Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD338(Mad.)
..... by her husband, she was appointed as the executrix and she was always acting as an executrix in all the subsequent proceedings and also as a guardian to the minor and she never asserted her right as the owner of half of the property, and (ii) in the returns filed for the assessment year 1952-53 and onwards she claimed the status of huf. ..... since she has not exercised her right as the owner of the half of the property and always acting as the executrix and guardian of her minor son, her conduct would amount to self-effacing her right in the property in favour of the nearest reversioner sri ramanarayan patro.10 ..... shyamala devi the widow of the late vasudeva patro had a limited half share in the property 'kesava bagh' by virtue of the provisions of the hindu women's right to property act, 1937 ..... thus, considering the facts appearing in this case in the light of the above discussion, we hold that the order passed by the appellate controller of estate duty on this point is quite correct and reasonable ..... 1286/80-81/1(4), dated 9-7-1984 for the assessment year 1973-74 after analysing the facts in detail in the light of certain judicial pronouncements he clearly came to the conclusion that the property 'kesava bagh' was in the possession and enjoyment of both the mother and the son jointly and, therefore, he held that they are the co-owners of this property having half share each. ..... devi, mother of the deceased did not make any claim for half share in the said property before any court of law. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)37ITD55(Mad.)
..... 8 lakhs and certain lands in kothagai village and in return they were required to transfer half of their share-holdings in mahalakshmi textile mills ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD184(Mad.)
..... in such cases, either the customer foregoes the interest accrued on deposit, or he borrows the amount required against the security of his fixed deposit at a rate of interest which is generally two to two and half per cent higher than the rate allowed on the deposit. ..... in the above circumstances, it will be fair and just to estimate the deceased's share in the deposits at one-half and this amount may be treated as passing on death. ..... kannan, it was claimed that half the deposits by that time in indian banks alone, belonged to the deceased and the other half belonged to the assessee.the assessee, it was mentioned, clarified before the aac that the claim of huf status was being claimed only in respect of 50 per cent of the total deposits, that is, that portion which ..... assessee and the net savings could broadly be taken as 50 : 50 belonging to the assessee and her husband.she had categorically stated that the share of the deceased that could be treated as passing on his death could be half of the amount and the other ..... the other half belongs to me both factually and legally and, therefore, this portion of deposit cannot pass on the deceased's death. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD176(Mad.)
..... (i) no wealth-tax shall be payable where the net wealth does not exceed the following limit, namely: -- it may be noted that the rate of one-half per cent in section 21(4)(b) was raised to 3 per cent with effect from 1-4-1980 and the basic exemption in part i was raised from rs. ..... the contention of the assessee is that even if the wto exercises the option to levy tax at the rate of one-half per cent under section 21(4)(b), the assessee would not be liable to wealth-tax if the net wealth does not exceed ..... the other hand, it was contended on behalf of the revenue that since the wto is entitled to follow whichever course would be more beneficial to the revenue, the section enables the levy of tax at one-half per cent on the net wealth without reference to the schedule of the act.4. ..... there will be an internal contradiction in the section if we assume that section 21(4)(b) imposes tax @ a one and a half per cent on the net wealth without the basic exemption. ..... must, therefore, read these two clauses together as substituting the rate of one and a half per cent in the schedule according to the option of the wto. ..... if this clause had read "at the rate of one and a half per cent of the net wealth" [emphasis supplied], then there would have been no doubt ..... is given to the wto to impose tax @ one and a half per cent if that course would be more beneficial to the revenue. ..... in the light of the foregoing discussion, we find that for the assessment year 1973-74 the net wealth having been determined at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD23(Mad.)
..... opening stock as at the beginning of the year for the bonded expansion department was wrong because the assessee had, in the then prevailing view, claimed relief on average capital and it is for this reason it took half of the closing stock (as average of nil opening stock and the closing stock) as stock in working out the capital employed for purposes of relief under section 80-j. ..... the fact that such average is half of closing stock itself shows that opening stock was nil. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD94(Mad.)
..... under the above circumstances, especially in the light of the circulars issued by the central board of direct taxes, we hold that the commissioner of income-tax was not justified in revising the assessment of the assessing officer. ..... the learned counsel also contended that even the property was subjected to property tax by the municipal corporation for the second half of 1988-89. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2004)91ITD347(Chennai)
..... s.sharmila and thereby the assessee transferred his half share in the property alongwith the building to his daughter in lieu of her maintenance. ..... the assessee has transferred his half share in the property in favour of his daughter by document dated 22.10.90. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)72ITD57(Mad.)
..... in accordance with it, no referable question of law arises from this issue, which has already been concluded by the aforesaid judgment of the hon'ble supreme court.4.3-2 on a close perusal of the facts of the case on record in the light of the case law relied upon by both the parties, i am of the considered opinion that the stand of the revenue has substantial force.regarding the contention of the assessee that capital gains arose in the hands ..... 20 lakhs payable by the said srideviamma towards the half share in the odeon theatre as per the compromise, the assessee was to pay rs ..... this property was purchased by the assessee under a compromise in which the assessee had given up his right to his half share in odeon theatre in favour of smt.srideviamma, who was having title to the other half in the said theatre. ..... 110 lakhs and not half of it, as claimed by the assessee vide pages 54 to 76 of the order of the tribunal in the appeal, the learned counsel for the assessee submitted that : pages 97 to 101 of the paper book may be seen at paragraph 'c' to demonstrate that the ..... 110 lakhs and not half of it as claimed by the assessee and that the assessee is the sole beneficiary of the entire consideration ..... 110 lakhs and not half of it as claimed by the ..... that the assessee was guilty of tax evasion since he had intended to evade taxes through devising a strategy in which an intermediary, shri gopal, was deliberately roped in with a view to show that he had received only half of the payment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)86ITD602(Chennai)
..... the present limits fixed for raising of deposits linked to net owned funds in the non-banking financial companies (reserve bank) directions, 1977 would continue to be applicable until reserve bank of india is satisfied on scrutiny of the half-yearly return that your company has met all the norms and has obtained a satisfactory credit rating (as mentioned in paragraph 4 below). ..... he may also examine the return that the assessee had filed for half year ended 31-3-1995,31-9-1995 and 31-3-1996 for the adequacy of provision for doubtful advances and keep the same as guide because it is fundamental to allowing the claim because, what is accepted as adequate provision by rbi has ..... your company should submit a half-yearly return in the form appended to the guidelines beginning from the half-year ending 31-3-1995. 2. ..... nbfc are required to submit every half-year a report of their activity with complete details of income, assets, the provision made for doubtful loans along with complete particulars of each of those non-performing assets.he submitted that rbi regularly kept a watch ..... in the light of the authorities that support the claim of the appellant, we uphold the claim and allow the provision for bad & doubtful debts to be deducted from the total income of the appellant company.4. ..... at least one-half of the liquid assets should be in the form of government securities and/or government guaranteed bonds.... 4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)29ITD29(Mad.)
..... must take into consideration the setting in which those terms are used and the purpose that they are intended to serve.when we look at the meaning of the words used in the section in section 40(3)(0 in the light of the above principle laid down by the supreme court, it would be clear that this provision of law excludes from the category of buildings or lands sought to be included in the assets of a closely-held company, all business assets ..... we have carefully considered the contentions urged on both sides in the light of the materials placed before us and the authorities relied on by them.8. ..... in the light of the above authorities, we are inclined to agree with the learned chartered accountant for the appellant that the theatre building in question, which is a capital asset of the appellant-company and which it utilises for the .....
Tag this Judgment!