Court : Chennai
Reported in : (1996)56TTJ(Mad)662
..... 38 of the scheme, which prescribes the mode of payment of contribution, it is the duty of the employer to pay the contributions to the fund within 15 days of the close of every month.month has not been defined in the act nor is there any indication whether the term month would refer to the month for which the salary is paid or the month in which salary is paid. ..... 43b by the finance act, 1987, w.e.f. ..... ,16131-10-90october5,42530-11-90december7,17531-1-91 40,215 the ao took the view that these contributions were not effected within the due date for payment under the relevant provisions of the provident fund act and esi act nor within the grace period allowed under that ..... the learned advocate next submitted that employees provident fund act is governed by a scheme known as employees provident fund scheme, 1952, and in accordance with ..... been actually made during the previous year on or before the due date as prescribed under the relevant act or the rules, no deduction should be allowed in respect of the same. ..... any sum received by the assessee from his employees as contribution to pf or any fund set up under the employees state insurance act, 1948, should be treated as income chargeable to tax. ..... 143(2) of the it act and a regular assessment under ..... a deduction is to be allowed if the amount thus received by the assessee is credited to the employees account in the relevant fund or funds on or before the due date, due date being the due date prescribed under the relevant acts or rules. .....
Tag this Judgment!Court : Chennai
Reported in : [2002]81ITD84(Mad)
..... they further observed that the finance act, 1974, making it effective from 1-4-1975, added a further ..... basis that the assessee was to receive a pre-determined amount periodically over the period stipulated in the agreement, the provisions of section 2(e) of the act were found to be attracted and on that basis the value of the right to receive annuities in future is includible in the net wealth. ..... therefore, the conditions laid down in section 5(1)(vi) of the act are not satisfied.the assessees would not be entitled to any benefit under ..... further, in order to attract the provisions of section 5(1)(vi) of the act, it has to be in the shape of right or interest in any policies before the monies covered by the policies become due and payable to ..... in the light of the amendment made to section 2(e) of the act, effective from 1-4-1975, annuity not purchased by an assessee or purchased by any other person in pursuance of a contract would be includible as an asset, as observed by the bombay high court in ajit alias hamid alikhans case ..... of the opinion that the annuity policy would be an asset within the meaning of section 2(e) of the act and the assessees would not be entitled to deduction under section 5(1)(vi) of the act.6. ..... section 2(e) of the act as it stood then is reproduced below for the sake of facility :'2(e) 'assets' includes property of every description, movable or immovable but does not include,2(ii) a right to any annuity (not being an annuity purchased by the assessee or .....
Tag this Judgment!Court : Chennai
Reported in : [1999]237ITR208(Mad); [1999]103TAXMAN257(Mad)
..... the said section was said to have effect on and from april 1, 1985, and the said provision is popularly called 'compulsory tax audit'.section 22 of the act defines professional misconduct as follows :your the purposes of the act, the expression 'professional misconduct' shall be deemed to include any act or omission specified in any of the schedules, but nothing in this section shall be construed to limit or abridge in any way the power conferred or the duty cast on the council ..... further, by the finance act of 1984, a new section namely, section 44ab to the income-tax act, 1961, was introduced by which certain classes of assessees such as a businessman with a turnover of more than rs. ..... it is also significant to note that a chartered accountant is expected to function honestly and not to conduct himself in a manner inviting public criticism and to function with dignity and also that the act and the rules made thereunder would be entitled to bring restrictions or provisions only for the purpose of attaining the aforesaid professional standards. ..... for the grant of the certificate of practice and the certificate so issued would be valid only if certain conditions are adhered to including the payment of an annual fee.it is significant to note that various enactments such as the companies act, 1956, the income-tax act, 1961, and the banking regulation act, 1949, provide that only chartered accountants have a specified role to play in companies and other organisations. .....
Tag this Judgment!Court : Chennai
Reported in : [2000]108TAXMAN302(Mad)
..... be brought by an individual partner for his or her own benefit in respect of a contract to which the firm is a party; that even a suit on behalf of the firm can be brought only by the partners acting together; and that though the parties to a contract with a firm may be entitled to proceed against the individual partners in respect of the outstanding liabilities of the firm, individual partners do not have a right to enforce ..... and conditions relating thereto preclude the commutation of any portion thereof into a lump sum grant;'the words in brackets in the provision were introduced by the finance act, 1974 with effect from 1-4-1975.2. ..... term 'assessee' in section 2(c) which defines 'assessee' to mean a person by whom wealth-tax or any other sum of money is payable under the act, and includes every person in respect of whom any proceeding under the act has been taken for the determination of wealth-tax payable by him or by any other person or the amount of refund due to him or such other person ..... all the partners have an interest in the partnership property does not necessarily lead to the conclusion that for the purpose of act even in the absence of appropriate language therein, the contract to which the firm is a party, should be treated as ..... by a person who had not entered into a contract with the assessee is not an asset for the purpose of the act, if the other condition, namely, that the terms and conditions of the annuity preclude the commutation of any portion thereof into .....
Tag this Judgment!Court : Chennai
Reported in : [2005]145TAXMAN405(Mad)
..... by finance act, 1984 a new section ..... may be mentioned that there is compulsory audit of the books of account and other records of companies incorporated under the companies act, 1956 and also of all other persons whose turnover is in excess of rs. ..... various enactments such as the companies act, 1956, income tax act, 1961 and the banking companies regulations act provide that only chartered accountants have a specified role to play in companies and other ..... , section 44ab was introduced in the income tax act, 1961 by which certain classes of assessees such as businessmen with a turnover of more than ..... the council set up by the act has general power to enquire into the allegations of misconduct of members of the ..... section 3 of the act provides that chartered accountants registered under section 4 of the act constitute a body called the institute of chartered accountants of ..... -ca(7)/3/66 - in exercise of the powers conferred by clause (ii) of part-ii of the second schedule to the chartered accountants act, 1949, the council of the institute of chartered accountants of india hereby specifies that a member of the institute in practice shall be deemed to be guilty of professional misconduct if he accepts, in a financial year, more than the specified number of tax audit assignments under section 44ab of the income tax act, 1961.'6. ..... council of the said institute constituted under section 9 of the act carries out the various functions mentioned in section 15 and other provisions of the act.4. .....
Tag this Judgment!Court : Chennai
Reported in : [2005]146TAXMAN25(Mad)
..... 'section 35c was introduced by the finance act, 1968, with effect from 1-4-1968, and was deleted by the direct tax laws (amendment) act, 1987, with effect from 1-4-1989. ..... entire expenditure incurred for the maintenance of motor vehicles in the cane department as well as the travelling expenditure incurred in the cane department would come within the qualifying expenditure as mentioned in clause (b) of section 35c of the act, the assessing officer was justified in apportioning the expenditure and disallowing a portion thereof and the disallowance was, in our view, rightly upheld by the appellate tribunal. ..... for consideration :'whether, on the facts and circumstances of the case, the appellate tribunal was right in law in holding that the assessee was not entitled to weighted deduction under section 35c of the income tax act, in respect of the entirety of the expenditure incurred by way of motor vehicle maintenance of the cane department, transport of fertilisers and travel expenses of the cane department ?'1. ..... hence, we are of the view, the expenditure incurred on transport of fertiliser would qualify for deduction as it is a service within the meaning of section 35c(b)(i) of the act and unless the fertiliser is transported, it is not possible to use fertiliser for cultivation of sugarcane. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)185CTR(Mad)673; [2003]260ITR143(Mad)
..... sub-section (1a) therein, which was introduced by the finance act, 1984, witheffect from april 1, 1985, was in the statute book and was required to be taken note of while making the assessment for these two years. ..... section 161 of the act deals with the liability of the representative assessee. ..... in law in holding that the income of the trust carrying on business should be assessed only in the hands of the beneficiaries and not in the status of an association of persons as per the provisions of section 161(1a) of the income-tax act, 1961 ?' 2. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)181CTR(Mad)335
..... learned counsel for the assessee, however, submitted that the cbdt itself had, on 5th july, 1990, issued a circular giving certain clarifications relating to deductions under section 80hhc of the it act, 1961, wherein it was stated that in view of the amendment to section 28 of the it act, by the finance act, 1990, by which clauses (iiia), (iiib) and (iiic) were inserted with retrospective effect, those three import incentives will have to be included in the profits of the business for ..... that the cash assistance, duty drawback and air subsidy should be treated as income 'derived from' the industrial undertaking and included in the business income for the purpose of deduction under section 80hh of the it act, 1961? ..... in a position to receive any of those benefits, had the assessee not been carrying on business, it cannot be said that such income was 'derived from' business as to qualify for deduction under sections 80j and 80hh of the act. .....
Tag this Judgment!Court : Chennai
Reported in : [2003]261ITR763(Mad)
..... ' part c of that schedule iii before its omission by the finance act, 1992, with effect from april 1, 1993, in rule 9 provided that 'the value of an equity share or a preference share in any company or a debenture of any company which is a quoted share or a quoted debenture shall be taken as the value quoted in ..... 'quoted share' is defined in rule 2(9) of schedule iii to the wealth-tax act, which schedule sets out the rules for determining the value of assets. ..... for doing so, the tribunal has not referred to any provision of the wealth-tax act enabling them to fix the value in that manner.5. ..... moreover, what is taxed under the wealth-tax act is the net wealth as on the valuation date. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)185CTR(Mad)562
..... shree manjunathesware packing products (1998) 231 itr 53, has held that even prior to the amendment to section 25(2) by the finance act of 1988, the word 'record' used in section 25(1) was required to the understood in a wider sense, and not confined merely to the record that was before the ao at the time of assessment, the court observed in that case ..... the cwt, thereafter, exercising the revisional powers under section 25 of the wt act, revised the order of assessment for the year 1983-84. ..... (b) to section 25(2) of the wt act. .....
Tag this Judgment!