Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD540(Mad.)
..... the 1961 act (deemed dividend). that also on an appeal by the assessee was cancelled by the tribunal. now the difference between the fair market value and the sale price ..... written down value as on 1-4-1974 was rs. 4,09,475. the ito in the income-tax assessment assessed the company after invocation of section 52(2) of the income-tax act, 1961 ('the 1961 act') to capital gains estimating the fair market value at rs. 5,23,000. but the aac, with whom the tribunal agreed, cancelled that levy. later ..... , one of the directors was assessed for the difference between the fair market value and the sale price of the buses sold to him under section 2(22) of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)23ITD78(Mad.)
..... advance licence for import of art silk yarn; that, the directorate of enforcement new delhi proceeded against these firms for alleged violation of the provisions of section 12(2) of the foreign exchange regulation act, 1947 and levied a total penalty of rs. 20.10 lakhs on the partners individually; that, these firms represented by the partners filed appeals against ..... , if they are debts due to the state, become allowable in computing the wealth of an assessee. the deductibility of these debts for purpose of the income-tax act is governed by section. 37 and would not come in the way of allowing it as a debt for wealth-tax purposes. the prohibition contained in the wealth-tax ..... act against allowance of penalties does not extend to the penalties imposed for various infractions under the law.the aac further found that the fact that the director of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD20(Mad.)
..... the mischief sought to be remedied by the legislation and the object and purpose for which the legislation was enacted. when section 80e was originally introduced by the finance act, 1966, in chapter via, the finance minister said : ...as a measure of simplification, however, i propose to modify the form of the concession. at present ..... not in respect of the net income computed after making the deductions provided in the income-tax act. the finance act has accordingly inserted another section 80ab to provide that, for the purpose of calculating the deductions specified in sections 80hh to 80tt the net income as computed in accordance with the provisions of the income- ..... intended originally to grant the benefit for the period of four assessment years. the section was amended by the finance act, 1975 with effect from 1-4-1975 to extend the benefit for a period of 9 assessment years. the wording of the section remains the same as it was introduced in the taxation laws (amendment) bill, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD808(Mad.)
..... learned standing counsel for the department, shri a.n.rangaswamy, who has been specially engaged for this case, submitted by taking us through the finance minister's speech when section 32a was introduced in the parliament and also by taking us through 'maxwell on the interpretation of statutes', 12th edition, that there was a ..... small-scale industrial undertakings and other industrial undertakings producing the different articles except those specified in the eleventh schedule to the act.13. we may also refer to another aspect at this stage. section 32a(2) did not specify who should instal the machinery, whether the owner of the machinery or the actual manufacturer ..... installed on which investment allowance is claimed, should also be used by the assessee.this only says that under the new provisions introduced by the finance (no. 2) act, 1977, investment allowance will be allowed in respect of new machinery or plant installed for the purposes of business of construction, manufacture or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)4ITD297(Mad.)
..... assessment made on 22-10-1978, this computation was accepted bringing to tax short-term capital gains of rs. 1,35,840.later acting under section 263 of the income-tax act, 1961 ('the act'), the commissioner by order dated 16-10-1980 was of the opinion that the assessment order was erroneous and prejudicial to the revenue and ..... from companies. (p. 3) thus, short-term capital gains was to be treated on a par with regular income. in the budget speech for 1973-74 the finance minister stated (88 1tr statutes): capital gains tax can become a means of avoiding or reducing the burden of payment of income-tax. at present capital gains arising ..... a large deduction in the computation of the capital gains. while presenting the budget for the assessment year 1962-63, the finance minister observed (46 itr statutes): capital gains are already taxable under our income-tax act. the incidence is, however, restricted in the case of non-company assessees to income-tax only, calculated in the prescribed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD605(Mad.)
..... supreme court in that case was repealed and substituted by a different provision coupled with a limitation in section 80a(2) of the act with respect to the gross total income. when chapter via was originally introduced, the finance minister said that he was replacing the system of rebates with a straight deduction from the profits of ..... case of cloth traders (supra). yet the controversy is sought to be revised by referring to the introduction of section 80ab of the act by the finance (no. 2) act, 1980, with effect from 1-4-1981. the budget speech of the finance minister for 1980-81 merely mentions : i also propose to make certain amendments in the income-tax ..... act to counteract certain court decisions which have resulted in unintended benefit to taxpayers....[1980] 123 itr (st.) 17, 22 however, since section 80ab was not part of the bill as introduced .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD136(Mad.)
..... 1979, with effect from 1-4-1980 which has taken care of a situation contemplated by clauses (i) and (iii) of section 64(1), namely, the spouse or minor child being beneficiary of a trust being represented in the firm ..... section 64(1), the income accruing for the immediate or deferred benefit of spouse or minor child (not being married daughter) or both only was covered and not to son's wife or son's minor child as in the present case. this is abundantly clear from the insertion of explanation 1a and explanation 2a made by the finance act, ..... the learned counsel for the assessee, which have a persuasive value. the decision cited by the learned departmental representative pertained to the exemption under section 5(1){xxvi) of the wealth-tax act 1957 claimed by a beneficiary of a trust in respect of deposits in banks and in whose case direct assessment was made by the wto and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)4ITD721(Mad.)
..... the assessee fails to furnish a voluntary return within the time allowed to him and after the expiry of the assessment year, issue a valid notice under section 34 of that act without waiting for the expiry of the period allowed for the completion of assessment. while this proposition expounded by the departmental representative can be questioned or challenged ..... is the later of the two. so this assessment should have been completed by 31-3-1979. but the department has issued a notice under section 148 read with section 147(a) of the act, on 17-11-1977 and had served it on 19-11-1977 long before the return alleged to be the voluntary return, furnished by the ..... of the memorandum of finance bill, 1968 [1968] 67 itr 86 (st.,) submitted that accepting the arguments advanced on behalf of the assessee would render the ito powerless to make an assessment if the assessee had not filed his return of income and that was never the intention of the scheme of the act.9. under section 139(4) a return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD129(Mad.)
..... which has been given by the commissioner (appeals) in his order. apart from the fact that decision related to a different section, namely, section 32a and not to the definition under the finance act, we find that in the present definition of 'an industrial company' the manufacture or processing of goods is a distinct sub-clause ..... rival submissions we are of the opinion that the revenue is entitled to succeed. we are concerned with the definition of 'industrial company' in section 2(7)(c) of the finance act, 1978, which is in the following terms: industrial company' means a company which is mainly engaged in the business of generation or distribution ..... by the commissioner (appeals) have nothing to do with the definition of 'industrial company' in the finance act since they were decisions given in respect of certain other sections, such as sections 80j, 80hh and 32a of the 1961 act, which contained different definitions and were, therefore, out of the present context. it was submitted that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD154(Mad.)
..... dispute that till today no action has been taken by the commissioner on this application for waiver of the penalties.but taking this application as information, notices under section 148 of the act were issued in response to which the assessee filed returns showing the income which he was prepared to disclose and assessments were completed on 24-11-1976. ..... in the case of tarak nath paul v. cwt [1983] 142 1tr 468, to contend that a press note does not amount to a direction given under section 119 of the act and was not binding on the department. in that case the question was whether on the facts and in the circumstances of the case the imposition of penalty ..... was at all justified without proper consideration of the press note, dated 2-6-1969, issued by the ministry of finance, government of india, referred to in the tribunal .....
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