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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2012 Page 1 of about 306 results (0.055 seconds)

Jul 20 2012 (HC)

Ms.Rajani Hotels Ltd. Vs. Deputy Commissioner of Income-tax

Court : Chennai

Decided on : Jul-20-2012

..... , a further sum of rs.47,79,480/-, which was the share application money, was pending allotment as on 31.3.1997. summons were issued under section 131 of the income tax act and enquiry was conducted as regards those applicants who were stated to be from jaipur, bangalore, thanjavur, coimbatore and chennai. the enquiries conducted at jaipur revealed that most of them ..... of the assessee. he further pointed out that when the business itself had not yet commenced, the question of taking recourse to section 68 of the income tax act to treat the share application money as unexplained income, did not arise. in any event, the assessee had placed materials to discharge his burden to show that there was an application for allotment of shares ..... if the subscribers to the capital were not genuine "under no circumstance could the share capital be regarded as undisclosed income of the company" would not be correct. referring to section 68 of the income tax act, the delhi high court held that the income tax officer had the jurisdiction to make enquiries as regards the nature and source of a sum credited in the books ..... filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal "b" bench, chennai, dated 24.03.2006 passed in i.t.(ss)a.no.41/mds/ 2002.judgment(judgment of the court was delivered by chitra venkataraman,j.)1. the following are the substantial questions of law raised in this tax case appeal filed by the assessee .....

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Jun 28 2012 (HC)

Chennai Port Trust Vs. the Income Tax Officer

Court : Chennai

Decided on : Jun-28-2012

..... herein, to approach the concerned authority for a ruling as to whether there should have been a tds at all either under section 194c or under section 195 of the income tax act. it was submitted that going by the understanding of the terms of the joint venture agreement between the companies and the contract awarded to the joint venture, the assessee entertained ..... assessment years 1998-99, 1999-2000 and 2000-2001. thus, the assessee was treated as one in default and hence, interest was levied under section 201(1)(a) of the income tax act.6. the assessee objected to these proceedings, contending that going by the terms of the joint venture agreement between the companies and the award of contract under the agreement between ..... decision that the status of the joint venture was to be taken in as an aop for deduction at source as per section 194c of the income tax act. even though the assessee was asked to deduct tax at the rate of 7.1%, it should have pursued the matter further before the same authority or before the higher administrative authority seeking clarification as ..... deducted on that basis. the assessing officer, however, rejected the proceedings and confirmed the levy of interest under section 201(1)(a) of the income tax act.7. aggrieved by this, the assessee went on appeal before the commissioner of income tax (appeals), who confirmed the order of the assessing officer. the assessee went on further appeal before the tribunal, which, once again, confirmed the .....

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Feb 20 2012 (HC)

Mrs.R.inbavalli Vs. the Income Tax Officer

Court : Chennai

Decided on : Feb-20-2012

..... extent, though we uphold the orders of the assessing officer and the appellate tribunal that the perquisites of business is profit under section 28)iv) of the income tax act, we set aside the orders of the lower authorities only insofar as the determination of rs.5,00,000/- in the absence of any details furnished by the ..... and 1998-99. the assessee is a dealer in electronic appliances, namely, tvs, vcrs, refrigerators and other home appliances. a survey under section 133a of the income tax act was conducted in the business premises of the assessee on 3.4.98 and the statements regarding various business activities were recorded and the books of accounts for the ..... and 1998-1999 respectively.judgment(judgment of the court was delivered by d.murugesan, j.)1. the assessee has filed the present tax case appeals under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal, chennai 'b' bench dated 24.2.2004 made in i.t.a.nos.969/mds/2002, 970/mds/ ..... .1: it is seen from the order of the assessing officer that a survey was conducted under section 133a of the act in the business premises of the assessee on 3.4.98 by the income tax officer, cib-ii, during which physical inventory of stock was taken and the books pertaining to the financial year 1996-97 ..... appeals under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal, chennai 'b' bench dated 24.2.2004 made in i.t.a.nos.969/mds/2002, 970/mds/2002, 971/mds/2002 .....

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Jul 06 2012 (HC)

Dr.(Smt) P.K.Vasanthi Rangarajan. Vs. the Commissioner of Income Tax

Court : Chennai

Decided on : Jul-06-2012

..... by the appellant to the developer in september 1999 for development of the property under the development agreement would fall within the purview of section 2(47)(v) of the income tax act, 1961 and therefore transfer for the purpose of assessment of capital gains took place in the previous year relevant to the assessment year 2000-01?(ii) whether on the facts ..... the appellant owned a residential property as on the date of transfer i.e., september 1999 and that therefore she is disqualified to claim exemption under section 54f of the income tax act, 1961?2. the assessee is an individual, a doctor by profession. it is an admitted fact that the assessee owns a property situate in 828 and 828a, poonamallee high road ..... favour of kalaiarasi udayashankar.4. in the returns filed for the assessment year 2001-02, the assessee claimed the benefit of exemption as provided for under section 54f of the income tax act. the said claim was sought to be rejected by the assessing authority on the ground that persons who own a residential house as on the date of transfer, would not ..... the assessee.6. learned senior counsel appearing for the assessee, even though raised a ground with reference to clause (v) of section 2(47) of the income tax act and section 53a of the transfer of property act as regards the part-performance of the agreement and the assessment of capital gains in the assessment year 2000-2001, however, she confined her arguments to .....

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Feb 13 2012 (HC)

The Commissioner of Income Tax-i Vs. Ms Gec Alsthom India Ltd.

Court : Chennai

Decided on : Feb-13-2012

..... for all the purposes under section 195 of chapter xxxv of the code of criminal procedure, 1898. it has been conferred with such power under section 131 of the income tax act. that provision empowers the appellate tribunal to have the same powers that are vested in a court under the code of civil procedure, 1908, when trying a suit in ..... (2009) 317 itr 433 (shivsagar veg. restaurant v. assistant commissioner of income tax and another). as against the order of the commissioner of income-tax (appeals), the assessee or the revenue as the case may be preferred a further appeal to the income tax appellate tribunal under section 253 of the income tax act. the income tax appellate tribunal is constituted under the provisions of section 252 of the ..... re-calculation of the eligible profit under section 32ab by deleting the expected return of customs duty, which was not included in the computation of income is an error rectifiable under section 154 of the income tax act?2.the assessee is engaged in the manufacture of electrical items. the relevant assessment year is 1987-88 and the corresponding accounting year ended ..... act and the tribunal shall consist of as many judicial and accountant members. sub section (6) of section 255 reads as under : 255( .....

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Feb 13 2012 (HC)

The Director of Income Tax Vs. the Chartered Accountant Study

Court : Chennai

Decided on : Feb-13-2012

..... , etc., cannot be construed to be one of commerce in nature. the finding of the tribunal in this regard requires no interference.10. that apart, under section 12aa of the income-tax act, while considering the application, the officer has to satisfy about the genuineness of activities of the trust or the institution and for that reason, he may also make such enquiries ..... . on a challenge to the said order, mr.t.ravikumar, learned standing counsel for the revenue, would submit that in terms of first proviso to section 2(15) of the income-tax act, in the event the activities of the trust involve the carrying on of any activity in the nature of trade, commerce or business or any activity of rendering any service ..... for educational purposes, as may be decided by the committee.3. the assessee-trust filed an application in form 10g to the director of income-tax (exemptions), chennai for grant of renewal under section 80g of the income-tax act. the said request was rejected on the ground that the assessee was publishing and selling books of professional interest to be used as a reference ..... , etc. and its activities are commercial in nature and will fall within the amended provision of section 2(15) of the income-tax act. being aggrieved by the said order, the assessee preferred an appeal to the income-tax appellate tribunal.4. considering the materials placed before it, the tribunal found that inasmuch as the assessee was conducting courses and seminars and was also publishing .....

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Jun 12 2012 (HC)

Commissioner of Wealth Tax Chennai. Vs. N. Thanu

Court : Chennai

Decided on : Jun-12-2012

..... were liable to be refunded on certain contingencies arising.8. in the circumstances, referring to the order of the income tax appellate tribunal in a case arising under the income tax act learned counsel submitted that the advance fee received should not be included in the asset of the assessee since the ..... the net wealth is concerned, the question arising in the revenue appeal, the income tax appellate tribunal referred to the assesse's own case under the income tax act for the assessment years 1991-92 to 1997-98. the income tax appellate tribunal held that the advance tuition/course fees received should not be treated ..... as income in the year of receipt without it being accrued as income of the assessee in the relevant year. the income tax appellate tribunal ..... the assessment year 1992-93.judgment(judgment was delivered by chitra venkataraman,j.,)1. the revenue has filed the appeal against the order of income tax appellate tribunal, b bench dated 29.11.2004 in ita no.70/(mds)/96 (mds)/2003 for the assessment year 1992-93. the following ..... same is not treated as income in the year of receipt. in the said case the tribunal had agreed with the .....

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Jul 24 2012 (HC)

Ms.Nicco Uco Alliance Credit Limited. Vs. the Deputy Commissioner of I ...

Court : Chennai

Decided on : Jul-24-2012

..... appeals filed under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal "b" bench, chennai, dated 20.1.2005 in ita no.26/(mds)/97 and ita no.59(mds)/98.judgment( ..... the doubtful debts actually written off in the accounts as against the provisions made. aggrieved by the assessment, the assessee went on appeal before the commissioner of income tax (appeals). the assessee contended that a sum of rs.36,22,691/- was an allowable deduction. even though the same was described as a provision, ..... and loss account. consequently, the assessee sought for a relief that the claim as bad debt be allowed under section 36(1)(vii).3. the commissioner of income tax (appeals) allowed the claim of the assessee following his earlier order. aggrieved by this, the revenue went on appeal before the tribunal. the tribunal allowed ..... 3.1993.5. learned counsel appearing for the assessee also placed reliance on the decision reported in [2010] 323 itr 166 (vijaya bank vs. commissioner of income tax) and pointed out that when the assessee had debited the profit and loss account, the doubtful debts are simultaneously taken to the balance sheet, bringing the ..... standing counsel appearing for the revenue, contended that while the law laid down in the decision reported in [2010] 323 itr 166 (vijaya bank vs. commissioner of income tax) would guide the issue on appeal, the facts herein, however, do not entitle the assessee, the relief. he pointed out that even as per the accounts .....

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Jul 17 2012 (HC)

Ms.The United Nilagiri Tea Estates Co. Vs. the Deputy Commissioner of ...

Court : Chennai

Decided on : Jul-17-2012

..... appeal filed by the assessee, relating to the assessment year 1998-99:"whether the tribunal was right in law in holding that the interest income has to be taxed on accrual basis under section 145 of the income tax act, though the same has become irrecoverable? "2. it is seen from the facts herein that the assessee advanced loan of rs.25 lakhs ..... of taxation is income, if the income does not result at all, there could be no ..... tax. irrespective of the method of accounting, there could be no tax on a hypothetical income.6. the ..... electricity co. ltd. v. commissioner of income-tax), considering the question as to whether, in a mercantile system of accounting, on a mere accrual of an income, there could be any assessment made on a hypothetical income, the apex court pointed out that income tax act recognises the accrual of income or its receipt on which the liability to tax is attracted. however, when the subject matter .....

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Jul 09 2012 (HC)

The Commissioner of Income Tax. Vs. Ms.Forbes Campbell Finance Ltd.

Court : Chennai

Decided on : Jul-09-2012

..... (appeal) nos.148 to 155 of 2005 are filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, chennai bench 'a', dated 13.07.2004 in ita nos.1623, 1624/mds/96, 319/mds/95, 1012, 1013/mds/97, ..... based on past experience, certainly, the figures would not have stayed as having a correlation to the sales, or for that matter, as the commissioner of income tax (appeals) observed, more than 60% of the provision would not have remained unpaid even after more than two years from the date of sale. 23. ..... that more than 60% of the provision remained unpaid even after more than two years since the date of sale. this aspect persuaded the commissioner of income tax (appeals) to come to the conclusion that the assessee had not made the provision after taking stock of the situation properly. the assessee pleaded before the ..... 60% of the provision made towards the service charges remained unpaid even after more than two years from the date of sale. thus the commissioner of income tax (appeals) came to a factual finding that the assessee had not made the provision after taking stock of the situation properly. the assessee had made provision ..... free service of machines was guaranteed for one year during the year of sale and the service was to be done for four quarters. the commissioner of income tax (appeals) also pointed out that even though the assessee assured free four quarterly services during the period of one year warranty, some purchasers had not .....

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