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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Court: chennai Page 7 of about 27,565 results (0.151 seconds)

Jun 01 2016 (HC)

Commissioner of Income Tax, Chennai Vs. M/s. TTK Healthcare Ltd., Chen ...

Court : Chennai

..... of the order passed by the income tax appellate tribunal bench- c chennai in i.t.a no.2713/mds/2004 dated 20.07.2007. 2. m ..... (appeal) filed under section 260-a of the income tax act against the order of the income tax appellate tribunal, madras 'c' bench, dated 15.06.2007 in i.t.a.no.2713/mds/2004.) nooty. ramamohana rao, j. 1. this appeal under section 260-a of the income tax act, 1961, (for brevity, henceforth referred to as act ), was preferred by the revenue calling in question the correctness ..... non-compete amount received by the assessee in question is a capital receipt, but not revenue receipt. hence, this appeal. 4. heard sri.m.swaminathan, learned standing counsel for the income tax department and sri.vijay raghavan for sri.venkatnarayanan for the respondent-assessee. 5. before we proceed further, it would only be appropriate to notice the essential facts. london international group ..... (va) to the act, all monies received pursuant to a negative covenant become liable for the incidence of taxation, thus obliterating the distinction between the two that was available till then. 12. for the aforementioned reasons, we, answer the question raised by the revenue in this appeal against it and we uphold the order passed by the income tax appellate tribunal in i .....

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Apr 25 2016 (HC)

Commissioner of Income Tax, Coimbatore Vs. P.V. Chandran

Court : Chennai

..... and in the circumstances of the case, the tribunal is right in law in holding that the respondent/assessee is entitled to claim deduction under section 80-ia of the income tax act. 2. though it is brought to the notice of this court that the issue involved in this appeal has already been decided by this court in the decision reported in ..... and 80-ia are also more or less identically worded. sections 80-i and 80-ia come in chapter vi-a of the income-tax act. chapter vi-a deals with deductions to be made in computing total income. there are two tax incentives contemplated in chapter vi-a. one is investment incentive and the other one is profit-linked investment. chapter vi-a was ..... the previous year, it should not be reopened again for the purpose of computation of current year income under section 80i or 80ia of the income tax act and the assessee should not be denied the admissible deduction under section 80ia of the income tax act. 5. for better understanding of the decision, we extract the relevant portion of the decision of this court as such: "from ..... and for the subsequent years as well. having exercised his option and his losses have been set off already against other income of the business enterprise, the assessee in this appeal falls within the parameters of section 80ia of the income tax act. there appears to be no distinction on facts in relation to the decision reported in velayudhaswamy spinning mills. 8. again in .....

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Apr 22 2016 (HC)

Commissioner of Income Tax, Chennai Vs. M/s. Ramaniyam Homes P Ltd., ( ...

Court : Chennai

..... filed by the assessee in iskraemeco regent limited. this court held that a loan transaction has no application with respect to section 28(iv) of the income tax act and that the same cannot be termed as an income within the purview of section 2(24). in paragraph 29 of the judgment, this court held that section 28(iv) has no application to loan ..... tribunal madras 'd' bench, madras, dated 9.3.2012 in ita no.1245/mds/2011.) v. ramasubramanian, j. 1. this tax case appeal is filed by the revenue, under section 260-a of income tax act 1961. on 22.8.2014, the appeal was admitted on the following substantial questions of law:- "1. whether on the facts and in the circumstances of the case ..... the assessee received during the course of its business is not exigible to tax? 2. whether on the facts and in the circumstances of the case, the income tax appellate tribunal ought to have seen that the waiver of principal amount would constitute income falling under section 28(iv) of the income tax act being the benefit arising for the business?" 2. heard mr.t.ravikumar, learned ..... , the income tax appellate tribunal was right in holding that the amount representing the principal loan amount waived by the bank under the .....

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Apr 20 2016 (HC)

Commissioner of Income Tax, Chennai and Another Vs. K. Sundaramoorthy ...

Court : Chennai

..... and on personal visit, rightly found that the agricultural income from the trust lands would not be more than rs.1 lakh, after meeting the expenses of cultivation. therefore, the ..... officer's certificate, filed by the assessee, the net income from the lands was rs.3.85 lakhs per annum. however, the assessing officer, taking into consideration, the fact that no books of accounts were maintained by the trust and the trust is also not registered under section 12a of the income tax act and non -production of any sale bills of agricultural produce ..... .2006 in it (ss) a nos. 28 and 29/mds/97 respectively.) n. kirubakaran, j. the above appeals have been preferred by the revenue as against the order of the income tax appellate tribunal dated 25.08.2006 holding that the fixed deposit receipts, to the tune of rs.13.35 lakhs, in the name of the assessee and his son and ..... appeals, one in individual capacity and the other in the status of huf were filed before the income tax appellate tribunal. the tribunal held that the fixed deposit receipts made in the name of the assessee and his son did not amount to undisclosed income by accepting the assessee s explanation that the money came out of the advance given by kannappan, with .....

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Apr 20 2016 (HC)

All India Union Bank Officers and Others Vs. Union of India, rep. by i ...

Court : Chennai

..... .no.2 of 2015) and (xvii) writ of declaration declaring that section 17(2)(viii) of the income tax act, 1961 and rule 3(7)(i) of the income tax rules 1962 as unconstitutional, ultra vires of the income tax act and therefore null and void (wp.no.9551 of 2015) (prayer amended as per order dated 28.3 ..... (wp.no.8466 of 2015) (xvi) writ of declaration declaring that section 17(2)(viii) of the income tax act, 1961 and rule 3(7)(i) of the income tax rules 1962 as unconstitutional, ultra vires of the income tax act and therefore null and void (wp.no.9495 of 2015) (prayer amended as per order dated 28.3 ..... and null and void (wp.no.10053 of 2008) (vi) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and also circular dated 6.9.2007 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no. ..... 2008) (iii) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and also circular dated 2.1.2008 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.10051 ..... and null and void (wp.no.7869 of 2008) (ii) writ of declaration declaring that the amendment to section 17(2) of the income tax act, 1961 as amended by finance act 2007 and circular dated 14.1.2008 issued by the 4th respondent bank are unconstitutional, ultra vires and null and void (wp.no.10050 of .....

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Apr 20 2016 (HC)

Official Assignee, High Court, Madras Vs. T.R. Bhuvaneswari and Others

Court : Chennai

..... . the insolvency court itself can consider the question of waiver of interest in terms of the power conferred under section 7 and in the light of the provisions of the income tax act, together with the quantum of funds available and the distribution already made. we are fortified with the view taken by us by a decision of the supreme court in johrilal ..... of a company which is being wound up can only be started or continued with the leave of the liquidation court is also, on the scheme both of the act and of the income tax act, unacceptable. we have not been shown any principle on which the liquidation court should be vested with the power to stop assessment proceedings for determining the amount of ..... that the insolvency court itself has the power and jurisdiction to grant waiver and that there is no necessity for the official assignee to approach any other authority under the income tax act, 1961 for grant of waiver, the official assignee has come up with the above appeals. 8. the short question that arises for consideration in these three appeals is as to ..... power conferred upon the insolvency court under section 7 is made subject to other provisions of that act. but unfortunately, the other provisions of the act do not deal with the issue that has now arisen for consideration before this court. 12. section 178 of the income tax act, whose provisions are given overriding effect upon the provisions of any other law for the time .....

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Apr 12 2016 (HC)

T. Rajkumar and Others Vs. Union of India, Rep. by its Secretary, New ...

Court : Chennai

..... ); (ii) a writ of declaration to declare notification no.86 dated november 1, 2013 issued by the 2nd respondent under section 94a of the income tax act, 1961 (as amended) as ultra vires section 94a of income tax act read with articles 14, 19 and 265 of the constitution of india (w.p.nos.17242, 17409 and 17411 of 2015) and (iii) ..... the transaction shall be treated as an international transaction resulting in application of transfer-pricing regulations including maintenance of documentations section 94-a was introduced in the income-tax act, 1961, through the finance act, 2011, in respect of transactions with persons located in notified jurisdictional area as an anti-avoidance measure. as per section 94-a, the central government ..... to issue a notification under section 90 towards implementation of the terms of the dtas which would automatically override the provisions of the income- tax act in the matter of ascertainment of chargeability to income tax and ascertainment of total income, to the extent of inconsistency with the terms of the dtac. the contention of the respondents, which weighed with the high court ..... implementation of a double taxation avoidance agreement and hence, as a consequence, the provisions of such an agreement would operate even if inconsistent with the provisions of the income tax act, it is contended by mr.arvind p.datar, learned senior counsel that statutory provisions must give way for the agreement, whose implementation is made pursuant to the notification .....

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Apr 04 2016 (HC)

M/s. Foxconn India Developer (P) Ltd., Kancheepuram Vs. The Income tax ...

Court : Chennai

..... lease of mineral rights, he excavates the land, carries out mining operations and takes away the minerals so mined. 22. the decision of the supreme court in board of agricultural income tax act, has also to be understood in the context of the facts out of which the case arose. as seen from paragraph 12 of the said decision, the supreme court found ..... of the expression "apparent consideration" appearing in clause (b) of section 269-ua in chapter xx-c of the income tax act, 1961, which were inserted by finance act, 1986, but which have since been repealed. in clause (b) of section 269-ua, the act made a distinction between cases where the consideration for the transfer of immovable property by way of lease consisted only ..... tribunal 'c' bench, chennai, made in ita no.492 /(mds.)/2010 dated 30.4.2012.) v. ramasubramanian, j. 1. this tax case appeal filed under section 260-a of the income tax act, 1961, by the assessee, raises the following substantial questions of law: (i) whether the upfront payment made by an assessee, under whatever name including premium, for the acquisition of leasehold ..... rights over an immovable property for a long duration of time say 99 years, could be taken to constitute rental income at the hands of the .....

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Mar 28 2016 (HC)

M/s. Sundaram Finance Limited Vs. The Deputy Commissioner of Income Ta ...

Court : Chennai

..... tribunal 'b' bench, chennai, dated 13th july 2005 in ita nos.2781/(mds)/95.) v. ramasubramanian, j. 1. this appeal is by the assessee, under section 260-a of income tax act 1961, raising the following substantial questions of law:- (1) whether on the facts and circumstances of the case, the tribunal was right in holding that the unabsorbed investment allowance had ..... section 72. 12. in support of the said contentions, the learned counsel relied upon a decision of this court in seshasayee paper and boards limited v. deputy commissioner of income tax [272 itr 165]. in the said case, this court was concerned with the question whether the unabsorbed depreciation should be allowed before the unabsorbed investment allowance and what could be ..... and gains of business or profession" under chapter iv which deals with "computation of total income". section 28 of the act lists out the different types of income that are chargeable to income tax under the head "profits and gains of business or profession". section 29 lays down that the income referred to in section 28 should be computed in accordance with the provisions contained in ..... reference is made in section 29, deal with certain items of expenditure, depreciation, investment allowance etc., which could be deducted from the total income, for the purpose of arriving at the income that could be charged to tax under the head "profits and gains of business or profession". but these provisions do not deal with the question of set off or carry .....

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Mar 23 2016 (HC)

Commisioner of Income tax Vs. M. Hemanathan

Court : Chennai

..... is actually a nullity. there is only one exception in so far as civil proceedings are concerned, which could be traced to order xxii rule 4. section 159 of the income tax act also carves out an exception. since service of notice on the legal heir of a dead person falls under the category of an exception to the general rule, the same ..... of income tax during the proceedings under section 263 of the income tax act ?" 2. heard mr.m.swaminathan, learned standing counsel for the appellant/department. 3. the respondent is the legal heir (the son) of one late m.a ..... right in not considering the crucial fact that the notice under section 263 of the income tax act was served on the legal representative and the opportunity of being heard was given to the legal representative and his authorised representative appeared and attended the hearings before the commissioner ..... facts and in the circumstances of the case, the tribunal was right in law in quashing the order of the commissioner of income tax passed under section 263 of the income tax act on a dead person without noting that the commissioner of income tax has impleaded the legal heirs of the assessee? and (2) whether on the facts and circumstances of the case, the tribunal was .....

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