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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2014 Page 1 of about 114 results (0.046 seconds)

Mar 05 2014 (TRI)

M/S. Gupta Automobiles, Chennai Vs. Business Ward Vi(2)

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Mar-05-2014

..... assessee. the relevant assessment year is 2009-2010. the appeal is directed against the order of the commissioner of income tax (appeals)-ix, chennai passed on 31.10.2012. the appeal arises out of the assessment completed under section 143(3) of the income-tax act, 1961. 02. the assessee firm is engaged in the business of trading in automobiles and general spare parts. the ..... into a second memorandum agreement dated 24.10.2008 to extend the time to deposit the consideration in specified bonds. -. 11. as rightly pointed out by the joint commissioner of income tax, the assessee brought up the issue of second agreement dated 24.10.2008 only to extend the limitation period for investing the consideration of 38 lakhs. the second agreement dated ..... the impugned order without assigning proper reasons and justification''. 04. we heard shri. s. sridhar, learned counsel appearing for the assessee and shri. t.n. betgeri, learned joint commissioner of income tax appearing for revenue. 05. the assessee firm m/s. gupta automobiles was carrying on its business at property no.24, woods road, mount road, chennai. this property was taken on ..... the tenanted property by the appellant based on the agreement dated 24.10.2008 as well as consequential eligible to make the claim of exemption u/s. 54ec of the act. 10. the cit(appeals) went wrong in recording the findings in this regard in para 5 of the impugned order without assigning proper reasons and justification. 11. the .....

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Apr 10 2014 (HC)

Commissioner of Income Tax Vs. Mangal and Mangal

Court : Chennai

Decided on : Apr-10-2014

..... justice chitra venkataraman and the honourable mr.justice t.s.sivagnanam tax case (appeal) no.968 of 2013 --- commissioner of income tax, central circle, tiruchirapalli ... appellant -vs- m/s.mangal & mangal, 25, nsc bose road, tiruchirapalli. ... respondent tax case (appeal) filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal 'a' bench, chennai, dated 23.04.2010, ..... draft drawn on karur vysya bank ltd., the stock issued and received back from silversmith inclusion of wrappers of plastic and paper while weighing, the income tax appellate tribunal held that the commissioner of income tax (appeals) had correctly given an estimated weight relief in this regard. consequently, the tribunal find that there was no reason to interfere with the ..... authority restricted the addition to a sum of rs.4,92,395/-, holding that the claim of the assessee was not properly appreciated by the assessing officer. the income tax appellate tribunal referred to the remand report from the assessing officer which dealt with the various additions. after going through the remand report as well as the consideration ..... in i.t.(ss).no.67/mds/2008. for petitioner : mr.m.swaminathan order (the order of the court was made by chitra venkataraman, j.) following questions of law raised by the revenue seeking admission of the tax case (appeal .....

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Jul 10 2014 (HC)

Akilan Ramanathan Vs. the Joint Commissioner of Income Tax

Court : Chennai

Decided on : Jul-10-2014

..... and proper application of mind. he would contend that the assessing officer added the amount transferred from his own bank account from delhi to chennai, under section 68 of the income tax act, as 'unexplained credit'. the petitioner in w.p.no.702 to 707 of 2014, who is the wife of the petitioner in w.p.nos.673 to 678 of 2014 ..... perused the materials available on record. 6.admittedly the petitioners are individual assessees and since there was an escapement of income, for reasons recorded as provided under section 147 of the income tax act, notice was caused to them under section 148 of the said act and after affording them an opportunity, the assessment was finalised and those assessment orders were put to challenge by ..... the said statement, the learned counsel for the petitioners would draw the attention of this court to the judgement of the rajasthan high court reported in virender singh sekhawat vs. income tax officer reported in (2013) 216 taxman 236 and the division bench judgement of the delhi high court in soul vs. dcit, reported in (2010)323 itr305and submit that in ..... . consequently, connected miscellaneous petitions are closed. msk 10.07.2014 index:yes/no internet:yes/no to 1.the joint commissioner of income tax, business range-iii, aayakar bhavan, 121, nungambakkam high road, nungambakkam, chennai-600 034 2.the commissioner of income tax, chennai-x, 6th floor, annexe building, aayakar bhavan, no.121, nungambakkam high road, nungambakkam, chennai-600 034 3.the commissioner .....

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Apr 29 2014 (HC)

Gheetha Vs. 1.Senior Area Manager,

Court : Chennai

Decided on : Apr-29-2014

..... as production manager vide appointment order dated 4.7.2005 and his gross monthly income was rs.41,100/- and hra, conveyance, helper allowance and uniform allowance were exempted under income tax act and were not taxable. the petitioner was also, after enquiry was reopened, produced statement of total income of her husband for the year 2006-2007 to the effect that basic salary ..... not arise herein. 10.though it is stated in annexure i of the appointment order dated 4.7.2005 that all the legal laws applicable to pf, esic, profession tax, income tax etc.will be applicable to the appointee, the same are not relevant for deciding the financial capability of the applicant for applying lpg distributorship. the petitioner is, as per ..... in the said clause that if the applicant is an income tax assessee, the details of income as shown in the annual income declaration should conform to those indicated in the income tax return for the relevant financial year and the assessment order of the income tax officer thereon. however, if the applicant is not an income tax assessee then the details are required to be supported with ..... the petitioner has also relied on the general instructions appended to the application, which does not insist the applicant to produce any income tax return. when it is nobody's case that the petitioner's husband was declared as income tax assessee and has been filing it return, the petitioner cannot be compelled to produce the documents, which is admittedly not in existence .....

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Mar 21 2014 (HC)

Simpson and General Finance Co.Ltd Vs. Deputy Commissioner of Income T ...

Court : Chennai

Decided on : Mar-21-2014

..... the above, it is hereby agreed that at the option of the lessor the lease agreement will be reviewed if there is any material changes in the provisions of the income tax act regarding leasing transaction. this review will also include, apart from changes in the rentals, cancelling of the lease agreement and replacing it with hire purchase transaction on mutually agreed ..... anna salai chennai 600 002. ... appellant in all tc(as). -vs- the deputy commissioner of income tax company circle-i(2) chennai 600 034. ...respondent in all tc(as). prayer: tax case appeals filed under section 260a of the income tax act, 1961 against the common order of the income tax appellate tribunal, chennai ".c". bench dated 20.12.2012 passed in ita nos.36,37,38 ..... that the tribunal ignored the fact that the transaction were nothing but financial lease transaction and it had categorised the same in its accounts too. in the circumstances, the income tax appellate tribunal committed a serious error in ignoring the requirement under accounting standard 19 being complied with by the assessee. he placed reliance on the decision of the delhi high ..... it was stated that even in financial leases, the lessor could claim depreciation. the assessing officer, however, viewed that offering the interest portion of the lease rent alone for income tax purposes but at the same time claiming depreciation on the leased assets, the assessee had attempted on a double benefit. when this was put to the assessee, the assessee explained .....

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Mar 04 2014 (TRI)

Senthilnathan Chettiar, Chennai Vs. Department of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Mar-04-2014

..... proceedings, the assessing officer made certain additions/ dis-allowances in the income returned by the assessee. the assessing officer apart from other dis-allowances made dis- allowance of ..... . 1268/mds/2013 2. the assessee had filed his return of income for the ay. 2007-08 on 06-08-2007 admitting a loss `37,91,151/-. the case of the assessee was selected for scrutiny and notice u/s.143(2) of the income tax act, 1961 (herein after referred to as 'the act') was issued to the assessee. during the course of assessment ..... .a. no. 1268/mds/2013 show that the loans were taken for the purchase of the theatre. moreover, the assessee has claimed interest expenditure under the head 'income from other sources' but the cit(appeals) has erred in allowing the interest expenditure as 'business expenditure'. the ld.dr contended that since the theatre business ceases to exist in the relevant ay, the ..... and the same premises is now being used as a paid parking lot. the business asset is still in the possession of the assessee and the income from parking of vehicles is being assessed to tax. the ld.ar contended that as far as new loans are concerned, the same were taken for the payment of old loans as the old creditors .....

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Jun 25 2014 (HC)

K.R.Rajeesh Kumar Vs. K.Nalini Raghavan

Court : Chennai

Decided on : Jun-25-2014

..... only disprove the case of the plaintiff. there is every force in the said contention of the plaintiff. section 7 of the benami act repealed section 281a of the income tax act. prior to repeal of section 281a of the income tax act 1961, it was mandatory for the aquirer of the property in the name of the another person to disclose within one year from the ..... the 3rd defendant to show in fact such a declaration was made by the plaintiff 's father pursuant to section 281a of the income tax act. in view of absence of evidence in that regard, an adverse inference has to be drawn against the plaintiff.51. it is not the case of the plaintiff that the ..... a benamidhar of k.p.raghavan purchased in the year 1979. if it was a benami transaction, a disclosure would have been made as required under section 281a of the income tax act 1961. but, even though auditor who audited the accounts of the plaintiff's father has been examined as dw.3 no evidence had been let in by the plaintiff or ..... there is no evidence placed on record by the plaintiff to show that the plaintiff's father had ever made a declaration with the chief commissioner of income tax as required under section 281a of the income tax act, as it stood then in respect of the said transaction. the learned counsel would contend that the absence of any such declaration by k.p.raghavan .....

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Apr 07 2014 (HC)

Commissioner of Income Tax Vs. Rane Brake Linings Ltd

Court : Chennai

Decided on : Apr-07-2014

..... ble supreme court held that the grant of leases in question amounts to a transfer of capital assets as contemplated under section 12b of the income tax act, 1922. the said decision would squarely apply to the facts of the case on hand and we have no hesitation to hold that ..... 6th april 1993. the balance will be paid by the rbl as soon as the agreement is approved by the appropriate authority under the income tax act 1961 and on or before the registration of the assignment deed or on mutually agreed upon.5. ifml shall handover possession of the property ..... appellant -vs- m/s.rane brake linings ltd., ".maithiri". no.32, cathedral road, chennai 600 086. ... respondent tax case (appeal) filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal 'b' bench, chennai, dated 12.01.2007, in i.t.a.no.1953/mds/2002. for petitioner : ..... order of the assessing officer, the assessee preferred appeal to the commissioner of income tax (appeals), who held that the entire expenditure could not be treated as revenue in nature for the purpose of deduction under the income-tax act, when the assessee has treated the same as a capital in the books ..... officer found that the expenditure to be a capital expenditure.3. aggrieved by the such finding, the assessee preferred an appeal to the commissioner of income tax (appeal) by contending that m/s.indian filter manufacturers pvt., ltd., (ifml) had taken the land on lease from the maharashtra industrial development .....

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Jul 14 2014 (HC)

The Commissioner of Income Tax Vs. Aditya Ferro Alloys

Court : Chennai

Decided on : Jul-14-2014

..... 2, surakudi village thirunallar, karaikal. .. respondent in all the appeals tca nos.978 to 981 of 2013 u/s 260-a of the income tax act filed against the order of the income tax appellate tribunal, madras 'a' bench, dated 26.6.13 in ita no.474, 840, 871 & 872/mds/2013 for the assessment years ..... r.s.j.) (g.m.a.j.) 14.07.2014 index : yes internet : yes gln to 1. the income tax appellate tribunal madras a' bench, chennai.2. commissioner of income tax (appeals) trichy.3. the addl. commissioner of income tax thanjavur range, thanjavur. r.sudhakar, j.and g.m.akbar ali, j.gln t.c. (a) nos. 978 ..... rejected the assessee's claim for treating it as revenue expenditure.3. aggrieved by the said decision, the assessee filed an appeal before the commissioner of income tax (appeals) on all the four assessment orders, viz., 2005-2006 (re-opened), 2008-2009, 2009-2010 and 2010-2011. the commissioner (appeals), placing ..... reliance on the decision of the income tax appellate tribunal 'd' bench, chennai, in the assessee's own case for the assessment year 2004-2005, allowed the appeals recording the finding of the ..... 2007-08, we hold that the expenditure incurred on purchase of cast iron ingot moulds is revenue in nature. accordingly, we uphold the findings of the cit (appeals) and dismiss all the four appeals of the revenue.7. as regards cross objection of the assessee for the a.y. 2005-06 is .....

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Apr 04 2014 (HC)

Commissioner of Income Tax Vs. American Power Conversion India Pvt. Lt ...

Court : Chennai

Decided on : Apr-04-2014

..... on account of the restatement merited consideration. since the claim of the assessee was accepted by the assessing officer, in exercise of power under section 263 of the income tax act, 1961, the commissioner of income tax issued proceedings calling upon the assessee to show cause as to why the claim of foreign exchange loss of rs.39,12,520/- being the difference arising out ..... liabilities related to transaction of earlier years and were in the nature of contingent liability. apart from this, there were other issues on the deduction under section 80hhc of the income tax act, 1961. the assessee submitted its objections. after hearing the assessee's contention that charging of the foreign exchange loss in profit and loss account was in accordance with the ..... m/s.american power conversion(india) pvt.ltd., 187/3, 188/3, jigani industrial area, jigani anekal taluk bangalore 562 106. ...respondent prayer: tax case appeal filed under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal, madras ".a". bench dated 28.02.2006 passed in i.t.a.no.1257/mds/2005 for the assessment year 2000 ..... -01. for appellant : mr.t.ravikumar standing counsel for the income tax department for respondent : no appearance judgment (the judgment of the court was made .....

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