Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD278(Mad.)
..... by encashment of unavailed earned leave is a payment received for giving up an advantage and is, therefore, a capital receipt and not income which could be taxed under the income-tax act. in this view, it is unnecessary to consider the ground of appeal of the revenue that relief under section 89 should not have ..... been granted. we, therefore, set aside the orders of the authorities below and direct the ito to recompute the total income after excluding the amount of rs. 12,823 which is a capital receipt and not income ..... of services employees are generally entitled to certain terminal benefits, such as, gratuity which is a capital receipt and not income liable to tax. since such amounts have been judicially recognised to be not income, there have been attempts to camouflage a part of the salary of other recurring amounts, which would be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD504(Mad.)
..... capital gains. the ito, however, considered that there was a sale or transfer, which attracted not only assessment of profit under section 41(2) of the income-tax act, 1961 ("the act") in regard to the assets on which depreciation had been allowed to the assessee, but also capital gains in regard to other assets. he further held that ..... position in this connection is, according to us, differently stated by the supreme court in malabar fisheries co. (supra), a decision though reported earlier in the income-tax reports is a decision rendered subsequent to the decision of the madras high court in bharani pictures (supra) which evidently explains the fact that there is no ..... a firm has no legal existence apart from its partners and it is merely a compendious name to describe its partners, the position is different under the income-tax law, according to which the firm and the partners are distinct assessable entities. the law has thus for some specific purposes relaxed the general rigid notions, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD144(Mad.)
..... colour co. ('vijayalakshmi') and singarappan palayakat co. ('singarappan'). the ito inferred that she earned the share income because of her capital and that the share income is. therefore, includible in the assessee's hands under section 64(1)(vi) of the income-tax act, 1961 ('the act'). he, accordingly, included the shares from these two concerns at rs. 21,756 and rs. 9, ..... 967 for the assessment year 1976-77 and rs. 5,561 and rs. 5,530 for the assessment year 1978-79. the assessee's case before the first appellate authority was that the share income did not ..... claim cannot also be admitted.7. we are yet to deal with the citations on behalf of the assessee. in cit v. prem bhai parekh [1970] 77 itr 27, the supreme court found that the incomes of minors admitted to the benefits of partnership were not aggregable in the hands of the father, as the capital in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD33(Mad.)
..... 1. this is an appeal arising out of an order passed by the commissioner, tamilnadu-iv, madras, under section 263 of the income-tax act, 1961 ("the act"), giving direction to the ito to disallow the provision of rs. 23,587 to meet the liability of stipends payable to the articled clerks employed by the assessee.2. ..... assessment year under appeal. even though the assessee had been contesting its liability to pay stipends to the articled clerks by instituting legal proceedings but for the purpose of its income-tax assessment, it was claiming the liability as a deduction in its accounts, though it did not make a provision for it in the accounts. it could not obviously make ..... the requirements of the law in order that such a conversion acquires the sanction of law. so far as the income-tax law is concerned, there is no requirement that prior permission of the department is needed.all that the act says is that the ito shall compute the profits and gains of the business on the basis of a method of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD473(Mad.)
..... 'standard' had undertaken to invest with the assessee as share capital. it is these two sums which were claimed as a business expenditure under section 37 of the income-tax act, 1961 ('the act'). the payment was held by the high court to be allowable applying the decision of the supreme court in ciba of india ltd.'s case (supra). the terms ..... ] 117 itr 55 (mad.) (fb) and shriram refrigeration industries ltd.'s case (supra).he also made reference to the commen tary on income-tax by kanga and palkhivala, page 488. it is further submitted by the learned departmental representative that the agreement is not stipulated to be for any specified period and ..... organised and existing under the laws of the state of indiana, us, shortly referred to as 'diamond' and til, a company incorporated under the companies act, 1956, in india ('tii'), dated 11-10-1961. in this agreement, it is stated that 'diamond' has for many years been engaged in the manufacture of power-transmission chain and sprockets and other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)3ITD322(Mad.)
..... copies of the trust deed in each case.3. the assessee claimed in the assessment for the year 1978-79 appropriate relief under section 80l of the income-tax act, 1961 ('the act'), in regard to its income derived by way of dividend and interest.the ito rejected the assessee's claim for deduction under section 80l on the ground that the assessee having regard to ..... decision that section 21(1) of the wealth-tax act is analogous to section 41(1) of the indian income-tax act, 1922 and the only difference was whereas section 21(1) of the wealth-tax act deals with assets, section 41(1) of the indian income-tax act, 1922, deals with income and, therefor, decisions under section 41(1) of the indian income-tax act, 1922, are relevant for considering the provisions of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD332(Mad.)
..... the profession. if the replacement can be considered to be for current repairs to the machinery, the expenditure incurred could be allowed under section 31 of the income-tax act, 1961 ('the act'). obviously, in the present case a replacement of a new petrol engine by a new diesel engine cannot be considered to be current repairs because the words 'current repairs' have ..... part. but it has been held by the supreme court in the case of cit v.kalyanji mavji & co. [1980] 122 itr 49 that repairs which are not current repairs could be considered under section 10(2)(xv) of the 1922 act [corresponding to section 37(1) of the act]. while considering the admissibility of the expenditure under section 37 we have only .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)2ITD336(Mad.)
..... , coimbatore, through its executive engineer and administrative officer, challenges in this appeal the levy of interest by the ito under section 201(1a) of the income-tax act, 1961 ('the act'), for the assessment years 1973-74 and 1975-76.2. the assessee is a statutory body constituted under the tamil nadu state housing board ..... be one. while making the payments to the contractors for executing the various types of work, income-tax was deducted at source at the stipulated rate as provided for in section 194c of the act. the consequences of failure to deduct tax at source from the payments made to the contractors or after deducting, fails to pay the ..... the ito on 11-12-1975 stating that the order of the government for the deduction of income-tax at source from the payment of contractors was communicated to the housing board only in february 1973, with instructions to deduct income-tax from the bills of contractors with retrospective effect from april 1972. even though some remittances were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD176(Mad.)
..... which he held that the assessee is entitled to the exemption provided for in section 11 of the income-tax act, 1961 ('the 1961 act') and that the value of the assets was also exempt from the levy of wealth-tax under section 5(1) of the wealth-tax act, 1957 ('the act').2. the commissioner (appeals) in allowing the appeals of the assessee, followed a decision of the tribunal ..... trust or other legal obligations for any public or charitable purpose, the net wealth of such a trust would earn exemption because unlike in the 1961 act, in the wealth-tax act, there was no question of applying the income wholly for a charitable or religious purpose, to earn the exemption.4. the departmental representative countered these arguments placing strong reliance upon the high court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD320(Mad.)
..... the stc in this connection, it is paid a commission. it is the eligibility of such commission or the extent thereof to weighted deduction under section 35b of the income-tax act, 1961 ('the act') that has come up for consideration by the special bench. 2. according to a note submitted by the assessee before the commissioner (appeals) in the proceedings before ..... held that even actual export of goods is not necessary for availing of the weighted deduction, in the cases of india hotels referred to in chaturvedi's commentary on income-tax, vol. i, page 1098. in the submission of the learned counsel for the assessee, the benefit of the board's instructions extended to the vegetable oil exporters ..... regular bench, it considered that the matter has to be decided in the light of the ratio of the latest judgment of the madras high court in the case of cit v. southern sea foods (p.) ltd. [1983] 140 itr 855 as to what, if any, would be the expenditure on weighted deduction which could be allowed, .....
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