Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Court: chennai Page 6 of about 392 results (0.144 seconds)

Thanthi Trust Vs. Central Board of Direct Taxes and Others

Court : Chennai

Reported in : [1995]213ITR639(Mad)

..... issued by the central board of direct taxes, which is also challenged in these writ petitions, reads thus (at page 25) : 'the finance act has inserted a new sub-section (4a) in section 11 of the income-tax act to provide that the provisions of sub-section (1) of that section relating to exemption of income derived from property held under trust for charitable or religious purposes; or of sub-section (2) thereof relating to accumulation or setting apart of such income for application to such purposes; or the connected provisions of sub-sections (3) and (3a) of the said section will not apply in relation to ..... 372 (see : [1984]146itr9(guj) ), dated december 8, 1983, issued by the central board of director taxes and the orders of the second respondent dated july 28, 1988, february 22, 1989, june 30, 1989, june 30, 1990, march 21, 1991, march 20, 1992, february 22, 1992 and april 19, 1993, denying exemption under section 11 of the income-tax act, 1961, hereinafter referred to as the act, to the petitioner-trust for the assessment years 1984-85 to 1991-92, respectively, and to direct the second respondent to consider ..... surat 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. ..... surat art silk cloth manufacturers' association : [1980]121itr1(sc) . .....

Sangu Chakra Hotels Private Limited Vs. the State of Tamil Nadu

Court : Chennai

Reported in : [1985]60STC125(Mad)

..... are given under sections 80j and 80hh of the indian income-tax act. ..... depreciation under section 32(1)(v) of the income-tax act. ..... decree or order of any court, tribunal or authority, on law which was passed or made before such commencement and which imposed or authorised the imposition of, or purported to impose or authorise the imposition of, the aforesaid tax shall be deemed to be invalid or ever to have been invalid on the ground merely that the legislature or other authority passing or making such law did not have competence to pass or make such law, and ..... again came up for consideration before the supreme court in connection with the provision in the bengal finance (sales tax) act of 1941 as applied to the union territory of delhi in the northern india caterers case : ..... 1001 dated 6th october, 1980 by which all sales other than those specified in item 150 of the first schedule to the act have been exempted in respect of tax payable by any dealer under the said act on the sale of food ..... item 150 was amended with effect from 4th of october, 1980 to read as follows : 'articles of food and drink, sold to customers in three star, four star and five star hotels, as recognised by tourism department, government of india, whether such articles are meant to ..... 1981 required the petitioner to file a return for the period 6th october, 1980 to 31st march, 1981. ..... the hotel has not been approved by the department of tourism during the relevant period 6th october, 1980 to 31st march, 1981. ..... 1980 .....

Cit Vs. Tirupur Sri Meenakshi Sundareswarar Finance Ltd.

Court : Chennai

Reported in : [2003]127TAXMAN392(Mad)

..... balasubramanian, j.the question of 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, 19832. ..... the question that arises is whether the value o 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?the assistant commissioner of wealth tax rejected the claim of the assessee by holding it was liable to wealth tax. ..... has one of its objects 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. ..... it was therefore held that 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)(vi) of the finance act, 1983. ..... : [2001]248itr629(bom) and submitted that the income of the property was treated as business income under the income tax act and therefore, the asset of the assessee should be taken as a business asset. .....

Commissioner of Income-tax Vs. First Leasing Co. of India Ltd. and Oth ...

Court : Chennai

Reported in : [1995]216ITR455(Mad)

..... in all these tax case references under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), one common question is involved (apart from certain other questions in one or the other of the said cases) and hence ..... is given with effect from april 1, 1976, the said provision having been inserted in the act by the finance act, 1976, and the said allowance has taken the place of development rebate allowance which was ..... in view of these rival contentions, the abovesaid question is whether the assessees were entitled to the abovesaid investment allowance under the abovesaid section in the abovesaid relevant assessment years in respect of the respective plant or machinery, which admittedly was owned by the respective assessees but hired out during the relevant ..... law referred to us runs as follows : 'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the assessee was entitled to investment allowance under section 32a on the bulldozer purchased and hired to outsiders, even though the assessee's business was only hiring of compressors and bulldozers ?' 8. ..... to the third main condition enumerated above (which also has to be satisfied for claiming the abovesaid allowance under section 32a), which provides that the said allowance is given in respect of the machinery or plant 'installed' in ..... 1986 relates to another assessee in relation to the assessment year 1980-81 and arises out of the order dated august 30, 1985, .....

Commissioner of Income-tax Vs. O.G. Textiles (P.) Ltd.

Court : Chennai

Reported in : [2000]245ITR820(Mad)

..... tribunal has referred the following question of law under section 256(1) of the income-tax act, 1961, for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the tribunal's view that the assessee is an industrial company engaged in the manufacture of goods within the meaning of section 2(7)(c) of the finance act, 1979, and, consequently, entitled to lower rate of tax is sustainable in law ?' 2. ..... the expression, 'industrial company' is defined under section 2(7)(c) of the finance act, 1979, and it reads as under : ''industrial company' means a company which is mainly engaged in the business of generation or distribution of electricity or any other form of power or in the construction of ships or in the manufacture ..... control and direction of the assessee, wove the bed sheets and towels and as such, the activity of the assessee would amount to 'processing' attracting the provision of section 2(7)(c) of the finance act, 1979. ..... and towels and the actual manufacturing activity was being done by the weavers and not by the assessee which cannot be regarded as an industrial company within the meaning of section 2(7)(c) of the finance act, 1979. ..... dated july 10, 1980, held that even in a case where the raw material is got manufactured or processed in a mill belonging to others, the assessee should be regarded as engaged in the manufacture or processing of the goods, within the meaning of the explanation to section 2(7)(c) of the finance act, 1979. .....

Dy. Cit Vs. Shripet Cybertech Systems Ltd.

Court : Income Tax Appellate Tribunal ITAT Chennai

..... this is an appeal by the department in which the issue is with regard to disallowance of public issue expenses made with reference to the provisions of section 143(1)(a) of the income tax act deleted by the commissioner (appeals) as not falling within the purview of prima facie adjustment.rival contentions in regard to the above have been very carefully considered ..... . in the intimation under section 143(1)(a) of the income tax act, 1961, the assessing officer added ..... m.v rajamma, chennal v.assistant commissioner "whether, on facts and in the circumstances of the case, order of cit under section 263 is required to be set aside, as held by learned senior vice president or upheld as held by the learned jm ..... in my opinion such direction is not possible in the context of assessment made under section 143(1)(a) of the act ..... the assessing officer by way of section 143(1)(a) adjustment as evidenced in the explanatory sheet disallowed the claim of rs ..... . while adjudicating the issue the assessing officer acted in conformity with the decision of the apex ..... in this case it was held that without capital a company cannot carry on its business and hence the expenses incurred for increasing the capital was bound up with the functioning and financing of the business ..... in terms of section 255(4), 1 frame the points of difference in the five appeals as below and appoint the zonal vice president as third member, for dealing with cases in accordance with law ..... . (1980) 16 ctr (mad) 248 : (1981) 130 itr 385 (mad .....

Agrocargo Transport Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : (1997)143CTR(Mad)325; [1997]224ITR90(Mad)

..... tribunal referred the following question for the opinion of this court under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the expression 'industrial undertaking' and 'industrial unit' according to section 35d includes an undertaking set up for transportation of goods by trucks ..... 'whether, on the facts and circumstances of the case, the tribunal was correct in holding that the assessee is not entitled to amortisation under section 35d(1) of the income-tax act, 1961 ?' 8. ..... this was disallowed by the income-tax officer in the view that the deduction under section 35d was allowable only in connection with the extension of the industrial undertaking and, therefore, the deduction could not be granted to the assessee as no new industrial unit ..... commencement of his business in connection with the extension of his industrial undertaking or in connection with his setting up of a new industrial unit, the assessee shall, in accordance with and subject to the provisions of this section, be allowed a deduction of an amount equal to 1/10th of such expenditure for each of the ten successive previous years beginning with the previous year in which the business commenced or, as the case may be, the ..... it was also pointed out that section 2(7) of the finance act defined an 'industrial company' as one engaged in the manufacture or processing of ..... 1980 ..... of the assessee for the assessment year 1976-77 by an order dated july 1, 1980, in i.t.a. no. .....

Commissioner of Income-tax Vs. M.K. Raju Consultants (P.) Ltd.

Court : Chennai

Reported in : [1999]239ITR232(Mad)

..... income-tax officer had properly computed the income by way of fees and in finding that after making the deductions required to be made under the provisions of the act, the amount eligible for deduction under section 80o of the act ..... at the instance of the revenue, the following question has been referred for our decision by the income-tax appellate tribunal, madras bench :'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the deduction under section 80o should be allowed on the total income before set-off of unabsorbed depreciation of the earlier years and that the assessee is entitled to carry ..... make the deduction under section 80o of the income-tax act, 1961, which occurs in part 'c' of chapter vi-a of the act. ..... : [1979]118itr243(sc) , that the amount of the dividend to be deducted from the gross total income under section 80m of the act was the gross dividend received by the assessee without computing the same in accordance with the act and deducting from the gross receipt by way of dividend the expenses incurred by the assessee for the ..... in error in holding that the assessee was entitled to the deduction of the gross amount of the fees received by it for the work done by it abroad under section 80o of the act, and in further directing that the amounts claimed as unabsorbed depreciation relating to the assessment years 1977-78 and 1978-79 were required to be carried forward. ..... act of 1980, sections ..... act of 1971 (finance ..... finance .....

Sri Aurobindo Ashram Harpegon Workshop Trust Vs. Asstt. Cwt

Court : Chennai

Reported in : [2004]140TAXMAN579(Mad)

..... however, in the income tax act in section 2(15) 'charitable purpose' has been defined in an inclusive way as including 'relief of the poor, education, medical relief and the advancement of any other object of general public ..... assessee-trust has been treated as a public charitable trust within the meaning of section 11 of the income tax act.4. ..... charities : [1999]236itr735(mad) has held that the interpretation of a trust deed for considering the liability of the trust for being regarded as a charitable trust under the income tax act is relevant for the purpose of considering the claim of such a trust for exempting its properties from wealth-tax under the wealth tax act.7. ..... trust, as noticed earlier, has been treated as charitable trust under the income tax act. ..... words 'not involving in the carrying on any activity for profit which had followed 'the object of general public utility' were omitted from the definition by the finance act, 1983 with effect from 1-4-1984.6. ..... we see no good ground to treat the trust differently for the purpose of the wealth tax act as the properties held by the trust are burdened with the obligation of being used or applied only for the objects of the trust which are charitable in ..... recently, a two-judge bench of the supreme court in the case of director of income tax v. ..... association : [1980]121itr1(sc) has held that the object of the surat art silk cloth manufacturers association which was to promote commerce and trade in art silk yarn, raw-silk, cotton yarn, .....

Commissioner of Income Tax Vs. Ty.K. Natarajan

Court : Chennai

Reported in : (1999)151CTR(Mad)218

..... 2) act of 1980 is applicable only for the asst. yr. ..... 2) act of 1980 w.e.f. ..... 171(9) of the act was introduced by the finance (no. ..... 171 of the act would apply only for the year 1980-81 onwards. ..... 171(9) of the act which was introduced by finance (no. ..... 171(9) of the act has no application for the asst. yr. ..... 171(2) of the act states that a partial partition taking place after 31st dec. ..... 1st april, 1980, though s. ..... 171(9) of the it act, the partial partition cannot be recognised. ..... 171 of the it act, notwithstanding sub-s. (9) of s. ..... 256(1) of the it act for the asst. yr. ..... 1980-81 onwards and did not apply to the asst. yr. ..... 171 of the act.4. .....