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Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat madras Year: 1999 Page 1 of about 20 results (0.172 seconds)

Apr 15 1999 (TRI)

T. N. Sridharan Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Apr-15-1999

Reported in : (2000)242ITR55(Mad.)

..... judicial member and shri p. s. kalsian, accountant member differed while deciding the appeal emanating from the order imposing penalty under section 271(1)(c) of the income-tax act, 1961. shri n. d. raghvan, learned judicial member had proposed his order in december, 1996 and shri p. s.kalsian, learned accountant member had given ..... his dissent by his order dated 17-2-1997. their points of difference are referred to the president under section 255(4) of the income-tax act. there is unanimity in identifying and referring their points of difference by the referral order dated 30-4-1997 and the points of difference are as follows ..... has given all the particulars in this regard. therefore, the levy of penalty is adequately covered by explanation 1 to section 271(1)(c) of the income-tax act. thus he sustained the penalty of rs. 1 lakh under section 271(1)(c).6. further aggrieved, the assessee came up in second appeal before ..... shah's case (supra). in that case the following is what is held as per head note :- "the explanation to section 271(1)(c) of the income-tax act, 1961, extends the provisions of clause (c). therefore, once the explanation is also invoked in the show-cause notice, the burden is not only shifted ..... that this is not a fit case where the concealment penalty of rs. 1 lakh should be sustained under section 271(1)(c) of the income-tax act, 1961. the penalty in my opinion is liable to be cancelled.17. the matter should go back to the division bench which has to decide .....

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Jul 27 1999 (TRI)

Deputy Director of Small Savings Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Jul-27-1999

Reported in : (2000)75ITD152(Mad.)

..... best it can be treated as an incentive by the state government for encouraging the savings of the public at large. therefore, the penalty imposed under section 271c of the income-tax act, 1961, is hereby cancelled and we order accordingly.31. now coming to the issue of charging of interest under section 201(1a), the points are two fold :- (i) whether the ..... )-xi, madras, dated 23-12-1998.2. ita no. 273/mds/99 relates to the imposition of penalty under section 271c of the income-tax act, to the extent of rs. 29,17,792 for the failure to deduct tax at source under section 194b for the year ended 31-3-1998 whereas ita no. 274/mds/99 relates to charging of interest under ..... order in para 4.1, which is as follows : "it is true that the word 'lottery' is not defined under the income-tax act. in the context of allowability of deduction under section 80tt, the punjab and haryana high court in cit v. sanjiv kumar [1980] 123 itr 187 has outlined the basic ingredients of lottery. the view taken by the punjab and haryana ..... submissions.10. on the other hand, the learned departmental representatives, vehemently contended that the assessee is conducting draws. the assessee has distributed prizes without deduction of tax at source under section 194b of the act. there is no violation of the provisions of section 194b, according to which in a case where the winnings are wholly in kind or partly in cash .....

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Aug 12 1999 (TRI)

income-tax Officer Vs. Periasamy Ramesh Rajah

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Aug-12-1999

..... property by birth is vested in the male issue only, females who come in only as heirs to obstructed heritage (sapratibandhadaya), cannot be coparceners. but we are concerned under the income-tax act with the question whether the appellant's wife and unmarried daughter can with him be members of a hindu undivided family and not of a coparcenary. in the words of ..... the same in support of my view. i quote as below : "it is true that the appellant cannot constitute a coparcenary with his wife and unmarried daughter but under the income-tax act a hindu undivided family, not a coparcenary, is a taxable unit. a hindu coparcenary is a much narrower body than the joint family. it includes only those persons who acquire ..... bench comprising g. e. veerabhadrappa (accountant member) and abdul razack (judicial member), differed while deciding the appeal emanating from the order of the commissioner of income-tax (appeals) passed under section 143(3)(b) of the income-tax act, 1961.there is unanimity in identifying and referring their point of difference by the referral order dated march 3, 1998, made under section 255(4) of ..... officer.14. as we, the members constituting the above bench, have differed, the following point of difference is referred to the president of the income-tax appellate tribunal for nomination of third member as required under section 255(4) of the income-tax act, 1961, namely, "whether, on the facts and in the circumstances of the case, the assessee is assessable, in respect of the .....

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Nov 16 1999 (TRI)

Smt. Fancy JaIn Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Nov-16-1999

Reported in : (2000)75ITD462(Mad.)

..... the assessee. in the case of patel aluminium (p.) ltd. (supra), the failure to submit the statement called for by section 209a(1)(a) of the income-tax act, 1961, forms the basis both for levy of interest under section 217(1)(a) and for levy of penalty under section 273(1)(b).under section 209a(1)( ..... the assessment year 1988-89. the only dispute relates to the imposition of penalty under section 273(1)(b) of the income-tax act, 1961.2. the assessee is an individual who is regularly assessed to tax from the assessment year 1986-87. there was an assessment for the assessment year 1986-87 for rs. 22,690 on ..... the return filed, there was no self-assessment tax payable in view of ..... the return of income for assessment year 1987-88 was accepted on 8-3-1988 determining the income-tax liability at rs. 15,758 and the assessee had paid advance-tax of rs. 25,250 and there was a refund of rs. 9,492 for that year along with interest under section 214 of the act. in respect of ..... much larger, yet since the assessee has not paid any self-assessment tax for that year, that income cannot be the basis for computation of the advance-tax or for filing the statement of advance-tax required under the provisions of section 209(1) of the act. in this case the assessee, on th e basis of the .....

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Oct 21 1999 (TRI)

L. Saroja Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Oct-21-1999

Reported in : (2001)76ITD344(Mad.)

..... jurisdiction. the jurisdiction of the assessing officer to make block assessment on shri k.v. laxmanan was validly assumed under section 158ba(1) of the income-tax act as a result of the search conducted on him in his business and residential premises and upon service of notice under section 158bc. it is ..... .12. now let us turn to it(ss)a no. 259(mds}/1997 relating to shri k.v.laxmanan. search under section 132 of the income-tax act, was conducted at the residential and business premises of the appellant under warrant of authorisalion issued against shri k.v. laxmanan {karta of hindu undivided ..... smt. l. saroja and the 8 firms were intimately connected with him they are to be covered under the provisions of section 158bd of the income-tax act. he also contended thai the huge additions made in the hands of the appellants justify the action under section 158bd.8.15 as against these the ..... have no locus standi to assail the validity of the search under section 132 as the same was not against them. section 253 of the income-tax act, 1961 does not provide for appeal as against the order under section 132 or 132a and therefore the tribunal cannot entertain the appeal against the ..... were clubbed together, heard together and arc being disposed of by this common order for the sake of convenience.2. search under section 132 of the income-tax act, 1961 was conducted at the residential and business permiscs of shri k.v. laxmanan at 472 to 474, valayakara street, erode under warrant of authorisation .....

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Aug 27 1999 (TRI)

Dr. B.P. Ganapathy Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Aug-27-1999

Reported in : (2001)74ITD392(Mad.)

..... justified or not. the deputy commissioner is not an authority under the provisions of sections 215 and 217 or rule 40 of the income tax act having powers to waive or reduce interest under sections 215 and 217, because provisions of these sections as well as rule 40 have ..... the commissioner set aside the order of waiver of interest charged under sections 215, 217 and 139(8) of the income tax act, 1961 for the assessment years under consideration and directed the assessing officer to consider the issue afresh after giving adequate opportunity ..... the power conferred under section 263 of the income tax act, 1961. the learned departmental representative also referred to the decisions in the cases of cit v. vithal textiles (1989) 175 itr 629 (mp), premier cable co.ltd. v. cit (1992) 193 itr 719 (ker.), cit v. east coast marine products (p) ltd ..... such that a reduction or waiver of the interest payable under section 215 or section 217 is justified." rule 117a, proviso: "the income tax officer may waive or reduce the interest payable under section 139 in the cases and in the circumstances mentioned below, namely :- that the ..... act and directing the assessing officer to consider the claim of the assessee afresh in accordance with law.in the case laws cited by the learned departmental representative (supra) particularly in the case of v. v. a. shanmugam (supra) their lordships, after considering various decisions mentioned in that order came to the conclusion that an order passed by the income tax .....

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Aug 06 1999 (TRI)

Orient Cosmetics Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Aug-06-1999

Reported in : (2000)74ITD135(Mad.)

..... labour of a person normally with the object of making profit. it denotes continuous and systematic exercise of an occupation or profession with the object of making income or profit. thus, ordinarily, business implies continuous activity in carrying on a particular trade or avocation, but it may also include an activity which may ..... intimation issued under s. 143(1)(a) thereby disallowing the claim of depreciation amounting to rs. 8,68,557 and consequently levied additional tax under s. 143(1a) of the act at rs. 1,00,318.27. we have heard both the parties and carefully perused the material on record. under s. 143(1 ..... the assessee is wholly used for the purpose of business carried on by him. the expression" business" has been defined in s. 2(13) of the it act, 1961. "business" includes trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.these words are of wide ..... after the end of the accounting year 30th september, 1987 relevant for the asst. yr.1988-89.12. in the case of madras fertilizers ltd. vs. cit (1994) 209 itr 174 (mad), their lordships of the madras high court considered the issue regarding capitalisation of expenses incurred in respect of raw materials, fuel, ..... )(a) proviso, the ao is entitled to make the following adjustments in the income or loss declared in the return, namely: "(i) any .....

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Feb 01 1999 (TRI)

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Feb-01-1999

Reported in : (1999)70ITD127(Mad.)

..... behalf of the beneficiaries. as per the trust, the assessee is not entitled to have any benefit or enjoyment from the income or property of the trust. the taxing authorities are not required to put on blinkers while locking at documents but the surrounding circumstances, the realities of the recital made ..... my humble opinion the very foundation has no legal basis. my reasons are as follows.11. sec. 29 of the it act lays down the broad procedure for computing the income from profits and gains in which it is stated that it should be computed in accordance with the provisions of ss. ..... -s. (5) enabled the government to discontinue the rebate which was done by a notification in 1971. it was revived by finance act, 1977, in some cases. direct taxes amendment act, 1974, gave an initial depreciation instead by inserting cl. (vi) to s. 32(1). this was then replaced by s. ..... referred to above required reconsideration and purporting to follow the same [s. balasubramanian's case (supra)], he held that there was nothing in that act which prevented the successor-in-interest fulfilling the conditions stipulated for the grant of development rebate especially when that development rebate was allowed to be ..... , a look at the legislative history would be necessary to keep the matter in the right perspective.the development rebate was introduced by the finance act, 1955. in the budget speech (27 itr st. 42), the finance minister referred to the recommendation of the taxation enquiry commission and said .....

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May 18 1999 (TRI)

income-tax Officer Vs. P. Manivannan

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : May-18-1999

Reported in : (2000)72ITD564(Chennai)

..... case fell under s. 4(a) and, hence, the assessee was not entitled to any relief. the tribunal upheld the assessment under the gt act but in regard to the income-tax assessment found that s. 52(2) could not be invoked as on understatement of the consideration had been established. the tribunal also held that in ..... the document of sale and the market value of rs. 8,39,000 as a gift within the meaning of s. 4(a) of the gt act was brought to tax. the aac upheld the claim of the assessee that the ito was not justified in invoking the provisions of s. 52(2) as there was ..... between the market value and the sale price of a property sold by the assessee which was assessed as gift under the gt act is exempt under s. 47(iii) from capital gains tax. however, in the facts before me it is not the case of the assessee that since the gift is assessed such transactions ..... view of the gift-tax assessment on the difference between the fair market value of the property and the declared value treating it as a gift, s. 47(iii) of the it act ..... shown that the object of the understatement was to avoid or reduce the liability of the assessee to tax on capital gains. k. p. varghese vs.ito (supra).7. dealing with the corresponding provisions of the 1922 act, it was held that these provisions do not discourage or avoid honest transactions made out of love and .....

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Sep 10 1999 (TRI)

Newdeal Finance and Investment Ltd. Vs. Deputy Commissioner of Income ...

Court : Income Tax Appellate Tribunal ITAT Madras

Decided on : Sep-10-1999

Reported in : (2000)74ITD469(Chennai)

..... never be called upon to prove that the debt had become bad. in this case the assessee had taken into account the said sum in computing the income of the assessee in the earlier years and in the relevant previous year the assessee-company felt that it had become bad and hence had written off ..... direct taxes laws (amendment) act, 1987, w.e.f. 1st april, 1989. before amendment, i.e., upto 31st march, 1989, the sub-section read as follows : "subject to the provisions ..... is of course subject to the condition of s. 36(2), i.e., the debt must have been taken into account in computing the income of the assessee. for qualifying as deduction under s.36(1)(vii), the sum must have become irrecoverable. sec. 36(1)(vii) was amended by the ..... (sc) wherein it was held that : "where the business of the assessee consists of hiring out machinery and/or where the income derived by the assessee from the hiring of such machinery is business income, the assessee must be considered as having used the machinery for the purpose of its business ................ therefore, a leasing or finance ..... industries ltd. was in the ordinary course of business carried on by the appellant and had been taken into account in computing the income of the appellant in an earlier previous year. the appellant had not only initiated legal proceedings against the lessee under s. 434 of the companies .....

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