Court : Chennai
..... 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, madras 'd' bench dated 28.08.2015 in ita no.2038/mds/2014.) nooty. ramamohana rao, j. 1. this tax case appeal is preferred by the revenue under section 260a of the income tax act, calling in question the correctness of the order passed by the income tax appellate tribunal, ' ..... d' bench, chennai, dated 28.08.2015 in ita no.2038/mds/2014. the substantial question of law raised in this tax case appeal is as follows:- "whether on the ..... accepted the plea of the assessee and allowed the appeal. it is against the said order in appeal passed by the commissioner of income tax (appeals), the revenue has approached the income tax appellate tribunal. 4. the fact which is required to be noticed at the very outset is that during the course of execution of .....
Tag this Judgment!Court : Chennai
..... commissioner of income tax, circle-1, tirunelveli, issued a notice, under section 143(2), on 08.08.2013. subsequently, after transfer of the case, another notice under section 142(1) ..... engaged in the business of publication of daily newspaper and filed its return of income for the assessment year 2011-12, on 21.03.2013, admitting a total income of rs.40,69,56,311/-. the return was processed under section 143(1) of the income tax act, 1961 and subsequently, the case was selected for scrutiny under cass. the assistant ..... appeal filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, madras "a" bench made in i.t.a.no.2829/mds/2015, dated 14.01.2016.) s. manikumar, j. 1. tax case appeal is directed against the order dated 14.01.2016 made in i.t.a.no.2829/mds/2015, for .....
Tag this Judgment!Court : Chennai
..... lands are treated as capital assets u/s.2(14) of the income tax act, 1961 and the long term capital gains on sale of land is brought to tax u/s.45 and also agricultural income is treated as income from other sources. the departmental representative further submitted that commissioner of income tax (appeals) failed to appreciate that no agricultural operations were carried out in ..... in holding that the impugned land is an agricultural land within the meaning of section 2(14)(iii) of income tax act, 1961 at the time of transfer and hence the profit on sale of impugned land is exempt from capital gains tax? (2) whether on the facts and circumstances of the case, the itat was correct in law in ignoring ..... rs.25,91,180/-. the case was taken up for scrutiny and notice, under section 143(2) of the income tax act, 1961 (hereinafter referred to as "the act"), was issued on 01.08.2012 and duly served on the assessee on 08.08.2012. assessee's authorised representative appeared in person and produced a .....
Tag this Judgment!Court : Chennai
..... in favour of the revenue. 17. inviting the attention of this court to explanation (baa) to sub-section 4(c) of section 80hhc of the income tax act, 1961, learned standing counsel for the income-tax department submitted that "profits of business" means, profits of the business, as computed under the head, "profits and gains of business or profession", ..... interest of rs. 2,65,019/- and paid interest of rs.9,24,967/-. the assessee claimed deduction of rs.9,37,057/-, under section 80hhc of the income tax act, 1961, under the net interest, ie., rs.6,59,946/- [rs.9,24,967/- (-) rs.2,65,019/-]. while computing deduction, under section 80hhc, the assessing ..... rival submissions, let us have a cursory look at the provisions in the income tax act, 1961. section 28 of the said act deals with profits and gains of business or profession, and the said section is extracted hereunder: 'the following income shall be chargeable to income-tax under the head "profits and gains of business or profession", (i) the .....
Tag this Judgment!Court : Chennai
..... year 2002-03. subjectmatter of this appeal relates to an order of assessment under section 143 (3) read with section 63 of the income tax act, 1961. 8. the common questions of law framed in t.c.a.nos.453, 498 and 499 of 2016, by the appellant, are ..... 2003-04. subjectmatter of this appeal relates to an order of assessment under section 143 (3) read with section 63 of the income tax act, 1961. 7. t.c.a.no.499 of 2016 is against the order, dated 09.06.2014 made in miscellaneous petition no.149/ ..... -03. subject-matter of this appeal relates to an order of assessment under section 143 (3) read with section 63 of the income tax act, 1961. 6. t.c.a.no.498 of 2016 is against the order, dated 09.06.2014, made in miscellaneous petition no.148 ..... /2010, for the assessment year 2002-03. subject-matter of this appeal relates to an order of assessment under section 201 of the income tax act, 1961. 4. the common substantial questions of law framed in tca nos.651 to 654 of 2016, by the appellant, are as follows .....
Tag this Judgment!Court : Chennai
..... the order passed by the respondent dated 30.08.2015, containing the reasons for reopening the assessment for the year 2011-12, under section 148 of the income tax act, 1961, (act). 2. for the purpose of adjudication of the present challenge the following facts are relevant. the petitioner filed his return of ..... by the seller to the petitioner is not materially relevant for grant of exemption under section 54f of the act. reliance was placed on the decisions of the itat in the case of narasimha raju rudra raju, vs. asst., commissioner of income tax, hyderabad in ita no.234/hyd/12, dated 26.04.2013. 5. the learned senior standing ..... the petitioner received a notice dated 27.03.2015, under section 148 of the act, stating that the respondent has reasons to believe that the income chargeable to tax had escaped assessment due to deliberate omission in the return of income of the petitioner as taxable income was not truly and fully disclosed to the department. the petitioner responded by letter .....
Tag this Judgment!Court : Chennai
..... that they do not maintain separate profit and loss and account for its operation in the state of tamil nadu, however, as per the requirement of income tax act and companies act, pandl and balance sheet are prepared on all india basis and in addition to the chartered accountant certificate already provided, they furnished a tabulation of gross ..... common order 1. the petitioner is a registered dealer on the file of the first respondent under the provisions of the tamil nadu value added tax act, 2006, (tnvat act), and the central sales tax act, 1956, (cst act), stated to be engaged in the business of fmcg products such as detergents, soaps, cosmetics, toothpaste, coffee, tea, etc., having their ..... seize the accounts, registers, records, etc., if he has reason to suspect that any dealer is attempting to evade payment of any tax, fee, or other amount due from him under the act. sub-section (4) empowers the officer to enter upon the office, shop etc., belonging to any other dealer, if he has reason .....
Tag this Judgment!Court : Chennai
..... that the respondent/assessee is eligible to claim the depreciation on the windmill at rs.3,78,00,000/-. 16. referring to section 32 of the income-tax act, 1961, the commissioner of income tax (appeals), trichy, has also observed that the section does not stipulate any condition that an assessee, in order to claim depreciation, ought to have ..... the genuineness of the documents has not been confronted by the revenue. same was the case before the commissioner of income tax (appeals). when production of evidence at the appellate stage, is permissible under the income-tax act, 1961 and the rules made thereunder, nothing prevented the revenue from raising objections or to question the genuineness of the documents. ..... appeal filed under section 260a of the income tax act, 1961, against the order made in i.t.a.no.1351/mds/2015, dated 14.10.2015.) s. manikumar, j. 1. challenge in this tax case appeal, is to an order made by the income tax appellate tribunal in i.t.a.no.1351/mds/2015, dated 14.10.2015 .....
Tag this Judgment!Court : Chennai
..... -existent. the effect of such a legal fiction is that a position which otherwise would not obtain is deemed to obtain under the circumstances." 16. in commissioner of income tax, madras v. urmila ramesh [1998 (3) scc 6], the apex court observed :- "even though the word "deemed" is not used in section 41(2) of the ..... true that by a legal fiction created under section 41(2) a balancing charge arising from sale of old machinery or building is treated as deemed income and the same is brought to tax; in other words, the legal fiction enables the revenue to take back what it had given by way of depreciation allowance in the preceding years since ..... under section 80-e(1), in order to compute and allow the permissible special deduction, computation of total income in accordance with the other provisions of the act is required to be done and after allowing such deduction the net assessable income chargeable to tax is to be determined; in other words, the legal fiction under section 41(2) and the grant .....
Tag this Judgment!Court : Chennai
..... plea of the petitioner was not considered, since his wife, daughter have not maintained any book of records for their claim, and they have not declared their income to the department of income tax. ... " 7. thus, learned counsel for the petitioner, by relying upon the above portion of the counter affidavit, submitted that it is apparent that the ..... agency) is not satisfied with the documents/explanation submitted by the petitioner, the offence under section 13(2) read with 13(1)(e) of the p.c. act, would get attracted and the filing of the charge sheet would arise. in this case, without even considering the relevant/material documents produced by the petitioner and without ..... hence, as per the prosecution, the petitioner/accused had committed an offence punishable under section 13(2) read with 13(1)(e) of the prevention of corruption act. the charge sheet was filed against the petitioner before the trial court in crime no.11/ac/2009/cc-iii for the said offences. challenging the said criminal .....
Tag this Judgment!