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R.M. Chinniah Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chennai

Reported in : (2007)103ITD479(Chennai)

..... section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying the advance tax, either of his own accord or on the basis of the estimate of his current income after the assessee is served with a notice by the ao under section 210(3) or (4) for payment of advance tax, income-tax on the current income shall be calculated at the rates in force ..... as a result of the amendment of section 208 by the finance act (no. ..... (d) the income-tax calculated under any of the above clauses shall, in each case, be reduced by the amount of income-tax which would be deductible at source under any provisions of the act on any income which has been included in the current/total income determined under any of the above clauses.section 234b(1) inserted by the direct tax laws (amendment) act, 1987 w.e.f. ..... 1996, finance act (no. ..... this is because the finance act (no. ..... the finance act (no. ..... hence, it is to be understood that the finance act (no. ..... 5,000 by the finance act (no. ..... , finance act (no ..... on the other hand, the learned departmental representative submitted that the finance act (no. ..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. .....

Ms. Shanti Logistics (P) Limited Vs. the Assistant Commissioner of Inc ...

Court : Chennai

..... considering the claim of the assessee for the assessment year 2007-08, the commissioner of income tax (appeals) referred to the contention taken by the assessee as regards the amendment brought forth with effect from 1.4.2005 under the finance act, 2008, mitigating the rigour of section 40(a)(ia) and the circular dated 27.3.2009 that the amendment would apply on and from the assessment year 2005-06. ..... as it stood during the relevant year has to be seen.finance act, 2008 amending section 40(a)(ia) with effect from 1.4.2005section 40(a)(ia)amounts not deductible.40. ..... as against the substantive portion of the order, the revenue went on appeal contending that the amendment brought under the finance act, 2010 are being retrospective one, as such, the question of granting relief, particularly, for the tds liability pertaining to the period april 2006 and february 2007, did not ..... referring to the circular of the board dated 27.3.2009, particularly with reference to the amendment brought under the finance act, 2008 with retrospective effect from 1.4.2005, the commissioner of income tax (appeals) held that since tax deducted at source had been paid well before the due date for filing the return of ..... apart from that, when the amendment of finance act, 2010 is not given retrospective effect, the question of extending the benefit of the circular relating to the year 2008 does ..... explaining the amendment under the finance act 2008, the central board of direct taxes issued the circular under .....

Nilgiris Potato Growers Co-operative Marketing Society Ltd. Vs. Commis ...

Court : Chennai

Reported in : [1978]111ITR375(Mad)

..... , that there could be no two views possible in the relevant provisions of the finance act, 1963, so that the error in the calculation of tax in the original assessment was a patent one.section 81(1)(c) provides that income-tax shall not be payable by a co-operative society in respect of the profits and gains of business carried on by it, if it is a society engaged in the marketing of the agricultural produce of its members. ..... the supreme court held that the new charge under the relevant provisions of the finance act, 1963, in the shape of additional surcharge could be levied even on a part of the income of a co-operative society which was exempt from income-tax and super-tax under sections 81 and 99 of the income-tax act, 1961, to the extent contemplated therein. ..... in the result, he dismissed the appeal.the assessee appealed to the appellate tribunal and contended that there was no mistake apparent from the record so as to attract section 154 and that the additional surcharge could not be levied in respect of the income from the business having regard to the provisions of the income-tax act, 1961, and the finance act, 1963, applicable to the present case. ..... under that provision, with a view to rectifying any mistake apparent from the record, the income-tax officer may amend any order of assessment or of refund or any other order passed by him. ..... such an amendment cannot be made after the expiry of four years from the date of the order sought to be amended. .....

Commissioner of Income-tax Vs. Soundararaja Finance Ltd.

Court : Chennai

Reported in : [2006]283ITR559(Mad)

..... prior to the omission, the first proviso as inserted by the finance act, 1966 with effect from april 1, 1966 and amended by the finance act, 1983 with effect from april 1, 1984, read as under :provided that where the actual cost of any machinery or plant does not exceed five thousand rupees, the actual cost thereof shall be allowed as a deduction in ..... is to be noted that the first proviso to section 32 was omitted by the finance act, 1995 with effect from april 1, 1996. ..... during the previous year and is put to use for the purposes of business or profession for a period of less than one hundred and eighty days in that previous year, the deduction under this sub-section in respect of such asset shall be restricted to fifty per cent, of the amount calculated at the percentage prescribed for an asset under clause (i) or clause (ii) or clause (iia), as the case may ..... 5,000, whether restriction as contemplated in the relevant proviso to section 32 in regard to the 50 per cent, allowability would apply in the facts of the ..... the present appeals are filed under section 260a of the income-tax act, 1961 by the revenue, in i. t. a. ..... the return was processed under section 143(1)(a) on december 8, 1993 ..... heard the arguments of learned standing counsel for the revenue, who submitted that if the asset is used for less than 180 days, the third proviso to section 32(1) would operate. ..... facts leading to the above question of law are as under :(i) the assessee is a hire-purchase and lease finance company. .....

Kbace Tech Pvt. Ltd. and Others Vs. Cce/Cst, Bangalore and Others

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Chennai

..... (xvia) provide for the credit of duty paid or deemed to have been paid on the goods used in, or in relation to the manufacture of excisable goods, (xviaa) provide for credit of service tax leviable under chapter v of the finance act, 1994 (32 of 1994) paid or payable on taxable services used in, or in relation to, the manufacture of excisable goods, (xxviii) provide for the lapsing of credit of duty lying unutilized with the manufacturer of specified excisable goods on an ..... we look at the provisions of the cenvat credit rules, 2004, which have been framed invoking the statutory rule making powers conferred under section 37 of the central excise act, 1944 and section 94 of the finance act, 1994. ..... the board s circular dated 19.01.10 cited before us does not have the effect of amending the statute and cannot be seen as authorizing sanction of refund if the credit of service tax does not relate to services consumed for ..... dated 14.03.06, issued under rule 5 of the cenvat credit rules, 2004, has been retrospectively amended as follows:- (1) the words in relation to have been added in main condition (a) ..... that neither the act, nor the rules have been retrospectively amended. 24. ..... a part of the budget proposal this year some amendments have been made. ..... some prospective amendments have also been made to ..... have to therefore necessarily examine if the credit relates to services consumed for providing the output service in view of the statutory provision unless the statute is amended. 27. .....

Commissioner of Income Tax Vs. T.V. Sundaram Iyengar and Sons

Court : Chennai

Reported in : (1998)148CTR(Mad)17

..... 2 of the said finance act, it is provided that where an assessee, being a company, had made, during -the financial year commencing on the first day of april, 1976, any deposit with the industrial 'development bank of india under the companies deposits ..... 2(1)(b) of the finance (no. ..... 2(1)(b) of the finance (no. ..... 2 the finance (no. ..... 2(1)(b) of the finance (no. ..... 40(c) and 40a(5) of the act has been referred to us.3. ..... 40(c) and 40a(5) of the act and his view was confirmed by the tribunal ..... 40(c) and 40a(5) of the it act as expenses incurred by the assessee on perquisites made available to the directors and employees in excess of the ceiling limits prescribed under ss ..... 40(c) and 40a (5) of the act.this court in tc no. ..... 40(c)/40a(5) of the it act, 1961 and hence the disallowance made on the basis of these expenses jas forming part of tlie perquisites should be deleted ..... 256(2) of the it act, 1961:'(1) whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the expenses like rates and taxes paid in respect of the buildings and vehicles owned by the company, ..... 2) act, 1977 and becomes eligible to get the same deducted from the surcharge levied on the assessee- ..... 2) act, 1977 and as the statutory conditions are complied with by the assessee company, the assessee is eligible to get the credit for the deposit made by the company with the industrial development bank of india under ..... 2) act, 1977 provides the rate of income-tax and surtax, but under the proviso of .....

Commissioner of Income-tax Vs. B.C. Kothari

Court : Chennai

Reported in : (1986)53CTR(Mad)176; [1986]160ITR27(Mad)

..... the definition of 'income' in section 2(24) was amended by the finance act, 1972, with effect from april 1, 1972. ..... the learned counsel has contended that when section 59 of the finance act, 1972, referred to a casual and non-recurring receipt of the previous year relevant to the assessment year commencing on the 1st day of april, 1972, and provided that any income falling within clause (3) of section 10 of the income-tax act, as it stood immediately before the 1st day of april, 1972, shall not be included, then what was material to be found was not the date of the receipt ..... according to the learned counsel, if the receipt does not fall in the previous year relevant to the assessment year 1972-73, then the exemption granted by section 59 of the finance act, 1972, could not be availed of by the assessee. ..... this amendment by addition of sub-clause (ib) was also made by the finance act, 1972. ..... by the same finance act, in section 59, it was provided as follows : 'certain casual ad non-recurring receipts not to be included the total income for the assessment year 1972-73. ..... the question which falls for consideration is whether the income from horse racing in question when it was received on february 27, 1972, qualifies for this exemption under section 59 of the finance act, 1972. ..... ' 9.there is no controversy about the effect of the provisions of section 59 of the finance act, 1972. .....

Commissioner of Income-tax, Tamil Nadu-iii Vs. Salem Co-operative Cent ...

Court : Chennai

Reported in : (1981)17CTR(Mad)306; [1981]132ITR612(Mad)

..... section 2 of the finance act, 1963, provides for the charge of income-tax at the rages specified in ..... ito : [1975]101itr24(sc) has examined the identical provisions of the finance act, 1963, and has come to the conclusion that even where some income was exempt, the exemption was liable to be withdrawn by the finance act and that the efficacy of that exemption given under the i.t. ..... the relevance of the interpretation placed by the supreme court with reference to the identical provision of the finance act cannot now be open to question. ..... is to be assessed, the assessee would be liable to surcharge under the relevant finance act is open to the commissioner on the facts here.in order to appreciate the point, it is necessary for us to refer to the relevant provisions of the finance act. ..... the aac as well as the tribunal were alive to the fact that the question which was to be considered was only in that context of the provisions of the finance act, levying additional surcharge. ..... as being payable with reference to the income of the year under consideration under the provisions of the finance act to be noticed presently. ..... one of the contentions which was sought to be taken was that the case fell within the scope of section 7 and the other contention was that this court had also to consider whether the valuation of the property was correct ..... be an over-refinement of the position to hold that each aspect of a question is itself a distinct question for the purpose of section 66(1) of the act. .....

Commissioner of Income-tax Vs. Tamil Nadu Industrial Investment Corpn. ...

Court : Chennai

Reported in : [1999]107TAXMAN16(Mad)

..... . when it was amended by the finance act, 1966, the limit was raised to 25 per cent in the case of financial corporations ..... explanation was omitted by the finance act, 1975 with effect from 14-1975, and if we accept the contention urged on behalf of the assessee that it is open to the assessee to reply upon the surplus reserve of earlier years, it will defeat the object behind the legislative intention in deleting the explanation to section 36(1 )(viii) ..... any opinion on the correctness of the view expressed by the punjab arid mariana high court except to point out that under section 36(1)(viii), the special reserve should riot only be created out of the income chargeable to tax but must be carried ..... appellate tribunal was right in holding that the reserve created for earlier years was not available to make good the deficiency in subsequent year within the meaning of section 36(1)(viii) of the income tax act, 1961 and therefore, the claim, should be allowed only to the extent of rs. 17,75,000 as against the claim of rs ..... . cit , wherein the punjab arid haryana high court dealt with a case of deduction under section 80c of 'the act arid the court held that the amount of lic premium need not come out of the inncome chargeable to ..... . : [1980]123itr619(mad) , this court has take a view that under the explanation to section 34(3) (if the act, the deduction of development rebate should not be denied by reason only, that the amount debited to the profit and loss account of the relevant previous year and .....

K.N. Chari Rubber and Plastics Pvt. Ltd. Vs. the Commissioner of Wealt ...

Court : Chennai

Reported in : (2002)178CTR(Mad)483; [2003]260ITR164(Mad)

..... whether, the tribunal was right in holding that the expression 'motor cars' occuring in section 40(3)(vii) of the finance act, 1983 leaves no ambiguity in interpretation and as such, motor cars forming part of plant and machinery in the block of assets for depreciation under sec ..... , the tribunal was right in holding that the factory building at avadi cannot be treated as business asset used for the purpose of business of the appellant company as per interpretation of section 40(3)(vi) of the finance act, 1983, in the facts and circumstances of the case ? ..... of the income tax act 1961 as part of the plant and machinery, should be construed as motor cars simpliciter as specified for the purpose of section 40(3)(vii) of the finance act, 1983? 3. ..... sub clause (vi) of section 43 of the finance act stipulates that what is to be excluded is a factory which is 'used by the assessee for the purpose of its business ..... section 40 of the finance act 1983 which provides for the revival of levy of wealth tax in the case of closely held private ..... agricultural lands and which had never been claimed to be agricultural lands, to wealth tax which had been reintroduced so far as the closely held private companies were concerned with effect from 1.4.1984 by the finance act 1983.4. ..... is there anything in the provision either expressly stated or implicit therein to warrant exclusion of motor cars on the ground that they form part of the block of assets for depreciation under section 32 of the income-tax act.5. .....