Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... allowed for a total of eight years (ten years in the case of co-operative societies). further amendments were made by the finance act of 1983andfinance act of 1985. we quote below the relevant provisions of section 80-i as applicable to the assessment year 1985-86 and as published in a.n. aiyar's indian tax laws [1985] ..... and properly made in the year under appeal and that the same ought to have been allowed by the departmental authorities.105. section 80-i was reintroduced in the income-tax act, 1961 by the finance (no. 2) act of 1980. this provision introduced, with effect from 1-4-1981, anew tax holiday provision for certain industrial undertakings, ships ..... of textile machinery corporation ltd. (supra). at pages 204 and 205 of the reports, the supreme court held as follows while construing the provisions of section 15c of the old act:- section 15c partially exempts from tax a new industrial unit which is separate physically from the old one, the capital of which and the profits thereon are .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD483(Mad.)
..... or office for the purposes of its business or as residential accommodation for its low paid employees will be excluded from net wealth.13. for the purpose of section 40 of the finance act, 1983, the net wealth of a company will be the amount by which the aggregate value of all the specified assets, wherever located, belonging to the ..... makes it difficult for us to hold that he is an employee of the company.12. we may now turn to the provisions of section 40(3) of the finance act, 1983. by the said section the levy of wealth-tax on closely held companies was revived in a limited way from the assessment for the assessment year 1984-85 and ..... .3. the only issue that came up for consideration in the course of wealth-tax assessment proceedings for the assessment year 1984-85 (under the provisions of section 40 of the finance act, 1983) was whether the portion of the aforesaid property occupied by the managing director is exigible to wealth-tax. the assessee's case before the assessing officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD315(Mad.)
..... . 15,134 earlier granted to the assessee.4. on hearing the rival submissions, we consider that the assessee is entitled to succeed.5. prior to the introduction of section 10(10aa) by the finance act, 1982, with retrospective effect from 1-4-1978, any amount received by an assessee, on his retirement from service, by way of cash equivalent of unutilised earned leave ..... was chargeable to tax under the head "salaries". with a view to removing hardship to retiring employees, the finance act, 1982 inserted, with retrospective effect from 1-4-1978, a new clause (10aa) in section 10 of the act, which exempts such receipts from income-tax, to the extent stipulated therein. the new clause was amended by the taxation laws .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD448(Mad.)
..... the other hand, the revenue supported the orders of the authorities below by contending that the assessee must be treated as a land other than agricultural land in section 40(3)(v) of finance act, 1983 and, therefore, it was liable to tax.4. on a consideration of the rival submissions, we are of the opinion that the assessee is entitled to succeed ..... . section 40 of the finance act, 1983 revived the levy of wealth-tax in the case of closely held companies. sub-section (2) stated that the net wealth shall be the amount by which the aggregate value referred to in sub ..... is not an asset falling under either item (v) or under the exception to item (vi), i.e., building not used for business purpose so as to be taxed under section 40 of the finance act, 1983.the assessment is therefore annulled. the appeal is allowed.
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD451(Mad.)
..... "processing" of goods and that, therefore, the assessee in the said case was an industrial company entitled to the concessional rate of taxation under section 2(7)(c) of the finance (no. 2) act of 1977; in this case, it was held that the word "processing" has not been defined and must, therefore, be interpreted according to ..... amount to construction of land, which can be regarded as an article, or thing, in order to enable the assessee to qualify for investment allowance under section 32a of the act.therefore, we hold that the assessee-company is not entitled to investment allowance claimed by it in these two years and that the departmental authorities were ..... transport of slag and refuse by the appellant-company in its super dumpers, which are nothing but road transport vehicles. the second proviso to section 32a(1) of the income-tax act, 1961 specifically states that no deduction of investment allowance is allowable in respect of any road transport vehicles. it is for this reason that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD100(Mad.)
..... c. gnanasundara nayagar v. cit [1961] 41 itr 375 also.13. the second limb of shri jagadisan's argument was that the amendments made by the finance act, 1988 and the finance act, 1989 to section 263 cannot affect the assessee's rights. according to him, the explanation introduced by the said amendments would apply only to the orders passed by the cit ..... 000. the ito held that the assessee was entitled to fractional capital allowance equivalent to l/14th part of the said sum of rs. 2,35,000 under section 35a of the act. aggrieved by the said decision, the assessee preferred an appeal before the aac.32. while the assessee's appeal was pending before the aac, the cit, ..... the assessee's claim. he also allowed extra-shift allowance and additional depreciation on the same basis.3. subsequently, invoking the powers vested in him by and under section 263 of the act, the c.i.t. called for and examined the assessment records of the assessee. on such an examination, he found that the i.t.o. had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD265(Mad.)
..... such a manner that a discretionary trust was converted into a specific trust whenever it suited them tax-wise. in order to prevent such manipulation, the finance act has inserted explanation 1 in section 164 to provide as under : a. any income in respect of which the court of wards, the administrator-general, the official trustee, receiver, ..... unable to accept either of these arguments. firstly the memorandum explaining the provisions of finance (no. 2) act, 1980 which introduced the explanation states as follows : 4. under the provisions as they existed prior to the amendments made by the finance act, the flat rate of 65 per cent was not applicable where the beneficiaries and their ..... a consideration of the rival submissions, we are of the opinion that the facts of these cases do net attract the provisions of section 164 of the income-tax act, that section provides that where the income is not specifically receivable on behalf of or for the benefit of any one person or where the individual .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)38ITD133(Mad.)
..... licence premium, export incentive and duty drawback are chargeable to income-tax under the head 'profits and gains of business' as per section 28(iiia), (iiib) and (iiic) respectively as per the amendments incorporated by the finance act, 1990 with retrospective effect from 1-4-1962,1-4-1967 and 1-4-1972 respectively. the words "derived from" were ..... judgment of the madras high court in the case of wheel & rim co. of india ltd. (supra) was rendered in connection 2(5)(a) of the finance act, 1966 and not section 80hh of the income-tax act, 1961 and the high court had no occasion to go into the meaning of the expression "derived from" used in ..... of proximity. though the said judgment was delivered in the context of interpretation of section 2(5)(a) of the finance act, 1966, it applies with equal force to the interpretation of section 80hh of the income-tax act, 1961, where the same words "derived from" are used. in section 80hhc also the words "derived from" were used. the cbdt in its circular .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD251(Mad.)
..... are to the effect that the cit (appeals) erred in allowing deduction for the sum of rs. 65 lakhs as claimed by the assessee under section 35cca of income-tax act, 1961 towards contribution to tamil nadu rural reconstruction association (hereinafter referred to as 'tarra' for short), that he failed to note that the date ..... without transferring the same in the name of tarra. all the construction work including calling for the lenders, appointing contractors, supervision, negotiation with architect and actual financing were being done by the assessee-society only and therefore, there was clear evidence to show that tarra had not carried out any approved programmes of rural development ..... in that view he directed the assessing officer to allow deduction for the entire sum of rs. 70 lakhs as claimed by the assessee under section 35cca of the income-tax act, 1961. aggrieved by the order of the cit (appeals), the revenue preferred the present appeal before the tribunal.8. the arguments of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD417(Mad.)
..... any, maintained by him for any source of income or suet income is otherwise disclosed to the commissioner before the said date.though the explanation 2 to section 273a was deleted by the finance act, l985 with effect from 24-5-1985, that provision existed on the day when the assessee filed the return in respect of which the assessee is ..... merely because the petition is withdrawn and an appeal was filed, the assessee could be punished for a deemed concealment which should otherwise have been waived by the commissioner acting under section 273a as required by law. this is because article 20(1) of the constitution states that no person shall be subjected to a penalty greater than that which ..... firm. on 12-2-1985 there was a search in the premises of the assessee. on 26-2-1985 the assessee filed a petition under section 273 a of the income-tax act before the commissioner of income-tax stating that the assessee had been taxed on income from manufacture of hand-made soaps from 1972 onwards but the .....
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