Court : Chennai
Reported in : [2001]250ITR761(Mad)
..... aggrieved by the order of the commissioner by which the assessee's request for waiver of interest, under section 220(2a) of the income-tax act, 1961, for the assessment years 1979-80. ..... counsel for the assessee contended that for the assessment years in question, it was necessary to compute the extent of relief available under section 80j and as that section has been amended with retrospective effect from 1972 and the validity of the amendment had been under challenge before the supreme court and the law had remained uncertain till ..... 2) act, 1980, in so far as it amended section 80j by incorporating the provisions of rule 19a, as sub-section (1a) in section 80j, with retrospective effect from april 1, 1972, the ..... , no bar on the revenue raising the demand for interest on the amount of tax payable for the years prior to the date of the supreme court's judgment. ..... the assessee always had the option of paying tax under protest and securing refund thereof in the event of success in its challenge to the order of assessment or to the provision of law under which the assessment ..... the course of his order, has observed that interest was demanded, immediately after the tax was paid, for the period of delay. ..... the retrospective amendment bad been challenged before the supreme court does not have the effect of relieving the assessee of the liability for payment of interest on the amount of tax that the assessee had not paid. ..... : [1985]152itr308(sc) , upholding the validity of the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)
..... the effect of this provision is that the deduction under section 80e will be allowed from the profits from the specified priority industries, as computed after allowing all the deductions admissible in computing the business income under sections 30 to 43 of the income-tax act, and also after giving effect to the relevant provisions for set off or carry forward of loss, contained in chapter vi of that act. ..... the deduction under this section is in replacement of the rebate of tax allowed to such companies in respect of their profits and gains from the aforesaid activities under the provisions of the finance act, 1965.'5. ..... in other words, the company would have been charged to income-tax at the rate of 54%, assuming that the company was not entitled to any other rebate as provided in the said finance act. ..... with reference to so much of the total income as consisted of profits and gains attributable to the business of generation or distribution of electricity or of construction, manufacture or production of any one or more of the articles or things specified in the list in pt iii of the schedule to the finance act, 26% was the rebate admissible. ..... section 80e was introduced in the statute by section 14 of the finance act of 1966 ..... before the introduction of this provision, under the finance act of 1965, in the case of every company the total income was chargeable to tax at the rate of 80% and a rebate was allowed if the company fulfilled the different conditions set out in the finance act. .....
Tag this Judgment!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 : (1986)51CTR(Mad)71; [1986]159ITR601(Mad)
..... bankers : [1980]124itr687(all) , also held that neither under section 80k nor under rule 20 of the income-tax rules, 1962, any deduction of the interest paid by the assessee on the loans raised by it for purchasing shares is permitted and that section 80k contemplated deduction of the entire dividend income provided it was attributable to the profits and gains of a company which was entitled to deduction under section 80j.the delhi high court considered the provisions of section 85 of the income-tax act which was ..... 'it may be seen from this statement of the finance minister that so far as the interpretation of section 80k is concerned, they did not want to interfere with the interpretation placed by the various high courts, at least till the assessment year 1981-82 and they wanted to apply the interpretation provision of section 80ab only prospectively with effect from april 1, 1981. ..... we are referring to this prospective operation of section 80 ab only for the purpose of a probable inference that the government itself did not want to disturb the decisions already rendered and they wanted to have a correct interpretation for the period from april 1, 1981, alone and not with reference to earlier assessment years.that the statement of the finance minister could be relied on as an aid to the interpretation of the provisions cannot also be disputed in view of the decision .....
Tag this Judgment!Court : Chennai
Reported in : (1986)54CTR(Mad)235; [1986]159ITR618(Mad)
..... it must also be pointed out that parliament has now introduced section 80aa and section 80ab by finance act 2 of 1980. ..... section 80aa is restricted only to 'computation of deduction under section 80m' and section 80ab deals with deduction required to be made or allowed under any other section except section 80m included in chapter vi-a of the income-tax act ..... ]155itr120(sc) shows that that was restricted only to the construction of section 80m of the income-tax act, 1961, as will be clear from the following observations at page 131 : 'it is section 80m which has to be construed and this section, as we shall presently show, is materially different from section 85a. ..... for the assessment year 1973-74, the question was whether relief under section 80k of the income-tax act, 1961, should be granted on the net dividend income or on the gross dividend income. ..... with the assessee's income under section 64(1)(iii) of the income-tax act, 1961. ..... order of the tribunal, the above-mentioned two questions have been referred to this court under section 256(1) of the income-tax act, 1961. 3. ..... counsel pointed out that the supreme court has now taken a different view in regard to the provisions of section 80m of the income-tax act, 1961, and has reversed the earlier decision of the supreme court in which the supreme court had, with reference to section 80m, also held that for the purpose of section 80m, the deduction must be made with reference to the gross dividend income and not the net dividend income. .....
Tag this Judgment!Court : Chennai
Reported in : [1988]24ITD42(Mad)
..... under section 7a of the compulsory deposit scheme (income-tax payers) act, 1974, the amount of compulsory deposit is deemed to be a deposit with a banking company to which the banking regulation act, 1949 applies for the purpose of exemption under section 5 of the wealth-tax act, 1957. ..... therefore, there cannot be any analogy, true or false, between the relevant provisions of the income-tax act and the act in this behalf, in view of this basic and fundamental difference existing between the chargeable events themselves.under these circumstances, we are of the opinion that since mr. ..... in the case of the income-tax act, a person, even if he died in the middle of an accounting year, might have earned taxable income during the course of that year before his death and, therefore, with reference to that income, he was liable to pay tax and assessment proceedings could be taken and tax could be recovered in the hands of his legal representatives out of the assets left behind by the deceased. ..... in view of this statutory provision contained in the compulsory deposit scheme (income-tax payers) act, 1974, the direction given by the cwt (a) is correct and the appellant is not entitled to any further relief as claimed by him. ..... 2) act, 1980. ..... 2) act of 1980 with retrospective effect from 1-4-1975. ..... the learned departmental representative relied on section 7a of the compulsory deposit act which has been inserted in the statute with retrospective effect from 1-4-1975 by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1988)67CTR(Mad)289; [1988]170ITR238(Mad)
..... - this writ petition is allowed and the notices and the reassessment made under section 147(b) of the income-tax act, 1961, and the consequent notices of demand for the assessment years 1980-81 and 1981-82 dated october 29, 1982, after derecognising the partial partition are quashed. w.p. no. ..... the 31st day of december, 1978, among the members of a hindu undivided family hitherto assessed as undivided, - (a) no claim that such partial partition has taken place shall be inquired into under sub-section (2) and no finding shall be recorded under sub-section (3) that such partial partition had taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. ..... the latter part of clause (a) which provides that 'any finding recorded under sub-section (3) to that effect whether before or after june 18, 1980, being the date of introduction of the finance (no. ..... clause (a) of sub-section (9) further provided that if any finding was recorded before or after june 18, 1980, which was the date of the introduction of the finance (no. ..... all the above-mentioned writ petitions which involve questions relating to the validity, scope and interpretation of the provisions of section 171(9) of the income-tax act, 1961 (hereinafter referred to as the act), which was introduced by the finance (no. ..... then comes sub-section (9) which, as already pointed out, was introduced by the finance (no. .....
Tag this Judgment!Court : Chennai
Reported in : (1988)72CTR(Mad)99; [1988]174ITR697(Mad)
..... regarding the remaining three items also, the commissioner of income-tax (appeals) held that they should also be included in the capital for the purpose of grant of relief under section 80j of the act, following the decision of the calcutta high court in cit v. ..... the income-tax officer disallowed the claim for relief under section 80j of the income-tax act, 1961, on the ground that the machinery was not yet installed and, therefore, was not in use and the amount of capital was not employed in the business. ..... regarding borrowed capital, the tribunal held that the matter should go back to the income-tax officer for fresh consideration in view of the amendment of section 80j with retrospective effect from april 1, 1972, by the finance (no. ..... madras wire products : [1980]123itr722(mad) , would clearly apply and hence even after the introduction of section 80j(1a), the value of the work-in-progress would qualify for inclusion in the computation of capital for relief. ..... 2) act, 1980. ..... madras wire products : [1980]123itr722(mad) would govern this case as well. ..... madras wire products : [1980]123itr722(mad) has been followed by this court in cit v. ..... madras wire products : [1980]123itr722(mad) has observed as follows (p. ..... madras wire products : [1980]123itr722(mad) , wherein it was held that the value of machinery in transit should also be included in the capital. ..... madras wire products : [1980]123itr722(mad) . ..... madras wire products : [1980]123itr722(mad) . .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR371(Mad)
..... these writ petitions are filed by different income-tax assessees praying for a writ of declaration or any other appropriate writ, order or direction declaring the provisions of section 64(1a) of the income-tax act, 1961, as amended by the finance act, 1992, as illegal, beyond the scope of preventing avoidance of tax and inconsistent with the scheme of the income-tax act and violative of articles 14, 19 and 265 of the constitution of india. ..... 2) act, 1980, not recognising the family partition under the hindu law, the division bench of this court construed that non-recognition of partial family partition under section 171(9) of the income-tax act and clubbing of the coparcener's income as a whole was illegal and accordingly struck down sub-section (9) of section 171 as ultra vires in m. v. ..... further, in a matter like this we cannot put it better than what the supreme court has said in ganga sugar corporation's case, : [1980]1scr769 in the following passage (at page 297) : 'it is well established that the modern state, in exercising its sovereign powers of taxation, has to deal with complex factors relating to the objects to be taxed, the quantum to be levied, the conditions subject to which the levy has to be made, the social and economic policies which the .....
Tag this Judgment!Court : Chennai
Reported in : [1998]231ITR69(Mad)
..... the complaints were lodged for offences under sections 120b, 193, 196, 420, 468 and 511 of the indian penal code and sections 277 and 278b of the income-tax act. ..... these observations, these two revisions are disposed of accordingly.learned counsel appearing for the income-tax department brings to my notice that there is an upward alarming trend in the subordinate courts in resorting to passing orders under section 245 of the code even before any evidence is brought on record under section 244 of the code. ..... k, learned counsel appearing for the department, stating that if the matter is not remitted back on the ground of lapse of time, then the order of this court will act as a binding precedent in all the other cases initiated by the income-tax department and, therefore, many such cases initiated by the income-tax department may have to be terminated on this ground alone. ..... am able to appreciate the genuine apprehension in the mind of learned counsel appearing for the income-tax department and i do appreciate the difficulties that may be encountered by the income-tax department if my order in these cases has to be construed as a precedent to other ..... , and 28 others and another complaint in the year 1980 against nellai finance private limited and 26 others came up before the chief judicial magistrate, ..... he would also state that the cases were filed in the year 1980 and on that ground also if retrial is ordered, considerable prejudice wouldbe caused to the ..... of 1983) and nellai finance ltd. .....
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