Court : Chennai
Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)
..... in : [1986]161itr524(sc) (cit v. hindustan housing & land development trust), the assessing authority took the view that the provisions of law under the finance act of 1987 made the difference that the amendment itself was brought about to cover cases of capital gains arising out of additional compensation even in cases where finality had ..... was permitted withdrawal only on furnishing security bond for refunding the same in the event of the appeal being allowed, the apex court held that 'there was no absolute right to receive the amount at that stage. if the appeal was allowed in its entirety, the right of payment of enhanced compensation would have fallen ..... the assessment year 1990-91, the additional compensation received was admitted in the returns. in the assessment year 1991-92, the assessee received additional compensation of rs. 2,02,624/-. the assessee claimed exemption of this compensation by making an entry in part-iv of the income tax return. in the proceedings taken under section .....
Tag this Judgment!Court : Chennai
Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836
..... on the value of the tenanted portion of the building under section 40 of the finance act, 1983. 14. in view of the foregoing reasons, the question no.1 referred to us is answered in favour of the revenue and against the assessee. question nos.2 and 3 are referred back to the division bench as they are not the subject ..... by leasing and disposing of the same.from the object, it is clear that the assessee is carrying on leasing business. no doubt the assets are used in the leasing business. section 40 of the finance act levy tax on the assets as enumerated under the provision and only the assets that are excluded under the exclusionary clause alone ..... appellate tribunal was right in law in holding that the tenanted portion of the property at no.26, commander in chief road was used in the assessee's business and was, therefore, excludible from the operation of section 40 of the finance act, 1983?2. whether on the facts and in the circumstances of the case, the appellate tribunal was right .....
Tag this Judgment!Court : Chennai
Reported in : (2006)200CTR(Mad)682; [2005]273ITR320(Mad)
..... the same or any other assessment year.'section 35c was introduced by the finance act, 1968 with effect from 1st april, 1968 and was deleted by the direct tax laws (amendment) act, 1987 with effect from 1st april, 1989. there is no dispute, on the facts of the case, that the assessee company is engaged in the ..... amount, if any, received by the company or co-operative society in consideration of, or as compensation for, such goods, services or facilities shall be deducted.(2) where a deduction under this section is claimed and allowed for any assessment year in respect of any expenditure of the nature specified in sub-section (1), ..... (a) are the following -(i) fertilisers, seeds, pesticides, concentrates for cattle and poultry feed, tools or implements, for use by such cultivator, grower or producer'(ii) dissemination of information on, or demonstration of, modern techniques or methods of agriculture, animal husbandry, or dairy or poultry farming, or advice on such techniques or methods;(iii .....
Tag this Judgment!Court : Chennai
Reported in : (1988)72CTR(Mad)99; [1988]174ITR697(Mad)
..... 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. 2) act, 1980. accordingly, the tribunal directed the income-tax officer to recompute the relief under section 80j, according to the amended law, subject to the direction that ..... period.---------------------------------------------------------------------8. a comparison of clause (i) 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. no doubt, by .....
Tag this Judgment!Court : Chennai
Reported in : [2001]247ITR593(Mad)
..... the notification had to be completed and report submitted under section 173 of the criminal procedure code, and it was not affected by the withdrawal of the consent.'30. in general finance. co. v. asst. cit , the punjab and haryana high court has held that prima facie it was open to the assistant commissioner of income-tax to launch ..... bakthavatsalu j.1. all these appeals are preferred by the income-tax officer, coimbatore, against the order of acquittal passed by the learned judicial magistrate no. i, coimbatore. the first accused is sakthi finance limited, represented by n.k. pai. the second accused is the chief executive and president of the company and the third accused is the general ..... n.k. pat, alone are impleaded as accused.2. the complaint relating to c.a. no. 249 of 1990 and connected cases are filed under section 276e read with section 278b of the income-tax act, 1961. the complaint relating to cases c.a. nos. 279 of 1990 to c.a. no. 288 of 1990 are filed under section 276dd read .....
Tag this Judgment!Court : Chennai
Reported in : (1984)43CTR(Mad)38; [1985]153ITR172(Mad)
..... regard to its nature and objects, an institution, association or body whether incorporated or not, within the meaning of the expression 'company'. no doubt, provision has been made under s. 2(h)(iii) of the act to enable the board to label as a company, any institution or association or body, but that cannot constrict the meaning to be ..... incidence rather than exemption of a few. secondly, the term 'individual' under section 13(2) of the general clauses act, 1897, can be read in plural and, as such, would include a body or group of individuals like a mapilla tarwad. thirdly, there is no warrant for suggesting that the two terms 'individual' and 'hindu undivided family' have ..... or other units of assessment, which would be comprehended within the expression 'individuals', no deadlock is reached with reference to the computation of the net wealth of such persons. on the basis of the definition of 'net wealth' under s. 2(m) of the act, it would be still possible to work out the net wealth of a .....
Tag this Judgment!Court : Chennai
Reported in : (2009)222CTR(Mad)465; [2009]308ITR257(Mad); [2009]181TAXMAN105(Mad)
..... .3. according to the appellant-writ petitioner, the second respondent-tax recovery officer, range ii, ernakulam, kerala state, issued a notice on 10.2.2005 under rule 48 of the second schedule to the i.t. act, for attachment of the property(ies) in question. having preferred writ petition no. 20918 of 2005 against the said notice, learned single judge, by order dated 27 ..... the order dated 17.6.2006 passed in writ petition no. 5251 of 2006, whereby and whereunder, the learned single judge refused to decide the case on merits on the ground of the availing of the alternative remedy under section 264 of the income tax act, 1961 (for short, 'the i.t. act').2. the main plea taken in the present writ appeal is .....
Tag this Judgment!Court : Chennai
Reported in : AIR1957Mad458; [1957]32ITR222(Mad)
..... drawn up towards the end of the year of account on 10th january, 1944 at a time when the profits of the business were fairly ascertainable. the entire finance required for the business in madurai and kumbakonam was contributed only by the assessee. arunachala was in complete control of the business at madurai and at kumbakonam. in ..... in the affirmative and against the assessee. the quantum or sufficiency of that evidence may not be a matter for investigation in proceedings under section 66 of the act.25. no doubt, the tribunal observed that the circumstances which it noticed and the terms of the partnership "clearly indicated that the partnerships were only nominal and that the ..... be answered with reference to the circumstances under which they arise. we shall deal first with r.c. no. 68 of 1953.r. c. no. 68 of 1953.-the question that was referred under section 66(2) of the income-tax act ran:whether on the facts and circumstances of the case, there was a change in the persons carrying on .....
Tag this Judgment!Court : Chennai
Reported in : [2002]126STC550(Mad)
..... to heavy losses in terms of section 3(o) of the sick industrial companies (special provisions) act, 1985 (in short 'the sica').3.2. the petitioner-company was referred to the board of industrial and financial reconstruction (briefly 'the bifr'). a case (case no. 110 of 1998) was, therefore, registered before the bifr. number of meetings and hearings were ..... to the aforementioned letter of idbi and after taking the resume of the facts till then and also noting the changes in the cost of rehabilitation/means of financing and other changes due to elapse of time between operating agency's report and the actual sanction granted by the bifr dated december 8, 1993 as aforementioned of ..... company itself had made a grievance on its noticing the additional liability.10.4. be that as it may, in that view, the idbi had recommended for the additional finances being made available to the petitioner-company to the tune of rs. 623 lakhs (rs. 468 lakhs + rs. 155 lakhs). idbi also agreed that the petitioner- .....
Tag this Judgment!Court : Chennai
Reported in : (2006)204CTR(Mad)53; [2006]283ITR230(Mad)
..... . the case of all the assessees under reference is, admittedly, identical and therefore, the case of m/s. sajjanraj nahar & sons is stated as a benchmark.2.2. the assessee was carrying on the business in financing and hire purchase of vehicles. a return was filed on 28.7.1987 declaring taxable income of rs. 88,010/- which was arrived at after deducting ..... man could not form or that the person concerned was not given due opportunity resulting in prejudice, the said proceedings needs no interference.7.8 once, the scope of this court exercising the power conferred under section 256(2) of the act is limited, in our considered opinion, the other contentions advanced by the learned counsel for the assessee that the tribunal had .....
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