Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)62ITD66(Mad.)
..... received from the public for allotment of shares is to be deposited in a separate bank account with a scheduled bank as per section 73(3) of the companies act. as per section 73(3a) of the companies act, moneys standing to the credit of the separate bank account shall not be utilised for any purpose other than - (a) adjustment ..... in the equity shares to be issued by the assessee subject to the approval of the rbi. besides, the assessee had also entered into an agreement with international finance corporation (ifc for short), washington. the ifc agreed to subscribed for equity shares of the assessee subject to the approval of the rbi. the assessee came out ..... , till then the appellant held the money, both the principal and the interest, only in trust." the cit(a), after referring to sub-section (2) and (2a) of section 73 of the companies act, hold it was clear from them that the assessee was under obligation, in case of non-allotment or any other contingency, to repay the principal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)64ITD84(Mad.)
..... been established the question of considering the admissibility as a deduction under section 35(2a) of the it act or 35cca of the it act does not arise. the cit(a) also considered that in the case of donation to approved institutions u/s 35cca of the it act as amended by the finance act, 1983 conditions for claiming deduction are : (a) a certificate ..... the dy. director then the assessing officer should consider the claim regarding donation of rs. 20 lakh claimed to have been made to aparna ashram under section 35(2a) of the it act. the assessing officer should consider afresh all the arguments of the assessee on this issue. since the issue is restored to the file of the assessing ..... for use as a dispensary, school, training or welfare centre, workshop or for any other purpose).the cit(a) found that the approval granted under section 35cca of the it act had been withdrawn by the state level committee on 28-1-1987 and so the donation made by the assessee cannot be considered as made to an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD515(Mad.)
..... . the first proviso reduces the rigour of the main section by enabling the assessee to get the benefit of deduction in respect of taxes, duties, etc. even if they were paid after ..... in the previous year in which it is so paid. however, first proviso and second proviso were added to s. 43b by the finance act, 1987, w.e.f. 1st april, 1988 ..... . now the question is whether in such an event the amount is to be disallowed under s. 36(1)(va) of the it act. in our considered opinion, s. 36(1)(va) yields to s. 43b as the latter section starts with a non obstante clause. according to s. 43b the deduction is to be regulated only on the basis of actual payment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD199(Mad.)
..... to be taken, it must be taken by the transfer itself to have applied such money for charitable purposes within the meaning of section 360(1) (c) of the income & corporate taxes act 1970 and section 35(1) of the finance act, 1965, considered in the judgment, unless the transferor knew or ought to have known that the moneys would be misapplied by the transferee ..... in this connection and the clauses explaining the provisions. he invited our attention to the amendment made by the finance act, 1970 to section 11 [1970] 76 itr (st.) 123 and to the budget speech of the finance minister in this connection [1970] 75 itr (st.) 25 where it is stated that in the case of charitable and religious trusts exemption from tax would .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD570(Mad.)
..... of these accepted principles, we proceed to examine the issue before us.15. section 115j was inserted by finance act, 1987 w.e.f. 1-4-1988. it was withdrawn from the statute book by the finance act, 1990 w.e.f.1-4-1991. thus the impugned section was in force for the assessment years 1988-89, 1989-90 and 1990-91 ..... introduced w.e.f.1-4-1988. thus, the legislature had consciously made a provision in these two sections to create a fiction that in respect of tax holiday profits, depreciation is deemed to have been allowed. section 115j was enacted by the finance act, 1987 w.e.f. 1-4-1988 but such a deeming provision is totally absent. in other ..... from newly established business undertakings. thus the legislative had consciously made a provision under these two sections to create a fiction that in respect of tax holiday profits depreciation is deemed to have been allowed. in section 115j, which was enacted by the finance act, 1987 w.e.f. 1-4-1988 the legislature has not chosen to create a fiction .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD94(Mad.)
..... dated 15th october, 1986 clarifying the position that where investment was made in a flat under self-financing scheme of the delhi development authority, the issuance of allotment letter is sufficient compliance of section 54 and section 54f of the income-tax act for the purpose of granting exemption, even though all the instalments due were not paid.similarly, ..... from the two circulars issued by the cbdt, where it was held that an assessee is entitled to the benefit of sections 54 and 54f, if an assessee gets an allotment under the self-financing scheme and pays the first instalment of the cost of construction. from that it is clear that in order to get ..... was found to be incorrect. the assessment was therefore erroneous and prejudicial to the interests of revenue. hence a show-cause notice was issued under section 263 of the income-tax act. in response to the said notice, the assessee's representative appeared before the cit and claimed that major part of the construction has already been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD353(Mad.)
..... . the assessee's case was that the shares were capital assets and capital gain arising from sales to a subsidiary company was specifically exempt under section 47(iv), because the scheme of the act is to postpone the levy of capital gains by taxing the subsidiary company on its sale on the entire profits by treating both the holding and ..... by the ito for income-tax purposes. sales on every occasion including the "sale" during the year were either to depositors to enable them to be shareholders or to finance for repayment of loans for purchase of shares or for such other reasons. in other words, there was no design to take advantage of market fluctuations by frequency of ..... shares as investments and not to deal in them. subsequent "sales" were to depositors to get round the reserve bank requirements and to find a scheme for raising finance for retaining the balance of shares. the shares were shown as investments from the very inception in the balance sheets prescribed under the companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD267(Mad.)
..... proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net wealth by inserting the proviso. it was further contended that silver being a ..... of development and printing of films.therefore, it is a manufactured item by the assessee-company, which cannot be treated as an assets within the meaning of section 40(3) of the finance act, 1983. again the said order, the revenue is in appeal before us.2. on behalf of the revenue it was contended that although silver is ..... against the said order passed by the assessing officer.according to the assessee, the silver collected from the dust and flakes is not asset within the meaning of section 40 of the finance act, 1983 so that it can be included in the net wealth of the assessee.the commissioner (appeals) by the impugned order held that the silver is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD371(Mad.)
..... to function as units of self-government; be it enacted in the ninth year of the republic of india as follows :" section 1 of the act states that the act extends to the whole of the state of madras except the city of madras, and the municipalities governed by the madras district municipalities ..... essays in urban government by mohit bhattacharya (1970 edition), there are certain statistics at page 2 which gives as its source 'a. h. marshall, local government, finance, international union of local authorities, the hague 1969'. this is as under :urban local bodies in india :types numbera. municipal corporations 29b. municipal councils 1483c. ..... office which can be considered to be a starting point of urbanisation. subsequent to the establishment of panchayat unions, and up to 1965, the state government notified under section 4, 11 townships. these are : 1. aruvankadu 2. modukuarai 3. annamalai university campus 4. bankaranagar 5. harveypatti 6. manimuthar 1963 7.valparai 1963 8. highways .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD401(Mad.)
..... edition, page 440, the following comment is quoted below : "the definition in the clause widens the scope of the expression 'interest' for the purpose of the act. it was inserted by the finance act, 1976, w.e.f. 1st june, 1976. it is intended to ensure that it includes (a) not only interest on debts, properly so called, but also ..... huf. therefore, the question of deduction of income-tax will arise if its case falls within the purview of payment of interest as provided in s. 194a. sec. 2(28a) of the it act defines 'interest' as follows : "'interest' means interest payable in any manner in respect of any moneys borrowed or debt incurred (including a deposit, claim or ..... be termed as interest. there is no relationship of debtor and creditor between the assessee and the investor. in the aforesaid context let us examine the relevant law. sec. 194a provides that any person not being an individual or huf responsible for paying to a resident any income by way of interest..... shall at the time of .....
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