Judgment Search Results Home > Cases Phrase: income tax act 1961 section 115vw maintenance and audit of accounts Sorted by: recent Court: income tax appellate tribunal itat madras Page 1 of about 17 results (0.353 seconds)

Sdb Cisco (India) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD373(Chennai)

..... once that basic fact is accepted, then there is no occasion either for the assessee or for the department to sneak into the provision of section 145 of the income-tax act, 1961. ..... the assessee-company has changed its method of accounting as mandated by the provisions of the companies act, 1956 to accrual system from the assessment year 1990-91 onwards and once the assessee has adopted either by compulsion of companies act or by its own volition, it is bound to compute the income under the income-tax act on the basis of the same set of financial and accounts statements prepared on the basis of accrual system. ..... therefore the scheme provided under the companies act for the maintenance of accounts, audit of the accounts and other matters relating thereto are provided in a very comprehensive scheme. ..... after the amendment in the companies act in june, 1988 requiring obligatory maintenance of accounts under the mercantile system, limited companies were required to observe the same and file annual returns before the registrar of companies on mercantile basis. ..... the assessee-company is reporting its profits or loss for a particular year under the companies act also, by preparing annual accounts statements and getting it audited and getting it adopted by the board of directors, and finally getting it passed by the a.g.m. ..... the accounts of the company are audited and the auditors' reports are delivered on the basis of the accounts maintained by the assessee-company on mercantile system. .....

R.M. Valliappan Vs. the Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD63(Chennai)

..... ble president, itat, was pleased to constitute a special bench in this case to consider the following issue: whether membership card of madras stock exchange could be construed to be a capital asset within the meaning of section 2(14) of the income-tax act, 1961; exconsequenti, consideration of the alleged transfer of membership card is exigible to capital gains tax? 2. ..... act, 1961 (for short 'the act') the high court held that the words 'any property' under section 281b of the act were the words of widest amplitude and would ..... section 2(14) and 281 b and also to the definition of the term 'assets' given in section 2(e) of the wealth-tax act ..... at the bar, the stock exchange has sold/auctioned card and that also is another pointer that the card holder has right in property or so to say the card is property in itself, and consequently, an asset within the meaning of section 2(e) of the wealth tax act. 19. ..... held that under the rules of stock exchange once a member who had lost his membership on account of death or default, all the rights in the membership card vested with the stock exchange authorities and hence the department could not proceed to attach the membership card to recover the dues of shri rajesh ..... out by the learned counsel that the crucial question which fell for determination of the hon'ble high court was whether the right to nominate a member was a right to property and if so, whether it could be attached for the purpose of recovery of income-tax payable by the assessee. .....

Joint Commissioner of Vs. Tractors and Farm Equipments Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)104ITD149(Chennai)

..... in this case, the income-tax act enacted by parliament as interpreted by the jurisdictional high court in categorical term says that the excise duty and sales tax cannot form part of total turnover for the purpose of deduction under section 80hhc. ..... in fact experience shows that on account of an impersonal machinery and the inherited bureaucratic methodology imbued with the note-making, file-pushing, and passing-on-the-buck ethos, delay on its part is less difficult to understand though more difficult to approve. ..... considering the present case on the anvil of aforesaid expositions, we find that delay of 310 days on account of misplacement of the documents is undoubtedly an inordinate delay. ..... (6) it must be grasped that the judiciary is respected not on account of its power to legalise injustice on technical grounds but because it is capable of removing injustice and is expected to do so.4. ..... (5) there is no presumption that delay is occasioned deliberately, or on account of culpable negligence, or on account of mala fides. ..... chaturvedi sitting as third member vide his order dated 11-8-2006 has concurred with the view of the accountant member. ..... i, therefore, concur with the reasonings adduced by the learned accountant member.9. ..... question as proposed by the accountant member. ..... i had the benefit of going through the draft order prepared by learned brother the accountant member. .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... against the order of the commissioner (appeals)-xii, chennai dated 19-2-2001 confirming the order of the assessing officer regarding refusal to recognize the partition of huf under section 171 of the income tax act, 1961. ..... prior to the amendment to the hindu succession act, 1956 by the hindu succession (tamil nadu amendment) act, 1989, the rules of ancient hindu law governing the rights of the women in the family in the mitakshara school of hindu law, no doubt female members had no right to claim partition of the family properties but had a right to maintenance and even the share in the property can be allotted equal to ..... further, the assessing officer has also said that since no provision was made for the maintenance and marriage of daughters in the partition, this will be another ground for holding that the ..... coparcener in he, own right with the same rights and liabilities as that of a son with a right to claim partition and share in the family property, it is not necessary to provide separately for the maintenance and marriage of the said daughters in the family partition ..... pre-amended provisions, it has never been stated that the provision for maintenance and marriage of sons has to be made in the family partition.13. ..... order of the tribunal, the accountable person went on reference to the high court on the question whether the tribunal was right in law in holding that the wife of the deceased had no share in the huf property and also no amount was to be allotted towards maintenance. .....

Southern Travels Vs. the Asst. Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD198(Chennai)

..... for the consideration of this special bench is as a consequence of the amendment to section 32(2) of the income-tax act, 1961 (hereinafter referred to as 'the act') which was effective from 1.4.1997. ..... allowance or the part of allowance to which effect has not been given (hereinafter referred to as unabsorbed depreciation allowance), as the case may be- (i) shall be set off against the profits and gains, if any, of any business or profession carried on by him and assessable for that assessment year; (ii) if the unabsorbed depreciation allowance cannot be wholly set off under clause (i), the amount not so set off shall be set off from the ..... the case of a company for the assessment year beginning with the assessment year relevant to the previous year in which the said company has become a sick industrial company under sub-section (1) of section 17 of the sick industrial companies (special provisions) act, 1985 (1 of 1986) and ending with the assessment year relevant to the previous year in which net worth of such company becomes equal to or exceeds the accumulated losses. ..... of the unabsorbed depreciation for six more successive assessment years to be adjusted against the income from profits and gains from the same business from which the depreciation claim arose and the assessee would be entitled to carry this act for the next six assessment years.further, the clear condition that is laid down in this section is that in the assessment year in which the assessee is claiming the set off .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income-tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications: (1) where the full value of the consideration received or accruing as a result of the transfer of the asset together with the full value of such consideration received or accruing as a result of the transfer of ..... the remedy of the department, if it is of the opinion that a wrong concession was made by its counsel, is to approach the tribunal under section 254(2) of the income tax act for rectification and if it does so, the same will be decided in accordance with law expeditiously, after hearing the parties. ..... in fact companies were claiming more depreciation under the income-tax act which was permitted and that is why the concept of mat was introduced through sections 115j, 115ja and 115jb.in the case before us, the assessee had adopted an altogether different system of claiming depreciation by way of writing off the breakages in the bottles @ 3333%, which was changed to 15% later on. ..... 273, no interference could be made with the accounts duly audited by the chartered accountant and, therefore, no adjustment was called for in the audited accounts. ..... it is well known that the rates of depreciation are different under the companies act, 1956 and the income-tax act, 1961. .....

Joint Commissioner of Income Tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)102ITD135(Chennai)

..... (2) when the sale of boiler was subjected to sales-tax and it was treated as sale of goods under the sales-tax act, can the sale of said boiler be doubted in the income-tax proceeding especially when the jurisdictional high court in the case of cit v. ..... when the sale of boiler was subjected to sales tax and it was treated as sale of goods under the sales-tax act, can the sale of said boiler be doubted in the income-tax proceeding especially when the jurisdictional high court in the case of cit v. ..... under the sales-tax act, the purchase of boiler and machineries were treated as sale of goods and the sales-tax authorities assessed the transaction as one of sale and collected the sales-tax at the applicable rate on the transaction. ..... after going through the proposed order of the learned brother, hon'ble jm, i find it difficult to agree with the conclusions as recorded by him, insofar as depreciation on assets which is the subject-matter of sale and lease back transaction is concerned.however, i have the benefit to go through the proposed order of the learned brother, but i am recording my reasons hereunder for differing with the view taken by the learned brother.2. ..... , which leased out boiler, was entitled to depreciation under section 32 of the it act, 1961, in relation thereto. ..... vijay narayan, works accountant of m/s sandoz, bharuch where both of them denied the installation of plants in their respective premises.5. .....

The Income Tax Officer Vs. Mr. O.M. Shahul Hameed

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD342(Chennai)

..... this view is further fortified by the fact that this section is analogous to section 34 of the income tax act, 1922 in which the hon'ble apex court dealt in 49 itr 1 cited supra ..... in this regard, the assessing officer, on commissioner of income tax (appeals)'s enquiry stated that section 153(2) was amended by the finance act 2001 and substituted for 2 years with effect from 01,06.2001. ..... upon enquiry from the commissioner of income tax (appeals), the assessing officer in his report submitted that, a summons under section 131 was issued to the loan creditors ..... since the assessment has been completed on 13.02.2003, the same is barred by limitation and has to be cancelled.accordingly, the learned commissioner of income tax (appeals) cancelled the assessment made by the assessing officer as barred by limitation.10. ..... , the learned commissioner of income tax (appeals) noted that the assessee has filed additional ground that assessment is barred by limitation under section 153(2). ..... the learned departmental representative in this regard further submitted that the learned commissioner of income tax (appeals) has relied on the decision of the madras high court in the case of chettinad corporation (p) ltd. ..... thereafter, the learned commissioner of income tax (appeals) held that in view of the above two decisions, and in particular, decision of the territorial high court, it has to be held that in the present case, the amended provision would ..... as such, addition on this account is sustained.20. .....

Omega Estates Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD427(Chennai)

..... hence, in our opinion, the learned commissioner of income tax (appeals) has grossly erred in observing that, no better evidence the assessing officer could have produced and the passing of extra consideration is almost always in cash for which no records are ..... learned cit(a) further noted that nothing concrete has been brought on record by the assessee to prove that the selling rate indicated by the assessee in the letter given to sbi home finance was not at all acted upon and it was only an accommodation letter issued by the assessee to enable the prospective buyer to get an enhanced credit.the truthfulness of this documentary evidence is attempted to be rebutted only by his words of mouth, which is neither admissible ..... circumstances, we do not find any infirmity in the order of the learned commissioner of income tax (appeals) and we uphold the appellate order in this regard. ..... the entire gamut of the case, we find that the revenue has failed to discharge its duties and as held by the learned commissioner of income tax (appeals) instead made up a case on surmises and conjectures which cannot be allowed. ..... passing of extra consideration is almost always in cash for which no records are kept.return of income is taken up for scrutiny much after the end of the accounting period and therefore we cannot expect the assessing officer to produce any facts evidencing physical movement of cash / extra ..... is also noted that this is a case of assessment under section 143 (3) and not a block assessment. .....

Assistant Commissioner of Income Vs. Tamil Nadu Silk Producers

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD623(Chennai)

..... as under: restriction on reopening of completed assessments on account of provisions of section 14aclarification regardingthe finance act, 2001, has inserted section 14a in the it act, 1961, wherein it was specifically provided that no deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of total income under the act. ..... these appeals of the revenue is, as to whether reopening of assessment under section 147 of the it act, 1961, is in violation of section 14a of the act or not in the given facts and circumstances of the case.3. ..... deduction shall be allowed in respect of expenditure incurred by the assessee in relation to income which does not form part of the total income under this act: provided that nothing contained in this section shall empower the ao either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april ..... section 14a of the act cannot be applied to the provisions of chapter vi-a (sections 80a to 80u) where deductions are to be made in computing the total income and in no way, that can be compared with the exempted income which does not form part of the total income as provided in chapter iii containing in sections 10 to 13a of the act ..... under section 10(33) of the act, dividend income was totally exempt from tax for .....