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Commissioner of Income-tax Vs. G.R. Karthikeyan

Court : Chennai

Reported in : (1980)17CTR(Mad)301; [1980]124ITR85(Mad)

..... section 11 of the finance act, 1972, introduced section 74a into the act, and the said provision runs as follows :' (1) where the net result of the computation made for any assessment year in respect of any source falling under the head ' income from other sources' and being a ..... section 4 of the finance act, 1972, substituted clause (3) of section 10 in the place of old clause (3). ..... section 2(24)(ix) was introduced into the statute by the finance act of 1972. ..... the following background is given as and by way of explanation to the introduction of the provisions under the finance act:'13. ..... this is brought out in the memorandum explaining the provisions of the finance bill, 1972, and this memorandum is to be found in volume 83 of the income-tax reports (statutes) at page 177. ..... the bill seeks to make the following amendments to the income-tax act with a view to withdrawing the exemption currently available in respect of casual and non-recurring receipts. '23. ..... the use of a dictionary ad lib without an analysis of the entire act, its purpose and its intent, for ascertaining the meaning in which the legislature could have used the word or expression may not lead us to the right conclusion.'20. ..... under the existing provisions of the income-tax act, receipts which are of a casual and non-recurring nature are exempt from tax except where the receipts constitute capital gains or arise from a business or the exercise of profession, vocation or occupation or are by way of additions to .....

Commissioner of Income Tax Vs. A.U. Chandrasekharan and ors.

Court : Chennai

Reported in : 1997(1)CTC597; [1998]229ITR406(Mad)

..... 2 of the act has been amended by the finance act, 1972, w.e.f. ..... the joint venture agreement clearly says that they had entered into a joint venture regarding the placing of bettings, investing in jackpot and treble and tanala events in the horse-racing section of 1972 at hyderabad. ..... 9(3) of the indian it act, 1922, the appellants had to be assessed only as individuals in relation to the income from house property, but they were to be assessed in the status of an aop in relation to dividends. ..... 256(2) of the it act, 1961 : 'whether, on the facts and in the circumstances of the case, the prize money of rs. ..... 3 of the act, 1922. ..... 3 of the it act means an association in which two or more persons join in a common purpose or common action, and as the words occur in section, which imposes a tax on income, the association must be one, the object of which is to produce income, profits or ..... 2 of the act shall be chargeable to income-tax under the head income from other sources. 10. ..... 1st april, 1972. ..... the learned senior standing counsel submitted that the decisions in : [1960]39itr546(sc) cited supra were rendered under indian it act, 1922. .....

Thanthi Trust Vs. Wealth-tax Officer

Court : Chennai

Reported in : (1989)78CTR(Mad)54; [1989]178ITR1(Mad)

..... provision is subject to section 21a of the act which was introduced by the finance act, 1972, with effect from april 1, 1973. ..... 21a was inserted by the finance act 16 of 1972 with effect from april ..... reason to believe that by reason of the omission or failure on the part of any person to make a return under section 14 of his net wealth or the net wealth of any other person in respect of which he is assessable under this act for any assessment year or to disclose fully and truly all material facts necessary for assessment of his net wealth or the net wealth of such other person for that year, the net wealth chargeable ..... believe' suggest that the belief must be that of an honest and reasonable person based upon reasonable grounds and land that the income-tax officer may act on direct or circumstantial evidence but not on mere suspicion, gossip or rumour.the income-tax officer would be acting without jurisdiction if the reason for his belief that the conditions are satisfied does not exist or is not material or relevant to the belief required by ..... rate or rates income-tax at hat rate or those shall be charged for that year in accordance with, the and subject to the provision of this act in respect of the total income of the previous year or previous years as the case may be of every person : provided that where by virtue of any provision of this act income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly.' 58. .....

Central Board of Direct Taxes Vs. Sri Saradha Transport

Court : Chennai

Reported in : [2002]124TAXMAN168(Mad)

..... section 194c was inserted by the finance act, 1972 with effect from 1-4-1972 authorizing deduction of income-tax at source, while making payments to contractors for the work done by them. ..... the argument that inasmuch as the finance act, 1995 was enacted authorizing the deduction even for mere transportation of goods, and as such, the circular is deemed to have been ratified by the parliament, is also liable to be rejected, for the reason that the said finance act, 1995, which came into effect from 1-7-1995, is only prospective in operation and not retrospective. ..... 681, dated 8-3-1994, issued by the central board of direct taxes on the ground of it being ultra vires section 194c of the income tax act, 1961 (hereinafter referred to as 'the act').2. ..... the substantive provision in section 194c does not make mere transportation of goods exigible to deduction at source, and the circular cannot authorize for doing so and as such, the circular is illegal and ultra vires the act.5. .....

Mettur Chemicals and Industrial Corporation Limited Vs. Inspecting Ass ...

Court : Chennai

Reported in : [1984]150ITR341(Mad)

..... however, there was a change in the rates of tax in the finance act, 1972, in payment of taxes on royalty and the difference came to rs. ..... 100 towards tax due by the foreign company for the assessment year 1972-73 cannot be taken advantage of by the revenue nor could it be taken as the basis for raising the plea of estoppel. ..... in respect of the previous year relevant to the assessment year 1972-73, the petitioner had deducted tax at source at the time of payment of royalty to vulcan materials company and remitted the amounts deducted to the department. ..... act and since the petitioner has not deducted the tax payable under the act at source, the department can proceed against the petitioner as an 'assessee in default' under s. ..... the second reason is that on two earlier occasions, the petitioner made two payments towards the tax due by the foreign company in respect of the assessment year 1972-73. 5. ..... act has to be paid by the foreign company and the petitioner company has not agreed to meet such a liability. ..... act and the terms and conditions contained in the collaboration agreement. ..... 201 of the act. ..... 201 of the act. ..... act, that will not enable the department to treat the petitioner as an 'assessee in default' as provided in s. ..... act on the lump sum payment made under the terms of the agreement and that the assessee's payment of two amounts of rs. ..... act. ..... act. .....

B. Ranganathan and Another Vs. State Represented by Inspector of Polic ...

Court : Chennai

..... while interpreting a provision in the finance act, 1972, lord denning observed that if the literal construction leads to impracticable results, it would be necessary to do ..... offences under sections 120b, 420, 467, 468 and 471 ipc along with the bank officers who were being prosecuted under section 13(2) r/w section 13(1)(d) of prevention of corruption act and the accused prayed for her discharge on the grounds that the accused paid the entire amount as per the settlement with the bank in the matter of recovery before the ..... 2008) 15 scc 667) and ram dhan case ((2012) 5 scc 536) and sushil suri case ((2011) 5 scc 708) argue that section 195(1)(b)(ii) is applicable to any act of forgery in respect of the documents already produced before the court and it is not applicable to any document, which is forged elsewhere and thereafter produced before the court as genuine. ..... prosecution side that the compromise of personal dispute between the individuals, who are in no way of concerned with the act of forgery of kist receipts will have no impact upon criminal proceedings initiated for the offences under section 465, 468 ..... developers and sale agreement executed between the defacto complainant and a3 to 6 in poonamallee sub registrar office and postponement of execution of sale deed by a1 and a2 inspite of repeated demands and relating to act of criminal intimidation by a1 and a2 by threatening the defacto complainant and others to leave the property, after receiving part of the money etc. 6. .....

Commissioner of Income Tax Vs. A. U. Chandrasekharan and ors.

Court : Chennai

Reported in : (1997)141CTR(Mad)177

..... 2 of the act has been amended by the finance act, 1972, w.e.f. ..... the joint venture agreement clearly says that they had entered into a joint venture regarding the placing of bettings, investing in jackpot and treble and tanala events in the horse-racing section of 1972 at hyderabad. ..... 9(3) of the indian it act, 1922, the appellants had to be assessed only as individuals in relation to the income from house property, but they were to be assessed in the status of an aop in relation to dividends. ..... 256(2) of the it act, 1961 :'whether, on the facts and in the circumstances of the case, the prize money of rs. ..... 3 of the act, 1922. ..... 3 of the it act means an association in which two or more persons join in a common purpose or common action, and as the words occur in section, which imposes a tax on income, the association must be one, the object of which is to produce income, profits or ..... 2 of the act shall be chargeable to income-tax under the head income from other sources.10. ..... 1st april, 1972. ..... the learned senior standing counsel submitted that the decisions in : [1960]39itr546(sc) and : [1973]88itr432(sc) cited supra were rendered under indian it act, 1922. .....

Commissioner of Income-tax, Coimbatore Vs. Nachimuthu Industrial Assoc ...

Court : Chennai

Reported in : (1982)31CTR(Mad)50; [1982]138ITR585(Mad)

..... section 12, prior to the amendment by finance act, 1972, with effect from 1973, reads as follows : '12 ..... 2) [1944] 29 tc 137 : 'the word 'investment', though it primarily means the act of investing, is in common use as meaning that which is thereby acquired; and the primary meaning of the transitive verb 'to invest' is to lay out money in the acquisition of some species of property......' 23 ..... 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act', at the instance of the revenue. 2 ..... to constitute a loan, there must be a positive act of lending coupled with an acceptance by the other side of the money as a ..... of the seventh schedule to the finance (no. ..... 1946] 29 tc 214, the court of appeal, while construing the expression 'income received from investments', occurring in the finance (no. ..... a loan imports a positive act of lending coupled with an acceptance by the other side of the money as a ..... chapter iii of the act deals with incomes which do not form part of the total ..... 256(1) of the act : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that the amounts due from the various partnership firms can neither be said to be 'lent' within the meaning of section 13(2)(a) nor can be said to be funds invested in the partnership concern within the meaning of section 13(2)(h) and, therefore, the assessee cannot be denied the exemption under section 11 of the income-tax act, 1961 ?' 7 ..... 109(11) of the act, prior to 1966 .....

Commissioner of Income-tax Vs. English Electric Company Ltd.

Court : Chennai

Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)

..... respect of profits and gains from specified industries in the case of certain companies--(i) in the case of a company to which this section applies, where the total income (as computed in accordance with the other provisions of this act) includes any profits and gains attributable to the business of generation or distribution of electricity or any other form ofpower or of construction, manufacture or production of any one or more of the articles or things specified in the ..... as consisted of profits and gains attributable to the business of generation or distribution of electricity or of construction, manufacture or production of any one or more of the articles or things specified in the list in pt iii of the schedule to the finance act, 26% was the rebate admissible. ..... the finance act of 1965, in the case of every company the total income was chargeable to tax at the rate of 80% and a rebate was allowed if the company fulfilled the different conditions set out in the finance act. ..... words in sub-section (1) are those that appear in parenthesis, namely, 'as computed in accordance with the other provisions of this act' and these words clearly contain a mandate that the total income of the concerned assessee must be computed in accordance with the other provisions of the act without reference to section 80e and since in the instant case it is income from business the same as per section 29 will have ..... [1972 ..... cit : [1972]86itr192(ker) and of ..... cit : [1972]86itr192(ker) and the mysore ..... 1972 .....

T. Rajkumar and Others Vs. Union of India, Rep. by its Secretary, New ...

Court : Chennai

..... the finance act, 1972 modified section 90 and brought it into force with effect from 1972. ..... of press release dated 1.11.2013 issued by the ministry of finance cyprus notified as a notified jurisdictional area under section 94-a of the income-tax act,1961 ; all parties to the transaction with a person in cyprus shall be treated as associated enterprises and the transaction shall be treated as an international transaction resulting in application of transfer-pricing regulations including maintenance of documentations section 94-a was introduced in the income-tax act, 1961, through the finance act, 2011, in respect of transactions with persons located in notified ..... in 1991, section 90 was revamped and a new sub-section (2) was inserted by finance act, 1991 with retrospective effect from 1972. ..... it may be noted that sub-section (2a) was inserted under the finance act, 2012 with effect from 1.4.2013, but was omitted by finance act, 2013, due to the controversies it created. ..... they are extracted as follows : "circular no.02/2012 [f.no.142101/2012.so (tpl), dated 22.5.2012 explanatory notes to the provisions of the finance act, 2011 "15. ..... the above position can be cross verified from the relevant portion of the explanatory notes to the provisions of the finance act, 2011. .....