Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)86ITD275(Chennai)
..... machineries and plant during the previous year. the board's circular no. 550, dated 1-1-1990 on the scope and effect of the amendments made in section 32ab by the finance act, 1989 was relevant.moreover, for the purpose of depositing in the investment deposit account, the legislature has prescribed a fixed period and that too ..... scheme. but the crux of the issue is whether section 32ab deduction can be claimed where machineries were purchased and delivery of machines taken by the assessee-company during the previous year but actual payments were made beyond the previous year and in such circumstances whether the assessee could be said to have utilised the ..... 32ab in respect of the computers costing rs. 34,85,062. this disallowance was confirmed by the commissioner (appeals) also on appeal by the assessee and hence the second appeal by the assessee before the tribunal. the grounds of appeal of the assessee are : "1. the commissioner (appeals) erred in confirming that deduction under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2003)85ITD564(Chennai)
..... the matter in appeal before the first appellate authority, who confirmed the orders of the assessing officer and dismissed the assessees appeals.the assessee-company is still aggrieved and is on second appeal before us with this issue. at the time of hearing the learned counsel for the assessee shri v. ramachandran, senior advocate, strongly ..... allowed shall be deemed to have been wrongly allowed and the assessing officer may, notwithstanding anything contained in this act, recompute the total income of the assessee for the relevant previous year and make the necessary amendment; and the provisions of section 154 shall, so far as may be, apply thereto, the profit of four ..... to the benefit of investment allowance. the above decision explains the nature and object of the creation of the reserve. there is no requirement under the act that the amount of reserve as created should be kept separately or apart. the creation of a reserve does not necessarily involve the earmarking of the funds .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2004)83TTJ(Chennai)427
..... s. kanwar 4.12 without prejudice, the following submissions are made. after 15th june, 1999, section 143(1) has been amended, even the adjustments permitted under erstwhile section 143(1)(a) was withdrawn. the only action permitted is to demand tax due as ..... of the department upheld by him would lead to absurd consequences. the stand taken by the department would require that a company wanting to avoid penal effects of interest under sections 234b and 234c would first be called upon to pay advance tax ..... and to allow the same in accordance with law after verifying the certificates.3. still aggrieved, the assessee is in second appeal before us on the issue of adjustment of mat credit against the tax payable before charging interest under sections 234b ..... under sections 234a and 234b and then has prescribed to give credit for mat credit available under section 115jaa of the act. in our considered view this method of prescribing the order of priority of adjustment of tds, advance tax and mat .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... 140a(1) does not require any assessee to pay tax when the return was filed under section 158bc.however, section 140a(1) of the income tax act was amended by the finance act, 1999 with effect from 1-6-1999 incorporating section 158bc making the assessee liable to pay tax before furnishing return under section 158bc also and file the ..... return of income.this finding of the first appellate authority is not challenged before this tribunal by the revenue. therefore, in view of second proviso to section 221 (1) of the income tax act, no penalty could be imposed.in view of the above discussion, we do not find any infirmity in the order of the lower authority ..... finding with regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221 (1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)1033
..... section 140a(1) does not require any assessee to pay tax when the return was filed under section 158bc.however, section 140am of the income tax act was amended by the finance act, 1999, with effect from 1-6-1999 incorporating section 158bc making the assessee liable to pay tax before furnishing return under section 158bc and also file ..... return of income.this finding of the first appellate authority is not challenged before this tribunal by the revenue. therefore, in view of second proviso to section 221(1) of the income tax act, no penalty could be imposed.in view of the above discussion, we do not find any infirmity in the order of the lower authority ..... finding with regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)278ITR41(Chennai)
..... 140a(1) does not require any assessee to pay tax when the return was filed under section 158bc.however, section 140a(1) of the income tax act was amended by the finance act, 1999, with effect from 1-6-1999 incorporating section 158bc making the assessee liable to pay tax before furnishing return under section 158bc and also file the ..... return of income.this finding of the first appellate authority is not challenged before this tribunal by the revenue. therefore, in view of second proviso to section 221(1) of the income tax act, no penalty could be imposed.in view of the above discussion, we do not find any infirmity in the order of the lower authority ..... finding with regard to reasonable cause was accepted and it was not challenged before the tribunal, no penalty could be imposed in view of second proviso to section 221(1) of the income tax act.we have considered the rival submissions on either side, and perused the material on record. the first issue arises for consideration is whether the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)93TTJ(Chennai)161
..... the directors. thereafter, the learned counsel referred to section 205(2a) of the companies act to submit that after the companies (amendment) act, 1974, no dividend can be declared or paid by the company for any financial year out of the profits of the company for that year unless depreciation has been provided in accordance with the provisions of sub ..... comes to the conclusion that no borrowed funds were used for the purpose of investment in the shares of the investee company, then no disallowance is called for.18. now, coming to the second contention of the assessee, we find considerable force in the argument of the learned counsel for the assessee and the ..... and make a pro rata adjustment on the basis of subsequent investments made, inflation, etc. this ground is, accordingly, allowed for statistical purposes.7. the second effective ground of appeal is that the learned cit(a) erred in confirming the disallowance of rs. 31,19,000 towards guest-house expenses without appreciating that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... lakhs either. it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein continues to ..... referred. the above admitted facts are very clear. the assessee retired from service as an employee of bhel, trichy under the voluntary retirement scheme introduced by the company during the financial year 1999-2000. the assessee received the first instalment of compensation under voluntary retirement scheme in august 1999 amounting to rs. 3,24,881 ..... shri v.g. ramachandiron, received a sum of rs. 3,24,881/- from rhel on retirement in august 1999 under voluntary retirement scheme introduced by bhel company. the assessee did not file any return of income for the financial year 1999-2000 relevant to assessment year 2000-01 as compensation received was below rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)105ITD502(Chennai)
..... of sections 147 and 149 continue to remain the same except some minor changes. we find that section 149 was again amended by direct tax laws (second amendment) act 1989 with effect from 1.4.89. after this direct tax laws (second amendment) act, section 149 reads as follows: 149. (1) no notice under section 148 shall be issued for the relevant assessment year ..... registering the assessee as merchant banker the assessee had to pay fee to the sebi. according to the learned representative for the assessee, the assessee being a banking company has to transact business in stocks and securities, therefore, registration with sebi is for the purpose of doing the business, hence, it has to be treated as revenue ..... four years of the end of that year, serve on the person liable to pay tax on such income, profits or gains, or, in the case of a company, on the principal officer thereof, a notice containing all or any of the requirements which may be included in a notice under sub-section (2) of section 22, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... associated with the business were surrendered. it is clear from the above facts and records of the case that the agreement did not speak of goodwill and the multinational company, i.e., bayer ag had no necessity to buy goodwill from the assessee. there is a clear distinction drawn between goodwill and trademarks, know-how, patents, copyrights ..... documents could have made which contain the same description of the ladies. neither the letter addressed to the respondent's authorised representatives, m/s s.g. dastgir and company, by the ito on 15th april, 1954, nor the counter-affidavit filed in the high court explains this point. the documents of 1957 conform to those of ..... recomputation as specified in sub-section (2) of section 153 of the act, such notices shall be deemed to be a valid notice. it is clear from the explanation brought out by this amendment to clarify that nothing contained in the first proviso or the second proviso shall apply to any return which has been furnished on or after .....
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