Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)25ITD1(Mad.)
..... following passages appearing at page 62 of indian tax laws, 1966 by a.n. aiyer explaining the changes in the law relating to capital gains in section 45 of the income-tax act brought about by the finance act of 1964 : (i) bonus shares - an assessee who holds any equity shares and receives any bonus shares will be liable to be charged to income ..... this view of ours from the twelfth schedule of the income-tax act, 1961, which was introduced with effect from 1-4-1983, by the finance act, 1982. under this schedule, a percentage deduction is given under section 80t(b) of the act, from the capital gain computed in accordance with section 48 and section 49. this percentage deduction hitherto, i.e., from assessment years 1983-84 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)24ITD383(Mad.)
..... coimbatore dated 18-11-1985. in this order the commissioner (appeals) upheld the rectificatory orders passed by the income-tax officer for these years under section 155 of the income-tax act, 1961 withdrawing development rebate/investment allowance already granted for the reason that the assets of the chettinad branch of the assessee, on which development rebate ..... such transfer is excepted and, therefore development rebate should not be withdrawn. the learned counsel for the assessee referred to the explanation 6 to section 43(7) of the income-tax act, 1961 for the proposition that when a capital asset is transferred by a holding company to its subsidiary company or by a subsidiary company ..... in this respect thereof.the learned counsel also made a reference to the notes on clauses on the finance bill, 1965 appearing in [1965] 55 itr (st.) 107 wherein it is clarified that the effect of amendment in section 47 will be that any transfer of a capital asset by a subsidiary company to the holding .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)24ITD423(Mad.)
..... of the view that the ito had committed a mistake prejudicial to the interests of the revenue in view of the provision of section 80aa introduced by the finance act of 1980. he held that deduction under section 80m should have been allowed only on the net dividends and not on the gross dividends. the cit then stated : the ..... on overdrafts should be deducted in computing the income or loss under the head 'profits and gains of business', and while considering the deduction admissible under section bom of the act, the ito should have taken into consideration the amount of gross dividend without deduction of interest. in considering the plea of the revenue that this ..... some expense on maintenance of property, etc. the aforesaid items came to over rs. 75,000. these are all items which are clearly admissible deductions under section 37 of the it act in computing the business income. there was also a nominal amount of bank charges of only rs. 40 which was allowed under the head 'business income'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)24ITR261(Mad.)
..... more liberal in the case of individuals and less liberal in the case of hufs, but that the relief applies to both. he also referred to section 54(1) as amended by the finance act of 1982 only with effect from 1-4-1983, i.e. assessment year 1983-84 and subsequent assessments and pointed out that after this amendment, ..... only individuals can claim the benefit of section 54(1), but that this amendment was not applicable to assessment year 1982-83. he therefore directed the income-tax ..... v. cit [1973] 91 itr 588 (ker.) (fb) and shrigopal rameshwardas v. addl. cit [1979] 119 itr 980 (mp).he further argued that the amendment brought about by the finance act of 1982 should be considered as of a clarificatory nature and that therefore it would be applicable for the assessment year 1982-83 also.shri seshagiri rao further relied on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)26ITD23(Mad.)
..... has no application to the conversion of an individual property into joint family property that this sub-section (2) has been introduced to section 64. this sub-section was again amended by the finance act, 1979 to include a transfer by the individual directly or indirectly to the family otherwise than by adequate consideration in the definition of a converted property ..... assessee otherwise than for adequate consideration shall be included in the total income of the assessee. the supreme court has recognised that the provisions of section 16(3) of the 1922 act were intended to prevent evasion of tax so that a husband or a father could not normally transfer his property to the wife or minor ..... year 1982-83 for each of these coparceners in his individual capacity the iac added the income attributable to the share received on partition under section 64(2) of the income-tax act, 1961. this was confirmed on appeal by the cit(a).4. in these appeals it was pointed out on behalf of the assessees that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)23ITD325(Mad.)
..... disclose fully and truly all material facts necessary for ms assessment or otherwise, then, notwithstanding anything contained in the indian income- tax act, 1922 (xi of 1922) or the income-tax act or in any finance act, income-tax shall be charged in respect of the income so declared (such income being hereinafter referred to as the voluntarily disclosed income ..... which was yet to be filed can never arise. when the assessee filed the statement, it is, therefore, clear it was a contingency to which the provisions of section 3(1) applied and, therefore, the income must relate to a year prior to the assessment year 1976-77. we have already set out the particulars which ..... return in compliance therewith.the said return which was filed, after the assessee's voluntary disclosure, was treated as invalid by the commissioner by an order passed under section 3(1) dated 27th february, 1980 on the ground that it related to the assessment year 1976-77 and the scheme was not applicable for that year. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)22ITD62(Mad.)
..... himself, it is difficult to accept the contention urged on behalf of the accountable person before us that estate duty is 'debt' contemplated by section 44 of the act. section 74(1) of the estate duty act clearly provides that, for the purpose of payment of estate duty, first charge on the immovable property so passing, shall rank in priority ' ..... wto. in other words, according to the learned a.m., there was no mistake apparent from the record so as to clothe the wto with the jurisdiction to act under section 35. he was, therefore, of the view that the said orders of the wto had to be cancelled.2. the learned judicial member, on the other hand, ..... that of the assessee-huf. the deductions given in the original assessments under appeal here were, therefore, in order. in any case (shri ramamani contended) section 35 of the act was wholly inapplicable because this was a matter on which there could conceivably be two opinions. shri ramamani also referred to the decision in venkatakrishna rice co. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)21ITD591(Mad.)
..... each donee rs. 20,000 within tyro years. the calcutta high court considered the gifts to be either onerous gifts or having reference to the provisions of section 40 of the transfer of property act, the calcutta high court held that there was an obligation arising out of the contract annexed to the ownership of the properties and, viewed in either way ..... is of the same date, is as under : with reference to your letter of date proposing to give a gift of 1000 equity shares of rs. 10 each in sundaram finance ltd. saddled with gift-tax and stamp duty liability thereon. i am willing to accept the above gift with the liability attached thereto. i am accordingly signing the transfer deed ..... -85. the assessee in the present case filed a gift-tax return showing a taxable gift of rs. 3,50,200. the assessee had gifted shares in m/s sundaram finance ltd. of the face value of rs. 10 to 6 different donees. the particulars of names of the donees, the number of shares gifted and the amount of gift-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)20ITD254(Mad.)
..... earlier case of cwt v.savithri [t c nos. 165 to 167 of 1975, dated 17-12-1979] which relates to similar amendment made to section 18 of the act by the finance act, 1969. following respectfully, the aforesaid judgment we hold that the commissioner was justified in invoking his revisionary jurisdiction in passing the impugned orders which are ..... far as underassessment for the assessment year 1979-80 also. it is only a case of distinction without there being any difference between reassessment under section 147 of the 1961 act for the assessment year 1980-81 and fresh order for the assessment year 1979-80 passed to give effect to the revisionary order of the commissioner ..... that the order of revision should have been passed within two years from the date of assessments sought to be revised in terms of section 25(2) of the wealth-tax act, 1957 ('the act') and, therefore, the revisionary orders passed on 16-12-1985 were clearly barred by time. the commissioner rejected this contention by relying .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)19ITD483(Mad.)
..... of ahmedabad ltd. [1984] 147 itr 163 and in particular, the observations at p. 171. he also adverted to the notes on clauses whereby the provisions of section 40a(7) were amended by the finance act, 1975, but with retrospective effect from 1-4-1973. the learned counsel submitted that he was placing reliance only on the provisions of ..... section 40a(7)(b)(i) for claiming the deduction. according to him, the assessee's case squarely fell within such provision and the deduction had to be ..... claim on the ground that the assessee had not actually made any contribution to the employees' gratuity fund. according to the ito, the provisions of section 40a(7)(b)(ii) of the income-tax act, 1961, would apply and the conditions therein were not satisfied (sic).2. the assessee appealed to the commissioner (appeals). it was submitted that .....
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