Court : Chennai
Reported in : [1994]209ITR174(Mad)
..... it excluded borrowed moneys and debts in computation of the capital employed, was not ultra vires section 80j. a new sub-section (1a) was added by the finance (no. 2) act 1980, with retrospective effect from april 1, 1972. the position now is that amounts borrowed will have to be deducted in computing the capital employed for the purposes ..... correct purchase amount of the assets before applying the above rate of exchange. (3) thereafter, the fact whether the entire machinery was put to use on november 1, 1978, or on different dates should be ascertained. (4) the exchange rates on each of the above dates should be ascertained and the reduction or increase on account of ..... applicable to the facts of this case. 32. another decision relied upon by learned counsel for the assessee was that in aska co-op. sugar industries ltd. v. cit [1978] 113 itr 376. the facts arising in this case are as under (headnote) : 'the assessee, a co-operative society engaged in the manufacture of sugar and molasses, .....
Tag this Judgment!Court : Chennai
Reported in : [1992]198ITR341(Mad)
..... which fulfills the requirement of the main definition has to be automatically regarded as an 'industrial company' for the purposes of section 2 and the first schedule to the finance act, 1966. we are of the view that the reasoning of the aforesaid decision would be applicable to these references as well. 8. we may now refer to ..... decision in cochin co. v. cit : [1978]114itr822(ker) . in that case, the assessee-company during the relevant accounting year was engaged solely in the business of processing and export of fish and it also satisfied the requirement of 'industrial company' contained in section 2(7) (d) of the finance act, 1966, resulting in a concessional rate of tax ..... intended only to expand or clarity and not to restrict or subtract from the scope of section 104(4)(a) of the act. attention in this connection was also drawn to the decision in cochin co. v. cit : [1978]114itr822(ker) . 3. there is no dispute that the assessee in this case, during the relevant accounting years, had .....
Tag this Judgment!Court : Chennai
Reported in : (1995)124CTR(Mad)298; [1995]217ITR213(Mad)
..... , with reference to the payment of tax by the companies under the provisions of the u. k. income-tax act, by reason of the amendment brought about by the finance act of 1965, to the u. k. income-tax act, 1952, the united kingdom companies deducted tax from dividend and paid the same to the inland revenue and tax so ..... the supreme court in cit v. clive insurance co. ltd. : [1978]113itr636(sc) and also to circular no. 369 dated september 17, 1983 (see [1984] 145 itr 9). in relation to the changes brought about in the provisions of the u. k. income-tax act, 1952, by the finance act, 1965, reference was made to simon's taxes, third edition, volume ..... according to hi, the gross dividend was includible under section 5(1)(c) of the income-tax act, 1961 (hereinafter referred to as 'the act'), especially in view of the amendment brought about by the finance act, 1965, to the united kingdom income-tax act, 1952, under which u. k. companies deducted tax on dividends and paid the amounts deducted to the .....
Tag this Judgment!Court : Chennai
Reported in : [1984]147ITR590(Mad)
..... , which has to be adopted for the purpose of chapter vi-a and, in particular, for s. 80c(2)(a). 25. the appellate tribunal has extracted the speeches of the finance minister while raising the ceiling to 1/5th of the income through the amendment effected by the finance act for the year 1955 for granting relief in respect of ..... s (5) of s. 80b defines gross total income as follows : ''gross total income' means the total income computed in accordance with the provisions of this act, before making any deduction under this chapter or under section 280-o.' 21. income has not been defined separately in s. 80b. we find that sub s. (5) of s. 80b was ..... april 1, 1968, by omitting the words, 'and without applying the provisions of section 64'. therefore before the taxation laws (amendment) act, 1970, in computing the gross total income for the purpose of chapter vi-a, the additions contemplated under section 64 were sought to be excluded and by the above deletion, parliament intended to give benefit to .....
Tag this Judgment!Court : Chennai
Reported in : (1990)89CTR(Mad)224; [1992]193ITR361(Mad)
..... business premises of most of the assessees by the economic offences wing. thereafter, in may, 1965, the assessees came forward with certain disclosures under section 68 of the finance act, 1965. later, the assessees purported to file revised return and in january, 1969, the assessees accepted and agreed to offer large amounts for assessment. again, the ..... to each one of the assessees for the assessment years in question, inclusive of the assessment year 1964-65 in respect of which the explanation inserted by the finance act, 1964, with effect from april 1, 1964, stood attracted. aggrieved by this, the assessees preferred appeals before the tribunal contending that penalty ought not to have ..... by the income-tax officer and had not shown that his estimate was not bona fide or a proper estimate, as in addl. cit v. e. bhoopathy [1978] 113 itr 188 , the court found that there is a clear scope for the finding that the assessee has concealed the particulars of income or filed inaccurate particulars .....
Tag this Judgment!Court : Chennai
Reported in : [1999]240ITR892(Mad)
..... is enjoyed with all the powers of an individual is such he was assessed in the status of the huf. 10. further, the legislature also amended the provision by the finance act, 1987 and by the said amendment, the benefit of exemption is also available to the sale by a huf. in our view, the anomaly created or doubt existed earlier was ..... rectified by the parliament by the finance act, 1987 and if that is the intention of the parliament, we are of the view that there is no bar granting the deduction under section 54 to a huf consisting ..... and the subsequent born son also cannot question or object to the alienation made by the father before he was born. this court in v. v. s. natarajan v. cit : [1978]111itr539(mad) has taken a view that there is no possibility of a partition of the joint family properties where the family consisted of a single coparcener with female members .....
Tag this Judgment!Court : Chennai
Reported in : [2000]246ITR97(Mad)
..... according to counsel, regarded as income from the business carried on by the assessee. counsel in this context referred to 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. clause (iiia) and clauses (iiib) and (iiic) ..... trace from a source ; arise from, originate in ; show the origin or formation of. in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) , it was held that the expression 'derived from' is narrower than the expression 'attributable to'.16. while the cash assistance, duty drawback and import entitlements are ..... (mad) . besides these decisions, reliance was placed on the decision of the supreme court in the case of cambay electric supply industrial co. ltd. v. cit : [1978]113itr84(sc) and the decision of the privy council in the case of cit v. raja bahadur kamakhaya narayan singh [1948] 16 itr 325.6. learned senior counsel appearing .....
Tag this Judgment!Court : Chennai
Reported in : [1985]156ITR776(Mad)
..... the firm must have some degree of personality, of continuity in its existence, in spite of internal changes. this explains the whole gamut of provisions in our partnership act in chapter v, especially relating to introduction of partners, retirement or expulsion of partner and the like. in scotland, where the law apparently follows the accountant's view of ..... the assets to a partnership firm. this kind of case had not been considered by the bench in the earlier case cited, cit v. kaliswari colour match co. [1978] 112 itr 346. 22. our conclusion, therefore, is that there was a transfer by the assessee of the items of machinery which had obtained development rebate when the ..... also made a reference to a recent judgment of a division bench of this court in cit v. sree kaliswari colour match works [1978] 112 itr 346. in this case, section 155(5) of the act was directly under consideration. the facts of the case, however, were different and the application of the section arose in a different .....
Tag this Judgment!Court : Chennai
Reported in : [1999]96CompCas275(Mad); (1999)155CTR(Mad)619; [1999]236ITR357(Mad)
..... cause or excuse fails to deduct or after deducting, fails to pay the tax as required by or under the provisions of sub-section (9) of section 80e or chapter xviib, he shall be punishable . . . indicating that only in cases where a person had deliberately failed to deduct the tax, he was punishable but if he ..... 194a is an amendment to the section and it has no retrospective effect and, therefore, when the interest is credited to the suspense account in the assessment year 1978-79, the assessee is not liable to deduct the income-tax. learned counsel also refers to another decision of the rajasthan high court in laxmi industries ltd. v ..... 1982crilj2364 , wherein it is observed that when a minimum sentence is prescribed under a statute, the high court cannot reduce the sentence below the minimum prescribed under the act. but learned counsel for the revision petitioners has cited three decisions in support of his argument that at this stage, when especially the deduction of the income-tax itself .....
Tag this Judgment!Court : Chennai
Reported in : [1979]120ITR132(Mad)
..... original return was submitted, this provision fixing a statutory minimum for the levy of penalty was not in operation. section 18 was again amended by section 32 of the finance act of 1968 with effect from april 1, 1968. under the provisions in force after that date, the minimum penalty should not be less than the amount representing the ..... 783 was added, and proceedings for the levy of penalty under section 271(1)(c) of the i.t. act were initiated. section 271(1)(c) had undergone a modification or amendment as made by section 40 of the finance act of 1964 with effect from april 1, 1964. the question before the allahabad high court was whether the penalty provision ..... v. c. muthu-kumaraswamy mudaliar : [1975]98itr540(mad) with reference to the giftof movables under the g.t. act, and the same principle was applied incwt v. p. c. m. sundarapandian : [1978]114itr367(mad) with referenceto the w.t. act.. it is thus clear that the law as on november 9, 1964,would have to be applied and the proper .....
Tag this Judgment!