Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD415(Mad.)
..... this is also the reason publishing is such an exciting business sometimes, quite deliberately, the publisher will publish a book that doesn't stand a chance of making any money, simply in order to see a great book see the light of day or in order to underline the intrinsic quality of the books on this list, but in order to do this he must ensure that he publishes enough books that sell or continue to sell for no amount of goodwill (from critics or otherwise) can ..... as we see it the term "publication of books" used in sections 80qq will have to be understood in the light of the foregoing analysis.23. ..... in other words, half of the income claimed to be from books shall be considered as from publication of forms".17. ..... in other words half of the income claimed to be from books shall be considered as from publication of forms.the cit (appeals) took the same line on this issue in the appeals relating to the assessment years 1983-84 and 1986-87.7. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD99(Mad.)
..... the assessee has pointed out the decision in the case of hakim ram prasad, in re [1936] 4 itr 104 (lahore) where it was observed that the mere fact that half the total rent was taken in advance in one year does not justify a finding that it was a capital payment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD581(Mad.)
..... it is also significant that the assessee came forward with a revised return of income for the assessment year 1983-84, only after the search and seizure operations brought to light systematic suppression of tailoring charges. ..... in this regard, he referred to and relied upon more than half a dozen cases, starting from cst v. h.m. ..... certain investments in certain properties, both movable and immovable, also came to light.4. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD387(Mad.)
..... in view of the option exercised by the assessee the interest does not accrue half yearly every year but receivable in the first year itself at a discounted value. ..... the holder of the bonds has two options for receiving interests: (a) under half-yearly option, interest will be paid on april 1, october 1 every year the last interest payment being made for the period from april 1, october 1 to the date of maturity of the bonds. ..... instead of receiving the interest on accrual basis half-yearly every year, the assessee opted to receive the present value of half-yearly interest for 3 years in the first year itself. ..... they may either opt for receiving interest at half-yearly intervals and on the stipulated dates; or again, they may opt for receiving the present discounted value of the future payments. ..... the line taken by the assessing officer, to quote her was: "the interest on capital gains bond is payable half yearly calculated at 9% per annum for 3 years. ..... the subscriber has the option either to receive interest at the rate of 9% per annum at the stipulated half-yearly intervals, or to receive the present discounted value of the interest that is payable to him at the stipulated half-yearly intervals. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)47ITD315(Mad.)
1. this appeal by the assessee is directed against the order dated 1/4-3-1988 of the cit(a)-iii, madras relating to the assessment year 1982-83.2. during his lifetime, one chandran, the husband of the assessee before us, was running a foundry called "bharath foundry". the said chandran died on 9-1-1976. thereafter, his widow continued the said business for some time.thereafter, faced with "unmanageable situations and circumstances", the widow on 1-3-1982 leased the said foundry in its entirety to a firm called "jaishree foundry (lessee of bharath foundry)" on a monthly rental of rs. 4,000 (page 4 of the lease deed). the currency of the lease was for a period of five years commencing from december 2, 1981 (ibid). however, under clause-iii(5) of the deed the lease was "renewable by the consent of both the parties for a further period of five years at the option of the lessee exercised by it by registered notice in this behalf delivered or served on the lessor....under clause iii(7) "the lessor shall not be liable for any of the liabilities arising out of the manufacturing or the business transactions of the lessee during the period of the lease".under clause iii(8) "the lessee shall have nothing to do with the payment or non-payment and the employment or non-employment of any labour or staff that might have been employed by the lessor before the commencement of this lease and all liabilities and obligations in this regard shall solely be that of the lessor. at the expiry of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)49ITD453(Mad.)
..... the advancing of loan was only a subsidiary service done by the society only for the purpose of promoting its main trading activity of marketing of silk sarees and half-sarees of its weaver-members for the purpose of promoting its main activity of marketing of gocds on commission.because of this the interest income on loan thus advanced was only a meagre amount compared to the income of commission ..... section, the sums specified in sub-section (2), in computing the total income of the assessee, (2) the sums referred to in sub-section (1) shall be the following, namely: the validity of shri janardhana raja's second thesis needs to be examined in the light of the aforesaid provisions.49 ..... to in sub-section (1) shall be the following, namely: (a) in the case of a co-operative society engaged in (i) carrying on the business of banking or providing credit facilities to its members, or the validity of shri janardhana raja's first thesis needs to be examined in the light of the aforesaid provisions.30. ..... on the said facts, the assessing officer held: "it is very clear that the main function of the society was marketing of the finished goods of silk sarees and half-sarees deposited by its members. ..... . one cannot, therefore, turn to this definition for light .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD345(Mad.)
..... this was because there was a stipulation in the agreement that if and when profit exceeded the prescribed limit one-half share will go to the state government. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD513(Mad.)
..... in the light of the above, it is submitted that a case in which the compromise in writing is not signed by the parties (the assessee and the department) or where the representative of the assessee has no express authority from the assessee "to compromise", .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD170(Mad.)
..... provision found in a statute, the court should not confine its attention only to the particular provision which falls for consideration but the court should also consider other parts of the statute which throw light on the intention of the legislature and serve to show that the particular provisions ought not to be construed as if it stood alone and apart from the rest of the statute. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD576(Mad.)
..... it provided radiators for heating purposes and also supplied lights in the passage of the building.22. .....
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