Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD845(Mad.)
..... in addl. cit v. surat art silk cloth manufacturers association [1980] 121 itr 1, where the speech made by the finance minister while introducing the exclusionary clause in section 2, clause (75), of the act was relied upon by the court for the purpose of ascertaining what was the reason for introducing that clause.... (p. 608) ..... is also permissible in respect of the time spent on journeys as well, whether such time is spent actually in transport/vehicle itself or off days when no official business as such is conducted. the said aspect is being mentioned only from the limited viewpoint that travelling allowance and daily allowance are not identical. ..... including the stay expenses there, could not be considered for disallowance in terms of the section and the rule.section 37(3) as well as the rule, no doubt, specify disallowance of hotel expenses incurred in connection with such travelling. firstly, the phrase 'including hotel expenses or allowances paid' qualifies the phrase 'paid in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD490(Mad.)
..... even with regard to the income, it can be seen from the statement of expenditure and income that there was a sort of deficit financing in the sense that the primary school fees were insufficient to meet the total expenditure which was met only with the aid of interest from the loans. it is ..... mills (p.) ltd. and sivananda mills ltd., he was of the opinion that the loans were without adequate security and violated the condition prescribed in section 13(2)(a) of the act. he, accordingly, denied exemption in respect of that income. on appeal, the aac found that the loans were given by the assessee to the companies on the ..... in each year to find out whether the institution existed for educational purposes and the income was incidental to the purpose of education. la these cases there can be no doubt about the first point when, admittedly, the only object of the trust was education and the institution existed in all the assessment years only for educational purposes. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD930(Mad.)
..... to be rectified by computing the capital employed including the liability for the purpose of section 80j. furthermore, section 80j has been amended with retrospective effect vide the finance (no. 2) act, 1980, according to which relief under section 80j is to be provided by computing the capital employed excluding the liabilities.14. when this is so, then the ..... bengal assam steamship co. ltd.'s case (supra); for the assessment year 1954-55 in the case, the ito passed an order dated 22-2-1961 under section 49a of the act giving certain relief to the assessee under double tax avoidance agreement. on 4-9-1963, the ito passed an order under section 154 by which ..... to the orders of the appellate authority. accordingly, we confirm the impugned orders on the issue of limitation, holding further that acting otherwise will give no finality in the case and the provisions of the act for appeal and rectification shall be misused.13. on merits also, the assessee has to fail. the reasons are that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD922(Mad.)
..... in this appeal is that in view of the challenge by other assessees to the amendment of section 80j and section 35 of the income-tax act, 1961 ('the act'), vide the finance (no. 2) act, 1980, with retrospective effect by way of filing writs in the supreme court, whether the amendment is to be followed or not. this issue ..... of the supreme court or the madras high court becomes available regarding the retrospectivity of the amended section 80j and section 35 (as amended by the finance (no. 2) act, 1980) ?" 2. the point of difference was very clearly worded and the difference of opinion between my learned brothers is whether the decision of the tribunal in the ..... the decision of the supreme court or the madras high court becomes available regarding the retrospectivity of the amended section 80j and section 35 (as amended by the finance (no. 2) act, 1980)? 1. owing to difference of opinion between my learned brothers on the point set out below, the president has nominated me as third member under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD690(Mad.)
..... of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. 2) act, 1980] becomes available 2. the point of difference was very clearly worded and the difference of opinion between my learned brothers is whether the decision of the tribunal ..... the decision of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j [as amended by section 17 of the finance (no. 2) act, 1980] becomes available 1. owing to difference of opinion between my learned brothers on the point set out below, the president has nominated me as ..... madras industrial linings ltd.'s case (supra), whereas the departmental representative urged that section 80j has been amended with retrospective effect from 1-4-1972 by the finance (no. 2) act, 1980, according to which, liabilities should be deducted. the departmental representative in this behalf referred to cit v. k.n. oil industries [1982] 134 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD917(Mad.)
..... of the supreme court or the madras high court, regarding the retrospectivity of the amended section 80j (as amended by section 17 of the finance (no. 2) act, 1980) becomes available ?" 2. the point of difference was very clearly worded and the difference of opinion between my learned brothers is whether the decision of the tribunal in ..... after the decision of the supreme court or the madras high court regarding the retrospectivity of the amended section 80j (as amended by section 17 of the finance (no. 2) act, 1980) becomes available ?" 1. owing to difference of opinion between my learned brothers on the point set out below, the president has nominated me ..... by the income-tax authorities in providing relief under section 80j. the pendency of the matters where the constitutionality of the amendment of section 80j vide the finance (no.2) act, 1980, is changed immaterial (sic). in rebuttal the learned counsel for the assessee contends that the benches of the tribunal are sending back the matters .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD92(Mad.)
..... assessee on the merits was that the agreements stipulated for the transfer of the property only after the censorship of the picture and, hence, no income could accrue within the previous year ended 31-3-1979. on the other hand, the contention of the revenue was that the agreements ..... -4-1979. therefore, according to the assessee, the income from this transaction accrued only in the previous year ended 31-3-1980 and no income accrued in the previous year ended 31-3-1979. therefore, for the assessment year 1979-80 corresponding to the previous year ended 31 ..... 25,000 was to be paid on the date of agreement and the balance in instalments of rs. 35,000 on 31st october, rs. 2 lakhs on 20th november and rs. 4 lakhs within fifteen days after the date of the censor of the film. on 7-10-1978, ..... 1. this appeal is directed against the order made under section 263 of the income-tax act, 1961 ('the act').2. the assessee is a registered firm. on 5-10-1978, the assessee entered into an agreement with premalaya .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD703(Mad.)
..... represented the value of presentation articles. but, since those articles were not individually in excess of rs. 50, no disallowance was made under section 37(3) read with rule 6b. section 37(3a) was introduced by the finance act, 1978, with effect from 1-4-1979 and it states that notwithstanding anything contained in sub-section (1) ..... of all expenditure laid out for the purpose of the business except what was either capital in nature or was personal expenditure. parliament then introduced sub-section (2) which provided that even the expenditure could be allowed under sub-section (1) subject to a ceiling with respect to entertainment expenditure.again sub-section (3) ..... disallowance of a part of the sum which could be allowed under sub-section (1). such disallowances may refer to individual items of expenditure as in sub-section (2) or sub-section (3). there can also be an overall ceiling prescribed such as sub-section (2a) for entertainment expenditure and sub-section (3a) for advertisement .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD754(Mad.)
..... to the [relevant] account. rather it was shown or credited in the suspense account. the assessee did not deduct any tax under section 194a of the income-tax act, 1961 ('the act'), on the ground that interest was not paid to any party or creditor. the ito did not accept the plea of the assessee and as such he levied an ..... failure to credit the interest to the account of the payee cannot also be called a method of accounting regularly employed within the meaning of section 145(1) of the act and would not, therefore, be accepted as an explanation for the consequential failure to deduct the tax at source. the burden of proving that there was a valid justification ..... course of appellate proceedings before the tribunal, the asses-see relied upon the circular letter no. 276/72/77-it(b), dated 25-1-1979 and the decision of the tribunal in the case of sivakami finance (p.) ltd. (supra) in support of his case.4.2 the learned judicial member was of the opinion that the above circular letter, dated 25 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)10ITD775(Mad.)
..... these certificates should be in the prescribed proforma, enclosed herewith. a certificate (in the form enclosed) from the bank from whom loan has been obtained for financing the project should also please be furnished.relying further on this sanction, the learned departmental representative vehemently contends that the subsidy referred to above is paid on the ..... ito has calculated these reliefs accordingly and, therefore, we hold that his action is justified in law and facts of the case, while the commissioner (appeals) has acted otherwise, as such his decision is erroneous in law and facts.8. the decision of the commissioner (appeals) cannot be held otherwise on the ground that the ..... time in accordance with the provisions of the act. it is obvious that there can be no question of 'written down value' of cash either in the hands of the donor or of the donee, because it is not subject to depreciation in the sense envisaged in the act. explanation 2 cannot, therefore, be taken to cover the .....
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