Court : Chennai
Reported in : [1974]97ITR281(Mad)
..... the assessment under the income-tax act or for any other justifiable reason, the income-tax officer who makes assessment under the super profits tax act can recompute the total income under the income-tax act notwithstanding that the. total income of the assessee has been earlier computed and assessed under the income-tax act. the expression 'computed under the income-tax act, 1961 'cannot be read as computed by the income-tax officer in proceedings under the income-tax act. we are not ..... able to interpret the definition of 'chargeable profits' in section 2(5) as meaning the total income of an assessee as assessed under the income-tax act .....
Tag this Judgment!Court : Chennai
Reported in : [2000]245ITR464(Mad)
..... before the respondent herein and in which he has passed the order impugned in this writ petition. 7. at this stage, it is relevant to extract section 214 of the income-tax act, 1961, which is dealing with the subject 'interest payable by government' which runs as follows : '214. (1) the central government shall pay simple interest at fifteen per cent, per annum on ..... the order twice on january 30, 1988, and february 20, 1988, giving effect to a rectification under section 154 and a revision of the assessment by the commissioner of income-tax under section 263 of the income-tax act. the petitioner has paid the taxes as demanded as a result of these revisions. subsequently, the petitioner filed an appeal against the order of the commissioner of .....
Tag this Judgment!Court : Chennai
Reported in : [1994]208ITR676(Mad)
..... must be kept separate from the concept of inherent powers of incidental powers in exercising jurisdiction under section 66 of the 1922 act or section 256 of the 1961 act. section 66 of the indian income-tax act of 1922, or section 256 of the income-tax act 1961, is a special jurisdiction of a limited nature conferred not by the code of civil procedure or by the charters or ..... authority may have in the matter, and there is absolutely no good reason to justify curtailment of such power of the appellate authority under section 251(1)(a) of the income-tax act, 1961. 16. learned counsel for the revenue, while trying to rely upon some of the passages in the very decisions relied upon by learned counsel for the petitioner as above, in .....
Tag this Judgment!Court : Chennai
Reported in : [1995]216ITR385(Mad)
..... 277 and 278 of the income-tax act, 1961. 2. the facts of the case set out in the complaint of the respondent-income-tax officer are almost admitted by the petitioners. the petitioners are husband and wife and they are income-tax assessees. on november 17, 1984, the officials of the income-tax department made a search in their ..... by mr. k. ramaswamy, learned special public prosecutor, appearing for the respondent-department, form no. 37g prescribed under section 269p, income-tax act, is intended to prevent evasion of income-tax and it is not a formality at the time of registering a sale deed to file form no. 37g giving the value of ..... scope to argue that exhibit p-9, the document prescribed under the income-tax act, was fabricated for being used to evade the tax payable to the income-tax department and as the proceedings before the income-tax department are judicial proceedings as mentioned in section 136, income-tax act, there is prima facie evidence for framing charges under section 193, .....
Tag this Judgment!Court : Chennai
Reported in : AIR1955Mad646; [1955]28ITR378(Mad); (1955)2MLJ514
..... by the assessee for payment of remuneration to the managing director and the other technician directors is permissible under the provisions of section 10 (2) (xv) of the income-tax act.''though the question, refers to the remuneration paid to the managing director and the technician directors, it should be noted that one of the technicians, nagoor, who was ..... , it is for the assessee to conduct his business, and in his wisdom or otherwise to fix the remuneration to his staff. the income-tax act docs not clothe the taxing authority with any power or jurisdiction to determine the reasonableness of the amount so iixcd and paid by the assessee. the only test for the ..... of that amount of rs. 59,100 was never in dispute. the assessee claimed this payment as a deduction under section 10 (2) (xv) of the act. the income-tax officer held :"i consider that the reasonable course will in the circumstances be to limit the admissible deduction under this head to an amount not exceeding twice the .....
Tag this Judgment!Court : Chennai
Reported in : [1998]231ITR776(Mad)
k.a. thanikkachalam, j.1. at the instance of the assessee, the tribunal referred the following question for the opinion of this court under section 256(1) of the income-tax act, 1961 : '1. whether, on the facts and circumstances of the case, the tribunal was justified in law in holding that a sum of rs. 5,37,359 or ..... part thereof was assessable to tax under section 41(2) of the income-tax act ?' 2. the assessee-company was carrying on the business of operating buses, lorry service, etc. the tamil nadu government enacted the tamil nadu fleet ..... consideration received by the assessee and written down value amounted to rs. 5,37,359 which was brought to tax by the income-tax officer under section 41(2) of the act for the assessment year 1972-73. on appeal, the commissioner of income-tax held that this was a case of compulsory acquisition and hence section 41(2) is clearly applicable. 3. .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR457(Mad)
..... his subordinates, from taking any steps or proceedings against the petitioner or its assets under the provisions of the income-tax act, 1961, or any other act for the purpose of recovering the arrears of income-tax payable by the anglo-french textiles limited, pondicherry, for the period prior to december 24, 1985.2. the undertaking of the anglo- ..... to his son, its identity was preserved and the same business continued. there was, therefore, a succession within the meaning of section 25(4) of the indian income-tax act, 1922. in the course of the judgment, the following observations with regard to 'succession' was made (headnote) :'succession involves change of ownership ; that is, ..... compensation. the revenue cannot now add to that amount by seeking to treat the petitioner as the successor for the purpose of section 170 of the income-tax act. the petitioner did not acquire anything from the company by way of transfer. what the petitioner did receive was what was given to it by the .....
Tag this Judgment!Court : Chennai
Reported in : AIR1979Mad37; [1978]115ITR243(Mad)
..... would like to refer to the sections of the statute with which we are concerned. 'capital gains' is dealt with in s. 45 of the income-tax act, 1961, which we shall refer to as the act hereinafter, and is more or less the definition of the term, and the section reads thus-"45. capital gains.-any profits or gains arising from ..... of all india tax laws by the various high courts is eminently desirable. if any high court gives a decision against the department on a substantial question of ..... question raised concerned the interpretation or law in a taxing statute governing the whole of india, it should be deemed that the department had made up its mind to accept the decision in ratnam nadar's case (1969) 71 itr 433 (mad), as laying down the correct law. the income-tax act is an all india statute. uniformity of construction .....
Tag this Judgment!Court : Chennai
Reported in : [1966]60ITR647(Mad)
..... of the court was delivered byvenkatadri j. - the tribunal has submitted a statement of the case, directed under section 66(2) of the indian income-tax act, and the statment of the case discloses the following facts :the assessee, naganatha iyer, is a member of a hindu undivided family consisting of himself ..... . the reference, therefore, involves the true construction of section 34 of the income-tax act. lord normand, while considering the scope of section 34, delivered his opinion thus in commissioner of income-tax v. mahaliram ramjidas :'the section, although it is part of a taxing act, imposes no charge, on the subject, and deals merely with the machinery of ..... justification for it, to hold that the amount noted in the foot-note was really the assessees income, in which case an assessable income would have been found and the tax could be charged thereon. if the income-tax officer had acted on that return and assessed the assessee before 31st march, 1950, the assessment would have been valid .....
Tag this Judgment!Court : Chennai
Reported in : [1975]100ITR669(Mad)
..... for discussing section 64(iii) separately. our opinion expressed above covers the question both in regard to section 16(3)(a)(iv) of the indian income-tax act, 1922, and section 64(iii). of the income-tax act, 1961. 15. we, accordingly, answer the reference in the affirmative and against the assessee with costs. counsel's fee rs. 250. ..... the relevant provision applicable is section 16(3)(a)(iv). for the assessment year 1962-63, the relevant provision is section 64(iii) of the income-tax act, 1961. but the provisions are, in pari materia and there is no difference in substance. though the provisions applicable for these two assessment years are different, ..... properties settled by the assessee under the deedsdated february 5, 1956, was liable to be included in the total income ofthe assessee under section 16(3)(a)(iv) of the indian income-tax act, 1922,in respect of the assessment years 1961-62 and 1962-63 ?' 7. it has been found that the settlement deeds were irrevocable, that the children .....
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