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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: chennai Page 10 of about 27,565 results (0.431 seconds)

Nov 30 2015 (HC)

The Commissioner of Income Tax, Chennai Vs. M/s. Farida Holdings Pvt L ...

Court : Chennai

..... amounts to sub subsidiaries without any benefit of interest being derived by the assessee company and cannot be treated as dividend amount under section 2(22)(e) of the income tax act. however, the assessing officer arrived at the conclusion that the assessee company had received loans in cash from its subsidiary companies to the tune of rs.2,92,39,206 ..... to show cause as to why the loans received by the assessee company from its subsidiaries should not be treated as deemed dividend under section 2(22)(e) of the income tax act. the assessee filed its reply on 3.12.2007, wherein it is stated that the amounts received by the assessee from its subsidiary companies are for the purpose of advancing ..... ., a subsidiary company. as the assessee is a holding company having 100% shareholding in the subsidiary company and in view of the provisions of section 2(22) (e) of the income tax act, a notice under section 148 had been issued to the assessee, on 31.3.2008. by a letter, dated 8.4.2008, the assessee had requested the revenue to treat ..... 12.10.2003 for the assessment year disclosing loss of rs.9,05,970/-. thereafter, the case was selected for scrutiny and notice under section 143(2) of the income tax act was issued calling for certain details. the assessee company furnished the details about the subsidiary companies and the shares held by the assessee company in the same. as per the .....

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Nov 04 2015 (HC)

R. Rajagopal Member-I, Appellate Authority Income Tax Department Vs. S ...

Court : Chennai

..... .1999 on the declaration made by the aforesaid declarant (ii) granting immunity subject to the provisions contained in the scheme from instituting any proceeding for prosecution for any offence under income tax act, 1961 or from the imposition of penalty under said enactment in respect of matters covered in the aforesaid declaration made by the applicant. 10. it is clear from the above ..... debt and the balance sum of rs.10,00,000/- has been received by her in cash. thereafter, a search was conducted under section 132 of the income tax act, 1961 (hereinafter referred to as "the act") in the residence of the vendor. during the course of such raid, certain documents were said to have been seized by the department, based on which, the ..... in accordance with law. such a contention of the learned senior special public prosecutor cannot be countenanced. there is no embargo or bar under the provisions of transfer of property act or the income tax act for sale of the property in to pieces in favour of more than one purchaser. even assuming that there is some ..... purchasers have filed a separate petition under section 258 of code of criminal procedure contending that section 269 uc of the act does not place any obligation on their part to obtain any clearance from any of the authorities of the income tax department and they have nothing to do with the obligation to seek permission before purchasing the property in question. 2 .....

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Oct 27 2015 (HC)

PVP Ventures Ltd. Vs. Assistant Commissioner of Income-tax, Corporate ...

Court : Chennai

..... 15 crores relating to a.y.2005-06. the above addition u/s 68 and 69a is deemed income of the assessee and does not come under any heads of income specified in chapter iv of the income-tax act, 1961 and hence brought forward business loss and depreciation cannot be set off against this as per ..... is found that the reopening of assessment is contrary to law, the question of directing the appellant to the alternative remedy of appeal before the commissioner of income tax does not arise, especially when the case is obviously one of change of opinion. 50. in the result, the writ appeals are allowed, the common ..... the company for the relevant previous year did not show any land having been disposed of and since the depreciation statement of the assessee prepared for income tax purposes also showed a particular value at the beginning and at the end of the relevant year, the assessing officer concluded in para 5 of ..... will be permitted entry through this outer gate only if he satisfies three criteria namely (i) the existence of a reason to believe that an income chargeable to tax has escaped assessment (ii) the recording of reasons under section 148(2) and (iii) the issuing of notice under section 148(1). once the ..... expiry of 4 years from the end of the relevant assessment year. the only exception to this rule of limitation is that if any income chargeable to tax has escaped assessment by reason of the failure on the part of the assessee to make a return under section 139 or in response to .....

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Oct 27 2015 (HC)

N. Mohammed Ali Vs. Income-tax Officer, Ward-VII(2), Chennai

Court : Chennai

..... 1. both the appeals, filed under section 260a of the income tax act, 1961, were admitted on the following substantial questions of law: "(1) whether the appellate tribunal is correct in upholding the order of the commissioner of income tax in revising the assessment for the assessment year 2000-2001 under section 263 of the act to disallow the cash purchases in terms of section 40a ..... of the case in the assessment years under consideration which would make the said provisions of section 40a(3) of the act inapplicable to make the disallowance contemplated? (5) whether the tribunal is correct in concluding that rule 6dd of the income tax rules, 1962, had no application to the cash purchases inspite of the fact that the fire crackers purchased by cash ..... (3) of the act? (2) whether the appellate tribunal is correct in confirming the validity of the assumption of jurisdiction ..... of the commissioner of income tax in terms of section 263 of the act for revising the order of assessment relating to the .....

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Oct 15 2015 (HC)

Coimbatore District Central Co-operative Bank Ltd. Vs. Income-tax Offi ...

Court : Chennai

..... carrying on the business of banking (including a co-operative land mortgage bank or a co-operative land development bank), and (b) section 194h of the income-tax act, to provide that the deduction of income tax at source from income by way of commission or brokerage will not be required to be made on or after 1st june, 1992." 49. after about three years, the ..... society; (o) society with limited liability; (p) society with un-limited liability; and (q) weaver's society. 24. if for a moment, we get back to the provisions of the income tax act, 1961, we would find that section 194a deals with the following types of co- operative institutions: (a) co-operative society; (b) co-operative bank; (c) co-operative society engaged in ..... under any other law for the time being in force in any state for the registration of co-operative societies. the expression "co-operative bank" is not defined in the income tax act, 1961. 21. insofar as the state of tamil nadu is concerned, there are at least two enactments that govern the functioning of co-operative societies. the co-operative societies which ..... v. ramasubramanian, j. 1. all these appeals are by the branch offices of one assessee, namely, the coimbatore district central co-operative bank limited, filed under section 260a of the income tax act, 1961. 2. the assessee has come up with the above appeals, raising the following substantial question of law: "whether a co-operative society, carrying on banking business with the approval .....

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Oct 13 2015 (HC)

M/s. Sree Foundation, Chennai Vs. The Tax Recovery Officer-I, Nungamba ...

Court : Chennai

..... 281b are not satisfied. there has been a compete transfer of the impugned property as per the definition of the word 'transfer' as provided in section 2(47) of the income tax act. the 1st respondent has erred in attaching the impugned property after execution and registration of agreement of sale dated 20.01.2010 by the petitioner and the learned counsel for ..... sale transaction without the previous permission of the assessing officer. hence, the action of the 1st respondent is proper under the provisions of the income tax act. b. the 1st respondent issued notice u/s 226(3) of the income tax act dated 22.11.2011 and another letter dated 7.12.2011 to the petitioner requesting to furnish certain particulars and the same has been ..... reply through the petitioner company's authorized representative was duly submitted, furnishing all the particulars with regard to the above said transaction. a notice under section 226(3) of the income tax act dated 22.11.2011 and another letter dated 7.12.2011 were issued by the first respondent to the petitioner company asking certain particulars with regard to the sale transaction ..... being attached. the first respondent do not have any right to create charge on the aforesaid property because the petitioner firm had completed the entire sale transaction as contemplated under income tax act, 1961 as early as on 18.02.2010 itself and the property belonged to the petitioner and the 3rd respondent was no longer the owner of the aforesaid property. in .....

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Oct 12 2015 (HC)

M/s. Carrier Race Technologies Pvt. Ltd. Vs. The Income Tax Officer, C ...

Court : Chennai

..... , the petitioner is before this court. 2. according to the learned senior counsel for the petitioner the respondent failed to follow the provisions of section 144 c of the income tax act, 1961. by the act of the respondent, the petitioner lost several opportunities. the learned senior counsel appearing for the petitioner further submitted that as per the c.p.d.t. instructions dated ..... 9.4.2015 bearing no: aabcr1863l/12-13/99 are being challenged on the ground that the circular issued by the department in accordance with section 144 c of the income tax act has not been complied with. the international transactions involved by the petitioner in this writ petition are referred to in paragraph 5 of the affidavit filed in support of the ..... petition. 4. heard both sides. 5. at the first place, let us see the relevant sections. section 144 c of the income tax act, 1961 reads as under : " 144c. (1) the assessing officer shall, notwithstanding anything to the contrary contained in this act, in the first instance, forward a draft of the proposed order of assessment (hereafter in this section referred to as the ..... the commissioner as provided in sub-section (12) of section 144ba. (15) for the purposes of this section, (a) "dispute resolution panel" means a collegium comprising of three commissioners of income-tax constituted by the board54 for this purpose; (b) "eligible assessee" means, (i) any person in whose case the variation referred to in sub-section (1) arises as a consequence of .....

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Oct 09 2015 (HC)

Jyothy Laboratories Ltd. Vs. Deputy Commissioner of Income-tax, Chenna ...

Court : Chennai

..... stay the disputed outstanding demand of rs.10 crores pursuant to an order dated 28.1.2015 passed under section 220(6) of the income tax act, 1961. 2. heard mr.r.venkataraman, learned senior counsel for the appellant. mr.t.pramod kumar chopda, learned standing counsel takes notice for the respondents. 3. the assessment in the .....

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Mar 20 2015 (HC)

1.The Commissioner of Income Tax-I, Vs. Noorul Islam Educational Trust

Court : Chennai

..... out earlier, the order in question has to be passed by the firs.respondent/firs.appellant only by way of invoking the provision of section 127(2)(a) of the income tax act, 1961. as per the said provision, the firs.respondent/firs.appellant is having power of transfer after giving reasonable opportunity to the particular assessee. further the entire section 127 does ..... per law or the same is liable to be quashed?. 7.the entire order of transfer has been made only on the basis of provision of section 127 of the income tax act, 1961 and the same reads as follows: ?.power to transfer cases: (1)the director general or chief commissioner or commissioner may, after giving the assesee a reasonable opportunity of being ..... for getting the relief sought for therein. 4.in the counter filed on the side of the respondents, it is averred that as per section 127(2)(a) of the income tax act, 1961, the firs.respondent after observing due formalities is having power to transfer cases from one place to another. under the said circumstances for the reasons assigned in the impugned ..... only for having coordinate enquiry and investigation both in noorul islam group cases as well as individual case, after observing all formalities mentioned in section 127(2)(a) of the income tax act, 1961, the firs.respondent has passed the impugned order and the learned single judge without considering the fact that the said section is nothing, but a machinery to collect .....

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Mar 19 2015 (HC)

Thiagarajan Vs. State Represented By

Court : Chennai

..... 9. p.w.4 is the owner of the property and her husband is p.w.3 and the jurisdictional income tax officer, namely, dharmaraj has reopened the assessment under section 148 of the income tax act, 1961, especially, pertains to the valuation of the house property owned by p.w.4.10. p.w. ..... statements. 3.8. p.w.12 continued the investigation and collected documents from one dharmar, income tax officer, who reopened his assessment against p.w.4/ wife of p.w.3 under section 148 of the income tax act, 1961 and he has also recorded statements of a1 and a2 on that date. on 11 ..... 8 would disclose that a representation was given with regard to the belated settlement of the income tax refund only and no personal allegations were levelled against mr.t.k.k.dharmar jurisdictional income tax officer and the act of the said official also came for criticism as evidenced under ex.p29 by p. ..... during the first week of june 2003, he received a communication addressed to his wife (p.w.4) from the assistant valuation officer, valuation cell, income tax department, madurai, requesting his wife to furnish information regarding the house property owned by her at ?.min nagar?. in the proforma enclosed. 3.1. on ..... 7, the valuation officer, would state in his chief examination that ex.p7 is the file pertaining to the assistant valuation officer for the case of p.w.4 and a reference has been received from the income tax .....

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