Court : Chennai
Reported in : (2006)205CTR(Mad)241; [2006]286ITR674(Mad)
..... (a) and clause (b). this distinction has now been taken away by the amendment act. previously, the line of distinction was a limitation period of four years and the limitation period exceeding four years. the assessing officer would reopen a back assessment within ..... limitation and also relied on proviso to section 147 of the income tax act.5. heard the counsel appearing for both the sides. the law relating to the reassessment has undergone a change from 1st april 1989. the change was brought in by the direct tax laws (amendment) act, 1987. two sets of provisions were available under section 147 in clause ..... been a failure on the part of the assessee to disclose fully and truly all material facts leading to the escapement of income. but as a result of the amendment brought with effect from 01.04.1989, the above distinction had been obliterated and the assessing officer could reassess the income as long as he had reason to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... doubtful debts for the purposes of income-tax.15. chapter iiib containing the provisions relating to nbfcs was inserted in the reserve bank of india act, 1934 by amendment act 55 of 1963 - statement of objects and reasons read as under: the existing enactments relating to banks do not provide for any control ..... as to provide for stricter supervision of the operations and working of such banks. the bill seeks to achieve these objectives.section 45ja was inserted by amendment act, 23 of 1997 - statement of objects and reasons read as under: the activities of the non-banking institutions and unincorporated bodies receiving deposits are regulated ..... through various media soliciting deposits from public by offering high rates of interest and other incentives. the reserve bank of india (amendment) ordinance, 1997, further to amend the reserve bank of india act, provides several safeguards for the nbfcs so as to ensure their viability. these include compulsory registration of the nbfcs with reserve .....
Tag this Judgment!Court : Chennai
Reported in : (2006)2MLJ382
..... said that the state has no legal competence to enact the legislation. it is submitted that article 15(5) which has been recently inserted by constitution 93rd amendment act empowers the state to make any special provision by law for the advancement of any socially and educationally backward classes of citizens relating to their admission to ..... than one university/board/examining body conducting the qualifying examination (or where there is more than one medical college under the administrative control of one authority) a competitive entrance examination should be held so as to achieve a uniform evaluation as there may be variation of standards at qualifying examinations conducted by different agencies:3. where ..... is hereby directed to start the process for holding common entrance test in accordance with the mci and aicte regulations for the academic year 2006-2007 for all the board students.37. learned advocate general seeks leave to file appeal to the supreme court. leave is rejected. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)103TTJ(Chennai)122
..... for companies, i.e., 15th june, 15th september, 15th december, and 15th march. but there is no situation dealt with by the act in respect of the income earned beyond 15th march. prior to the amendment, i.e., upto 1988-89, 'capital gains' were not subject to the provisions for advance payment of tax and were to be wholly ..... same indicates that so far as the payment of statutory interest is concerned, the same is outside the purview of the settlement contemplated in chapter xix-a of the act.in view of this, the learned departmental representative argued that charging of interest under section 234c is mandatory. but we have gone through the case law cited by ..... is 'assessed', meaning thereby, he is subjected to the procedure for ascertaining and imposing liability on him. if the assessee denies his liability to be assessed under the act, he has a right of appeal to the aag against the order of assessment. where penal interest is levied under section 215 by the order of assessment, the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)100TTJ(Chennai)594
..... a minimum tax. the above method will ensure that the company will always pay a minimum tax even while offsetting the mat credit against regular tax. the proposed amendment will take effect from 1st april, 1997, and will, accordingly, apply in relation to asst. yr. 1997-98 and subsequent years.even the provisions of section ..... income and pay advance tax on the current income. the companies have all along been estimating current income prior to the insertion of section 115j of the act and paying the advance tax on the current income. it is significant that the company assessees have been estimating the total income after providing for the deductions ..... words, the 'computation of deemed income' is not a regular assessment or determination of total income under section 143(1)(a), wherein all the other provisions of the act, including deductions and exemptions are given effect. taking a case from the supreme court decision cited supra, the 'computation of deemed income' does not come within the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)282ITR112(Chennai)
..... note that the words "on the valuation date which have been incurred in relation to the said assets" were substituted by the finance act, 1992, with effect from april 1, 1993. as such the amended definition is applicable in the context of the present case.7. our attention was invited to circular no. 663 dated september 28,1993 ..... liability as a deduction for computing the net wealth under the wealth-tax act, 1957, consequent to amendment of section 2(m) with effect from april 1, 1993. section 2(m) of the wealth-tax act, 1957, has been amended with effect from april 1,1993. under the amended clause (m), in the computation of the net wealth, the assessee is ..... 11. now testing the provision on the touchstone of the heydon's rule we find that amount of tax, penalty and interest payable were deductible prior to the amendment. for some reasons the legislature in its wisdom thought to delete the provision of law apropos the allowability of tax liability. the remedy prescribed by parliament pertains .....
Tag this Judgment!Court : Chennai
Reported in : AIR2005Mad408; 2005(4)CTC337; (2006)3MLJ684
..... finally, rejecting all the contentions raised on the side of the vehicle owners, the division bench upheld the andhra pradesh motor vehicles taxation act, 1992 (amendment act 11 of 1992), and amendment act 23/1995, as constitutionally valid and dismissed all the writ petitions. the said decision of the division bench of the andhra pradesh high ..... court has upheld similar action taken in those states. he also placed reliance on the entries in the schedule appended to karnataka motor vehicles taxation amendment act, 1997 (karnataka act 8 of 1997), which reads as follows.'part a5[see section 3(1)]life time tax for motor cars, jeeps, omnibuses and private service ..... twowheelers, the government decided to introduce lifetime tax, without option, for four-wheelers, like cars and jeeps. (see statement of objects and reasons of the amending act 27 of 1998.) that option given to the said old vehicles was continued and the classification between old and new cars in the payment of 'lifetime tax' .....
Tag this Judgment!Court : Chennai
Reported in : (2005)199CTR(Mad)151; [2005]277ITR261(Mad)
..... wrong in view of the amendment to section 50 of the act wherein computation of capital gains on depreciable assets is different from those of non-depreciable assets. the assessing officer held that the sale effected by ..... the entire undertaking as a whole, it is not possible to bifurcate the sale consideration to a particular asset. as already observed above, section 50 of the act only applies only when depreciable assets alone are transferred.14. the decision of this court in m. raghavan v. assistant commissioner of income tax 266 itr 145 ..... furniture as short term capital gain which showed at rs. 10,13,056/-. however, thereafter, he filed revised returns claiming deduction under section 48(2) of the act from the sale of building and then showed a long term capital loss from plant and machinery. the assessing officer held that the working disclosed by the assessee was .....
Tag this Judgment!Court : Chennai
Reported in : 2005(1)CTC324
..... substantial way, inconsistent with the bidding documents, the employer's rights or the bidder's obligations under the contract; or (c) whose rectification would affect unfairly the competitive position of other bidders presenting substantially responsive bids.'clause 26.3 - 'if a bid is not substantially responsive, it will be rejected by the employer, and may ..... 6 deals with subcontractors. bidding documents consist of the documents listed in clause 8.1. but there is no controversy regarding this. the bidding documents could be amended and clause 10.1 deals with that. the deadline for submission of bid vas postponed from 23.1.2004 to 9.2.2004. clause 22 deals with modification ..... adopted a procedure which does not satisfy the test of article 14 of the constitution of which is against the provisions of the statute in question or has acted with oblique motive or has failed in its function to examine each claim on its own merit on relevant considerations.... when there has been no allegation of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)93TTJ(Chennai)161
..... payable by way of percentage of such profits to 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 ..... of cit v. new great insurance co. ltd. (1973) 90 itr 348 (bom) to the assessment year in question without considering the effect of the amendment operative from 1st april, 1968, and in thus holding that the assessee would be entitled to the deduction under section 80m on the gross dividend before deduction of ..... ble supreme court was based upon the provision of law as it stood prior to the amendment of the taxation laws (amendment & miscellaneous provisions) act, 1986. however, the position is different after the omission of section 34 and since after the amendment no condition remains of furnishing the information to be eligible to claim depreciation, the assessee .....
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