Judgment Search Results Home > Cases Phrase: income tax act 1961 section 155 other amendments Court: income tax appellate tribunal itat madras Page 18 of about 520 results (0.700 seconds)

C. Vedachala Mudaliar and Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

..... income-tax act. two decisions of the supreme court were relied on to underline the point that registration itself is complete only when the transaction is copied in the register under the provisions of the registration act. the two decisions of the supreme court relied on by the revenue are hiralal agrawal v. rampadarath singh, airram saran lall v. mst. domini kuer, air 1961 ..... to the transaction, it cannot take cognisance of the transfer until the registration is completed and, therefore, for the purpose of section 45 of the income-tax act, the transfer must be taken to be complete only when the registration is completed. reliance was placed on the decision of the calcutta high court in ..... which existed at the relevant time.12. in the circumstances, we are of the considered opinion that, for the purpose of section 45 of the income-tax act, the effective date of transfer of an immovable property will be the date of execution of the document as intended by parliament, it follows that any .....

K.M. Natarjan Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)41ITD266(Mad.)

1. this appeal relates to the claim for exemption under section 54f of the income-tax act, 1961.2. the assessee is an individual. in the previous year ended 31 -3-1987 relevant ..... residential house the income from which is chargeable under the head 'income from house property', other than the new asset. in the present case, admittedly the income from the property at no. 2, raghava reddy colony had been charged to tax under the head 'income from house property'. ..... orders of the authorities below have to be upheld.4. however, i find that the assessment has been originally completed accepting the income as returned and it is only in the re-assessment that the exemption granted has been withdrawn. from the layman's point ..... opportunity for alternative admissible investment. in this background, i may recall the observations of the high court in seth lunidaram tikamdas v. cit [1980] 121 itr 824 (mad.) that in such hard cases, the department should consider the case of the assessee sympathetically as .....

M.R. Radhika Vs. Third Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD712(Mad.)

..... the rival submissions.10. under the scheme of the income-tax act, 1961, all types of income are charged to tax, unless specifically exempted or excluded by the act. 'income from house property' is one of the heads of income listed under section 14 of the act. thus income-tax is exigible on 'income from house property' which is the subject matter of ..... seervai again: 'the federal court observed that the real distinction between the income-tax act and the impugned punjab urban immovable property tax act, 1940, was that whereas the income-tax act tried to get at the true income, there was no such pretence in the impugned act which used the annual value merely for the purpose of determining the ..... the assessee's claim for revenue deduction in respect of the interest of rs. 40,300 paid to mardia on the ground that the income-tax act does not contain any provision for allowing the assessee's claim.the first appellate authority declined to interfere in the matter.particularly as respects the .....

T.A. Devagnanam (Jr.) Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)45ITD124(Mad.)

..... assessees were heard together and are disposed of by a common order for the sake of convenience.2. though the controversy before us has naturally arisen under the income-tax act, 1961, yet its genesis is to be found in an oppression petition filed before the court of law under section 397 of the companies ..... this is one of those situations which parliament has not envisaged. and, as we see it, in such rare instances, it will be only fair to hope that the income-tax authorities concerned will look into the matter sympathetically and redress the unintended hardship which the assessees before us had been subjected to. in expressing this hope, we are merely ..... of the supreme court that the assessees before us had paid to the holding company various sums as detailed below: 22. we may now notice the vicissitudes of the income-tax assessment of the assessees before us, relating to the assessment year 1982-83.23. in the course of the assessment proceedings for the said assessment year, a two- .....

Deputy Commissioner of Vs. Addison and Co. Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD514(Mad.)

..... bombay high court had the following to say as per its headnote of the decision at page 514:- a bare reading of explanation 8 to section 43(1) of the income-tax act, 1961, inserted with effect from april 1, 1974, shows that it was added with the object of removing doubts with regard to the includibility of interest relatable to any period ..... section 43(1) of the i.t. act 1961. the assessee is a company in which the public are not substantially interested. it carried on business of manufacture and sale of twist drills, reamers, taps and other tools.for assessment year 1985-86, it returned an income of rs. 53,08,501 under its income-tax return dated 30-9-85. by the assessment ..... order completed under section 143(3) dt. 29-2-88 the total income of the assessee was determined at rs. 1,62,80,524. while making the assessment, .....

income-tax Officer Vs. N. Balasubramaniam

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD403(Mad.)

..... of the dy.cit(a) is opposed to law, facts and circumstances of the case and he erred in his decision and is not in accordance ..... 83 and arise out of the consolidated order of the dy. cit (appeals), coimbatore dated 5-2-1992 wherein he deleted the share of profits derived by the wife of the assessee from the partnership firm included by the assessing officer under section 64(1)(i) of the income-tax act, 1961.the revenue has taken common grounds to urge that the order ..... individual capacity but as the karta of the huf could not be included in the total income of the assessee under section 16(3)(a)(ii) of the indian income-tax act, 1922. that decision has been reaffirmed in the case of harbhajan lal (supra). in the case of cit v. anand sarup [1980] 121 itr 873 (punj. & har.), the assessee therein .....

Vellayan Chettiar Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD201(Mad.)

..... to the exemption under section 11 of the income-tax act, 1961. the commissioner (appeals) declined to interfere in the matter.28. shri philip george, the learned counsel for the assessee, took us through the facts and ..... vellayan- a person coming within the purview of section 13(3)(d) read with explanation l(iv)to sections 11, 12, 12a and 13 of the income-tax act, 1961- for a consideration which was less than adequate, thereby conferring on the said vellayan an indirect benefit. accordingly, he held that the assessee was not entitled ..... not there.20. the provisions of section 10(2a) of the income-tax act, 1922, as judicially interpreted, offer a close parallel. the provisions of the said section of the old act, which correspond in many ways to those of section 41(1) of the income-tax act, 1961, stipulated that where an allowance or deduction had been made in .....

V. Anandmull JaIn (indl.) Vs. Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD469(Mad.)

..... on the basis of the additional income disclosed by the assessees in the revised returns and in pursuance of the aforesaid settlement.4. thereupon, ..... power to waive interest and penalty under section 273 a of the income-tax act, 1961 is an independent power which is not affected in any way by the right of appeal and/or revision which granted under the other provisions of the act and can be exercised by the commissioner even assuming that penalty and ..... the group, it is common ground, filed revised returns of income, which were all accepted pursuant to the said settlement. in the course of the reassessment proceedings, penalty proceedings were initiated under section 271(l)(c) and section 273 of the income-tax act, 1961. and the impugned penalties were levied by the assessing officer, going .....

Gupta Garments Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)53ITD362(Mad.)

..... itd 193, the assessee filed a revised return claiming that tax was not exigible on the said two items of receipt. when the matter reached the cit(a), he held that by virtue of the retrospective amendments made to section 28 of the income-tax act, 1961, by the finance act, 1990, tax was exigible on the said two items of receipt. with the ..... exporting garments. the issues arising for consideration in the case before us is better understood against the backdrop of a brief history of the assessee's assessment to income-tax and particularly in relation to (a) cash compensatory support and (b) duty drawback received by the assessee. it is not disputed that up to and including ..... by the assessing officer.5. it was also the assessee's case that if both the incentives received and the incentives receivable are brought to tax together, the scheme of the act would be vitiated. this argument was also rejected by the assessing officer, because, according to him, the problem would not have arisen had the .....

Harbour Engg. (P.) Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1995)54ITD680(Mad.)

..... ) erred in his decision and he ought to have allowed the technical know-how fees paid under section 37(1) of the income-tax act, 1961.2. the relevant facts are that the assessee is a company in which public are not substantially interested. the assessee is engaged in ship repairing. the assessment ..... repairs to cracked, fractured and weakened machine parts or pressure vessels of cast or forged metal which techniques are being successfully applied in ship repairing and other industries. the cit (appeals) also noted that the appellant was running an engineering workshop for carrying out ship repairs and also machinery repairs at madras. he has given a finding that ..... production or manufacture of industrial products. in this connection, the decision of the 'a' bench, hyderabad in the case of v.b.c. industries ltd. v. dy. cit [1994] 48 itd 292 is relevant for deciding this appeal. in that case, an assessee engaged in the manufacture of soft drinks and aerated water claimed deduction of payments .....