Court : Chennai
Reported in : [1984]147ITR590(Mad)
..... of law referred was : 'whether, on the facts and in the circumstances of the case, the assessee was entitled to the rebate contemplated under section 87(1)(a) of the income-tax act, 1961, in respect of the sum of rs. 6,000 being the insurance premium on the policy of life of the assessee's husband paid not by the assessee but by ..... . in v.d.m.rm.m.rm.muthiah chettiar v. cit : [1969]74itr183(sc) , the supreme court consisting of three judges held that s. 16(3) of the indian i.t. act, 1922 (parallel to s. 64 of the present act of 1961), imposes an obligation upon the ito to compute the total income of a an individual for the purpose of assessment by including ..... under s. 147 of the act of of 1961, following the decision of the supreme court rendered in v.d.m.rm.m.rm.muthiah chettiar v. cit : [1969]74itr183(sc) . the above decisions were relied on by the revenue in support of the argument that because of the failure of the assessee to include in his return the income of his wife, proceedings .....
Tag this Judgment!Court : Chennai
Reported in : [1977]107ITR386(Mad)
..... that the assessee-company was entitled to thededuction of 8 per cent. from its income from priority industries under section 80e of the income-tax act, 1961, for the assessment year 1967-68 ?'2. the assessee is a company engaged in the business of manufacture of dressers, cutting tools and lapping wheels, which ..... ismail, j.1. the income-tax appellate tribunal, madras bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act', has referred the following question of law for the opinion of this court: 'whether, on the facts and in the circumstances of the case, the tribunal was right in holding .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR734(Mad)
..... has stated a case and referred the following common question of law for the asst. yrs. 1979-80 and 1980-81 under s. 256(1) of the it act, 1961 (hereinafter to be referred to as 'the act') for our consideration : 'whether, on the facts and circumstances of the case, the deduction under s. 80hh has to be computed by taking a proportion ..... unabsorbed investment allowance and the depreciation carried forward from the earlier years should first be deducted and the deduction under s. 80hh of the act should be allowable only on the net income of the business. consequently, the net income was arrived at rs. 14,284 and the result of the computation was that for the asst. yr. 1979-80, there was ..... loss of rs. 72,662, and granted deduction under s. 80hh of the act on the net income. the ito also disallowed the carried forward loss of rs. 72,670 as claimed by the assessee. 3. the assessee preferred an appeal to the cit(a) and the cit(a) held that the set off of earlier losses has necessarily to be made .....
Tag this Judgment!Court : Chennai
Reported in : (1996)56TTJ(Mad)381
..... , unnecessary to repeat them. it is, however, necessary to notice closely the provisions of s. 86(v) of the act.9. sec. 86 of the act occurs under chapter vii - which deals with income forming part of total income on which no income-tax is payable. of relevance to the purpose on hand are the provisions of s. 86(v), which reads as under :' ..... 86. income-tax shall not be payable by an assessee in respect of the following -..........(v) if the assessee is a member ..... made on the said basis.3. in the case of the assessees before us, their share of the income of the small aop was chargeable to tax in their hands subject of course to the provisions of s. 86(v) of the act. in the assessment as made initially the provisions of s. 86(v) were applied and necessary rebate granted .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR358(Mad)
..... years have to be first set off against the long-term capital gains of the current assessment year before the deduction contemplated by section 80t of the income-tax act, 1961, is allowed. in other words, the relief under section 80t is to be given only for the amount of long-term capital gains of the ..... the current year's depreciation and carried forward unabsorbed depreciation of the earlier years in view of the specific provisions of section 32(2) of the income-tax act, 1961. giving effect to section 32(2) which deems unabsorbed depreciation of the earlier year as part of the current year's depreciation, the deduction under section ..... : [1984]150itr150(mad) , wherein this court was of the view that 'the definition of 'gross total income' contained in section 80b(5) of the income-tax act, 1961, as the total income computed in accordance with the provisions of the act before giving deductions under chapter vi-a, clearly shows the intention of parliament that the deduction under chapter vi-a .....
Tag this Judgment!Court : Chennai
Reported in : (1984)42CTR(Mad)45; [1988]169ITR50(Mad)
..... amounting to rs. 48,840 for the asst. yr. 1970-71 and rs. 77,490 for the asst. yr. 1971-72 u/s. 33(1)(b)(i)(a) of the it act, 1961. the ito held that the assessee would be entitled to development rebate on such machinery at the rate of 20% only on the ground that the relevant machinery had been ..... , therefore, answered against the revenue. 5. coming to the second question, it has been found by the ito, that the total income for the asst. yr. 1970-71 as computed u/s. 80(b)(5) for the purpose of income-tax, is 'nil' and this finding of the ito has not been disturbed either by the aac or by the tribunal. the tribunal ..... which proceeded on the basis that the total income determined is 'nil', however held against the revenue proceeding on the basis that the deduction .....
Tag this Judgment!Court : Chennai
Reported in : (1984)42CTR(Mad)316; [1985]151ITR769(Mad)
..... court in addl. cit v. bimetal bearings ltd. : [1977]110itr131(mad) and this court has held that part of the profits of company 'not includible in its total income' that is contemplated by rule 4 of the second schedule to the companies (profits) surtax act, 1964, is what is not includible under the provisions of s. 10 of the i.t. act, 1961, that as ..... far as the deductions made under the provisions of chapter vi-a of the i.t. act are concerned the position is that ..... amount of income computed in the manner laid down in the act and after deducting the items listed in chapter vi-a of the i.t. act, and that the aac had gone wrong in holding that in working out the capital base, rule 4 cannot be invoked in respect of deductions made under chapter vi-a of the i.t. act, 1961. the .....
Tag this Judgment!Court : Chennai
Reported in : [1984]150ITR150(Mad)
..... ,981. after setting off 1965-66 unabsorbed depreciation, the net taxable income was, however, determined at 'nil'. the assessee filed an appeal before the aac cleaning that it was eligible for the relief under ss. 80l, 80m and 80q of the i.t. act, 1961. (hereinafter referred to as 'the act'), amounting to rs. 500, rs. 26,470 and rs. 70 ..... before the tribunal that the setting off of business loss and unabsorbed depreciation and development rebate have to be done after computation of the total income as has been held by the mysore high court in cit v. balanoor tea and rubeer co. limited : [1974]93itr115(kar) . the tribunal has taken the view that the assessee would be ..... ), and that, therefore, the reasoning of the supreme court would directly apply to s. 80t as well. in this case the earlier judgment of this court in addl. cit v. ramaswamy chettiar : [1979]120itr694(mad) , taking a contrary view, is referred to an explained on the ground that the judgment of the supreme court in cambay electric .....
Tag this Judgment!Court : Chennai
Reported in : [1984]148ITR484(Mad)
..... . in the course of this assessment, the ito restricted the rebate on donations to 10% of the total income as reduced by the dividend income which was exempt from tax under s. 85a of the i.t. act, 1961, (hereinafter referred to as the 'act'). on appeal, the aac upheld the order of the ito. the matter was taken to the tribunal by ..... ramanujam, j.1. the following three questions have been referred to this court for its opinion by the income-tax appellate tribunal under s. 256(1) of the i.t. act, 1961, at the instance of the assessed. '(1) whether the tribunal was right in law in holding that the assessee was not entitled to the deduction of rs. ..... shall be entitled to a deduction from income-tax with which it is chargeable on its total income for any assessment year of so much of the amount of income-tax calculated at the average rate of income-ax on the income so included (other than any such income on which no income-tax is payable under the provision of this act) as exceeds an amount of 25% .....
Tag this Judgment!Court : Chennai
Reported in : (1983)36CTR(Mad)271; [1983]144ITR678(Mad)
..... the profits attributable to the priority industry under s. 80e of the act. the supreme court thus witnessed the strange spectacle of the income-tax department insisting that an item of receipt, which was admittedly an income receipt, must be excluded from the computation of business income, all for the sake of denying the eight per cent. relief ..... discussion, namely. s. 80-i besides, both the provisions require that the profits of the priority industry must form part of the assessee's total income as computed under the act. this latter requirement was imbedded in the very text of s. 80e. under the present dispensation, this requirement is not enacted into s. 80- ..... in chap. vi-a based n the method of 'straight deduction' from total income for granting tax relief. the critics of the 1922 act had blamed the legislature for the complexity of its relief provisions. they recommended a uniform mode of giving tax relief by way of straight deductions. chapter vi-a evidently reflected this urge, when .....
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