Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD775(Mad.)
..... member, under section 255(4) of the act : whether, on the facts and in the circumstances of the case, the amount of sipcot subsidy received by the assessee should be deducted from the cost of the assets for the purpose of computing the deduction ..... by the assessee cannot reduce the cost of the fixed assets to the assessee for the purpose of allowing the deduction under sections 32, 32a and 80j.order under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1981-82, we refer the following point of difference of opinion, to the president for reference to third ..... a certificate (in the form enclosed) from the bank from whom loan has been obtained for financing the project should also please be furnished.relying further on this sanction, the learned departmental representative vehemently contends that the subsidy referred to above is paid on the basis of agreement and certificate ..... relief accordingly and we restore his order and set aside that of the commissioner (appeals) as he in acting otherwise committed an error in law and facts of the case.i have perused the learned judicial member's order. ..... cit [1983] 145 ..... cit [1983] ..... ), who allowed the appeal against the order dated 30-4-1983 of shri n. ..... appeal against the order dated 27-7-1983 of shri a.b. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD754(Mad.)
..... 276/72/77-it(b), dated 25-1-1979, reads as follows : i am directed by the committee of the federation to address you as under : under section 194a of the income-tax act, an assessee is required to deduct income-tax at source from the interest income of a resident at the time of credit of such income to the account of the payee or at the time of payment thereof in cash ..... i would, hence, allow the assessee's appeal.order under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1980-81, we refer the following point of difference of opinion to the president for reference to the third member under section 255(4) of the act : whether, on the facts and in the circumstances of the case, there was no liability on the assessee to deduct ..... stray cases failure to credit the interest to the account of the payee cannot also be called a method of accounting regularly employed within the meaning of section 145(1) of the act and would not, therefore, be accepted as an explanation for the consequential failure to deduct the tax at source. ..... assessee did not deduct any tax under section 194a of the income-tax act, 1961 ('the act'), on the ground that interest was not paid to any party or ..... nutshell, the contentions of the assessee-counsel are the repetition of the stand of the assessee which was there before the commissioner (appeals) and before the tribunal in the case decided on 18-8-1983 in the case of sivakami finance (p. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD198(Mad.)
..... the preamble to the partnership deed dated 4-4-1976 clearly indicates that the reconstitution was effected to instil young blood in the business. ..... ) of 1982, dated 15-3-1983], wherein similar claim of the assessee in that case was accepted. ..... but the itat, madras bench, in the decision cited above has endorsed the above act as sufficient consideration.6. ..... ) of 1983 dated 15-3-1983. ..... ) of 1983 dated 15-3-1983 is very much relevant to the issue at hand. ..... 1,39,707 in each of these cases and brought the same to tax under the gift-tax act, 1958 ('the act').5. ..... guruswamy nadar in favour of their sons did not constitute gifts liable to tax under the act. ..... his sole proprietary business into a partnership business by taking in his major sons as partners and admitting his minor son to the benefits of the partnership, there is a gift which is not exempt under section 5(1)(xiv) of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD917(Mad.)
..... (appeals)'s findings thereon and restore the matter to the ito for decision afresh after the decision of the supreme court or the madras high court is available.order under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1978-79, we refer the following point of difference of opinion to the president for reference to third member under section 255 ..... , madras, the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961 and restoring the matter to the income-tax officer for recompu-tation of the profit after the decision of the supreme court or the madras high court regarding the retrospectivity of the amended section ..... the pendency of the matters where the constitutionality of the amendment of section 80j vide the finance (no.2) act, 1980, is changed immaterial (sic). ..... at the time of hearing, it was contended before us that no doubt in view of the amendment of section 80j of the income-tax act, 1961 ('the act'), vide the finance (no. ..... ) of 1983 dated 17-3-1984] and by my order i came to the conclusion that the view expressed by the learned accountant member is more preferable to be adopted on the balance of convenience rather than the view expressed by the learned judicial member. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD690(Mad.)
..... at the hearing, reference was made to the provisions of explanation 2 inserted with retrospective effect from 1-4-1976 by the finance act," 1983, according to which for the purpose of section 37(2a), 'entertainment expenditure' would include expenditure on hospitality of every kind, including provision of food or beverages to any person, whether by way of ..... (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. ..... (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. ..... the matter before the president of the tribunal so that he could have the case referred to a full bench of the tribunal consisting of three or more members for which there is provision in the income-tax act itself.i may also add that on an earlier occasion, the madras high court had to make the following observation in the case of cit v. s. devaraj [1969] 73 itr 1 : before we leave .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD922(Mad.)
..... the case, the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding: (i) the computation of deduction under section 80j of the income-tax act, 1961, and (ii) the disallowance of depreciation on assets used for scientific research in respect whereof deduction under section 35(2)(ia) had been allowed for the earlier year, and restoring the matter to the income ..... deduction under section 80j of the income-tax act, 1961, and (ii) the disallowance of depreciation on assets used for scientific research in respect whereof deduction under section 35(2)(ia) had been allowed for the earlier year and restoring the matter to the income ..... unable to agree on the point set out below for the assessment year 1979-80, we refer the following point of difference of opinion to the president for reference to third member, under section 255(4) of the act: whether, on the facts and in the circumstances of the case, the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding: (i) the computation of ..... capital base after the decision of the supreme court or the madras high court regarding the validity of the retrospective amendment to section 80j and section 35, as amended by section 17 of the finance (no 2) act, 1980.3. ..... 1983 ..... 1983 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD845(Mad.)
..... it is also clear that the section and the rule have been put on the statute book to catch those taxpayers who (to quote the finance minister from his budget speech 1964-65, supra) abuse the deduction provisions under the act by claiming unduly large expenditure on daily allowance, on unnecessary bookings on planes and trains, on the maintenance of guest houses and suites of rooms, hotels outside the specific place of business, on providing ..... take instructions and if these expenses, to cite only one instance, are held to be subject to limitation provided in rule 6d, then it will cripple business, far from achieving the object which the hon'ble finance minister had in his mind, when the curb on such expenditure was proposed, it would seriously impede the attainment of objectives and progress of business. ..... inserted by section 9 of the finance act, 1964, effective from 1-4-1964. ..... surat art silk cloth manufacturers association [1980] 121 itr 1, where the speech made by the finance minister while introducing the exclusionary clause in section 2, clause (75), of the act was relied upon by the court for the purpose of ascertaining what was the reason for introducing ..... cit [1968] 68 itr 503, while interpreting an anti-avoidance provision like section 16(3)(a)(iii) of the indian income-tax act, 1922, it is a sound rule of interpretation that a statute should be so construed as to prevent the mischief and to advance the remedy according to the true intention of the makers ..... ito [1983] 3 sot .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD431(Mad.)
..... so, the parliament had to enact by the finance act, 1983, with retrospective effect from 1-4-1979, sub-section 5 of section 37 for the removal of doubts to include even such accommodation where directors and employees stay while on tour within the meaning of the expression 'guest house'. ..... only if those registers were maintained, the assessee can claim the deduction.after the enactment of section 37(4) by the finance act, 1970, with effect from 1-4-1970, the position changed. ..... 37,088 for the maintenance of these flats was claimed as a deduction, the ito invoked section 37(4) of the income-tax act, 1961 ('the act') and held that it is an expenditure on the maintenance of a guest house which has only to be disallowed under that sub-section. ..... the two questions that arise in this departmental appeal for the assessment year 1975-76 are dealt with as follows : flats at bombay - whether guest house within the meaning of section 37(4) of income-tax act, 1961.it is for this point that this special bench is constituted. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD39(Mad.)
..... 's case (supra), the question arose as to whether the balancing charge under section 41(2) of the indian income-tax act, 1922, could be held to be part of the profits and gains of business of generation and distribution of electricity ..... we, therefore, hold that the contention of the assessee that it had to build up finance to meet the projects and expansion scheme likely to take place in future and it is towards this purpose that the profits are kept back without distribution and the amount available in respect of ..... or envisaged projects or expansion are likely to take place after a lapse of comparatively long number of years, it is but prudent to make the funds more productive by investment in fixed deposits so that it generates some further finance which will be available for such expansion or new projects. ..... high court decision it was held that the expression 'attributable to' in section 80-i of the act has a wider meaning than the expression 'derived from'. ..... no definition of 'industrial undertaking' in the provisions of the act, though there is one with regard to small scale industrial ..... it is to be seen that section 80e of the act considered in that decision provided for relief by way of deduction in respect of profits and gains attributable to the business of generation and distribution of electricity or any other form ..... again, section 80hhb of the act providing for deduction in respect of profits and gains from projects outside india speaks of 'any profits and gains derived from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD795(Mad.)
..... directly or indirectly to the spouse by guch individual otherwise than for adequate consideration into the total income of the individual and agricultural lands constituted assets though not capital assets in terms of section 2(14)(iii) of the act and as per provisions of the finance act, 1979, agricultural income should be aggregated with the non-agricultural income for the purpose of levying tax on non-agricultural income. ..... he further observed that section 14 itself contains saving clause, namely, 'save as otherwise provided by this act' and section 4(1) of the act also provides that income-tax should be calculated in accordance with any central act, namely, the finance act passed every year.accordingly, he confirmed the assessment orders and dismissed the appeals.4. ..... reading section 4 and section 14 together, it will be evident that the charging of income-tax at the rate prescribed by the finance act shall be governed by section 14 both for the purpose of charge of income-tax and computation of total income. ..... that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance with and subject to the provisions of this act in respect of the total income of the previous year or previous years, as the case may be, of every person : a plain reading of the aforesaid section shows that the income-tax shall be charged for any assessment year ..... [1983] 143 itr 29 (ker. ..... [1983] 140 itr 705. .....
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