Court : Chennai
Reported in : [1981]132ITR847(Mad)
..... time after the assessment order of 19th november, 1957, that the bonus shares were issued not out of premiums received in cash and the consequent result in the light of the finance act, 1957, was information within the meaning of that expression as used in section 34(1) of the indian income-tax act, 1922, and, consequently, the reopening of the assessment under that provision was not illegal.' 20. ..... province of madras : (1948)2mlj159 have taken the view that in the case of buildings with a surrounding land which together had been let out in places where rent control acts, such as the tamil nadu act 18 of 1960, are in operation, the method of valuation is to capitalise the annual rent by a certain number of years' purchase and that the method of valuing the land and the building separately and adding up ..... it is always open to the petitioner to put forward his objections and convince the second respondent who issued the notice under section 147 of the income-tax act that there is no room for making a revised assessment as proposed by him and that he, having decided earlier the status, cannot change his opinion and make a revised assessment on the estate of kumaraswami mudaliar in ..... writ petition was filed against a notice dated august 22, 1972, issued by the assistant commissioner, commercial taxes, calcutta, calling upon the dealer to show cause why the security of a lakh of rupees under section 7(4axi) of the bengal finance (sales tax) act, 1941, should not be demanded from them. .....
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. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)129CTR(Mad)397; [1995]215ITR461(Mad)
..... the said amounts were gifted to his wife and daughters are shown as under : ------------------------------------------------------------------------date on which amount and date of gift amount doneeproperty of nature of by hinduapplicant was property undividedthrown into familycommon stock (fd)------------------------------------------------------------------------3-3-1972 1,80,000 22-3-1972 18,000 wife ofkarta21-2-1973 12,000 23-3-1973 12,000 wife ofkarta20-2-1974 10,000 26-3-1974 10,000 wife ofkarta4-3-1975 20,000 23-3-1975 10,000 minordaughter23-3-1975 10,000 minordaughter19-3-1973 12,000 24-3-1975 12,500 wife ofkarta---------72,500 ..... legitimately claim exemption of such assets, which are covered by the gift by him for any assessment year commencing after the 31st day of march, 1964, but before the 1st day of april, 1972, and since in the instant case, the assessee has been subjected to gift-tax, and it appears, that the gift by him, has been charged for some assessment year commencing after the 31st ..... 'provided that where the transfer of such assets or any part thereof is either chargeable to gift-tax under the gift-tax act, 1958 (18 of 1958), or is not chargeable under section 5 of that act, for any assessment year commencing after the 31st day of march, 1964, but before the 1st day of april, 1972, the value of such assets or part thereof, as the case may be, shall not be included in computing the net wealth ..... proviso and the words later introduced by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : [1993]201ITR67(Mad)
..... though section 104 to 109 (section 23a of indian income-tax act, 1922) were deleted by the finance act, 1987, with effect from april 1, 1988, these sections would be applicable to cases arising for the assessment years prior ..... is a company in which the public are not substantially interested and for the assessment year 1972-73, the income-tax officer found that the total income of the assessee as computed came to ..... laid down in the decisions referred to above and on a careful consideration of the facts and the circumstances of the case, we answer the question referred to us at the instance of the revenue for the assessment years 1972-73 and 1973-74 in the affirmative and against the revenue. 15. ..... in that case, during the assessment year 1972-73, the assessee-company had not distributed any dividend and had also not offered any explanation for deducting the arrears of tax of the earlier ..... that arises for consideration is, whether the tribunal was right in deleting the additional tax levied under section 104 of the act in respect of the assessment year 1972-73 and 1973-74. ..... on the facts and in the circumstances of the case, the appellate tribunal was right in law in cancelling the orders of the income-tax officer levying additional tax under section 104 of the income-tax act, 1961, for the assessment years 1972-73 and 1973-74 ?' 3. ..... to the provision for income-tax of the earlier years, while the balance-sheet as on september 30, 1972, showed the availability of general reserve of rs. .....
Tag this Judgment!Court : Chennai
Reported in : [1994]209ITR174(Mad)
..... expenses in which is included sign board, advertisement in newspaper and magazines, audio-visual advertisement and by way of subsidy to farmers and soil test expenses, should be allowed as admissible deduction under section 35d of the income-tax act (v) whether, on the facts and in the circumstances of the case, the appellate tribunal was correct in law in not upholding that order of the income-tax officer as such rejecting capitalisation of the pre-production expenses to the ..... constitute a sale and in directing the deletion of the amount from the assessment (x) whether, on the facts and in the circumstances of the case, the view taken by the appellate tribunal on the provisions of section 43a of the act on the basis of which guidelines were laid down by the appellate tribunal for deciding the issue by the income-tax officer afresh is reasonable on facts and justified in law?' 2. ..... that the value of assets without deducting therefrom the liabilities should be taken for the purpose of capital computation under section 80j of the income-tax act and consequently in directing not to exclude the liabilities while computing the capital employed under section 80j of the act (ii) whether, on the facts and in the circumstances of the case, the appellate tribunal was correct in law in holding that the capital computation under section 80j ..... 2) act 1980, with retrospective effect from april 1, 1972. ..... a new sub-section (1a) was added by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1980)16CTR(Mad)217; [1980]123ITR464(Mad)
..... the provision as it was in force prior to the amendment by the finance (no 2) act, 1971, with effect from april 1, 1972, there were certain further words in clause (iv) of s. ..... net wealth' and it runs to the extent relevant as follows : 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than - ....... ..... the result is that the question as framed for the assessment year 1972-73 is to be answered in the affirmative and in favour of revenue. ..... therefore, the other provisions of the act, would have to be taken into account and one such provision is s. ..... we find that in the scheme of the act, there is absolutely no significant difference between 'chargeable' and 'payable ..... for the assessment year 1972-73, the following question has been referred to this court under. ..... (d) of the said rule provides that any debt owed by the assessee which has been specifically utilised for acquiring n asset in respect of which wealth-tax is not payable under the act would be one of the items. ..... the scheme of the act is to take the net wealth of assessee on the basis of the value of the assets after deducting all the debts other than certain debts which stand excluded by the .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR548(Mad)
..... it also held that the finance (no.2) act, 1980, in so far as it amended section 80j by incorporating the provisions of rule 19a as sub-section (1a) in section 80j with retrospective effect from april 1, 1972, was merely clarificatory in ..... supreme court observed as follows (headnote) : 'the question whether the commissioner was justified on the facts and in the circumstances of the case, in refusing to exercise his power under section 273a of the income-tax act, 1961, to waive interest and penalty where the assessee has disclosed income voluntarily in a revised return, is a question to be examined on the merits and the high court, on a writ petition challenging such a ..... kerala high court held that where an application is made for waiver of interest levied under section 215 of the income-tax act, 1961, the income-tax authorities have to objectively consider the circumstances and find out whether the assessee is entitled to it. ..... not ordered, the supreme court observed as follows (headnote) : 'the words 'the commissioner may in his discretion.....reduce or waive the amount of penalty' in section 18b of the wealth-tax act, 1957, clearly show that the power conferred on the commissioner is to be exercised by him in such a manner as he deems just and proper. ..... to above already it can be stated without fear of contradiction that the power vested under section 220(2a) of the act is a discretionary power and it is one coupled with the duty to be exercised judicially and reasonably based on .....
Tag this Judgment!Court : Chennai
Reported in : [2001]250ITR761(Mad)
..... for the assessee contended that for the assessment years in question, it was necessary to compute the extent of relief available under section 80j and as that section has been amended with retrospective effect from 1972 and the validity of the amendment had been under challenge before the supreme court and the law had remained uncertain till the judgment of the supreme court was pronounced in the case of lohia ..... 2) act, 1980, in so far as it amended section 80j by incorporating the provisions of rule 19a, as sub-section (1a) in section 80j, with retrospective effect from april 1, 1972, the computation took time. ..... the assessee is aggrieved by the order of the commissioner by which the assessee's request for waiver of interest, under section 220(2a) of the income-tax act, 1961, for the assessment years 1979-80. ..... union of india : [1985]152itr308(sc) , upholding the validity of the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1986)51CTR(Mad)230; [1986]157ITR342(Mad)
..... two assessment years referred to above being in the nature of giving effect to the relief to which the assessee was held entitled by the order of the tribunal the assessment year 1972-73 and by the appellate assistant commissioner for the assessment year 1974-75, the inspecting assistant commissioner was not competent to exercise any powers under section 154 of the ..... it is now common knowledge that by an amendment introduced in section 80j of the act, sub-section (1a) was incorporated with effect from april 1, 1972, by the amending act and now this amended section which has been given retrospective effect has been held to be constitutionally valid ..... for the assessment year 1974-75, the relief under section 80j of the act is given to the assessee by an order of the appellate assistant commissioner of income-tax while deciding ..... order, the tribunal has positively held that the assessee was entitled to the relief claimed under section 80j of the act in respect of machineries utilised for the manufacture of paper known as duplex board. ..... guise of exercise of power under section 154 of the act, the directions given by the appellate assistant commissioner cannot ..... filed by the assessee challenging two notices issued under section 154 of the income-tax act, 1961, by which the assessee was called upon to show cause why relief allowed under section 80j of the act should not be recomputed excluding the borrowed capital in view of the retrospective amendment brought about by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : 1985(6)ECC160; 1986(25)ELT6(Mad); [1985]60STC97(Mad)
..... garments and woollen materials used as covering for the body or the bedding and for similar purposes will come under item 21 of the first schedule to the central excises and salt act and item 4 of the third schedule to the state act and therefore, the carpets dealt by the assessee should be treated only as pile carpets with jute base having woollen tufts and that therefore, it will not fall either under ..... invoices the description of the carpets is 'super-cut-pile', and that though the manufacturers of the pile carpets were levied excise duty under item 21 of the first schedule to the central excise and salt act, they have challenged the levy on the ground that they are not woollen fabrics and the assessee who is only a distributor cannot take up the stand different from the manufacturers. 5. ..... the tribunal had placed reliance on an order of the government of india, ministry of finance dated 14th april, 1972 holding that carpets manufactured by bharat carpets limited will not fall under item 21 of the central excise tariff. ..... held to be woven fabric in which the intermediate process of weaving the weft thread across the warp cord is an integral stage of manufacture, and therefore, it is a rayon fabric covered by item 18 of the schedule to the rajasthan sales tax act, 1954, and as such exempted from sales tax under the central sales tax .....
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