Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD46(Mad.)
1. This is an assessee's appeal and it has been directed against the appellate order dated 22-6-1987 in ITA No. 28/86-87 of the Commissioner of Income-tax (Appeals)-I, Madras.2. As could be seen from its name, the assessee is a public charitable trust. The assessment year involved in this appeal is 1983-84, the relevant previous year for the same being 1-4-1982 to 31-3-1983. In its assessments for the assessment years earlier to the assessment year 1983-84, the income of the assessee-Trust was held to be exempt under Section 11 of the Income-tax Act, 1961. In the financial year 1982-83 relevant to the assessment year under consideration, the assessee had net income of Rs. 2,93,016, out of which Rs. 47,404 being the tax deducted at source on dividends and interest had not actually been received with the result that the income available for spending on charitable purposes was only Rs. 2,45,612 and the same had been spent towards charitable purposes. In view of the above, the assessee cl...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)100ITD545(Chennai)
1. These appeals of the assessee are directed against the different orders of CIT (Appeals), Tiruchy, both dated 30-3-2005. The relevant assessment year involved in these appeals is 2001-02.2. The only issue in these appeals of the assessee, is whether the sum paid on voluntary retirement scheme, 'VRS' subject to a limit of Rs. 5,00,000 are exempt from being charged to tax under Section 10(10C) of the Income-tax Act, 1961, even, if the payment is made in instalments and the same are paid in subsequent years? 3. The briefly stated facts in these cases are that the assessee's received a sum more than Rs. 5,00,000 by way of voluntary retirement compensation including the arrears which they got in two instalments, first in the year of retirement and second in the following year. The assessee retired from BHEL, Trichy and opted for voluntary retirement in August 1999 under the BHEL VRS. The assessee claimed exemption under Section 10(10C) of the Act for Rs. 5,00,000 in these two years and ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD125(Mad.)
1. The assessee has preferred this appeal against the order dated 27-6-1983 of Dr. N.R. Sivaswamy, Commissioner (Appeals), who partly allowed the appeal against the order dated 22-5-1981 of Shri E.Hariharan, Third ITO.2. The relevant facts in brief are that the assessee is a private limited company. The previous year relevant for the assessment year 1978-79 ended on 30-6-1977. The assessee's business is manufacture of yarn. The assessee filed the return of income for the assessment year 1978-79 and thereby made claims, inter alia, that under Section 80J of the Income-tax Act, 1961 ('the Act'), relief be given to the assessee on computing the capital employed, including the borrowed capital. The ITO did not accept it as he determined Section 80J relief on excluding the borrowed capital on following the amended provisions of Section 80J vide the Finance (No. 2) Act, 1980. In appeal, it was confirmed by the Commissioner (Appeals) in view of the retrospective amendment carried out in Sect...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)14ITD411(Mad.)
1. This appeal is by the department relating to the income-tax assessment for the year 1979-80 of the assessee, Shri M.A. Chidambaram, individual. The assessee is the owner of race horses. He was maintaining race horses and running them in various races. During the relevant year he had incurred a loss in this activity of Rs. 7,182.This was not allowed to be set off in the assessment by the ITO relying on the provisions of Section 74A(1) and (2) of the Income-tax Act, 1961 ('the Act'). In appeal by the assessee, the Commissioner (Appeals) allowed the loss arising from racing to be set off against the other income in this year. The department aggrieved by his finding is in appeal before the Tribunal. According to the department's stand as contained in the grounds of appeal and argued before us, the loss arising from the maintenance and ownership of racing horses being from a source mentioned in Clause (c) of Sub-section (2) of Section 74A (races including horse races) cannot be said to ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
1. This appeal by the assessee is directed against the order in revision passed by the Commissioner of Income-tax, Tamil Nadu-III, Madras, on January 15, 1987, in relation to the assessment year 1983-84. Two issues arise for consideration in this appeal and they are : (a) whether the assessee-hotel is entitled to extra depreciation under Appendix I, Part I, item No. III(iii) to the Income-tax Rules, 1962, and (b) whether the assessee is entitled to extra shift allowance in respect of plant and machinery.2. When this appeal came up earlier for hearing before a Division Bench, the learned Members of that Bench were of the opinion that the appeal is a fit and proper appeal which should be heard by a Special Bench consisting of three Members of the Tribunal, in view of the fact that the decision of the Income-tax Appellate Tribunal, Madras Bench-C, in the case of M/s. Covelong Beach Hotel (India) Ltd., Madras (vide order dated July 17, 1986, in I.T.A. No. 1871/Mds/85 : assessment year 198...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1999)240ITR33(Mad.)
1. These appeals are directed against the rectification made under section 155(4A) of the Income-tax Act, 1961, for the purpose of withdrawing the investment allowance granted earlier year.2. The assessee is a Hindu undivided family consisting of the karta and his wife. For the assessment year 1978-79, corresponding to the previous year ended on March 31, 1978, the assessment was made on April 15, 1980. In that assessment income was determined at a net loss of Rs. 2,39,188 which included investment allowance of Rs. 1,37,951 and was to be carried forward. For the assessment year 1979-80, the assessment was made on April 18, 1980, again determining the income at a net loss of Rs. 1,12,843. After adjustment of part of the investment allowance the balance of Rs. 1,12,390 was carried forward. For the assessment year 1981-82, the assessment was made on January 21, 1984, determining the total income at Rs. 1,07,234. It is stated that this was after granting investment allowance of Rs. 40,244...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1999)70ITD127(Mad.)
1. These appeals are directed against the rectification made under s.155(4A) of the IT Act, 1961 for the purpose of withdrawing the investment allowance granted earlier year.2. The assessee is an HUF consisting of the Karta and his wife. For the asst. yr. 1978-79, corresponding to the previous year ended 31st March, 1978, the assessment was made on 15th April, 1980. In that assessment income was determined at a net loss of Rs. 2,39,188 which included investment allowance of Rs. 1,37,951 and was to be carried forward. For the asst. yr. 1979-80, the assessment was made on 18th April, 1980, again determining the income at a net loss of Rs. 1,12,843. After adjustment of the part of the investment allowance the balance of Rs. 1,12,390 was carried forward. For the asst. yr. 1981-82, the assessment was made on 21st January, 1984, determining the total income at Rs. 1,07,234. It is stated that this was after granting investment allowance of Rs. 40,244 for this year. For the asst. yr. 1980-81,...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1120(Mad.)
1. These bunch of appeals, five by the assessee, Dr. (Mrs.) G. Isaac, relating to her wealth-tax assessment for the years 1974-75 to 1978-79, and three by the department, pertaining to her wealth-tax assessment for the years 1974-75, 1977-78 and 1978-79, are conveniently disposed of by this consolidated order.2. Taking up the assessee's appeal for the year 1974-75, there are two grounds of objection. The first objection is against the rejection of the assessee's claim for exemption under Section 6(ii) of the Wealth-tax Act, 1957 ("the Act"), on an amount of Rs. 19,68,810 which stood deposited in her account, originally styled "Non-resident (External) Account", under the Foreign Exchange Regulation Act, 1947 ("FERA"). The second ground of objection involves the assessee's claim for deduction of income-tax and wealth-tax liability for the assessment year 1974-75 as determined in the assessment.3. The relevant facts for consideration of the assessee's first objection may be stated. The a...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD292(Mad.)
1. Revenue is the appellant in all these five appeals directed against the orders dated 28-2-1990 of the CWT (A), Madurai, relating to the assessment years 1984-85 to 1988-89 but pertaining to one and the same assessee.2. The sole common issue that arises for consideration in all these appeals is whether the assessee is entitled to claim exemption from wealth-tax on the value of the whole buildings owned by it at D. Nos.17, 18and 19. East Chitrai St., Madurai, on the ground that the assessee used the said buildings for purposes of its business as contemplated under Clause (vi) of Sub-section (3) of Section 40 of the Finance Act, 1983. Hence, these appeals relating to one and the same assessee have been heard together for disposal by a common order.3. The facts that led to the filing of these appeals are as follows : The assessee, a great name in textile business, is a private limited company in which the public are not substantially interested. It is the owner of the buildings bearing...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD187(Mad.)
1. These five appeals by the assessee were heard together and are disposed of by a common order for the sake of convenience.2. The assessee before us, M/s Nodit Limited (formerly M/s. Don International Ltd.), is a non-resident company assessed to Indian income-tax. It is wholly owned by Cape Industhes. The said group specialises, inter alia in the manufacture and supply of fraction materials and components to the Automotive Industry in the United Kingdom and outside.M/s. Rane Brake Linings Ltd. (RBL for short) is an Indian company which makes and markets brake linings. For the purposes of the said manufacturing activity, RBL entered into a collaboration agreement with the non-resident company as far back as in July 1965. The details of the said agreement need not detain us here. Suffice it to note that the said agreement was initially in force for a period of ten years from 1-7-1965. The period of its currency was extended for another five years, that is to say, up to 30-6-1980.3. Sub...
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