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Latest Cases Home > Latest Court: income tax appellate tribunal itat chennai Page 8 of about 184 results (0.243 seconds)

Apr 25 2006 (TRI)

The Dy. Commissioner of Income Tax Vs. Vignesh Flat Housing Promoters

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)105ITD359(Chennai)

1. This appeal by the Revenue is directed against the deletion of penalty amounting to Rs. 1,65,85,000/- levied Under Section 271D of the Income-tax Act, 1961 (hereinafter called as 'the Act') and relates to the block period from 1.4.1988 to 2.9.1998.2. We have heard the rival submissions in the light of material placed before us and precedents relied upon. The assessee is a firm comprising of 4 partners. It is engaged in the business of real estate. The firm is constructing and selling flats at Trichy. Search and seizure operations Under Section 132 of the Act were conducted in the business premises of the assessee as well as the residential premises of its partners. During the course of search certain books of account and diaries were found and seized. In response to notice issued Under Section 158BC on 4.1.1999 assessee filed its block Return on 15.3.2000 declaring undisclosed income at Rs. 59,07,160/-. AO finalized the block assessment proceedings on 29.7.2000 determining the tota...

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Apr 21 2006 (TRI)

Diebold Systems (P) Ltd. Vs. Asstt. Cit, Company Circle-1(4),

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103ITD149(Chennai)

This appeal by the assessee for the assessment year 2001-02 is directed against the order of the Commissioner (Appeals) dated 28-2-2005. The first two grounds are of general in nature where the assessee contends that the assessment is bad in law and passed without application of mind. These grounds were not pressed and, therefore, not adjudicated.The next ground is with regard to allowability of deduction under section 80-IA of the Income Tax Act. This issue came up for consideration before this Tribunal for the assessment year 1996-97 in ITA No. 1313/ Mds./2002 in the assessee's own case and the Tribunal, vide order dated 20-1-2006 has held that the benefit of deduction as per the mandate of the statute could only be given to the profits and gains derived from the industrial undertaking. Benefit under this section is available to the undertaking and not to the assessee. The income earned from AMC charges (Annual Maintenance Charges of ATM), installation and technical charges, consult...

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Apr 21 2006 (TRI)

income Tax Officer Vs. Smt. N. Padma

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)106TTJ(Chennai)739

1. This appeal by the Revenue is directed against the order of the CIT(A), Chennai, dt. 8th Dec, 2004. The relevant assessment year involved in this appeal is 2001-02.2. The only issue in the Revenue's appeal is whether payment made to distributor falls within the purview of expenditure incurred so as to attract the provisions of Section 40A(3) or not 3. We have heard both the sides and gone through the facts of the case.The assessee has taken the Gaiety Theatre on lease from one Shri C.T.Senthilnathan Chettiar. The assessee has entered into agreement with various distributors for screening of pictures on the theatre on share basis. The collection on account of sale of tickets belongs to the distributor/exhibitor. During the asst. yr. 2001-02, i.e., the relevant assessment year, the assessee filed return of income showing the net collection of Rs. 30,68,993 in her books of account. The assessee claimed to have paid the sum of Rs. 15,87,429 as rent to Shri C.T.Senthilnathan Chettiar, t...

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Apr 21 2006 (TRI)

Diebold Systems (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)104TTJ(Chennai)410

1. This appeal by the assessee for the asst. yr. 2001-02 is directed against the order of the CIT(A), dt. 28th Feb., 2005. The first two grounds are general in nature where the assessee contends that the assessment is bad in law and passed without application of mind. These grounds were not pressed and, therefore, not adjudicated.2. The next ground is with regard to allowability of deduction under Section 80-IA of the IT Act. This issue came up for consideration before this Tribunal for the asst. yr. 1996-97 in ITA No. 1313/Mds/2002 in the assessee's own case and the Tribunal, vide order dt. 20th Jan., 2006 has held that the benefit of deduction as per the mandate of the statute could only be given to the profits and gains derived from the industrial undertaking. Benefit under this section is available to the undertaking and not to the assessee. The income earned from AMC charges (Annual Maintenance Charges of ATM), installation and technical charges, consultation charges and licence ...

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Apr 21 2006 (TRI)

income Tax Officer Vs. S. Rajendran

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)104TTJ(Chennai)408

1. This appeal by the Revenue is directed against the order of the CIT(A), Chennai, dt. 4th Oct., 2004. The relevant assessment year involved in this appeal is 2001-02.2. The only issue in this appeal of the Revenue is that the CIT(A) has wrongly allowed the claim of the assessee after reworking the depreciation at 20 per cent, for the purpose of computing the short-term capital gains from the sale of two mini vans used in the business of hiring.3. We have heard both the sides and gone through the facts of the case.It is seen from the order of the AO that the assessee was running one lorry and one van on hire purchase and the assessee has admitted the hire purchase income on account of running of these vehicles under Section 44AE of the Act in the earlier years. The assessee has sold these vehicles and credited a sum of Rs. 2,02,500 on account of sale of these vehicles in the books of account. The assessee has declared the same as capital gain at Rs. 11,102. The assessee in his submis...

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Apr 06 2006 (TRI)

Joint Commissioner of Income-tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)288ITR106(Chennai)

1. All the five appeals of the Revenue relate to the assessment years 1991-92 to 1995-96. We heard all the appeals together and disposing of the same by this common order.2. Let us first take I.T.A. No. 119/Mds./99 which relates to the assessment year 1991-92. The only issue arises for consideration is regarding the valuation of the share of Tata Tea Ltd. for the purpose of capital gains.3. We heard both the representatives of the Revenue and the assessee.Tata Tea Ltd. offered to buy majority of the shares in Consolidated Coffee Ltd. Tata Tea Ltd. offered one share of Tata Tea Ltd. and Rs. 100 for every two shares of Consolidated Coffee Ltd. For the purpose of capital gain, the Assessing Officer took the market rate of the Tata Tea Ltd. on the date of exchange at Rs. 320. However, on appeal by the assessee, the first appellate authority found that the market value of Tata Tea Ltd. would become relevant only when the assessee sells the share of Tata Tea Ltd. In this case, since there w...

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Mar 24 2006 (TRI)

Marg Constructions Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)102TTJ(Chennai)997

1. In this appeal, the assessee has raised two issues by way of 9 grounds. The summarised issues are as under: (1) Whether the lease transactions entered by the assessee with 6 parties are sham transactions or genuine transactions for allowance of claim depreciation in the given facts and circumstances of the case, And further whether the asset was purchased by the assessee before 31st March, 2001 and put to use (2) Whether the amount received from Das Lagerway Windfarm Ltd. (DLWL) being claimed as advance is income of the assessee for the relevant assessment year or not, in the given facts and circumstances of the case 2. For the assessee, Shri K. Ravi, the learned senior chartered accountant argued and for the Revenue, Shri Shaji P. Jacob, the learned Departmental Representative argued, 3. The assossee filed the following paper books and written submissions: (1) Paper book 1 consisting of pp. 1 to 149. In this paper book, the assessee has filed the details of lease transactions. (2)...

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Mar 10 2006 (TRI)

The Jt. Commissioner of Income Vs. India Equipment Leasing Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

1. These cross appeals by the Revenue and the assessee for the assessment year 1997-98 arise out of the order of CIT(A)-IX, Chennai.2. First we will take up assessee's appeal in ITA No. 2021/Mds/2000.The first issue for consideration relates to recognition of income from non-performing assets. The facts of the case as apparent from record are that assessee is a non banking financial, company and recognised by Reserve Bank of India. The assessee is following mercantile system of accounting. During the course of assessment proceedings, the Assessing Officer found that assessee had not included income on non-performing assets (NPAs), while computing the returned income. The assessee vide his letter dated 26 February 2000 stated that it was following prudential norms prescribed by the Reserve Bank of India and based on the guidelines issued by the Institute of Chartered Accountants of India and Reserve Bank of India they have not recognised income in Profit & Loss A/c in respect of no...

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Mar 10 2006 (TRI)

The Lakshmi Vilas Bank Ltd. Vs. the Dy. Commissioner/Joint

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)105ITD502(Chennai)

1. Let us first take I.T.A. Nos. 844 & 845(Mds)/2003 for the Assessment Years 1989-90 and 1990-91. The only issue arises for consideration in both the years is regarding the validity of reopening of the assessment under Section 147 of the Income Tax Act. The CIT(A) held that reopening of the assessment for both the Assessment Years are bad in law. The Revenue filed the present appeal against the order of the CIT(A).2. The learned Departmental Representative (D.R.) submitted that the Assessing Officer reopened the assessment for the Assessment Years 1989-90 and 1990-91 on the basis of the judgement of the Apex Court in the case of Vijaya Bank Ltd. v. CIT . According to the learned D.R., the assessee has claimed interest on purchase of securities as revenue expenditure for both the Assessment Years. The Assessing Officer found that in view of the judgement of the Supreme Court in the case of Vijaya Bank Ltd. (supra), the interest paid by the assessee on purchasing securities would f...

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Mar 10 2006 (TRI)

Late A.Y. Prabhakar (indl.) Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)105TTJ(Chennai)391

1. These appeals of the assessee and the Revenue are directed against the respective orders of the CIT(A), Chennai. The relevant assessment years involved in these appeals are 1997-98 to 2002-03.2. The first legal issue in these six appeals of the assessee, late Shri A.Y. Prabhakar (Individual) is, whether, the reassessment framed by the AO on a dead person without bringing on record, the legal representative, is valid, void or voidable 3. The briefly stated facts of the case are, that, the assessee has declared the income from house property in respect of the following house properties which were constructed with the money borrowed from Indian Bank and ANZ Grindlays Bank in 1989 : _________________________________________________________________________ S.No. House No. Amount of borrowed capital (Rs.) _________________________________________________________________________ 1. 5, Lattice Bridge Road, Chennai 14,54,000 __________________________________________________________________...

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