Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)40ITD255(Mad.)
..... by the assessee shall be deemed to have been accepted and the loss has to be carried forward for subsequent years.he relied on the provisions of section 80 of the it act, 1961.3. at the time of hearing, the learned counsel for the assessee stated that the assessee filed series of applications for extension of time.the ..... in the prescribed manner and containing such other particulars as may be prescribed and all the provisions of this act shall apply as if it were a return under sub-section (1). this provision clearly shows that the notice under section 139(2) should not have been served on the assessee. this requirement is satisfied in the assessee's ..... hand supported the decision of the assessing officer. according to him, the privilege of filing return under section 139(4) and claiming the carry forward of loss was lost by the amendment to section 80 made by the taxation laws (amendment) act, 1984 with effect from 1-4-1985. therefore, he urged that unless the return was filed under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)40ITD344(Mad.)
..... was made only on the basis of the instruction of the cbd1 dated 4-1-1978 which is as follows :-- section 2(42a) of the i.t. act, 1961, defines short term capital asset to mean a capital asset held by an assessee for not more than 60 ..... the statement of law contained in the cbdt circular is not correct.9. moreover, a short term capital asset has been defined in section 2(42a) as a capital asset held for not more than thirty-six months immediately preceding the date of its transfer. when ..... us it was contended on behalf of the assessee that the re-assessment proceedings could not be sustained either under sub-section (a) or (b) of section 147 because with reference to (a) the entire material was before the ito and with reference to (b) there ..... except that he set off the short-term capital gains against the long-term capital gains in order to reduce the deduction under section 80t to rs. 58,000 as against rs. 59,300 claimed by the assessee. thereupon, the assessee filed a petition for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)41ITD8(Mad.)
..... . iron stores [1989] 180 itr 296 have taken the view that it is prospective. the supreme court has observed with reference to the explanation inserted in section 64 of the income-tax act that even a provision which is not retrospective in its operation serves as a legislative exposition of the import of that explanation, (see cit v. doraiswamy chetty ..... the assessment year 1977-78 in i. t. a. no. 1874 of 1980 by order dated september 18, 1981.9. however, the taxation laws (amendment) act, 1984, introduced the following explanation to section 40(b) with effect from april 1, 1985 ; "explanation 2.-- where an individual is a member of an association or body on behalf, or for the ..... the previous year ended march 31, 1982, corresponding to the assessment year 1982-83, the income-tax officer was of the opinion that the provisions of section 40(b) of the income-tax act, 1961, applied to the salaries paid to these three partners and he, accordingly, added back the sum of rs. 36,000. on appeal, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD509(Mad.)
..... of the learned departmental representative that the outlay in question must be treated as sales promotion expenses, and as such brought under the pale of the provisions of section 37(3a) of the act. we are unable to agree. first, the cit (appeals) has recorded a finding that in the case before us the assessee had given trade discount in kind. ..... incurred by the assessee in purchasing the gold medallions should be treated as sales promotion expenses and on that basis brought under the pale of the provisions of section 37(3a) of the act.5. on his part, shri v.s. jayakumar, the learned counsel for the assessee, strongly supported the impugned order of the cit(a). he drew our ..... as and by way of trade discount. he disallowed the assessee's claim for revenue deduction in respect of the said sum observing: "there is no provisions in the act the payment of discount in the form of gold dollars could to be allowable and therefore the claim is disallowed".3. on his part, the cit(a) allowed the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1995)54ITD201(Mad.)
..... whether the lower authorities were justified in negativing the assessee's claim that it was accumulating its income for specific charitable purposes as provided for by section 11(2a) of the act (ground no. 18) one of the grounds taken by the assessee before the commissioner (appeals) was that the assessing officer "failed to note ..... assessing officer held first that the interest charged by the assessee-trust was less than adequate and that consequently the assessee was not entitled to exemption under section 11 of the act. secondly, according to the assessing officer, because the assessee had charged interest at the rate of 15% per annum from one sivagami family benefit ..... through the facts and circumstances of the case and contended that the lower authorities were not justified in denying the assessee the benefit of exemption under section 11 of the act on this count. true, the said vellayappan was a relative. but the sale consideration, namely, rs. 3,35,000 received by the assessee-trust .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD104(Mad.)
..... the refund of rs. 56,265. the commissioner held that the assessee not being a new assessee, the estimate was not filed under any of the provisions of section 212 of the act and hence, the payment of tax of rs. 56,265 based on the estimate filed by the assessee voluntarily on 10-3-1976 could not be considered as ..... 350 (rs. 14,612 less rs. 2,262 withdrawn in the regular assessment) in the original assessment by the ito under section 214 of the income-tax act, 1961 ("the act"). the ito, while completing the assessment under section 141a of the act, had treated the payment of tax of rs. 56,265 to be made by the assessee on the basis of the ..... . after carefully considering the rival submissions we are of the view that the assessee's plea is not acceptable. under section 207 tax shall be payable in advance in accordance with the provisions of sections 208 to 219 of the act. under section 210 (order by the ito) where a person has been previously assessed by way of regular assessment under the 1961 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD383(Mad.)
..... up for consideration before the madras high court in the case of gowri tile works v. cit [1957] 31 itr 250. the court held that "section 12b (corresponding to section 50 of the present act) was applicable to the case even though the sale was not a voluntary one, but was made by a commissioner appointed by the court in as much ..... , the learned d.r. made a strong plea for modifying the order of the cit(a) to the extent of deducting the wdv of the assets under section 50 of the i.t. act in the computation of the capital gains.5. on behalf of the assessees. shri n. devanathan, advocate submitted that the cit(a) had given rightly the ..... were depreciable items being building, machinery, electrical fittings and furniture, on which depreciation had been granted in the earlier years.drawing our attention to the provisions of section 50 of the income-tax act, 1961, the learned d.r. submitted that for the purpose of computing capital gains the cost of acquisition of depreciable assets was to be taken as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)74ITD392(Mad.)
..... their mind and the norms are not found to have been followed by them, the commissioner is fully entitled to set aside such an order acting under section 263 of the act and directing the assessing officer to consider the claim of the assessee afresh in accordance with law.7. in the case laws cited by the ld ..... a correct decision and failed to follow the norms properly, the commissioner can revise the assessment order passed by the assessing officer invoking the provisions of section 263 of the act. in the present case neither the assessing officer nor the dy. commissioner has explained with reasons as to how the assessee is entitled for waiver of ..... 86 to 1987-88. neither the dy. commissioner nor the assessing officer gave any finding whether the circumstances would justify waiver/reduction of interest under section 139(8)/215/217 of the act. therefore, the commissioner was justified in coming to the conclusion that when the dy. commissioner considered the matter under rule 40(5) he performed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD721(Mad.)
..... law and practice of income-tax, seventh edition, vol. 1, where it is said that subsidies or grants are, generally speaking, payments of a revenue nature and also section 28 of the act.4. we are first to understand and appreciate the circumstances under which the assessee got these amounts. in a pamphlet styled 'sipcot'- spectrum of services, published by the ..... before the ito, the assessee claimed rs. 76,055 also as a capital receipt. but the ito, with whom the commissioner (appeals) agreed, held that section 41(1) of the income-tax act, 1961 ('the act'), would apply to the facts of the case though admittedly on the face of the record that provision did not apply at least to rs. 76 ..... the subsidy which is to be measured in terms of difference between normal and concessional tariff rates. so it becomes clear that it is not at all a payment under section 41(1). if it is not such a payment then it follows that it is a capital receipt. if concessional tariff and the refund is not construed in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1127(Mad.)
..... assessee, that the amount was paid by the employer by way of a gift in appreciation of the personal qualities or as a testimonial. "salary" within the meaning of section 15 of the act includes salary, fees, wages, perquisites or profits arising from an office or employment of profit, i.e., by way of remuneration for the services even though such payments ..... the entire amount of rs. 63,000 received from the employer. for the gratuity of rs. 30,000, his claim was that it was exempt under section 10(70) of the income-tax act, 1961 ("the act"). for the ex gratia payment of rs. 33,000, his claim was that it was received in appreciation of the long and loyal services rendered, ..... his cause. the aac, agreeing with the ito's opinion, confirmed the inclusion of the ex gratia payment as taxable income. he relied upon the provisions of section 17(3)(ii) of the act and held that the amount received was profit in lieu of salary. he further found that "profit in lieu of salary" will not include a sum of .....
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