Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD27(Mad.)
..... (ii)] as reduced by the amounts credited to such reserves as have been allowed as a deduction in computing the income of the company for the purposes of the income-tax act, 1922 or the income-tax act, 1961 will be taken into account.here, the legislative intent is clearly that the other reserves should not be taken into ..... account in their entirety. they should be reduced by the amount allowed as a deduction in the assessments made under the income-tax acts - old and new. ..... notice briefly the scheme of the companies (profits) surtax act, 1964. the income-tax act imposes a charge on the total income of the assessee. on its part, the companies (profits) surtax act, 1964, levies an additional tax on the total income of a company in the manner stipulated by the act. surtax is levied basically on the excess of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD388(Mad.)
..... who had passed the original assessment order on 16-1-1985.7. subsequently, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, the commissioner of income-tax, coimbatore, called for and examined the assessment records of the assessee. on such an examination, he found that the assessment order passed on 16-1- ..... iac (asst.) on 15-5-1985 dropping the penalty proceedings initiated by him earlier under section 271(1)(c) of the act was not specifically set aside under one or the other provisions of the income-tax act. the cit (appeals) was aware of this fact; yet he went on to observe: since the original assessment has been set aside ..... . (asst.) on 15-5-1985 dropping the penalty proceedings initiated by him earlier under section 271(1)(c) of the act was not specifically set aside under one or the other provisions of the income-tax act, the said order will bind both the department and the assessee. this would mean that the assessee can justifiably argue that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD676(Mad.)
..... 1. these appeals relate to the question whether the provisions of section 35a of the income-tax act, 1961 were rightly invoked in computing the income of the assessee for the assessment years 1984-85 to 1987-88 and may be disposed of by a common order.2. the assessee is an individual. he ..... of the contract and, therefore, the assessee had acquired an asset such that the expenditure was capital expenditure. he accordingly set aside the assessments and directed the income-tax officer to recompute the income.3. in the meanwhile, the assessments for the assessment years 1986-87 and 1987-88 had been taken up and the same issue was raised by the ..... under section 143(3) on 19-3-1987 accepting the deduction of such expenditure. thereafter on 2-2-1989 on a perusal of these assessments, the commissioner of income-tax was of the view that they were erroneous and prejudicial to the interests of the revenue because the royalty paid for acquiring copyright was wrongly allowed as revenue expenditure instead .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD543(Mad.)
..... 2a) of the income-tax act, 1961.2. the assessee is a registered firm deriving income as a wholesale dealer in electrical appliances. for the assessment year 1984-85, corresponding to the previous year ended 31-3-1984, the assesssee filed a return showing an income of rs. 1,83,070. in computing that income, the assessee ..... ostentatious spending by trade and industry, i propose to provide that 20 per cent of such expenditure will be disallowed in computing the taxable profits. the income-tax act provides for the disallowance of entertainment expenses beyond a ceiling and for total disallowance of expenses on maintenance of guest houses. i propose to define the ..... or profession, of 20 per cent of expenditure under specified heads to the extent such expenditure has not been disallowed under the other provisions of the income-tax act. the items of expenditure in respect of which such disallowance will be made are expenditure on advertisement, publicity, sales promotion; travel by rail, motor .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD99(Mad.)
..... the assessment, which will be another reason why the assessment could be set aside as being in violation of the provisions of section 143(2) of the income-tax act.but we do not propose to do so, not only because the assessee has not pleaded for it, but also because having gone through the entire material ..... undergone a change from a recurring monthly payment to a payment in advance. therefore, such an accrued liability is an admissible deduction under section 37 of the income-tax act.18. the last point is whether the agreement was entered into on the date mentioned in the agreement. though the assessing officer has taken this as ..... the agreement are reduced to writing. this contention is misconceived for three reasons. firstly, the provisions of the evidence act are not strictly applicable to the income-tax proceedings and secondly section 91 of the evidence act does not prohibit the evidence to establish an antecedent oral agreement which was reduced into writing by a particular document. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD131(Mad.)
..... assessee. section 166 contains a non obstante clause, which overrides the earlier sections contained in chapter xv of the income-tax act, 1961 or the recovery from such person of the tax payable in respect of share of income from the trust in which he is a beneficiary. even though the assessing officer can proceed against the representative- ..... , which is concerned with the assessment of a representative-assessee who is deemed to be an assessee for all purposes of the income-tax act. it is not a taxing provision just as section 166 of the income-tax act, 1961, which empowers the assessing officer to make direct assessment on the person on whose behalf or for whose benefit ..... assessed in the hands of the representative-assessee namely, the trustee in terms of section 161(1a) of the income-tax act, 1961, which became attracted for the assessment year 1985-86 inasmuch as there was business income earned by the trust. it is for this reason the trustee filed a return under section 161(1a) in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1994)48ITD410(Mad.)
..... , the assessing officer passed an assessment order under section 143(3), read with section 147(b) of the income-tax act, 1961. in the course of the said reassessment order, the assessing officer stated that notice under section 148 was issued on information that income chargeable to tax had escaped assessment. in the reassessment order, the assessing officer disallowed rs. 29,442 from the foreign buyers ..... made the assessment, that he committed an error, was information obtained after assessment. he failed to note that escapement of income as a result of lack of vigilance or inadvertence can well be within the ambit of section 147(b) of the income-tax act, 1961. the following decisions of several high courts supported the stand of the department: (a) salem provident fund society ltd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1995)53ITD428(Mad.)
..... it is apparent that the words "an order against the assessee where the assessee denies his liability to be assessed under this act" refer to any order subjecting the assessee to liability under the income tax act, 1961. therefore, even the orders under section 143(1) made by the assessing officer are orders contemplated and covered by section 246( ..... 1)(c). it is also apparent that the impugned orders passed by the assessing officer are against the assessee and the assessee totally denies his liability to be assessed under the income tax act. ..... judicially exercised. we, therefore, hold that such an assessee has a right of appeal under section 30 of the act against the order of the income-tax officer assessing the association of members instead of the members thereof individually.it is clear from the above extract that the expression "denial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)60ITD267(Mad.)
..... an asset. on the other hand, the assessee sells the silver in open market by which it gets income and offers it for taxation. the word 'stock-in-trade' has not been defined either in the wealth-tax act or in the income-tax act. in chambers 20th century dictionary, the meaning of 'stock-in-trade' is that all the goods a ..... company which has been sold in the market. the value of the silver sold in the market has been shown by the assessee as income from business in its income-tax assessments.while computing the wealth-tax assessments, the assessing officer included the value of the silver in the net wealth of the assessee for the two assessment years. the ..... the assessee, which has been accepted by the department in the income-tax proceedings. it was further submitted that accordingly the silver should be considered as stock-in-trade, which has been sold by the assessee in the market and section 40 of the finance act, 1983 specifically excluded the stock-in-trade from the purview of the net .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1982)1ITD23(Mad.)
..... in the case of carborundum universal ltd. 2. the assessee is a company engaged in the manufacture of abrasives.it claimed relief under section 80j of the income-tax act, 1961, in respect of its bonded expension department as a new industrial undertaking established by itself, in its assessment for 1971-72. it was disallowed on the ..... the product notwithstanding the proximity of newly set up units of machinery in the bonded expansion department. he pointed out that the calcutta high court itself in cit v. rohtas industries ltd. (supra), relied upon by the department, found that separate accounts need not necessarily be maintained for eligibility for relief under ..... section 80j following its own earlier decisions in cit v. dunlop rubber co. (i) ltd. [1977] 107 itr 182 (cal.). he further pointed out that the departmental appeals at the first instance were .....
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