Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)108TTJ(Chennai)429
..... cit (supra), where the assessee had treated the receipt of cash assistance as capital receipt, which was subsequently amended to be business receipt by the finance act, 1990, it was held that in such cases interest under sections 234b and 234c was not chargeable. ..... he submitted that a new provision under section 35dda was introduced for the first time by finance act, 2001, but the same was made effective from 1st april, 2001 i.e. ..... since the provision came for the first time by finance act, 2001, the assessee could not have envisaged that he would become liable for payment of tax even against vrs payments, which were otherwise allowable in view of the above two decisions of hon'ble jurisdictional ..... on the other hand, the learned departmental representative submitted that section 35dda was introduced by the finance act, 2001 w.e.f. ..... by observing thatsection 35dda was introduced by finance act, 2001 w.e.f. ..... it is a common knowledge that finance bill is introduced on 28th february and the same is made into the act after passing the bill in both the houses of parliament and receiving the consent of hon'ble president of india somewhere in may or june, which means till that date, no assessee can visualize that a new liability ..... (2004) 186 ctr (uttaranchal) 144 ; (2003) 264 ltr 320 (uttaranchal); (iii) haryana warehousing corporation v. dy. ..... cit (supra), where interest under sections 234b and 234c was held to be not chargeable because liability arose because of the amendment in the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)103TTJ(Chennai)352
..... tribunal held that in view of the amendment by finance act, 2002 the non-compete amount cannot be taxed.17. ..... a subsequent introduction of sub-clause (va) to section 28 by the finance act, 2002, making the receipt of an amount of the nature involved in the present case liable to tax as 'business income' ..... the amendment in the finance act, 2002 proves that the above clauses are not applicable to the assessee's case and section 28(va) is applicable with effect from the asst. ..... april, 2003 by finance act, 2002. ..... in those circumstances, it cannot be said that there was either any extinguishment of rights which envisages involuntary act in respect of such technology/information or any relinquishment of rights in favour of hcc since relinquishment does not contemplate a mere restriction for non-use of such right for a limited period of five ..... cit (2004) 88 ttj (chennai) 940 : (2004) 88 ttd 185 (chennai).this proposition was duly endorsed in the decision of the delhi tribunal cited supra ..... crores by the assessee was neither a non-taxable capital receipt nor a receipt exempt under the provisions of section 10 of the act and was hence taxable. ..... 30th march, 2004 and pertain to asst. ..... with the issue and inter alia held that the ao was wrong in stating that the amount received as non-compete fee was taxable even before the relevant amendments were incorporated in the it act on 1st april, 2003. ..... the learned cit(a) ought to have held that even otherwise under the scheme of the it act, the receipt of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)288ITR106(Chennai)
..... (2) when the sale of the boiler was subjected to sales tax and it was treated as sale of goods under the sales tax act, can the sale of the said boiler be doubted in the income-tax proceeding especially when the juris-dictional high court in the case of cit ..... the assessing officer allowed the claim of the assessee in the assessment order made under section 143(3) of the income-tax act, 1961.however, the commissioner of income-tax by exercising his power under section 263 of the income-tax act, set aside the order of the assessment on the ground that it is erroneous and prejudicial to the interests of the ..... (2) when the sale of boiler was subjected to sales tax and it was treated as sale of goods under the sales tax act, can the sale of the said boiler be doubted in the income-tax proceeding especially when the jurisdictional high court in the case of ..... therefore, the sale of such boiler cannot be construed as sale of goods under the sale of goods act, 1930.therefore, the assessing officer concluded that the transaction is only a financial transaction and the assessee is not entitled to depreciation ..... the sale said to have taken place is only imaginary in nature and not intended to be acted upon by the parties and the property in the boiler has not passed from one person to another, as there was no actual physical or symbolic delivery of ..... 2004 268 itr 395 (guj) the hon'ble high court has held that the assessee, a company carrying on the business of financing, investment, leasing, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)102TTJ(Chennai)997
..... it was the duty of the ito to enforce the attendance of the witness if his evidence is material, in exercise of his powers under section 131 of the act r/w order 16, rule 10 of cpc.at last, the learned counsel of the assessee argued that broadly it might be stated that, assessment order upto para 13.8 is surmises and conjectures of the ao who presumed the transaction must happen in a ..... but to enable the assessee to get the benefit of depreciation and to avail long-term finance from ireda, pesl and the assessee colluded in making a facade of pesl raising invoices on the assessee and the assessee in turn delivering the svpl to buyers and entering into lease agreements with the ..... , 2004, 3rd march, 2004 and 16th march, 2004 as well as sworn statement recorded from shri ..... , 2004, 10th march, 2004 and order sheet entry ..... 31st march, 2004 stated that no money or material is due from or to marg construction ..... 6th march, 2004 stated that the company is following accrual basis of accounting as recognised by icai and guidelines issued as per accounting ..... per the claim of the assessee one party changed the address.the new address was furnished by the assessee only on 15th march, 2004 whereas the assessment was getting barred by limitation on 31st march, 2004. ..... , 2004 written by the advocate to the sub-inspector of police, city crime branch, egmore, chennai where he has referred crime ..... , 2004 that the assessee himself refused that he is not having any explanation, when he was confronted with the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... 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 trade related and not for provision ..... range 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 and not for provision ..... 01.04.2000 through the finance act, 1999, whereas nbfcs take advantage of this provision without any finance act/amendment to income-tax act/any specific provision in the income-tax act to that effect. ..... further he submitted that if the guidelines 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. ..... 774 and 349 of 2004. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)284ITR53(Chennai)
..... it is pertinent to mention here that even while clause (10c) has since been amended by the finance act, 2003, so as to make it applicable not only to any amount "received" but also to any amount "receivable", the second proviso has not been altered in any manner; and, consequently, the stipulation therein ..... 2004 by the finance act ..... this problem, clause (10c) of section 10 has been amended by the finance act, 2003 to provide that any amount not exceeding five lakh rupees received or ..... , 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. ..... the memo explaining the provisions of the finance act' 2003 and the cbdt circular cited above was clearly aimed at solving the problem of retired employees that those persons who received the compensation in instalments spread over to many years ..... changed because of stretching over the period of payment of dues under the scheme.even now, by way of amendment in the provisions of sub-section (10c) of section 10 by the finance act, 2003 w.e.f. ..... this amendment will take effect from april 1, 2004, and will, accordingly, apply in relation to the assessment year 2004-2005 and subsequent years.further the memo explaining provisions of finance bill 2003 as reported in 260 itr at page 197 (statutes) explained in clause 6(b) - it is proposed to provide that any amount, not exceeding five lakh rupees, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)103TTJ(Chennai)129
..... and its meaning in a given statute depends upon the context and the subject-matter of the statute.we have perused the provisions of section 3 of the expenditure-tax act and gone through the provisions which read as under : "section 3 application of the act- (1) incurred in a hotel wherein the room charges for any unit of residential accommodation at the time of incurring of such expenditure are one thousand two hundred rupees ..... the hon'ble apex court has defined the word 'any' while dealing with the land acquisition (amendment) act, 1984, section 30(2) where the words 'any such award' in section 30(2) of the land acquisition (amendment) act, 1984 are clearly intended in the context in which those words appear, to refer to awards made by the collector or the court ..... the second issue in the assessee's appeal is as regards to confirming the levy of expenditure-tax, although the provisions of expenditure-tax act are inapplicable in the instant case and expenditure-tax is a tax imposed on chargeable expenditure incurred in a hotel, wherein the room charges, where, any unit of residential accommodation at the time ..... the expression as occurring before the chargeable expenditure in section 3 of the act should cover all the items to be included therein except those items which are ..... the finance minister while introducing the expenditure-tax act speaks in parliament about the introduction which states as-"those who can afford to patronise high class hotels should also be afforded the further .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)303ITR29(Chennai)
..... the assessing officer is not permitted under the guise of making adjustment to adjudicate upon any debatable issue.the assessing officer could not decide any debatable issue while acting under section 143(1)(a) of the act unless the inadmissibility of a deduction or allowance was evident and obvious from the return and its annexure then the assessing officer who wanted to disallow a deduction or a claim, was bound to ..... repeat the grounds, facts of the case as well as contentions raised by both the parties, because the issue involved is very simple, that is, whether adjustment under section 143(1)(a) of the income-tax act, 1961 can be made in the instant case on the basis of the decision of hon'ble supreme court in the case of brooke bond (india) ltd. v. ..... the present case, the disallowance due to rights issue expenses should have been resorted to by the assessing officer while acting under section 143(1)(a) of the act in view of file case law of the hon'ble supreme court in the case of brooke bond (india) ltd ..... the intimation is reproduced as it is; in view of this, additional tax was also levied under section 143(1a) of the act while issuing intimation under section 143(1)(a) of the act the assessing officer has not given any opportunity of hearing while disailowing the claim of the assessee. ..... has held that without capital a company cannot carry on its business and hence the expenses incurred for increasing the capital were bound up with the functioning and financing of the business. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)100TTJ(Chennai)594
..... under sub-section (1) of section 115ja and the amount of tax payable by the assessee on his total income computed in accordance with the other provisions of this act: provided that no interest shall be payable on the tax credit allowed under sub-section (1).it is further seen from the memo explaining provisions in finance bill by virtue of finance act, 1997 w.e.f. ..... finally upheld the levy of interest under sections 234b and 234c, dealing with the issue as under: section 207 of the act provides that tax shall be payable in advance during the financial year in accordance with the scheme provided in sections 208 to ..... provisions of section 207 does not apply to this legal fiction, we do not agree with the argument of the assessee that section 207 of the act contemplates estimation of current income by the end of the financial year and on the basis of such estimation, the assessee is required to pay advance tax. ..... " hence, levy of interest under section 234b for income computed under section 115ja will not be in accordance with the other provisions of this act and hence use levy of interest under sections 234b and 234c is not tenable in law.in the context of levy of interest under section 234b, it is to be remembered the ..... finance act ..... interest under sections 234b and 234c in the context of computation of book profit deemed as income under section 115ja of the act, along with section 115j, 115jaa and 115jb is couched under chapter xii-b under the heading 'special provisions relating to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)282ITR112(Chennai)
..... to note that the words "on the valuation date which have been incurred in relation to the said assets" were substituted by the finance act, 1992, with effect from april 1, 1993. ..... learned counsel for the assessee fairly conceded that as per rule 19 of schedule iii to the wealth-tax act, 1957, the value of any jewellery determined in accordance with rule 18(3) for any assessment year shall be taken to be the value of such jewellery for the subsequent ..... as per the prescription of section 2(m) of the wealth-tax act (hereinafter called "the act") "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 memorandum explaining the provisions of the finance bill, 1992 (see [1992] 194 itr ..... explained in the notes on clauses to the finance bill, 1992 (see [1992] 194 itr ..... the circular is reproduced below : subject : disallowability of wealth-tax liability as a deduction for computing the net wealth under the wealth-tax act, 1957, consequent to amendment of section 2(m) with effect from april 1, 1993. ..... better results: to arrive at the real meaning, it is always necessary to get an exact conception of the aim, scope and object of the whole act; to consider, according to lord coke : 1. .....
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