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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat chennai Year: 2005 Page 1 of about 41 results (0.068 seconds)

Jul 07 2005 (TRI)

Sri Ramakrishna Mills (Cbe) Ltd. Vs. Deputy Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jul-07-2005

Reported in : (2006)7SOT356(Chennai)

..... justified in invoking the provisions of section 263 and directing the assessing officer to re-compute the deduction under section 80-i, after considering section 80-i(6) of the income-tax act. we also hold that the commissioner, was right in treating the order passed by the assessing officer as erroneous and prejudicial to the interest of the revenue.it is also ..... .s case (supra) relied on by the assessee is not applicable to the facts of the case as that case was decided in the context of section 80hh of the income tax act where there was no legal fiction in the section 80hh as in section 80-i(6), as the relief under section 80-i(6) has to be included as if ..... the notional carried forward loss of the eligible unit against the current year's profit as the earlier order passed by the assessing officer under section 143(3) of the income tax act was erroneous and prejudicial to the interest of the revenue.at the outset, the assessee urged that invoking of provisions of section 263 is bad in law as the twin ..... that section 80ab provides that for computing deduction under any of the sections under chapter vi-a then amount of income of that nature as computed in accordance with the provisions of the income tax act shall be deemed to be the amount of income of that nature which is derived or received by the undertaking. he also relied on the judgment of hon'ble .....

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Mar 15 2005 (TRI)

Nikky Enterprises (P) Ltd. Vs. Dy Cit, Central Circle-1(5)

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Mar-15-2005

Reported in : (2005)4SOT112(Chennai)

..... section 158bd. hence, we do not find any infirmity in invoking the provisions of section 158bd in this case.regarding non-invoking the provisions of section 2(35) of the income tax act, we are of the opinion that the company was having perpetual existence. it is the duty of the assessee to inform the change in the management of the company and ..... . the assessee is duty bound to explain source from which the existing loan account was closed or repaid. as per section 158bh, while computing the undisclosed income of block period, all other provisions of income tax act shall apply to the assessment made under chapter xiv-b. in view of this, the assessing officer is justified in making the addition on this account. the ..... company on 11-9-1997. consequent upon the search, notice under section 158bd of the income tax act was issued on 22-6-1999 to the assessee-company to file a return of income for the above block period.in response to the notice, the assessee filed return of income on 2-9-1999. after hearing the parties, viz., smt. a.v. shanthi, the director ..... co. (2001) 247 itr 819 (sc) and cit v. k. palaniappan (2000) 242 itr 719 (mad).regarding the plea of the assessee that the block assessment for which block assessment income has to be determined in accordance with the provisions of section 158bb(1) of the act, the section 158bb(1) reads as follows : "the undisclosed income of the block period shall be the .....

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May 30 2005 (TRI)

Binny Ltd. Vs. Asstt. Cwt, Central Circle Ii(4)

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-30-2005

Reported in : (2005)96ITD500(Chennai)

..... ) the company has been defined as having the meaning assigned to it in clause 17 of section 2 of the income tax act. section 2(17) of the income tax act defined only the company in general. sub-section 18 of section 2 of the income tax act defines the companies in which public are substantially interested inter alia the shares of the company are listed in the stock ..... of more than twelve months on the valuation date.1: a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income tax act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof.2: where a ..... exchange. the appellant will be coming in the definition of section 2(18) of the income tax act. in the absence of exclusive definition in the wealth tax act in respect of companies in which the public are substantially interested as defined in section 2(18) of the income tax act, the company will not be coming under the purview of definition of section 2(17) of ..... , it has to be treated as an indian company and therefore it squarely comes under the definition of section 2(17) of the income tax act and therefore it is exigiblc to wealth tax. the definition under section 2(15) is for the phrase "company in which the public are substantialy interested" and it has no relevance to the case of the appellant." we .....

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May 30 2005 (TRI)

Binny Limited Vs. the Acwt, Jt. Cwt, Special Range Vi

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-30-2005

Reported in : (2006)280ITR179(Chennai)

..... defined as having the meaning assigned to it in clause 17 of section 2 of the income tax act. section 2(17) of the income tax act defined only the company in general. sub-section 18 of section 2 of the income tax act defines the companies in which public are substantially interested inter alia the shares of the company ..... date; explanation 1 : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income-tax act shall be includible in the net wealth of the person who is deemed under the said clause to be the owner of that building or part thereof; ..... be coming in the definition of section 2(18) of the income tax act. in the absence of exclusive definition in the wealth tax act in respect of companies in which the public are substantially interested as defined in section 2(18) of the income tax act, the company will not be coming under the purview of definition ..... it has to be treated as an indian company and therefore it squarely comes under the definition of section 2(17) of the income-tax act and therefore it is exigible to wealth tax. the definition under section 2(18) is for the phrase "company in which the public are substantially interested" and it has ..... that the word "company" shall have the meaning assigned to it in clause (17) of section 2 of the income-tax act and as per section 2(17) of the income tax act, company means, (ii) any body corporate incorporated by or under the laws of a country outside india, or (iii) any .....

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Jul 13 2005 (TRI)

Dy. Cit, Special Range Ii Vs. Sundaram Finance Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jul-13-2005

Reported in : (2006)7SOT309(Chennai)

..... the assessee's appeal for the assessment year 1988-89 in i.t.a. no. 278 1 (mad.)/95. the first issue is regarding deduction under section 32ab of the income tax act. mr. r. vijayaraghavan, the learned counsel for the assessee submitted that the assessing officer set off the carried forward unabsorbed investment allowance and thereafter rejected the claim of the assessee ..... admittedly, sticky in nature. this issue was considered by the supreme court in the case of uco bank v.cit(1999) 237 itr 889 (sc) and it was held that the income which was sticky in nature could not be included in the total income. a similar issue was considered by this tribunal in the case of india equipment leasing ltd. (supra) by ..... was stayed by the high court, the amount collected by the assessee would not form part of the total income.on the contrary, mr. k. srinivasan, the learned departmental representative submitted that the assessee collected the amount towards its possible sales tax liability in case it looses its case in the writ petition before the high court. therefore, merely because it was ..... for meeting the statutory liability would form part of trading receipt, therefore, it has to be included in the total income. the learned counsel for the revenue placed his reliance on the judgment of the madras high court in the case of cit v. southern explosives co. (2000) 242 itr 107 (mad) and also the judgment of the supreme court in the .....

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Jan 03 2005 (TRI)

Asianet Communications (P.) Ltd. Vs. Dy Cit, Media Circle-i

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jan-03-2005

Reported in : (2006)7SOT496(Chennai)

..... made two agreements on the same day. the details are as under: both the authorities rejected the claims of the assessee under section 37(1) of the income tax act. aggrieved on this the assessee is in appeal and this issue is the first issue agitated before us.we have heard the learned counsel for the assessee and ..... assessing officer while making the disallowance which runs rs. 15,68,69,040. the assessee claimed this as deduction under section 40(a)(i) of the income tax act. this amount was paid to mr.menon u.k. limited in respect of transponder charges provided in the accounts of 1994-95 ..... the learned commissioner of income-tax - departmental representative mr. j. vinay kumar for the department. we have carefully perused the materials and the precedents relied on. there is no disputes about facts.37 ..... this appeal by the assessee is directed against the order of the commissioner of income-tax appeals)-vi, chennai, dated 27-1-2004. it relates to the assessment year 2000-01.the assessee-company claimed rs. 10,50,00,000 as deduction ..... it can be terminated at any time at the volition of any of the parties." the hon'ble apex court in the case of devidas vithaldas & co. v. cit (1972) 84 itr 277 (sc) observed: "payments to ward off competition would constitute capital expenditure provided the object is to derive an advantage by eliminating the competition .....

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Feb 14 2005 (TRI)

Alacrity Foundations (P.) Ltd. Vs. Dy. Cit, Special Range Vii

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Feb-14-2005

Reported in : (2006)7SOT317(Chennai)

..... , the rentals for the machinery was included in the transfer fee which was already received by the assessee. the learned representative further invited our attention section 32 of the income tax act and submitted that for the purpose of grant of depreciation the assessee has to satisfy two conditions-(i) the assessee should be the owner of the machinery; (2) ..... same as part of its operational expenditure, and agrees to the solely responsible in meeting all concomitant legal/contractual obligations, payment/s, including contributions to provident/superannuation/gratuity funds, income-tax deduction at source." therefore, it is very clear that the new company m/s. alacrity electronics ltd. has taken all the personnel engaged in the electronics division of the ..... the machinery should be used for the purpose of the business of the assessee. according to the learned representative section 32 does not say anything about matching income.therefore, according to the learned representative, the assessee has fulfilled all the ingredients required for grant of depreciation.therefore, the assessee is entitled to depreciation as claimed.on the ..... income may not be a pre-condition for allowing the claim of depreciation. the assessee claimed before us that the receipt of rs. 320 lakhs was shown as revenue receipt. however, we find from the order of the assessing officer for the assessment year 1993-94 that the assessee claimed the receipt as capital receipt and not chargeable to tax. .....

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Jun 07 2005 (TRI)

Jt. Cit Special Range-ii, Modurai Vs. Virudhunagar Textiles Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-07-2005

Reported in : (2005)97ITD306(Chennai)

..... conversion charges." "the commissioner (appeals) erred in confirming the following sums as forming part of total turnover as defined under section 80hhc of the income tax act.the learned authorised representative submitted that the issues are covered in favour of assessee in respect of sale of yarn and sale of condemned materials ..... the legislature the simple assumption was made. in actual business scenario, things may not be as simple and assessee may be deriving higher or lower income on various goods and again on export and domestic business, the proportion of profit may be lower or higher. to obviate the difficulty of ..... merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction to the extent of profits, referred to in sub-section (1b), derived by the assessee from the export of ..... at page 72, it is observed as under- "the sub-section has been created only to see the ratio of the income out of the export to the total income out of the business in respect of those goods because of the obvious difficulty of segregating the profits earned out of export ..... such weightage must be given to such profits which cannot be reduced artificially by including statutory levies in the total turnover. in the case of cit v. sudarshan chemicals industries ltd. (supra), the division bench of the bombay high court clearly held that the turnover should be restricted to such .....

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Jun 07 2005 (TRI)

Jt. Cit, Special Range Ii Vs. Virudhunagar Textile Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-07-2005

..... the gross sales and hence it will include the receipts of conversion charges." "the commissioner of income tax (appeals) erred in confirming the following sums as forming part of total turnover as defined under section 80hhc of the income-tax act.sale of yarn : rs. 42,64,575/-sale of condemned material : rs. 6,32, ..... legislature the simple assumption was made. in actual business scenario, things may not be as simple and assessee may be deriving higher or lower income on various goods and again on export and domestic business the proportion of profit may be lower or higher. to obviate the difficulty of determining ..... merchandise to which this section applies, there shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction to the extent of profits, referred to in sub-section (1b), derived by the assessee from the export of such ..... page 72, it is observed as under :- "the sub-section has been created only to see the ratio of the income out of the export to the total income out of the business in respect of those goods because of the obvious difficulty of segregating the profits earned out of export ..... such weightage must be given to such profits which cannot be reduced artificially by including statutory levies in the total turnover. in the case of cit v. sudarshan chemicals industries ltd., , the division bench of the bombay high court clearly held that the turnover should be restricted to such receipts .....

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May 20 2005 (TRI)

income Tax Officer, Ward-i(1), Vs. Kanchipuram Silk Handloom

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-20-2005

Reported in : (2006)7SOT446(Chennai)

..... they should be understood in the cognate sense. therefore, the words 'providing credit facilities' mentioned in section 80p(2)(a)(i) of the income tax act should be construed as similar to or akin to the carrying on business of banking. if the assessee has given loan to its members to procure ..... the case are that the assessee is a co-operative marketing society which has claimed deduction under section 80p(2)(a)(i) of the income tax act on the interest received from its members. the assessing officer disallowed the claim on the ground that the society is engaged in marketing of ..... we have heard the rival submissions and perused the material on record.section 80p(2)(a)(i) of the income tax act entities deduction to the co-operative societies which are engaged in carrying on business of banking or providing credit facilities to its members. the ..... are directed against different orders of the commissioner of income tax (appeals) for the above assessment years on the solitary ground that the commissioner of income tax (appeals) has erred in directing the assessing officer to grant deduction under section 80p(2)(a)(i) of the income-tax act, in respect of the interest received by the ..... and interest was received on such advance which is incidental to the main marketing activities of the assessee. however, on appeal, the commissioner of income tax (appeals) allowed the claim of the assessee for the reason that the assessee has earned interest on the money advanced to its members against security .....

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