Court : Chennai
Decided on : Jun-04-2012
..... given to meet the cost of power of the industrial undertaking is liable to be excluded in computing the deduction admissible under section 80ia of the income tax act 1961 ?2. it is seen from the orders of the authorities below that the assessee received operational subsidy from tamil nadu electricity board to an extent ..... prayer: appeal filed under section 260a of the income tax act, 1961 as against the order of the income tax appellate tribunal, chennai bench 'c' dated 13th may 2005 in i.t.a.no.1029/mds/2001.judgment(judgment of the court ..... section 80ia. as far as reference to the decision of the apex court reported in 262 itr 278(sc) (pandican chedmicals ltd., vs. commissioner of income tax) is concerned, the tribunal referred to the said decision for the purpose of considering the relief of interest receipt on the deposit made with the electricity department ..... also placed before this court the decision of the apex court reported in 228 itr 253 (sc) (sahney steel & press works limited vs. commissioner of income tax) to emphasise on the fact that the payments were made after setting up of the industry and commencement of the production, so as to enable the industry ..... this court.3. learned counsel appearing for the assessee placed reliance on the decision of the apex court reported in (2001) 251 itr 427 (commisisoner of income tax vs. rajaram maize products) and pointed out that when the receipt of subsidy was not in the nature of revenue receipt that was given to production, .....Tag this Judgment!
Court : Chennai
Decided on : Jul-20-2012
..... , a further sum of rs.47,79,480/-, which was the share application money, was pending allotment as on 31.3.1997. summons were issued under section 131 of the income tax act and enquiry was conducted as regards those applicants who were stated to be from jaipur, bangalore, thanjavur, coimbatore and chennai. the enquiries conducted at jaipur revealed that most of them ..... of the assessee. he further pointed out that when the business itself had not yet commenced, the question of taking recourse to section 68 of the income tax act to treat the share application money as unexplained income, did not arise. in any event, the assessee had placed materials to discharge his burden to show that there was an application for allotment of shares ..... if the subscribers to the capital were not genuine "under no circumstance could the share capital be regarded as undisclosed income of the company" would not be correct. referring to section 68 of the income tax act, the delhi high court held that the income tax officer had the jurisdiction to make enquiries as regards the nature and source of a sum credited in the books ..... filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal "b" bench, chennai, dated 24.03.2006 passed in i.t.(ss)a.no.41/mds/ 2002.judgment(judgment of the court was delivered by chitra venkataraman,j.)1. the following are the substantial questions of law raised in this tax case appeal filed by the assessee .....Tag this Judgment!
Court : Chennai
Decided on : Jul-19-2012
..... voluntarily, there is no scope of levying penalty under section 271(1)(c) of the act?(b) since clause "b" of explanation 1 to section 271(1) of the income tax act casts the initial burden on the assessee to prove the essential ingredients of that clause and when there is a ..... the substantial questions of law raised by the revenue in this tax case appeal, relating to the assessment year 2001-02:(a) whether the failure to advert to clause "b" of explanation 1 to section 271(1) of the income tax act had vitiated the order of the income tax appellate tribunal when it held that when disclosure is made ..... failure on the part of the assessee to discharge that burden, has not the income tax appellate tribunal committed an error of law in setting aside ..... appeal filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, chennai bench 'b' dated 03.10.2005 in i.t.a.no.1151/mds/ 2005 relating to the assessment year 2001- ..... out that they were small traders in paper and boards compared to other dealers; they had neither concealed any income nor resorted to any evasion of tax and that taking into account their voluntary and honest act of offering all the credits for which they could not produce necessary evidence by bringing the creditors and the agents .....Tag this Judgment!
Court : Karnataka
Decided on : Sep-11-2012
..... particular object as mentioned supra. merely because it is open for petitioner no.1 to submit the income tax returns before the concerned income tax authority within one year as per section 139(4) of the income tax act, the respondent no.1 is not expected to wait for one more year by deviating from the ..... financial year 2010-11 is a mere procedural delay, for which specific exception has been provide under the provisions of section-139 of the income tax act, 1961; the delay on the part of the 1st petitioner is neither intentional nor a deliberate breach of fulfillment of the conditions set ..... time before the expiry of one year from the end of the relevant assessment year under section 139(4) of the income tax act. however, according to the petitioners, the 1st respondent intimated the 1st petitioner by an oral communication that the time of file the acknowledged copy ..... 3.3.2012 bringing to the notice of the 1st respondent that as per section 139(4) of the income tax act, the petitioners have got opportunity to submit the returns before the income tex authority at any time before the expiry of one year from the end of the relevant assessment year. ..... terms and conditions stated therein are not strictly adhered to and necessary relaxation is permitted wherever necessary and desired; since the petitioners have filed the income tax returns as required and produced the acknowledgement after submission of the techno-commercial bid within the extended time, 1st respondent ought not to have .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Jan-20-2012
..... and prove such transactions are fraudulent by applying look at principle. overseas companies and fdi 49. overseas companies are companies incorporated outside india and neither the companies act nor the income tax act enacted in india has any control over those companies established overseas and they are governed by the laws in the countries where they are established. from country ..... transfer or divestment or extinguishment of holding company's rights and interests, resulting in transfer of capital asset situated in india. 160. section 9 of the income tax act deals with the incomes which shall be deemed to accrue or arise in india. under the general theory of nexus relevant for examining the territorial operation of the legislation, two ..... spite of being separate legal personalities, if the facts reveal that they indulge in dubious methods for tax evasion. (b) tax avoidance and tax evasion: tax avoidance and tax evasion are two expressions which find no definition either in the indian companies act, 1956 or the income tax act, 1961. but the expressions are being used in different contexts by our courts as well as ..... to the transaction was a transfer of other rights and entitlements which rights and entitlements constituted in themselves capital assets within the meaning of section 2(14) of the income tax act, 1961. according to the high court, vih acquired the cgp share with other rights and entitlements whereas, according to the appellant, whatever vih obtained was through the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-09-2012
..... no.1656(hyd)/1992 relating for the assessment year 1972-73. the order has been passed by the income tax appellate tribunal bench 'b', hyderabad, (hereinafter referred to as 'the tribunal').2. in this appeal under section 260a of the income tax act, 1961 (for short, 'the act') the following substantial questions of law have been framed for our consideration:"1) whether the tribunal's approach ..... an individual or as a hindu undivided family. while dealing with the question of the status of the assessee, the supreme court held as follows:"under the scheme of the income-tax act the "individual" and the "hindu undivided family" are treated as separate units of assessment and if a notice under section 34 of the ..... that the assessee has to prove the non-service of notice under sec.148 of the act and the "department has to prove the negative", is in conformity ..... the name 'gutta anajaneyulu & co.' as an aop.6. in view of the decision given by the aac, the assessment was reopened by the income tax officer (ito) by issuing a notice under section 148 of the act to the assessee in the status of an unregistered firm. after this notice, a fresh assessment was made on 11.08.1980 in the status .....Tag this Judgment!
Court : Chennai
Decided on : Feb-17-2012
..... the same, it is for the assessee to substantiate its claim by furnishing the relevant records before the respondent, pursuant to the impugned notices issued, under section 148 of the income tax act, 1961.25. it is a well settled position in law that, when an efficacious alternative remedy is available under a statute, this court would not exercise its extraordinary jurisdiction, ..... the parties concerned, and on considering the decisions cited supra, this court is of the considered view that the impugned notices issued by the respondent, under section 148 of the income tax act, 1961, cannot be quashed, at this stage, based on the grounds raised by the petitioner in the above writ petitions. from the available records, it is noted that the ..... court had held that the provision made for warranty, in respect of the good in question would be entitled to deduction on the gross deductions, under section 37 of the income tax act, 1961, and that it would depend on the data systematically maintained by the assessee.15. a counter affidavit has been filed on behalf of the respondent, denying the averments ..... and that it had been accepted by the assessing authorities concerned, the respondent took a decision stating that the provision for warranty and guarantee claims is not allowable, under the income tax act, 1961. the assessing authority had also proposed to reopen the assessment for the earlier year, where such provisions had been considered and allowed by the assessing authorities concerned. the .....Tag this Judgment!
Court : Chennai
Decided on : Feb-13-2012
..... for all the purposes under section 195 of chapter xxxv of the code of criminal procedure, 1898. it has been conferred with such power under section 131 of the income tax act. that provision empowers the appellate tribunal to have the same powers that are vested in a court under the code of civil procedure, 1908, when trying a suit in ..... (2009) 317 itr 433 (shivsagar veg. restaurant v. assistant commissioner of income tax and another). as against the order of the commissioner of income-tax (appeals), the assessee or the revenue as the case may be preferred a further appeal to the income tax appellate tribunal under section 253 of the income tax act. the income tax appellate tribunal is constituted under the provisions of section 252 of the ..... re-calculation of the eligible profit under section 32ab by deleting the expected return of customs duty, which was not included in the computation of income is an error rectifiable under section 154 of the income tax act?2.the assessee is engaged in the manufacture of electrical items. the relevant assessment year is 1987-88 and the corresponding accounting year ended ..... act and the tribunal shall consist of as many judicial and accountant members. sub section (6) of section 255 reads as under : 255( .....Tag this Judgment!
Court : Chennai
Decided on : Apr-26-2012
..... in the business of the assessee by hiring it out, the assessee was entitled to the grant of depreciation under section 32 of the income tax act. the claim of the assessee was, however, rejected. confirming the view of the assessing officer, the first appellate authority pointed out that as ..... of the income tax act against the order dated 09.03.2005 in i.t.a.no.1433/mds/1998 on the file of the income tax appellate tribunal, madras "a" bench, for the assessment year 1994-95.judgment(judgment of the court was delivered by chitra venkataraman,j.)1. this tax case ( ..... in the hands of the purchaser. thus the assessee's appeal was rejected. aggrieved by this, the assessee preferred a further appeal before the income tax appellate tribunal, which also rejected the case of the assessee. the tribunal pointed out that the various persons to whom the vehicles were hired ..... on hired assets. the claim of the assessee was rejected. aggrieved by the same, the assessee went on appeal before the commissioner of income tax (appeals). the assessee placed reliance on the beneficial board circular no.9 dated 23.3.1943 and submitted that since the assets were used ..... the following circular has been issued by the board for allowing depreciation in the case of assets owned under hire-purchase agreements:allowances in assessing business income -- depreciation allowance -- plant and machinery acquired in hire-purchase agreement. -- the following instructions are issued for dealing with cases in which an asset .....Tag this Judgment!
Court : Chennai
Decided on : Apr-26-2012
..... is entitled to the bad debt written off as allowable, even though the same was hit by the provisions of section 36(1)(viia) of the income tax act, 1961? 2.whether on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee is ..... section 260a of the income tax act against the order dated 10.12.2003 made in i.t.a.no.265/mds/1996 on the file of the income tax appellate tribunal, "c" bench, chennai for the assessment year 1992-93.(judgment of the court was delivered by chitra venkataraman,j.)1. this tax case (appeal) ..... and plant". admittedly, there is no definition of what 'machinery' is about. however, in the decision reported in (1964) 53 itr 165 (commissioner of income tax, madras vs. mir mohammed ali), the apex court referred to the decision of the privy council in the case of corporation of calcutta v. chairman, cossipore ..... a technical term and in the absence of any definition under the act, ordinary meaning would prevail. indeed rule 8 of the income tax rules treats aero-engines separately from aircraft, but this cannot be used to interpret the clauses in the act that what was purchased and installed was machinery and after installation, ..... a wider meaning has to be given to the said term.8. in the decision reported in (2000) 244 itr 192 (commissioner of income tax vs. anand theatres), the apex court applied this .....Tag this Judgment!