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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat chennai Year: 2004 Page 1 of about 29 results (0.084 seconds)

Jun 17 2004 (TRI)

thenamal Chhajjer Vs. Joint Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-17-2004

Reported in : (2005)98TTJ(Chennai)449

..... and it has been rightly held that the said objections raised by the assessee against invoking the provisions of section 269ss and thus levying penalty under section 271d of the income-tax act were without any material force and it was only a defence for name sake." which was relied on by the learned departmental representative, the hon'ble supreme court has ..... termed as "books of account" and, therefore, there was no case for initiating proceedings for the violation of section 269ss and consequently levying penalty under section 271d of the income-tax act. the assessee contended that all the registers maintained show only outgoings and there was no transaction of receipts. at one point of time it was the case of the assessee ..... opportunity of personal hearing was sought, but fee respondents did not hear, the petitioners at all. in view of the fact that sections 276dd and 276e of the income-tax act were deleted from the act without any saving clause, prosecution of the petitioners thereafter when already explanations were accepted, was unwarranted and unauthorized by law. the facts of this case are fully covered ..... . 23. with a view to circumventing this device, which enables taxpayers to explain away unaccounted cash or unaccounted deposits, the bill seeks to make a new provision in the income-tax act debarring persons from taking or accepting, after 30th june, 1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft .....

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Feb 16 2004 (TRI)

Mr. Raya R. Govindarajan, Prop. Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-16-2004

Reported in : (2007)288ITR150(Chennai)

..... also perused the material available on record. the only issue arises for consideration is whether there can be levy of surcharge over and above the rate of income tax prescribed under section 113 of the income tax act, 1961. before considering the rival submissions made on behalf of both parties we have to first see what is "surcharge". the apex court had an occasion to ..... the socio, economic scenario that exist in particular year. it does not mean that the source of power for prescribing rate of income tax flows from section 4(i) of the income tax act. the source of power for prescribing the rate of income tax remains with parliament under article 265 read with article 270 of the constitution of india. likewise, the power to prescribe the rate ..... article 271 of the constitution of india. therefore, it may not be correct to say that merely because there was no reference about central enactment in section 113 of the income tax act, as referred in section 4(1), the parliament cannot fix the rate of surcharge by a separate enactment in respect of surcharged in our considered opinion, what is required is ..... surcharge can be levied only if an amendment was made in section 113 of the income tax act. finance act, 2001 is also a central enactment which prescribes the rate of surcharge over and above the income tax prescribed under section 113 of the income tax act. the apex court in the case of cit v. k. srinivasan (supra) held as follows :- "it is in exercise of the legislative power .....

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May 21 2004 (TRI)

Shriram Chits and Investments (P) Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-21-2004

Reported in : (2005)2SOT838(Chennai)

..... the learned counsel for the assessee is that under section 3(3)(c) of the interest tax act, interest cannot be levied on interest. now we are concerned with the income tax act and not the interest tax act. we have to interpret the law as provided in the income tax act. when the income tax act provides for levy of interest in respect of interest levied under sections 217 and 234b which ..... paid, if any, shall be refunded." in view of the above provisions, any amount specified in the demand notice served on the assessee under section 156 of the income tax act other than advance tax shall be paid within the specified date.normally, the assessee shall pay within thirty days from the date of receipt of the notice. however, the assessing authority may restrict ..... available on record. the only issue arises for our consideration is whether there can be any levy of interest under section 220(2) of the income tax act in respect of interest levied under sections 217and 234b of the income tax act. according to the learned counsel for the assessee, there cannot be any levy of further interest on the interest levied under sections 217 and ..... the assessee specifying the sum payable.since the assessee has not paid the specified sum in the demand notice the assessing officer levied interest under section 220(2) of the income tax act. the assessee is challenging the levy of interest under section 220(2) on the ground that interest on the interest cannot be charged. in other words, interest levied under .....

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Jun 21 2004 (TRI)

Tocheunglee Stationery Mfg. Co. Vs. Income Tax Officer, Company Ward

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-21-2004

Reported in : (2006)5SOT428(Chennai)

..... received from the export for the assessment year under consideration. in our view, though by way of legal fiction, the excess provision was treated as income under section 41(1) of the income tax act, it cannot be treated as income derived from export. therefore, we do not find any infirmity in the order of the first appellate authority. accordingly, we confirm the same.no ..... import license because of the scheme framed by the government of india to encourage the export business. it may be a business income because of section 28(iii) of the income tax act. for the purpose of claiming deduction under section 10b, the income should be derived from export business and form part of export turnover. the immediate source for special import license may be ..... account, the assessee has admitted provided excess amount towards incentive and bonus for earlier years. according to the assessee, this provision was written back under section 41(1) of the income tax act.the case of the assessee is that since the provision is written back in the accounts, it has to be treated as business ..... coming to the refund received by the assessee from sales tax authorities. as already discussed regarding the issue of excess provision, the refund of sales tax may be a business income because of section 41(1) of the income tax act. however, it cannot be construed as income received from export of business or it would not form part of export turnover.now .....

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Aug 16 2004 (TRI)

Asstt. Cit, Investigation Circle Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)278ITR41(Chennai)

..... to the learned departmental representative is not correct. the learned d.r.invited our attention to section 158bc and submitted that the provisions of income tax act, which is applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 158bc. therefore. the ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(3) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a does not apply in respect of return filed under section 158bc for the block period, the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221 (1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221 (1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section- 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Aug 16 2004 (TRI)

Asstt. Cit Vs. S. Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)96TTJ(Chennai)1033

..... to the learned departmental representative, is not correct. the learned departmental representative invited our attention to section 158bc and submitted that the provisions of income tax act, which are applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 1e-3bc. therefore ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(1) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a do not apply in respect of return filed under section 158bc for the block period.the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221(1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Aug 16 2004 (TRI)

Asstt. Cit Vs. S Dharamchand Jain

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Aug-16-2004

Reported in : (2005)278ITR41(Chennai)

..... to the learned departmental representative, is not correct. the learned departmental representative invited our attention to section 158bc and submitted that the provisions of income tax act, which are applicable for return filed under section 139(1) of the income tax act, are also applicable as far as possible in respect of the return filed in response to a notice issued under section 158bc. therefore, the ..... -b provides a special procedure for assessment of block return, there must be an express provision for application of section 140a(1) of the income tax act. since such a provision is absent in chapter xiv-b of the income tax act, the provisions of section 140a do not apply in respect of return filed under section 158bc for the block period.the learned counsel for ..... regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the assessee is required to pay self ..... in operation. the question which arises for our consideration is whether a penalty can be imposed under section 221(1) of the income tax act for failure of the assessee to pay the self-assessment tax under section 140a(1) of the income tax act in respect of return filed under section 158bc on 13-11-1996. for the purpose of levying penalty under section 221(1 .....

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Dec 03 2004 (TRI)

S.S.i. Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Dec-03-2004

Reported in : (2004)85TTJ(Chennai)1049

..... ' reports and other non-financial statements which are important parts of the published accounts of a company and are crucial from income-tax point of view. (ii) secondly, in the statement of income, you have claimed amortization of expenses of rs. 4,80,72,799, i.e., 1/5th of rs. 24,03 ..... expense is to be written off to share premium account. the learned counsel for the assessee drew our attention to section 78 of the companies act, which restricts a company from making such write offs.40. esop was the order in those times. that was the medium through which the talent ..... of which the debenture was issued. the learned counsel for the assessee also submitted that the concept of deferred revenue expenditure is alien to the it act except to the extent contemplated under sections 35dd and 35dda. he, further submitted that whether a claim is made for 100 per cent depreciation or ..... the assessee also submitted that an expenditure once held as revenue has to be allowed in full unless it were prohibited from being claimed under the act. the learned counsel for the assessee also submitted that the expenditure was incurred wholly and exclusively for the purpose of the business of the assessee ..... 263. held: the clear use of the disjunction or after the comma explicitly brings out the legislative intent that it is either one of the acts viz., enhancing or modifying the assessment, or cancelling the assessment and directing a fresh assessment which can be done, therefore, enhancement and setting aside .....

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Feb 24 2004 (TRI)

Smt. R. Imbavalli Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-24-2004

Reported in : (2004)83TTJ(Chennai)352

..... a) also. we have gone through the provisions of section 28 (iv). the relevant portion is reproduced below: "28. the following shall be chargeable to income tax under the head "profits and gains of business or profession" - iv) the value of any benefit or perquisite, whether convertible into money or not arising ..... section 28(iv) of the it act. this section states that the value of any benefit or perquisite received from business or the exercise of a profession irrespective of whether the value of such benefit or perquisite is convertible into money or not, shall be chargeable to income-tax. he further argued that the ..... the element involved in this scheme is in the nature of gift. the learned cit(a) concurred with the view of the assessee and held that: "since gifts are acts of gratis, those cannot have the nature of income in the hands of the recipient. there will be no scope for assessment under section ..... deemed profit as per section 28(iv) of the act was taxable and he added the amount of rs. 5 lakhs on this account to the returned income of the assessee. aggrieved, the assessee moved in appeal before the learned cit(a). before the learned cit(a), it was argued that it was normal practice ..... 28(iv)".aggrieved by the deletion of this addition by the learned cit(a), the department is in appeal before the .....

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Sep 15 2004 (TRI)

Subuthi Finance Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Sep-15-2004

Reported in : (2005)96TTJ(Chennai)473

..... revenue, is of little value, when the practice is sought to be put upon a legal footing. as long as a business is continued and income-tax rates are fairly constant, it matters little to the taxpayer how his profit is computed; the allowances in future years will remedy the excessive assessment in ..... considered and decided in appeals upto the hon'ble high court. now, we will go through the newly inserted section 154(1a) of the act by the direct taxes amendment act, 1964, w.e.f. 6th oct., 1964, which takes care of the situation where any matter has been considered and decided in any ..... assets was disallowed hence, the assessee's claim that the lease rentals should not be included in the total income can be accepted by way of rectification under section 154 of the act. this can be taken as a mistake apparent from the record as per the learned counsel. he further argued ..... the assessee preferred an appeal before the cit(a).the cit(a), further gave the finding that the assessee is arguing this case on merits, rather than on rectification under section 154 of the act. he also held that the issues raised relate to nature of lease rental income, nature of deduction to be allowed ..... income. to substantiate his claim, the learned counsel further relied on various case law and also filed a paper book consisting of 87 pages.7. the learned departmental representative argued that in the present case the section 154 of the act does not apply as the issue has already been dealt with first by the cit .....

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