Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1988)27ITD298(Mad.)
..... c.r. rajendran as "executor" of late shri ramachary under section 168(2) of the income-tax act vid order dated 10-3-1984 by the 7th income-tax officer, madurai-2. the above assessing not withstanding, the income-tax office while assessing venkatesh added this income in the minor's hands, as according to him, there was no difficulty in settling and ..... the matter and the deletion of rs. 1,08,204 is justified.7. the second argument that income of rs. 1,08,204 has already suffered tax in the hands of the executor under section. 168(2) of the income-tax act and therefore same amount can be assessed in the hands of the minor is also required to be ..... s. ramachary on the date of his death. the income derived from such estate is, therefore, to be considered as income and clubbed with his other income.3. on further appeal by the assessee, the cit (appeals) held that under section 168(2) of the income-tax act, it is mandatory for the income-tax officer to assess the estate of the estate were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD1a(Mad.)
..... government of immovable properties in certain cases of transfer. with a view to achieve early finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, the board has decided that w.e.f. 1st april, 1986 acquisition proceedings under section 269c will not bra initiated in respect of an ..... government of immovable properties in certain cases of transfer. with a view to achieve early finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, the board has decided that w.e.f. 1st apri], 1986 acquisition proceedings under section 269c will not be initiated in respect of an ..... , which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines - regarding. the finance bill, 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of september, 1986. the bill also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD547(Mad.)
..... excluding the royalty paid to the directors in applying the ceiling-prescribed under section 40(c) of the income-tax act, 1961.2. the admitted facts areas follows. the three directors of the assessee-company were originally carrying on ..... directly or indirectly in the provision of any remuneration or benefit or amenity to a director shall not be deducted in computing the income if it is excessive or unreasonable and in any case if the total amount exceeds rs. 72,000. the question is whether ..... on the part of the company under an agreement between them. it has been observed by the madras high court in the case of cit v. a.r. adaikappa chettiar [1973] 91 itr 90 that a mere advantage derived from the company without its authority or knowledge ..... under section 40(c) should be applied to the total amount shown to be paid above and the excess disallowed. on appeal the cit (appeals) was of the opinion that the royalty paid could not be regarded as remuneration and hence could not be taken into account .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD205(Mad.)
..... 1. this appeal is filed by one shri c.s. mohan, stated to be one of the transferees in respect of the order under section 269f(6) of the income-tax act, 1961, passed on 29-3-1988. in the cause-title of the said order passed by the competent authority, the present appellant shri c.s. mohan was, due to ..... the commissioner. this approval was obtained in passing the order dated 29-3-1988 where the authority who gave the approval was the commissioner of income-tax, tamil nadu hi. the very scheme of the act shows that the competent authority who passes the order and the commissioner who gives the statutory approval for acquiring the property are two different persons. ..... 269f(6). appeals to the tribunal under section 269g lie only against orders made by the "competent authority". therefore, on a plain reading of the act, even if the letter of the commissioner of income-tax, tamil nadu iii dated 12-4-1989 is considered to be an order, it would not be an order of the "competent authority" as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)31ITD266(Mad.)
..... which the proposal was submitted to the commissioner of income-tax and on the basis of which the commissioner of income-tax recorded his satisfaction for reopening the assessment. we also append as annexures-b, c, and d copies of the only three notices issued under section 148 of the i.t. act, 1961.these notices had been issued by registered post and ..... in the assumption of jurisdiction by the i.t.o. for making the assessment.12. in the case of cit v. k. adinarayana murty [1967] 65 itr 607, the supreme court has pointed out that under the scheme of the income-tax act the "individual" and the "hindu undivided family" are treated as separate units of assessment and if a notice ..... under section 34 of the i.t. act, 1922 was wrongly issued to the assessee in the status of an individual and not in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)35ITD374(Mad.)
..... appeal is directed against the order made under section 263 of the income-tax act, 1961.2. the assessee is an individual employed with m/s. godrej & boyce mfg.co. (p.) ltd. this company had a superannuation scheme which had been approved by the commissioner of income-tax. however, the company with the approval of the commissioner dated 12- ..... co. (p.) ltd. in identical circumstances where the order of the tribunal had become final. when section 263 enables the commissioner of income-tax to revise the orders of the income-tax officer, it confers a discretionary power which has to be exercised reasonably. it is implicit in the concept of judicial discretion that it ..... will become taxable merely because the payment is accelerated with the approval of the commissioner of income-tax.the very exemption under section 17(3) has been made only on the understanding that these amounts are not of income nature but are only capital receipts. therefore, it makes no difference whether the payment was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)38ITD338(Mad.)
..... section 47(b) or section 54 after receiving the copy of the order of the valuation officer under section 6a(6) of the wealth-tax act read with section 5a of the income-tax act. though this decision does not directly support the revenue's contention it would show that on the basis of the subsequently received final valuation ..... from october 1987. further the greenways road property was acquired in june 1987 under chapter xx-c of the income-tax act and the whole record with regard to that property was held up with the income-tax officer and thus the events which are beyond the powers of the assessee compelled it to ask for adjournments for ..... ascertainment of capital gains. reference to the valuation officer was made under section 5 a of the income-tax act. however, on the ground that there is no likelihood of obtaining the valuation report within the limitation time, the income-tax officer completed the assessment by observing that on receipt of the valuation report necessary steps will be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)40ITD494(Mad.)
..... rs. 26,80,640 collected as deposit, as a trading receipt, the disallowance of interest of rs. 3,20,000 and the denial of deduction under section 80hhc of the income-tax act, 1961.2. the assessee is a company engaged in the construction and sale of residential flats and commercial units. in the previous year ended 31-3-1984, corresponding to the assessment ..... was and not the form which the transaction took. it is equally true to say that a transaction for the purposes of income-tax must be looked at from a commercial point of view. in dealing with commercial men in income-tax matters, we must try and understand what is the real commercial result of a particular action taken by a commercial man. equally ..... . sir homi mehta's executors [1955] 28 itr 928 (bom.) at 932 justice chagla observed: it is a trite saying that in income-tax matters one must look at the real nature of the transaction. whatever legal or technical form a transaction may take, the court must try and determine what the real .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD397(Mad.)
..... assessment was originally completed accepting the claim of the assessee. however, by order dated 23-1-1986, the commissioner set aside the order acting under section 263 of the income-tax act, and directed the i.t.o. to make a fresh assessment.3. in the fresh assessment made on 28-9-1987, the ito noted that the total extent of the ..... question of finding the fair market value of the property as on 1-1-1964, the determination of such fair market value for wealth-tax purposes should be adopted for the purpose of capital gains also.though section 55 of the income-tax act uses the phrase "fair market value of the asset as on 1-1-1964", and section 7 of the wealth ..... -tax act uses the phrase "value of any asset, other than cash, for the purposes of this act, shall be estimated to be the price which in the opinion of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)45ITD117(Mad.)
..... the purposes of this sub-section, 'company in which the public are substantially interested' shall have the meaning assigned to it in clause (18) of section 2 of the income-tax act. (2) for the purposes of sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to ..... of the value of all benefits or amenities not provided for by way of monetary payment) chargeable under the head 'salaries' under the income-tax act does not exceed eighteen thousand rupees; (viii) any other asset which is acquired or represented by a debt secured on anyone or more of the assets referred to ..... under the head 'income from property' for the purpose of income-tax assessment, it does not detract from the nature of the income as 'business income' as reflected in the profit and loss account. we are satisfied that the property was used in the assessee's business and was, therefore, excluded from the operation of section 40 of the finance act, 1983.9. in .....
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