Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)242ITR55(Mad.)
..... . 1-4-1976.this new explanation i applicable to the assessee's case now before the tribunal, is totally different from the nature and content of the explanation inserted by finance act, 1964, w.e.f. 1-4-1964 which was applicable in the cases decided by the hon'ble mumbai high court.therefore, the question to be considered in the ..... case of cit v. raieshwar singh [1986] 162 itr 173 (punj. & har.), the ito did not invoke explanation to section 271(1)(c) while imposing penalty for assessment year 1970-71. the aac also did not refer to the explanation when he deleted the penalty. the court held that the revenue for the first time before the tribunal could invoke ..... benefit of doubt should be given to the assessee and penalty deleted. in the absence of applicability of the explanations the decision in the casc of cit v. anwar ali [1970] 76 itr 696(sc) becomes applicable and the onus is on the department to prove which they failed to do. the facts narrated in the order of the assistant .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)26ITD413(Mad.)
..... relief fund and hence this agreement was a liability under the law which was required to be allowed in spite of the provisions of section 40a(9) introduced by the finance act, 1984.on the other hand, the contention of the revenue is that this provision has been brought into force for disallowing such expenditure and should, therefore, be given ..... of production on such borrowed money can be capitalised and added to the cost of the fixed assets created as a result of such expenditure.10. in this situation, the finance act, 1986 introduced an explanation to section 43(1) with effect from 1-4-1974 which reads as follows : explanation 8.-for the removal of doubts, it is hereby ..... also part of the cost. the allahabad high court did not follow the decision of the andhra pradesh high court in the case of cit v.challapalli sugars ltd. [1970] 77 itr 392.9. that decision of andhra pradesh high court was subsequently reversed by the supreme court on 31-10-1974 in the case reported as challapalli sugars .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)29ITD239(Mad.)
..... footing from appeals arising out of assessments. appeals arising out of assessments could be considered to be really extension of the assessment procedure whereas in appeals under chapter xx-a relating to acquisition of property, the tribunal decided proprietary rights vesting in a person, which was an entirely different matter from computing the income of ..... section 269g.6. the learned counsel further contended that on a consideration of the provisions in relation to appeals in chapter xx-a, it could not be considered that the applicability of section 5 of the limitation act was excluded. he further stated that in any event, as far as the application for extension of time contemplated ..... [1972] 83 itr 456 and the gujarat high court in the case of cit v. western india engg. co.ltd. [1970] 77 itr 165 was that the provisions of section 5 of the limitation act could not be invoked in relation to appeals before the income-tax appellate tribunal because the income-tax appellate tribunal was not a .....
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 : (2001)76ITD344(Mad.)
..... countered by saying that the materials collected in an illegal search can be used only in making assessment or reassessment but not for making block assessment under chapter xiv-b of the act, which is a special code in itself.6. having regard to the rival submissions we find that the appellants were not subjected to action under section ..... and his wife smt. saroja are interested cither as partner or otherwise. the seized books of the appellants would appear to suggest inter lacing and inter-winning of funds, finances and transactions among the appellants inter se and qua shri k.v. laxmanan. huf or smt.saroja. to be fair to both the sides we set aside the block ..... m/s. rana investments, erode, m/s. j.s. & co., erode and m/s. sakthivel bankers, erode as weli as with the other firms. the deposits in the three finance firms were advanced mainly to other family concerns and also towards equity and unsecured loans of the assessee and his family members in m/s, erode rana textile processors pvt .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)20ITD254(Mad.)
..... of cwt v.savithri [t c nos. 165 to 167 of 1975, dated 17-12-1979] which relates to similar amendment made to section 18 of the act by the finance act, 1969. following respectfully, the aforesaid judgment we hold that the commissioner was justified in invoking his revisionary jurisdiction in passing the impugned orders which are well within time ..... of revision should have been passed within two years from the date of assessments sought to be revised in terms of section 25(2) of the wealth-tax act, 1957 ('the act') and, therefore, the revisionary orders passed on 16-12-1985 were clearly barred by time. the commissioner rejected this contention by relying on the amendment made by ..... section 275 as it was in force at the time when the default was committed, i.e., 14-3-1970, in the meantime, an amendment was made in that a new provision was substituted by the taxation laws (amendment) act, 1970 with effect from 1-4-1971, according to which the time limit was extended, namely, two years from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD338(Mad.)
..... of half share in the property. there is a copy of the letter dated 2-3-1956 addressed to the manager, industrial finance corporation of india, madras and the reply given by the madras industrial investment corporation ltd., madras. these letters deal with the ..... 17-6-1968, 29-7-1968, 17-9-1968, 13-11-1969, 4-1-1969, 2-12-1969, 12-1-1970, 2-7-1970 and 23-10-197.1. these facts would go to show that smt.shyamala devi patro after the death of her husband ..... s decision cited, the point at issue was different.thereupon considering sections 187, 188, 192 and 213 of the indian succession act, the assistant controller came to the conclusion that the claim made by the accountable persons is based on false presumptions in order ..... shyamala devi acquired a limited interest and that interest got enlarged and became absolute interest after coming into forca of the hindu succession act, 1956. by the time the appellate order was passed, sri ramanarayan patro had already passed away. his mother smt. shyamala .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)40ITD494(Mad.)
..... section 80hhc but also the expenses claimed at rs. 19,982. he also added that since there is no profit from this business, no deductions could be given under chapter via. or. appeal, the cit(a) also concluded that factually only kaveri sea foods had exported the marine products and the assessee, therefore, was not entitled to the ..... on the other hand, it was contended on behalf of the revenue that since the deposit was received in connection with the project, it should be taken as a finance for the project, and therefore, the interest paid should be capitalized. we are unable to accept this contention of the revenue because the assessee was already engaged in ..... far as the reserved area is concerned, it consisted of the common areas such as foyer and courtyard, staircases and corridors. under section 12 of the easements & licences act, one of two or more co-owners of immovable property may, with or without the consent of the other or others, acquire an easement for the beneficial enjoyment of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)65ITD108(Mad.)
..... we enter into the facts of the present case, the background of the block assessment should be considered first. chapter xiv-b is a special procedure for assessment of search cases, which has been incorporated by the finance act, 1995 with effect from 1-7-1995.the object of the special provision is reflected in the budget speech ..... of the finance minister as follows :- "hon'ble members are aware that the searches conducted by the income-tax ..... departmental representative has supported the order of assessment and brought to our notice the definition of the words 'undisclosed income' as prescribed in section 158b of the act. it was submitted that the definition is inclusive in nature and includes any money, bullion, jewellery or other valuable articles or thing or any income based on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)67ITD11(Chennai)
..... application to the settlement commission after withdrawing the appeal from the appellate tribunal before the 1st day of october, 1984. the provisions of section 245m, omitted by finance act, 1987 w.e.f. 1-6-1987 only entitles the assessee to file applications before the settlement commission when an appeal is pending before the appellate tribunal. ..... the assessment years under consideration and the department was represented before the settlement commission by the cit(dr) and the assessing officer. it is submitted that chapter xixa of the act providing for "settlement of cases" is a comprehensive code in regard to the matters to be dealt with by the settlement commission, jurisdiction and powers ..... the appeals filed before the tribunal are pending. the arguments of the learned counsel for the assessee have no merit in view of the provisions of income-tax act in chapter xix-a. we would like to refer to the provisions of section 245c (1) r.w. section 245(a)(b) and sections 245d(4) and 245f .....
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