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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat chennai Year: 2006 Page 1 of about 36 results (0.066 seconds)

Mar 10 2006 (TRI)

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Mar-10-2006

Reported in : (2008)111ITD37(Chennai)

..... services (p.) ltd. v. dcit 87 itd 298 (itat, delhi) submitted that in this case tribunal went by the presumption that income tax act is a general act and rbi act being a special act, will override the provisions of general act i.e. income tax act. since this presumption itself is wrong, the whole basis of order and the analysis on the basis of such mistaken assumption is ..... insurance corporation of india v. s.v. oak air 1965 sc 975 pp 980. he further submitted that both-income tax act and reserve bank of india act are special acts.there is no inconsistency/anomaly between income tax act and reserve bank of india act because both of them operate in different fields.sometimes one finds two or more enactments operating in the same field and ..... functions. the bank may issue directions in the public interest or regulate the financial system of the country to its advantage. it cannot determine the extent of taxable income as per income-tax act. the heading is akin to preamble. it specifies the context in which the contents thereunder refer. it throws light to the design and the intent of the legislation ..... public companies engaged in providing long term finances to housing projects w.e.f. 01.04.2000 through the finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act to that effect. this is a clear anomaly and defeats the purpose of legislation.8. he further submitted that section .....

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Nov 14 2006 (TRI)

Fidelity Textiles (P) Ltd. Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Nov-14-2006

..... question has been referred by the hon'ble president of itat for my opinion as third member under section 255(4) of the income-tax act, 1961. on the facts and circumstances of the case, whether waiver of loan constitutes income of the assessee or not? 2. the facts which are relevant and material to consider and decide the aforesaid question are as follows ..... are of a casual and non-recurring nature will be liable to income tax only if they can properly be characterized as "income" either in its general connotation or within the extended meaning given to the term by the income-tax act. hence, gifts of a purely personal nature will not be chargeable to income-tax, except when they can be regarded as an addition to the salary ..... are of a casual and non-recurring nature will be liable to income tax only if they can properly be characterized as "income" either in its general connotation or within the extended meaning given to the term by the income-tax act. hence, gifts of a purely personal nature will not be chargeable to income-tax, except when they can be regarded as an addition to the salary ..... or when they arise from the exercise of a profession or vocation.p.krishna menon v. cit (supra) relied on by the ao and pointed out that .....

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Jan 17 2006 (TRI)

Lakshmi Auto Components Ltd. Vs. the Dy. Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jan-17-2006

Reported in : (2008)303ITR29(Chennai)

..... augment the company's working capital and therefore, was wrong in concluding that the issue had an enduring benefit requiring disallowance of me ciaim made under section 37 of the income-tax act under 'prima facie adjustment'. 5. in any view of the matter, commissioner (appeals) erred in confirming the levy of additional fax of rs. 1,71,534 raised under section 143 ..... of the case as well as contentions raised by both the parties, because the issue involved is very simple, that is, whether adjustment under section 143(1)(a) of the income-tax act, 1961 can be made in the instant case on the basis of the decision of hon'ble supreme court in the case of brooke bond (india) ltd. v ..... rs. 19,94,594/- on the issuance of right shares. ao completed the assessment under section 143(1)(a) of the income-tax act, 1961 ('the act' for short) and added the right issue expenditure claimed under section 37(1) of the act. the question before the tribunal was whether such addition comes within the ken of prima facieadjustment.3. extent and ambit of prima ..... the record under section 154. 3. similarly filing of evidence in support of on exemption/deduction at the time of furnishing the return of income has been prescribed as a necessary condition in certain other sections of the income-tax act, such as sections 32ab(5), 35ab(2), 54(2) 54b(2), 54d(2), 54f(4), 54g(2), 80hh(5), 80hha(4), 35d(4 .....

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Apr 21 2006 (TRI)

Diebold Systems (P) Ltd. Vs. Asstt. Cit, Company Circle-1(4),

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Apr-21-2006

Reported in : (2006)103ITD149(Chennai)

..... himself whether the commission said to have been paid to the selling agents or any part thereof, is properly deductible under section 37 of the income tax act. the deposition recorded by the assessing officer referred to above clearly proves beyond doubt that the selling agency is not known to the bank of ..... even examine the sales agents independently and the action of the assessing officer in invoking the provisions of explanation to section 37(1) of the income tax act for making the disallowance is bad in law. he contended that this provision can be invoked only if the payment is incurred for any ..... rs. 97,251 each this excess payment of rs. 3,36,46,054 to chip trans was disallowed under section 40a(2)(a) of the income tax act by the assessing officer.against this disallowance, the assessee went in appeal before the commissioner (appeals) who has confirmed the action of the assessing officer ..... and unreasonable compared to the prevailing market price which is not legitimate. therefore, he invoked the provisions of section 40a(2)(a)(b) of the income tax act. thus, the assessing officer fixed the cost of software purchased from diebold inc. at rs. 88,410 and to this cost he added 10% ..... these grounds were not pressed and, therefore, not adjudicated.the next ground is with regard to allowability of deduction under section 80-ia of the income tax act. this issue came up for consideration before this tribunal for the assessment year 1996-97 in ita no. 1313/ mds./2002 in the assessee's .....

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Jul 28 2006 (TRI)

The Income-tax Officer Vs. Shri P.C. Ramakrishna, Huf

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jul-28-2006

Reported in : (2007)108ITD251(Chennai)

..... or business of the assessee at a place different from the place where such property was situated. 19.3 the finance act has made the following modifications in section 54 of the income-tax act, namely: (i) the conditions of residence by the assessee or his parent in the property which was transferred, as ..... purchased], or has within a period of three years after that date constructed, a residential house, then], instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this section, that is ..... capital gain on the property so transferred is calculated by reducing the cost of its acquisition by the amount of the capital gain exempted torn income-tax. 19.2 the conditions of self-occupation of the property by the assessee or his parent before its transfer and the purchase or construction of ..... available at poes garden. the sale instances given by the assessee is of residential property. according to the assessing officer, he deputed an inspector of income-tax who has brought out the value of the property of cathedral road between rs. 75,000/- and rs. 1,00,000/-. he has not given ..... act, capital gains arising on the transfer of a house property which in the two years immediately preceding the date of its transfer was used by the assessee or a parent of his for self-residence is exempted from income-tax if the assessee, within a period of one year before or after .....

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May 26 2006 (TRI)

Dy. Cit Vs. Shripet Cybertech Systems Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : May-26-2006

..... jm ?" have heard the rival submissions in the light of the material placed before me and the precedents relied upon. in the intimation under section 143(1)(a) of the income tax act, 1961, the assessing officer added rs. 6,91,125 under the caption 'prima facie adjustment' with the following remarks : "the assessee has claimed a sum of rs. 6,91,125 ..... appeal by the department in which the issue is with regard to disallowance of public issue expenses made with reference to the provisions of section 143(1)(a) of the income tax act deleted by the commissioner (appeals) as not falling within the purview of prima facie adjustment.rival contentions in regard to the above have been very carefully considered. the assessing officer ..... ) 140 ctr (sc) 594 : (1997) 225 itr 792 (sc) and in the case of brooke bond india ltd. v. cit (1997) 140 ctr (sc) 598 : (1997) 225 itr 798 (sc), the same is added to the income returned." before the commissioner (appeals), the assessee took the ground that the assessing officer failed to note that the claim of expenditure towards issue of ..... the hon'ble apex court in the case of punjab state industrial development corporation ltd. v. cit (1997) 225 itr 792 (sc) and in the case of brooke bond india ltd. v. cit (1997) 225 itr 798 (sc) the assessing officer added the same to the income returned. the commissioner (appeals) was of the opinion, that it will not come under prima facie .....

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Apr 25 2006 (TRI)

The Dy. Commissioner of Income Tax Vs. Vignesh Flat Housing Promoters

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Apr-25-2006

Reported in : (2007)105ITD359(Chennai)

..... by the revenue is directed against the deletion of penalty amounting to rs. 1,65,85,000/- levied under section 271d of the income-tax act, 1961 (hereinafter called as 'the act') and relates to the block period from 1.4.1988 to 2.9.1998.2. we have heard the rival submissions in the ..... since it is explained. 5,00,000 ------------ rs. 2,48,06,000less : income already disclosed and assessed rs. 1,73,500 ------------------taxable undisclosed income rs. 99,58,020 ------------------ 3. assessee contested before the cit(a) the additions towards undisclosed income. cit(a) allowed relief to the extent of rs. 5,07,888/- under section 36 ..... (1)(iii) of the act and another relief to the extent of rs. 10, ..... ao had accepted the entire claim relating to loan transactions as genuine. he referred the matter under section 271d of the act to the addl. cit as the assessee had accepted loans/deposits in cash exceeding rs. 20,000/- in violation of the provisions of section 269-ss of ..... the act. the addl. cit initiated proceedings under section 271d by issuing show cause notice under section 274 read with section 271d on 29-3-2001 requiring .....

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Mar 10 2006 (TRI)

The Lakshmi Vilas Bank Ltd. Vs. the Dy. Commissioner/Joint

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Mar-10-2006

Reported in : (2007)105ITD502(Chennai)

..... it stood upto 31.3.1989. the supreme court after analysing the entire case laws on the subject and the provisions of section 34 of the income tax act 1922 and section 147 of the income tax act 1961 held that the judgement of the jurisdictional high court would constitute an information within the meaning of section 147(b), therefore, the reopening of assessment ..... 149 as it stood upto 31.3.1989 prescribed limitation for reopening. the supreme court after considering the provisions of sections 10 and 34 of the income tax act 1922, and sections 147 and 149 of income tax act 1961 observed that two conditions have to be satisfied before the assessing officer acquires jurisdiction to issue notice under section 148 in respect of assessment beyond ..... other case, the assessing officer can reopen the assessment within four years of the end of the assessment year. this was the original provision contained in income tax act 1922. in the year 1961, the parliament enacted income tax act 1961. the provision for reopening the assessment was provided in section 147. a separate section was provided in section 149 for limitation. in the original ..... apex court in the case of vijaya bank ltd. (supra). the learned d.r. further submitted that in view of explanations (1) and (2) to section 147 of the income tax act, the assessing officer has validly reopened the assessment for the purpose of assessing the interest component which was otherwise escaped from assessment. the learned d.r. placed his reliance on .....

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Jun 23 2006 (TRI)

Poompuhar Shipping Corpn. Ltd. Vs. the Income-tax Officer,

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Jun-23-2006

Reported in : (2007)109ITD226(Chennai)

..... not deducted at source, the assessing officer passed orders under sections 201(1) and 201(1a) of the income-tax act, 1961 (hereinafter called the act). the commissioner (appeals) confirmed the orders of the assessing officer for the assessment years 2002-2003 and 2004-2005. however, for the assessment year 2003-2004 the commissioner(appeals) allowed ..... to tax and could be assessed to tax under the act. the consideration would be whether payment of the sum to the non resident is chargeable to ..... tax under the provisions of the act or not.16. once the amount of tax is deducted at source the person against whose income the tax is deducted could ..... transmission corporation of a.p. ltd. and anr. v. cit 239 itr 587 has held that the scheme of sub-sections (1), (2) and (3) of section 195 and section 197 leaves no doubt that the expression 'any other sum chargeable under the provisions of this act' would mean 'sum' on which income-tax is leviable. in other words, the said sum is chargeable .....

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Apr 06 2006 (TRI)

Joint Commissioner of Income-tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Decided on : Apr-06-2006

Reported in : (2007)288ITR106(Chennai)

..... 100 per cent. the assessing officer allowed the claim of the assessee in the assessment order made under section 143(3) of the income-tax act, 1961.however, the commissioner of income-tax by exercising his power under section 263 of the income-tax act, set aside the order of the assessment on the ground that it is erroneous and prejudicial to the interests of the revenue. the ..... the guest house expenses. after going through the material available on record, we find that the guest house expense is not an allowable expenditure under section 37(4) of the income-tax act. therefore, we set aside the order of the lower authority and restore that of the assessing officer.29. the next ground of appeal is regarding research fee expenses. it ..... learned representative, the legal transaction which is permissible under the law cannot be given a colour to deny the statutory benefit available to the assessee under the provisions of the income-tax act. the learned representative for the assessee further submitted that the assessee acquired the ownership of the assets leased back to the various companies. therefore, it has complied with the ..... requirement of the provisions of the income-tax act for the purpose of grant of depreciation. the learned representative for the assessee placed his reliance on the judgment of the gujarat high court in the case of .....

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