Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD292(Mad.)
..... cwt (a) that the buildings in question have been used by the assessee for purposes of its own business within the meaning of clause (vi) of sub-section (3) of section 40 of the finance act, 1983. hence, we confirm the order of the cwt (a) that the buildings at d. nos. 17, 18 and 19, east chitrai st., madurai, ..... out the franchising business was used for the business of the appellant itself and therefore it is exempt from wealth-tax under clause (vi) of sub-section (3) of section 40 of the finance act. 1983. it would therefore delete the addition.aggrieved by the orders of the cwt (a), the revenue preferred these five appeals before the tribunal.6. ..... east chitrai st., madurai, on the ground that the assessee used the said buildings for purposes of its business as contemplated under clause (vi) of sub-section (3) of section 40 of the finance act, 1983. hence, these appeals relating to one and the same assessee have been heard together for disposal by a common order.3. the facts that led .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD187(Mad.)
..... (1)(vi) and 9(1)(vii).37. as an integral part of the scheme of systematising or rationalising assessment of foreign companies, the finance act, 1976 introduced two more sections, namely, sections 44d and 115a. the former contains special provision for computing income by way of royalty etc. in the case of foreign companies, while the latter ..... could be deemed to accrue or arise in india, only if it could be shown that, as laid down by section 9(1)(i). such royalty/technical fees accrued or arose from a business connection in india.32. the finance act, 1976 effected substantial and indeed basic changes as respects the assessment on non-residents. it added, inter alia, clauses ..... be deemed to accrue or arise in india.31. prior to its amendment by the finance act, 1976 with effect from 1-6-1976, section 9 did not contain any definition of the terms 'royalty' and 'fees for technical services'. at that time, section 9(1) dealt with five categories of income which were deemed to accrue or arise .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)45ITD209(Mad.)
..... upward the advance tax payable could be passed on the basis of a provisional assessment made under section 141 of the act also.7. then came the finance act, 1964 which introduced the concept of self-assessment. the newly introduced section 140a obligated the assessee to pay tax on self-assessment in the manner and in the circumstances ..... payment of tax in advance. it inserted into the act section 209a, which introduced for the first time the concept of payment of advance tax on "voluntary ..... by the assessee became relevant only if they had been acted upon by the assessing officer as and by way of making either a regular assessment, or a provisional assessment; or by the assessee by paying self-assessment tax thereon under section 140a.8. the finance act, 1978 introduced an important change in the scheme of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD27(Mad.)
..... were taking the sums required on both the counts to 'general reserves', thereby inflating the capital base for purposes of surtax. in order to curb this mischief, the finance act, 1976 inserted rule1a under the second schedule, with retrospective effect from 1-4-1975. the rule brings the axe down in all cases where no provision is made in ..... to make the picture relating to the said rectification application complete, we may here state that an appeal preferred by the assessee against the said order under section 13 of the act was dismissed by the cit(a). and, it is common ground that the assessee did not file any appeal to the tribunal against the said order of ..... the size of the reserves. once the capital base is computed, the determination of the statutory deduction is merely an arithmetical exercise because, by definition [see section 2(8) of the act], statutory deduction means an amount equal to 15% of the capital base.16. one thing will be clear from the foregoing and that is that if the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)41ITD518(Mad.)
..... were taking the sums required on both the counts to 'general reserves', thereby inflating the capital base for purposes of surtax. in order to curb this mischief, the finance act, 1976 inserted rule 1a under the second schedule, with retrospective effect from 1-4-1975. the rule brings the axe down in all cases where no provision is made ..... depreciation allowed for purposes of income-tax assessments. the cit(a) declined to interfere in this matter.5. invoking the powers vested in him by and under section 16 of the surtax act, 1964, the commissioner of income-tax, coimbatore, called for and examined the assessment records of the assessee relating to the surtax assessment for the assessment years ..... vi or near thereto as circumstances admit or in such other form as may be approved by the central govt. either generally or in any particular case. and section 211(2) provides that every profit and loss account of a company shall give a true and fair view of the profit or loss of the company for the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD550(Mad.)
..... each of the members of the family. this is because division of family property by metes and bounds is one of the fundamental requirements of section 171(1) of the income-tax act, 1961, which is a special provision.11. in view of the aforesaid difference of opinion between the two members, the following points of difference ..... because the bank discovered that the assessee, instead of utilising the loan for the stated purpose of contructing the nursing home, had diverted the first two instalments to finance the construction of the shopping centre in question. further, when the assessee defaulted in repaying the loan together with interest, the bank had taken legal steps for ..... land may belong to one person the superstructure may belong to another. it is, therefore, necessary to ascertain whether the cost of construction of the superstructure was financed from out of the assessee's own funds or from the funds belonging to the said joint family. (iii) further it is well settled that even though .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD313(Mad.)
..... , it was not open to the assessing officer to make the impugned prima facie adjustments.9. finally shri gopal drew our attention to section 119(2)(c), recently inserted by the finance (no. 2) act, 1991, and contended that even according to the department, a hyper-technical view should not be taken in matters relating to any requirement ..... adjustments'. they are matters that require inquiry. it should, therefore, follow that they can be inquired into only after setting in motion the provisions of section 143(2) of the act. this will be particularly true in cases where the claim for deduction/relief is made by the assessee for the first time.20. as respects other ..... the income-tax rules, 1962, had not been filed along with the return.3. thereupon the assessee filed before the assessing officer a rectification petition under section 154 of the act. in the said application, the assessee had sought rectification of tax computation on more than one count. of relevance to the purpose on hand is the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD349(Mad.)
..... , on the contrary, the fees in question are fees strictu sensu, it will have to be ascertained whether the provisions of section 43b as amended by the finance act, 1988 are applicable to assessment year 1987-88 now before us. again, if, in essence, the fees in question are neither tax nor cess, nor fees, but are ..... assessment years 1989-90 and onwards. there is nothing in the said finance act to indicate that the said amendment was to have retrospective force. ..... not applicable to vend fee and addl. vend fee levied under the prohibition act.13. shri ramamani's third thesis was that the words "cess or fee, by whatever name called" were inserted into section 43b(a) of the act by the finance act, 1988 with effect from 1-4-1989. in other words, the amended provisions would be applicable to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD520(Mad.)
..... development and growth of industry, parliament have from time to time given various tax incentives, such as "tax holiday" (see section 80j of the income-tax act, 1961). section 5(1)(xxxii) of the wealth-tax act, which was inserted by finance act, 1972 with effect from 1-4-1973, is one such incentive in the field of wealth taxation. the scheme of ..... the section is to exempt from wealth-tax that part of the value of interest of the assessee in certain specified ..... sums advanced by him to the firm for the purposes of its business. as elucidated by pollock and mulla in their commentary on the indian partnership act, the principle of sub-section (c) of section 13 is that a partner, as regards the capital brought by him into the business, is not a creditor of the firm but an adventurer and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)39ITD506(Mad.)
..... we have to apply the law which came into force subsequent to 1-4-1976. section 44d came into the statute book only from 1-6-1976. similarly, the provisions of section 115a also were brought into effect from 1-6-1976 under the finance act, 1976. under these provisions, we are not concerned as to how the payment is ..... of information concerning the working of the model or design is nothing but royalty. the learned departmental representative drew our attention to section 44d and section 115a of the i.t. act. he argued that under section 44d(b), since these are intended payments to be made under the stipulations entered in the contracts executed subsequent to 31-3- ..... r.d. aggarwal & co. [1965] 56 itr 20. the principle thus reiterated was inter alia the following :- income not taxable under section 4 of the act of a non-resident becomes taxable under section 42(1) if there subsists a connection between the activity in the taxable territories and the business of the non-resident, and if through or .....
Tag this Judgment!