Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD100(Mad.)
..... gnanasundara nayagar v. cit [1961] 41 itr 375 also.13. the second limb of shri jagadisan's argument was that the amendments made by the finance act, 1988 and the finance act, 1989 to section 263 cannot affect the assessee's rights. according to him, the explanation introduced by the said amendments would apply only to the orders passed by the cit ..... assessee's claim. he also allowed extra-shift allowance and additional depreciation on the same basis.3. subsequently, invoking the powers vested in him by and under section 263 of the act, the c.i.t. called for and examined the assessment records of the assessee. on such an examination, he found that the i.t.o. had ..... contended that there was apparent conflict between the decisions in the cases of puthuthotam estates (1943) ltd. (supra) and jeewanlal (1929) ltd. v. state of tamil nadu [1978] 42 stc 263 (mad.) and it was urged that the matter be placed before the full bench. the full bench examined the matter and found that there was no conflict .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD451(Mad.)
..... be "processing" of goods and that, therefore, the assessee in the said case was an industrial company entitled to the concessional rate of taxation under section 2(7)(c) of the finance (no. 2) act of 1977; in this case, it was held that the word "processing" has not been defined and must, therefore, be interpreted according to its ..... income was only transport receipts amounting to more than rs. 1 crore, as could be seen from its profit and loss account for the year ended 31-12-1978. he also submitted that the facts as discussed by the departmental authorities from the materials placed by the assessee, clearly established that the appellant-company was engaged only ..... /s narbod constructions (p.) ltd., madras, the assessee herein. the assessment years are 1979-80 and 1982-83, for which the previous years ended on 31-12-1978 and 31-12-1981, respectively. the only point of dispute in these appeals is whether the appellant-company is entitled to investment allowance claimed by it in respect of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD448(Mad.)
..... the other hand, the revenue supported the orders of the authorities below by contending that the assessee must be treated as a land other than agricultural land in section 40(3)(v) of finance act, 1983 and, therefore, it was liable to tax.4. on a consideration of the rival submissions, we are of the opinion that the assessee is entitled to succeed ..... . section 40 of the finance act, 1983 revived the levy of wealth-tax in the case of closely held companies. sub-section (2) stated that the net wealth shall be the amount by which the aggregate value referred to in sub ..... is not an asset falling under either item (v) or under the exception to item (vi), i.e., building not used for business purpose so as to be taxed under section 40 of the finance act, 1983.the assessment is therefore annulled. the appeal is allowed.
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD315(Mad.)
..... under the head "salaries". with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent stipulated therein. the new clause was amended by the taxation laws (amendment ..... granted to the assessee.4. on hearing the rival submissions, we consider that the assessee is entitled to succeed.5. prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave was chargeable to tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD483(Mad.)
..... or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth.13. for the purpose of section 40 of the finance act, 1983, the net wealth of a company will be the amount by which the aggregate value of all the specified assets, wherever located, belonging to the ..... makes it difficult for us to hold that he is an employee of the company.12. we may now turn to the provisions of section 40(3) of the finance act, 1983. by the said section the levy of wealth-tax on closely held companies was revived in a limited way from the assessment for the assessment year 1984-85 and ..... .3. the only issue that came up for consideration in the course of wealth-tax assessment proceedings for the assessment year 1984-85 (under the provisions of section 40 of the finance act, 1983) was whether the portion of the aforesaid property occupied by the managing director is exigible to wealth-tax. the assessee's case before the assessing officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... will be allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar's indian tax laws [1985] at pages ..... would be available to it for later years also. he further submitted that these arguments urged on behalf of the revenue have been rejected in cit v.satellite engg. ltd. [1978] 113 itr 208 (guj.) and in madras machine tools mfrs. ltd. v. cit [1975] 98 itr 119 (mad.). the learned counsel therefore submitted that the appellant's claim ..... is not an allowable expenditure under the income-tax law. he relied on the decisions in yogiraj charity trust v. cit [1976] 103 itr 777 (sc), dharamaposhanam co. v. cit [1978] 114 itr 463 (sc), east india industries (madras) (p.) ltd. v. cit [1967] 65 itr 611 (sc) and jaipur charitable trust v. cit [1981] 127 itr 620 (delhi). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD251(Mad.)
..... 1973 and such assets were not purchased by the trust or institution or acquired by it by conversion of, or in exchange for, any other asset section 13(1)(d) is substituted by the finance act, 1983 with effect from 1-4-1983 and therefore the provision extracted above applies to each of the four assessment years under consideration. the main question ..... from money in hand or cash will have to be converted into money or cash before the same can be invested. the expression 'invest' in section 13(2)(h) connotes a positive act on the part of the trust whereby the funds of the trust are laid out or committed in any particular property or business or transaction with the ..... have been received in 1983 they have been continued to be held in the same form and the assets have not been converted into the modes specified in section 11(5) of the it act.the wealth-tax officer further held that it is not necessary that the funds should have been utilised to purchase the silver utensils. what is implied under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)35ITD482(Mad.)
..... on the last day of the accounting year and not a contingent liability. the rate is always easily ascertain- able. if the finance act is passed, it is the rate fixed by that act; if the finance bill pending before parliament or the rate in force in the preceding year, whichever is more favourable to the assessee. all the ingredients ..... for the assessment year 1983-84. (iv) in any event, the assessee is entitled to a revenue deduction in respect of the sum in question under section 37(1) of the it act, 1961.31. we may now deal with the aforesaid propositions of the assessee's counsel.32. the first proposition is, essentially, that the assessee has created ..... substantial liability to the extent of 5% of the contract value completely enforceable at law by the parties". the cit(a) sought support in this regard from section 126 of the contract act, which deals with "contract of guarantee".10. in view of the foregoing, therefore, the cit(a) held that the assessee was entitled to succeed in principle .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)34ITD476(Mad.)
..... new year cards. the income of the trust is therefore exigible to tax by virtue of the provision under section 11 (4 a) of the i.t. act.7. we have heard the rival submissions in the light of material placed before us and precedents relied upon ..... trust. the form of exploitation may be the same as that of a businessman. but that cannot disentitle the assessee for exemption under section 11.the learned counsels further relied on the decision of it at, hyderabad bench 'a' in the case of s.r.m.t ..... was charged at rs. 18,801. the first appellate authority held that in view of the provisions of section 11 (4 a) of the it act, the income from sale of greeting cards is exigible to tax.3. smt. asha vijayaraghavan & shri ..... n. devanathan, ld. counsels for the assessee submitted before us that the assessee trust did not carry on any business activity. therefore the case does not come within the ken of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)34ITD397(Mad.)
..... the total of the contributions together with accretions during the assessment years 1977-78 to 1982-83 came to rs. 30,50,000. in 1983-84 under the provisions of finance act, 1984, sections 40a(9), (10) and (11) are inserted. these provisions are retrospective in operation and the legislature made them retrospective from 1-4-1980. by virtue of the ..... copy of the said letter was furnished...in the said letter, it is stated that the aggregate of the contributions made by the company to the assessee-trust during 1978-79 to 1982-83 is stated to be rs. 30.50 lakhs and a demand to refund the said amount and to account for the actual expenditure incurred by ..... be transferred to him, and where any claim is so made, such asset shall be transferred, as soon as may be, to him.the aforesaid provisions were inserted by finance act, 1984 with retrospective effect from 1-4-1980. the transfers made to the assessee funds were clearly made before the first day of march, 1984. therefore, the company was .....
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