Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)45ITD209(Mad.)
..... the order/the amended order should be based on such a return.6. the above scheme was initially incorporated in toto into the income-tax act, 1961 ('the act'). subsequently, the finance act, 1963 amended the said scheme in two important respects. first, it dispensed with the requirement of passing an amended order revising downward the advance ..... amended order revising upward the advance tax payable could be passed on the basis of a provisional assessment made under section 141 of the act also.7. then came the finance act, 1964 which introduced the concept of self-assessment. the newly introduced section 140a obligated the assessee to pay tax on self-assessment in ..... section 141. exceeds the total income referred to in clause (i).clearly, the legislative intent was to maximise advance tax collections. the taxation laws (amendment) act, 1970 omitted section 141 with effect from 1-4-1971. consequently references to that section were also omitted from sections 209(d)(fl and 210(3). the result .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD371(Mad.)
..... local bodies, i.e., whether rural or urban.in the book essays in urban government by mohit bhattacharya (1970 edition), there are certain statistics at page 2 which gives as its source 'a. h. marshall, local government, finance, international union of local authorities, the hague 1969'. this is as under :urban local bodies in india :types ..... musiri was only a town panchayat and was not a municipality within the meaning of the term in section 2(14) (iii) (a) of the income-tax act, 1961 ('the act'). the assessee did not dispute that the population of musiri exceeded 10,000.3. the ito, however, considered that the provisions of section 2(14) (iii) ..... the members of these committees are all nominated by the state governments which vests these committees with specific powers in accordance with the provisions of the prevailing municipal acts. the author proceeds to state that there are town area committees in six states and one union territory. the members of these committees are usually nominated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD714(Mad.)
..... be for any reason, you can just pack up and go over to backward area in tamil nadu. the source of your trouble may be anything : ecology, market, raw material, finance, skilled labour. or just that you want to have a change in the scenery. if you desire to shift, you shift. no questions asked. what a blessing in disguise ! ..... or areas with a view to give an impetus to economic growth by rapid industrialisation of the country.this scheme has come into operation with effect from 1-10-1970 in respect of certain areas indicated in column 3 of part a of annexure ii to the scheme. this scheme defined what is meant by an industrial unit entitled ..... arose as to what is the meaning of the words 'actual cost' for purposes of allowing depreciation. after tracing the legislative history and the difference between the 1922 act and the 1961 act, the high court pointed out. that 'actual cost' meant the amount expended or laid out for purposes of acquiring the depreciable assets. the facts in that case .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD595(Mad.)
..... reference was also made to and reliance placed on the decision of the madras high court in k.p.m. abdul majeed v. ito [1970] 78 itr 124. in this case it was held that where a person denudes himself of the entire land owned by him making gift ..... its karta. the income sought to be assessed in his hands by reference to section 64(1)(iii) of the income-tax act, 1961 ('the act') represents the share of profits of his minor sons in the said firm.similar are the facts in the case of sri s ..... v.harprasad & co. (p.) ltd. [1975] 99 itr 118 are referred to wherein it is observed that from the changing provisions of the act it is discernible that the words 'income' or 'profits and gains' should be understood as including losses also so that in one sense 'profits and ..... his hands for the purpose of the assessment. he referred in this connection to the heading of chapter v reading 'income of other persons, included in the assessee's total income' and submitted that the interpretation of the provisions of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD154(Mad.)
..... imposition of penalties under section 271(l)(c) of the income-tax act, 1961 ('the act').2. the assessee is an individual. for the assessment years 1963-64 to 1967-68, the assessee had initially filed returns on which original assessments had been made. however, on 25-3-1970 the assessee filed an application under section 271 (4a) before the ..... the circumstances of the case the imposition of penalty was at all justified without proper consideration of the press note, dated 2-6-1969, issued by the ministry of finance, government of india, referred to in the tribunal's order.the high court answered that question by saying that in the facts of the case the tribunal has ..... to operate and has to be given effect to. it was again pointed out on behalf of the revenue that the assessee had disclosed the concealment on 25-3-1970 even before the advertisement which was issued in 1977 and, therefore, the assessee could not be entitled to the benefit of that advertisement. we cannot agree to this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD345(Mad.)
..... 2032 and 2033 (cal.) of 1988, dated 14-5-1992]. it was further pointed out that representations had been made by the sugar industry to the minister of state for finance for suitable instructions to the department not to tax an incentive which was meant to be absorbed as capital.5. on the other hand, it was contended on behalf of ..... bureau (p.) ltd. v. cit [ 1973] 87 itr 542 (sc) sinclair murray & co. (p.) ltd. v. cit [1974] 97 itr 615 (sc) and general fibre dealers ltd. v. cit [1970] 77 itr 23 (sc) to point out that excise duty and sales tax collections were regarded as part of trading receipts and would, therefore, be revenue in nature. but these ..... loan. the decision of the supreme court in the case of shri ambica mills ltd. (supra) was rendered in connection with the computation of bonus under the payment of bonus act. the section, as it stood at that time, provided that subsidy may be deducted in arriving at the distributable surplus. the company claimed that duty draw back and excise .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)101ITD46(Chennai)
..... such deduction allowed by ld cit (a).4. we have considered the submissions made by both the parties. first proviso to section 32 was omitted by the finance act, 1995, with effect from 1.04.1996. it provided that where the actual cost of any machinery or plant-does not exceed rs. 5,000/-, the ..... the term "gross income" has been defined and means the total income computed in accordance with the provisions of the act without making any deduction under chapter vi-a.the expression "computed in accordance with the provisions of act" implies (i) that deduction under appropriate computation sections have already been given, (ii) that income of other ..... 1995-96 relate to amount credited to contingency reserve. the assessee created contingency reserve because of statutory provisions contained in clause iv(1) of electricity (supply) act, 1948. the assessee claimed amounts of contribution to this reserve as a charge on profit and loss account. the assessing officer disallowed the amount transferred to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1077(Mad.)
..... since they are involved in producing, artificially, chicks out of eggs, it would amount to processing and so they satisfy the requirements of section 2(8) of the finance act. we have already held that the assessee could .be considered as producing articles or things.the expression "processing" is, certainly, wider in terms than the expression " ..... entitled to this deduction.21. the last ground in the assessee's appeal for 1977-78 is that they should be treated as an industrial company. the finance act, 1977 defines an industrial company as a company which is mainly engaged in the business of generation or distribution of electricity, or any other form of power, ..... purpose was only to provide accelerated depreciation, these provisions would have been part of section 10(2)(vii) of the 1922 act and section 32 of the 1961 act. (p. 185) there are provisions in chapter vi-a which are applicable in respect of the same business, leading to deductions under more than one section.the deductions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)98ITD1(Chennai)
..... cold storage plant or plants etc." so along with the word "articles" the word "things" was also appended. thereafter section 80-1a was introduced by the finance (no. 2) act, 1991 with effect from 1-4-1991. in this section legislature included generation of power or transmission or distribution of power also. if generation of power could be ..... to promote industrial undertaking in backward areas. the benefit of the section is available on the manufacturing and production of article. this section was effective from 31-12-1970 to 31-3-1990. thereafter section 80-i was made operative from 1-4-1990 to 1-4-1991. in this section legislature has used the expression " ..... it is necessary for an industrial undertaking to be eligible for deduction if it has begun or begins to manufacture or produce articles after the 31st day of december, 1970 but before the 1st day of april, 1990, in any back ward area. manufacturing and production of article is, therefore, made a requisite condition for enabling the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)99ITD8(Chennai)
..... 132(5) will not be applicable to any search initiated after 1.7.95. according to the learned counsel, under chapter xiv-b, a special procedure for assessment of undisclosed income for block period is prescribed by finance act 1995 with effect from 1.7.95. the learned counsel for the assessee again invited our attention to section 158bc(d) ..... special bench of the tribunal in the case of smt. mahesh kumar batra v. jcit (2005) 95 itd 152 (asr) (sb) examined the provisions of chapter xiv-b of i.t. act and held that the assessing officer gets the power to assess undisclosed income on the initiation of search. therefore, the assessing officer after completion of search shall ..... the order under sub-section (5) of 132 to the date of regular assessment or reassessment. as we have already discussed, section 132(5) of the income tax act is not applicable to this assessee since the search was initiated only on 31.7.97. therefore, there is no requirement for passing the order under section 132(5). .....
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