Court : Chennai
Reported in : (2006)202CTR(Mad)553; [2006]284ITR503(Mad)
..... year commencing on the 1st day of april 1988, or any earlier assessment year is filed under sub-section (4) or sub-section (5) of section 139, whichever is later. the provisions of section 153 have been amended by the finance act, 1989 and as per the amended provision, the time limit is one year from the end of the ..... on the 1st day of april 1998, or any earlier assessment year, is filed under sub-section(4) or sub-section(5) of section 139, whichever is laterthe provisions of section 153 have been substituted by the finance act, 1989 and the provisions of section 153(1)(b) are applicable for the relevant assessment year. the assessing officer issued notice under ..... of the return. the tribunal had however not accepted the assessee's contention. the tribunal held that the provisions of section 153 have been substituted by the finance act 1989 and that the amended provisions of section 153(1)(b) are applicable to the assessment year 1988-89.7. the learned counsel for the assessee submitted that .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)442; [2003]263ITR307(Mad)
..... the instalments in which the tax should be paid.4. section 115j of the act was inserted by the finance act, 1987 with effect from 1.4.1988. the section was in force from 1.4.1988 till 31.3.1991. after 1.4.1991, section 115ja was inserted by the finance ( no. 2) act, 1996 with effect from 1.4.1997. after the ..... insertion of section 115ja, section 115jb was also inserted by the finance act, 2000 with effect from 1.4.2001. it is clear from the reading of section 115ja and 115jb of the act, the question whether a company which ..... tax does not assume much importance as specific provisions have been made in the section providing that all other provisions of the act shall apply to the assessee being a company mentioned in the said section. further, suitable amendments have been made in the relevant finance act providing for the payment of advance tax in the case of a company .....
Tag this Judgment!Court : Chennai
Reported in : 2001(133)ELT36(Mad); [2002]253ITR250(Mad); (2001)2MLJ629; 2006[2]STR438
..... the 'catering service', even that service is charged. learned counsel then invited our attention to the definition of the word 'caterer', which is defined in section 65(10) of the finance act, which reads as under : ''caterer' means any person who supplies, either directly or indirectly, any food, edible preparations, alcoholic or non-alcoholic beverages ..... or crockery and similar articles or accoutrements for any purpose or occasion ;' 39. according to learned counsel from the conjoint reading of section 65(10) and section 65(m) of the finance act, it is dear that when the 'mandap keeper' while providing the services of user of the 'mandap' also supplies directly or indirectly ..... to similar effect were the observations by the apex court in the decision reported in assistant commissioner of urban land tax v. buckingham and carnatic co. ltd. : [1970]75itr603(sc) , which also came to be approved. 31. the real import of entry 49 of list ii is aptly decided in h. s. dhillon's case .....
Tag this Judgment!Court : Chennai
Reported in : [1976]104ITR242(Mad)
..... , a registered firm, is manufacturing polythene bags. the relevant assessment years under consideration are 1964-65 and 1965-66. the assessee claimed rebate under section 2(5)(a)(iii) of the finance acts, 1964 and 1965, on the ground that polythene bags manufactured by it were actually exported out of india by the persons by whom they were ..... the appellate tribunal was right in law in holding that the assessee-firm was entitled to relief provided for under section 2(5)(a)(iii) of the finance acts, 1964 and 1965?'4. the relevant provision of the finance act was designed to give an incentive to exports. the nature of the incentive varied with the manner in which the ..... the assessee was engaged came within the scope of the relevant schedule of the industries (development and regulation) act. the only point taken before the tribunal was based on the interpretation of section 2(5)(a)(iii) of the finance acts, 1964 and 1965. the tribunal pointed out that there was clear evidence in this case of the .....
Tag this Judgment!Court : Chennai
Reported in : [1999]240ITR573(Mad)
..... . 9. the legislative history makes the position clear, when clause (viii) of section 36(1) of the act was introduced a deduction was granted for anamount not exceeding 10 per cent. of the total income carried to such special reserve. when it was amended by the finance act, 1966, the limit was raised to 25 per cent. in the case of ..... this clause, be deemed to have been transferred to the reserve account in the accounts of the first-mentioned previous year.' 11. but, this explanation was omitted by the finance act, 1974, with effect from april 1, 1975. the omission was made with a view to facilitate the building up of internal resources of financial corporations or joint financial ..... current profits to the special reserve account at 55 per cent. of the taxable income. it is with that object in view that the explanation was omitted by the finance act, 1974, with effect from april 1, 1975, and if we accept the contention urged on behalf of the assessee that it is open to the assessee to rely .....
Tag this Judgment!Court : Chennai
Reported in : [1999]107TAXMAN16(Mad)
..... income.8. the legislative history makes the provision clear; when clause (viii) of section 36(1) was introduced, a deduction was granted loran amount not exceeding 10 per cent of the total income carried to such special reserve. when it was amended by the finance act, 1966, the limit was raised to 25 per cent in the case of financial ..... under this clause, be deemed to have been transferred to the reserve account in the accounts of the first mentioned previous year.'but this explanation was omitted by the finance act, 1974, with effect from 1-4-1975. the omission was made with a view to facilitate the building up of internal resources or, financial corporation of joint financial ..... the current profits to the special reserve account at 55 per cent of the taxable income. it is with that object in view the explanation was omitted by the finance act, 1975 with effect from 14-1975, and if we accept the contention urged on behalf of the assessee that it is open to the assessee to reply upon .....
Tag this Judgment!Court : Chennai
Reported in : (1997)138CTR(Mad)106; 2003(156)ELT5(Mad); [1997]227ITR596(Mad)
..... dealing in or using cotton. the assessee-company claimed that pressing of cotton fell within the expression 'processing of goods' within the meaning of s. 2(7)(c) of the finance act, 1973, and, therefore, it was an 'industrial company' entitled to the concessional rate of tax. on these facts, gujarat high court held that loose cotton in bulk quantity ..... to the extent of doing violence to the plain and simple language used in the enactment. it would not be reasonable or permissible for the court to rewrite the section or substitute words of its own for the actual words employed by the legislature in the name of giving effect to the supposed underlying object. 11. lastly, reliance ..... up for consideration before this court in respect of the very same assessee in cit vs . s. s. m. finishing centre : [1985]155itr791(mad) for the asst. yr. 1970-71. the name of the assessee in the present case is 's. s. m. processing mills'. in the said decision, while considering the provisions of s. 33(1)(b)(b .....
Tag this Judgment!Court : Chennai
Reported in : (2004)186CTR(Mad)494
..... has not considered the terms and conditions of the lease deed under which the building was let out. the tribunal also has to consider the terms of section 40(3)(vi) of finance act and then examine the question and even if it is commercial asset, it has to be considered whether it is excludible from the levy of wealth-tax. ..... clause in the memorandum of association is alone not sufficient and the tribunal should consider whether the building was a business asset or not with reference to section 40(3)(vi) of the finance act, 1983 and also with reference to the terms of the lease deed under which the property was let out. in the instant case, the tribunal except ..... let out portion of the building to the tenants and realised rental income from the portion of the building let out to the tenants. the wto applied section 40(3)(vi) of the finance act, 1983 and held that the let out portion of the building was assessable to wealth-tax, which was confirmed by the cwt(a). the tribunal however, .....
Tag this Judgment!Court : Chennai
Reported in : (1998)144CTR(Mad)313; [1999]236ITR885(Mad)
..... materials, constitutes 'manufacture or processing of goods' within the meaning of s. 2(6)(d) of the finance act, 1968, and that the assessee is an 'industrial company' within the meaning of the definition contained in that section ?' (h) their lordships of a division bench of the kerala high court took into consideration various precedents ..... food from raw materials such as grains, pluses, meat, vegetables, etc., constituted 'manufacture or processing of goods' within the meaning of s. 2(6)(d) of the finance act, 1968, and, therefore, the assessee was an 'industrial company'. (f) a reference has arisen out of the said order of the tribunal. (g) the question referred ..... . a company engaged in the process of manufacturing being included in the definition of an 'industrial company' by the definition in s. 2(6)(d) of finance act, 1968, the assessee claimed that it should be taxed at the rate applicable to an 'industrial company'. (c) the aac found that though manufacturing operations were .....
Tag this Judgment!Court : Chennai
Reported in : [1995]216ITR240(Mad)
..... be extended so as to specifically include fee for professional and technical services, service contracts, etc., of course, when the proposal gets finally incorporated in the finance act that may be passed ultimately, it will have the force of law. these factors would also go to lend strong support or credence to the claim made ..... that case was required to consider the question of applicability of s. 194c to labour contracts because the contention of the assessee there was that the said section was applicable only to works contracts. it was this contention that was repelled by the supreme court. in other words, as aforesaid, the supreme court merely ..... sale, the matter should be decided in the light of the principles laid down by the supreme court in the abovementioned case. (vii) the provisions of this section would apply in relation to payments made to persons who arrange advertisement, broadcasting, telecasting, etc. (viii) the provisions are wide enough to cover not only written .....
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