Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1989)28ITD1a(Mad.)
..... , 1986, has proposed that no proceedings shall be initiated under section 269c of the income-tax act, 1961, in respect of a property transferred after the 30th day of ..... 1986, has proposed that no proceedings shall be initiated under section 2690 of the income-tax act, 1961, in respect of a property transferred after the 30th day of ..... has been filed under the provisions of section 269g of the income-tax act, 1961 (hereinafter referred to as 'the act') by the transferee. ..... finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, the board has decided that w.e.f. ..... finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, the board has decided that w.e.f. ..... direct taxes by its circular dated 16th may, 1986, which bears repetition, stated as under: subject: acquisition of immovable properties under chapter xxa of income-tax act, 1961 - guidelines ..... what would be the position when a period of limitation had been prescribed for passing orders under revision by the commissioner against orders prejudicial to the interests of revenue passed by the income-tax officer under the act of 1922 when there was no saving clause like that in the act of 1981 [section 263(3)] that the period of limitation would not apply to orders passed to give effect to the findings of the tribunal, etc. ..... as a consequential measure, section 276aa of the act is proposed to be omitted.therefore, the provisions relating to acquisition in all cases become inapplicable for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1991)36ITD1a(Mad.)
..... [1964] 53 itr 140, the supreme court held as follows at page 170 of the reports while construing the expression "for the purpose of the business" in section 10(2)(xv) of the indian income-tax act, 1922, which corresponds to section 37(1) of the present income-tax act, 1961 :- the aforesaid discussion leads to the following result : the expression " for the purpose of the business" is wider in scope than the expression "for the ..... expenditure on grounds of commercial expediency in the hands of the present appellant.the learned counsel submitted that the provisions contained in sections 40a(9) and (10) of the income-tax act, 1961 were applicable to trusts created for the welfare of the employees of a company and that in the absence of a similar provision in the act against dealers' welfare trust, there could be no objection to the acceptance of the appellant's claim for deduction of this amount ..... the total value of the machinery or plant used in the business, then, for the purposes of clause (ii) of this sub-section, the condition specified therein shall be deemed to have been complied with.we have quoted the relevant sub-sections of section 80-i as well as explanation 2 which have a material bearing on the point at issue in the present appeal and omitted the other provisions, as they are not relevant for the purposes of this appeal.106. ..... 1960] 3 scr 38 at page 48; 38 itr 601, 610 (sc) :- we have omitted the passage given in the earlier judgment of the supreme court in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)67ITD11(Chennai)
..... we, therefore, dismiss the arguments of the assessee's counsel regarding invoking the jurisdiction of the tribunal and hold that the revenue is justified in invoking the provisions of section 104 of the income-tax act before the tribunal against the order of the cit (appeals) dated 27-3-1990 even after the order of the settlement commission, which does not cover the matter relating to provisions of section 104 of the income-tax act, 1961. ..... [1966] 60 itr 417, the assessing officer did not accept the assessee's explanation for non-declaration of dividend and accordingly imposed additional tax under section 104 of the income-tax act, 1961 in both the assessment years under consideration.3. ..... of these figures it is argued that the assessee-company has to conserve its resources to meet its obligations to its customers and that non-declaration of dividend cannot be held against the company to invoke the provisions of section 104 of the income-tax act, 1961.11. ..... learned departmental representative pointed out that if the arguments of the assessee's counsel are accepted, then there is no need for the provisions of section 245-i of the income-tax act, 1961.7. ..... the provisions of section 245m, omitted by finance act, 1987 w.e.f. ..... the provisions of section 245m are omitted w.e.f. ..... if an item of receipt is deliberately omitted from the accounts it cannot be said that commercial principles prevent that amount being added to the profits in order to arrive at the real commercial or accounting profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)44ITD581(Mad.)
..... subsequently, the commissioner of income-tax, madurai, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, called for and examined the records of ..... the contentions urged by the assessee as respects the revised return of income filed by him did not find favour with the assessing officer.as respects the daily collections omitted to be included, the assessing officer, going on the basis of the extent of omission disclosed by the seized order books ..... the entries in the chittai are taken to the day book and the ledger.the assessing officer further found that the assessee had omitted to record the daily collections in the chittai and consequently in the day book and the ledger. ..... of omissionyear both the order orders orders in book and chittai execut- omitted rupees were made availa- ed1979-80 1980-81 18-5-1979 to 25-9-1979 3600 385 13,542 5-4-1980 to 24-4-19801980-81 1981-82 4-9-1980 to 3-2-1981 8954 2558 91,854 19-2-1981 to 31-3- ..... taking into account the extent of the daily collections omitted to be included and taking into account the further fact that some part of the assessee's personal expenditure would have been met out of the said unrecorded collections, the tribunal held that it would be ..... finding that the assessee was systematically omitting to record part of the daily collections, the assessing officer called upon the assessee to produce the order books, and daily collection chittai relating to the year of account ending 31-3-1983 (being the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)42ITD187(Mad.)
..... vested in him by and under section 263 of the income-tax act, 1961. ..... first to ascertain the nature of the consideration received by the assessee under the agreement in question.for this purpose, it is necessary to examine the relevant provisions of the income-tax act, 1961.30. ..... received by a foreign company under a post 31-3-1976 agreement, the effect of section 115a, in its application to the assessment years under consideration, is that income-tax is payable at the rates indicated below:(a) where royalty consists of lump 20% section 115a sum consideration for the (1)(b)(ii)(1) transfer outside india of, or(b) in other cases. ..... section 115a specifies the income-tax payable, inter alia, on royalty and technical service fees in ..... the assessee on notice of his intention to pass suitable order in revision under section 263 of the act.the assessee responded by contending that the consideration received by it under the agreement in question was only by way of royalty and that consequently, under section 115a(1)(b)(iii), the lump sum consideration in question was chargeable to tax at 20% and not at 40%.the said contention did not find favour with the ..... under section 115a(1)(b)(ii) a low rate of tax at 20% is to be charged on the income included in the total income by way of royalty as consists of lump sum consideration for the transfer outside india or the imparting of the information outside india in respect of any data, documentation, drawings or specification relating to any patent, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2004)88ITD373(Chennai)
..... . once that basic fact is accepted, then there is no occasion either for the assessee or for the department to sneak into the provision of section 145 of the income-tax act, 1961 ..... . in the said case, what the tribunal held was that as two views are possible on the question of the overriding effect of section 209(3) of the companies act, 1956, with reference to section 145 of the income-tax act, the jurisdiction invoked by the commissioner under section 263 of the income-tax act was not proper ..... . narayanan, the learned departmental representative appearing for the revenue contended that section 145 of the income-tax act does not give the assessee two options of different methods of accounting for different purposes, or for complying with the provisions of different enactments ..... . in fact, there is no occasion to examine, whether section 209 of the companies act over-rides section 145 of the income-tax act or not.there are different assessees by status under the income-tax act ..... . c1t [2002] 81 itd 7, where it is held that there is no warrant for coming to the conclusion that section 209(3) of the companies act overrides section 145 of the income-tax act ..... . in that case, the tribunal was really examining whether income had accrued at all under the provisions of section 5 of the income-tax act ..... . the tribunal observed that the provisions of general law cannot override the specific provision like section 145 of the income-tax act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD71(Mad.)
..... yardsticks are designed to serve, no reliance can be placed on that section of interpreting the term "turnover", especially when the term "turnover" has not been defined either under the income-tax act or in the rules made thereunder.secondly, in the case of a person carrying on business, section 44ab itself uses the expression "total sales, turnover or gross receipts, ..... 3 of the act ..... 159, 167, lord trayner in dealing with a case of assessment to income-tax of a company, formed for the purpose, inter alia, of acquiring and re-selling mining property, which resold the whole of its assets to a second ..... income, profits and gains would not arise but if there were income, profits and gains, then the proportionate part thereof attributable to the sale proceeds received by the agents in india were income, profits and gains received by them at the moment the gross sale proceeds were received by them in india and that being the position the provisions of section 4(1)(a) were immediately attracted and the income, profits and gains so received became chargeable to tax under section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)46ITD429(Mad.)
..... ) (sb), no part of the malaysian income could enter into the computation of the total income of the assessee under the income-tax act, 1961.23. ..... interest thereon, such interest income will have to be treated as business income and taxed as such.on this general principle, interest income earned by the assessee will normally have to be assessed as business ..... or is deemed to accrue or arise in india during the accounting year, the date or place of its receipt being immaterial [section 5(1)(b)]; (c) income which accrues or arise outside india during the accounting year, even if it is not received in or brought into india [section 5(1)(c)].it should, therefore, follow that normally the income derived by the assessee from its malaysian estate is exigible to indian income-tax.normally, again, if in the course of its business the assessee keeps surplus funds with banks and earns .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (2007)104ITD149(Chennai)
..... , the income-tax act enacted by parliament as interpreted by the jurisdictional high court in categorical term says that the excise duty and sales tax cannot form part of total turnover for the purpose of deduction under section 80hhc. ..... in the appeal is that the commissioner of income-tax (appeals) has erred in deleting the disallowance made under section 43b in respect of pf and esi.21. ..... were heard together and issues are related, the same are being consolidated and disposed off together for the sake of convenience.the first issue raised is that the commissioner of income-tax (appeals) erred in confirming the addition of excise duty and sales tax to the turn over for the purpose of computation of deduction under section 80hhc.3. ..... raised is that the commissioner of income-tax (appeals) erred in exclusion of 90 per cent of the miscellaneous receipts from profit for the purpose of computation of deduction under section 80hhc.5. ..... it is noted here that at the time of adjudication on that issue by the commissioner of income-tax (appeals) or up to the time of filing the appeal, no high court decision covering the issue in favour of ..... dated 21-9-2005 filed by the director of the company states the reason for the delay as under: i state that after receiving the commissioner of income-tax (appeals) order, i kept the same for taking further action. ..... the assessee and revenue are directed against the respective orders of commissioner of income-tax (appeals) for assessment years 1995-96 and 1996-97. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1993)47ITD315(Mad.)
..... in our opinion these provisions have nothing to do with the validity of partnership either under the partnership act or its registration under section 26a of the income-tax act.thus, according to the punjab and haryana high court the head of income under which a particular item of income of the firm is to be computed for purposes of taxation has nothing to do with the legal validity of ..... the ito allowed registration to the firm for the assessment years 1972-73 and 1973-74.the commissioner of income-tax, acting under section 263, cancelled the registration on the ground that no business was carried on by the assessee during the ..... assessment for the assessment year 1955-56 the assessee's main contention was that the lease granted under the indenture of 15th march, 1948 was a lease of a commercial asset and, that therefore, the income from the lease should be assessed under section 10 of the income-tax act, 1922; and that consequently, the assessee was entitled to depreciation and development rebate also. ..... mention that in the report of the case in nauharchand chananram (supra) the last sentence of the second paragraph of the quotation reads as: "hence, income derived by an assessee from the lease of a factory becomes income from business and assessable under section 10 of the income-tax act". ..... letting them was not a purpose for which it was formed and that being so, the disputed income cannot be said to fall under any section of the indian income-tax act other than section 10. .....
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