Court : Chennai
Reported in : (1986)51CTR(Mad)230; [1986]157ITR342(Mad)
..... have been filed by the assessee challenging two notices issued under section 154 of the income-tax act, 1961, by which the assessee was called upon to show cause why relief allowed under section 80j of the act should not be recomputed excluding the borrowed capital in view of the retrospective amendment brought about by the finance (no. ..... the grounds on which these notices are challenged in these two writ petitions are that the inspecting assistant commissioner was not competent rectify an order made by the income-tax officer and, secondly, that the orders of the income-tax officer for the two assessment years referred to above being in the nature of giving effect to the relief to which the assessee was held entitled by the order of the tribunal the ..... assessee, the appellate assistant commissioner has held that the assessee was entitled to the benefit of section 80j of the act and he further directed the income-tax officer to allow the assessee, the relief admissible under section 80j of the act. ..... year 1974-75, the relief under section 80j of the act is given to the assessee by an order of the appellate assistant commissioner of income-tax while deciding the appeal, i.t.a. ..... the order of the income-tax officer granting relief under section 80j for the assessment year 1974-75 is only an order which is consequential on giving effect to the order of ..... passed, the inspecting assistant commissioner notices on october 6, 1980, purporting to be under section 154 of the act. 6. ..... act of 1980 .....
Tag this Judgment!Court : Chennai
Reported in : [2000]244ITR374(Mad)
..... the apex court while dealing with the discretionary power conferred on the commissioner of income-tax under section 18b of the wealth-tax act, 1957, which is analogous to section 273a of the income-tax act, 1961, has held as follows (page 420) :''if the conditions stipulated in the section are satisfied the commissioner has a discretion in the matter. ..... , wherein this court has held as follows (headnote) :'it is not necessary that a person who files a return under section 139(4) of the income-tax act, 1961, should contemporaneously or soon thereafter, file an independent application under section 271(4a) and move the commissioner to exercise his discretion to reduce or waive the minimum penalty imposable. ..... cit : [1980]124itr228(all) , it may be noted that the division bench of the allahabad high court has held as follows (headnote) :'the term 'voluntary' in section 273a of the income-tax act, 1961, has been used to indicate ..... (ker) , a division bench of the kerala high court has held as follows (headnote) :'held, that the commissioner of income-tax had refused to exercise his discretion to waive the interest under sections 139(8) and 217 and penalty under sections 271(1)(a) and 273(2)(b) on the ground that the returns filed were not voluntary in nature because they had been filed only after ..... such question does not arise at all, because, explanation 2 to section 273a was inserted on october 1, 1984, by the tla act of 1984 and got deleted by the finance act of 1985 on may 24, 1985. .....
Tag this Judgment!Court : Chennai
Reported in : (1997)143CTR(Mad)328; [1997]223ITR455(Mad)
..... the tribunal referred the following question for the opinion of this court under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act') : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the assessee is entitled to deduction under section 35(1)(iv) on the written down value of the assets of rs. ..... income-tax officer rejected the assessee's claim on the ground that the expenditure on these assets had been incurred even in the earlier accounting years, when they were first brought into use in the business and it cannot be again treated as a capital expenditure for the purpose of section 35(1)(iv) of the act simply because, the assessee chose to transfer them to the research and development section ..... even in the earlier accounting years, when they were first brought into use for the purpose and it cannot again be treated as a capital expenditure for the purpose of section 35(1)(iv) of the act, merely because the assessee chose to transfer them to the research and development in the later years. 6. ..... , inasmuch as the expenditure was incurred in the earlier years for purchasing the machinery, which were transferred in the assessment year under consideration, deduction cannot be claimed under section 35(1)(iv) of the act since the expenditure was not incurred in the present assessment year under consideration. ..... 2) act, 1980, by introducing section 35(2)(iv), which came ..... effected by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1986)53CTR(Mad)104; [1986]157ITR112(Mad)
..... (ii) whether the tribunal was right in law and justified in modifying the order of the commissioner and restoring the matter to the income-tax officer when the appeal is against the order under section 263 of the income-tax act, 1961 (iii) whether it is open to the tribunal to restore the matter to the income-tax officer after having held that the commissioner had failed to positively establish that the expenditure on commission will not qualify for weighted ..... of the commissioner, the assessee filed an appeal to the tribunal contending that the commissioner had no jurisdiction to pass the order in question under section 263 of the income-tax act and that even otherwise, on the facts and in the circumstances of the case, the expenditure incurred on air freight, insurance and carriage of goods will be eligible for weighted deduction under section 35b(viii) as amended by section 8 of the finance act, 1970. ..... law in not cancelling the disallowance of weighted deduction on commission payments when their finding is that the commissioner had failed to discharge the mandatory duties enshrined in section 263 of the income-tax act, 1961, by making a judicious enquiry before concluding that the relevant portion of the order of the income-tax officer relating to weighted deduction in respect of commission is erroneous and prejudicial to the interests of the revenue (v) whether the tribunal was right in law in restoring ..... 1382 dated january 29, 1980, in respect of admissibility of weighted .....
Tag this Judgment!Court : Chennai
Reported in : [1990]33ITD249(Mad); (1990)36TTJ(Mad)620
..... cit : [1979]118itr261(sc) wherein their lordships of the supreme court have explained the meaning of the expression 'wholly and exclusively' used in section 10(2) (xv) of the old indian income-tax act, 1922 in the following words, at pages 275 and 276 of the reports :'it has to be observed here that the expression 'wholly and exclusively ..... business expenditure under section 10(2) (xv) of the indian income-tax act, 1922.9. ..... [1981]129itr698(delhi) the delhi high court allowed the contributions made by the assessee-company to the sugarcane development council under a scheme sponsored by the state government in which the finances required for the scheme were to be shared by the central and state governments and the factories and the growers of sugarcane concerned in the particular area, as allowable business expenditure under ..... income-tax act, ..... the indian income-tax act, 1922.10 ..... income-tax act, ..... income-tax act ..... learned brothers held as follows :'in a similar way we can say, with our local knowledge as persons intelligently concerned in the relevant local affairs, that the assessee could well act under the impression that contributions to the chief ministers relief fund goes a long way in speeding up the transactions of the assessee with the authorities concerned. ..... : [1980]126itr413(guj) the expenditure incurred by the assessee on purchase of wall clocks for presentation to other co-operative societies and household stainless steel utensils for distribution to its members on the occasion of .....
Tag this Judgment!Court : Chennai
Reported in : [1995]214ITR202(Mad)
..... the constitutional validity of the provisions of section 2(2) of the finance act, 1976, providing for aggregation of 'agricultural income' with 'net income' for taxing only the 'net income', under the act, is, therefore, unassailable. ..... it is submitted that agricultural income is not income at all contemplated for the purpose of levy of tax under the income-tax act, 1961 (vide section 10(1) of the income-tax act, 1961), and consequently cannot be treated as income or even deemed to be income as forming part of the total income even for rate purposes. ..... it is submitted that total income has been defined in the charging section of the income-tax act, 1961, and the same meaning has been given to the terms in the finance act. ..... therefore, the contentions raised against the validity of sections 2(6), 2(7)(e) and part iv of the first schedule to the finance act, 1973, and sections 2(2), 2(7)(b)(ii), 2(8)(e) and part iv of the first schedule to the finance act, 1974, must be rejected and the petitions dismissed.' 5. ..... the learned judges of the kerala high court held as follows (headnote) : 'section 4 of the income-tax act read with section 10(1) shows that agricultural income is excluded from the charge of income-tax. ..... ito : [1980]121itr178(ker) and k. v. ..... 324 of 1980 alone need be looked into. .....
Tag this Judgment!Court : Chennai
Reported in : (2003)180CTR(Mad)174; [2003]262ITR129(Mad)
..... law referred by the income tax appellate tribunal for our consideration under the wealth tax act, 1957 in relation to the assessment of the assessee for the assessment year 1980-81 reads as under:- whether on the facts and in the circumstances of the case the tribunal was right in law in holding that the property let out by the assessee was not an asset exigible to wealth tax within the meaning of section 40(3)(vi) of finance act, 1983?2.the short facts ..... are that the assessee is a closely held company in which the public are not substantially interested and its assets are subjected to wealth tax. ..... for letting out the properties, the company was owning the property as a landlord and therefore,that part of the building let out to punjab national bank was exigible to wealth tax under section 40(3) of the finance act,1983. ..... the property was used by the assessee for its business and therefore, the assessee would be entitled to exemption as provided under section 40(3)(iv) of the finance act, 1983. ..... the value of the portion of the building which was let out by the assessee in favour of punjab national bank would be an exempted asset from the list of assets found in section 40(3) of the finance act 1983? .....
Tag this Judgment!Court : Chennai
Reported in : (1981)23CTR(Mad)155; [1982]137ITR735(Mad)
..... decree and not those for which the trust was originally founded and that such objects are charitable objects within the meaning of section 2(15) of the income-tax act, 1961 (2) whether, on the facts and circumstances of the case, the trustees are not bound to apply the income that is left after meeting the lawful and normal expenses for running the business for carrying out the objects set out in ..... section 35(1) of the finance act, 1965 provides : 'subject to sub-section (2) of this section a gain shall not be a chargeable gain if it accrues to a charity and is applicable and applied for charitable ..... cit : [1980]123itr611(mad) , this court held that the mere making of entries in the assessee's own books, which entries could have been reversed if and when the assessee chose to do, will not amount to an application of the income for charitable purposes, unless there was a communication sent to the educational institution that any such sum had been set apart in its favour and there had been reciprocal entries in the ..... surat art silk cloth manufacturers' association : [1980]121itr1(sc) , a larger bench of the supreme court while considering the same point, by a majority, disapproved the view taken in sole trustee, loka shikshana ..... 463 of 1980 for leave to file copies ..... [1980] 3 wlr 157; 1 all er 785, wherein while considering the assessee's claim for ..... : [1980]121itr1(sc) , it is not possible to accept the case of the revenue that the trust in this case cannot claim the benefit of .....
Tag this Judgment!Court : Chennai
Reported in : [2000]246ITR773(Mad)
..... the question is as to whether the words 'total income' in sub-paragraph ii of paragraph a in part iii of the finance act, 1986, which refers to the income of the individual would also include the income of other persons whose income is required to be treated as part of his income under section 64 of the income-tax act, 1961, which occurs in chapter v of the income-tax act, is the question that arises for consideration in this reference.2. ..... kochammu amma, peroke : [1980]125itr624(sc) , after examining section 64 of the income-tax act, held that it is clear from section 64 of the act that though the share of the spouse or minor child in the profits of a partnership firm in which the assessee is a partner is not the income of the assessee, but is the income of such spouse or minor child, it is liable to be included in computing the total income of the assessee and it would be assessable to tax in the hands of the assessee. ..... kochammu amma, peroke : [1980]125itr624(sc) .8. ..... as has been held by the supreme court, section 5 of the income-tax act is subject to the other provisions of the act including section 64 and, therefore, income which is required to be included in the income of the assessee though not includible strictly in terms of section 5 of the act nevertheless should be regarded as part of the total income.10. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]238ITR635(Mad)
..... after that decision was rendered, section 13(1)(bb) was introduced in the income-tax act which remained on the statute book from the year 1977 till april 1, 1984 ..... debi prasad pal, submitted that the decisions rendered by this court on the earlier occasions leave no room for any doubt regarding the eligibility of the petitioner for receiving exemption provided in section 11(1) of the act in respect of the income received by it from the newspaper business as it has been held by this court that the newspaper business is held in trust by the petitioner; that the trust is an irrevocable trust which has as its objects relief of poor ..... however, when the finance bill, 1983, became the finance act, 1983, sub-section (4) in the present form is retained and sub-section (4a) was newly inserted in section 11 of the act. ..... as seen from section 6 of the finance bill, 1983, which proposed amendment to section 11 of the act, the attempt at the bill stage was to omit sub-section (4) of section 11 and replace the same by a new sub-section (4) in the following terms (see : [1983]140itr51(bom) ) : '(4) nothing contained in sub-section (1) or sub-section (2) or subsection (3) or sub-section (3a) shall apply in relation to any income being profits and gains of business ..... art silk cloth manufacturers' association : [1980]121itr1(sc) , we cannot accept such a construction which renders sub-section (4) of section 11 superfluous and meaningless. ..... art silk cloth manufacturers' association : [1980]121itr1(sc) . .....
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