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Commissioner of Income-tax Vs. Cholamandalam Investment and Finance Co ...

Court : Chennai

Reported in : [2008]296ITR601(Mad)

..... charges from the chargeable interest under the interest-tax act, 1974?2. the assessee, a non-banking finance company, excluded additional discount charges from chargeable interest for all the assessment years, but the assessing officer added the same as ..... are directed against the order of the income-tax appellate tribunal in i.t.a. nos. 70 to 74/mds/2002, dated february 28, 2006, raising the following common substantial question of law:whether, in the facts and circumstances of the case, the tribunal was right in excluding additional discount ..... chargeable interest under section 2(7) of the interest-tax act.3. the commissioner of income-tax (appeals), on appeal, held that the additional discount charges are not chargeable interest under the interest-tax act .....

Commissioner of Income Tax Vs. Lakshmi Trust Co.

Court : Chennai

Reported in : [2008]303ITR99(Mad)

..... of income-tax (appeals), finding that the transactions of loans were genuine and the identity of lenders was not in doubt, cancelled the penalties under section 271d and 271e of the act.2.3. on appeal by the revenue, the appellate tribunal, considering the fact that the transaction did not result in treatment of loan as unexplained ..... credit because it was found to be fully explained, held that there was no intention on the part of the assessee to contravene the provisions of section 269ss of the act and accordingly, upheld the order of the commissioner of income-tax (appeals). aggrieved by the same, the revenue has preferred this appeal raising the questions ..... act are mandatory and no mens rea needs to be proved before penalty is imposed. he further submits that the assessee had no sufficient reasons to take the loans in cash.4. per contra, learned counsel appearing for the assessee, referring to two decisions of this court in (i) cit v. kundrathur finance and chit co. : [2006]283itr329 .....

Commissioner of Income Tax-iv Vs M/S. Dwarkadhish Investment (P) Ltd.

Court : Delhi

..... suspicions and treat the subscribed capital as the undisclosed income of the company."6. in our opinion, as section 68 of act, 1961 has been interpreted as recently as 2008 by a division bench of this court in divine leasing & finance ltd. (supra) after considering all the relevant judgments, we do not have to reconsider all the judgments ..... tribunal suffer from no perversity and are consistent with the law as explained by this court in commissioner of income tax v. divine leasing and finance limited (ita no. 53/2005 decided on 16th november, 2006) reported in (2007) 207 ctr (del) 38 and in particular para 16 which reads thus:"in this analysis, a distillation of the ..... precedents yields the following propositions of law in the context of section 68 of the it act. the assessee has to prima facie prove (1) the identity of the .....

Commissioner of Income Tax Vs. Kanti Bhai Damani

Court : Delhi

..... noticed the amendments made in chapter xiv-b and addition by way of insertion of an explanation to section 158ba in view of the conflicting decisions or opinions expressed by various courts. the said explanation was inserted by finance (no. 2) act, 1998 with retrospective effect from 1st july, 1995 and reads as under:- "[explanation.- for the ..... and was working as a broker/agent in aluminum market. search and ita no. 190/2006 page 1 of 7 seizure operation under section 132 of the act was conducted on 27th october, 1998. thereafter, statutory notice under section 158bc of the act was issued to which the respondent assessee had filed the return dated 24th december, 1999 ..... that has been clarified in the explanation that the undisclosed income relating to that block period shall not include the income assessed in the regular ita no. 190/2006 page 6 of 7 assessment. therefore, if any income is assessed under the regular assessment that cannot be taxed twice while making the assessment of the block .....

The Commissioner of Income Tax, Central-i Vs. M/S. JaIn Housing and Co ...

Court : Chennai

..... provided for therein. 10. as far as the present case is concerned, it relates to the assessment year 2004-05. the substitution of explanation to clause (a) to sub-section (10) of section 80ib of the income tax act was brought in under finance no.(2) act of 2004, effective from 01.04.2005. thus, in the absence of any such requirement read into the ..... income tax act, effective from 01.04.2005 and held that the non-submission of completion certificate would not, per se, be a ground to reject the assessee's claim. the tribunal pointed out that in so far as jains prakriti at bangalore was concerned, the completion certificate was dated 4th may, 2006 and the assessment was completed on 29th december, 2006. nevertheless .....

Union Of India Vs. Shri Doly Loyi

Court : Supreme Court of India

..... , an fir was registered against the respondent for the offences punishable under section 120b of the indian penal code, 1860, and sections 13(1) and 13(1)(d) of the prevention of corruption act, 1988, alleging inter alia that the respondent, while working as the special secretary(finance), government of arunachal pradesh acted in conspiracy with other officers and committed criminal misconduct by abusing his ..... position as a public servant. a sanction dated 2nd june, 2006, was accorded by the cbdt .....

The Commissioner of Income Tax Vs. Hi Line Pens Pvt. Ltd.

Court : Delhi

Reported in : (2008)219CTR(Del)397; [2008]306ITR182(Delhi)

..... the assessee placed reliance on the decisions of this court in the case of instalment supply pvt. ltd. (supra) and cit v. escorts finance ltd. 2006 (205) ctr delhi 574. in cit v. escorts finance ltd. (supra) this court was considering the amount spent on providing wooden partition, painting, glass work etc. in leased premises so as ..... [2007]293itr201(sc) . however, we find that decision of the supreme court was in relation to the expression 'current repairs' used in section 31(i) of the said act, which reads as under:section 31 repairs and insurance of machinery, plant and furniture. in respect of repairs and insurance of machinery, plant or furniture used for the purposes ..... no new asset was brought into existence. 5. the said expenditure was disallowed by the assessing officer because in his view explanation (1) to section 32(i) of the said act would come into play. according to the assessing officer, the expenditure was to be treated as capital expenditure as it had been incurred on .....

Mr. A. Ramamurthy Vs. the Income Tax Officer

Court : Chennai

Reported in : (2009)222CTR(Mad)414

..... by the appellant-assessee in the declaration was found to be false. consequently, the assessing officer could not have reopened the assessment by a notice under section 143 of the act.8. after going through the authorities relied on, we are not able to understand as to how this judgment is helpful to the respondent, but on ..... is filed by the petitioner/appellant.4. the learned counsel appearing for the appellant contended that by virtue of clause 90(3) and clause 92 of the finance (no. 2) act, 1998, under which the kar vivad samadhan scheme was introduced, any issue in respect of which a declarant has opted for scheme shall not be reopened in ..... tax enactment. he further contended that the assessing officer has no power or jurisdiction under section 155 of the income tax act, 1961 to reopen the assessment.5. in support of his contention, he relied on the judgment of the supreme court reported in : 2006(201)elt517(sc) duncans agro industries ltd. v. commissioner of central excise, new delhi .....

Magam Inc. Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : [2007]288ITR566(Mad)

..... , an exception has been carved out to the specific provision which excluded, rather denied the benefit conferred under section 80hhc to export of minerals (granite); that the amendment brought by the finance (no. 2) act of 1991 to section 80hhc is only prospective and effective from april 1, 1991; and that the statutory provision is very clear ..... processed minerals then the 1991 amendment excepting processed minerals from the exclusionary effect of the sub-section would be rendered meaningless and an exercise in futility.6. following the decisions referred supra, this court, by judgment dated 21.2.2006 made in t.c. no. 55 of 2000, held that the profits derived from the ..... export of the dimensional granite blocks, being value added marketable commodity, would not be entitled to deduction under section 80hhc of the income tax act.7. drawing support from the decisions referred supra .....

Commissioner of Income Tax Vs. Shiva Distilleries Ltd.

Court : Chennai

Reported in : [2007]293ITR108(Mad)

..... (appeals) v. bangalore clothing co. : [2003]260itr371(bom) held that the explanation (baa) to section 80hhc of the income-tax act, 1961, was inserted by the finance ( no. 2) act, 1991, with effect from april 1, 1992 and under that explanation, 'profits of the business', for the purposes of section 80hhc does not include receipts which do not have an element of turnover like rent ..... , commission, interest, etc. this court in c.i.t. v. sundaram clayton ltd. : [2006]281itr425(mad) also .....