Court : Chennai
Reported in : (1995)129CTR(Mad)103; [1995]214ITR778(Mad)
..... under sections 120b, 193, 196 and 420 of the indian penal code, 1860, and also sections 276c and 277 read with section 278b of the income-tax act, 1961 (hereinafter to be referred to as 'the act'). the first petitioner is the company, the third petitioner is the managing director and the second petitioner is the director of the first petitioner-company. ..... purpose of understatement of the account to escape the correct assessment and, therefore, the petitioners are liable to be punished under the indian penal code and also under the income-tax act. 4. in the petition filed by the petitioners, the maintenance of s.m. no. 84 stock book relating to kasi chetty street branch and the seizure of ..... . perumal, first ito : [1984]149itr696(sc) has held that the criminal court no doubt has to give due regard to the result of any proceedings under the income-tax act having a bearing on the question in issue and in an appropriate case, it may drop the proceedings in the light of an order passed under the .....
Tag this Judgment!Court : Chennai
Reported in : (1964)1MLJ66
..... the company' occurring in the proviso was used in a sense different from the ' previous year ' as defined in relation to an assessment under the income-tax act. their lordships also pointed out the necessity for the enlarged definition of ' dividend ' which arose by reason of the view that when once a company had gone into liquidation, ..... in relation to him, there could be no previous year and that therefore the years 1943-44 to 1948-49 cannot be held to be previous years, because the income-tax act came into force in the state only on the 1st april, 1950. their lordships accepted the contention on behalf of the department that the expression 'six previous years of ..... k. srinivasan, j.1. the question that arises in this writ petition calls for interpretation of section 2(6-a), (c) of the indian income-tax act. it arises in the following manner. m/s. short bros. (p.) ltd., own certain coffee estates in salem district. the company sold all of its assets on 24th december, .....
Tag this Judgment!Court : Chennai
Reported in : [1999]96CompCas275(Mad); (1999)155CTR(Mad)619; [1999]236ITR357(Mad)
..... tion 276b read with sections 192, 194a, 200 and 204 of the income-tax act, 1961, hereinafter to be referred to as the act, read with rule 30 of the income-tax rules, 1962, and section 278b of the act, alleging that the first accused company had not deducted the income-tax on the remuneration to the directors and also the interest credited to the creditors ..... [1994]209itr797(mad) , wherein the trial court did not award the minimum sentence of six months rigorous imprisonment for the offences under sections 278 and 278a of the income-tax act. the high court has found that the accused for his inability to pay the fine amount imposed on him, underwent the default sentence for seven months and thereafter, the ..... it has become necessary to impose the minimum punishment. but it was argued before me that before the amendment in 1989, section 276b of the old income-tax act, as it existed, reads that if a person, without reasonable cause or excuse fails to deduct or after deducting, fails to pay the .....
Tag this Judgment!Court : Chennai
Reported in : (1962)1MLJ444
..... by implication and became trustees for the purposes mentioned in the will and that therefore the assessment should be made under the provisions of section 41 of the income-tax act.6. the income-tax officer rejected their contention. he held that as a substantial portion of the debts left by the deceased remained undischarged, till the last day of the ..... of opinion that the assessment in the present case can be made only in accordance with section 41 of the income-tax act. we answer the question referred to us in the following manner, namely that to the extent the income from the properties specified in the will had been applied towards payment of monthly allowances to the various relations ..... s. ramachandra iyer, c.j.1. the following question has been referred to us under section 66 (1) of the income-tax act for decision:whether any part of the income of the estate of the aforesaid testator (t.p. ramaswami pillai) is exempt under the proviso of section 4(3)(i) for assessment years 1950-51 to .....
Tag this Judgment!Court : Chennai
Reported in : [1978]111ITR375(Mad)
..... in the circumstances of the case, there was any error apparent from the record regarding levy of additional surcharge which could be rectified under section 154 of the income-tax act, 1961 ?'the learned counsel for the assessee submitted that the second question should have priority of consideration as in case he succeeds on that question, the consideration of ..... thinking that on that question there can be no two opinions. it was not open to the income-tax officer to go into the true scope of the relevant provisions f the act in a proceeding under section 154 of the income-tax act, 1961. a mistake apparent on the record must be an obvious and patent mistake and not something ..... engaged in the marketing of the agricultural produce of its members. it is exempt from income-tax and super-tax in respect of profits and gains of the business carried on by it by virtue of sections 81 and 99 of the income-tax act, 1961, as it was in force in the relevant year. we are considering in this reference .....
Tag this Judgment!Court : Chennai
Reported in : [1961]43ITR511(Mad)
..... the firm were divided between its partners and the partners as individuals were called upon to pay income-tax on their share of the income. this was, therefore, obviously a case of chargeable income escaping assessment and section 34 of the income-tax act applied to the case.'the learned judges did not consider in that case whether section 35(1) ..... . it is needless to say that if one or more modes of assessment are open to the taxing authorities, the taxing authorities must adopt that mode which is more beneficial to the assessee. the indian income-tax act is a taxing statute and therefore the courts must be zealous to see that no right which an assessee has under ..... formal application, c.m.p. no. 309 of 1961, to grant the relief in the lettered circumstances required. in the affidavit that was filed an additional ground was taken that the petitioner had not been given any effective opportunity to present his defence before the income-tax officer passed orders on february 19, 1959.the main .....
Tag this Judgment!Court : Chennai
Reported in : [1963]48ITR673(Mad)
..... assessment year 1956-57, in submitting the return of income, the agastyar trust (the assessee) did not include its share income as the partner of indian metal and metallurgical corporation and claimed that such income was exempt from taxation under the provisions of section 4(3)(i) of the income-tax act. the income-tax officer rejected this claim and the assessee preferred an ..... under section 66 of the indian income-tax act is whether, on the facts and in the circumstances of the case, the income derived by the assessee trust as a partner in the firm of indian metal and metallurgical corporation is exempt from tax under the provisions of section 4(3)(i) of the act.the relevant facts giving rise to ..... agastyar trust is a trust of such a character as would fall within the ambit of section 4(3)(i) of the act has been considered by this court in t. c. no. 62 of 1958 : (commissioner of income-tax v. east india industries (pte.) ltd.) by a division bench, to which one of us was a party. the .....
Tag this Judgment!Court : Chennai
Reported in : [1962]46ITR666(Mad)
..... by implication and became trustees for the purposes mentioned in the will and that therefore the assessment should be made under the provisions of section 41 of the income-tax act.the income-tax officer rejected their contention. he held that as a substantial portion of the debts left by the deceased remained undischarged till the last day of the previous ..... opinion that the assessment in the present case can be made only in accordance with section 41 of the income-tax act. we answer the question referred to us in the following manner, namely, that to the extent the income from the properties specified in the will had been applied towards payment of monthly allowances to the various relations ..... ramachandra iyer c.j. - the following question has been referred to us under section 66(1) of the income-tax act for decision :'whether any part of the income of the estate of the aforesaid testator (t.p. ramaswami pillai) is exempt under the proviso to section 4(3)(i) for the assessment years 1950- .....
Tag this Judgment!Court : Chennai
Reported in : [1972]83ITR828(Mad)
..... assessment order was confirmed. but, on may 13, 1959, the original authority addressed a letter to the partnership firm under section 35 of the indian income-tax act, 1922, hereinafter referred to as the act, proposing to revise the assessment for the year 1956-57 as the additional depreciation allowed in the original order was not correct. the firm filed its ..... 35(1) and it cannot be deemed to be one passed because of change of view.secondly, it is said that even if the order dated january 30, 1961, made on the firm is justified, the impugned order could not have been made as it relates back to the date of the original assessment on the petitioner as ..... , mr. narayanaswami contends that there was no jurisdiction to rectify the assessment order on the firm as it did no january 30, 1961. the facts disclose that the income-tax officer disallowed the initial depreciation but granted additional depreciation to the firm. the mainstay of the argument is that the order was subject to appeal and .....
Tag this Judgment!Court : Chennai
Reported in : [1978]112ITR1012(Mad)
..... dispute between the parties properly. the question is reframed as follows :'whether, on the facts and in the circumstances of the case, section 52(2) of the income-tax act, 1961, was properly applied ?'we answer the said question in the negative and against the revenue. the respondents will be entitled to their costs. counsels fee rs. ..... sale price declared by the assessee was less than the market price ascertained by the break-up value method, the provisions of section 52(2) of the income-tax act, 1961, were applicable and after obtaining the approval of the inspecting assistant commissioner as required by the said provisions, he computed the capital gains to be rs. 39 ..... common to all the three references :'1. whether the tribunal was right in its construction of section 52(2) of the income-tax act, 1961, and in holding on the basis of that construction that the income-tax officer was not justified in computing the capital gains in this case on this basis of the market value of the shares .....
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