Court : Chennai
Reported in : (1990)81CTR(Mad)207; [1991]189ITR491(Mad)
..... petitions can be dealt with under a common judgment, since the prayer is one and the same, viz., for a declaration that section 44ab of the income-tax act, 1961, which imposes audit of accounts of assessees by accountants alone and restraining the other authorised and qualified practitioners as unreasonable, discriminatory and unconstitutional. in all the cases ..... for attending to more important investigational aspects of the case. having regard to the foregoing considerations, the bill seeks to make a new provision in the income-tax act making it obligatory on a person carrying on business to get his accounts audited before the 'specified date' by an 'accountant', if the total sales, ..... the proposed provisions, the term 'accountant' will have the same meaning as in the explanation below sub-section (2) of section 288 of the income-tax act. the expression 'specified date', in relation to the accounts of any accounting year or years relevant to any assessment year, would mean the date of .....
Tag this Judgment!Court : Chennai
Reported in : [1987]163ITR487(Mad)
..... revised return submitted by him before the completion of the assessment for the year 1977-78 under section 139(5) of the income-tax act. section 139(5) of the income-tax act lays act lays down that act lays down that if any person having furnished a return under sub-section (1) or sub-section (2) discovers any ..... is the proprietor of ratna movies, carrying on business in distribution of films, is an income-tax assessee with the status of 'individual'. on october 11, 1977, the petitioner delivered his income-tax return for the assessment year 1977-78, ..... madras-8. the accused is the petitioner. 2. the income-tax officer, central circle-xv, has launched a criminal prosecution against the petitioner for offences under sections 193, 420 read with section 511 of the indian penal code and sections 277 and 276c(1) of the income-tax act of 1961, on the following averments. 3. the petitioner, who .....
Tag this Judgment!Court : Chennai
Reported in : AIR1952Mad271; [1951]20ITR238(Mad); (1951)2MLJ335
..... parts in the hands of the several members of the quondom coparcenary into which it has become split up and the discontinuance contemplated by section 25 (3) of the indian income-tax act cannot consequently be postulated. the argument overlooks that the conception of "continuance" as excluding and the conception of "discontinuance" as warranting, the operation of subsection (3) are ..... and circumstances of the case the tribunal was right in holding that the hindu undivided family was not entitled to the benefits of section 25(3) of the indian income-tax act, after partition on 28-3-1939."2. the applicant was a member of a hindu undivided family till the date of the partition on 28-3-1939. the ..... period between 13-4-1938 and 28-3-1939, the date of the partition on the basis that it was entitled to the benefit of section 25 (3), income-tax act. the accounting year for the assessment fear is from. 13-1-1938 to 13-4-1939.3. the assessee claimed that the joint family business became "discontinued" .....
Tag this Judgment!Court : Chennai
Reported in : AIR1957Mad418; [1956]29ITR842(Mad)
..... the balance-sheet'. the latter figure might or might not have been arrived at on a basis identical with the method of computation prescribed by the indian income-tax act. but until the total profits and gains are thus ascertained -- and this can be ascertained only in the course of assessment proceedings against a company whose ..... the end of the proviso can only mean total profits and gains of the company, as computed under the indian income-tax act, for it is the ratio between this figure and the amount of income actually subjected to income-tax which determines the proportion of the dividend in regard to which an assessee is entitled to -- or bound to ..... remitted to british india in the same accounting year.4. the chettinad company was not assessed to income-tax in british india under the indian income-tax act; hut the assessee stated that the chettinad company had been in receipt of interest income on advances made by it to a resident company -- the south indian corporation (madras) ltd., .....
Tag this Judgment!Court : Chennai
Reported in : [1997]223ITR831(Mad)
..... the assessment year 1972-73 ?' 2. the assessee is an association of persons which has been granted exemption under the provisions of section 11 of the income-tax act, 1961. the assessee is a charitable trust, engaged in charitable activities. there were several distinct lines of activities such as running educational institutions, technical training centers, ..... of the case, the appellate tribunal's view that the provisions of sub-section (4) of section 11 of the income-tax act, 1961, cannot operate as a charging section for bringing to tax the 'excess' referred to therein is sustainable in law 2. whether, on the facts and in the circumstances of the ..... to purposes other than the charitable or religious purposes and, accordingly, chargeable to tax within the meaning of sub-section (3).11. wherever parliament considered the computation of income should be in accordance with the provisions of the income-tax act, 1961, it introduced the concept by using appropriate language. in the absence of any .....
Tag this Judgment!Court : Chennai
Reported in : [2002]255ITR540(Mad)
..... challenging the order of the settlement commission dated december 21, 1998, and seeking a direction to the settlement commission to pass orders in accordance with chapter xiv-b of the income-tax act, 1961.3. in w. p. nos. 17150, 17151, 17160 and 18756 of 1999, the petitioners have challenged the order dated may 14, 1999, in which the settlement commission ..... him in movable and immovable properties. it was also revealed, the assessee was doing business in benami names. so a notice under section 158bc of the income-tax act, 1961, was issued to him on june 13,1996. in response to the notice the said abraham filed a return, declaring his undisclosed ..... 1999, the settlement commission rejected the applications filed by the assessees stating that the applications in effect seeking review of the order under section 245d(4) of the income-tax act cannot be entertained as the order passed under section 245d(4) has become final and conclusive as to the matters stated therein in view of section 245d(1) .....
Tag this Judgment!Court : Chennai
Reported in : [1995]215ITR309(Mad)
..... and in the circumstances of the case, the appellate tribunal was correct in holding that the commissioner's order passed under section 263 of the income-tax act, 1961, in cancelling the registration granted to the firm under section 185 was not justified and was not valid in law ?' and eventually pursuant to ..... 75income tax act 1961 s.182income tax act 1961 s.183income tax act 1961 s.186mishra, j. 1. the assessee, a partnership firm, was registered for the assessment year 1974-75, by the income-tax officer. its registration was renewed for the year 1975-76. the commissioner, however, called for the records and exercised his powers under section 263 of the income-tax act, 1961 ..... (hereinafter referred to as 'the act'), to cancel the registration granted for 1974-75 and 1975-76 and to direct the income-tax officer to treat the firm as unregistered for the said assessment years and to recompute .....
Tag this Judgment!Court : Chennai
Reported in : [1974]97ITR500(Mad)
..... income-tax act in the sum of rs. 22,013 paid to the central co-operative training institute ?'2. the assessee in this case is a co-operative society registered under the madras co-operative societies act. its bye-laws had been registered with the registrar of co-operative societies. in the previous year ending june 30, 1960, relevant for the assessment year 1961 ..... 30, 1960, at the stage of the assessment proceedings it claimed exemption in regard to this sum under section 14(3)(i)(c) of the indian income-tax act, 1922. the income-tax officer rejected the said claim on the ground that the rice sold did not belong to the members, that it is not an agricultural produce, that ..... made fit for consumption, save mere cleaning, grading, sorting or drying.'21. in support of the contention that in the absence of any such provision in the income-tax act the expression 'agricultural produce' has to be understood in a wide and comprehensive sense,22. in state of madras v. saravana pillai, (1956] 7 s.t .....
Tag this Judgment!Court : Chennai
Reported in : [1999]236ITR1003(Mad)
..... the circumstances of the case, the appellate tribunal was right in law in holding that for the purposes of computation of deemed dividend under section 2(22)(e) of the income-tax act, 1961, there must be actual flow of cash from the company to the shareholder and the transfer of money from the account of her husband to her account did not amount ..... transferred could be treated as payment made to her by the company in order that the amount would attract the provisions of section 2(22)(e) of the income-tax act. according to the income-tax officer, it was constructive payment because the transfer resulted in extinguishment of the liability of her husband to the company and the acceptance on the part of the ..... 63, a sum of rs. 1,95,550 was assessed in the hands of her husband as deemed dividend by invoking the provisions of section 2(22)(e) of the income-tax act. deducting this amount of rs. 1,95,550 from the reserves of rs. 3,68,345 the balance of rs. 1,72,795 was treated as deemed dividend and .....
Tag this Judgment!Court : Chennai
Reported in : [1977]110ITR602(Mad)
..... . 2,55,000 should be out of art silk licence.5. thus, the total business income was estimated at rs. 3,13,854. the income-tax officer initiated proceedings under section 271(1)(c) of the income-tax act, 1961, hereinafter referred to as ' the act '. by way of reply to the notice issued by the inspecting assistant commissioner, who proposed ..... the appellate tribunal was right in holding that the assessee had not concealed the income or furnished inaccurate particulars of income and in cancelling the penalty of rs. 47,500 levied under section 271(1)(c) of the income-tax act, 1961 ?'7. section 271 of the act dealing with the levy of penalty in so far as it is relevant ..... reads as follows :'271. (1) if the income-tax officer or the appellate assistant commissioner in the course of any proceedings under this act, is satisfied that any person......(c) has .....
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