Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)4ITD343(Mad.)
..... the assessments.1. these two appeals have been filed by lakshmi narasimha export industries, proddatur, against the orders of the commissioner, under section 263 of the income-tax act, 1961 ('the act'), for the assessment years 1976-77 and 1977-78.2. the assessee is a firm which had filed application for registration which was not, however, pursued ..... something real and substantive in relation to the very assessment year under consideration and not any anticipated prejudice in later year. the mere action of the income tax officer in repeating the unabsorbed relief under section 80-j pertaining to the assessment year 1976-77 in the order for 1977-78 would not entitle the ..... assessment under consideration and not merely conjectural or prospective which did not give jurisdiction to commissioner for revision.the apprehension that any loss computed by the income tax officer might be availed of by the assessee in a later year when it had profit was not correct since it was made clear by section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD294(Mad.)
..... rasiklal balabhai [1979] 119 itr 303 (guj.).4. the learned departmental representative, mr. martin david, contended in reply that under section 72(1) of the income-tax act, 1961 ('the act') the loss carried forward shall be set off against the profits and gains, if any, of any business or profession carried on by him and assessable for ..... section 10, and it is a matter of no moment that the total profits of the partnership were computed in the manner provided by section 10 of the income-tax act and allowances admissible to the partnership in the computation of the profits and gains were taken into account ...the next step in this line of reasoning to consider ..... , of the position of the karta, and assessed him not as partner but as representing the hindu undivided family. in doing so, the income-tax law looked not to the provisions of the partnership act, but to the provisions of hindu law. when once the family had disrupted, the position under the partnership continued as before, but the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD191(Mad.)
..... income. hence, the question of set off and carry forward of losses and the issue of applicability of section 79 was considered. the ..... all. this took place in the assessment year 1979-80. there were carry forward of losses. since there was no positive income in the assessment year 1979-80 the question of set off of brought forward losses and applicability of section 79 of the income-tax act, 1961 ('the act') did not come up for consideration. in the assessment year 1980-81 there was positive ..... not less than fifty-one per cent of the voting power on the last day of the year or years in which the loss was incurred ; or (b) the income-tax officer is satisfied that the change in the shareholding was not effected with a view to avoiding or reducing any liability to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD795(Mad.)
..... to his wife out of agricultural lands transferred to her. in the grounds, the assessee urged that the commissioner (appeals) erred in applying section 64(1)(iv) of the income-tax act, 1961 ('the act'). these appeals are barred by limitation by two days and the assessee filed an affidavit accompanied by a petition for condonation of the delay. after going through the affidavit we ..... should be noted that section 64 of the income-tax act applies only for the purposes of computing 'total income' of the assessee under the income-tax act. as the agricultural income of the assessee does not form part of his total income, the provisions of section 64 of the act will not apply in respect of such income. in other words, agricultural income derived from assets transferred by an individual to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD39(Mad.)
..... of by this consolidated order.2. the common objection raised by the assessee pertains to the determination of the quantum of deduction allowable to it under section 80hh of the income-tax act, 1961 ('the act'). the assessee is a public limited company wholly owned by the government of pondicherry and is engaged in the business of manufacture and sale of liquor (arrack). it was ..... the supreme court decision in cambay electric supply industrial co. ltd.'s case (supra), the question arose as to whether the balancing charge under section 41(2) of the indian income-tax act, 1922, could be held to be part of the profits and gains of business of generation and distribution of electricity of the assessee. it is in this context that their .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD647(Mad.)
..... assessee that where a director obtains any benefit in an unauthorised manner from a company then section 2(6c)(iii) of the indian income-tax act, 1922, which corresponds to section 2(24)(iv) of the income-tax act, 1961, shall not apply, for in such an event, the director should return the benefit to the company under the company law. ..... 10-1976.consequently, the ito issued notice on the assessee under section 147 read with section 148 of the income-tax act, 1961 ('the act') to show cause that why reassessment should not be made on the assessee being the income escaped to be assessed in the original assessment. in compliance with the notice the assessee filed the return and ..... moreover, the madras high court held, 'the income-tax officer tried to assess the value of a benefit received by a partner of a managing .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)13ITD624(Mad.)
..... 16. [these paras are not reproduced here as they involve minor issues.] 17. the next ground relates to levy of interest under section 139(8) of the income-tax act, 1961 ('the act'). the assessee contends that the commissioner (appeals) should not have upheld the levy of interest under section 139(8). this contention is based on the argument that ..... under any provision of the act, periods of delay which are of a fraction of a month should be ignored. since the return was filed on ..... the return of income was filed on 31-7-1980 whereas it was due on 30-6-1980 and, hence, there was no complete month of default. attention was invited to the provisions of rule 119a of the income-tax rules, 1962 ('the rules'), which provided that while calculating interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)16ITD569(Mad.)
..... , which is directed against the order of the commissioner passed under section 263 of the income-tax act, 1961 ('the act') on 13-9-1984. in that order the commissioner revised the order of the ito passed under section 143(3) of the act for the assessment year 1981-82. in the assessment order the ito considered the winnings ..... must have been incurred wholly and exclusively for the purpose of earning income or making profit, (ii) the expenditure should not be ..... supplied] the supreme court in the case of seth r. dalmia v. cit [1977] 110 itr 644 at p. 650 observed that before provision of section 12(2) of the indian income-tax act, 1922 ('the 1922 act') equivalent to section 57(i) of the 1961 act could apply the following conditions must be fulfilled, viz., (i) the expenditure .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)18ITD200(Mad.)
..... year 1981-82 for which the accounting year ended on 31-3-1981 admitting income of rs. 5,210, the assessee also admitted income of rs. 35,000 being the surplus from sale of gold bond, but claimed exemption under section 2(14)(iv) of the income-tax act, 1961 ('the act'), treating the bond as not a capital asset. the ito rejected the claim ..... of the assessee and treated the surplus as trading results.thus, he assessed the interest income of rs. 6,598 and surplus on sale of gold bond as business.2. ..... accordance with section 2(14)(iv), national defence gold bon2s should not be considered as capital assets lor the purpose of computation of capital gains under the income-tax act. that is to say, no capital gains can be computed for taxation on the sale of national defence gold bonds. in the present case, the ito treated the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)19ITD483(Mad.)
..... the ground that the assessee had not actually made any contribution to the employees' gratuity fund. according to the ito, the provisions of section 40a(7)(b)(ii) of the income-tax act, 1961, would apply and the conditions therein were not satisfied (sic).2. the assessee appealed to the commissioner (appeals). it was submitted that the claim was actually a liability which was ..... of new swadeshi mills of ahmedabad ltd. (supra), which were relied on by the learned counsel, were as under : the payment of gratuity act came into force on 16th september, 1972. section 40a(7) was introduced in the income-tax act with effect from 1st april, 1973, and was made applicable to the assessment year 1973-74 and all the subsequent years. section 40a .....
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