Court : Chennai
Reported in : AIR1938Mad57
..... so, nor are they capital borrowed for the purpose of the business as that capital is ordinarily understood. in enacting the explanation to section 10(2)(3), income-tax act, it would seem that the legislature has shown its intention to recognize the existence of such mutual benefit societies like the one in question.6. as the law ..... this court held that the guaranteed interest was interest on capital borrowed for the purpose of the fund's business within the meaning of section 10 (2)(3), income-tax act, that its payment was not in any way dependent on the earning of the profits and that the fund was entitled to claim deduction in respect of that ..... like this was a mutual benefit society and therefore the receipts from share holders were not income liable to assessment under the act. the income-tax officer did not follow this decision, as before he completed the assessment, this court decided the case in commissioner of income-tax v. the madura hindu permanent fund ltd. (1933) 20 a.i.r. mad .....
Tag this Judgment!Court : Chennai
Reported in : (1998)147CTR(Mad)15
..... contemplated.on the above construction made by us of the aforesaid relevant provisions of the it act, 1961, it is clear that the order of the ito in both these references, refusing to refund the amounts of tax deposited by the assessee, which became refundable on assessment of the income as nil by the ito, after the tribunals order cancelling the regular assessments, is, in ..... ss. 143 and 144 of the act.25. that apart, s. 104 of the act also uses the expression, assessee is liable to income-tax and the marginal note of the section also indicates that it is an income-tax on undistributed income of certain companies. when the act itself postulates that the payment made under s. 104 of the act is an income-tax, the denial of interest under s .....
Tag this Judgment!Court : Chennai
Reported in : (1998)61TTJ(Mad)166
..... any provision completely meaningless or redundantcit v. bhagat swarup charanjit singh & co. : [1982]133itr13(delhi) . therefore, the interpretation of section 45(4) of the income tax act, 1961, by the jabalpur bench of the tribunal has to be avoided because it makes the provisions of section 45(4) enacted by parliament completely meaningless and redundant, which is ..... confirmed by the tribunal. on a reference :held, that in view of the company in liquidation being a company as defined in section 2(17) of the income tax act, 1961, section 46(2) would stand attracted and, as section 46(2) can be used as a charging section without reference to section 45, the tribunal was ..... have considered the facts of the case, rival submissions and material on record. for the sake of convenience the provisions of section 45(4) of the income tax act, 1961 are reproduced below :'45(4)the profits or gains arising from the transfer of a capital asset by way of distribution of capital assets on the dissolution .....
Tag this Judgment!Court : Chennai
Reported in : (1999)152CTR(Mad)188
..... is carrying on business in mercerising and is liable to be assessed to income-tax under the it act, 1961. it is also stated that from the year 1971-72 onwards, the petitioner firm was assessed to income-tax as a registered firm by the assessing authority. the petitioner firm filed the return of income for the asst. yr. 1987-88. it is also averred that the petitioner ..... in the form the assessee could be asked to rectify the same by the authorities by invoking the provisions of ss. 184(7), 185(2) and 185(3) of the it act, 1961, ilw r. 22 of the it rules. sees. 184(7), 185 and 185(3) read as follows:'184(7): where registration is granted or deemed to have been granted to ..... firm also filed form 12 prescribed as per the it rules, 1962, for continuation of the registration of the firm for the assessment year on 29th july, 1987. by assessment order under s. 143(1) of the act, dt. 20th nov., 1987, the .....
Tag this Judgment!Court : Chennai
Reported in : (2000)158CTR(Mad)274
..... by the assessee from exploitation of trade-mark was not a business activity for the purpose of s. 13(1)(bb) of the income tax act, 1961?'2. the assessee is a charitable trust constituted under a deed of trust dt. 13th march, 1955. the author of the trust, yennarkay rajarathnam, was the owner ..... purpose of the trust, it would not be eligible for exemption under section 11 of the act. it was the view of the income tax officer that by operation of s. 13(1)(bb) of the act, the assessee became ineligible to claim exemption for its income under section 11. in his view, the exploitation of the trade-mark amounted to carrying ..... which was registered as a charitable institution under the societies registration act. the balance of 10 per cent was meant to provide scholarship to students for undergoing university or technical course in india or aboard. the assessee was assessed as a charitable institution originally. in 1980-81 the income tax officer found that on as the trust was carrying on business .....
Tag this Judgment!Court : Chennai
Reported in : (2001)162CTR(Mad)525
..... holding that the whole of the amount of compounding fee received by the assessee during the year constitute agricultural income which is exempt from taxation under section 10(1) read with section 2(1) of the income tax act, 1961'. ?the assessment year is 1977-78.2. the assessee is the tamil nadu forest plantation corporation ltd., ..... in the case of cit v. raja bahadur kamakhaya narayan singh & ors. (1948) 16 itr 325, the earliest decision on what constitutes agricultural income, has pointed out that the word 'derived' used in the definition of agricultural income in the act would necessitate an enquiry into the genealogy of the income claimed as agricultural income. it must be ..... which had held that the dividend received from a company having tea plantation did not constitute agricultural income as such dividend could not be regarded as income derived from the land. in the case of state farming corporation v. cit : [1990]181itr271(ker) it was held by the kerala high court that the sale of .....
Tag this Judgment!Court : Chennai
Reported in : (2000)163CTR(Mad)436
..... by the assessee. so, the finding of the authorities below that the interest accrued on this gift to the minor should be added to the income of the assessee under section 64(1)(v) of the income tax act is perfectly justified and the order passed by the tribunal does not warrant any interference.6. we answer this question in the affirmative, in favour ..... family settlement ?'2. the deceased assessee was an individual.he filed returns of his income for the assessment year 1982-83 declaring his income at rs. 20,450. the income tax officer added an amount of rs. 34,550 to this income under section 64(1)(v) of the act as an amount of rs. 3,40,000 was received by the assessee's son ..... no transfer of property was involved within the meaning of section 2(xxiv) of the gift tax act and, hence, there was no liability to gift-tax either under section 4(1)(a) or under section 4(2) and consequently no question of inclusion of the income of the minor in the hands of the assessee would also arise.'in cgt v. s .....
Tag this Judgment!Court : Chennai
Reported in : [2004]271ITR145(Mad)
..... purposes shall not be included in the total income to the extent to which it is applied for such purposes in india and, where it is accumulated ..... was expressed by the bombay high court in the case of cit v. trustees of bhat family research foundation : [1990]185itr532(bom) , held as follows (headnote) :'it is clear from clause (a) of sub-section (1) of section 11 of the income tax act, 1961, that income derived from property held under trust wholly for charitable or religious ..... it is also to be kept in view that under the earlier income tax act of 1922, exemption was available to charitable trusts without any restriction upon the accumulated income. there was a change in this respect under the present act of 1961. under the present act, any income accumulated in excess of 25 per cent or rs. 10,000, .....
Tag this Judgment!Court : Chennai
Reported in : [1977]109ITR649(Mad)
..... also on the basis of an analogy of section 34(l)(a) read with section 16(3) of the indian income-tax act, 1922.section 34(l)(a) of the indian income-tax act, 1922, enabled the income-taxofficer to reopen an assessment, if he had reason to believe that by reasonof the omission or failure on the ..... it is pertinent to point out that section 28(l)(c)of the indian income-tax act, 1922, uses the expression 'his income'. there were certain provisions in the indian income-tax act, 1922, which authorised the income-tax officer to include in the income of the assessee certain incomes not belonging to him, but belonging to others, and assess the same in ..... has relied on the analogy of section 28(l)(c) of the indian income-tax act, 1922. section 28 of the indian income-tax act, 1922, dealt with the penalty for concealment of income or improper distribution of profits. section 28(l)(c) provided:' if the income-tax officer, the appellate assistant commissioner or the appellate tribunal, in the course of .....
Tag this Judgment!Court : Chennai
Reported in : (1957)2MLJ17
..... of section 25-a were satisfied, the members of his family, though divided in status under their personal law, are deemed for purposes of income-tax under the income-tax act to continue to retain a fictional undivided status with the resulting jurisdic personality as a hindu undivided family. that legal fiction is retained only for purposes ..... failed, and the tribunal agreed with the findings of the departmental authorities.23. the question referred to this court under section 66(2) of the income-tax act ran:whether on the facts and in the circumstances of the case there is any material to justify the finding of the tribunal that the main ..... arunachala's conduct itself clearly established that he chose to terminate the existence of the hindu undivided family, which as a juristic entity recognised by the indian income-tax act for purposes of assessment, was the assessee. that termination was on 27th january, 1942. the juristic entity that arunachala offered for assessment subsequent to 28th .....
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