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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: chennai Page 100 of about 27,565 results (0.137 seconds)

Jan 17 2006 (TRI)

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

Court : Income Tax Appellate Tribunal ITAT Chennai

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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Jan 17 2006 (HC)

Commissioner of Income Tax Vs. Vellore Electric Corporation Ltd.

Court : Chennai

Reported in : (2006)201CTR(Mad)548; [2006]287ITR50(Mad)

..... become final due to the bar of limitation prior to 1st april, 1989, and this position was equally applicable to reassessments proposed on the basis of orders passed under the it act or under any other law. the proceedings which had attained finality under existing law due to bar of limitation cannot be held to be reopened for revival unless the amended ..... ), intending thereby to insulate all assessments which have become final and may have been found liable for reassessment or recomputation on the basis of either orders in proceedings under the it act or orders of courts passed under any other law. the supreme court further held that the provisions of section 150(1) as amended w.e.f. 1st april. 1989, did ..... is, 'whether the period of limitation prescribed for reopening the assessment is applicable even for an order passed by the ao by invoking the provision under section 150 of the it act.'3. the tribunal while discussing the issue has relied on a decision of the supreme court in the case of k.m. sharma v. ito : [2002]254itr772(sc) and very ..... account has to be assessed in the concerned assessment year, the ao reopened the assessment under section 148 read with section 150 of the it act and assessed the interest. that order was canvassed in appeal before the cit(a) unsuccessfully. however, the tribunal has allowed the appeals by the assessee. hence, the revenue is before this court by way of appeal.2 .....

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Jan 06 2006 (HC)

South India Surgical Co. Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Reported in : (2006)201CTR(Mad)289; [2006]287ITR62(Mad)

..... . (1) the deductions provided for in the following clauses shall be allowed in respect of the matters dealt with therein, in computing the income referred to in section 28-(vii) subject to the provisions of sub-sections (2), the amount of any bad debt or part thereof which ..... a businessman writes off an amount, there is prima facie evidence that the amount is irrecoverable.12. the decision of kamla cotton co. v. cit (supra) of the gujarat high court mostly relied the principle laid down in : [1963]49itr874(mad) referred (supra) on the facts peculiar ..... the disallowance in respect of other two counts. that order was carried on appeal to the tribunal. the tribunal confirmed the order of the cit(a). the correctness of the said order is canvassed in the present appeal by raising the following questions of law:1. whether, on ..... after a claim of deduction under section 80-ia of the it act. the ao completed the assessment under section 143(3) determining the turnover at rs. 83,52,860 ..... tax appeal is filed against the order of the tribunal dt. 12th march, 2002 made in ita no. 833 of 1999. the assessment year is 1996-97.2. the assessee, a company incorporated under the companies act is carrying on business of manufacturing and marketing surgical instruments. for the relevant assessment year, the assessee filed return of income declaring nil income .....

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Jan 05 2006 (HC)

Commissioner of Income-tax Vs. Ignifluid Boilers (i) Ltd.

Court : Chennai

Reported in : (2006)203CTR(Mad)458

..... principal contractor accrued to the assessee during the relevant assessment year for consideration. 4. under the income-tax act, the income accrued or received by the assessee alone is taxable. this position is fortified by the decision of the supreme court in the ..... or its receipt; but the substance of the matter is the income. if income does not result at all ..... cit v. shoorji vallabhdas and co. : [1962]46itr144(sc) wherein it has been held as follows (page 148) :income-tax is a levy on income. no doubt, the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income ..... , there cannot be a tax, even though in book-keeping, an entry is made about a 'hypothetical income', which does not materialise. where income ..... raised on completion of work and brought the same into account on accrual basis. on appeal by the assessee, the commissioner of income-tax (appeals), deleted that portion of inclusion of amount, which was further confirmed on appeal by the tribunal at the instance of the .....

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Jan 03 2006 (HC)

Cit Vs. Best and Crompton Engg. Ltd.

Court : Chennai

Reported in : [2006]156TAXMAN216(Mad)

..... representation for the assessee.7. we have heard the counsel appearing for the revenue. the relevant provision of law for our consideration is section 91 of the income tax act. section 91 of the income tax act deals with countries with which no agreement exists and it grants unilateral relief in cases where section 90 does not apply, subject to the following conditions:'(a) ..... learned counsel appearing for the revenue submitted that the assessing officer was right in excluding the deduction allowed under section 35b of the income tax act, 1961, from the iranian income to arrive at the correct iranian income, which had suffered tax both in iran and india, for the purpose of relief under section 91 and also relied on the andhra pradesh high court ..... in respect of such amount. in the present case, that part of the income viz,, iranian income was actually included in the assessee's total income. hence there was a 'doubly taxed' income. when the income is doubly taxed, the assessee is entitled to the unilateral relief under section 91 of the income tax act. hence, the andhra prades hjudgment will not help the revenue in this case. ..... the tribunal is right in law in holding that the assessee is entitled for relief under section 91 of the income tax act, 1961, without taking into account the weighted deduction allowed under section 35b of the income tax act, in respect of the iranian income ?'2. the facts leading to the above question of law are as under:the respondent-assessee is a company .....

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Jan 03 2006 (HC)

K.R.M. Marine Exports Ltd. Vs. Assistant Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR151(Mad)

..... provisions of this section.(4a) the deduction under sub-section (1a) shall not be admissible unless the supporting manufacturer furnishes in the prescribed form along with his return of income--(a) the report of an accountant, as defined in the explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed on the ..... carried on by the assessee.(4) the deduction under sub-section (1) shall not be admissible unless the assessee furnishes in the prescribed form, along with the return of income, the report of an accountant, as defined in the explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed in accordance with the ..... the accounts of the export house or trading house under the provisions of this act or under any other law. (4b) for the purposes of computing the total, income under sub-section (1) or sub-section (1a), any income not charged to tax under this act shall be excluded (amended by finance act, 1999, with retrospective effect from 1st april, 1992).explanation: for the purposes ..... of this section,--(a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, .....

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Jan 03 2006 (HC)

Commissioner of Income Tax Vs. Best and Crompton Engineering Ltd.

Court : Chennai

Reported in : [2006]284ITR225(Mad)

..... 6. the learned counsel appearing for the revenue submitted that the ao was right in excluding the deduction allowed under section 35b of the it act, 1961, from the iranian income to arrive at the, correct iranian income, which had suffered tax both in iran and india, for the purpose of relief under section 91 and also relied on the andhra pradesh high court judgment ..... section 91 of the it act. hence, the andhra pradesh judgment will not help the revenue in this case. in ..... under chapter vi-a under section 91 of the it act, is not doubly taxed and, therefore, no relief is available in respect of such amount. in the present case, that part of the income viz., iranian income was actually included in the assessee's total income. hence there was a 'doubly taxed' income. when the income is doubly taxed, the assessee is entitled to the unilateral relief under ..... the following conditions-:(a) the assessee should be resident of india in the previous year;(b) the income should have accrued in fact outside india and should hot be deemed under any provision of this act to accrue in india;(c) the income should be taxed both in india and in a foreign country with which india has no agreement for relief against .....

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Jan 03 2006 (HC)

Commissioner of Income Tax Vs. Vasu Farms (P) Ltd.

Court : Chennai

Reported in : [2006]287ITR38(Mad)

..... sale of eggs. for the relevant assessment year, the ao completed the assessment under section 143(3) of the it act and disallowed a sum of rs. 14,58,560 being feed and other expenses to birds' pre-layer stage. on appeal, the cit(a) justified the action of the ao in disallowing the expenditure incurred towards feed, medicines, etc. on birds before ..... to the birds and that alone is not sufficient to lay eggs for the chicks. the tribunal also found that admittedly, the assessee incurred expenditure for the purpose of earning income from the poultry-farming and merely because a part of the expenditure was relatable to the chicks in their pre-layer stage, that cannot be a reason to disallow the ..... medicines given to the birds would only constitute revenue expenditure. in view of the above discussion, we are of the view that the appeal requires no entertainment.6. accordingly, the tax case (appeal) is dismissed.

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Jan 03 2006 (HC)

K.R.M. Marine Exports Ltd. Vs. Asstt. Cit

Court : Chennai

Reported in : (2006)201CTR(Mad)1; [2006]153TAXMAN437(Mad)

..... provisions of this section.(4a) the deduction under sub-section (1a) shall not be admissible unless the supporting manufacturer furnishes in the prescribed form along with his return of income-(a) the report of an accountant, as defined in the explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed on the ..... business carried on by the assessee.(4) the deduction under sub-section (1) shall not be admissible unless the assessee furnishes in the prescribed form, along with the return of income, the report of an accountant, as defined in the explanation below sub-section (2) of section 288, certifying that the deduction has been correctly claimed in accordance with the ..... the accounts of the export house or trading house under the provisions of this act or under any other law.(4b) for the purposes of computing the total. income under sub-section (1) or sub-section (1a), any income not charged to tax under this act shall be excluded (amended by finance act, 1999, with retrospective effect from ist april, 1992).explanation: for the purposes ..... of this section,-(a) 'convertible foreign exchange' means foreign exchange which is for the time being treated by the reserve bank of india as convertible foreign exchange for the purposes of the foreign exchange regulation act, .....

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Jan 02 2006 (HC)

Commissioner of Income Tax Vs. Sanco Trans Ltd.

Court : Chennai

Reported in : [2006]284ITR51(Mad)

..... been made by the assessee in order to claim depreciation, additional depreciation and investment allowance that was not due to it, purposely reduce the income and evade tax 2. the assessment years are 1995-96 and 1984-85. the assessee claimed a deduction of deferred revenue expenditure incurred at their leased ..... debit note dt. 31st march, 1995. in respect of other question of law regarding enduring benefit, he has reiterated what was stated before the cit(a) as well as the tribunal.6. we have heard the learned senior central government standing counsel and perused the materials on record.7. we ..... leased out premises, the work done is only for the purpose of smooth functioning of the business of the assessee. the findings of the cit(a) have been confirmed by the tribunal on appeal.5. learned senior central government standing counsel for the department has contended that the expenditure ..... business or trading activity would be a revenue expenditure, even though the payment is of a large amount and has not been made periodically. the cit(a) further found that the expenditure did not bring any capital asset into existence, but was necessary for renovating the existing assets for making ..... two vital grounds : (a) validity of revised return in which the expenditure was claimed (b) claim in respect of expenditure incurred in an earlier year ? tax cases (appeal) no. 1379 of 2005 : whether, in the facts and circumstances of the case, the tribunal was right in deleting the penalty imposed under .....

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