Court : Chennai
Decided on : Mar-03-2017
..... section 54f, followed the above-said decision of this court in t.c. (a) no. 656 of 2005 and granted the benefit to the assessee under section 54f of the income tax act on the investment made in the four flats. 13. hence, the above-said decisions of this court make it clear that the property should be assessed as one unit, even ..... to 13 and the same reads as follows: 8. for a proper appreciation of the aforesaid contention, it is necessary to have a careful look at section 54 of the income tax act, which reads as under: 54.profit on sale of property used for residence: (1) subject to the provisions of sub-section (2), where, in the case of an assessee being ..... view of the matter, the tribunal as well as the appellate authority were justified in holding that there is no liability to pay capital gain tax as the case squarely falls under section 54 of the income tax act. hence, we do not see any substantial question of law arising for consideration in this appeal. accordingly, the appeal is dismissed. (iv) in pawan arya ..... /mds/2016. m. sundar, j. 1. this is a statutory appeal under section 260 a of the income tax act, 1961 [hereinafter referred to as 'it act' for the sake of brevity] 2. this statutory appeal under it act is directed against an order dated 11.05.2016 made by the income tax appellate tribunal ''c'' bench chennai [hereinafter referred to as 'itat' for the sake of brevity] in .....Tag this Judgment!
Court : Chennai
Decided on : Mar-01-2017
..... ) 2008-09, 2009-10 and 2010-11. 4. the common issue, which arose before the tribunal for consideration was, whether penalty under section 271(1)(c) of the income tax act, 1961, (in short 'the act') should be confirmed qua the assessee. 5. the brief facts, which are required to be noticed are as follows: 5.1. in the concerned a.ys, the assessee ..... (prayer: appeals filed under section 260a of the income tax act, 1961 against the order dated 19.06.2015 made in i.t.a.nos.434, 442 and 443/mds/2014 on the file of the income tax appellate tribunal, 'a' bench, chennai for the assessment years 2008-09, 2009-10 and 2010-11.) common judgment: rajiv shakdher, j. c.m.p.no.2395 and 2396 ..... ). 12. we have examined closely the judgment of the supreme court rendered in mak data (p) ltd. v. commissioner of income-tax-ii  38 taxmann.com 448 (sc). 12.1. that was a case, where survey was conducted under section 133a of the act, which led to revelation of certain documents. the assessee, upon being confronted with these circumstances, offered to pay ..... instant case, what has emerged is that the assessee, having realised that the expenditure claimed towards travelling under section 57 of the act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. in our opinion, this was not a case, where, the assessee could be said to have .....Tag this Judgment!
Court : Chennai
Decided on : Feb-24-2017
..... nos. 2311 and 2312 (mds) of 2015. in the said order, the appellate tribunal while considering the claim of the petitioner firm relating to deduction under section 10aa of the income tax act, has given a categorical finding that the words 'medallion' and 'pendant' have same meaning and usage in common parlance and therefore, merely because the product manufactured by the assessee ..... ' within mepz-sez, chennai. on the basis of such approval, the petitioner firm continued to manufacture 'gold medallions' and exported the same. subsequently, since the government withdrawn the income tax concessions hitherto conferred to the persons like the petitioner who carry out the manufacturing activities inside mepz-sez, on and from 31.03.2012, the export activities carried on by ..... by the petitioner as against the conditions laid down in loa came up for discussion in item no.3.6 wherein it was stated that the joint commissioner of income tax, coimbatore was also of the opinion that the investigations revealed that the petitioner unit has violated the loa conditions and therefore it was suggested to initiate adjudication process as ..... , the permissible wastage is 0.25% and therefore it was concluded that 'medallion' are not 'pendant' as per the foreign trade policy. according to the petitioner, when the income tax appellate tribunal has concluded that 'pendant' and 'medallion' are one and the same and the petitioner firm had not claimed any wastage as prescribed in the handbook of procedure, such .....Tag this Judgment!
Court : Chennai
Decided on : Feb-08-2017
..... consideration with respondent no.1 i.e. the commissioner of income tax (appeals) [in short cit(a)]. the order dated 23.09.2016, has been passed under section 147 of the income tax act, 1961, (in short the act), whereby, exemption under section 10 b of the act has been disallowed. 2.2. record shows that the issue ..... raised in the present writ petition pertains to the assessment year 2009-10. the petitioner, as it appears, had claimed exemption under section 10 b of the act ..... by the revenue, though, was confined to deduction claimed by the petitioner under section 2(22)(e) of the act. 2.6. respondent no.2, however, issued a notice for reopening the ..... (22)(e) of the act. 2.4. the petitioner, evidently, had carried the matter in appeal to the cit(a). the appeal preferred by the petitioner was allowed, vide, order dated 12.12.2013. 2.5. against the said order, the revenue filed an appeal with the income tax appellate tribunal. the appeal preferred ..... aforementioned facts, in particular, the fact that in the earlier round the exemption claimed by the petitioner under section 10 b of the act was allowed by the cit (a), against which, the revenue did not prefer an appeal, i am inclined to agree with the counsel for the petitioner that .....Tag this Judgment!
Court : Chennai
Decided on : Feb-01-2017
..... the case on hand have nothing to do with the foreign exchange regulation act. 11. the learned senior counsel appearing for the appellant further submitted that the appellate authority ..... foreign exchange regulation act. the learned senior counsel further stressed that the appellant is a director, who only intends to become a non-resident indian. further, urging that the appellant is a permanent resident of singapore, the counsel submitted that the offence relating to income-tax act in respect of ..... order impugned has to be set aside. (b) judgments of the hon'ble supreme court in shivsagar veg. restaurant v. asst. commissioner of income-tax and another, reported in 2008 scc online bom 1088 and in devang rasiklal vora v. union of india and others, reported in [manu/mh/0640 ..... to be fraudulent, sham, circuitous or a device designed to defeat the interests of the shareholders, investors, parties to the contract and also for tax evasion, the court can always lift the corporate veil and examine the substance of the transaction." this court further held: "280. lifting the corporate ..... veil doctrine can, therefore, be applied in tax matters even in the absence of any statutory authorisation to that effect." fera (amendment) act 29 of 1993 has no effect on the principle of lifting the corporate veil and the question .....Tag this Judgment!
Court : Chennai
Decided on : Jan-06-2017
..... case on hand have nothing to do with the foreign exchange regulation act. 11. the learned senior counsel appearing for the appellant further submitted that the appellate authority is ..... the foreign exchange regulation act. the learned senior counsel further stressed that the appellant is a director, who only intends to become a non-resident indian. further, urging that the appellant is a permanent resident of singapore, the counsel submitted that the offence relating to income-tax act in respect of the ..... the order impugned has to be set aside. (b) judgments of the hon'ble supreme court in shivsagar veg. restaurant v. asst. commissioner of income-tax and another, reported in 2008 scc online bom 1088 and in devang rasiklal vora v. union of india and others, reported in [2004(2) mh. ..... authorised dealer in india, the foreign exchange amounting to usd 62,61,313/- held by him outside india together with interest and any other income that might have accrued thereon. (ii) the said show-cause notice was issued on the allegations that a person resident in india other ..... . this court further held: 280. lifting the corporate veil doctrine can, therefore, be applied in tax matters even in the absence of any statutory authorisation to that effect. fera (amendment) act 29 of 1993 has no effect on the principle of lifting the corporate veil and the question as .....Tag this Judgment!
Court : Chennai
Decided on : Jan-05-2017
..... even as per the summons dated 09.09.2016 issued to the petitioners under section 37 of fema, 1999 read with section 131 (1) of income tax act, 1961 and section 30 of the criminal procedure code, reference was made only to the file no. t-3/78/cezo/c/2015 and such summons does ..... file an application dated 30.09.2016 before the respondents under section 37 (3) read with section 132 (8), 8a and 10 of the income tax act seeking return of the plastic folder containing the original indian overseas bank deposit receipts seized on 01.12.2015. as there was no response to such ..... petitioner-company and its directors are ultra vires and in excess of the powers conferred under section 37 of the foreign exchange management act, 1999 read with section 132 of the income tax, without authority of law, arbitrary, malafide, for a collateral purpose and violative of article 14 of the constitution of india.) ..... was stated that the minutes of the meeting was not signed by a competent officer of the enforcement directorate but only by the assistant director of income tax. further, an objection was raised that it is not an authenticated copy produced before this court. 35. the learned public prosecutor only submitted that ..... on as could be evident from the minutes of the meeting dated 11.11.2016 and 14.10.2016 of the coordination committee of cbi, income tax department and directorate of enforcement to take stock of the investigation conducted into the aircel-maxis case about the fipb clearance. 23. it is .....Tag this Judgment!
Court : Chennai
Decided on : Jan-04-2017
..... to assail the order dated 5/5/2008: 25. as rightly contended by the learned counsel for the writ petitioner, provisions of the second and third schedules to the income tax act, 1961 and the income tax (certificate proceedings) rules, 1962, in force from time to time, shall, can be made applicable only as far as possible , with necessary modifications. section 30 of the recovery ..... , there was no other mode of recovery except the under chapter v (sections 25 to 28) and the rules under 2nd and 3rd schedule of income tax act, 1961 r/w income tax (certificate proceedings) rules, 1962. subsequently, section 30 of act, 1993, was substituted w.e.f. 17th jan., 2000. to prefer appeal against order of recovery officer within 30 days before drt. 19. in ..... applicable only as far as possible and with the modification as if the said provisions and the rules referred to the amount of debt due under the rddb act instead of the income tax act. the question is whether the said two expressions render the provisions of rule 57 directory no matter the same is couched in a language that is manifestly mandatory in ..... has not been disputed. 12. section 29 of the recovery of debts due to banks and financial institutions act, 1993 is extracted hereunder:- application of certain provisions of income tax act the provisions of the second and third schedules to the income-tax act, 1961 (43 of 1961) and the income-tax (certificate proceedings) rules, 1962, as in force from time to time shall, as far as possible, .....Tag this Judgment!
Court : Chennai
Decided on : Jan-03-2017
..... is clearly enforceable against both the defendants. (v) on deduction of rs.40,000/- towards income tax deduction at source, being the third point, learned master placed reliance on section 194(c) of income tax act and came to the conclusion that such deduction while advancing a loan is improper and therefore a triable ..... learned single judge. the two points that fell for consideration/scrutiny before the learned single judge are deduction of rs.40,000/- towards income tax deduction at source, which raises doubts about the nature of the transaction and competence of the natured person who verified the pleadings for the ..... 1 and 2 on limitation and dpn not being binding on second defendant were not accepted by the learned master. points 3 and 4 on income tax deduction at source changing the character of the transaction from one of borrowing simpliciter and verification of plaint by mr. m.v. kumar being ..... not bind the second defendant as it is not a personal borrowing by him. (c) a sum of rs.40,000/- has been deducted towards income tax deductions at source by the plaintiff while advancing rs.20,00,000/- and therefore, the transaction is not browing simpliciter. (d) verification of plaint ..... master repelled the contention of the defendants that these are emails which does not bear their signature. learned master relied on the information technology act and repelled this point. (iv) on the second point of dpn not being binding on the second defendant learned master scrutinized the recital .....Tag this Judgment!
Court : Chennai
Decided on : Jan-11-2017
..... ) that the pune property of respondent no.1 stands mortgaged to the cooperative bank. viii) that attachment orders have been issued by the income tax department. ix) that the cooperative bank has initiated proceedings under section 138 of the ni act against all the respondents. 19. furthermore, in so far as the applicant is concerned, it appears that the applicant has also initiated proceedings ..... the above, respondents have also placed on record an order of attachment dated 10.02.2015 issued by the income tax department, whereby, the pune property stands attached. the fact that proceedings under section 138 of the negotiable instruments act, 1881 (in short the ni act) have been commenced against the respondents, is sought to be demonstrated by appending a copy of the complaint filed ..... of the fact that recovery proceedings had been launched by the cooperative bank in view of respondent no.2 acting in her capacity as guarantor of respondent no.1 breaching twice over the terms of settlement arrived at with it. 5. moreover, the income tax department, as it appears, has also, commenced proceedings against respondent no.1, which is, exemplified by letter dated .....Tag this Judgment!