Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2006)103ITD198(Chennai)
..... for that previous year, be deemed to be the allowance for that previous year, and so on for the succeeding previous years. the provision of sub-section (2) of section 32 as amended by the finance (no. 2) act, 1996 w.e.f. 1.4.1997 is as under: (2) where in the assessment of the assessee full effect cannot be given to any ..... or gains chargeable for that previous year, or owing to the profits or gains chargeable being less than the allowance, then, subject to the provisions of sub-section (2) of section 72 and sub-section (3) of section 73, the allowance or part of the allowance to which effect has not been given, as the case may be, shall be added to the amount ..... of the tribunal in uttam air products (p) ltd. v. dy. commissioner of income tax in i.t.a.no. 767/del/2001 for assessment year 1997-98 reported in (2006) 99 ttj (del) 718, order dated 28.10.2004 and in perfect pharmacists (p.) ltd. v. jt. commissioner of income tax in i.t.a. no. 247(ind.)/99 dt .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD686(Mad.)
..... has to ultimately find a place in the computation of the net income if not already forming part of its profit and loss account. when section 40a(7) was introduced by the finance act, 1975, the finance minister had referred in this connection that : ...a doubt has been expressed that, under the relevant provisions, as presently worded, provisions made ..... 1975] in which fhe similar contention raised on behalf of the asses-see was accepted by the appellate tribunal. the learned counsel strenuously urged that section 40a(7) of the act would apply only to cases where a provision is made in the accounts for payment of gratuity and that a claim made by the assessee before ..... relevant to the assessment year 1973-74 in respect of this appeal filed before us. in making the assessment of the assessee-company under section, 143(3), read with section 144b of the income-tax act, 1961 ('the act'), the ito added a sum of rs. 29,865 by observing as under : add : gratuity provision claimed in adjustment is rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD617(Mad.)
..... the expiry of the accounting year on 30-6-1974 and before the assessment was completed, section 40a(7) was inserted in the income-tax act, 1961 ('the act') by the finance act, 1975, with retrospective effect from 1-4-1973. the law [section 40a(7)(a)] provided that no deduction shall be allowed in respect of any provision, whether ..... the incremental liability would be allowed when the assessee produced the necessary certificate and also transfers money to the gratuity fund by revising the assessment under section 155(13) of the act.4. the assessee was not satisfied about this incremental liability. in appeal, the commissioner (appeals) allowed the full provision as claimed by the assessee ..... put under such obligation to create a fund and hand over moneys to such fund for no benefit. however, we need not identify the particular section of the act under which these two provisions are deductible. such identification is not necessary for the purpose of disposal of this appeal. it may be that it .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD148(Mad.)
..... the amounts in question by definition, except only such salary income as are exempt under the provisions of the act. we may recall that the concept of standard deduction was itself introduced by the finance act, 1974 and the finance minister's budget speech of 1974-75 stated : "in order to simplify the assessment procedure in the case ..... 1976 was rs. 30,892. this included a sum of rs. 5,468 being gratuity received by the assessee in excess of the amount exempt under section 10 of the act and rs. 10,010 being ex gratia payment received as terminal benefit. the ito omitted to take into consideration these two amounts in. computing the ..... could not have incurred any expenditure to derive the amounts in question. we are unable to appreciate this contention which goes against the plain meaning of the section. according to section 16 the income chargeable under the head 'salaries' shall be computed after making deduction in respect of expenditure incidental to the employment of the assessee at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1120(Mad.)
..... come to india after 1-4-1976, this is not warranted by the language of the provisions of section 5(1)(xxxiii) nor by any other indication. the mere fact that the section was introduced with effect from 1-4-1977 by the finance act, 1976, i.e., from the assessment year 1977-78, does not mean that the exemption is not ..... ". the department is in appeal against his order accepting the assessee's claim partially. the contention of the department is that since the exemption itself was introduced by the finance act, 1976, with effect from 1-4-1977, it can only apply to persons returning to india on or after 1-4-1977 and not to persons who had returned ..... for a period of seven successive assessment years commencing with the assessment year next following the date on which such person returned to india. this exemption was introduced by the finance act, 1976, with effect from 1-4-1977. the commissioner (appeals) accepted the assessee's claim for exemption up to a sum of rs. 19,25,000, representing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD1077(Mad.)
..... submission is that since they are involved in producing, artificially, chicks out of eggs, it would amount to processing and so they satisfy the requirements of section 2(8) of the finance act. we have already held that the assessee could .be considered as producing articles or things.the expression "processing" is, certainly, wider in terms than ..... for deduction, under section 35b, on packing credit interest. for the reasons given by the special bench of the tribunal, the assessee is not entitled to this deduction.21. the last ground in the assessee's appeal for 1977-78 is that they should be treated as an industrial company. the finance act, 1977 defines an ..... yield, larger number of eggs, size of eggs, (c) less feed consumption.3. before the ito, the company claimed deductions under section 80j as well as under section 80jj of the act. the claim under section 80j was rejected by the ito.4. the commissioner (appeals) also rejected the assessee's claim. he understood the claim to mean that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD512(Mad.)
..... land, the aggregate capital gains being rs. 40,715. in the assessment of the assessee-husband, the ito, after overruling the objections of the assessee, invoked section 64 of the income-tax act, 1961 ('the act') and brought out of the total capital gains of rs. 40,715 (same figure as in the case of the wife) a sum of rs. 27,035 ..... not appropriate, particularly when exact separate figures of capital gains for land and separate figures for building are available. and more so when the whole of the land has been financed by the assessee-husband.we agree with that submission. so we direct that rs. 18,665 which is the capital gains for land shall be assessed as long-term ..... the assessee to the total cost of rs. 89,285 to assessment on capital gains as short-term capital gains (sic).3. in appeal the aac upheld the invocation of section 64. but he followed the pattern of assessment of the wife, directing the land to be assessed as long-term and superstructure building as short-term. he found that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD624(Mad.)
..... aop/boi of married persons, following the system of community property in erstwhile portuguese territories, by the finance act, 1970 with effect from 1-4-1971. assessees being hufs, the only clause applicable to them is clause (b) of section 80c(2) which authorises deduction in the following words : (b) where the assessee is a hindu ..... in respect of contribution to notified provident fund is available under section 80c(2)(a)(iv) where the assessee is an individual and under section 80c(2)(g)(i)(2) where the assessee is an aop or boi. the concession to individuals was introduced by the finance act, 1968, with effect from 1-4-1969. the requisite ..... the correct legal position. different itos at different times allowed such relief without question. years later, the assessments were sought to be rectified under section 154 of the act and notices were issued on the assessees proposing to withdraw the relief. the assessees took as many as seven objections. the assessees claimed that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD216(Mad.)
..... is clearly in favour of the taxpayer. the present chapter via was introduced by the finance (no. 2) act, 1967, when there was similar relief given under section 80h in respect of new industrial undertaking employing displaced persons. there was a relief under section 80-i in respect of the profits from priority industries, while sectkm 80j provided relief ..... (1) at the final stage took a different form, even as mentioned by the finance minister in his speech dated 24-7-1967 [65 itr (st.) 13].section 80j(1) at the final stage in the finance (no. 2) act, 1967 reads as under: 80j. deduction in respect of profits and gains from newly established industrial undertakings ..... authorising the exclusion of borrowed capital for capital base in the finance (no.2) act, 1980 is pending adjudication before the supreme court and the other high courts. as for the view of the ito that he would allow either relief under section 80j or under section 80hha whichever is larger, he claimed that there is no warrant .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD221(Mad.)
..... evoked his curiosity in this matter. it was argued that the wealth-tax charge was extended to agricultural properties from the assessment year 1970-71 onwards by the finance act, 1969 and the assessee ought to have known this fact. as we have already stated the features mentioned above largely support the credibility and probability of the ..... conveniently disposed of by this consolidated common order.2. the appeals are by the department and relate to the levy of penalty under section 18(1)(a) of the wealth-tax act, 1957 ('the act'), for the assessment years 1970-71 to 1975-76, for the assessee's default in filing the returns of net wealth within the ..... ground pertaining to the aac's observation that the appellant would have got the same relief at the hands of the commissioner, if he had approached him under section 18b, as he satisfied all the requirements prescribed therein, to deserve the relief. it is also the departmental representative's contention that when the assessee, according to .....
Tag this Judgment!