Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 19 revision of order prejudicial to revenue Court: income tax appellate tribunal itat madras Page 1 of about 6 results (0.194 seconds)

Oriental Hotels Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

..... on such an examination, he considered that the impugned assessment order was erroneous in that it was prejudicial to the interests of the revenue, inasmuch as the assessing officer had allowed the assessee's claim for (i) extra depreciation, and (ii) extra shift allowance ..... 45 ), which makes it clear that development rebate under section 33 of the income-tax act shall not be allowed in respect of a ship acquired or machinery or plant installed after may 31, 1974. ..... he, therefore, put the assessee on notice of his intention to pass a suitable order under revision under section 263. ..... from the short order in revision, it is seen that the commissioner of income-tax concluded that the assessee was not entitled to extra shift allowance simply because he had held that the assessee was not entitled to extra ..... in the short order in revision passed by him, the commissioner of income-tax rejected both the claims of the assessee in the following words : " 3. ..... we, accordingly, set aside the impugned order in revision on this issue and restore that of the assessing officer ..... this appeal by the assessee is directed against the order in revision passed by the commissioner of income-tax, tamil nadu-iii, madras, on january 15, 1987, in relation to the assessment year 1983-84 ..... his part, shri argal, the learned departmental representative strongly supported the impugned order in revision. ..... some time in september, 1983, the assessee filed a revised return of income, disclosing this time an income of .....

Stanmore (Anamallay) Estates Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1991)39ITD87(Mad.)

..... holding, therefore, that the original assessment order was erroneous in that it was prejudicial to the interests of the revenue, he set aside the original assessment and directed the assessing officer to consider the exigibility issue relating to the said sums.7. ..... subsequently, invoking the powers vested in him by and under section 263 of the income-tax act, 1961, the commissioner of income-tax called for and examined the records of the assessee. ..... uttama reddy, the learned counsel for the assessee, was drawn to the fact that the grounds of appeal relating to the validity of the order in revision passed by the commissioner of income-tax would have been appropriate in an appeal against the order in revision itself, but since no such appeal was filed against the said order in revision, the grounds cannot be raised in the quantum appeal which is before us. ..... in the original assessment for the assessment year 1974-75, which was completed on 23-9-1977, the capital gains and section 41(2) profits arising out of the said sum of rs. ..... this appeal by the assessee is directed against the order dated 26-7-1985 of the cit(a), coimbatore relating to the assessment year 1974-75 (previous year: year ending on june 30,1973).2. .....

Karur Vysya Bank Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)42ITD84(Mad.)

..... the assessee is a banking company, under the interest-tax act, 1974, interest-tax was exigible on the chargeable interest of the assessee.further, by virtue of the provisions of section 18 of the interest-tax act, 1974, the tax payable under the said act was deductible in computing the total income of the assessee under the income-tax act. ..... foregoing analysis will indicate that the total income of an assessee computed under the income-tax act will not cease to be the total income computed under the said act, merely because a deduction which is not available under the income-tax act has been given to the assessee by virtue of the overriding provisions of a special act, namely, section 18 of the interest-tax act 1974. ..... such an examination, he found that the surtax assessment orders in question were erroneous in that they were prejudicial to the interests of the revenue. ..... of the aforesaid arguments found favour with the commissioner of income-tax who passed the impugned common order in revision, and directed the assessing officer to recompute the surtax payable by the assessee for the said assessment years, leaving out of reckoning the interest-tax payable by the assessee. ..... on hearing the rival submissions, we consider that the impugned common order in revision, based as it is on an incorrect appreciation of the legal position, is fit to be ..... view of the foregoing, therefore, we hold that the commissioner of income-tax was not justified in passing the impugned common order in revision. .....

Deputy Commissioner of Income Tax Vs. Chennai V. Chandok Services (P)

Court : Income Tax Appellate Tribunal ITAT Madras

..... he vehemently argued that when the principal debt itself is not allowable, there is no question of considering the interest part.regarding the passing of assessment order under section 16(3) of the wealth tax act, the learned departmental representative submitted that the assessing officer has wrongly mentioned the section as 16(3) instead of 16(5). ..... these appeals by the revenue are directed against the common order of the commissioner (appeals) dated 18-2-2000 wherein a common ground has been taken that the commissioner (appeals) has erred in cancelling the interest-tax assessment made on the assessee holding that the aim, is not liable to interest-tax in respect of its interest earning. ..... the only common issue agitated by the revenue in all its appeals for the above assessment years is that the commissioner of wealth tax (appeals) has erred in holding that there was liability in terms of section 2(m) of the wealth tax act, 1957, and that the same should be allowed for all the above assessment years involved. ..... since we have reversed the above view taken by the commissioner of wealth tax (appeals) on this issue and decided the same in favour of the revenue, the ground taken by the revenue stands allowed.12. ..... aggrieved by this, both the assessee as well as the revenue are in appeal before us.5. ..... filed by the assessee are dismissed and the appeals filed by the revenue are allowed. ..... the revenue being aggrieved, filed these appeals before us.3. .....

V. Gopal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)44ITD581(Mad.)

..... the rationale behind section 263 of the act, it is well settled by a long line of decided cases, is that a superior officer must be given the power to pass orders in revision to set at naught orders of lower authorities which are prejudicial to the interests of the revenue.orders that are prejudicial to the interests of the revenue are those that are not in accordance with law, and which by the same token prevented the realisation of revenue lawfully due to ..... highlight the fact that not only in the context of penalty proceedings, but also in the context of assessment proceedings and proceedings relating to the levy of tax in terrorem under section 23a of the old act/section 104 of the new act, it has been held by the courts (see the cases referred to and relied upon by shri rajan) that a note to the effect that proceedings are dropped is tantamount to an order. ..... the assessee is directed against the order in revision passed by the commissioner of income-tax madurai, on 25-3-1991.2. ..... 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 ..... the assessee, a bus operator, was maintaining accounts but he did not produce them before the income-tax authorities who estimated his income rejecting the income as returned by him. ..... it cannot be said that in all cases where the taxing authorities estimated the income at a higher figure than that estimated by the assessee, no .....

Ayer Mani'S Rubber Estate Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1993)46ITD429(Mad.)

..... he highlighted the fact that in the said order the learned single member had held that by virtue of the inter-head adjustments contemplated by the income-tax act, the assessee was entitled to set off the interest income against the loss under the head 'income from business'.13. ..... 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 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 .....

Smt. C. Rajalakshmi Vs. Income-tax Officer

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 partnership.39 ..... the assessee's case was that, the said chit fund having gone into liquidation and consequently there being no chances of recovery of the sum in question, she was entitled to revenue deduction in respect of the said sum.the assessing officer found that the said aggregate amount represented the contributions made by the assessee in relation to three different chits, none of which had been the ..... suppose, for instance, in a manufacturing concern the use of its plant and machinery can advantageously be made owing to paucity of raw materials only for six hours in a working day and in order to get the best yield out of it, another person who has got the requisite raw materials is allowed to use it as a licensee on payment of certain consideration for three hours; can it be said in such a situation with any ..... conceptually speaking, a commercial asset is one in which a person has right/interest and which is used by him for purposes of the business carried on by him, vis-a-vis the asset, the person has two capacities, namely, one that of the owner and the other that of a business .....

Kalasa Tea and Produce Co. Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1994)50ITD170(Mad.)

..... decision thereon will be applicable to the assessment year 1985-86 also.being a company engaged in the business of manufacturing tea, the assessee was entitled to and was granted development allowance under section 33a of the income-tax act, 1961. ..... rule 2 of the second schedule focusses its attention on three of such excluded items of income, namely : (ii) (a) interest derived from any security of the central government issued or declared to be tax-free; (b) interest derived from any security of a state government issued income-tax free, the income-tax wherein is payable by the state government; and since the aforesaid items of income are left out of reckoning for the purposes of computing chargeable profits of the company ..... an alternative contention, namely, that if the reserve in question was not eligible to be included in the capital base of the company, then under rule 2(ii) of the second schedule of the companies (profits) surtax act, the reserve in question must be deducted from the cost of investment the income from which is excluded from the chargeable profits of the assessee.5. ..... are computed by taking as the starting point the total income computed under the income-tax act and by adjusting it in the manner stipulated in the schedule. ..... we then have rule 2, which contemplates a downward revision in the capital base (as computed under rule 1) ..... the assessing officer rejected the said contention relying on the order of the itat madras bench-a in the case of manjushree plantations .....

inspecting Assistant Vs. T.T. Vasu

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD8(Mad.)

..... held that, in the facts and circumstances of the case, "the appellant cannot argue that interest was not chargeable under provisions of section 217 and section 139(8) of the income-tax act.6. ..... all contentions which, if accepted, must result in the income-tax officer holding that there was no liability to pay advance tax, and, therefore, there was no liability to penal interest, or, even in an appeal preferred against an order charging penal interest, it would be open to him to raise a contention that the income in respect of which tax is imposed and in respect of which interest is calculated for the purpose of section 18a(8) was not income which fell under the head covered under ..... order of the itat did not invite any interference, because the case before the high court was one that fell under the general words used in section 30(1), namely a case of the assessee's denying his liability to be assessed under the act, and that consequently an appeal would lie to the aac, even if the solitary point urged related to levy of interest under section 18a{8).on a consideration of the scheme of the old act relating to advance payment of tax, ..... , the court observed that when section 30, which provides for appeals against specific orders, makes no mention of section 18a(6), a revision petition to the commissioner under section 33a(2) is competent from an order levying penal interest under section 18a(6).35. ..... assessee filed a revision petition before the commissioner of income-tax in that regard .....

Shriram Investments Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1996)59ITD570(Mad.)

..... been claimed and allowed as revenue expenditure under section 37(1) of the income-tax act in a revised return which was filed ..... should not have been allowed in the assessment because, as according to him, even for purposes of section 115j there was normal computation of the total income under other provisions of the income-tax act in terms of which the depreciation calculated as per income-tax rules had been taken into account though tax was levied on the basis of 30% of the book profits.he also noticed that for the assessment years ..... revised return was also a loss return which was filed after the time limit prescribed under section 80 of the income-tax act ..... amount of depreciation in relation to the relevant previous years (pertaining to the assessment year 1988-89, 1989-90 and 1990-91) had been quantified and allowed in determining the total income chargeable to tax under section 115j(1).therefore, shri gopal vehemently contended that nothing had been allowed by way of depreciation in the relevant previous years, so as to reduce the wdv of the assets for and from ..... and 1990-91 the cit(a) had held that in computation of income under the other provisions depreciation as admissible under the income-tax rules had been taken into account before applying the provisions of section 115j and, therefore, there was an error in the order of the assessing officer for the assessment year 1991-92 in that the assessing officer had not taken the wdv of the assets ..... public are substantially interested. .....