-section (3a) shall not apply in relation to .....Tag this Judgment!
Court : Chennai
Decided on : Jan-27-2010
Reported in : 322ITR662(Mad)
..... them, would not ipso facto constitute them as an association of individuals within the special meaning given to that term for the purpose of assessment under the agricultural income-tax act.14. the commissioner has exercised the power under section 34 to revise the earlier orders of assessment only on the ground that the properties are managed through a ..... ingredients to constitute 'association of persons', among the petitioner and two others, before initiating suo motu proceedings under section 34 of the tamil nadu agricultural income-tax act, 1955?2. whether on the facts and in the circumstances of the case, the commissioner was justified in initiating proceedings under section 34 by his mere ipse dixit ..... march 26, 1997 suo motu revising the earlier order of the assessing authority passed under section 65 of the act, by invoking the provision of section 34 of the tamil nadu agricultural income-tax act, 1955 (for short 'the act'). in these tax case revisions, the petitioners have raised the following substantial questions of law:1. whether on the facts and in ..... the circumstances of the case, the commissioner of agricultural income-tax has discharged his initial burden of establishing the existence of essential .....Tag this Judgment!
Court : Chennai
Decided on : Mar-23-2010
Reported in : 2010(253)ELT722(Mad)
..... protection of such class of people, legislature has incorporated chapter xiva. as a matter of fact, chapter xiva was introduced by parliament by relying on similar provisions under the income tax act with a view to introduce remedial measure by way of settlement commission, such provision cannot be interpreted to enlarge the scope of settlement where there was deliberate evasion of duty ..... was violation of principles of natural justice. more so, the subject matter of controversies/disputes between the parties only impinge upon the interpretation of the various sections of the customs act on legal plane and therefore, no prejudice was caused to the appellant in not providing opportunity of hearing to its authorised representative.21. when the term 'case' as per ..... 's written reply and therefore, there was a violation of principles of natural justice.10. contending that the settlement is an exception of the normal procedure contemplated under the act, the learned counsel for respondents submitted that the proviso of section 127b has to be construed strictly and three different show cause notices cannot be considered as one. it ..... . notice was issued to the appellant on 28-10-2008 directing to state whether the appellant has fulfilled all the conditions laid down under section 127b of the customs act. upon examining the application and connected records, bench has held that show cause notices were issued and answerable to 3 different commissionerates and cases covered by three show cause .....Tag this Judgment!