Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD157(Mad.)
..... shall be charged on trust income as if such income were the total income of an association of persons. (b) in section 164(1) as substituted by the finance act, 1970, the income received by the trustees of a discretionary trust was chargeable at the rate of sixty five per cent or the rate which would be applicable if such ..... section 80l.in this regard, the learned counsel for the assessee highlighted the fact that section 164 does not preclude the grant of any deduction/allowance enumerated under chapter via of the act.thirdly, no doubt, section 2(31) contains an inclusive definition of the term "person". even so, apart from the consideration that the definition contained in ..... in respect of such income, however, is deemed to be made upon him in his representative capacity only and the tax, subject to the other provisions contained in chapter xv, is to be levied upon and recovered from him "in like manner and to the same extent" as would be leviable upon and recoverable from the person .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD1a(Mad.)
..... circular dated 16th may, 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes ..... in 159 itr (statutes) page 105. this circular reads as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 3961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also proposes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD20(Mad.)
..... mischief sought to be remedied by the legislation and the object and purpose for which the legislation was enacted. when section 80e was originally introduced by the finance act, 1966, in chapter via, the finance minister said : ...as a measure of simplification, however, i propose to modify the form of the concession. at present a special rebate on income-tax ..... arriving at his conclusion. section 80qq was inserted in the income-tax act by the taxation laws (amendment) act, 1970 with effect from 1-4-1971 and was intended originally to grant the benefit for the period of four assessment years. the section was amended by the finance act, 1975 with effect from 1-4-1975 to extend the benefit for ..... , of an amount equal to 20 per cent of the profits from such business included in his gross total income. the deduction will be admissible for the assessment years 1970-71, 1971-72, 1972-73, 1973-74 and 1974-75." -[1969] 72 itr 101 (st.). it is thus seen that section 80e which was construed by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD795(Mad.)
..... of charging income-tax. reading section 4 and section 14 together, it will be evident that the charging of income-tax at the rate prescribed by the finance act shall be governed by section 14 both for the purpose of charge of income-tax and computation of total income. obviously the income arising from agricultural lands transferred ..... with the computation of total income under various heads of income.therefore, it is necessary to compute the total income in accordance with chapter iv only. chapter v of the act provides for inclusion of income of other persons in the total income of an assessee. in this connection it is essential to consider charging section, namely, ..... section 4, the relevant portion of which reads as under : 4. (1) where any central act enacts that income-tax shall be charged for any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)26ITD434(Mad.)
..... according1 to the supreme court "the effect of this provision was that every individual was liable to income-tax from 1st april, 1950 at the rates mentioned in the finance act, in respect of his total income of the previous year in the merged territories. it is not, and it cannot be, disputed that on 1st april, 1950 the ..... article 297 of the constitution of india, contended that these areas always formed part of the territory of india. it remains to be seen that article 297 occurs in chapter iii of part xii of the constitution, which, inter alia, deals with the division of property, asset, rights and obligations of the union and of the states. ..... contended that the notification will have onlyprospective effect. the assessee's representative relied on the decision of the supreme court in the case of ito v. m.c. ponnoose [1970] 75 itr 174. on hearing the assessee's representative the cit (a) held as under : i have carefully considered the arguments of the appellant. the appellant is working .....
Tag this Judgment!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 ..... from the total income computed in the above manner [but after the deduction under sections 33 and 33a, but without the deduction under section 32a(1) and under chapter vi-a] that, the unabsorbed investment allowance is adjusted, as provided in clause (ii) of section 32a(3). the learned departmental representative has brought to our ..... after deduction of the allowances under sections 33 and 33a, but without making any deduction under sub-section (1) of section 32a or any deduction under chapter vi-a] that the deduction is allowed towards investment allowance. there can be no doubt that the total income referred to above is the total income as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD338(Mad.)
..... 55 per cent instead of 65 per cent on the ground that it was an industrial company as defined in section 2(6) (c) of the finance (no.2) act, 1971 and the finance act, 1972. held that the assessee was not an 'industrial company' and was not entitled to be taxed at the concessional rate. the real activity of ..... attributable to any one or more of the aforesaid activities included in its total income or the previous year (as computed before making any . deduction under chapter vi-a of the income-tax act) is not less than fifty-one per cent of such total income; (ii) 'project' means a project for the construction of a building, road-, ..... the definition only after this amendment. in other words, a company engaged in construction of buildings, road, dam, bridge or other structures would get the benefit under the finance act, 1983, even if they do not involve the company in manufacturing or processing of goods to a substantial extent. however, our conclusion remains that a construction company like .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD313(Mad.)
..... any of the provisions of chapter iv of chapter vi-a of the act.10. in view of the foregoing, therefore, urged shri gopal, the assessee is entitled to succeed.11. on his part, the learned departmental ..... the assessing officer to make the impugned prima facie adjustments.9. finally shri gopal drew our attention to section 119(2)(c), recently inserted by the finance (no. 2) act, 1991, and contended that even according to the department, a hyper-technical view should not be taken in matters relating to any requirement contained in ..... -- 'threshold conditions' -- prescribed by the statute. once the 'threshold conditions' are satisfied - there can be no compromise on them - the other provisions of the act relating to a particular incentive must be so construed as to ensure that the benefit of the incentive reaches the assessee and is not denied on flimsy, technical grounds. in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD278(Chennai)
..... dy, cit wherein it has held as under (headnotes) : every fiscal statute prescribes a procedure to be followed for making assessment. the legislature inserted chapter xiv-b by the finance act, 1995, for assessing the undisclosed income in search cases, instead of prescribing a procedure for making such assessment, the legislature has referred to the provisions ..... which is part of the natural justice. there could not have been any intention of the legislature while enacting chapter xiv-b by the finance act, 1995, to apply the proviso to section 143(2). when chapter xiv-b was enacted, the period prescribed for exercising the option to proceed to make the assessment under section ..... of section 142, sub-section (2) and (3) of section 143 and section 144 of the act shall, so far as may be, apply to the proceeding section in chapter xiv-b, section 158bc of the act has been incorporated with certain machinery provisions as applicable to regular assessment for limited application and the expression .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)105ITD623(Chennai)
..... , the expenditure incurred cannot be allowed against any other income. the provisions of section 14a of the act are introduced retrospectively w.e.f. 1st april, 1962 by the finance act, 2001 for the purposes of computing the total income under chapter iv and no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to such ..... new section retrospectively was to set the existing controversy on this issue at rest and not to unsettle the cases by raising the issue afresh. 23.2 through the finance act, 2002, a proviso to section 14a has been inserted so as to clarify that the ao shall not reassess the cases under section 147 or pass an order ..... exempted income. but the provisions of section 14a of the act do not speak about the deductions to be made .....
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