Court : Chennai
Reported in : [1977]107ITR483(Mad)
sethuraman, j.1. in both these cases the tribunal has made reference under section 256(1) of the income-tax act, 1961, raising the following questions : t.c. no. 175/71 :'(1) whether, on the facts and in the circumstances of the case, the decision of the tribunal in holding ..... that where an undertaking as a going concern is compulsorily acquired by the government, the said undertaking would constitute capital asset within the meaning of section 12b of the indian income-tax act, 1922, is correct in law ?' 2. it may be seen that the questions are identical in both the cases except for the difference in the enactments under which ..... we do not, therefore, think it necessary to pronounce on the contentionbased on these provisions.12. we have already extracted the provisions of section 2(4a) of the indian income-tax act, 1922, and it would be found therefrom that consumable stores arc not included within the meaning of the term 'capital asset'. the learned counsel for the assessee submitted that .....
Tag this Judgment!Court : Chennai
Reported in : (1994)118CTR(Mad)396; [1994]206ITR183(Mad)
..... persons to seek voluntary retirement under a scheme providing some incentive or inducement for seeking voluntary retirement. clause (10b) of section 10 of the income-tax act, 1961, does grant tax exemption in respect of any compensation received at the time of retrenchment up to the prescribed limit. that limit, however, does not apply to ..... for decision was, whether the exclusion of the government servants from the exemptions given in section 4(3)(xxi) of the indian income-tax act, 1922, and later on in section 10(26) of the income-tax act, 1961, was violative of article 14 of the constitution. although sub-clause (a) was very much there, its validity was not ..... the constitution of india and also declaring the implausible clarification of the central board of direct taxes about the meaning of the term 'salary' as used in section 10(10) and section 10(10aa) of the income-tax act, 1961, and their discordant interpretation as null and void and render justice with the apropos interpretation for .....
Tag this Judgment!Court : Chennai
Reported in : [1994]79CompCas246(Mad); [1994]205ITR176(Mad)
..... case before initiating prosecution.' in the connection, it is interesting to note that the eighth edition of kanga and palkhivala's the law and practice of income-tax, commenting on section 278b of the income-tax act, 1961, on the authority of the ruling in parmeet singh sawney v. dinesh verma : [1988]169itr5(delhi) (at page 1674), submits, 'the authority ..... conclusion that the bills and invoices were false and bogus. thus, they had fabricated false accounts and purchase bills. they wilfully attempted to evade payment of tax under the income-tax act, 1961, by suppression of facts. thus, they filed statements of accounts for the assessment year 1980-81 in c.c. no. 47 of 1986 and for ..... 46 of 1986 and under sections 193, 197, 420 read with section 511 of the indian penal code and sections 276c, 277 read with section 278b of the income-tax act, 1961, in c.c. no. 47 of 1986 on the file of the additional chief judicial magistrate, madurai, for the assessment years 1981-82 and 1980-81 respectively .....
Tag this Judgment!Court : Chennai
Reported in : (1991)96CTR(Mad)117; [1992]195ITR593(Mad)
..... the assessment years under consideration. 5. before us, learned standing counsel for the department submitted as under : penalty under section 271(1)(c) of the income-tax act, 1961, is exigible in the case of the assessee for the assessment years under consideration. it is not correct to state that the law applicable in the matter ..... supreme court in this case. therefore, it was submitted that the tribunal was not correct in cancelling the penalties levied under section 271(1)(c) of the income-tax act, 1961, for both the assessment years under consideration. 6. on the other hand, learned counsel appearing for the assessee submitted as under : the law as it stood ..... the return was filed after a delay of seven months on may 3, 1962, i.e., after the income-tax act, 1961, had come into force. the income-tax officer initiated proceedings under section 271(1)(a) of the act of 1961, and holding that the assessee had not been prevented by any reasonable cause from filling the return within time, .....
Tag this Judgment!Court : Chennai
Reported in : (1991)94CTR(Mad)86; [1991]192ITR423(Mad)
..... tax under section 104 of the income-tax act, 1961, for any of the assessment years from 1972-73 to 1974-75 (2) whether, on the facts and in the circumstances of the case, the appellate tribunal was ..... , the profits and gains derived from the export of any goods or merchandise referred to in section 2(5)(a)(i) of the finance act have to be ascertained in accordance with the income-tax act, 1961 and, if so ascertained, the two amounts referred to will necessarily constitute business receipts referable to, or derived from the export of cycle rims and ..... on the facts and in the circumstances of the case, the appellate tribunal was right in holding that, having regard to the notification under section 104(3) of the income-tax act, 1961 in s. o. no. 3210 see [1969] 74 itr 6, dated august 8, 1969, issued by the government, the assessee was not liable to pay additional .....
Tag this Judgment!Court : Chennai
Reported in : AIR1960Mad96; [1959]37ITR26(Mad)
..... the assessee. similarly it was held in the latter case:'on the interest which accrues due in respect of securities, debentures etc., referred to in s. 8 of the indian income-tax act, 1922, the liability to pay arises only when the interest is received.'section 12-b, however, does not speak of any receipt at all. the crucial word used there ..... is no doubt so, but we find it difficult to see how that argument would help the assessees now before us. in order that sec. 12-b of the income-tax act may apply, it is sufficient if in the relevant accounting year profits arise out of the sale of capital assets. what the parties did subsequent to the year will not ..... 750, and rs. 2,32,050.(8) it will be noticed that these figures are higher than the corresponding figures adopted by the income-tax officer.(9) under sec. 12-b of the income-tax act, an assessee is liable to pay tax under the head 'capital gains' in respect of any profits or gains, arising from the sale, exchange or transfer of a capital .....
Tag this Judgment!Court : Chennai
Reported in : [1999]239ITR548(Mad)
..... in the first of the decisions, the kerala high court held that where an application is made for waiver of interest levied under section 215 of the income-tax act, 1961, the income-tax authorities have to objectively consider the circumstances and find out whether the assessee is entitled to it. there should not be a mechanical consideration of the claim ..... impugned order dated november 7, 1988, and consequently direct the first respondent to waive interest of rs. 4,29,670 levied under section 220(2) of the income-tax act, 1961, for the assessment year 1980-81. 2. the grievance of the writ petitioner-company is that the application filed by it for waiver of interest under section ..... on the facts and in the circumstances of the case, in refusing to exercise his power under section 273a of the income-tax act, 1961, to waive interest and penalty where the assessee has disclosed income voluntarily in a revised return, is a question to be examined on the merits and the high court, on a writ .....
Tag this Judgment!Court : Chennai
Reported in : (1986)52CTR(Mad)354; [1986]159ITR381(Mad)
..... item iii (iii) of part i of appendix i of the income-tax rules, 1962.17. the additional commissioner of income-tax acting under section 263 of the income-tax act, 1961, held that the magazines aforesaid cannot be considered as mere newspapers he, therefore, directed the income-tax officer to correct the rate of depreciation accordingly.18. on appeal, the ..... justified ?"112. the papers will now be placed before the learned chief justice for appropriate further action in terms of section 259(2) of the income-tax act, 1961.ramanujam, j.113. these matters have been posted before me on a difference of opinion between balasubrahmanyan j. and swamikannu j., on the question as ..... inclined to agree with the view expressed by balasubrahmanyan j. admittedly, the general and normal rate of depreciation leviable under section 32(1)(ii) of the income-tax act, 1961, on the plant and machinery during the relevant time was 7%. but a special higher rate of depreciation at 10% has been provided under appendix i .....
Tag this Judgment!Court : Chennai
Reported in : [1976]102ITR50(Mad)
..... had been omitted with effect from april 1, 1960. as regards the balance of rs. 10,32,688, the tribunal took note of section 46(2) of the income-tax act, 1961, and held that in view of the said provision the said amount of rs. 10,32,688 could be brought to charge under 'capital gains' though in the company ..... of the amounts distributed by the liquidator to the share-holders could be charged as 'capital gains' under section 12b of the income-tax act. the tribunal had held that by virtue of section 46(2) of the income-tax act, 1961, a portion of the distribution should be considered as 'capital gains', and that though section 46(2) was not strictly applicable ..... to the assessments for the assessment years 1960-61 and 1961-62, still the principle of that section would have to be applied for .....
Tag this Judgment!Court : Chennai
Reported in : [1988]172ITR199(Mad)
..... of this court in a decision rendered in state of tamil nadu v. sadhanandam : [1978]113itr453(mad) has held that section 9(2) of the agricultural income-tax act has no application if the assessment is made on the father in the status of a hindu undivided family and section 9(2) will come into play only when ..... assessee in all these cases is one ganesa udayar of pilliarnatham, kallaperambur post, thanjavur taluk. for the year 1975-76, there was an assessment under the agricultural income-tax act wherein all the lands in his possession and enjoyment were assessed in his hands as an individual. the assessee objected to the said assessment by filing an appeal ..... assessee will have to be clubbed with the other lands in view of the provisions of section 9(2) of the agricultural income-tax act. according to the assessee, however, the inclusion of the income from the lands belonging to the assessee's minor daughter and paternal grandmother cannot legally be justified and that the assessment made in .....
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