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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat madras Page 1 of about 697 results (0.081 seconds)

Oct 30 1992 (TRI)

V. Gopal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD581(Mad.)

..... account the written reply filed and also the explanation offered, penalty under section 271(1)(c) is dropped.13. subsequently, the commissioner of income-tax, madurai, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, called for and examined the records of the assessee. on such an examination, he found that the aforesaid order dated 16-2 ..... order in revision.28. in his reply, shri rama iyer, besides traversing the area he had earlier traversed, contended that the assessee's letter dated 26-1-1986 to the income-tax officer clearly relied on circular no. 441. secondly, the seized books, which disclosed suppression of tailoring charges, related to the earlier assessment years. during the search, no document was ..... question no. 12 makes it clear that no immunity can be given by the circular or availed of by the assessee whose premises have been searched by the income-tax authorites. in this regard, the cit negatived the assessee's contention that the cbdt circular no. 441 of 15-11-1985 did not contain any embargo on the assessee's filing returns under ..... that case, the assessee, a bus operator, was maintaining accounts but he did not produce them before the income-tax authorities who estimated his income rejecting the income as returned by him. in the penalty proceedings, the contention of the assessee that no concealment of income, or furnishing of inaccurate particulars could be inferred from the difference between the estimates made by the assessee .....

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May 18 1992 (TRI)

Nodit Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD187(Mad.)

..... regard, the assessee did not file any appeal before the first appellate authority. subsequently, invoking the powers vested in him by and under section 263 of the income-tax act, 1961. the commissioner of income-tax called for and examined the assessment records of the assessee.on such an examination, he considered that the assessment order in question was erroneous in that it ..... the scheme of the act, the ambit of taxation varies with the factor of residence in the relevant previous year. as respects nonresidents, the following categories of ..... )(vii) of the act. it is only thereafter that the related question of the rate to be applied can be considered.29. it is, therefore, necessary first to ascertain the nature of the consideration received by the assessee under the agreement in question.for this purpose, it is necessary to examine the relevant provisions of the income-tax act, 1961.30. under ..... of the scheme of systematising or rationalising assessment of foreign companies, the finance act, 1976 introduced two more sections, namely, sections 44d and 115a. the former contains special provision for computing income by way of royalty etc. in the case of foreign companies, while the latter deals with income-tax payable on dividends, royalty and technical fees in the case of foreign .....

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Jan 23 2003 (TRI)

Sdb Cisco (India) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD373(Chennai)

..... the accounting method employed by the assessee. in fact, there is no occasion to examine, whether section 209 of the companies act over-rides section 145 of the income-tax act or not.there are different assessees by status under the income-tax act. the status of company is different from others. status is assigned to an assessee on the basis of its legal and factual ..... the right to maintain day-to-day accounts on cash basis.11. shri m. narayanan, the learned departmental representative appearing for the revenue contended that section 145 of the income-tax act does not give the assessee two options of different methods of accounting for different purposes, or for complying with the provisions of different enactments. he submitted that under section 145 ..... no occasion either for the assessee or for the department to sneak into the provision of section 145 of the income-tax act, 1961. therefore, we are of the considered view that the assessee has to compute its income for the purpose of the income-tax act on the very same basis of the accounts prepared by it on accrual basis for complying with the provisions ..... that as two views are possible on the question of the overriding effect of section 209(3) of the companies act, 1956, with reference to section 145 of the income-tax act, the jurisdiction invoked by the commissioner under section 263 of the income-tax act was not proper. the learned departmental representative also pointed out that the decision of the tribunal, chennai bench-a in .....

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Mar 31 1993 (TRI)

Jeyar Consultant and Investment Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD71(Mad.)

..... no reliance can be placed on that section of interpreting the term "turnover", especially when the term "turnover" has not been defined either under the income-tax act or in the rules made thereunder.secondly, in the case of a person carrying on business, section 44ab itself uses the expression "total sales, ..... the shares were realisable and could have been turned into cash, if the appellants had been pleased to do so. i cannot think that income-tax is due or not according to the manner in which the person making the profit pleases to deal with it'.17. now the mode ..... .again in the case of raja mohan raja bahadur v. cit [1967] 66 itr 378 supreme court observed at p. 382 of the ..... income, profits and gains received by them at the moment the gross sale proceeds were received by them in india and that being the position the provisions of section 4(1)(a) were immediately attracted and the income, profits and gains so received became chargeable to tax under section 3 of the act ..... report: ...if accounts are maintained according to the mercantile system, wjsenever the right to receive money in the course of a trading transaction accrues or arises, even though income is not realised, income .....

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Jun 28 1993 (TRI)

Ayer Mani'S Rubber Estate Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD429(Mad.)

..... fact that in the said order the learned single member had held that by virtue of the inter-head adjustments contemplated by the income-tax act, the assessee was entitled to set off the interest income against the loss under the head 'income from business'.13. on his part, shri y.r. rao, the learned departmental representative strongly supported the impugned common order of the ..... us.for the same reasons, paragraph (2) of article 12 is also not applicable to the case before us.with the result, the interest income in question will have to be brought to charge as such under the income-tax act, 1961. this would mean that the provisions of section 56(1) read with those of section 57 get activated. since the focus of ..... .v.al. kulandayan chettiar v. ito [1983] 3 itd 426 (mad.) (sb), no part of the malaysian income could enter into the computation of the total income of the assessee under the income-tax act, 1961.23. what is the treatment to be given to the interest income earned by the assessee in india to this question we may now turn. here again, whatever might be ..... , the assessee would have succeeded in its claim. for a fact, even if the interest income in question were to be treated as income falling under the residuary head 'income from other sources', the assessee would have succeeded in its claim because of the provisions of the income-tax act relating to inter-head adjustments.17. but, as pointed out earlier, we have the double taxation .....

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Jul 14 1993 (TRI)

Smt. C. Rajalakshmi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)47ITD315(Mad.)

..... closed its manufacturing and trading activities and leased the factory premises. the ito allowed registration to the firm for the assessment years 1972-73 and 1973-74.the commissioner of income-tax, acting under section 263, cancelled the registration on the ground that no business was carried on by the assessee during the relevant accounting years. this order was confirmed by the ..... main contention was that the lease granted under the indenture of 15th march, 1948 was a lease of a commercial asset and, that therefore, the income from the lease should be assessed under section 10 of the income-tax act, 1922; and that consequently, the assessee was entitled to depreciation and development rebate also. the assessee was unsuccessful before the assessing officer, the ..... on business or trade. owning properties and letting them was not a purpose for which it was formed and that being so, the disputed income cannot be said to fall under any section of the indian income-tax act other than section 10. cases of undertakings of this nature stand on an entirely different footing and are distinguishable from cases of individuals or ..... asset on rent, he would merely be turning to profitable account his proprietary right/interest in the asset. in that event, under the scheme of the income-tax act, the rental income has to be brought to charge only under the head 'income from other sources'.23. we have dilated on this aspect of the matter because certain impression is going around that rental .....

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Aug 11 2006 (TRI)

Joint Commissioner of Vs. Tractors and Farm Equipments Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)104ITD149(Chennai)

..... says that the excise duty and sales tax cannot form part of total turnover for the purpose of deduction under section ..... result in unjust enrichment on the part of the state by retaining the tax relatable thereto. under the scheme of constitution, the government cannot retain even a single pie of the individual citizen as tax, when it is not authorised by an authority of law. in this case, the income-tax act enacted by parliament as interpreted by the jurisdictional high court in categorical term ..... some administrative reasons for this small delay. considering the circumstances and hearing the counsels, we condone the appeal.20. the issue raised in the appeal is that the commissioner of income-tax (appeals) has erred in deleting the disallowance made under section 43b in respect of pf and esi.21. in this case, the payments were made within the grace period allowed ..... of section 80hhc. respectfully following the precedent, we decide the issue in favour of the assessee and against the revenue.4. the next issue raised is that the commissioner of income-tax (appeals) erred in exclusion of 90 per cent of the miscellaneous receipts from profit for the purpose of computation of deduction under section 80hhc.5. we find that the aforesaid .....

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Feb 14 1994 (TRI)

Kalasa Tea and Produce Co. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)50ITD170(Mad.)

..... rule 1(vii), which, in terms, stipulates that for purposes of computing the chargeable profits, inter-corporate dividends shall be excluded from the assessee's total income as computed under the income-tax act for the assessment year in question.26. the second schedule contains rules for computing the capital base of the company. broadly stated, under the said schedule, ..... the capital base will have to be reduced by the amount of development allowance actually allowed for purposes of computing total income of the assessee under the income-tax act. we are unable to agree. under the scheme of the income-tax act, development allowance is allowed if the assessee satisfies the stipulated basic conditions. if the assessee-becomes eligible for development allowance ..... volition but with a view to complying with a statutory requirement. but that is also the case with development rebate reserve and investment allowance reserve. true again, the income-tax act stipulates the manner in which the amount credited to development allowance reserve should or should not "be used during the prescribed period. but this too is the case ..... outset, consider the general scheme of the companies (profits) surtax act, 1964. the income-tax act imposes a charge on the total income of the assessee. on its part, the companies (profits) surtax act, 1964, levies an additional tax on the total income of a company in the manner stipulated by the act. surtax is levied basically on the excess of the chargeable profits over .....

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May 31 1996 (TRI)

Shriram Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)59ITD570(Mad.)

..... in madeva upendra sinai's case (supra) by the majority judgment held 'that the key word in clause (b) of section 43(6) of the income-tax act, 1961 is "actually". it is the antithesis of that which is merely speculative, theoretical or imaginary. "actually" contra indicates a deeming conception of the word ..... depreciation had not been allowed to the assessee. this amounts to going back on the computation not authorised under any of the provisions of the income-tax act and therefore, such a plea should not be accepted.he referred to the third contention of the assessee namely that no depreciation had been allowed ..... after the time limit prescribed under section 80 of the income-tax act. therefore, he was of the view that the assessing officer should not have entertained the additional claim for deduction of debenture issue expenses in the ..... debenture issue expenses to the tune of rs. 59,08,898 had been claimed and allowed as revenue expenditure under section 37(1) of the income-tax act in a revised return which was filed by the assessee on 31-12-1992. this revised return was also a loss return which was filed ..... 13 itd 234 (mad.) and directed the ito to grant the said allowance subject to the fulfilment of the other conditions prescribed in section 32a of the income-tax act. the revenue is in appeal.3. shri s.v. subramanian, standing-counsel, submitted that the decision of the tribunal in the case of first leasing co .....

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Dec 31 1991 (TRI)

inspecting Assistant Vs. T.T. Vasu

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD8(Mad.)

..... held that, in the facts and circumstances of the case, "the appellant cannot argue that interest was not chargeable under provisions of section 217 and section 139(8) of the income-tax act.6. turning his attention next to the question whether the assessing officer was justified in treating the sum of rs. 1,64,113 as ad hoc payment and leaving it ..... subject matter of appeal related to levy of interest under section 139(8) and 217 of the act.29. now this controversy has had a long history, having arisen even under the indian income-tax act, 1922 (hereinafter called "the old act"). under the old act the provisions relating to deduction of tax at source were contained in section 18 and those relating to advance payment of ..... tax in section 18a. the scheme of both the old and the new acts are essentially the same. it is, therefore, necessary to notice ..... sections 139(8) and 217(1)(a). in our opinion going as it does against the scheme of the income-tax act, 1961 relating to collection and recovery of tax, the said contention lacks force.13. the provisions relating to collection and recovery of tax are contained in chapter xvii of the act, and they have been collected under the following headings:- c. - advance payment of .....

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