Chennai Court May 2001 Judgments
Beacon Rotork Controls Ltd. Vs. Dy. Cit
Court: Income Tax Appellate Tribunal ITAT Chennai
Decided on: May-25-2001
Reported in: (2003)86ITD275(Chennai)
As these cross appeals, one by the assessee and the other by the revenue for the same assessment year 1990-91 in the case of the assessee M/s. Beacon Rotork Controls Ltd., Madras, arise out of the same appellate order, the same were clubbed together, heard together and are being disposed of by this common and consolidated order for the sake of brevity and convenience.Let us first take up the appeal of the revenue in ITA No. 1856 (Mad.)/1993. The grounds of the revenue read as under : "The learned Commissioner (Appeals) has erred in holding that the provision for warranty claims amounting to Rs. 7,90,000 should be allowed as a deduction.2. The learned Commissioner (Appeals) has failed to note that the earlier order relied on in the assessee's own case for the assessment year 1989-90 has not been accepted by the department and an appeal before Appellate Tribunal has been filed and is pending." At the time of hearing, to short circuit the proceedings, the learned counsel for the assessee...
Tag this Judgment!indopel Garments (P) Ltd. Vs. Deputy Cit
Court: Chennai
Decided on: May-17-2001
Reported in: (2001)72TTJ(Mad)702
ORDERM.M. Cherian, A.M.This appeal has been filed by the assessee, M/s. Indopel Garments (P) Ltd., Sydenhams Road, Chennai, against the order of the Commissioner (Appeals) VI, Chennai, for the assessment year 1991-92. The assessee is a private limited company engaged in the business of export of skins and hides.2. The first ground in this appeal is in regard to the addition of a sum of Rs. 23,688 on account of difference in sales. At the time of hearing of this appeal this ground was not pressed. Hence, this ground of appeal by the assessee is treated as dismissed.3. The next ground is to the effect that the Commissioner (Appeals) erred in confirming the disallowance of the commission payment to the foreign concern M/s. Esopelli & Co. SAS, Italy. In computing the income for the year ending 31-3-1991,the assessee claimed deduction for a sum of Rs. 15,09,290 as sales commission payable to Esopelli & Co. SAS, Italy. The assessing officer was of the view that the assessee ought to have ded...
Tag this Judgment!Tamil Nadu Minerals Ltd. Vs. the Jt. Commr. of I.T., Spl.
Court: Income Tax Appellate Tribunal ITAT Chennai
Decided on: May-16-2001
Reported in: (2006)281ITR101(Chennai)
1. This appeal by the assessee is directed against the order of the ld.CIT(A)XIII, Chennai and relates to the assessment year 1996-97. The first issue relates to the tax treatment of incentive received by the assessee from the under-writer on the purchase of TNPL shares.2. We have heard the rival submissions in the light of materials placed before us and precedents relied upon. Part-14 of Schedule-24 on page 36 of Notes annexed to and forming part of balance-sheet and profit and loss account is reproduced here asunder "During the year, the company subscribed to the Public Issue of M/s. TNPL and was allowed 7,00,000 equity shares. The company has received brokerage amounting to Rs. 11,55,000/- company has received brokerage amounting to Rs. 11,55,000/- for subscribing to these shares which has been adjusted to the cost. Out of 7,00,000 shares, the company sold 2,00,000 shares and earned a net profit of Rs. 25,47,500/-. The Government of Tamil Nadu's permission for investment as well as...
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