Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : LC(2007)(3)269
..... (ii) the learned cit(a) ought to have appreciated that there was no ambiguity nor scope for interpretation in view of the clear language of the section which did not postulate any restriction regarding the extent of shops and commercial establishments under section 80-ib(10) and such restrictions with retrospective effect imposed only by finance act, 2004 w.e.f. ..... 2) act, 2004 w.e.f.1st april, 2005, sub-section (10) as amended by the finance act, 2000 w.e.f. ..... 1st april, 2000 has laid down various conditions and the provisions of section 80-ib amended by various finance acts as amended w.e.f. ..... in order to be eligible undertaking, developing and building housing projects and for claiming deduction under section 80-ib(10), finance act, 2000 w.e.f. ..... 1st april, 2000 and the same reads as under: liberalisation of tax holiday to approved housing projects--under section 80-ia of the it act, profits of approved housing projects where the development and construction commences on or after 1st oct. ..... it is an admitted fact that a part of the constructed area of the housing projects had been constructed by the appellant in the form of a commercial area and sold out to the persons having substantial interest in the appellant company. ..... but the facts clearly point out that the appellant had constructed substantial commercial areas also which were sold out to persons having beneficial interest in the company. ..... sales to interested persons : the commercial area of 9,790 sq. ft. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)288ITR150(Chennai)
..... the rate of income tax, the same shall be charged for that year in accordance with the provisions of the central act.section 113 provides for levy of tax at the rate of 60% in respect of undisclosed income determined under section 158bc for the block period.the first objection of the assessee is that since there was no reference about the central enactment in section 113, as referred in section 4(1), the rate of tax prescribed under finance act, 2001 for levy of surcharge under sections 112 and 113 is not ..... in view of the above discussion, we find that the parliament in exercise of the power conferred upon it under article 271 of the constitution of india has enacted finance act, 2001 prescribing levy of surcharge at 17% over and above the rate of income tax levied under section 113 of income tax act in respect of the undisclosed income.therefore, in our view, the assessing authority has rightly levied the surcharge. ..... the assessment proceeding was completed for the block assessment year 1991-92 to 2001-02 under section 158bc on 27.2.2003 determining the total undisclosed income at rs. ..... this appeal of the assessee relates to the block assessment year 1991-92 to 2001-02. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... issued by reserve bank of india could suo moto overrule, the specific provision of section 145 of it act, 1961, there was no need of introducing section 43d by the finance act, 1991 and later on modify it by extending the benefit to some more class of assessees by the finance act, 1999. ..... court has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia), which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or ..... x has held that merely because the reserve bank of india had directed the assessee to provide for non-performing assets, that direction could not override the mandatory provisions of the income-tax act contained in section 36(1)(viia) which stipulate a deduction not exceeding 5% of total income only in respect of the provision for bad and doubtful debts, which are predominantly revenue in nature or trade related ..... interest income accrued as per section 5 of the act out of the scope of income-tax act ..... to insertion of section 43d, such interest was assessed to tax as required ..... so as to provide that interest on sticky loans shall be charged to tax only in the year in which the interest is actually received or ..... of accounting, the interest income on npas will be assessed to tax on accrual basis.31 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... has been furnished during the period commencing on the 1st day of october, 1991 and ending on the 30th day of september, 2005 in response to a notice served under this section, and (b) subsequently a notice has been served under sub-section (2) of section 143 after the expiry of twelve months specified in the proviso to sub-section (2) of section 143, as it stood immediately before the amendment of said sub-section by the finance act, 2002 (20 of 2002) but before the expiry of the time-limit ..... palaniappa gounder (1982) 31 ctr (mad) 7 : (1983) 143 itr 343 (mad), is an authority for the proposition that the compensation received by the outgoing partners or the old partners in respect of then share in the partnership cannot be taxed as revenue receipts nor can it be said that there was any element of capital gains arising merely because of the valuation of his share on the retirement of the assessee from the firm resulted in an excess over the ..... reasons recorded reproduced in the above para 7, the reasons are regarding (i) excessive claim of deduction under section 80hhc on account of interest receipt, miscellaneous income and rent treated as business income, (ii) incorrect allowance of exemption under section 54 for the lump sum transfer of technology, (iii) incorrect computation of working of the capital gains, (iv) incorrect computation of working of taxability under section 115ja and (v) computation of receipt as non-compete fee.further, in the report of the comptroller & auditor .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96TTJ(Chennai)637
..... the cit(a) in his order stated that finance act, 2001, levied tax at the rate prescribed in section 113 as well as surcharge for the asst. ..... our opinion, this claim of the revenue is not justified because the proviso was added by finance act, 2002 and made effective from 1st june, 2002. ..... " this proviso was inserted by the finance act, 2002, indicating that it would be effective from 1st june, ..... he further noted that finance act, 2001, applied to income that had arisen during the previous year ending march, ..... , which falls within the previous year ending 31st march, 2001, the surcharge that is made by finance act, 2001 is applicable. ..... section 113 was inserted with a proviso that reads as under : "provided that the tax chargeable under this section shall be increased by a surcharge, if any, levied by any central act and applicable in the assessment year relevant to the previous year in which the search is initiated under section 132 or the requisition is made under section ..... in the case of assessment that is made with reference to provisions under section 158bc of the act, the loss cannot be allowed.he further submitted that for the loss that is stated to have been claimed, sufficient evidence is not ..... on that basis the loss suffered by the assessee consequent to the fraud played on the assessee is outside the ambit of chapter xiv-b of the act. ..... is an appeal of the assessee that is moved with reference to assessment that was framed under the provisions of chapter xiv-b of the it act.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2001)75ITD197(Chennai)
..... these appeals are filed by the assessee, a limited company and are instituted against the orders of the commissioner central-ii, chennai.the commissioner had invoked his powers under section 263 of the income tax act, 1961 (hereinafter referred to as the act) and had withdrawn the extra-shift allowance granted by the assessing officer on the machinery's that are leased by the assessee company to various lessees.the commissioner applied the decision ..... considering that the instructions of the board are binding on the revenue authorities working under it, it cannot be said that there is any error in the order of the assessing officer, which is prejudicial to the interest of the revenue in the extra-shift allowance granted to the assessee.with regard to the concept of granting depreciation on hire purchase, the board considered this issue and by the circular no. ..... on the aspect of validity of revision, the order being erroneous and prejudicial to the interest of the revenue he observed that, the order may be prejudicial to the interest of the assessee but it is the department that would be placed in a worse position not only for the current year but for the years to follow too, if the untenable claim of the ..... there is, therefore, no infirmity in the order of the assessing officer and the same cannot be said to an error prejudicial to the interest of the revenue, in the light of the circulars /instructions of the board and the decision of the supreme court in shaan finance (p) ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... in the light of the above discussion, it is clear that the following defaults attract interest under section 234b of the it act: (i) failure to pay advance tax during the financial year which the assessee is liable to pay under section 208 of the it act, and (ii) payment of advance tax under section 210 of the it act by an assessee which is less than 90 per cent of the assessed tax.in the present case, the assessee's tax liability even as per his own return for the assessment year under consideration is rs. ..... as a result of the amendment of section 208 by the finance act (no. ..... , 1996, finance act (no. ..... this is because the finance act (no. ..... further, the finance act, 2001 wherein new explanation was inserted with retrospective effect from 1st april, 1989 which lays down that in section 234b 'assessed income' means the tax on total income determined under section 143(1) or on regular assessment as reduced by the tds amount. ..... the finance act (no. ..... hence, it is to be understood that the finance act (no. ..... 5,000 by the finance act (no. ..... , finance act (no. ..... on the other hand, the learned departmental representative submitted that the finance act (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... baskar who argued that, as per section 10(10c) any amount received or receivable by an employee, he specifically drew our attention to "or receivable" as inserted in sub-section (10c) of section 10, by the finance act, 2003 w.e.f 1.4.2004. ..... before the commissioner of income-tax (appeals), the assessee claimed that he is entitled to deduction under section 10(10c) of the act as he has claimed such exemption only in respect of unavailed portion of compensation for which he is ..... , this question had to be dealt with having regard to section 15 and 17, read with section 43(2) of the income-tax act. ..... commissioner of income-tax (appeals) while dealing with the second proviso to section 10(10c) confirmed the disallowance of the claim of the assessee under section 10(10c) of the act. ..... the present case, though the amount of monthly benefit paid under clause 4.1(i) of the voluntary retirement scheme consists of salary or benefit in lieu of salary as defined in section 17(1) or (3), read with section 43(2), but the same is exempted from tax by reason of section 10(10c). ..... the commissioner of income-tax (appeals) relying on the second proviso to section 10(10c) of the act held that "irrespective of the object for which the second proviso to clause (10c) of section 10 had been enacted, the fact remains that the proviso unambiguously states that where exemption "thereunder" has been already allowed to an employee in one assessment year, no such exemption can be allowed to him in relation to any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)280ITR179(Chennai)
..... section 2(m) of the wealth-tax act, 1957, which was inserted by finance act, 1992, w.e.f. ..... or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958)- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal ..... in the absence of exclusive definition in the wealth tax act in respect of companies in which the public are substantially interested as defined in section 2(18) of the income tax act, the company will not be coming under the purview of definition of section 2(17) of the income tax act. ..... in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than - (ii) debts which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)96ITD500(Chennai)
..... section 2(m) of the wealth tax act, 1957, which was inserted by finance act, 1992, with effect from 1-4-1993 reads as under: '(m) "net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the ..... which are secured on, or which have been incurred in relation to, any property in respect of which wealth-tax is not chargeable under this act; and (iii) the amount of the tax, penalty or interest payable in consequence of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift tax act, 1958 (18 of 1958) (a) which is outstanding on the valuation date and is claimed by the assessee in appeal ..... in the absence of exclusive definition in the wealth tax act in respect of companies in which the public are substantially interested as defined in section 2(18) of the income tax act, the company will not be coming under the purview of definition of section 2(17) of the income tax act. .....
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