Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD581(Mad.)
..... reply filed and also the explanation offered, penalty under section 271(1)(c) is dropped.13. subsequently, the commissioner of income-tax, madurai, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, called for and examined the records of the assessee. on such an examination, he found that the aforesaid order dated ..... .28. in his reply, shri rama iyer, besides traversing the area he had earlier traversed, contended that the assessee's letter dated 26-1-1986 to the income-tax officer clearly relied on circular no. 441. secondly, the seized books, which disclosed suppression of tailoring charges, related to the earlier assessment years. during the search, ..... makes it clear that no immunity can be given by the circular or availed of by the assessee whose premises have been searched by the income-tax authorites. in this regard, the cit negatived the assessee's contention that the cbdt circular no. 441 of 15-11-1985 did not contain any embargo on the assessee's .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD187(Mad.)
..... this regard, the assessee did not file any appeal before the first appellate authority. subsequently, invoking the powers vested in him by and under section 263 of the income-tax act, 1961. the commissioner of income-tax called for and examined the assessment records of the assessee.on such an examination, he considered that the assessment order in question was erroneous in that it was prejudicial ..... first to ascertain the nature of the consideration received by the assessee under the agreement in question.for this purpose, it is necessary to examine the relevant provisions of the income-tax act, 1961.30. under the scheme of the act, the ambit of taxation varies with the factor of residence in the relevant previous year. as respects nonresidents, the following categories of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2004)88ITD373(Chennai)
..... for the assessee or for the department to sneak into the provision of section 145 of the income-tax act, 1961. therefore, we are of the considered view that the assessee has to compute its income for the purpose of the income-tax act on the very same basis of the accounts prepared by it on accrual basis for complying ..... employed by the assessee. in fact, there is no occasion to examine, whether section 209 of the companies act over-rides section 145 of the income-tax act or not.there are different assessees by status under the income-tax act. the status of company is different from others. status is assigned to an assessee on the basis of ..... maintain day-to-day accounts on cash basis.11. shri m. narayanan, the learned departmental representative appearing for the revenue contended that section 145 of the income-tax act does not give the assessee two options of different methods of accounting for different purposes, or for complying with the provisions of different enactments. he submitted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)104ITD149(Chennai)
..... in categorical term says that the excise duty and sales tax cannot form part of total turnover for the purpose of ..... enrichment on the part of the state by retaining the tax relatable thereto. under the scheme of constitution, the government cannot retain even a single pie of the individual citizen as tax, when it is not authorised by an authority of law. in this case, the income-tax act enacted by parliament as interpreted by the jurisdictional high court ..... for this small delay. considering the circumstances and hearing the counsels, we condone the appeal.20. the issue raised in the appeal is that the commissioner of income-tax (appeals) has erred in deleting the disallowance made under section 43b in respect of pf and esi.21. in this case, the payments were made within the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD71(Mad.)
..... yardsticks are designed to serve, no reliance can be placed on that section of interpreting the term "turnover", especially when the term "turnover" has not been defined either under the income-tax act or in the rules made thereunder.secondly, in the case of a person carrying on business, section 44ab itself uses the expression "total sales, turnover or gross receipts, as the ..... in india and that being the position the provisions of section 4(1)(a) were immediately attracted and the income, profits and gains so received became chargeable to tax under section 3 of the act.again in the case of raja mohan raja bahadur v. cit [1967] 66 itr 378 supreme court observed at p. 382 of the report: ...if accounts are maintained according .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD429(Mad.)
..... .for the same reasons, paragraph (2) of article 12 is also not applicable to the case before us.with the result, the interest income in question will have to be brought to charge as such under the income-tax act, 1961. this would mean that the provisions of section 56(1) read with those of section 57 get activated. since the focus of section 57 ..... p.v.al. kulandayan chettiar v. ito [1983] 3 itd 426 (mad.) (sb), no part of the malaysian income could enter into the computation of the total income of the assessee under the income-tax act, 1961.23. what is the treatment to be given to the interest income earned by the assessee in india to this question we may now turn. here again, whatever might be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)47ITD315(Mad.)
..... trading activities and leased the factory premises. the ito allowed registration to the firm for the assessment years 1972-73 and 1973-74.the commissioner of income-tax, acting under section 263, cancelled the registration on the ground that no business was carried on by the assessee during the relevant accounting years. this order was ..... the lease granted under the indenture of 15th march, 1948 was a lease of a commercial asset and, that therefore, the income from the lease should be assessed under section 10 of the income-tax act, 1922; and that consequently, the assessee was entitled to depreciation and development rebate also. the assessee was unsuccessful before the ..... owning properties and letting them was not a purpose for which it was formed and that being so, the disputed income cannot be said to fall under any section of the indian income-tax act other than section 10. cases of undertakings of this nature stand on an entirely different footing and are distinguishable from cases .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)50ITD170(Mad.)
..... manufacturing tea, the assessee was entitled to and was granted development allowance under section 33a of the income-tax act, 1961. it is common ground that as stipulated by and under section 33a(3)(i) of the act the assessee created a development allowance reserve in a sum of rs. 73,000. for the purposes ..... will have to be reduced by the amount of development allowance actually allowed for purposes of computing total income of the assessee under the income-tax act. we are unable to agree. under the scheme of the income-tax act, development allowance is allowed if the assessee satisfies the stipulated basic conditions. if the assessee-becomes eligible ..... which, in terms, stipulates that for purposes of computing the chargeable profits, inter-corporate dividends shall be excluded from the assessee's total income as computed under the income-tax act for the assessment year in question.26. the second schedule contains rules for computing the capital base of the company. broadly stated, under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1996)59ITD570(Mad.)
..... supreme court in madeva upendra sinai's case (supra) by the majority judgment held 'that the key word in clause (b) of section 43(6) of the income-tax act, 1961 is "actually". it is the antithesis of that which is merely speculative, theoretical or imaginary. "actually" contra indicates a deeming conception of the word actual which it qualifies ..... by the assessee on 31-12-1992. this revised return was also a loss return which was filed after the time limit prescribed under section 80 of the income-tax act. therefore, he was of the view that the assessing officer should not have entertained the additional claim for deduction of debenture issue expenses in the order cited ..... [1985] 13 itd 234 (mad.) and directed the ito to grant the said allowance subject to the fulfilment of the other conditions prescribed in section 32a of the income-tax act. the revenue is in appeal.3. shri s.v. subramanian, standing-counsel, submitted that the decision of the tribunal in the case of first leasing co. of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD631(Mad.)
..... order and the issue involved is also common.3. the common issue involved in these appeals is regarding the market development allowance under section 35b of the income-tax act, 1961 ('the act'). in the assessment year 1974-75, the assessee has come in appeal before us for the claim of weighted deductions on the items of expenditure which are ..... to both the parties.7. in the result, the assessee's appeals are treated as partly allowed for statistical purposes.reference under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment years 1974-75 and 1975-76, we refer the following point of ..... no weighted deduction is to be allowed on the item of general expenses, professional charges, repairs to machinery, repairs to building, repairs to furniture, rates and taxes in view of the fact that these expenses are incurred within india and the assessee has not proved by bringing or furnishing details or material on record to show .....
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