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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat madras Year: 1985 Page 1 of about 24 results (0.145 seconds)

May 08 1985 (TRI)

income-tax Officer Vs. First Leasing Co. of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : May-08-1985

Reported in : (1985)13ITD234(Mad.)

..... manufacture or production of the articles not specified in the eleventh schedule to the income-tax act, 1961 is entitled to investment allowance under section 32a of the income-tax act, 1961 2. i have gone through the order of my learned brother, shri george cheriyan, on the first point at issue. i am unable ..... . 38,015 was inadvertently allowed. the recovery of development rebate on rs. 38,015 at 25 per cent amounts to rs. 9,504. issue notice under section 148 of the income-tax act, 1961. this was noticed while submitting remand report in this case. (p. 27) the ito later noticed two further items had escaped, i.e., that rebate on account of corporation ..... the point, whether the assessee, a company which leases out machinery, is entitled to the grant of investment allowance under section 32a of the income-tax act, 1961 ('the act') and initial depreciation under section 32(1)(iv) of the act, in respect of machinery leased out by the assessee to others. the ito held against the assessee on the point. the commissioner (appeals) accepted ..... point of grant of investment allowance will be equally applicable in the matter of grant of initial depreciation. 1. whether, the income-tax officer has validly reopened the assessment for the assessment year 1977-78 under section 147(b) of the income-tax act, 1961; 2. whether, the assessee-company which owns the machinery but has leased the same to some other parties for the .....

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Jul 08 1985 (TRI)

Meccano Industries (P.) Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Jul-08-1985

Reported in : (1985)14ITD151(Mad.)

..... which a deduction on account of depreciation has been obtained by the assessee in any previous year either under this act or under the indian income-tax act, 1922 (11 of 1922) or any act repealed by that act or under executive orders issued when the indian income-tax act, 1886 (2 of 1886), was in force, the provisions of sections 48 and 49 shall be subject to the ..... the registered documents to the individual purchasers. the transfer that was effected by the appellant was transfer of a capital asset as defined under section 2(47) of the income-tax act, 1961 ('the act') and not a piece of agricultural land. the property purchased on 11-2-1959 for rs. 30,000, when sold seven years later and that too only a portion ..... laid down by the supreme court in these words : ... even if we could give a wider connotation to the term 'agricultural' than the one it carries with it in the income-tax act, we cannot dispense with credible evidence of at least appropriation or setting apart of the land for a purpose which could be regarded as agricultural land for which the land ..... was to be taken at the market price for the purpose of computing the profits and gains under section 15c of the indian income-tax act, 1922 ('the 1922 act'). the decision of the allahabad high court in gangadhar babu lal v. cit [1966] 62 itr 718 also is on the same lines.19. these decisions refer to cases where a capital asset has been .....

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Feb 27 1985 (TRI)

First Income-tax Officer Vs. Popular Borewell Service

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Feb-27-1985

Reported in : (1986)15ITD420(Mad.)

..... between the members as to the grant of depreciation at 30 per cent. the dispute related only to the grant of investment allowance under section 32a(2)(b) of the income-tax act, 1961. this would be evident from the question referred to the third member as eproduced below : whether, on the facts and in the circumstances of the case, the assessee (being ..... 1978-79, the assessee claimed depreciation at 30 per cent on the rigs and compressors under item no. iii(ii), d(9) of part i of appendix i to the income-tax rules, 1962 on the ground that they constituted an integral part of the lorry on which they were mounted and were also worked by the same engine which provided traction ..... to a diametrically opposite view later on the same issue. to the same effect is the view of the madras high court in the case of cit v. l.g.ramamurthi [1977] 110 itr 453. according to this authority, if a bench of a tribunal on the identical facts is allowed to come to a conclusion directly ..... a different view on the point at issue in the present case when the facts are identical. it has been held by the madras high court in the case of cit v. s. devaraj [1969] 73 itr 1 that it would be only proper and desirable that when the tribunal takes a particular view, it should not contradict itself and come .....

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Feb 28 1985 (TRI)

R. Srinivasan Vs. Sixth Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Feb-28-1985

Reported in : (1985)13ITD632(Mad.)

..... (after deducting brokerage) even though the assessee has admitted the same at rs. 2,67,225 and exemption under section 54e of the income-tax act, 1961 ('the act') has been allowed at a lower figure compared to the claim of the assessee. aggrieved, the assessee filed an appeal before the aac.2 ..... purchase of open plot of land constituted part of actual cost to the assessee within the meaning of section 12b(2)(ii) of the indian income-tax act, 1922, for the purpose of determining the capital gain derived from the sale of the land. in this connection, the learned departmental representative ..... the cost of acquisition/ cost of improvement of the asset and, hence, should have been allowed as a deduction under section 48 of the income-tax act." the departmental representative objected to this additional ground being raised. however, since this appears to be an alternative plea on the same set of ..... is an allowable expenditure under section 48 while computing the capital gain. the learned counsel also invited our attention to a passage occurring in law of income-tax by sampat iyengar, vol. ii, seventh edn., p. 2182 while explaining the word 'expenditure' deductible from the total consideration.11. again, the ..... expenditure incurred in connection with the transfer can be deducted to arrive at the net consideration. i am, therefore, of the view that the income-tax officer was right in not allowing the claim for deduction of the mortgage loan due to the lic in computing the capital gains. the appeal .....

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Feb 28 1985 (TRI)

Third Income-tax Officer Vs. C.D. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Feb-28-1985

Reported in : (1985)12ITD652(Mad.)

..... not in the hands of the individual. consequently, the order of the aac is set aside and that of the ito is restored.order under section 225(4) of the income-tax act, 1961 - as we have differed on the following point in this case, it is referred to the president for necessary further action : whether the salary of rs. 1,512 received ..... firm is assessable in the hands of the huf in terms of section 40(b), read with section 67(1)(b), of the income-tax act, 1961 ('the act'), which prescribe the mode of computation of a partner's share in the income of the firm. when once the share of profit is determined in the hands of the firm, the question of deduction of ..... tax net, whatever the reason behind it be, similarly, after analysing section 16(1)(b ..... share of profits and being part of the share of profits should be taxed as much. the supreme court analysed section 10(4)(b) of the indian income-tax act, 1922 ('the 1922 act'), which corresponds to section 40(b) of the 1961 act, and stated that salaries paid to partners are regarded by the act as retaining the character of profit and not excludible from the .....

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Sep 06 1985 (TRI)

Sri Hiranyakeshi Sahakari Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Sep-06-1985

Reported in : (1986)15ITD343(Mad.)

..... to 30-6-1979, respectively. the assessments for all these years were completed under section 143, read with section 144b, of the income-tax act, 1961 ('the act') as in the opinion of the ito, the variance between the returned income and the income at which the ito sought to assess is more than rs. 1 lakh; 3. the first common ground which arises for consideration ..... suspense account' should be taken to be part of the turnover of the assessee-mill or whether it should not be so considered for purposes of determination of levy of income-tax. before considering the above point in controversy, we have to bear in mind another important factor, i.e., the government passed the levy sugar price equalisation fund ..... to the said fund. it is further contended that this being a statutory obligation, the amount in question cannot be treated as the income of the assessee. relying upon the ratio of the bombay high court's decision in cit v. bombay state road transport corpn. [1977] 106 itr 303 it was requested that the addition may be deleted.17. the commissioner ..... nature of excess collections in the case before them is akin to an inchoate right to enhanced or additional compensation under the land acquisition act, 1894 and hence, the ratio of the gujarat high court in topandas kundanmalv. cit [1978] 114 itr 237 is clearly applicable. on the said basis, the learned judicial member held as follows in the special bench decision .....

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Feb 28 1985 (TRI)

Sanjay Kumar Gupta Vs. Ninth Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Feb-28-1985

Reported in : (1985)13ITD619(Mad.)

..... the head 'profits and gains of business or profession', the commissioner (appeals) held that the income should be assessed under the head 'income from house property' and as the shares of the co-owners were definite and ascertainable, section 26 of the income-tax act, 1961 ('the 1961 act') should be applied. this view has been upheld by the tribunal and it dismissed the appeal ..... assessable under the head 'income from house property' and not 'profits and gains of ..... filed by the revenue. thus the tribunal has decided that the rental income from the godown is ..... assessee's counsel contended that the exemption under section 5(1)(iv) should be extended under the act.4. the learned departmental representative on the other hand submitted that the order of the tribunal pertained to income-tax where the criterion is different, viz., income from property consisting of buildings or buildings and lands appurtenant thereto. according to him, the tribunal in .....

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Jun 28 1985 (TRI)

income-tax Officer Vs. City Transports (P.) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Jun-28-1985

Reported in : (1985)13ITD817(Mad.)

..... assessment year 1981-82, we refer the following points of difference of opinion to the president for reference to third member, under section 255(4) of the income-tax act, 1961 : 1. whether the consideration of rs. 4 lakhs agreed to between the assessee and the transferees in this case for transfer of business name 'city ..... this appeal is filed by the department. it is in the case of the assessee, city transport (p.) ltd., coimbatore, relating to its income-tax assessment for the year 1981-82. the assessee is a private limited company running passenger bus service. it is stated that the previous year ..... and all other liabilities arising thereunder, etc.3. the aseessee's contention that no part of the amount of rs. 4 lakhs was liable to be taxed as income under the head 'capital gains' as it represented the sale price of the self-generated goodwill, has been rejected by the ito. he has held ..... , he directed the ito to compute the value of the goodwill and treat the balance as the price of the route permits for the purpose of taxing the same under the head 'capital gains'.5. the parties have been heard at length. the departmental representative has strongly relied on the order of the ..... fact that according to the decisions cited by the department, route permit constitutes property and the profits arising on the sale thereof is chargeable to capital gains tax as the courts have held that route permit is not self-generating asset. a perusal of the agreement dated 14-12-1979 (paragraph no. 1 at .....

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Oct 24 1985 (TRI)

income-tax Officer Vs. M.A. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Oct-24-1985

Reported in : (1985)14ITD411(Mad.)

..... purely from the activity of maintaining the horses of which the assessee is the owner and running them in the races. in his case the general provisions of the income-tax act relating to income from other sources, or profits and gains of business, as the case may be, depending upon whether such activity amounts to a business will apply and not the provisions ..... the finance bill, 1974 as introduced in the parliament. 48. carry forward and set off of losses from horse races.-under an amendment made by the. finance act, 1972, the exemption available under the income-tax act in' respect of casual and non-recurring receipts was withdrawn and winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any ..... of rs. 7,182.this was not allowed to be set off in the assessment by the ito relying on the provisions of section 74a(1) and (2) of the income-tax act, 1961 ('the act'). in appeal by the assessee, the commissioner (appeals) allowed the loss arising from racing to be set off against the other ..... other sources', it would fall within the provision contained in section 4(3)(vii) of the income-tax act, 1922 or 10(3) of the 1961 act. it was considered that the income would be casual in nature and, therefore, not includible in the assessment. this position has been reiterated in the later decision of the madras high court in the case of .....

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Oct 31 1985 (TRI)

Wheels India Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Oct-31-1985

Reported in : (1986)16ITD220(Mad.)

..... an interesting question has arisen for our consideration, the. same is whether interest under section 214 of the income-tax act, 1961 ('the act') is admissible to the assessee by way of rectification under section 154 of the act of the order of the ito giving effect to the order of the commissioner (appeals) in which a ..... sonti's case (supra) has, while dealing with the question of rectification, observed as under : ... the ito or the appellate authorities under the income-tax act, when dealing with a rectification application, should not look only at the decisions of the particular high court under whose advisory jurisdiction it ..... 'ble bench further held that if there was a decision on a particular point by the high court of a state, it was binding on the income-tax authorities in that state and merely because there was some judicial divergence of opinion on that point between some high courts, it could not be said ..... the assessee-company for the assessment year 1975-76 was completed on 4-5-1982 under section 143(3) of the act resulting in demand of rs. 14,96,887 after adjustment of the advance tax of rs. 48,40,500. on appeal before the commissioner (appeals), the demand got reduced to rs. 44,99 ..... that the liability of the government to pay interest under section 214 on excess advance tax paid was limited to the period up to the date of the first assessment under section 143 or section 144 of the act. he also drew our attention to the calcutta high court decision in the case of .....

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