Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 27 power to make rules Court: chennai Page 8 of about 786 results (0.116 seconds)

Tamilnadu Warehousing Corporation Vs. the Income Tax Officer

Court : Chennai

..... letting of godowns or warehouses was for any other purpose other than the stated purpose or the income is derived from any other source, then, the income could not possibly come within the ambit of section 10(29) of the income tax act and interest income on fixed deposits would not qualify for relief under section 10(29) of the income tax act. ..... assessee is entitled to its claim of exemption on the income derived from warehousing charges, supervision charges, fumigation charges, weigh bridge receipts and sale of tender forms and interest collected on belated refund of advance alone; however, on the income from house property, income on bank deposits, loans and advances made to the members of the staff, interest on fixed deposits and dividend income, the assessee is not entitled to any relief of exemption under section 10(29) of the income tax act.31. ..... dismissing the assessee's appeal, the supreme court affirmed the view of the high court that interest on fixed deposits was not exempt under section 10(29) of the income tax act.11. ..... considering the order that we are passing today in other appeals relating to the claim of exemption under section 10(29) of the income tax act, in any event, no serious prejudice could be caused on the claim of expenditure too.5. ..... affirming the view of the allahabad high court reported in (1974) 94 itr129(all), the supreme court held that the income earned by the warehousing corporation would be exempt under section 10(29) of the income tax act.9. .....

The State of Tamil Nadu Rep. by Its Secretary to Government, Environme ...

Court : Chennai

Reported in : (2008)13VST117(Mad)

..... the petitioner is directed to establish before the concerned authorities that they are entitled to the benefits under section 5(3) of the central sales tax act, 1956 with respect to the sandalwood purchased by them. ..... learned singe judge had also set aside the order of forfeiture on account of the conclusion that there was no justification for demanding payment of demurrage and penal interest inasmuch as the delay was not on account of the lapse on the part of the present respondent, but was on account of various unsustainable objections raised by the department from time to time ..... proceedings raising such controversy;(2) since the respondent had failed to complete the transaction and take delivery of the sandalwood in question, the department had rightly called upon the respondent to pay demurrage as well as penal interest; and(3) the auction in question had been held long back in 1998 and the present price of the sandalwood having gone up, it would be inequitable to complete the transaction.6. ..... , on 31.8.1999, a communication was received from the second appellant wherein the present respondent was called upon to pay the entire sale amount, demurrage charges, penal interest besides sales tax amount. ..... dated 25.10.2007 in respect of similar transactions either between the same parties or between other exporters and the state government, has taken a similar view and repelled the contention of the state government relating to sales tax dues, demurrage charges or penal interest.9. .....

Commissioner of Income-tax Vs. Attur Agricultural Producers Cooperativ ...

Court : Chennai

Reported in : [2008]306ITR151(Mad)

..... of the above settled proposition of law, we hold that the respondent co-operative society which is engaged in the marketing of the agricultural produce is eligible for the benefit of section 80p(2)(a)(i) of the income tax act in respect of the interest received from members.finding no substantial question of law arises for consideration, the appeal stand dismissed. ..... facts and under the circumstances of the case, the tribunal was right in holding that the respondent co-operative society which is engaged in the marketing of the agricultural produce is eligible for the benefit of section 80p(2)(a)(i) of the income tax act in respect of the interest received from members 4. ..... by the assessee, the commissioner of income tax (appeals), following the appellate order for the assessment years 1993-94 and 1994-95 held that the assessee is entitled to deduction in respect of interest income received on advances made to his customers for the purpose of deduction under section 80p of the income tax act. ..... the assessee had claimed deduction under section 80p(2)(a)(i) of the income tax act and the assessing officer negatived the claim of the assessee as the primary objective of the assessee is not that of the credit society that is engaged in the ..... sugar mill, and that the object clause or/and the business activities of the assessee therein is also granting loans and advances to the members, held that the assessee therein is entitled to exemption under section 80p(2)(a)(i) of the income tax act. .....

M. Srinivasa Rao Vs. the Assistant Commissioner of Income Tax

Court : Chennai

Reported in : 2007(5)CTC483; (2008)219CTR(Mad)40; (2008)1MLJ113

..... government pleader appearing for the respondent submitted that the proceedings are initiated pursuant to the direction or finding of the tribunal, hence, sub-clause 3 of section 153 of the income tax act alone is applicable and in such event, no time limit is contemplated, hence, the impugned communication is sustainable in law and prayed for dismissal of ..... the learned counsel appearing for the petitioner submitted that even assuming sub-clause 3 of section 153 of the income tax act is applicable to the facts of the case on hand though no time limit is prescribed, if at all, such proceedings could be initiated within a reasonable time, whereas, in this case, the impugned communication was ..... interest and the solatium, which have to be paid under the provisions of the act, are linked with the market value of the land with reference to the date of the notification under sub-section (1) of section 4 of the act ..... justification is furnished on behalf of the respondents, can it be said that the statutory power of making an award under section 11 has been exercised within a reasonable time from the date of the declaration under section 6? ..... representation dated 20.07.2004 calling upon the respondent to refund the amount of rs.1,88,284.06 relating to the assessment year 1989-1990 with interest, for which also there was no reply from the respondent. ..... notice dated 23.07.2007 and direct the respondent to grant the refund claimed by the petitioner with interest for the assessment year 1989-1990.2. .....

K.Parthasarathy Vs. the Commissioner of Income Tax Vii and Others

Court : Chennai

..... based on the demand raised by the assistant commissioner of income tax, tds, bangalore, on 7.10.1999, for the failure to deduct tax at source, in respect of perquisite value of stock options allotted to its employees, who were covered under the employees stock option scheme, the necessary tax had been paid, under section 201(1) of the income tax act, 1961, along with the interest thereon. ..... ), confirming the orders passed by a learned single judge of this court directing the refund of the amounts paid by the assessees, as tax, with the interest payable thereon, as per the provisions of the income tax act, 1961. ..... such application being made, the authority concerned shall consider the same and pass appropriate orders thereon, as per the relevant provisions of the income tax act, 1961, including section 244(a) (2) of the said act, as expeditiously as possible. ..... has been further stated that the employer had deducted tax at source, from the salary of the petitioner and it had been remitted to the department, as per the relevant provisions of the income tax act, 1961. ..... counsel appearing on behalf of the petitioner had submitted that this court had passed a number of orders directing the respondent department to refund the amounts deducted as tax, along with the interest accrued thereon. ..... with regard to the claim of the petitioner, for the payment of interest accrued on the said amount, it would be open to the petitioner to make an appropriate application before the authority concerned. .....

S.Gurunathan Vs. 1.The Deputy Commercial Tax Officer,

Court : Chennai

..... tax act by section 2(1)(b), makes the provisions of the tamil nadu general sales tax act applicable in relation to the additional tax payable, as they apply in relation to the tax payable under the said act, additional sales tax being a levy provided for in the special enactment relating to the levy of additional sales tax, the substantive provisions in relation to that levy have to be found in that enactment, and there being no substantive provision in the tamil nadu additional sales tax act for the levy of interest on additional tax ..... , the provisions of the tamil nadu general sales tax act providing for levy of interest on the sales tax payable under that enactment, cannot be construed as a source of power to the state to levy interest ..... ordinarily the charging section which fixes the liability is strictly construed but that rule of strict construction is not extended to the machinery provisions which are construed like ..... so construed and applying the normal rule of interpretation of statutes, we find, as pointed out by us earlier and by bhagwati, j.in the ..... the rule against retrospectivity is inapplicable to such legislations as explanatory and .....

L.C.T.S.P. Subramaniam Chettiar Vs. the Commissioner of Income-tax

Court : Chennai

Reported in : 159Ind.Cas.787; (1935)69MLJ844

..... it was then argued that in order to come within the meaning of the term 'received' as used in section 4 of the income-tax act there must be an actual transfer of the money in question and the receipt of the sum in india. ..... the point for determination is whether the amount in question was received in british india in the year of account within the meaning of section 4(2) of the income-tax act. ..... a small credit balance in colombo was thereupon converted into a debit balance and a few weeks afterwards the overdraft and the interest accrued thereon were discharged out of the proceeds of the sale in colombo of certain indian bonds held by her. ..... the petitioner did not dispute before the income-tax officer that the profits in penang were sufficient to cover the remittances.3. ..... when he applied for repayment of the money the petitioner issued two hundis on his penang shop for the amount due with interest, namely rs. ..... it was held that the proceeds of the sale of bonds had not been received in the united kingdom within the meaning of rule 2 of case v. ..... john bloot (1919) 8 tax cases 148 having regard to the facts of the case, does not support this contention.5. ..... marians (1933) 18 tax cases 148 that case is clearly distinguishable. .....

L.C.T.S.P. Subrahmanyam Chettiar Vs. Commissioner of Income-tax

Court : Chennai

Reported in : AIR1936Mad282

..... it was then argued that in order to come within the meaning of the term 'received' as used in section 4, income-tax act, there must be an actual transfer of the money in question and the receipt of the sum in india. ..... the point for determination is whether the amount in question was received in british india in the year of account within the meaning of section 4(2), income-tax act. ..... a small credit balance in colombo was thereupon converted into a debit balance and a few weeks afterwards the overdraft and the interest accrued thereon were discharged out of the proceeds of the sale in colombo of certain indian bonds held by her. ..... the petitioner did not dispute before the income-tax officer that the profits in penang were sufficient to cover the remittances.3. ..... when he applied for re-payment of the money the petitioner issued two hundis on his penang shop for the amount due with interest, namely rupees 13,730. ..... it was held that the proceeds of the sale of bonds had not been received in the united kingdom within the meaning of rule 2 of case y. ..... john blott (1919) 8 tax cases 103 having regard to the facts of the case, does not support this contention. ..... marians 18 tax cases 148. .....

L. C. T. S. P. Subramanyam Chettiar Vs. Commissioner of Income Tax, Ma ...

Court : Chennai

Reported in : [1935]3ITR346(Mad)

..... arrangements between the parties should be excluded because of the fact that a hundi was issued in india in discharge of the debt.i was then argued that in order to come within the meaning of the term received as used in section 4 of the income tax act there must be an actual transfer of the money in question and the receipt of the sum in india. ..... the petitioners did not dispute before the income tax officer that the profits in penang were sufficient to cover the remittances.the point for determination is whether the amount in question was received in british india in the year of account within the meaning of section 4(2) of the income tax act. ..... a small credit balance in colombo was thereupon converted into a debit balance and a few weeks afterwards the overdraft and the interest accrued thereon were discharged out of the proceeds of the sale in colombo of certain in indian bonds helds by her. ..... when he applied for repayment of the money the petitioner issued two hundies on his penang shop for the amount due with interest, namely, rs. ..... it was held that the proceeds of the sale of bonds had not been received in the united kingdom within the meaning of rule 2 of cases v. ..... the decision in 8 indian tax cases 103, having regard to the facts of the case, does not support this contention.we would therefore hold that the sum of rs. ..... marians (18 tax cases 148). .....

New Ambadi Estates Private Limited Vs. the Commissioner of Income Tax

Court : Chennai

Reported in : (2004)186CTR(Mad)289

..... it is obvious from the language of section 214(1) that where the payments made by way of the instalments of the advance tax is more than the actual tax liability which is ultimately found out, the excess payment made by way of advance tax would carry interest at the rate of 15%. ..... clause(a) of sub-section(1) of section 209a specifically provides that where the assessee has been previously assessed by way of regular assessment, he shall send to the income-tax officer a statement of advance tax payable by him computed in the manner laid down in clause (a) or in sub-clause (i) of clause (d) of sub-section (1) of section 209. ..... a view was taken after considering the relevant sections in the following words:'section 209a provides for giving the estimate. ..... it is innate that for this, the assessee has to file an estimate of advance tax under section 209a(3) or (4) of the act. ..... the section further dictates that the assessee shall pay such amount of advance tax in a case falling under clause (a) as accords with the statement in equal instalments on the dates applicable in his case under section 211. ..... 'on this basis though the interest was awarded on this amount by the assessing authority, the appellate authority refused the said interest holding that the instalment was not paid in terms of and in accordance with the estimate which was filed under section 209a(3) or (4) or (5) of the act. ..... under such circumstances, there was no question of making any payment of the advance tax towards instalments. .....