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Judgment Search Results Home > Cases Phrase: income tax act Year: 2012 Page 1 of about 1,977 results (0.089 seconds)

Jul 09 2012 (HC)

The Commissioner of Income Tax. Vs. Ms.Forbes Campbell Finance Ltd.

Court : Chennai

Decided on : Jul-09-2012

..... (appeal) nos.148 to 155 of 2005 are filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, chennai bench 'a', dated 13.07.2004 in ita nos.1623, 1624/mds/96, 319/mds/95, 1012, 1013/mds/97, ..... based on past experience, certainly, the figures would not have stayed as having a correlation to the sales, or for that matter, as the commissioner of income tax (appeals) observed, more than 60% of the provision would not have remained unpaid even after more than two years from the date of sale. 23. ..... that more than 60% of the provision remained unpaid even after more than two years since the date of sale. this aspect persuaded the commissioner of income tax (appeals) to come to the conclusion that the assessee had not made the provision after taking stock of the situation properly. the assessee pleaded before the ..... 60% of the provision made towards the service charges remained unpaid even after more than two years from the date of sale. thus the commissioner of income tax (appeals) came to a factual finding that the assessee had not made the provision after taking stock of the situation properly. the assessee had made provision ..... free service of machines was guaranteed for one year during the year of sale and the service was to be done for four quarters. the commissioner of income tax (appeals) also pointed out that even though the assessee assured free four quarterly services during the period of one year warranty, some purchasers had not .....

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Apr 27 2012 (HC)

Ms.Tarapore and Co. Vs. the Deputy Commissioner of Income Tax

Court : Chennai

Decided on : Apr-27-2012

..... appeal filed under section 260a of the income tax act, 1961, against the order of the tribunal dated 26.07.2005 made in i.t.a.no.1666 of 1997 on the file of the income tax appellate tribunal chennaijudgment(judgment of the court was delivered by chitra venkataraman,j.)1. the following are the substantial questions of law raised by the assessee on which ..... difference between the consumption account debited and the earnings account credited should be assessed as earnings of the assessee of this year. as rightly pointed out by the commissioner of income tax (appeals), the clauses in the agreement clearly show that the assessee had to pay for the cement and steel used in the contract. the rest of the advance amount from ..... the amount paid by them towards the cost of cement, the closing stock would be treated as the income of the assessee.6. aggrieved by this, the assessee went on appeal before the commissioner of income tax (appeals). referring to clause 5.03, the commissioner of income tax (appeals) held that the assessee had to pay for the cement and steel supplied by nstl. in ..... this tax case appeal was admitted by this court:1. whether the tribunal was right in law .....

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Jul 24 2012 (HC)

Ms.Nicco Uco Alliance Credit Limited. Vs. the Deputy Commissioner of I ...

Court : Chennai

Decided on : Jul-24-2012

..... appeals filed under section 260a of the income tax act, 1961 against the order of the income tax appellate tribunal "b" bench, chennai, dated 20.1.2005 in ita no.26/(mds)/97 and ita no.59(mds)/98.judgment( ..... the doubtful debts actually written off in the accounts as against the provisions made. aggrieved by the assessment, the assessee went on appeal before the commissioner of income tax (appeals). the assessee contended that a sum of rs.36,22,691/- was an allowable deduction. even though the same was described as a provision, ..... and loss account. consequently, the assessee sought for a relief that the claim as bad debt be allowed under section 36(1)(vii).3. the commissioner of income tax (appeals) allowed the claim of the assessee following his earlier order. aggrieved by this, the revenue went on appeal before the tribunal. the tribunal allowed ..... 3.1993.5. learned counsel appearing for the assessee also placed reliance on the decision reported in [2010] 323 itr 166 (vijaya bank vs. commissioner of income tax) and pointed out that when the assessee had debited the profit and loss account, the doubtful debts are simultaneously taken to the balance sheet, bringing the ..... standing counsel appearing for the revenue, contended that while the law laid down in the decision reported in [2010] 323 itr 166 (vijaya bank vs. commissioner of income tax) would guide the issue on appeal, the facts herein, however, do not entitle the assessee, the relief. he pointed out that even as per the accounts .....

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Jul 17 2012 (HC)

Ms.The United Nilagiri Tea Estates Co. Vs. the Deputy Commissioner of ...

Court : Chennai

Decided on : Jul-17-2012

..... appeal filed by the assessee, relating to the assessment year 1998-99:"whether the tribunal was right in law in holding that the interest income has to be taxed on accrual basis under section 145 of the income tax act, though the same has become irrecoverable? "2. it is seen from the facts herein that the assessee advanced loan of rs.25 lakhs ..... of taxation is income, if the income does not result at all, there could be no ..... tax. irrespective of the method of accounting, there could be no tax on a hypothetical income.6. the ..... electricity co. ltd. v. commissioner of income-tax), considering the question as to whether, in a mercantile system of accounting, on a mere accrual of an income, there could be any assessment made on a hypothetical income, the apex court pointed out that income tax act recognises the accrual of income or its receipt on which the liability to tax is attracted. however, when the subject matter .....

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Jan 02 2012 (HC)

Commissioner of Income Tax-iii Vs. M/S Madras Electrical Conductors Pv ...

Court : Chennai

Decided on : Jan-02-2012

..... contended that the tribunal had considered all the facts and circumstances of the case and ultimately came to the conclusion that the commissioner of income tax has no jurisdiction to revise the order under section 263 of the income tax act. she has further contended that there was only a lull in the business and therefore the tribunal may also give a finding that the ..... company, hereinafter referred to as the assessee, was engaged in the business of manufacturing and selling of aluminium conductors. on completion of the assessment under section 143(3) of the income tax act for the assessment year 2001-02, it was noticed that the assessee had taken land on sub lease and constructed godowns and getting rental ..... the order and therefore sought to set aside the revisionary order. the income tax appellate tribunal allowed the appeal of the assessee by holding that the commissioner of income tax was not justified in passing a revisionary order under section 263 of the income tax act. challenging the said order, the revenue has preferred the present tax case appeal. 4. the learned counsel for the revenue vehemently contended .....

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Feb 07 2012 (HC)

Sri Chakra Financial Services Limited(Fo Vs. the Commissioner of Incom ...

Court : Andhra Pradesh

Decided on : Feb-07-2012

..... madan b.lokur, j.1. the issue for consideration in this assessee's appeal under section 260-a of the income tax act, 1961 (hereinafter, 'the act') is as to the methodology of computation of the assessee's income from finance charges.2. the assessee is a public limited company engaged in the business of leasing, hire purchase and finance. for the assessment year 1987-88 ..... charges should be assessed as returned by the assessee and not as per its books of account. in the second appeal, the tribunal followed the decision in deputy commissioner of income tax v/s. nagarjuna investment trust limited1, wherein a special bench of the tribunal at hyderabad held that finance charges/interest in relation to hire purchase agreements recognized by the assessee ..... of the reality of the situation. as pointed out by the supreme court in commissioner of income-tax v/s. british paints india limited3, even if the assessee adopted a regular system of accounting, the assessing officer is under a duty under section 145 of the act to consider whether the correct profits and gains could be deduced from the accounts so maintained ..... , it admitted a loss of rs.7,09,738/-. the assistant commissioner of income tax, central circle-iii, hyderabad, however assessed the income of .....

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Apr 23 2012 (HC)

Commissioner of Income Tax Vs. Wheels India Limited

Court : Chennai

Decided on : Apr-23-2012

..... decision of the special bench of the tribunal in the case of ito v. food specialities ltd [1994] 49 itd 21 and after the insertion of section 43b in the income tax act, 1961, customs duty that is allowed under section 43b could not be included as part of the closing stock of raw materials that remained unutilised in the year, the tribunal ..... customs duty on raw materials lying in the closing stock during the relevant accounting year. the assessing officer made computation by disallowing the claim made under section 43b of the income tax act. having done this, as far as the valuation of the closing stock is concerned, the first appellate authority pointed out that as per the method of accounting followed by the ..... the sole ground that the modvat credit was an irreversible credit available to manufactures upon purchase of duty paid raw material, the same would not amount to income which was liable to be taxed under the act. thus, on the facts that the assessee was under the facility of modvat scheme, the apex court held that it was not permissible for the assessing ..... gift on such occasion to his friends or relatives or official superiors or colleagues, such gifts being made out of taxed income.5. the decision of the karntaka high court reported in [2006] 285 itr 365 motor industries co. ltd v. deputy cit, refers to expenditure on gift articles such as leather articles, nylon bags, umbrellas, glass jugs, for presentation as courtesy to .....

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Apr 23 2012 (HC)

Commissioner of Income Tax Vs. Bojraj Textiles Mills Ltd.

Court : Chennai

Decided on : Apr-23-2012

..... appeal filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, madras 'c' bench dated 28.01.2005 in ita no.1027/mds/1997. (judgment of the court was pronounced by chitra venkataraman,j.)1. the following substantial questions of law arise for consideration in this tax case appeal, relating to the assessment year 1994- ..... crystallized only in the next year for finalising the agreement on purchase obligation, the claim for deduction was rejected. the assessee filed an appeal before the commissioner of income tax (appeals). the commissioner of income tax (appeals) viewed that when the textile commissioner had allowed the assessee to perform its obligation by 31.3.1995, the obligation to purchase from various producers would ..... such deduction is permissible only in the case of amounts actually expended or paid;(ii)just as receipts, though not actual receipts but accrued due are brought in for income-tax assessment, so also liabilities accrued due would be taken into account while working out the profits and gains of the business;(iii)a condition subsequent, the fulfilment of which ..... as the first substantial question of law is concerned, both counsel agree that the said issue is covered by the decision reported in [2003] 262 itr 375 (commissioner of income-tax vs sakthi textiles ltd.) in favour of the assessee. the only other question which remains for consideration is as regards the deductability provision made in respect of hank yarn .....

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Jun 28 2012 (HC)

Commissioner of Income Tax Vs. Ms.indus Ind Bank Ltd.

Court : Chennai

Decided on : Jun-28-2012

..... respectively.4. it is seen from the facts narrated that the assessee had entered into agreements to give vehicles on hire purchase basis. in respect of the income received, admittedly, while returning the income under income tax act, the assessee had followed equated monthly instalment (in short, emi) method, as against the sum of digits (in short, sod) method. in the course of the assessment ..... dated 13.1.1998, which specifically dealt with the hire purchase transactions' taxability with reference to interest element, to ultimately hold that section 194 a of the income tax act would not be attracted in case of payment of periodical instalment on the hire purchase agreement. thus in the context of the circular of the board no.127(12)-i. ..... , the method followed by the assessee for the purpose of arriving at its true income could not be faulted with. the assessee further pointed out that on the only test of accrual of income as per section 5 of the income tax act thus satisfied in the reporting of the income by following emi method, it was not open to the assessing officer to reject the ..... return. thus, once the correct income has been deduced from the books of accounts, the assessing officer is bound .....

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Jun 08 2012 (HC)

The Commissioner of Income Tax. Vs. Ttg Industries Ltd.

Court : Chennai

Decided on : Jun-08-2012

..... venkataraman, j. )1. the following is the question of law raised in this tax case appeal filed by the revenue against the order of the income tax appellate tribunal ..... prayer: appeal filed against the order of the income tax appellate tribunal "b" bench, dated 29.11.2001 in ita no.640/mds/2000, under section 260 a of the income tax act, 1961 for the assessment year 1996-97.o r d e r(the order of the court was made by chitra ..... thus, even applying the decision of the apex court reported in (1989) 177 itr 377(sc) (alembic chemical works co., ltd., vs. commissioner of income tax), the expenditure could be considered only as a revenue expenditure.5. heard the learned counsel appearing on either side.6. as rightly submitted by the learned ..... than the revenue in nature. placing further reliance on the decision of the bombay high court reported in (1998) 231 itr 849 ( commissioner of income tax vs. kirloskar tractors ltd.,), learned counsel submitted that when the expenditure incurred is for the purpose of manufacturing activity in pursuance of a turn-key project ..... the expenditure towards technical know-how as revenue expenditure was rejected. aggrieved by the said order, the assessee went on appeal before the commissioner of income tax (appeals), who pointed out that as a matter of fact the requirements of technical know-how varied from customers to customers and contracts to .....

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