Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Feb-21-2006
Reported in : (2006)284ITR53(Chennai)
..... be changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. 1.4.2004, the legislature intended to clarify the position that any amount received or receivable by an employee of ..... of retirement the assessee claimed a sum of rs. 1,75,119/-, out of such payment being the unavailed amount of vrs, eligible for exemption under section 10(10c) of the act, for the assessment year 2001-02. now before us the question is whether the assessee is entitled to exemption for the second instalment and that also ..... appeal before the commissioner of income-tax (appeals). before the commissioner of income-tax (appeals), the assessee claimed that he is entitled to deduction under section 10(10c) of the act as he has claimed such exemption only in respect of unavailed portion of compensation for which he is eligible. the second instalment of compensation received by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Mar-10-2006
Reported in : (2007)105ITD502(Chennai)
..... the madras high court in the case of revathy cp equipment ltd. (supra), we hold that in view of proviso to section 147 read with section 149 of the income tax act, the assessment completed under section 143(3) cannot be reopened after expiry of four years from the end of the relevant assessment year unless there was ..... the income, profits or gains were first assessable: provided that nothing contained in this sub-section shall apply to a re-assessment made in pursuance of an order under section 31, section 33, section 66, or section 66a.under section 34 of the income tax act 1922, on the basis of the information which was in possession of the income tax officer ..... officer at the time of the completion of the assessment and was not considered at the time of original assessment, constitutes an information under section 147(b) of the i.t. act. this judgement was followed by the apex court in the case of saradbhai lakhani and another (supra). according to the learned representative for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Mar-10-2006
Reported in : (2008)111ITD37(Chennai)
..... the total income of an assessee which has been either received or accrued shall be computed in accordance with the provisions of section 145 of the act. accounting standards i & ii under sub-section (2) of section 145 of the act, have been issued in consultation with the institute of chartered accountants of india. therefore, once income which has accrued shall be ..... would not alter the nature of receipt if it is actually a trading receipt. respectfully following the decision of hon'ble madras high court in the case south india explosives co. (supra) and decision of hon'ble supreme court in kcp ltd. (supra), it is held that sales tax collected on hire purchase transaction was liable ..... the court. we find that this issue is covered in favour of revenue by the decision of jurisdictional high court in the case of cit v. southern explosives company 242 itr 107 wherein it has been held that the amounts collected by the assessee were amounts which were meant to be utilised by assessee for meeting .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Mar-10-2006
Reported in : (2006)105TTJ(Chennai)391
..... to implead both of them as legal representatives and held that "i have also issued notices to both the legal heirs in exercise of my powers under section 251 of it act." further, the cit(a) while upholding the order of the ao, has given the following reasoning : it is clear by continuing the appellate proceedings through ..... legal heir certificate produced before the ao and both should have been impleaded as legal representatives. he argued that the expression "legal representative" mentioned in section 159 of the act takes in plurality of legal representatives. if there are more than one legal representative of the deceased person, then all must be impleaded to make the ..... excess relief has been allowed to the assessee on account of interest on unpaid interest and, therefore, he issued notices under section 148 of the act in view of the provisions of section 147 of the act. accordingly, the ao reopened the assessments for both the years on the reasons to believe that the income chargeable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Mar-24-2006
Reported in : (2006)102TTJ(Chennai)997
..... production of witness. it was the duty of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 131 of the act r/w order 16, rule 10 of cpc.at last, the learned counsel of the assessee argued that broadly it might be stated that, assessment order upto para ..... the assessee further relied on para from the book of circular on evidence 14th edn. 1993 by sudipto sarkar and v.r. manoharan which reads as under: section 91 of the indian evidence act, 1872 lays down that when terms and conditions of the contract, or of a grant, or of any other disposition of property have been set out in ..... . the assessee was requested to produce the said parties along with their books of account and bank statements for verification. there was no compliance, even (when) summons under section 131 were issued to all six lessees at the addresses given by the assessee.two lessees were not at the given addresses and the summons returned back. as per the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Apr-06-2006
Reported in : (2007)288ITR106(Chennai)
..... the lessee. the next issue relevant to the assessment year 1993-94 only relates to the question whether the claim of depreciation could be denied by resorting to section 154 of the act.55. in regard to the first issue i find that the matter is no longer res integra. the law is trite on the subject. once a leasing ..... has held that the assessee, a company carrying on the business of financing, investment, leasing, etc., which leased out a boiler, was entitled to depreciation under section 32 of the income-tax act, 1961, in relation thereto. in deciding this issue the ratio laid down by the hon'ble supreme court in the case of cit v.shaan finance p ..... allowing the guest house expenses. after going through the material available on record, we find that the guest house expense is not an allowable expenditure under section 37(4) of the income-tax act. therefore, we set aside the order of the lower authority and restore that of the assessing officer.29. the next ground of appeal is regarding research .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : May-19-2006
Reported in : (2008)111ITD155(Chennai)
..... of the business of the shipowner whose ship carries ore/bulk/oil. coltman v. bibby tankers ltd. (1987) 3 aiier 1068, 1071(hl) [employer's liability (defective equipment) act, 1969 section 1(1x3)].9. we have heard the rival submissions in the light of material placed before us and precedents relied upon. the assessee is engaged in the business of shipping ..... cyprus relates to equipment and ship is an equipment. the hire charges thus partakes the character of royalty for use of equipment under the provisions of section 9(1)(vi) pf the act/article 12.3 of the dtaa.17. it was alleged before us that the transaction in question was for the purchase of the ship on the ..... part of the revenue inasmuch as all calculations and other attendant works are performed by the person responsible for paying tax. it also acts as a check on tax evasion.34. under section 195 of the act any person responsible for paying to a non resident, including a foreign company, any income by way of interest or any other sum .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : May-19-2006
Reported in : (2008)303ITR205(Chennai)
..... incentive scheme under exports and therefore, it has no nexus with the industrial activities of the assessee.accordingly the assessee will not be entitled for deduction under section 80i of the act we therefore set aside the order of id cit(a) and restore the order of the assessing officer.23. in the result the assessee's appeal ..... this ground of appeal raised by assessee.15. the next issue for consideration relates to excluding of rent and interest for the purpose of computing deduction under section 801 of the act. we find that this issue is covered against assessee by the decision of hon'ble supreme court in the case of pandian chemicals ltd. v. cit ..... by assessee, arrive at a finding that he had committed an error in computing the taxable income of the assessee and reopen the assessment by resort to section 147 of the act. discovery of new and important matters or knowledge of fresh facts which were not present at the time of original assessment would constitute a reasonable belief that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Jun-23-2006
Reported in : (2007)109ITD226(Chennai)
..... was deducted on that amount. the assessing officer, therefore, rightly treated the assessee as an assessee in default in respect of the tax within the meaning of section 201 of the act. we have perused the reasonings adduced in the impugned order for the assessment years 2002-2003 and 2004-2005. in our opinion the commissioner (appeals) took a ..... hiring an equipment effecting liability under section 9(1)(vi) of the act.referring to the provisions of section 195 of the act it was stated that the liability to deduct tax at source would arise only if the payment could be considered as royalty, ..... was no liability to deduct the tax at source. it was contended that the payment would not fall within the expression 'royalty' as defined under section 9(1)(vi) of the act as well as under the double taxation avoidance agreement. the agreement was made in the context of time charter. time charter is not a contract for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Decided on : Jun-30-2006
Reported in : (2007)103ITD493(Chennai)
..... separate books of account are maintained by the trust or the institution in respect of such business. trusts and institutions are separately dealt with in the act (s. 11 itself and sections 12, 12a and 13, for example). the expressions refer to entities differently constituted. it is thus clear that the newspaper business that is carried ..... object of the trust. (vi) though the ao observed that the activities of the appellant are not for charitable purposes within the meaning of section 2(15) of the it act, it is submitted that the objects of the trust listed out in the memorandum of association detailed above are charitable objects. reliance is placed on ..... donations are collected apart from the rent and these funds were utilized for charitable purposes exclusively and the assessee fulfilled all the conditions laid down under section 11 of the act.during the course of hearing before the cit(a), the assessee filed the written submissions and contended as under: (i) as regards the facts .....
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