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Judgment Search Results Home > Cases Phrase: income tax act Court: chennai Year: 2015 Page 1 of about 65 results (0.045 seconds)

Dec 21 2015 (HC)

Commissioner of Income Tax, Chennai Vs. M/s. Kalaignar TV Private Limi ...

Court : Chennai

Decided on : Dec-21-2015

..... in s.p.no.345/mds/2015 in i.t.a. no.1245/mds/2015. t.c.a.no.1179 of 2015: tax case (appeal) filed under section 260 a of the income tax act, 1961 against the order of the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015 in s.p.no.346/mds/2015 in i.t.a. no ..... .1246/mds/2015.) common judgment: (m. jaichandren, j.) 1. the tax case (appeal) no.1178 of 2015 has been filed against the order of the income tax appellate tribunal 'c' ..... also brought to the notice of this court that the main appeals, in i.t.a.nos.1245 and 1246/mds/2015, pending before the income tax appellate tribunal 'c' bench, chennai, are being proceeded with, on a day-to-day basis. 6. in such circumstances, we are of the view that the present appeals, ..... this court that subsequent stay petitions, in s.p.nos.417 and 418/mds/2015, in i.t.a.nos.1245 and 1246/mds/2015, had been filed before the income tax appellate tribunal 'c' bench, chennai, and orders had been passed, on 27.11.2015, granting extension of stay of demand, till 31.12.2015. 5. it is ..... t.a. no.1246/mds/2015. 3. on hearing the submissions made by the learned counsels appearing for the parties concerned, it is found that the orders passed by the income tax appellate tribunal 'c' bench, chennai, dated 8.10.2015, in s.p.no.345/mds/2015, in i.t.a. no.1245/mds/2015 and s.p.no .....

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Nov 30 2015 (HC)

The Commissioner of Income Tax, Chennai Vs. M/s. Farida Holdings Pvt L ...

Court : Chennai

Decided on : Nov-30-2015

..... amounts to sub subsidiaries without any benefit of interest being derived by the assessee company and cannot be treated as dividend amount under section 2(22)(e) of the income tax act. however, the assessing officer arrived at the conclusion that the assessee company had received loans in cash from its subsidiary companies to the tune of rs.2,92,39,206 ..... to show cause as to why the loans received by the assessee company from its subsidiaries should not be treated as deemed dividend under section 2(22)(e) of the income tax act. the assessee filed its reply on 3.12.2007, wherein it is stated that the amounts received by the assessee from its subsidiary companies are for the purpose of advancing ..... ., a subsidiary company. as the assessee is a holding company having 100% shareholding in the subsidiary company and in view of the provisions of section 2(22) (e) of the income tax act, a notice under section 148 had been issued to the assessee, on 31.3.2008. by a letter, dated 8.4.2008, the assessee had requested the revenue to treat ..... 12.10.2003 for the assessment year disclosing loss of rs.9,05,970/-. thereafter, the case was selected for scrutiny and notice under section 143(2) of the income tax act was issued calling for certain details. the assessee company furnished the details about the subsidiary companies and the shares held by the assessee company in the same. as per the .....

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Dec 16 2015 (HC)

Commissioner of Income Tax, Chennai Vs. M/s. Balaha Chemicals Agencies

Court : Chennai

Decided on : Dec-16-2015

..... the revenue that the payments claimed by the assessee were found to be bogus and that the assessee had not concealed particulars of income or furnished inaccurate particulars of income, as laid down in section 271(1)(c) of the income tax act, 1961. 6. it had also been submitted that the tribunal had failed to note that the judgment of the delhi high court ..... tribunal "a" bench, dated 14.2.2013, in ita no.308/mds/2012, under section 260 a of the income tax act, 1961.) common judgment m. jaichandren, j. 1. the above tax case appeals have been filed against the common order passed by the income tax appellate tribunal, `a' bench, chennai, in i.t.a.nos.308, 309 and 310 of 2012, relating to the assessment ..... claiming false expenditure, the assessing officer had levied penalty, under section 271(1) (c) of the income tax act, 1961. 2.3) aggrieved by the said order, the assessee had preferred appeals before the commissioner of income tax (appeals). the commissioner of income tax (appeals) had held that the commission payments made to d.d.vyas and his sons cannot be treated as false or inaccurate ..... by the order passed by the tribunal, the revenue has preferred the present appeals before this court, under section 260a of the income tax act, 1961, raising the following substantial question of law. "1. whether under the facts and circumstances of the case, the income tax appellate tribunal was correct in dismissing the appeal preferred by the revenue against the order of the commissioner of .....

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Dec 01 2015 (HC)

CADD Centre Vs. Assistant Commissioner of Income-tax, City Circle -II ...

Court : Chennai

Decided on : Dec-01-2015

..... going concern by a private limited company amounts to transfer of capital assets even when no consideration has been received within the meaning of section 48 of the income tax act, 1961? (c) whether the income tax appellate tribunal is right in law in not giving a finding on a legal issue of re-opening of the assessment which was raised by the appellant on ..... to be satisfied: (i) transfer by way of distribution of capital assets; (ii) such transfer should be on dissolution of the firm or otherwise. 13.3 section 47 of the income tax act deals with the transactions not regarded as transfer. the opening sentence of section 47 reads that, nothing contained in section 45 shall apply to the following transfers :- (i) to (xii ..... disposal of the asset, by any one of the mode, referred to in the definition of the term "transfer" in section 2(47). 13.2 section 45(4) of the income tax act reads as under: "45(4) - the profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution of a firm ..... partnership to the retiring partners would amount to the transfer of the capital assets in the nature of capital gains and business profits which is chargeable to tax under section 45(4) of the income-tax act. we will, therefore, have to answer question no. 3 by holding that the word "otherwise" takes into its sweep not only cases of dissolution but also cases .....

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Oct 27 2015 (HC)

PVP Ventures Ltd. Vs. Assistant Commissioner of Income-tax, Corporate ...

Court : Chennai

Decided on : Oct-27-2015

..... 15 crores relating to a.y.2005-06. the above addition u/s 68 and 69a is deemed income of the assessee and does not come under any heads of income specified in chapter iv of the income-tax act, 1961 and hence brought forward business loss and depreciation cannot be set off against this as per ..... is found that the reopening of assessment is contrary to law, the question of directing the appellant to the alternative remedy of appeal before the commissioner of income tax does not arise, especially when the case is obviously one of change of opinion. 50. in the result, the writ appeals are allowed, the common ..... the company for the relevant previous year did not show any land having been disposed of and since the depreciation statement of the assessee prepared for income tax purposes also showed a particular value at the beginning and at the end of the relevant year, the assessing officer concluded in para 5 of ..... will be permitted entry through this outer gate only if he satisfies three criteria namely (i) the existence of a reason to believe that an income chargeable to tax has escaped assessment (ii) the recording of reasons under section 148(2) and (iii) the issuing of notice under section 148(1). once the ..... expiry of 4 years from the end of the relevant assessment year. the only exception to this rule of limitation is that if any income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to make a return under section 139 or in response to .....

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Oct 09 2015 (HC)

Jyothy Laboratories Ltd. Vs. Deputy Commissioner of Income-tax, Chenna ...

Court : Chennai

Decided on : Oct-09-2015

..... stay the disputed outstanding demand of rs.10 crores pursuant to an order dated 28.1.2015 passed under section 220(6) of the income tax act, 1961. 2. heard mr.r.venkataraman, learned senior counsel for the appellant. mr.t.pramod kumar chopda, learned standing counsel takes notice for the respondents. 3. the assessment in the .....

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Oct 27 2015 (HC)

N. Mohammed Ali Vs. Income-tax Officer, Ward-VII(2), Chennai

Court : Chennai

Decided on : Oct-27-2015

..... 1. both the appeals, filed under section 260a of the income tax act, 1961, were admitted on the following substantial questions of law: "(1) whether the appellate tribunal is correct in upholding the order of the commissioner of income tax in revising the assessment for the assessment year 2000-2001 under section 263 of the act to disallow the cash purchases in terms of section 40a ..... of the case in the assessment years under consideration which would make the said provisions of section 40a(3) of the act inapplicable to make the disallowance contemplated? (5) whether the tribunal is correct in concluding that rule 6dd of the income tax rules, 1962, had no application to the cash purchases inspite of the fact that the fire crackers purchased by cash ..... (3) of the act? (2) whether the appellate tribunal is correct in confirming the validity of the assumption of jurisdiction ..... of the commissioner of income tax in terms of section 263 of the act for revising the order of assessment relating to the .....

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Dec 07 2015 (HC)

Commissioner of Income-tax, Tamil Nadu-VII, Madras Vs. Textile Dye Che ...

Court : Chennai

Decided on : Dec-07-2015

..... agents. 13. considering the scope of submissions made on both sides and also considering the scope of enquiries that can be made utilizing the power under section 131 of the income tax act, 1961, we are of the view that the matter must be remanded back to the assessing officer, with liberty to both sides to place materials with reference to the contentions ..... rs.26,57,330/- while claimaing deduction towards payment of commission. it was taken up for scrutiny and during finalization, under section 143 (3) of the income tax act, 1961, (hereinafter will be referred to as "the act") the claim for commission was disallowed to the extent of rs.65,27,747/-, which are allegedly paid to: (i) m/s. auto india group - rs ..... commission agents, when pans have been made available and if need be, the revenue can invoke the powers under section 131 of the act. 10.3.1 the powers of the income-tax authorities are as follows: powers of the income-tax authorities.- for the purpose of enabling the assessing officer, deputy commissioner (appeals), deputy commissioner, commissioner (appeals) and chief commissioner or commissioner to discharge .....

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Dec 17 2015 (HC)

Kanchi Silk Palace, Chennai Vs. The Employees State Insurance Corporat ...

Court : Chennai

Decided on : Dec-17-2015

..... rented premises, which has a separate electricity service connection bearing s.c.no.235-29-1194. their firm is an assessee under the income tax act in respect of the income derived from the business and having five employees. since their firm is not carrying out any manufacturing activity, they are not covered under ..... on sale of silk sarees and textile business in a rented premises. their firm is an assessee under the income tax act and having five employees. since their firm is not carrying on any manufacturing activity, they are not covered under e.s.i ..... the impugned show-cause notice, which was sent to mohammed beevi, alleged owner of the unit of m/s.kanchi silk palace as per the income tax return, was received and acknowledged by her by affixing the seal of m/s.kanchi traders (formerly kanchi dresses). it clearly reaffirms the existence of ..... establishment independently during october, 2007 and by letter, dated 09.02.2013, addressed to five establishments, informed that their respective establishments were covered under the act from 02.01.2013. since then the other establishments have been remitting contribution in respect of their respective employees. however, the respondent, by the ..... e.s.i.act. 3. they have submitted that on 16.11.2005, an officer claiming to be an inspector from the respondent corporation, .....

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Oct 15 2015 (HC)

Coimbatore District Central Co-operative Bank Ltd. Vs. Income-tax Offi ...

Court : Chennai

Decided on : Oct-15-2015

..... carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank), and (b) section 194h of the income-tax act, to provide that the deduction of income tax at source from income by way of commission or brokerage will not be required to be made on or after 1st june, 1992." 49. after about three years, the ..... society; (o) society with limited liability; (p) society with un-limited liability; and (q) weaver's society. 24. if for a moment, we get back to the provisions of the income tax act, 1961, we would find that section 194a deals with the following types of co- operative institutions: (a) co-operative society; (b) co-operative bank; (c) co-operative society engaged in ..... under any other law for the time being in force in any state for the registration of co-operative societies. the expression "co-operative bank" is not defined in the income tax act, 1961. 21. insofar as the state of tamil nadu is concerned, there are at least two enactments that govern the functioning of co-operative societies. the co-operative societies which ..... v. ramasubramanian, j. 1. all these appeals are by the branch offices of one assessee, namely, the coimbatore district central co-operative bank limited, filed under section 260a of the income tax act, 1961. 2. the assessee has come up with the above appeals, raising the following substantial question of law: "whether a co-operative society, carrying on banking business with the approval .....

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