Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD686(Mad.)
..... has to ultimately find a place in the computation of the net income if not already forming part of its profit and loss account. when section 40a(7) was introduced by the finance act, 1975, the finance minister had referred in this connection that : ...a doubt has been expressed that, under the relevant provisions, as presently worded, provisions made in ..... fund for the exclusive benefit of his employees under an irrevocable trust, the application for the approval of the fund having been made before the 1st day of january, 1976 ; and (3) a sum equal to at least fifty per cent of the admissible amount, or where any amount has been utilised out of such provision for ..... by the assessee for the previous year relevant to any assessment year commencing on or after the 1st day of april, 1973, but before the 1st day of april, 1976, to the extent the amount of such provision does not exceed the admissible amount, if the following conditions are fulfilled, namely :- (1) the provision is made in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD714(Mad.)
..... (p.) ltd. [1975] 101 itr 61 for the purpose of finding out the meaning of the word 'met' used in the definition.he also referred us to section 19 of the transfer of property act for the difference between vested interest and contingent interest and contended that what the assessee got by way of subsidy is not a contingent interest but a ..... be for any reason, you can just pack up and go over to backward area in tamil nadu. the source of your trouble may be anything : ecology, market, raw material, finance, skilled labour. or just that you want to have a change in the scenery. if you desire to shift, you shift. no questions asked. what a blessing in disguise ! if ..... making the adjustment of reducing the cost from a date prior to 26-5-1977, since that date fell outside the accounting year for the assessment years 1975-76 and 1976-77 under appeals, he allowed the assessee's claim. it is against that order the department had come up in appeal urging that even though subsidy was received at a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD617(Mad.)
..... 2. after the expiry of the accounting year on 30-6-1974 and before the assessment was completed, section 40a(7) was inserted in the income-tax act, 1961 ('the act') by the finance act, 1975, with retrospective effect from 1-4-1973. the law [section 40a(7)(a)] provided that no deduction shall be allowed in respect of any provision, whether called ..... by the assessee for the previous year relevant to any assessment year commencing on or after the 1st day of april, 1973,. but before the 1st day of april, 1976, to the extent the amount of such provision does not exceed the admissible amount, if the following conditions are fulfilled namely :- (1) the provision is made in accordance ..... fund for the exclusive benefit of his employees under an irrevocable trust, the application for the approval of the fund having been made before the 1st day of january, 1976 ; and (3) a sum equal to at least fifty per cent of the admissible amount, or where any amount has been utilised out of such provision for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD148(Mad.)
..... s income chargeable under the head 'salaries' for the previous year ended 31-3-1976 was rs. 30,892. this included a sum of rs. 5,468 being gratuity received by the assessee in excess of the amount exempt under section 10 of the act and rs. 10,010 being ex gratia payment received as terminal benefit. the ito ..... covers the amounts in question by definition, except only such salary income as are exempt under the provisions of the act. we may recall that the concept of standard deduction was itself introduced by the finance act, 1974 and the finance minister's budget speech of 1974-75 stated : "in order to simplify the assessment procedure in the case of ..... contention put forward can raise an ambiguity where there is none, only by doing violence to the section, besides being self-contradictory. the impression that is left is that this is an attempt to complicate the matter which the finance minister wished to simplify and it is not clear whether any responsible decision was taken to appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1120(Mad.)
..... is available only to persons who come to india after 1-4-1976, this is not warranted by the language of the provisions of section 5(1)(xxxiii) nor by any other indication. the mere fact that the section was introduced with effect from 1-4-1977 by the finance act, 1976, i.e., from the assessment year 1977-78, does not mean ..... the department is in appeal against his order accepting the assessee's claim partially. the contention of the department is that since the exemption itself was introduced by the finance act, 1976, with effect from 1-4-1977, it can only apply to persons returning to india on or after 1-4-1977 and not to persons who had returned ..... a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to india. this exemption was introduced by the finance act, 1976, with effect from 1-4-1977. the commissioner (appeals) accepted the assessee's claim for exemption up to a sum of rs. 19,25,000, representing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1077(Mad.)
..... assessee's submission is that since they are involved in producing, artificially, chicks out of eggs, it would amount to processing and so they satisfy the requirements of section 2(8) of the finance act. we have already held that the assessee could .be considered as producing articles or things.the expression "processing" is, certainly, wider in terms than the expression "producing". if ..... that the assessee is not entitled to the deduction, on the basis that the special bench of the tribunal in j. hemchand & co. [it appeal nos.3255 and 3330 (bom.) 1976-77] had held that 75 per cent of the salary of the export staff would be eligible for the deduction. consequently, no further deduction could be allowed, according to him .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD512(Mad.)
..... land, the aggregate capital gains being rs. 40,715. in the assessment of the assessee-husband, the ito, after overruling the objections of the assessee, invoked section 64 of the income-tax act, 1961 ('the act') and brought out of the total capital gains of rs. 40,715 (same figure as in the case of the wife) a sum of rs. 27,035 ..... not appropriate, particularly when exact separate figures of capital gains for land and separate figures for building are available. and more so when the whole of the land has been financed by the assessee-husband.we agree with that submission. so we direct that rs. 18,665 which is the capital gains for land shall be assessed as long-term ..... the assessee to the total cost of rs. 89,285 to assessment on capital gains as short-term capital gains (sic).3. in appeal the aac upheld the invocation of section 64. but he followed the pattern of assessment of the wife, directing the land to be assessed as long-term and superstructure building as short-term. he found that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD624(Mad.)
..... was extended to aop/boi of married persons, following the system of community property in erstwhile portuguese territories, by the finance act, 1970 with effect from 1-4-1971. assessees being hufs, the only clause applicable to them is clause (b) of section 80c(2) which authorises deduction in the following words : (b) where the assessee is a hindu undivided family, any sums ..... .954 1,1211317/81 p.k. inbarajan -do- 1979-80 2,000 1,1501318/81 p.k. inbarajan -do- 1979-80 4,000 9831319/81 p.k. yogarajan (larger huf) 1976-77 550 3631320/81 p.k. yogarajan -do- 1977-78 4,050 2,2821321/81 p.k. yogarajan (smaller huf) 1978-79 4,000 1,8081322/81 p.k. yogarajan .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD216(Mad.)
..... is clearly in favour of the taxpayer. the present chapter via was introduced by the finance (no. 2) act, 1967, when there was similar relief given under section 80h in respect of new industrial undertaking employing displaced persons. there was a relief under section 80-i in respect of the profits from priority industries, while sectkm 80j provided relief ..... (1) at the final stage took a different form, even as mentioned by the finance minister in his speech dated 24-7-1967 [65 itr (st.) 13].section 80j(1) at the final stage in the finance (no. 2) act, 1967 reads as under: 80j. deduction in respect of profits and gains from newly established industrial undertakings ..... authorising the exclusion of borrowed capital for capital base in the finance (no.2) act, 1980 is pending adjudication before the supreme court and the other high courts. as for the view of the ito that he would allow either relief under section 80j or under section 80hha whichever is larger, he claimed that there is no warrant .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD221(Mad.)
..... have evoked his curiosity in this matter. it was argued that the wealth-tax charge was extended to agricultural properties from the assessment year 1970-71 onwards by the finance act, 1969 and the assessee ought to have known this fact. as we have already stated the features mentioned above largely support the credibility and probability of the assessee's ..... are conveniently disposed of by this consolidated common order.2. the appeals are by the department and relate to the levy of penalty under section 18(1)(a) of the wealth-tax act, 1957 ('the act'), for the assessment years 1970-71 to 1975-76, for the assessee's default in filing the returns of net wealth within the prescribed ..... the wealth-tax returns for all these years were filed by the assessee on 27-1-1976 voluntarily, in the sense that before any notice was issued to him to submit the returns. in response to the notice issued by the wto under section 18(2) proposing levy of penalty, the assessee submitted that he was not aware of .....
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