Court : Chennai
Reported in : 1986(7)ECC10; 1985(5)LC2320(Madras); 1985(22)ELT17(Mad)
..... 7472 of 1975 quashing the order, dated 25-7-1975 passed by the central board of excise and customs, new delhi, rejecting a revision petition filed by the respondent under section 130 of the customs act, 1962, and remitting the matter to the central board of excise and customs for deciding the case on merits. 2. ..... ]16itr341(mad) dealing with the scope of section 33a of the income-tax act, held that the expression 'made the subject of an appeal' occurring in that section should be understood as the subject matter of an effective appeal, and that if an appeal to the appellate tribunal is not admitted or is disposed of on the ground that it is filed after the prescribed time, the order cannot be said to be the subject of an appeal as, section 33a of the income-tax act excluded, from the purview of revisional ..... the question was whether a revision could be filed under section 33a of the income-tax act, against the order of the appellate assistant commissioner which has been made the subject of an effective appeal before the tribunal. ..... 130(1) of the customs act, which is as follows - 'section 130(1) : any person aggrieved by any decision or order passed under this act may, within three months from the date of the communication to him of such decision or order - (a) where the decision or order has been passed by a collector of customs, appeal to the board; (b) where the decision or order has .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR548(Mad)
..... 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 ..... 207itr781(sc) , the 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 ..... 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 ..... was not ordered, the supreme court observed as follows (headnote) : 'the words 'the commissioner may in his discretion.....reduce or waive the amount of penalty' in section 18b of the wealth-tax act, 1957, clearly show that the power conferred on the commissioner is to be exercised by him in such a manner as he deems just and proper. ..... before the introduction of this section by the taxation laws (amendment) act, 1984, with effect from october 1, 1984, the court was exercising powers disallowing interest ..... section 220(2) of the income-tax act, 1961, for the assessment year 1980 .....
Tag this Judgment!Court : Chennai
Reported in : (1980)17CTR(Mad)312; [1981]131ITR277(Mad)
..... section 80e was introduced in the statute by section 14 of the finance act of ..... 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. ..... the provision, in so far as it is material, runs as follows:' deduction in respect of profits and gains from specified industries in the case of certain companies--(i) in the case of a company to which this section applies, where the total income (as computed in accordance with the other provisions of this act) includes any profits and gains attributable to the business of generation or distribution of electricity or any other form ofpower or of construction, manufacture or production of any one or more of the articles or things ..... the mysore high court held that the first pre-requisite or condition in order to entitle the assessee to the benefits of section 80e was that the total income as computed in accordance with the provisions of the act should include any profits and gains attributable to the business of a priority industry, that the quantum of deduction was 8 per ..... 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. .....
Tag this Judgment!Court : Chennai
Reported in : (1984)40CTR(Mad)206; [1984]149ITR773(Mad)
..... section 35(2)(iv) has been amended by finances ..... the course of action culminating in the receipt of these amounts by the assessee is thus not referable to any act of borrowing on the part of the assessee from the different persons, but is attributable to a sale of the shares of the assessee ..... 2) act of 1980, with retrospective effect from april 1, 1962, which states that where a deduction is allowed for any previous year under ..... the supreme court, in repelling this argument held that a loan imports a positive act of lending coupled with an acceptance by the other side of the money as loan and be mere inaction, the relationship of borrower and lender cannot come about. in k. ..... it was also further found that the provisions of the act do not permit the outright deduction of the original cost of capital assets either in full or in part in a year other that the one in which it had ..... ii of the excess profits tax act, 1940, and the supreme court held that the transaction between the assesses and the customer after february 14,1945, had all the essentials of a contract of loan, and, therefore, the deposits ..... , a mere liability to pay back or refund the consideration paid by the purchasers was fastened on the assessee when the transaction did not go through, but that is not referable to any act of borrowing by the assessee. ..... thus, the positive act of lending by one and the acceptance thereof by the other coupled with an element of refund or repayment inherent in a transaction of borrowing, is .....
Tag this Judgment!Court : Chennai
Reported in : (1986)51CTR(Mad)230; [1986]157ITR342(Mad)
..... these two petitions 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. ..... it is now common knowledge that by an amendment introduced in section 80j of the act, sub-section (1a) was incorporated with effect from april 1, 1972, by the amending act and now this amended section which has been given retrospective effect has been held to be constitutionally valid by the supreme court. ..... the attempt on the part of the inspecting assistant commissioner now to take away the relief under section 80j virtually has the effect of amending the order of the tribunal by reversing the view which is taken by the tribunal, viz. ..... in paragraph 10 of the order, the tribunal has positively held that the assessee was entitled to the relief claimed under section 80j of the act in respect of machineries utilised for the manufacture of paper known as duplex board. ..... for the assessment 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. no ..... after these orders were passed, the inspecting assistant commissioner notices on october 6, 1980, purporting to be under section 154 of the act. 6. ..... 2) act of 1980. 2. .....
Tag this Judgment!Court : Chennai
Reported in : (1988)72CTR(Mad)99; [1988]174ITR697(Mad)
..... sub-rule (2) of rule 19a, the aggregate of the amounts representing the values of the assets as on the first day of the computation period, of the undertaking or of the business of the hotel to which the said section 80j applies shall first be ascertained in the manner set out in the sub-rule and in sub-clause (ii), in the case of assets acquired by purchase not entitled to depreciation, their actual cost to the assessee is to ..... of rule 19 (1) (a) and clause (i) of rule 19a(2) with clause (i) of sub-section (1a)(ii) of section 80j of the act would show that parliament never intended any change in the mode of computation of capital for grant of relief under section 80j, and the latest amendment is only to bring the computation as part of the section instead of providing for it in the rule. ..... 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 ..... act, 1980 ..... 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. ..... wire products : [1980]123itr722(mad) would govern ..... madras wire products : [1980]123itr722(mad) has been followed by ..... wire products : [1980]123itr722(mad) has ..... madras wire products : [1980]123itr722(mad) , wherein it was held that the value of machinery in transit should also ..... : [1980]123itr722 ..... : [1980]123itr722( .....
Tag this Judgment!Court : Chennai
Reported in : 1991(55)ELT145(Mad)
..... before we embark on merits, it is necessary for us to note as to the reasons for amendment which came to be introduced under the finance act 44 of 1980. ..... gopinath, that where there is a prima facie lack of jurisdiction on the part of the deputy collector of customs to levy penalty under section 116 of the customs act, 1962, there is no necessity for the petitioner to go before the appellate authority viz, collector of customs and thereafter before the tribunal. ..... in providing under chapter xv of the customs act of 1962, hereinafter referred to as the act, section 128 of the act categorically states that any person aggrieved by any decision or order passed under this act by an officer of customs lower in rank than a collector of customs may appeal to the collector (appeals) within three months from the date of recommunication to him of such decision or order. ..... however, while saying so, we are conscious of the fact that section 130 provides for a statement of case to high court. ..... but that is not to say that the petitioner (appellant) will have to exhaust the other remedy before coming to this court as provided for under sections 128 and 129-a of the customs act, 1962. ..... : 1986(24)elt469(cal) , the learned single judge upheld the validity of levy of penalty under section 116 of the act. ..... incidentally, it also provides for suo motu powers under section 129-b of the act. ..... therefore, an appeal would lie against an order passed by the deputy collector of customs under section 128 of the act. .....
Tag this Judgment!Court : Chennai
Reported in : [1995]213ITR835(Mad)
..... 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 accordingly ..... the provisions of rule 19a(3) of the income-tax rules, 1962, the appellate tribunal was right in holding that borrowed capital should also be taken as capital for the purpose of allowing relief under section 80j for the assessment years 1972-73 and 1973-74 (iii) whether, on the facts the appellate tribunal's view that since the new unit came into existence after the old unit and only ..... 2) act of 1980 with effect from april 1, 1972, the tribunal was not correct in holding that borrowed capital should also be taken as capital for the purpose of granting relief under section 80j for the assessment years ..... but in view of the fact that narrowed capital should be excluded while granting relief under section 80j, it is necessary to find out whether any borrowed capital was applied by the assessee in the ..... pointed out that in view of the abovesaid decision of the supreme court and also in view of the amendment brought about by the finance (no. ..... court held that rule 19a in so for as it provided for computation of the 'capital employed' as on the first day of the computation period, was within the rule-making authority of the central board under section 80j(1), and that since rule 19a did not suffer from any infirmity and was valid in its entirety, the finance (no. .....
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. ..... 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 ..... 2) act, 1980, with effect from april 1, 1980, states that 'notwithstanding anything contained in the foregoing provisions of this section, where a partial partition has taken place after 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 .....
Tag this Judgment!Court : Chennai
Reported in : (1997)143CTR(Mad)328; [1997]223ITR455(Mad)
..... 2) act, 1980, by introducing section 35(2)(iv), which came into effect from april 1, 1962. ..... expenditure on these assets had been incurred 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. ..... to learned standing counsel for the department, 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. ..... learned counsel for the assessee further pointed out that there is prohibition under the amended provision to claim both depreciation and deduction of capital expenditure under section 35(1)(iv) of the act. ..... this amount was claimed by the assessee as capital expenditure under section 35(1)(iv) read with section 35(2) of the act, as expenditure incurred on scientific research related to the business carried on by the assessee. ..... this decision relates to the amendment effected by the finance (no. .....
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