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

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD37(Chennai)

..... the provisions of section 43d as stood at relevant time (for assessment year 1997-98) had expression "the income by way of interest in relation to such categories of had or doubtful debts as may be prescribed having regard to the guidelines issued by the reserve bank of india in relation to such debts". ..... 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. ..... in this regard it is worth noting that from assessment year 1997-98 and onward, an assessee has to follow either the mercantile or cash system of accounting. ..... the assessment year in which hon'ble madras high court has decided the matter in favour of assessee pertains to prior to assessment year 1997-98, where assessee could follow hybrid system of accounting. ..... he further submitted that in assessment year 1993-94 and 1994-95, hon'ble madras high court has decided the case in favour of assessee.since there 4s no change in method of accounting as compared to earlier years the assessee's case is covered by jurisdictional high court.therefore, assessee was justified in not recognising the income on npas.6. ..... jcit 86 itd 602 which relates to assessment years 1995-96 and 1996-97, i.e. ..... therefore, for assessment year 997-98 which is under consideration guidelines issued under section 45ja are not applicable because they came into operation on 02.01.1998.as per the guidelines of reserve bank of india dated 13.06.1994, non performing asset (npa) is an .....

The Assistant Commissioner of the Karur Vysya Bank Ltd., Income Tax, C ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... on a query being put up by the bench, both parties have informed us that first assessment year for the purpose of depreciation of leased out asset is 1996-97 and also stated that in the said assessment year, the assessment under section 143(3) of the "act" was completed on 09.03.1999, wherein the same very claim ..... to all cases are that the assessee; who is banking company, had filed its 'return' on 29.12.2002 for the assessment year 2002-03 and declared income of `.107,99,72,662/-, which was processed under section 143(1) of the "act". ..... of the matter, we hold that the order of assessment passed under section 143(3) rws 148 of the act dated 29/12/2008 for the assessment year 2005-06 without the assessing officer furnishing the recorded reasons for initiation of proceedings under section 147/148 of the act to the assessee within reasonable time and prior to the completion of the assessment proceedings, renders this order of assessment invalid and unsustainable in law. ..... submitted that the assessee's appeals are also pending before the cit(a) qua assessment year 1996-97 against the order dated 20.12.2010 (supra) and therefore, we should restore the matter back to the assessing officer, we fail to agree with the said contention. ..... in its letter has stated that the interest of rs.98,22,000/- granted u/s 244a has been withdrawn in the scrutiny assessment completed for the assessment year 1997-98 and that this interest income taken for addition in the assessment for 1999-2000 is not correct. .....

Shri. C.V. Sunny, Prop. Pavizham Vs. the Asst. Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

..... -00 33,464,388 15.32 5,126,744--------------------------------------------------------------------2000-01 44,614,128 10.78 4,809,402--------------------------------------------------------------------2001-02 61,706,982 4.65 2,869,375--------------------------------------------------------------------2002-03 90,685,524 5.74 5,205,349--------------------------------------------------------------------2003-04 55,204,114 9.01 4,973,890(26.11.02) after this the assessing officer determined the undisclosed income as follows:--------------------------------------------------------------------assessment year gross profit on income from balance suppressed sale other aadyayam undisclosed--------------------------------------------------------------------1997-98 6,630,150 6,50,000 5,980,150--------------------------------------------------------------------1998-99 1,380,356 2,027,500 638,144(-)--------------------------------------------------------------------1999-00 5,126,744 475 ..... on appeal it was held as follows: held, that the assessee was not able to dispute the findings of the assessing officer as well as the tribunal where the seized material had shown that there was suppression for a period of 24 days during the assessment year 1996-97 and 15 days for 1997-98 and also that the suppressions were on a day-to-day basis and the evidence recorded from the partner had shown that the same method .....

Assistant Commissioner of Income Vs. First Leasing Company of India

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)115TTJ(Chennai)802

..... must be considered as having used the machinery for the purpose of its business.2.9 now, in the light of aforesaid exposition, we find that in this case no income has been offered by the assessee for the current assessment year, so it can be concluded that asset has not been used by the assessee in its business and so no depreciation is allowable.2.10 it is further seen in this case that the lease agreement was entered into on 31.03.2001 ..... it cannot be said that the said asset was put to use in the business of lease in the current assessment year and in this view of the matter also no depreciation is allowable to the assessee for the impugned assessment year.2.12 now, we come to the aspect that these are not genuine lease transactions. ..... 5616/mum/1999 dated 14.8.2003 for assessment year 1995-96 and hon'ble karnataka high court decision in the case of avasarala automation ltd. ..... kerala , it was held that machinery could not be held to have been used for the purpose of the business during assessment year even passively.in cit, haryana & chandigarh v. o.p. ..... l590/del/1992 for assessment year 1988-89 vide order dated 6.11.1992.union of india ..... during the present assessment year the assessee company, first leasing company of ..... by the revenue is directed against the order of commissioner of income tax (appeals) dated 10,9.2004 and pertains to assessment year 2001-02.2. ..... adjudged on this point of view, we find that no lease rentals have become due to the assessee in the present assessment year. .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

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

..... 000.00----------------------------------------------------total cost 8,53,390.64----------------------------------------------------total order value (hw & sw) 10,14,215.69total margin 1,60,825.05margin percentage 15.86%----------------------------------------------------1062ixfl all figures in inr unless otherwise mentioned hardware 47.00 to a $ software-------------------------------------- --------------------------------------cif chennai $ 8,358.38 cif chennai us $ $ 1,328.00--------------------------------------assessable value (av) 3,96,772.06 assessable value (av) 63,040.161% x cif 1% x cbasic customs duty (bcd) 99,193.02 -(a.v x 25%)counterveiling duty (cvd) 79,354.41 -(av + bcd + sc x 16%)-------------------------------------- --------------------------------------ex factory price hardware 6,09,424.05 ex factory software price 64,622.41-------------------------------------- ..... each assessment year is an independent assessable unit and the real income of each assessment year shall be ..... total 35,000,000------------------------------------------------------------------------------------ for the assessment year under consideration, the assessee claimed the ..... assessee, the assessee has agreed to offer this amount as income for the assessment year and also stated in the letter dt. ..... for this assessment year and no ..... expenditure for the assessment year before us to the ..... further, for this assessment year the income on account of the above elements was not earned from .....

S.S.i. Limited Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2004)85TTJ(Chennai)1049

..... it is not as if the iprs are not the property of the appellant or that they were not put to use during the assessment year in question or that it is the colourable device. ..... he submitted that the cit after examining the agreements, had directed 1/5th of the expenditure so claimed to be allowed in the assessment year under review and the balance in equal instalments over the four, subsequent years. ..... 16,71,80,907 is reduced from the exchange fluctuation of rs 16,35,77,977, the result would be a loss and total income of the appellant would thus be lesser than what was assessed by the ao under section 143(3) and that, therefore, even assuming that there was an error, no prejudice is caused to the revenue and so would fall outside the scope of section 263 ..... , the iprs had become the property of the appellant and these iprs had been used during the assessment year in appeal. ..... therefore, hold that the cit in exercise of the powers under section 263 can either enhance/modify or cancel and direct a fresh assessment.an offshoot of this conclusion will be whether in the instant case, where there is both an enhancement and a set aside of the assessment, the entire order of the cit stands vitiated or whether only a part of such order will stand vitiated. ..... in our view, as the jodhpur decision is applicable to the facts of the case and the assessee in the original assessment has preferred a lesser claim and hence the grant of deduction under section 35d was not prejudicial to the interest of revenue .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103ITD149(Chennai)

..... this industrial undertaking as the men, material and machinery of pondichery industrial undertaking were not used to earn this income and hence, not eligible for deduction under section 80-ia of the act.further, for this assessment year the income on account of the above elements was not earned from eligible business referred to in section 80-ia(4) of the act. ..... further, the commissioner (appeals) has given specific directions to the assessing officer that there shall not be any double addition in the assessment year 2002-03 and the assessee has the option to file the revised return ..... he further submitted that the admission to declare this amount as income for the assessment year 2001-02 was erroneously made and there was no evidence with the department to show that the assessee has suppressed the ..... stock which was not sold, whereas there was no indication that this amount was included in the closing stock, on this account also, the assessee has no case.further, in the income-tax proceedings, each assessment year is an independent assessable unit and the real income of each assessment year shall be ascertained and taxed. ..... 321,968 as income for the assessment year 2001-02 and file a revised return claiming this amount as a deduction in the assessment year 2002-03.we are waiting for the completion of this assessment to file the revised return. ..... if the assessee opts not to file revised return for the assessment year 2002-03, then it is the fault of the assessee and not the fault of the .....

Lakshmi Auto Components Ltd. Vs. the Dy. Commissioner of I.T.,

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)303ITR29(Chennai)

..... (viii) old loss of more than eight assessment years set off against the current business income, if the information is available in the return or the accompanying ..... to accept the shares offered, the board of directors may dispose of them in such manner as they think most beneficial to the company.this section mandatorily provides that a company which is already in existence for two years and wants to further issue capital, the same has to be offered to the existing shareholders, some exceptions have been provided in the provision, but we are not concerned with the same.the hon'ble supreme ..... the relevant assessment year involved in this appeal is i ..... cannot proceed on the basis that the expansion of the capital was undertaken by the assessse for the purpose of meeting the need for working fiends for the assesses to carry on its business in any event, the above quoted observations of this court in punjab state industrial development corporation ltd. ..... he further argued the in the present case, the disallowance due to rights issue expenses should have been resorted to by the assessing officer while acting under section 143(1)(a) of the act in view of file case law of the hon'ble supreme court in the case of brooke bond (india ..... (appeals) while deciding the appeal in the impugned order under section l43(i)(a) of the act he cannot direct the assessing officer to go into the details and find out the claim of the assessee as the issue became debatable as fresh material has to be brought .....

Deputy Commissioner of Income Tax Vs. Ram Kumar Giri

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103TTJ(Chennai)352

..... fact that the said interest income was offered for taxation in the next assessment year and the tds certificate for the same was also accepted by the revenue in the next assessment year, further fortified the claim of the assessee. ..... assessee was permitted to avail of a loan against the said deposit and in fact in the financial year 1999-2000 (relevant to the assessment year under appeal) he availed loan to the extent of approximately 6.55 crores. ..... us, the learned counsel of the assessee vehemently supported the cit(a)'s order and submitted that the said interest income has been offered to taxation by the assessee in the next assessment year and the same has been duly accepted by the department. ..... the revenue has accepted the tds certificate for the next assessment year, it has no case to tax this sum in previous assessment year. ..... was taxable in subsequent assessment year as no enforceable right accrued to the assessee in this assessment year.8. ..... (1) stipulates that credit be given for the tds certificate for the assessment year for which such income is assessable. ..... consideration of the aforesaid, the learned cit(a) held that there was no scope to bring this interest income as income of the assessee taxable in the assessment year under appeal.32. ..... it cannot be construed that the said interest accrued to him and was income taxable in the assessment year under appeal. ..... accrued upto the previous year ending 31st march, 2000 on the escrow account was held taxable in this assessment year.6. .....

Ashok Leyland Finance Ltd. Vs. the Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)114TTJ(Chennai)865

..... the first ground raised by the revenue common for all these three assessment years relate to method of accounting of finance charges, whether it should be emi (equated monthly instalment) method as adopted by the assessee or crm (capital recovery method) as ..... have dealt with an identical issue in the revenue's appeals for the very same assessment years in para 5 of this order wherein in view of the categorical finding of ..... the relief on this count, whereas the learned accountant member followed the order of the tribunal rendered for the assessment year 1995-96 in ita no.1213(mds)/2000 dated 28-2-2006 in the assessee's own case, wherein the matter was set aside to the assessing officer for fresh adjudication.having regard to the facts, in my opinion the issue was rightly set aside to the file of the assessing officer for fresh adjudication. ..... 1104 to 1105/mds/05 for the very same assessment years there was difference of opinion amongst the members and accordingly the following questions were referred for the esteemed opinion of ..... the second ground common for assessment years 2000-01 and 2001-02 is to the effect that the cit(a) erred in directing allowance of enhanced ..... arguments of the parties and perusing the materials on record, we find that for the assessment years 1995-96, 1996-97, 1997-98, etc. ..... for the assessment years 2000-01 and 2001-02, there is yet another common issue raised by the revenue which relates to estimated expenditure disallowed by the revenue in earning the income .....