Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD144(Mad.)
..... commissioner (appeals), upholding an addition of rs. 5 lakhs in the assessment on the assessee for the assessment year 1974-75 under section 143(3) of the income-tax act, 1961 ("the act").2. the assessee is a company, whose shares are owned by the government of tamil nadu, established with a view to promote tourism in the state.its main ..... in the hands of the giver need not necessarily constitute income in the hands of the recipient. in this case though it may be the government ..... in the case of a charitable trust where such voluntary contributions are treated as income for purposes of requirements of application of income under section 12. the assessee has also relied upon the decision of the supreme court in the case of cit v. kamal behari lal singha (supra) for the proposition that the payment of a revenue nature .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD199(Mad.)
..... the accounts of adityanar college of arts and science in the assessee's book will amount to application within the meaing of section 11 of the income-tax act, 1961 ?" the question was referred at the instance of the assessee. the high court while rejecting the contention based on the part conduct and practice ..... against the order of the commissioner under section 263 of the income-tax act, 1961 ("the act").the undisputed facts in this case are that the assessee is a public charitable trust eligible for tax exemption in accordance with section 11 of the act. section 11 provides that income derived from property held under trust wholly for charitable or religious purposes ..... by the transfer itself to have applied such money for charitable purposes within the meaning of section 360(1) (c) of the income & corporate taxes act 1970 and section 35(1) of the finance act, 1965, considered in the judgment, unless the transferor knew or ought to have known that the moneys would be misapplied by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)62ITD66(Mad.)
..... certificates pertained to the interest earned for the periods falling between 1-4-1991 to 31-3-1992. in terms of sections 3 and 5 of the income-tax act, interest due and accrued during the financial year ending on 31-3-1992 is assessable for the assessment year 1992-93. however, the assessee had not filed any ..... assessee took place from time to time and that the interest accrued up to 31-3-1992 was rightly assessable as the assessee's income for the assessment year 1992-93. dissatisfied with the order of the cit(a), the assessee preferred the present appeal before the tribunal.6. the assessee's counsel has filed 2 paper books. one paper ..... 1993, the plant and machinery having been installed from 1-6-1992. it filed its return of income for the first time for the assessment year 1993-94 enclosing a number of tax deduction certificates in respect of tax deducted at source from interest income from banks, etc. on a perusal of these certificates, it was seen that large number of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)63ITD119(Mad.)
..... -1986 for the assessment year 1986-87 is lodged under section 139(10) of the income-tax act." section 139(10) provide that : notwithstanding anything contained in any other provision of the income-tax act, 1961, a return of income which shows the total income below the maximum amount which is not chargeable to tax shall be deemed never to have been furnished. proviso to section 139(10) also mentions ..... decision of the gauhati high court in the case of ampee industries (p.) ltd. v. cit [1996] 222 itr 328. it was pointed out that there was no distinction between positive income and negative income for the purpose of applying the provisions of section 139(10) of the income-tax act, 1961. it was argued that depreciation and investment allowance have not been quantified in the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)66ITD248(Mad.)
..... be termed "machinery or plant specified in sub-section (2)" of section 32a of the income-tax act, 1961. therefore, investment allowance under section 32a of the act cannot be claimed in respect of machinery or plant installed in a hotel business". though the decision of the bombay high court is on a ..... . 317 g, h, b). a hotel building in its entirety is not plant within the meaning of section 32(1) of the income-tax act, 1961." 7. in the case of fariyas hotels (p.) ltd. v. cit [1995] 211 itr 390/79 taxman 415 the bombay high court has held that "the machinery or plant installed in a hotel business cannot ..... hence depreciation would be allowable only at ordinary rates prescribed for building. besides this, it is well settled that definition of plant given under section 43 of the income-tax act, is applicable to sections 28 to 41 unless the context other-wise requires. sections 28 to 41 deal with "profits and loss of business or profession" and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2000)75ITD462(Mad.)
..... relied upon by the assessee. in the case of patel aluminium (p.) ltd. (supra), the failure to submit the statement called for by section 209a(1)(a) of the income-tax act, 1961, forms the basis both for levy of interest under section 217(1)(a) and for levy of penalty under section 273(1)(b).under section 209a(1)(a), the obligation ..... the assessee arises out of the order dated 30-7-1993 of the cit(appeals) for the assessment year 1988-89. the only dispute relates to the imposition of penalty under section 273(1)(b) of the income-tax act, 1961.2. the assessee is an individual who is regularly assessed to tax from the assessment year 1986-87. there was an assessment for the ..... assessment year 1986-87 for rs. 22,690 on 14-11 -1986 wherein the tax determined was at rs. 1,173. on 31-8-1987 the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)85ITD203(Mad.)
..... amount of depreciation provided in the profit and loss account. this interpretation would be consistent with the object sought to be achieved by enacting section 115j of the income-tax act, 1961. if 'loss' were to be taken as pre-depreciation loss, then the resultant computation will not be in conformity with the tenor of the provisions of section ..... 2. briefly stated, the facts of the case are that the assessee is a public limited company. while framing the assessment under section 143(3) of the income-tax act, 1961 the assessing officer found that the assessee had claimed a sum of rs. 14,64,401 as deduction under section 32ab. he further found that for the ..... amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115j of the income-tax act." in the context of section 32ab also, applying the same analogy as enunciated by the apex court as quoted above 'profits computed in accordance with the requirements .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)86ITD602(Chennai)
..... as the act]. considering the fact that the appeals involve a common issue, the two appeals are grouped together, heard together and are disposed of by ..... for deduction from total income the provision made for doubtful advances categorized as non-performing assets under the guidelines issued by the reserve bank of india [rbi for short] covering all non-banking financial companies [nbfc for short]. the issues in both appeals involve appreciation of the concept of income and its computation with reference to the provisions of income-tax act,1961 [hereinafter referred to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2003)86ITD373(Chennai)
..... interest paid on the loans obtained for constructing it were allowed by the revenue as a deduction under the provisions of section 36(1)(iii) of the income-tax act,1961. the income-tax officer declined the deduction for the assessment years 1967-68,1968-69 and 1969-70 on the ground that the business of exhibition of films in the said ..... considered that there was loss from the business during the relevant assessment years and as sections 28 and 70 of the income-tax act, 1961 as discussed above entitle the assessee to set off the business loss against the income from profession, we do not find any necessity to discuss the catena of case laws relied upon by the learned ..... and gains of business or profession' as per section 28 of the income-tax act. in case there is loss in one of the sources under the same head of income, the manner as to how it is to be dealt with is found in section 70 of the income-tax act,1961. according to section 70, as already extracted above unless otherwise stated .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2004)88ITD185(Chennai)
..... referred to the earlier decision in the case of ishwar das (supra). the relevant portion of the headnote reads as under :- section 28(n)(a) of the income-tax act, 1961, deals with a case where any compensation or other payment is due or received by any person, by whatever name called, who was managing the whole or substantially the ..... not subject to tax; (b) the various binding decisions of the hon'ble supreme court that were relied upon ..... to law, weight of evidence and facts of the case. 2. the learned cit(a) erred in directing that the non-compete fee of rs. 3.20 crores received by the appellant be brought to tax as business income under section 28(u)(a) of the income-tax act, 1961 without appreciating: (a) the fact that the sum received was a capital receipt .....
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