Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD800(Mad.)
..... 1979-80. the assessee-company claimed relief under section 80hh of the income-tax act, 1961 ('the act'), in respect of its chain division, by way of deduction as provided therein in computing its income. in the assessment made by the ito it was found that its income from business from two sections, namely, the transport section and chain division ..... 80hh or other sections of chapter via), the carried forward unabsorbed depreciation, development rebate and losses must be set off in arriving at the total income for tax purposes and considering the deduction under chapter via, section 80hh in this case.it is now necessary to refer to the supreme court decision in cloth ..... english electric co. ltd.'s case (supra), it was held that deduction under section 80e could be allowed only after the computation of total income under the provisions of the act, which means after setting off the business loss, unabsorbed depreciation and development rebate. in that decision at pages 283 and 284, the process .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD597(Mad.)
..... under consideration, the ito included a refund of principal of annuity deposit to the tune of rs. 42,654 on treating it as income under section 2(24)(viii) of the income-tax act, 1961 ('the act').the assessee being aggrieved, objected to this addition and preferred an appeal before the commissioner (appeals), who vide his order dated 13- ..... 10-1978 deleted the aforesaid addition following the decision of the madras high court in the case of cit v. m.m. muthiah [1977] 109 ..... the learned judicial member and on which no difference of opinion can be made out, i would like to clarify the following. the tribunal is under the income-tax appellate hierarchy, the final fact, finding authority. matters come to it for resolution not merely when there is a concurrent finding of fact between the two lower .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD690(Mad.)
..... that the commissioner (appeals) was wrong in directing the ito to grant deduction in accordance with the provisions of section 37(2a) of the income-tax act, 1961 ('the act') in regard to the assessee's claim of entertainment expenditure of rs. 54,331. the ito disallowed the above claim without assigning reasons. before ..... the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras ..... the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and restoring the matter to the income-tax officer for recomputation of the profit after the decision of the supreme court or the madras .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD858(Mad.)
..... also some other decisions of the tribunal, poona bench. the view taken by the ito was approved of by the iac also under section 144b of the income-tax act, 1961 ('the act').3. aggrieved by this decision, the assessee appealed to the commissioner (appeals) and reiterated its contention that the assessee is free to claim depreciation or not ..... v. state of tamil nadu [1978] 112 itr 861, where the madras high court, dealing with the allowance of depreciation on building under the tamil nadu agricultural income-tax act, 1955, held that if particulars were not furnished, the revenue was entitled to disallow the claim for depreciation by categorically pointing out that the assessee was not ..... option once exercised. the supreme court held that it is open to the assessee to change the option provided the other conditions of the u.p. agricultural income-tax act are satisfied. it was argued before the supreme court that it would not only be open to the assessee to change the option every year but even .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD125(Mad.)
..... the tribunal would be justified in vacating the findings of the commissioner (appeals) and the income-tax officer regarding the computation of the deduction under section 80j of the income-tax act, 1961, and section 80j of the income-tax act, 1961, and restoring the matter to the income-tax "officer for recomputation of the profit after the decision of the supreme court or the madras ..... to the ito for decision afresh after the decision of the supreme court or the madras high court is available.order under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1978-79, we refer the following point of difference ..... the supreme court, therefore, we hold that it is the law of the land, in such situation being itself (amended section 80j) on the statute book (income-tax act, 1961) and, therefore, the tribunal has no jurisdiction to hold that it is not there till the writs pending in the supreme court are disposed of and the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD711(Mad.)
..... -79, the assessee's borrowings including the interest thereon totaling rs. 57,375 do not fall within the scope of section 69d of the income-tax act, 1961 reference under section 255(4) of the income-tax act, 1961 -1 have discussed the matter with my learned brother on the issue of reference and framing of the question, but he did not agree ..... assessment year 1978-79, the assessee's borrowings, including the interest thereon totaling rs. 57,375, do not fall within the scope of section 69d of the income-tax act, 1961? 2. now for the facts. the assessment relates to the assessment year 1979-80. the assessee is a partnership carrying on business at tuticorin and for the ..... persons by the assessee on the government hundi stamp paper written in english are hundis for the purpose of section 69d.reference under section 255(4) of the income-tax act, 1961 - whereas we are unable to agree on the point set out below for the assessment year 1979-80, we refer the following point of difference of opinion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)11ITD752(Mad.)
..... concealment even in the revised return and perhaps for the further reason that the revised return did not satisfy the requirements of section 139(5) of the income-tax act, 1961 ('the act') like discovery of omission or wrong statement in the original return. this is a case where the revised return was accepted by the tribunal as true ..... this appeal originally. the point of difference as formulated by my learned brothers, is : whether, the penalty is imposable under section 271(l)(c) of the income-tax act, 1961 it is to resolve this difference that the president has nominated me as the third member.2. i have heard the parties at great length and perused the records ..... result, the penalty imposed by the commissioner (appeals) is upheld and the appeal filed by the assessee is dismissed.reference under section 255(4) of the income-tax act, 1961 whereas, we are unable to agree on the issue involved in this appeal, we refer the following question to the president for reference to a third member .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)13ITD234(Mad.)
..... leased the same to some other parties for the manufacture or production of the articles not specified in the eleventh schedule to the income-tax act, 1961 is entitled to investment allowance under section 32a of the income-tax act, 1961 2. i have gone through the order of my learned brother, shri george cheriyan, on the first point at issue. ..... allowed. the recovery of development rebate on rs. 38,015 at 25 per cent amounts to rs. 9,504. issue notice under section 148 of the income-tax act, 1961. this was noticed while submitting remand report in this case. (p. 27) the ito later noticed two further items had escaped, i.e., that rebate on ..... whether the assessee, a company which leases out machinery, is entitled to the grant of investment allowance under section 32a of the income-tax act, 1961 ('the act') and initial depreciation under section 32(1)(iv) of the act, in respect of machinery leased out by the assessee to others. the ito held against the assessee on the point. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)16ITD28(Mad.)
..... , questionnaires were issued to the assessee by the ito in his letters dated 5-1-1983 and 8-2-1983. a notice under section 143(2) of the income-tax act, 1961 ('the act') was also issued. while furnishing replies to the questionnaires, the assessee has raised a preliminary objection stating that as the assessment is set aside for a limited purpose, ..... wto while making a fresh assessment are just the same as if the same assessment has been made under section 16(3) analogous to section 143(3) of the income-tax act, 1961, in which case it is open to him to consider fresh issue that comes up perhaps including those which are not considered by him.thus, we have seen ..... . there is no warrant for reading any such restriction of his power either under section 251(1)(a) or under section 143(3) of the income-tax act, 1961, under which the officer makes a fresh assessment. it is doubtful whether the appellate assistant commissioner can restrict the power of officer while setting aside the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)22ITD62(Mad.)
..... assessee in all the assessment years under consideration are dismissed.reference under sub-section (11) of section 24 of the wealth-tax act, 1957 read with sub-section (4) of section 255 of the income-tax act, 1961 as there is a difference of opinion between the members we refer the following question to the president under sub-section (11 ..... ) of section 24 of the wealth-tax act : whether, on the facts and in the circumstances of the case, the rectificatory orders passed by the wealth-tax officer under section 35 of the wealth-tax act, ..... co. ltd. [1982] 134 itr 674, 677 (cal.). in ito v. asok textiles ltd. [1961] 41 itr 732, the supreme court recalled the view taken by it in the earlier case and held that, under these provisions, the income-tax officer could examine the record and, if he discovered any mistake, whether of fact or of law, he .....
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