Court : Chennai
Reported in : (1990)2MLJ143
..... bank under sub-section (6) of section 83 of the pondicherry co-operative societies act, 1972, as alternative arrangement to manage the affairs of the said union will have to be made urgently without any interruption;now, therefore the undersigned in exercise of his powers conferred under ..... under section 32(3) of the pondicherry co-operative societies act, 1972, which is hereinafter referred to as 'the act', the committee shall consist of not less than nine and hot more than twenty one members as the society ..... was held that an alternative remedy is not an absolute bar to the maintainability of a writ petition when an authority has acted wholly without jurisdiction and the high court should not refuse to exercise its writ jurisdiction on the ground of existence of ..... societies act, 1972 hereby dissolves the committee ..... act for an apex society was not fulfilled, the second respondent passed the impugned order, the relevant portion of which reads as follows:in the context of the committee having become defunct, i am further of the opinion that it is not reasonably practicable to give an opportunity to the committee to make its representation as to why it should not be dissolved and it is also not reasonably practicable under this emergent circumstances to inform and consult the financing .....
Tag this Judgment!Court : Chennai
Reported in : (1983)35CTR(Mad)136; [1984]145ITR29(Mad)
..... 2(24)(ii) and 12 of the act by the finance act (16 of 1972) including voluntary partly for charitable or religious purposes within the definition of income ..... this contention, it becomes necessary to briefly refer to the scheme of the act and the relevant provision therein, as they stood at the material time. 4 ..... in the course of the assessment proceedings for the year 1972-73 (for the accounting year ending on december 31, 1971), with reference to this donation received by the assessee, the ito thought that though the amount was ..... it was also noticed how an impasse in the working of the act would result if the position were otherwise, and it was held that income in the shape of voluntary ..... 12(1) meant before its amendment in 1972 was that while voluntary contributions are non-income, even what is undoubtedly income of charities, is not to be charged to tax, if the source of such income is traceable ..... referring to the provisions of the act and the decision of the allahabad high court in sri dwarkadheesh ..... act, 1961, (hereinafter referred to as 'the act') at the instance of the revenue, raises for our decision the following question of law : 'whether the donation made by swadharma swarajya sangha to the assessee-trust constitutes income in the hands of the assessee under section 12(2) of the income-tax act, ..... 12(1) and (2) of the act is also to the effect the such voluntary contribution directed to be held as part of the corpus of the donee, cannot be held to be income for purposes .....
Tag this Judgment!Court : Chennai
Reported in : [2000]246ITR97(Mad)
..... the amendment to section 28 of the income-tax act by the finance act, 1990, with retrospective effect from april 1, 1962, and april 1, 1967 and april 1, 1972. ..... (mad) elaborately considered the decisions of this and other high courts as also the supreme court bearing on the interpretation of the words 'derived from' used in section 80hh of the act, and held that there must be a direct nexus between the profit or gain and the business, and the fact that the business is the means for securing the receipts was by ..... it may perhaps be that it would have been more logical to allow the benefits under sections 80j and 80hh of the act for the profits and gains which are taxable as business income of the assessee, as the tax levied, is on the business income, and it would be logical to permit the benefits extended to be availed of ..... being part of the profits and gains of the business, it would be unreasonable to deny the benefit of sections 80j and 80hh of the act by artificially restricting the scope of the words 'derived from' used in these two provisions. ..... it was further submitted by counsel that though section 80j as also section 80hh of the act used the expression 'derived from', it does not necessarily follow that the meaning of that expression should be narrowed down artificially to only that income which was derived by the ..... ) and (iiic) were introduced in section 28 of the income-tax act with retrospective effect from april 1, 1962, april 1, 1967, and april 1, 1972, respectively. .....
Tag this Judgment!Court : Chennai
Reported in : [2008]296ITR505(Mad)
..... case, the income tax tribunal is right in law in holding that section 142a is not applicable to the facts of the present case for the assessment year 1996-97 especially when section 142a was inserted by the finance act 2004 with retrospective effect from 15.11.1972?2.1. ..... the assessee filed her returns on 26.2.1999, which was processed under section 143(3) of the act along with the returns for the assessment year 1997-98, considering the investment in building. ..... representative of the assessee, we find that the assessing officer has failed to exercise the powers conferred on him under section 133(6) of the act and/or under section 142(2) of the i.t. ..... of commercial complex at simco meter road, trichy had to be assessed in the ratio of 1:3 for the assessment year 1996-97 and 1997-98, fixing the amount for the assessment year 1996-97, a notice under section 148 of the act was issued for reassessment. ..... pursuant to the same, the assessee filed returns on 28.10.2003 and thereafter, notice under section 143(2) of the act was issued.2.2. ..... act. .....
Tag this Judgment!Court : Chennai
Reported in : [1996]219ITR684(Mad)
..... to remove uncertainty in the matter of allowing deduction with regard to the provision made for gratuity liability for the earlier years, the finance act, 1975, has inserted a new sub-s. (7) in s. ..... 40a(7) inserted by the finance act, 1975, with retrospective effect from 1st april, 1973, no deduction is to be allowed in the computation of profits and gains of a business or profession in respect of any provision made for the payment of gratuity to the employees on retirement or on termination ..... but the ito has held that in view of the fact that the gratuity act came into force from september, 1972, it cannot be said that the entire liability accrued during the accounting year 31st march ..... a statement was produced showing the computation for provision made in the books for the calendar years 1972 and 1973, the payments actually made during the calendar years 1973, 1974 and 1975 and the amount payable to the trustees as on ..... learned standing counsel pointed out that, inasmuch as, the gratuity act came into force from september, 1972, the liabilities on the assessee to provide for gratuity liability to its employees arose from ..... of gratuity act, 1972, had come into force in september, 1972. ..... , the year ending 30th june, 1972, which was the accounting year preceding the asst ..... being the gratuity liability relatable to the accounting year ending 30th june, 1972, in the asst. yr. ..... not relate to the liability for the year ending 30th june, 1973, but to that of the year ending 30th june, 1972. ..... 1972 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)114TTJ(Chennai)865
..... the first ground raised by the revenue common for all these three assessment years relate to method of accounting of finance charges, whether it should be emi (equated monthly instalment) method as adopted by the assessee or crm (capital recovery method) as urged by the revenue ..... contention of the assessee was that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequenti adding the notional interest on deemed loan transaction. ..... it was contended on behalf of the assessee that the revenue authorities were not correct in treating the lease transaction as finance transaction, ex consequent adding the notional interest on deemed loan transaction. ..... 2) act, 2004 with retrospective effect from 15-11-1972. ..... annamalai finance ltd ..... 1995-96 to 1997-98 had allowed depreciation on certain assets but the ao has treated those lease transactions as finance transactions. ..... power finance & infrastructure development corporation ..... held by us in the revenue's appeal in the earlier part of this order, this issue is covered in favour of the assessee by the decision of the hon'ble jurisdictional high court in annamalai finance ltd. ..... in this case the lesser has discharged its obligation of making the equipment available to the lessee in the financial year, respectfully following the decision of the hon'ble jurisdictional high court in it he case of annamalai finance ltd. ..... annamalai finance ltd ..... annamalai finance ltd ..... provision was inserted by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]213ITR835(Mad)
..... income-tax rules, 1962, the appellate tribunal was right in holding that borrowed capital should also be taken as capital for the purpose of allowing relief under section 80j for the assessment years 1972-73 and 1973-74 (iii) whether, on the facts the appellate tribunal's view that since the new unit came into existence after the old unit and only the main division was borrowing amounts ..... the abovesaid decision of the supreme court, we are of the opinion that the order passed by the tribunal in granting relief under section 80j of the act for the assessment years under consideration is not in accordance with the provision of section 80j and rules 19a(1) of the rules. ..... india roller flour mills) (sic) under section 256(2) of the income-tax act, 1961, the tribunal has referred the following questions for our opinion : '(i) whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the capital ..... 2) act of 1980 with effect from april 1, 1972, the tribunal was not correct in holding that borrowed capital should also be taken as capital for the purpose of granting relief under section 80j for the assessment years under ..... within the rule-making authority of the central board under section 80j(1), and that since rule 19a did not suffer from any infirmity and was valid in its entirety, the finance (no. ..... pointed out that in view of the abovesaid decision of the supreme court and also in view of the amendment brought about by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1993)115CTR(Mad)225; [1993]201ITR839(Mad)
..... dated august 26, 1969, to the effect that, having regard to the difficulties that may arise with regard to the grant of relief under section 5(1)(iv) of the act in cases of property wherein two or more co-owners reside jointly, the exemption under section 5(1)(iv) of the act should be allowed in the individual assessment of the co-owners separately so long as the property is not used for any purpose other than residence of the co-owners ..... learned counsel for the revenue contended that the tribunal had not found that the assessees had fulfilled the requirements of section 5(1)(iv) of the act in order to be eligible for the exemption granted thereunder and though parts of the house might have belonged to the assessees, it had not been established by the assessees that ..... cit : [1990]183itr1(sc) , it had been pointed out that the board, by its circulars, cannot pre-empt a judicial interpretation of the provisions of the act and the tribunal, much less the high court, is not bound by the circulars and that though such circulars might have departed from the tenor of the statutory ..... act, 1971, with effect from april 1, 1972, cannot also, in our view, be construed as throwing any light upon the exclusive user by the assessee for residential purposes provided for in section 5(1)(iv) of the act till march 31, 1972 ..... 5(1)(iv) of the act, by the finance (no. ..... the omission of the words 'exclusively used by him for residential purposes' occurring in section 5(1)(iv) of the act by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : [1998]233ITR460(Mad)
..... at the instance of the department, the tribunal referred the following common question for the opinion of this court, under section 27(3) of the wealth-tax act, 1957, hereinafter referred to as 'the act', for the assessment years 1974-75, 1975-76 and 1976-77 : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in holding that in computing the assessee's interest ..... in the firm of sri santhanalakshmi mills, the exemption under section 5(1)(iv) of the wealth-tax act should be granted to the firm in respect of a godown owned by it and the assessee's share should be arrived at on the basis of the net wealth of the firm so arrived at ?' 2. ..... , the appellate assistant commissioner held that as per the board's circular, the exemption under section 5(1)(iv) of the act should be allowed even in respect of buildings used for commercial purposes and hence the assessee's claim should be ..... : [1977]1scr306 ; while considering the provisions of section 89 of the bombay village panchayats act, 1933, the supreme court held that the word 'house' is a structure of a ..... 2) act, 1971, with effect from april 1, 1972, the exemption was available only if the house or part of the house was exclusively used by the ..... by the assessee for residential purposes was dropped by the finance (no. ..... it stood prior to the amendment made by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]216ITR401(Mad)
..... 102itr287(sc) to the effect that a case where income has escaped assessment due to the 'oversight, inadvertence or mistake' of the income-tax officer must fall within section 34(1)(b) of the indian income-tax act, 1922, is stated too widely and travels further than the statute warrants in so far as it can be said to lay down that if, on reappraising the material considered by him during the original ..... facts disclosed thereby or from other enquiry or research into facts or law;' and shall provide grounds for reopening the assessment under section 34(1)(b) of the indian income-tax act, 1922, and added, 'we have pointed out earlier that kalyanji mavji's case : [1976]102itr287(sc) , outlines four situations in which action under section 34(1)(b) can be validly initiated. ..... the circumstances of the case, the appellate tribunal was right in cancelling the assessment made under section 17(1)(b) for the assessment years 1972-73 and 1973-74, as made without justification, has arisen in a proceeding of reassessment of the wealth-tax (under the wealth-tax act) initiated as a result of audit objections. ..... wealth-tax act, the audit referred to only a mistake of law committed by the wealth-tax officer and that it had done in ignorance of the deletion of the words 'and exclusively used by him for residential purposes' from section 5(i)(iv) by the finance (no. ..... has said, 'since the words 'and exclusively used by him for residential purposes' have been omitted from section 5(1)(iv) by the finance (no. .....
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