Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD457(Chennai)
..... applicable on change of opinion and held that there is no difference between the law prior to substitution and after substitution of section 147 by direct tax laws (amendment) act, 1987. the hon'ble high court laid down the principle as under in our opinion, we have to see the law prevailing on the date of issue ..... reassessment proceedings upon his mere change of opinion. we, however, may hasten to add that if "reason to believe" of the ao is founded on an information which might have been received by the ao after the completion of assessment, it may be a sound foundation for exercising the power under section 147 r/w ..... 80hhc on account of interest receipt, miscellaneous income and rent treated as business income, (ii) incorrect allowance of exemption under section 54 for the lump sum transfer of technology, (iii) incorrect computation of working of the capital gains, (iv) incorrect computation of working of taxability under section 115ja and (v) computation of receipt as non-compete .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2006)103TTJ(Chennai)352
..... a limited period of five years. in those circumstances, it cannot be said that there was either any extinguishment of rights which envisages involuntary act in respect of such technology/information or any relinquishment of rights in favour of hcc since relinquishment does not contemplate a mere restriction for non-use of such right for a ..... the management of any property or business; all the above clauses are outside the purview of the non-compete agreement entered by the assessee.11. the amendment in the finance act, 2002 proves that the above clauses are not applicable to the assessee's case and section 28(va) is applicable with effect from the asst. ..... subsequently under section 263, the cit has revised the same. the assessee filed an appeal against the revision. the tribunal held that in view of the amendment by finance act, 2002 the non-compete amount cannot be taxed.17. learned departmental representative, in his rebuttal, submitted that the said receipt was in the nature of revenue .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)111ITD37(Chennai)
..... for bad and doubtful debts for the purposes of income-tax.15. chapter iiib containing the provisions relating to nbfcs was inserted in the reserve bank of india act, 1934 by amendment act 55 of 1963 - statement of objects and reasons read as under: the existing enactments relating to banks do not provide for any control over companies or ..... directions, so as to provide for stricter supervision of the operations and working of such banks. the bill seeks to achieve these objectives.section 45ja was inserted by amendment act, 23 of 1997 - statement of objects and reasons read as under: the activities of the non-banking institutions and unincorporated bodies receiving deposits are regulated in terms ..... in the case of m/s. t.n. power finance and infrastructure development corporation ltd. v. jcit reported now in 280 itr 491 and in the case of southern technologies ltd. v. jcit (t.c no. 1 of 2002 dated 23.01.2002) wherein hon'ble jurisdictional high court upheld the findings of cit(a) to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)113TTJ(Chennai)372
..... learned counsel for the assessee further submitted that the expenditure incurred on machines which are meant for modernization of the unit or up-gradation of the technology has been shown as revenue expenditure under the head "modernization and replacement" and not all the machines have been claimed as revenue expenditure. in this ..... relating to exports. therefore, while interpreting the words total turnover' in the formula in section 80hhc one has to give a schematic interpretation. the various amendments made therein show that receipts by way of brokerage, commission, interest, rent, etc., do not form part of business profits as they have no nexus ..... it was held that the expenditure incurred on installation of over-head cleaner, speed frames and humidification plant was revenue expenditure allowable under section 37 of the act as they were only replacement of the existing machinery. he also relied on the following judgments: 14. the learned departmental representative, on the other hand, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)103ITD479(Chennai)
..... the advance tax demanded by the ao under sub-section (3) or (4) or intimated by him under sub-section (5).8. section 209 of the act, after amendment by the amending act, 1987 lays down the method of computing advance tax payable during a financial year as follows: (a) where the calculation is made by the assessee for paying ..... not a mistake apparent from record. it is an admitted position that when the assessee made the petition under section 154 not to levy interest under section 234b the information whether the assessee is liable to pay advance tax under section 208 was very much debatable. it cannot therefore be held that levy of interest is apparent, obvious ..... to enable him to consider the plea of the assessee. in the absence of such material, we cannot find fault with the ao. in the present case, the information discussed in the earlier para was not available with the ao along with assessment records to carry out the rectification under section 154. the mistake sought to be rectified .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2008)114TTJ(Chennai)532
..... ttj (mumbai) 1000 : (2005) 96 itd 160 (mambai) were not applicable to the facts of the case. these order were delivered before the amendment to section 80-ia. by amendment by the finance act, 1999 w.e.f. 1st april, 2000, section 80-ia(2) was introduced which has given the option to the assessee to opt the initial ..... the case law relied on by the departmental representative are delivered before the amendment to section by finance act, 1999. before the amendment the initial assessment year was defined in the act but after the amendment there is no definition for initial assessment year in the act and there is option to the assessee in selecting the year of claiming ..... relied on by the departmental representative. these case law are relating to the assessment years prior to the amendment inserted by finance act, 1999. the new amended section 80-ia came into force from 1st april, 2000. hence the new amended section 80-ia is applicable to the facts of the case. now let us examine the case in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)97TTJ(Chennai)801
..... provisions of section 64 with regard to clubbing of minors' income have also led to litigation between the it department and the assessees. the bill, therefore, seeks to amend section 64 of the it act to provide that all income of a minor is to be included in the income of his parent. however, the income derived by the minor from manual work ..... countries." even the provisions explained by notes on clauses to the finance bill, 1992 regarding clubbing provisions of section 64(1 a) of the act state as under [(1992) 194 itr (st) 142] : 64. the proposed amendment seeks to provide that all income which arises or accrues to the minor is to be included in the income of his parent. however, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)106TTJ(Chennai)179
..... of the profit. the business of the industrial undertaking had directly to yield that profit.the high court subsequently had taken a contrary view basing itself on the amendment to section 28. realising this contrary stand taken by the high court, the apex court has set aside the subsequent contrary judgment. the apex court then went ..... included in the profits; and item (iii) of sub-clause (e) seeks to omit clause (bb) of the explanation relating to definition of 'total turnover'. this amendment is consequential to the amendment proposed under sub-clause (e)(ii)(1) relating to new definition of this expression.the memorandum explaining provisions in the finance (no. 2) bill, 1991 reads as ..... c. shoes (supra) and s.s.c. shoes ltd. (supra), these two cases are prior to the amendment of section 80hhc w.e.f. 1st april, 1992 where expln. (baa) was brought on statute book by the finance (no.2) act, 1991. even in the case of madras motors ltd. (supra), the jurisdictional high court has gone into .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2007)107TTJ(Chennai)475
..... purpose of section 80hhc, hon'ble madras high court has clearly held in cit v. v. chinnapandi (mad) that after 1st april, 1992, i.e. after the amendment of clause (baa) of explanation to section 80hhc(4c) that 90 per cent of gross interest has to be excluded for the purpose of deduction under section 80hhc. therefore ..... actually allowed' shall not include depreciation allowed under sub-sections (a), (b) and (c) of clause (vi) of sub-section (2) of section 10 of the indian it act, 1922 (11 of 1922), where such depreciation was not deductible in determining the wdv for the purposes of the said clause (vi); (i) in respect of any previous year ..... year. the disallowance was confirmed by the learned cit(a).4. we find that the learned cit(a) has correctly confirmed the disallowance of depreciation. section 32 of the it act, 1961 which deals with allowance of depreciation reads as under: (ii) know-how, patents, copyrights, trademarks, licences, franchises or any other business or commercial rights of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2004)83TTJ(Chennai)137
..... ground no. 2.2 regarding the impact of the letter dt. 24th jan., 1995. the only submission of the departmental representative is that the assessee had itself informed the department in its letter dt. 24th jan., 1995, that the contract was completed in november, 1993. the assessee's counsel vehemently argued that the interpretation ..... a new procedure. now it is no doubt true that the process of computation of income is a procedural matter but does it follow that all procedural amendments will be retrospective in application. we are of the view that by introduction of the new procedure of computing income under section 44bbb the right, hirtherto ..... the learned senior departmental representative that the provisions of section 44bbb are procedural and therefore, has retorspective effect. the introduction of section 44bbb brought into the it act, for the first time as a new procedure for taxing the income of foreign companies operating in india. prior to this all assessees operating in india .....
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