Chennai Court June 2005 Judgments
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Cit Vs. A.K. Daga and Sons
Court: Chennai
Decided on: Jun-05-2005
Reported in: [2008]296ITR623(Mad)
P.P.S. Janarthana Raja, J.1. This appeal is filed under Section 260A of the Income Tax Act, 1961 by the revenue, against the order of the Income Tax Appellate Tribunal, Chennai 'A' Bench, Chennai in ITA No. 1441/Mad./2004, dated 14-7-2006 raising the following substantial questions of law:1. Whether under the facts and circumstances of the case the Tribunal was right in holding that the amount claimed by the assessee as received on account of sale of jewellery cannot be brought to tax under Section 68 when the assessee had not adduced any evidence of the sale?2 Whether the Tribunal was right in holding that the sale was not disputed by the assessing officer, when it is clear from the assessment order that it was not accepted by the assessing officer and treated as a sham transaction by him?2. The facts leading to the above substantial questions of law are as under:The assessee is a HUF. The nature of the business of the assessee is money lending. The relevant assessment year is 1998-99...
A.R.R. Trust Vs. Acit
Court: Income Tax Appellate Tribunal ITAT Chennai
Decided on: Jun-03-2005
Reported in: (2006)280ITR152(Chennai)
1. In all these appeals, assessee has taken the following effective grounds of appeal :- "2. The learned CIT(Appeals) erred in holding that the appellant Trust is not entitled to exemption Under Section 10(22)/23(C) of the Act without appreciating : a) The fact that, the appellant is running an educational institution since 1977 and is approved by Government of Tamil Nadu. b) The fact that Trust is running the institution for education purpose only. c) The various binding decisions of the Hon'ble Supreme Court that were relied upon by the appellant Trust in this regard. d) The fact that the safe-parking of the funds were made for ultimate purpose of purchasing land for opening a new school under the same management and that the lands were purchased subsequently out of such funds. e) The fact that the Trust had safely parked the funds is evident from the fact that none of this money had become irrecoverable. Funds so parked have actually yielded benefits commensurate with the purpose f...
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