Judgment Search Results Home > Cases Phrase: finance no 2 act 1980 section 2 income tax Sorted by: old Court: chennai Page 2 of about 392 results (0.066 seconds)

Auro Food Ltd. Vs. Commissioner of Income-tax and Another

Court : Chennai

Reported in : [1999]239ITR548(Mad)

..... supreme court observed as follows (headnote) : 'the question whether the commissioner was justified on the facts and in the circumstances of the case, in refusing to exercise his power under section 273a of the income-tax act, 1961, to waive interest and penalty where the assessee has disclosed income voluntarily in a revised return, is a question to be examined on the merits and the high court, on a writ petition challenging such a refusal, ought not to dismiss the petition ..... the decisions, the kerala high court held that where an application is made for waiver of interest levied under section 215 of the income-tax act, 1961, the income-tax authorities have to objectively consider the circumstances and find out whether the assessee is entitled to it. ..... under section 220(2) of the income-tax act, 1961, for the assessment year 1980-81. ..... it was held that the liability to pay interest to the department under section 220(2) of the income-tax act, 1961, arose only from the date when the fresh notice of demand was issued to the assessee and not from the date when the tax was refunded to the assessee that case also does not in any way advance the case of ..... it also held that the finance (no.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, was merely clarificatory in nature and was ..... apex finance and leasing ..... additional finance was required to be invested to complete .....

Commissioner of Income Tax Vs. T.V. Sundaram Iyengar and Sons Pvt. Ltd ...

Court : Chennai

Reported in : (1998)148CTR(Mad)567

..... for and pay and discharge all levies, taxes and public charges whatsoever including income-tax and sales-tax due to any government or public authority.3. ..... assessee submitted that as no liability had accrued for the amalgamating company, the amalgamated company cannot be made to suffer a tax liability for payment of which was not taken over by it and the tax demanded was not in respect of profits and gains of the amalgamated company but related to those of the amalgamating company ..... not an order of assessment and that the liability for payment of levy under that section arises only after the ito makes an order and not at any earlier point ..... came to be made after the order of amalgamation and after the dissolution of the amalgamating company but on account of acts of omission and commission committed by the amalgamating company and its failure to carry out the obligation which were required to ..... sent to the amalgamated company which resisted the same on the ground that the amalgamating company which had failed to distribute the statutory percentage of its distributable income was no longer in existence and therefore, no proceedings against a non-distingue company could be initiated or continued. ..... cit : [1980]122itr156(cal) : , that the liability of the company to pay tax on the undistributed profits arises when there is a failure to distribute such profits and would not be postponed till such time an ..... cit : [1980]123itr354(delhi) , in support of his submission that no proceedings can .....

Commissioner of Income-tax Vs. A.T. Balakrishnan (Decd.) and ors.

Court : Chennai

Reported in : [1999]238ITR801(Mad)

..... fact that we are concerned with the assessment year 1971-72 onwards, no useful purpose would be served by remitting the matter to the appellate tribunal to direct the income-tax officer to consider the question whether the partition can be recognised under section 171 of the income-tax act, particularly when we are upholding the order of the appellate tribunal that the partial partition was genuine and valid and there is no necessity to recognise the partial partition ..... given by the supreme court is that so long as the finding is not recorded under section 171 of the income-tax act, holding that when the partial partition took place, the hindu undivided family shall be deemed for the purpose of the income-tax act to be the owner of the property which is the subject-matter of partition and also the recipient of the income of the property and the relevant passage of the court reads as under (page 709) ..... act, 1980, with effect from april 1, 1980, there must be an order recognising the partial partition under section 171 of the income-tax act ..... section 20a of the wealth-tax act deals with the partial partition of the hindu undivided family and it was introduced in the wealth-tax act only by the finance ..... though under the provisions of section 20 of the wealth-tax act, there was no need to recognise a partial partition as the provisions for recognising the partial partition under the wealth-tax act came into force by section 20a of the wealth-tax act introduced by the finance (no. .....

Super Spinning Mills Ltd. Vs. Commissioner of Income-tax and anr.

Court : Chennai

Reported in : [2000]244ITR814(Mad)

..... interest under section 220(2) of the income-tax act, the petitioner filed a petition to the commissioner of income-tax, coimbatore, under section 264 of the income-tax act praying for deletion of the interest levied under section 220(2) on the ground that the additional tax payable came to be sustained only on account of the retrospective amendment to the income-tax act, by the finance act, 1986, that the petitioner was not in arrears of any tax after the orders of the income-tax officer dated april 30, 1985, giving effect to the orders of the commissioner of income-tax (appeals ..... the only question to be decided in these writ petitions is whether the orders of the commissioner of income-tax dated march 6, 1989, under section 264 of the income-tax act (hereinafter referred to as 'the act'), declining to direct the income-tax officer to delete the interest charged under section 220(2) of the income-tax act for the assessment years 1979-80 and 1980-81 are correct or not 11. ..... even without reference to the above circular, as stated earlier, in the light of the factual position available on record, coupled with sections 156 and 220(2) of the act, i hold that the proceedings of the commissioner of income-tax dated march 6, 1989, are in order and i do not find any infirmity or error in rejecting the claim made by the petitioner with regard to waiver of interest charged under section 220(2) for the assessment years 1979-80 and 1980-81. 29. .....

Beardsell Ltd. Vs. Comwssioner of Income Tax

Court : Chennai

Reported in : (1998)150CTR(Mad)620

..... 35b of the it act on the total expenditure of the export division which was operated as a completely separate department and for which there were separate accounts? ..... 1980-81:(1) in the facts and circumstances of the case, was the tribunal right in not allowing weighted deduction under s. ..... 40(c) of the act would be applicable. ..... 37(3) of the act itself provides that expenditure incurred on travelling by an employee or any other person (including hotel expenses or allowances paid) in connection with such travel, 'shall be allowed only to the extent', prescribed. ..... 40(c)/40a(5) of the it act, 196p2. ..... 35b of the it act. .....

Commissioner of Income-tax Vs. Bharat Overseas Bank Ltd.

Court : Chennai

Reported in : (2000)162CTR(Mad)158; [2000]243ITR320(Mad)

..... therein dealt with the differing views of the high courts in the country on the scope of this provision, and after analysing the provision stated thus (headnote) :'the expenditure referred to in section 35b(1)(b)(iv) of the income-tax act, 1961, has to be incurred on the maintenance outside india of a branch, office or agency for the promotion of sales outside india of the assessee's goods, services or facilities. ..... on the facts and in the circumstances of the case, the assessee-bank is entitled to weighted deduction under section 35b(1)(b)(iv) of the income-tax act, 1961, in respect of the interest payments amounting to rs. ..... the benefit of weighted deduction in respect of the sum by placing reliance on section 35b(1)(b)(iv) of the income-tax act, 1961.2. ..... attempt in the year 1981-82 to claim weighted deduction for that expenditure even after the deletion of sub-clause (iii) of section 35b(1)(b) succeeded before the tribunal, though it had initially been rejected by the income-tax officer, as also by the commissioner in appeal. ..... by the assessee here by way of payment of interest to the customers, who had made deposits with its branch at bangkok was being allowed in earlier years under section 35b(1)(b)(iii) of the act, as it covered the expenditure on the provision of services or facilities outside india by the assessee.10. ..... 2) act, 1980, contained ..... 2) act of 1980, clauses (ii), (iii), (v), (vi) and (viii) ..... section 35b(1)(b) of the act as it stood prior to the amendment by the finance .....

Madras Fertilizers Ltd. Vs. Union of India and ors.

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. .....

Jai Bharath Tanners Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : (2003)181CTR(Mad)431; [2003]264ITR673(Mad)

..... 2) act, 1980 and the reason for the deletion is stated in the statement of objects and reasons and it reads as under:-' under section 143(1) of the income-tax act, an income-tax officer may make a regular assessment without requiring the presence of the assessee or the production by him of any evidence in support of the return, and without being satisfied that the return was correct and complete in ..... sub-sections (iiia), (iiib) and (iiic) of section 28 of the act postulate that the profits on the sale of an import licence, cash assistance and duty of customs or excise repaid or repayable as drawback are all treated as business income and by the finance act, 1990, section 28 has been amended with full retrospective effect from 1.4.1961 treating all kinds of income covered under three sub-sections as business income of the assessee. ..... ' sub-clauses (ii) and (iii) of section 143(1)(b) were omitted by the finance (no. .....

Jai Bharath Tanners Vs. Cit

Court : Chennai

Reported in : [2003]128TAXMAN880(Mad)

..... 2) act, 1980 and the reason for the deletion is stated in the statement of objects and reasons and it reads as under :'under section 143(1) of the income tax act, an income tax officer may make a regular assessment without requiring the presence of the assessee or the production by him of any evidence in support of the return, and without being satisfied that the return was correct and complete in ..... sub-clauses (iiia), (iiib) and (iiic) of section 28 of the act postulate that the profits on the sale of an import licence, cash assistance and duty of customs or excise repaid or repayable as drawback are all treated as business income and by the finance act, 1990, section 28 has been amended with full retrospective effect from 1-4-1961 treating all kinds of income covered under three sub-clauses as business income of the assessee. ..... 'sub-clauses (ii) and (iii) of section 143(1)(b) were omitted by the finance (no. .....

The Commissioner of Income Tax Vs. Pricol Limited

Court : Chennai

..... the delhi administration) will not, in any manner, assist the revenue's contention that a mere provisioning itself would become a fund to attract section 40a(9) of the income tax act, when the admitted case of the revenue is that the assessee had not created an entity to set apart the retirement benefit on the service weightage scheme to constitute as a fund or a fund identifiable with ..... he pointed out to the discussion of the supreme court in paragraph nos.6 and 7, particularly to the word 'contribution' finding place in section 40a of the income tax act and submitted that to be a 'contribution', there must be, in fact, a payment to a fund and a mere provisioning in the accounts ..... section 40a(9) is concerned, the said provision was inserted by the finance act, 1984, with effect from 01.04.1980 ..... their workmen), the provision under section 40a(9), inserted by finance act, 1984 with reference to 01.4.1980, would stare at the assessee for ..... the statute book with effect from 01.04.1973, inserted by finance act 1975, subsequently substituted by finance act, 1999, with effect from 1.4.2000. ..... to the assessment year under consideration is one what prevailed prior to the substitution by finance act, 1999, effective from 1.4.2000.69. ..... the finance act has provided that no deduction shall be allowed in the computation of taxable profits in respect of any sums paid by the assessee as an employer towards the setting up or formation of or as contribution to any fund,trust, company, association of .....