Court : Chennai
Reported in : (2009)21VST581(Mad)
..... as textual amendments. for example, the finance act, 1999 made certain extensive amendments to the income-tax act. section 3 of the finance act, 1999 provides for amendment to section 2 of the income-tax act. that amendment has been incorporated by means of substitution. for example, in section 2 of the income-tax act, (a) in clause (1b), in sub ..... fourths' shall be substituted with effect from 1st day of april, 2000, etc. section 7 of the finance act, 1999 provides for insertion of section 10c, which provides that after section 10b of the income-tax act, the following section shall be inserted, namely:10c. special provision in respect of certain industrial undertakings in north ..... as 'the industrial undertaking') shall not be included in the total income of the assessee....19. section 89 of the finance act, 1999 provides for omission of tenth schedule of the income-tax act which reads that 'the tenth schedule of the income-tax act shall be omitted with effect from the 1st day of april, 2000 .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)310
..... 2000. the relevant assessment years are 1996-97, 1997-98, 1998-99 and 1999-2000.2. the assessee trust filed return of income admitting 'nil' income and claimed exemption under section 11 of the it act. the ao denied exemption on the ground that the assessee is running a kalyana mandapam which is not an activity either as per ..... the will. one of the objects pertained to the kalyanamandapam and giving the same on rent with the sole object that rental income from the kalyanamandapam should be applied to charitable purpose only. the cit(a) noted that in about 5 years, charity to the extent of a little over rs. 16 lakhs was made indicating ..... the objects of the trust or incidental thereto. the kalyanamandapam was rented out on substantial rent which sustains the commercial nature of the activity. on appeal, the cit .....
Tag this Judgment!Court : Chennai
Reported in : (2008)220CTR(Mad)335; [2008]305ITR339(Mad); [2009]178TAXMAN409(Mad)
..... singh deb singh bist : [1973]88itr200(sc) , the supreme court, while dealing with section 34(1)(a) of the indian income-tax act, 1922 (now equivalent to section 147 of the income-tax act, 1961), observed as follows (at page 202 of 88 itr):before an income-tax officer can issue a statutory notice under section 34(1)(a), he must have reason to believe that by reason of ..... constitution bench (five-judges) of the supreme court reported in calcutta discount co. ltd. v. ito : [1961]41itr191(sc) and in the said case, the notice under section 34 of the indian income-tax act (xi of 1922), which is similar to notice under section 147 of the income-tax act, 1961, was challenged on the ground of jurisdiction, notice having been issued after the expiry of more .....
Tag this Judgment!Court : Chennai
Reported in : [2009]316ITR232(Mad)
..... under section 260a of the income-tax act, 1961, against the order of the income-tax appellate tribunal, madras, dated august 17, 2007, in i.t.a. no. 2451/ mds/2006.2. the facts of the case are as follows:the assessee, who was an employee of the reserve bank of india, has filed returns of income for the assessment year 2004- ..... received, the appellant claimed exemption of rs. 5,00,000 as per the provisions of section 10(10c) of the income-tax act. the balance ex gratia was admitted as income. however, while working out the tax payable on such income, the assessing officer examined the matter and concluded that the retirement scheme of the bank did not fulfil the conditions ..... to see if it fulfils the criteria laid down for the voluntary retirement scheme?2. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the assessee was entitled to deduction under section 10(10c) when the scheme under which the amount was paid does not .....
Tag this Judgment!Court : Chennai
Reported in : (2009)223CTR(Mad)389
..... as a belated return and accordingly did not allow carry forward of losses and unabsorbed depreciation.3. aggrieved against the assessment order, the assessee filed appeal to the cit(a), who allowed the appeal holding that the revised return admitting additional loss along with section 44ab report was a valid return and directed the carry forward of ..... without audit report under section 44ab and the said return was considered invalid by order dt. 30th oct., 2002. the assessee filed a section 264 petition to the cit and the same was dismissed on 8th dec, 2003. subsequently, the assessee filed a revised return admitting additional loss along with section 44ab report. since the original ..... not belated return as per section 139(1) and accordingly the carry forward of losses and unabsorbed depreciation is allowable as per section 80 of the it act?2. whether the original return was considered invalid by ao for want of section 44ab report and assessee's petition under section 264 was dismissed by .....
Tag this Judgment!Court : Chennai
Reported in : [2008]307ITR176(Mad)
..... 496 ). based on instruction 1979 in circular f. no. 279/126/98 itj, dated march 27, 2000, referring to the statutory power under section 119 of the income-tax act, 1961 under which the circular was issued, this court held that (page 500)10. we are of the considered view that none of the exceptions stated in the circular are ..... the facts of the present case. the circular was stated to be issued by invoking the statutory power under section 119 of the income-tax act. the appeal is filed under section 260a of the income-tax act. it is well-settled principle of law that each and every provision of a statute has to be given the same importance. one ..... to notwithstanding anything contained in any other provisions by assigning overriding effect. hence, the contention that notwithstanding the circular, which was issued under section 119 of the income-tax act, the appeal could be filed by the revenue under section 260a has to be rejected for the reason that if the contention is accepted, one of the .....
Tag this Judgment!Court : Chennai
Reported in : (2009)223CTR(Mad)158; [2009]310ITR130(Mad)
..... reason that it was not a suit filed by the plaintiff against the department but against the auction purchasers, and hence the bar under section 293 of the income-tax act cannot be applied to the present facts of the case.36. the last contention put forth by the learned counsel for the appellant before the court is that ..... to be further decided.35. in so far as the contention put forth by the respondent-department that in view of the specific bar under section 293 of the income-tax act, the civil court has no jurisdiction to entertain the suit, the learned single judge has accepted this contention. but, this court is of the view that this ..... and hence the appellant/plaintiff could be evicted only under due process of law by initiation of necessary proceedings by the auction purchaser; that the income-tax department and the auction purchasers have acted in collusion; that the outcome is the impugned order, and hence it cannot be implemented. it would be more apt and appropriate to reproduce .....
Tag this Judgment!Court : Chennai
Reported in : 2010ACJ517
..... is highly excessive and without any basis and that the tribunal has erred in fixing the multiplier at 15 and further that the tribunal has erred in determining the annual income of the deceased jayanthi at rs. 60,000/- and her annual contribution to her family at rs. 40,000/-.11. in regard to the quantum of compensation to be ..... give a datum or basic figure which will generally be turned into a lump sum by taking a certain number of years' purchase. that sum, however, has to be taxed down by having due regard to uncertainties, for instance, that the widow might have again married and thereby ceased to be a dependant, and other like matters of speculation and ..... 15 multiplier is the appropriate one as prescribed under the second schedule to section 163-a of the motor vehicles act, in the considered opinion of this court. moreover, as per this schedule in the absence of any evidence about the income of the injured or the deceased can be assessed at rs. 15,000/- per annum. if the amount of .....
Tag this Judgment!Court : Chennai
Reported in : (2008)219CTR(Mad)54; [2009]313ITR144(Mad); [2009]177TAXMAN202(Mad)
..... .5. this judgment of george willamson (supra) was taken on appeal by the revenue by way of special leave petition to the supreme court. the supreme court in the case of cit v. vinay cement ltd. ..... to have larger retrospective operation than its language renders necessary. the division bench also held that the second proviso to section 43b of the it act, 1961, as it stood prior to its omission by the finance act, 2003, w.e.f. 1st april, 2004, imposed a condition that no deduction shall, in respect of any sum referred to in ..... cit v. south india corporation ltd. : [2000]242itr114(ker) . after considering the same, the gauhati high court held that the contribution made towards pf, etc., after the close of the accounting period, but before the due date for filing return of income for the asst. yr. 1992-93 are entitled for deduction under section 43b(b) of the it act, 1961 .....
Tag this Judgment!Court : Chennai
Reported in : (2009)221CTR(Mad)199
..... long-term capital gains as stated in the return of income has to be admitted. according to the assessees, the actual consideration received was rs. 47 lakhs and rs. 25 lakhs, respectively. but, the assessment was sought ..... passed in the writ petitions; the assessment should not be finalised by taking the full value of the consideration as determined by the lower authorities under the stamp act.5. we are not able to accept the contention of the learned counsel for the petitioners. if ultimately the writ court grants any relief in favour of the ..... on transfer of a land invoking the provisions of section 50c. objecting to the proposal, the assessees preferred applications under section 144a seeking intervention of the addl. cit in clarifying the interpretation of provision of section 50c to the effect that only the actual sale proceeds received on transfer in the two instances of sale, the .....
Tag this Judgment!