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Sriram Transport Finance Co. Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1997)63ITD336(Mad.)

..... . according to the learned counsel the legislative had consciously made a provision under these two sections to create a fiction that in respect of tax holiday profits depreciation is deemed to have been allowed. but in section 115j, which was enacted by the finance act, 1987, w.e.f. 1-4-1988 the legislature has not chosen to create ..... case of jonnalla narashimharao & co. (supra), the assessee was carrying on the business as commission agents and collected during the accounting period relevant to the assessment year 1968-69 certain amounts by way of sales tax under the name 'rusum' inasmuch as its liability to sales tax was disputed by it and was questioned in various ..... the assessee in the name of 'rusum' were the assessee's income, and whether the sales tax paid later was allowable as a deduction in the assessment year 1968-69. the hon'ble supreme court, affirming the decision of the high court, held that the amounts collected in the name of 'rusum' constituted business receipts of .....

People Education and Economic Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD87(Chennai)

..... registration was pending before the chief commissioner since 4-11-1993. on 1-6-1999 it stood transferred to cit by virtue of clause (1a) of section 12aa of the act. section (1a) was inserted by finance act, 1999 w.e.f. 1-6-1999. this reads as under: (1a) all applications, pending before the chief commissioner of on which no order ..... done because of a non-deliberate delay.6. it is pertinent to note that an order passed by the cit under section 12aa granting or refusing registration to the trust was made appealable under section 253(1)(c) by the finance act, 1999 w.e.f.1-6-1999. prior to that right to appeal was not available in this regard. ..... on 4-9-2002, the assessee's request was rejected.8. we have also carefully gone through the provisions of sections 12a and 12aa of the income-tax act. section 12aa was introduced by finance act, 1996 with effect from 1-4-1997. originally application for registration under section 12a has to be made before the chief commissioner of income-tax. in view of .....

Madras Loom House Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)38ITD153(Mad.)

..... on by them.6. no doubt, the allowability of the expenditure in question has to be considered in the light of explanation 2 to section 37(2a), which was inserted by the finance act of 1983 with retrospective effect from 1-4-1976. the said explanation reads as follows:- explanation 2 : for the removal of doubts, it ..... that, therefore, the assessee was not eligible for deduction of this amount. he also relied on explanation 2 to section 37(2a) of the act, defining 'entertainment expenditure' and pointed out that this explanation inserted by the finance act of 1983 had retrospective effect from 1-4-1976. he particularly laid emphasis on the following words in the explanation ..... is hereby declared that for the purpose of this sub-section and sub-section (2b), as it stood before the 1st day of april, 1977, entertainment .....

income-tax Officer Vs. Kothari (Madras) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD431(Mad.)

..... was prescribed to provide for the maintenance of certain registers. only if those registers were maintained, the assessee can claim the deduction.after the enactment of section 37(4) by the finance act, 1970, with effect from 1-4-1970, the position changed. thereafter, no expenditure at all will be allowed on the maintenance of a residential ..... regularly used for the accommodation of others, open or on the sly. so, the parliament had to enact by the finance act, 1983, with retrospective effect from 1-4-1979, sub-section 5 of section 37 for the removal of doubts to include even such accommodation where directors and employees stay while on tour within the meaning ..... this departmental appeal for the assessment year 1975-76 are dealt with as follows : flats at bombay - whether guest house within the meaning of section 37(4) of income-tax act, 1961.it is for this point that this special bench is constituted. the assessee, a public limited company, manufactures textiles, cotton yarns, fertilizers .....

Third Income-tax Officer Vs. C.D. Chidambaram

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1985)12ITD652(Mad.)

..... from the firm for the services rendered by him to it, was not includible in its income. later on, however, the ito reopened the assessments under section 147(b) of the act. in the reassessment proceedings, the ito observed that there was no material to prove that shri c.d. chidambaram had rendered any special services apart from the ..... kind, instead of contribution in money. hence, all the aforesaid payments are non-deductible.the above extract shows that a partner is bound to not only find necessary finance for the partnership for which compensation is given by way of interest, he is also bound to render services to the firm as he is the co-owner of ..... no portion be exempted by giving the same away to a partner as his salary, bonus, commission, remuneration or interest. a partner is bound to find the necessary finances for the partnership and hence any interest on capital supplied by the partner is not deductible. a partner rendering services to the firm stands on the same footing as .....

Seshasayee Paper and Boards Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD707(Mad.)

..... limited period in certain cases. the new allowance called investment allowance broadly based on the lines of the discontinued development rebate was introduced from 1st april, 1976, by finance act, 1976. sub-section (3) of section 32a, dealing with the deduction allowable for investment allowance reads as under: "(3) where the total income of the assessee assessable for the assessment year relevant to the ..... decision was equally applicable to setting off the brought forward investment allowance in preference to unabsorbed depreciation. sri suryanarayanan submitted that section 32a was inserted by finance act, 1976, w.e.f.1st april, 1976, and that the scope and effect of section 32a had been elaborated in the circular no. 202, dt. 5th july, 1976, issued by the cbdt. the learned departmental representative .....

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... v. ito reported in (1991) 39 ttj (hyd) 88 and also the amendment made by the finance (no.2)act, 1991 extending the benefit to processed minerals and rocks including cut and processed granites i have directed allowance of deduction under the said section. my reasoning is contained in the appellate order in ita no. 233-c/92-93, dt. ..... is relatable to the assessment years before the corning into force of the finance (no.2) act of 1991. statecraft enterprises' case (1999) 237 itr 131 (sc), was concerned with the asst. yrs. 1985-86, 1987-88 and 1988-89.sec. 80hhc(2) (b) excluded the application of section to "minerals and ores". this was the position until 31st march, 1991 ..... . it was only w.e.f.1st april, 1991, the words "other than processed minerals and ores specified in the twelfth schedule" were added by the finance (no. 2) act of 1991. hence, until .....

Travancore Textiles (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)36ITD483(Mad.)

..... or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth.13. for the purpose of section 40 of the finance act, 1983, the net wealth of a company will be the amount by which the aggregate value of all the specified assets, wherever located, belonging to the ..... makes it difficult for us to hold that he is an employee of the company.12. we may now turn to the provisions of section 40(3) of the finance act, 1983. by the said section the levy of wealth-tax on closely held companies was revived in a limited way from the assessment for the assessment year 1984-85 and ..... .3. the only issue that came up for consideration in the course of wealth-tax assessment proceedings for the assessment year 1984-85 (under the provisions of section 40 of the finance act, 1983) was whether the portion of the aforesaid property occupied by the managing director is exigible to wealth-tax. the assessee's case before the assessing officer .....

Wealth-tax Officer Vs. V.V.V.A. Dinakaran

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD520(Mad.)

..... development and growth of industry, parliament have from time to time given various tax incentives, such as "tax holiday" (see section 80j of the income-tax act, 1961). section 5(1)(xxxii) of the wealth-tax act, which was inserted by finance act, 1972 with effect from 1-4-1973, is one such incentive in the field of wealth taxation. the scheme of ..... the section is to exempt from wealth-tax that part of the value of interest of the assessee in certain specified ..... sums advanced by him to the firm for the purposes of its business. as elucidated by pollock and mulla in their commentary on the indian partnership act, the principle of sub-section (c) of section 13 is that a partner, as regards the capital brought by him into the business, is not a creditor of the firm but an adventurer and .....

Meenakshi Achi Trust Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD251(Mad.)

..... 1973 and such assets were not purchased by the trust or institution or acquired by it by conversion of, or in exchange for, any other asset section 13(1)(d) is substituted by the finance act, 1983 with effect from 1-4-1983 and therefore the provision extracted above applies to each of the four assessment years under consideration. the main question ..... from money in hand or cash will have to be converted into money or cash before the same can be invested. the expression 'invest' in section 13(2)(h) connotes a positive act on the part of the trust whereby the funds of the trust are laid out or committed in any particular property or business or transaction with the ..... have been received in 1983 they have been continued to be held in the same form and the assets have not been converted into the modes specified in section 11(5) of the it act.the wealth-tax officer further held that it is not necessary that the funds should have been utilised to purchase the silver utensils. what is implied under .....