Judgment Search Results Home > Cases Phrase: expenditure tax act 1987 Court: income tax appellate tribunal itat chennai Page 1 of about 98 results (0.212 seconds)

Breeze Hotels (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103TTJ(Chennai)129

..... siddarrth mehta argued that in the provisions of section 3 of the expenditure-tax act, 1987, the expression given 'any unit of residential accommodation' means the all residential units of accommodation ..... we have also perused the provisions of the expenditure-tax act, 1987 (hereinafter called the act) as well as the case laws relied on by the learned counsel of the assessee ..... statute depends upon the context and the subject-matter of the statute.we have perused the provisions of section 3 of the expenditure-tax act and gone through the provisions which read as under : "section 3 application of the act- (1) incurred in a hotel wherein the room charges for any unit of residential accommodation at the time of incurring of such expenditure are one thousand two hundred rupees or more per day and where,- (a) a composite charge is payable in respect of such ..... the second issue in the assessee's appeal is as regards to confirming the levy of expenditure-tax, although the provisions of expenditure-tax act are inapplicable in the instant case and expenditure-tax is a tax imposed on chargeable expenditure incurred in a hotel, wherein the room charges, where, any unit of residential accommodation at the time of incurring of such expenditure are rs. ..... in the present case in hand which falls under the expenditure-tax act wherein the hon'ble kerala high court cited above has interpreted the word 'any', as in section 3 of this act, that it cannot be restricted to one unit of residential .....

Binny Ltd. Vs. Asstt. Cwt, Central Circle Ii(4)

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2005)96ITD500(Chennai)

..... which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift tax act, 1958 (18 of 1958) (a) which is outstanding on the valuation date and is claimed by the ..... assessee in appeal, revision or other proceedings as not being payable by him; or (b) which, although riot claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date.1: a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income tax act ..... that loans and advances must have been advanced against such properties as working capital limits to finance stock-in-trade and/or debtors and other current assets, which are not part of assets subject to wealth tax act and thus such debts cannot be held to be deductible.regarding valuation, the principal submissions of the learned ar are that the company was a sick company and had made reference to bifr for rehabilitation .....

Binny Limited Vs. the Acwt, Jt. Cwt, Special Range Vi

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)280ITR179(Chennai)

..... on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958)- (a) which is outstanding on the valuation date and is claimed ..... by the assessee in appeal, revision or other proceedings as not being payable by him; or (b) which, although not claimed by the assessee as not being payable by him, is nevertheless outstanding for a period of more than twelve months on the valuation date; explanation 1 : a building or part thereof referred to in clause (iii), clause (iiia) or clause (iiib) of section 27 of the income-tax act ..... the laws of a country outside india, or (iii) any institution, association or body which is or was assessable or was assessed as a company for any assessment year under the indian income-tax act, 1922 (11 of 1922), or which is or was assessable or was assessed under this act as a company for any assessment year commencing on or before the 1st day of april, 1970, or (iv) any institution, association or body, whether incorporated or not and whether indian or non .....

Laser Soft Infosystems Ltd. Vs. the Income Tax Officer, Prince Info Pa ...

Court : Income Tax Appellate Tribunal ITAT Chennai

..... the expenditure is allowable under section 37 of the income tax act, as the same was incurred wholly and exclusively for the ..... the assessing officer has failed to appreciate the fact that expenditure incurred towards project development is purely revenue in nature and is related to business activities of the assessee company and the treatment given in books would not affect the claim of deduction under the provisions of the income tax act. ..... commissioner of taxation (72 clr 634): " what is an outgoing of capital and what is an outgoing on account of revenue depends on what the expenditure is calculated to effect from a practical and business point of view rather than upon the juristic classification of the legal rights, if any, secured, ..... behalf of the revenue submitted that the order of cit(a) is a well reasoned and the cit(a) is absolutely correct in holding that nature of expenditure is capital in nature and that the assessee is entitled to claim depreciation on the same @ 25%, as in the case of copyrights or ..... in case the expenditure is to be treated as capital in nature, the assessee is entitled to claim depreciation @ 60% as applicable to computer software based on clause iii(5) of new appendix i read with rule 5 of the income tax rules, 1962. ..... because there are many forms of expenditure which do not fall easily within these two categories and not infrequently, as pointed out by lord radcliffe in commissioner of taxes v. ..... expenditure is allowable under section 37 of the act .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)303ITR29(Chennai)

..... under section 143(1)(a) of the income-tax act, 1961 ('the act' for short) and added the right issue expenditure claimed under section 37(1) of the act. ..... consider it necessary to examine all the decisions in extenso because we are of the opinion that the fee paid to the registrar for expansion of the capital base of the company was directly related to the capital expenditure incurred by the company and although incidentally that would certainly help in the business of the company and may also help in profit-making, it still retains the character of capital ..... to repeat the grounds, facts of the case as well as contentions raised by both the parties, because the issue involved is very simple, that is, whether adjustment under section 143(1)(a) of the income-tax act, 1961 can be made in the instant case on the basis of the decision of hon'ble supreme court in the case of brooke bond (india) ltd. v. ..... the assessing officer is not permitted under the guise of making adjustment to adjudicate upon any debatable issue.the assessing officer could not decide any debatable issue while acting under section 143(1)(a) of the act unless the inadmissibility of a deduction or allowance was evident and obvious from the return and its annexure then the assessing officer who wanted to disallow a deduction or a claim, was bound to follow ..... the amending act, 1987, has therefore, substituted a new section 143 in the income-tax act to introduce an entirely new scheme of assessment after a return of .....

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

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2006)103ITD149(Chennai)

..... counsel for the assessee further argued that the commercial expediency and the reasonableness of the expenditure has to be determined by the assessee and it is not for the department to determine the necessity, need and quantum of a particular expenditure.the assessing officer did not even examine the sales agents independently and the action of the assessing officer in invoking the provisions of explanation to section 37(1) of the income tax act for making the disallowance is bad in law. ..... lakhs and added the same to the income of the assessee, invoking the provisions of section 40a(2)(a)/40a(2)(b) of the income tax act.on appeal, the commissioner (appeals) ascertained the average price of atm purahsed from diebold inc. at rs. ..... 3,36,46,054 to chip trans was disallowed under section 40a(2)(a) of the income tax act by the assessing officer.against this disallowance, the assessee went in appeal before the commissioner (appeals) who has confirmed the action of the assessing ..... " section 40a(2) of the act put curb on expenditure in respect of payment made to close associates referred in clause (a) of the section towards purchase of goods, services rendered, facilities offered and it empowers the assessing officer to disallow so much of expenditure in respect of which payment has been made to the above category of personnel as is considered by the assessing officer excessive or unreasonable having regard to the fair market value of the goods, service rendered or facilities offered for .....

Kadri Mills (Cbe) Ltd. Vs. Joint Cit

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2002)76TTJ(Chennai)38

..... supported the observations made by the learned commissioner (appeals) in his orders.it is further argued that the replacement of machinery is not permitted as a revenue expenditure as a situation cannot be envisaged whereby a capital asset is converted into a trading asset used for generating income through sale of goods by such replaced assets ..... madras high court had been rendered as long back as 1953, and no other high court had taken a contrary view, and the revenue must have in all the years thereafter acted on the basis of that decision, and the courts could not ignore the harm that was likely to be caused by unsettling the law, and the corresponding scheme in the 1961 ..... framing the assessment under section 143(3) of the income tax act, 1961, for the assessment years 1996-97 and 1997-98, the assessing officer excluded 90 per cent of other incomes, details of which are listed below : income from business while arriving at the adjusted business profit for the purpose of computation of relief under section 80hhc of the act : the assessing officer made the above disallowance as according ..... list of decisions on identical matters which were decided in favour of the assessee.in regard to the objection that the expenditure has been capitalised in the books, the learned authorised representative submitted that the manner of treatment of an expenditure in the books of account cannot decide the nature of a claim for the purpose of computing taxable income. ..... assessment year 1987-88, order .....

The Lakshmi Vilas Bank Ltd. Vs. the Dy. Commissioner/Joint

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)105ITD502(Chennai)

..... both the parties brought to our notice that this tribunal, after considering the various case laws on the subject, consistently taking view that 2% of the total dividend received by the assessee may be relatable to the expenditure for the purpose of earning the dividend income since the apex court in the case of distributors (baroda) pvt. ..... thus, the amending act, 1987, has substituted a new section 147 which contains simplified provisions as follows: (i) separate provisions contained in clauses (a) and (b) of the old section have been merged into a single new section, which provides that if the assessing officer is of the opinion that income chargeable to tax for any assessment year has escaped assessment, he can assess or reassess the same after recording in writing the reasons for doing so. ..... accordingly, the assessing officer shall reexamine the issue in the light of the actual nature of expenditure and thereafter decide the issue afresh in accordance with law after giving reasonable opportunity to the assessee.33. ..... the learned representative for the assessee further submitted that the assessee had all along claiming the interest relatable to purchase of stocks as revenue expenditure and which was also accepted by the revenue for all earlier assessment years. ..... , the interest component on purchasing securities which is otherwise known as broken period interest is not an allowable expenditure or deduction in view of the judgement of the apex court in the case of vijaya bank ltd. .....

Dy. Cit Vs. Shripet Cybertech Systems Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

..... therefore, it is not possible on the part of the tribunal to direct such an enquiry.in my opinion, the learned jm was correct in holding that in view of the decision of the hon'ble supreme court the expenditure towards public issue of shares is to be treated as capital expenditure.the matter will now go before the regular bench for deciding the appeal in accordance with majority.since there was difference of opinion among the members who originally heard the above ..... is an appeal by the department in which the issue is with regard to disallowance of public issue expenses made with reference to the provisions of section 143(1)(a) of the income tax act deleted by the commissioner (appeals) as not falling within the purview of prima facie adjustment.rival contentions in regard to the above have been very carefully considered. ..... he disagreed with the finding of the learned senior vice president in the context of remitting the matter back to the assessing officer to verify whether the expenditure charged to public issue expenses pertained to increase in the capital only or it included other expenditure as well.the learned counsel for the assessee raised an additional issue that on the date of filing the return the assessee was not at fault ..... ." before the commissioner (appeals), the assessee took the ground that the assessing officer failed to note that the claim of expenditure towards issue of capital was supported by the decision of the hon'ble madras high court rendered in the case of cit .....

Sterling Holiday Resorts (India) Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2008)111ITD116(Chennai)

..... submitted that earlier the cit, central-i, chennai had proposed to treat the entire receipt during the two years, 1991-92 and 1992-93 as part of the income of the relevant assessment year and to be taxed in full, and that after due consideration of the issues the proceedings under section 263 initiated in this regard were dropped. ..... assessee could not demonstrate that what actual expenditure it incurred towards facilities for which it deducted 55% out of ..... it was thus an accrued liability and the estimated expenditure which would be incurred in discharging the same could be deducted from the profits and gains of the business, and the amount to be expended could be debited in accounts maintained in the mercantile system of accounting before ..... no details were furnished by the assessee as to the expenditure actually incurred during the relevant period towards providing the customer facilities.assessee is separately collecting amenity charges which were reflected ..... the present case 55% amount allotted for the future expenditure can by no stretch of imagination be construed as ..... deferred income is alien to income-tax act. ..... in the following words under the caption "terms & conditions" at 1.15: advance subscription towards customer facilities (ascf) means the amount appropriated by the company being 55% of the unit price towards meeting the expenditure for providing facilities. ..... 24,809/- as expenditure for the developments it had undertaken ..... basis for estimating the expenditure. ..... the expenditure. .....