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Commissioner of Income Tax Vs. Ms.Ashok Leyland Ltd.

Court : Chennai

..... management fee of rs.12,29,523/- and the legal fee of rs.9,55,000/-, the other expenses qualified for deduction under section 35d of the income tax act. the commissioner of income tax (appeals) also agreed with the assessee that it was entitled to deduction on the expansion undertaken by it. aggrieved by this, the revenue went on appeal ..... ita no.888 & 997/99 for the assessment year 1995-96.t.c.(a) nos.1256 of 2005 is filed under section 260a of the income tax act against the order of the income tax appellate tribunal dated 04.02.2005 made in ita no.888 & 997/99 for the assessment year 1995-96.judgment(judgment of the court was delivered ..... before the tribunal.7. as far as the eligibility of the assessee for claiming deduction under section 35d of the income tax act was concerned, the tribunal held that the expenditure were incurred for expansion of the industrial undertaking and hence, the same qualified for deduction. as far as the qualifying .....

Commissioner of Income Tax. Vs. Ms.Nepc India Limited

Court : Chennai

..... income tax act, 1961 against the common order of the income tax appellate tribunal, madras 'a' bench, dated 13.12.2002 in ita.nos.1019/mds/2002 and 1265/mds/2002.common judgment(the judgment of the court was made by chitra venkataraman, j.)1. the revenue has come up on appeals as against the common order of the income tax appellate ..... 5,537.87 lakhs. the assessee further admitted rs.1,601.36 lakhs being 30% of the book profit as deemed income under section 115ja of the income tax act. evidently, the assessee did not pay the tax on the basis of the book profit calculated under section 115ja.3. it is a matter of record that on 8. ..... section 143(2), the assessee requested the assessing officer to take cognizance of revised return of income filed for the purpose of arriving at the tax liability under section 115ja and to arrive at the taxable income under the provisions of the income tax act, excluding section 115a provisions also. reiterating the view already taken by the assessing officer that .....

Chettinad Corporation (P) Ltd. Vs. Commissioner of Income Tax, Madras

Court : Chennai

Reported in : [1983]141ITR693(Mad)

..... 14, 1970. the tax so estimated was rs. 86,623. the assessment was completed on the total income of rs. 16,26,990 and the tax payable thereon after adjustment of tax deducted at source and double income-tax relief due came to rs ..... of the i.t. act, 1961, the following question has been referred : whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that the penalty order passed is not barred by limitation under section 275 of the income-tax act, 1961 ?' 2. the assessee furnished an estimate for advance tax payable by it on march ..... force at the time of assessment was the iac. by an amendment, the ito was vested with the power to levy penalty in cases where the assessed income was below a particular amount. this court held that the law in force at the time when the return was filed would be applicable and that the authority .....

Sp. Dhanalakshmi Vs. Assistant Director of Investigation

Court : Chennai

Reported in : [1992]194ITR349(Mad)

..... proceedings, an inventory of the articles was taken and the nine rooms in the said house were sealed and prohibitory orders under section 132(3) of the income-tax act, 1961, were passed (underlining is mine). as such, according to the learned counsel, there was no seizure of any item of jewellery or other valuable articles since ..... mrs. nalini chidambaram, learned counsel for the respondent, on instructions, submits that, pursuant to the warrant of authorisation issued by the competent authority under section 132 of the income-tax act, 1961, a search was conducted in the premises of m. r. m. s. p. house, devakottai, during april, 1982. it is stated that search proceedings were conducted ..... motion was ordered on july 19, 1989. 3. mrs. nalini chidambaram appears for the respondent on instructions. 4. the writ petitioner was an assessee under the income-tax act for the year 1977-78. she alleges that, in her return for the year 1977-78, she included her wealth for 1977-78 and 1978-79 claiming .....

The Commissioner of Income-tax, Madras Vs. the Mysore Chromite Ltd.

Court : Chennai

Reported in : AIR1952Mad198; [1951]20ITR546(Mad)

..... it cannot be said that by subsequent adjustment towards the debt there was further receipt of the sale price by the sellers so as to attract the provisions of the income-tax act. the situation probably might have been different and it is unnecessary to go into that if the person who paid and received the sale price in the first instance happens ..... satyanarayana rao, j. 1. the appellate . tribunal referred the following two questions of law to this court for decision under section 66 of the indian income-tax act. the questions are: '(1) whether on the facts and in the circumstances of the case, the profits derived by the assessee company from sales made to european and american ..... he is within the purview of either section 4(1)(a) or 4(1) (c) of the income-tax act. the assessee is not a resident in british india and therefore he would be liable to pay tax on the profits only if the income had accrued or had arisen in british india during the accounting year or if it was received in british .....

East India Industries (Madras) Ltd. Vs. Commissioner of Income-tax, Ma ...

Court : Chennai

Reported in : AIR1957Mad357

..... agreement with the principle underlying these observations, we have again to point out that the language of the income-tax-act, especially section 10 (2) (iii) is not in pari materia with the statutory provisions of the dividend duties act, though even in australia, the learned judges pointed out that when money is borrowed for use in the ..... (a), which turned oh the statutory provisions of the dividend duties act, which did not contain anything analogous to section 10 (2) (iii) of the indian income-tax act. the learned judges pointed out at page 231 "the purpose of the act (the dividend duties act) is to tax in the hands of companies all profits they make in the state ..... further measure of caution in following the principles laid down under the english income-tax act, we should point out that there was nothing in that act to correspond to section 10 (2) (iii) of our act, the scope of which was denned with precision by the act itself,21. in 'lock v. queensland investment and land mortgage co. .....

A.G.S. Tiber and Chemicals Industries (P) Ltd. Vs. Commissioner of Inc ...

Court : Chennai

Reported in : [1998]233ITR207(Mad)

..... , the delhi high court held that the new undertaking fulfilled the required conditions and the assessee-company was entitled to claim relief under s. 80j of the it act, 1961. the employment of capital in the new unit is different from that of the capital belonging to the assessee-company. if surplus or reserve capital is available ..... put up, attracting the application of s. 80j. in the asst. yr. 1973-74 the claim was negatived stating that the assessee had not earned any positive income during the period and, therefore, no deduction could be allowed. in the subsequent years, it was held that the assessee had only reconstructed a business already in ..... learned standing counsel appearing for the department relied on a decision in ashok motors ltd. vs . cit : [1961]41itr397(mad) . wherein the court, while considering the provisions of s. 15c of the indian it act, 1922, held that s. 15c of the indian it act, 1922 does not make an industrial undertaking per se the unit of assessment. it makes a .....

Commissioner of Income Tax Vs. Mathurantakam Co-operative Sugar Mills ...

Court : Chennai

Reported in : [2000]241ITR817(Mad)

..... in tcp no. 170 of 1984, dt. 4th december, 1984, the tribunal has referred the following question of law under s. 256(2) of the it act, 1961 (hereinafter referred to as the 'act'), for our consideration : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the expenses incurred on ..... cit(a), on appeal, preferred by the assessee accepted the claim of the assessee and held that the expenditure could neither be regarded as guest house expenditure nor entertainment expenditure. therefore, the entire amount was held to be liable to be deducted in the computation of the business income of the assessee. 4. the tribunal in the ..... are liable to be regarded as expenses incurred on the maintenance of guest house maintained by the assessee and they are not allowable in the computation of the business income of the assessee. 17. accordingly, we answer the question of law as under : the tribunal was correct in holding that the expenditure amounting to rs. 5 .....

Rane (Madras) Ltd. Vs. Commissioner of Income-tax

Court : Chennai

Reported in : (1995)128CTR(Mad)450; [1995]212ITR583(Mad)

..... j. 1. the assessee-company has kept a dispute as to eligibility of certain payments in excess of the limit under section 40(c) of the income-tax act, 1961 ('the act'), alive on pleas which hardly require exercise of greater wisdom than ordinary for rejection. the company claimed that a sum of rs. 1,01,150 being ..... such amenities as the parties may choose to stipulate by way of terms of employment. though these will be expenses falling within section 37(1) of the income-tax act as expenditure incurred wholly for the purpose of the business, the employer's claim for deduction is subject to the limit specified in section 40(a)(v). this ..... emoluments and perquisites to the managing director should be deducted as expenditure falling under section 37 of the act. the income-tax officer disallowed the expenditure in excess of rs. 72,000, the limit as per section 40(c) of the act. the commissioner confirmed the disallowance. the company preferred an appeal before the tribunal and urged that though .....

A. Muthukumara Pillai Vs. Commissioner of Income-tax

Court : Chennai

Reported in : [1974]96ITR557(Mad)

..... given and the contracts were settled by payment of the amount, the contracts were speculative transactions within the meaning of section 43(5) of the income-tax act, 1961 (hereinafter called 'the act')- at the instance of the assessee the following question has been referred by the tribunal :' whether, on the facts and in the circumstances of ..... have held in similar circumstances in t.c. no. 130/67, r. chinnaswami chettiar v. commissioner of income-tax : [1974]96itr353(mad) that it would amount to a speculation business. section 73 of the act says that the losses in speculation business shall not be set off except against profits and gains of another speculation ..... business. the learned counsel for the assessee relied on badridas daga v. commissioner of income-tax, : [1958]34itr10(sc) and contended that the loss .....