Chennai Court December 2001 Judgments
Cit Vs. N. Sheela Devi
Court: Chennai
Decided on: Dec-03-2001
Reported in: (2002)176CTR(Mad)236
R. Jayasimha babu, J.The references are at the instance of the revenue in respect of the assessment years 1966-67, 1970-71 and 1971-72 to 1973-74.2. The assessee who was a cine artist had made a declaration under the Voluntary Disclosure of Income and Wealth Scheme, 1975 which came into effect on 8-10-1975, and was replaced by Voluntary Disclosure of Income and Wealth Act, 1976 (Act 8 of 1976). The tax payable on the amount voluntarily disclosed was not paid along with the, statement disclosing the income, even though the last date for payment had been extended from time-to-time, the last extension being till the first day of January, 1978.3. The assessing officer initiated penalty proceedings under section 271(1)(c) of the Income Tax Act on the ground of concealment of income and levied the minimum penalty. The assessee contested that levy by way of appeal contending that the delay in payment of the tax was not to be attributed entirely to her but was in part due to the fact that the ...
Tag this Judgment!Cit Vs. Alankar Borewells
Court: Chennai
Decided on: Dec-03-2001
Reported in: (2002)177CTR(Mad)560
A.K. Rajan, J.The question referred to us is as follows :'Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in upholding the decision of the Dy. Commissioner (Appeals) cancelling the order under section 154 passed by the assessing officer restricting the rate of depreciation in respect of rigs and compressors in the light of the Madras High Court's decision in the case of CIT v. Tamil Nadu Agro Industries Corporation : [1991]192ITR108(Mad) .2. The assessment year is 1987-88. In the initial assessment the assessing officer allowed depreciation on the rigs and compressors used by the assessee which is engaged in the business of digging borewells at the rate of 30 per cent. The assessing officer subsequently initiated action under section 154 and limited the depreciation to 15 per cent.3. The assessee did not dispute the fact that the depreciation properly allowable on rigs and compressors is only fifteen per cent, but contended in the appeal prefer...
Tag this Judgment!Cit Vs. Salem Co-operative Spinning Mills Ltd.
Court: Chennai
Decided on: Dec-03-2001
Reported in: [2002]258ITR360(Mad)
R. Jayasimha Babu, J. There is no merit in this appeal. The Tribunal has rightly held that the amounts paid towards provident fund and E.S.I. dues were amounts which were required to be deducted while computing the taxable income of the assessee. The amounts had been paid within the grace period provided under the relevant statutes. The appeal is dismissed....
Tag this Judgment!- ‹ Prev
- 1
- 2
- 3
- 4
- 5
- 6
- Next ›