Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: chennai Page 13 of about 13,056 results (0.212 seconds)

G.R. Govindarajulu Naidu and anr. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : [1973]90ITR13(Mad)

..... the question whether a 'development rebate reserve' is the accumulated profits of a company within the meaning of section 2(22)(e) of the income-tax act, 1961 (corresponding to section 2(6a)(e) of the earlier act) and having regard to the nature and the purpose of such a reserve, it was held that the ' development rebate reserve ' is ..... the decisions referred to above the assessee claimed deduction of certain amounts in computing its profits as expenditure within the meaning of section 10(2)(xv) of the income-tax act, 1922, but its claim was disallowed on the ground that it was a capital expenditure. but the tribunal allowed the claim holding that the amount was not ..... with the interest on the sum borrowed and carried forward the accumulated amount. on these facts the borrower sought the benefit of section 36(1) of the english income tax act, 1918, which provided that:' where interest payable in the united kingdom on an advance from a bank carrying on a bona fide banking business in the united .....

Sukra Diamond Tools Pvt. Ltd. Vs. Deputy Commissioner of Income Tax

Court : Chennai

Reported in : (1997)137CTR(Mad)629; [1998]229ITR682(Mad)

..... same petitioner raise an interesting question of law relating to the interpretation of s. 143(1)(a) of the it act, 1961 (hereinafter called 'the act'), r/w s. 143(1a) of the act. wp no. 7751 of 1994, relates to the levy of additional income-tax for the asst. yr. 1991-92 to the tune of rs. 2,36,096. wp no. 7752 of ..... of india r/w art. 366(28) of the constitution of india relating to the definition of the word 'tax' and contends that if by way of a finance act under art. 271 of the constitution of india, the additional income-tax had been levied by way of surcharge, the petitioner could have no defence to the levy. but in this case ..... the previous year of every person. according to him, the concept of accrual or arisal of income under the act is alone the main consideration for the charge to be attracted. therefore, the concept of income-tax is unimaginable in the case where a person suffers loss. in cit vs . bangalore transport co. : [1967]66itr373(sc) an assessee submitted a return, claiming .....

A.R. Balakrishnan Vs. Commr. of Income-tax, Madras

Court : Chennai

Reported in : AIR1954Mad1118; [1954]26ITR367(Mad)

..... distributed to other persons under arrangements or agreements entered into between them, it is of no consequence, and they cannot be deducted under any provision of the income-tax act. the entire profits, ignoring the distribution or the diversion or application of the profits for other purposes or for other objects, could be assessed at the point ..... expended wholly or exclusively for the purpose of such business; and it could not be allowed as a permissible deduction even under section 10 (2) (x), income-tax act, unless the sum paid as commission would not have been payable to him as pro-its or dividend. if once the profits are receivedby an assessee, the ..... , and, there? fore, was not a permissible deduction.3. ramaswami filed an application before the commissioner of income-tax under section 33-a, income-tax act, to revise the order of the assessment and to exempt the payment of tax on the commission paid to ramaswami, which was included in the assessment years 1949-1950 and 1950-51. the .....

Commissioner of Income-tax Vs. M.P. Narayanan

Court : Chennai

Reported in : [2000]244ITR528(Mad)

..... the case, the tribunal is justified in cancelling the penalties, imposed without considering the applicability of explanation to section 271(1)(c) of the income-tax act, 1961 ?'4. in the case of sethukumari in tax case no. 921 of 1986, the following questions of law have been referred to us for our consideration :'1. whether, on the facts ..... are respondents herein. tax cases nos. 913 and 914 of 1986 and tax cases nos. 1458 and 1459 of 1986 arise under the income-tax act, 1961 (hereinafter to be referred to as 'the act'). tax case no. 921 of 1986 arises under the wealth-tax act, 1957 (hereinafter to be referred to as 'the wealth-tax act'). in so far as tax cases nos. 913 ..... imposed without considering the applicability of explanation to section 271(1)(c) of the income-tax act, 1961 ?'3. the questions of law referred to us in tax cases nos. 1458 and 1459 of 1986 are almost similar to the questions of law referred in tax cases nos. 913 and 914 of 1986 and the questions read as under :'1 .....

Super Spinning Mills Ltd. Vs. Commissioner of Income-tax and anr.

Court : Chennai

Reported in : [2000]244ITR814(Mad)

..... v. fourth ito : [1986]161itr275(kar) . in that case the inspecting assistant commissioner imposed penalty on the assessee under section 271(1)(c) of the income-tax act, 1961. on appeal, the tribunal cancelled the penalties levied against the assessee. the high court, on a reference, at the instance of the revenue, held that the ..... moosa sait v. gto : [1987]167itr338(ker) , a division bench of the kerala high court, while considering section 32(2) of the gift-tax act, 1958, which corresponds to section 220(2) of the income-tax act, 1961, following k. p. abdul kareem hajee v. ito : [1983]141itr120(ker) (confirmed by a division bench in ito v. a. v. ..... assistant commissioner was valid and legal. in compliance with the order of the tribunal, the income-tax officer passed consequential orders calling upon the assesseeto pay the penalty and interest accrued thereon under section 220(2) of the income-tax act, 1961. in the writ petitions, the challenge was made on the ground that fresh notices of .....

Vorion Chemicals and Distilleries Ltd. Vs. Inspecting Assistant Commis ...

Court : Chennai

Reported in : [2000]246ITR638(Mad)

..... ref : no. i/dec. 1985 dated : 6-8-1986 whereas sri a. b. reddy, being the competent authority under section 269d of the income-tax act, 1961 (43 of 1961) (hereunder referred to as the said act), have reason to believe that the immovable property having a fair market value exceeding rs. 1,00,000 and bearing no. door no. 12, nungambakkam ..... august 9, 1985, for a total consideration of rs. 32,20,000 from one r.v. sarojini devi. the vendor obtained the certificate under section 230a of the income-tax act, 1961. the property consists of 12 grounds and 494 sq. ft. with a building of 2,200 sq. ft. in the ground floor and 800 sq. ft. in ..... 12, nungambakkam high road. doc. no. 570/85 action under chapter xx-a of the income-tax act, 1961 (provisions to acquire immovable property) has been initiated for the acquisition of the above property by publishing a notice under section 269d(1) of the income-tax act, 1961, in the government of india gazette. in this connection, you are requested to appear before .....

M/S.Sterilite Industries (India) Ltd. Vs. Assistant Commissioner of In ...

Court : Chennai

..... before this court, challenging the notice of reassessment dated 19.03.2009 for the above-said assessment years issued by the first respondent under section 148 of the income tax act, 1961. 2. the petitioner herein is a company and an assessee on the file of the first respondent herein. the petitioner is engaged in the manufacture and ..... thus, for the first time, in the return filed for the assessment year 1999-2000, the petitioner claimed 100% deduction under section 80 ib of the income tax act, 1961 in respect of the profits arising from the said manufacturing unit's operations. thus starting from the assessment year 1999-2000, the deduction under section 80 ib of ..... the income tax act, 1961, available at 100% for the first five assessment years was granted on the assessment made for the assessment years 2001-02, 2002-03 and 2003-04. .....

Commissioner of Income Tax Vs. Ms. Real Image Pvt. Ltd.

Court : Chennai

..... amount of rs.98,22,000/- received by the assessee is nothing but the "goodwill" and brought to tax under section 45 read with section 55(2)(a) of the income tax act, 1961. the matter was taken in appeal by the assessee before the commissioner of income tax, who, by order dated 22.03.2005, by observing that the assessee is neither manufacturing any products nor ..... prayer:- appeal under section 260a of the income tax act, 1961 against the orders of the income tax appellate tribunal madras 'b' bench, dated 19.1.2007 in ita.no.1561/mds/2005 for the assessment year 2001-2002.elipe dharma rao, j1. the revenue has come forward with the present tax case appeal against the order passed by the income tax appellate tribunal madras 'b' bench, dated 19.1 .....

Commissioner of Income Tax. Vs. Ms.Amal Generators Ltd.

Court : Chennai

..... by the assessee and the owners had filed an eviction suit against srvs.5. as far as the initiation of proceedings under section 263 of the income tax act was concerned, the tribunal pointed out that the entire order proceeded on the premise that the tenancy rights of the assessee was personal in nature, ..... the surrender of the tenancy rights could not be assessed. in exercise of the jurisdiction under section 263 of the income tax act, the commissioner of income tax (appeals) sought to revise the order, placing reliance on the decision of the income tax appellate tribunal, special bench, mumbai reported in [1996] 217 itr itat reports 51 (cadell weaving mill co. ..... the fresh grounds raised by the department based on material evidences, which was not placed before the commissioner in his proceedings under section 263 of the income tax act?2. whether in the facts and circumstances of the case the appellate tribunal being the highest facts finding authority, having satisfied through the lease deed .....

Commissioner of Income Tax. Vs. T.M.Abdul Rahaman and Sons

Court : Chennai

..... 260a of the income tax act, 1961 against the order dated 11.07.2005 in mp.45/mds/04 in ita.no.1797/mds/96 (assessment year 1992-93).judgment(judgment of the court was delivered by chitra venkataraman,j.)1. the following is the substantial question of law raised by the revenue in this tax case appeal, ..... error/mistake, be brought before the tribunal for correction under section 254(2) of the income tax act? "2. the question relates to the includability of the fixed deposit receipts in the business profit for granting deduction under section 80hhc of the income tax act. the assessment year under consideration herein is 1992-93. based on the decision reported in ..... on the provision of law relevant to the assessment year under consideration. in this connection, the decision reported in [2008] 305 itr 227 (assistant commissioner of income tax vs. saurashtra kutch stock exchange ltd.), relied on by the revenue, merits to be noted herein. the apex court pointed out that the assessee filed a .....