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Karur Vysya Bank Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

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

..... since 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. ..... the 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. ..... it is common ground that while making the assessments under the income-tax act, the assessee was allowed the benefit of deduction in respect of the interest-tax payable under the interest-tax act, 1974.3. ..... the first schedule of the surtax act opens with the following words: in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows from the above, it would be clear that the base for computing the 'chargeable profits' under the surtax act is the total income computed following the rules and regulations under the income-tax act. ..... (b) rules 1 to 3 of the first schedule of the surtax act also do not provide for any such deduction. .....

R.M. Valliappan Vs. the Assistant Commissioner

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)103ITD63(Chennai)

..... hon'ble president, itat, was pleased to constitute a special bench in this case to consider the following issue: whether membership card of madras stock exchange could be construed to be a capital asset within the meaning of section 2(14) of the income-tax act, 1961; exconsequenti, consideration of the alleged transfer of membership card is exigible to capital gains tax? 2. ..... section 2(14) and 281 b and also to the definition of the term 'assets' given in section 2(e) of the wealth-tax act ..... " as per section 2(e) of the wealth-tax act,' assets' includes "property of every description,movable or immovable, but ..... has sold/auctioned card and that also is another pointer that the card holder has right in property or so to say the card is property in itself, and consequently, an asset within the meaning of section 2(e) of the wealth tax act. 19. ..... the privy council held under somewhat similar rules that a member who had lost his membership for being a defaulter, loses all interest both in the property of the association and ..... the supreme court observed in the case of ase that in principle, it would make no difference as under the rules both in the case of death or default of a member, his right of nomination ceases and vested in ..... it was merely a power, similar to the power of appointment whereas transfer was meant to be movement of title to property from one person to another.4.5 it was fairly pointed out by the learned counsel that there was a decision by the mumbai bench of the tribunal in .....

ito Vs. P.C. Ramakrishna (Huf)

Court : Income Tax Appellate Tribunal ITAT Madras

..... the commencement of the hindu succession (tamil nadu amendment) act, 1989, having at the time of her death, an interest in a mitakshara coparcenary property by virtue of the provisions of section 29a, her interest in the property shall devolve by survivorship upon the surviving members of the coparcenary and not in accordance with this act: if the deceased had left any child or child of a predeceased child, the interest of the deceased in the mitakshara coparcenary property shall ..... who vide his order dated 17-3-1998 held that partition is sham one and the mere contrivance to divest the family funds to reduce the incidence of tax and accordingly he declined to grant recognition to the partition in exercise of his powers under section 171 of the act. ..... the assessing officer has started with the proposition that the effect of the amending act of 1989 is not to make the daughters coparceners but only confers on them a right to claim a share equal to that of the coparcener ..... prior to the amendment to the hindu succession act, 1956 by the hindu succession (tamil nadu amendment) act, 1989, the rules of ancient hindu law governing the rights of the women in the family in the mitakshara school of hindu law, no doubt female members had no right to claim partition of the family ..... ced , has held that while under general rules of hindu law, the husband has got an obligation to maintain his wife and this obligation is independent of possession of any property by the husband, this obligation is .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... the capital asset is an asset forming part of a block of assets in respect of which depreciation has been allowed under this act or under the indian income-tax act, 1922 (11 of 1922), the provisions of sections 48 and 49 shall be subject to the following modifications: (1) where the full value of the consideration received or accruing as a result of the transfer of the asset together with the full value of ..... where the appropriate authority does not make an order under sub-section (1) of section 269ud for the purchase by the central government of an immovable property, or where the order made under sub-section (1) of section 269ud stands abrogated under sub-section (1) of section 269uh, the appropriate authority shall issue a certificate of no objection referred to in sub-section (1) or, as the case may be, sub-section (2) and deliver copies thereof to ..... install plant & machinery on lease basis which was not readily available and therefore the assessee agreed to pay compensation charges @ 21%, which is nothing but only interest during the installation period of machinery and such machinery was to be leased over a period of seven years. ..... however, while calculating the depreciation for income tax purpose, such breakage was always added back in the computation and the depreciation was claimed as per income tax rules which was allowed accordingly in all the previous years and ..... any case, now the tribunal has all the powers to adjudicate this additional ground and issue suitable directions .....

Joint Commissioner of Income Tax Vs. Investment Trust of India Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)102ITD135(Chennai)

..... cit by exercising his power under section 263 of the it act, set aside the order of the assessment on the ground that it is erroneous and prejudicial to the interest of the revenue. ..... all the evidence collected by the department through the investigation wing was properly placed before the assessee and comments sought for, but the assessee has failed to make use of the opportunity.the mere production of documents which show that a contract was made for purchase of the assets at a certain price does not conclusively establish the correctness of the claim made ..... from the perusal of the records that the ao has visited the plant and verified the asset.the assessee did make payment of sales-tax at 8 per cent of the value of the boiler on the basis of invoice raised by m/s madras fertilizers ltd ..... if any evidence was produced before cit(a) for first time, the it rules require the remand report from ao before admitting it as evidence and without calling the remand report from ao, the cit(a) cannot admit ..... of the revenue is that the first appellate authority admitted the additional evidence in violation of rule 46a of the it rules, 1961, we find that the first appellate authority, after verifying the details filed by the assessee, allowed the claim of the assessee with regard to research fee expenses.since it is a fresh material, in our opinion, there is a violation of rule 46a. ..... were admitted by cit(a) without calling remand report from ao which is clear violation of rule 46a of it rules. .....

Sri Balaji Agencies Vs. the Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD419(Chennai)

..... section 40(b)(v) of income tax act allows payment of remuneration to partners in a firm as under: any payment of remuneration to any partner who is a working partner, which is authorised by, and is in accordance with, the terms of the partnership deed and relates to any period falling after the date of such partnership deed in so far as the amount of such payment to all the partners during the previous year exceeds the aggregate amount computed as hereunder: (1) in case of a firm carrying on a profession referred to in section ..... may have a case that clause 9 of the partnership deed permitted the payment of the amount as contended by the assessee, but when the assessee is neither paying nor making provision to the extent permissible under the partnership deed, it is implied that the partners have agreed to take a sum which is lower and as appearing in the partnership accounts ..... allowable under the provisions of sections 30 to 38 shall, for the purposes of sub-section (1), be deemed to have been already given full effect to and no further deduction under those sections shall be allowed: provided that where the assessee is a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40. ..... since this aspect has not been examined by the lower authorities, we, in the interest of justice, remit this issue to the files of the assessing officer to give a finding .....

Deputy Commissioner of Vs. Shripet Cybertech Systems Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)101ITD201(Chennai)

..... this is an appeal by the department in which the issue is with regard to disallowance of public issue expenses made with reference to the provisions of section 143(1)(a) of the income-tax act deleted by the cit(a) as not falling within the purview of prima facie adjustment.2. ..... in the intimation under section 143(1)(a) of the income-tax act, 1961 the assessing officer added rs ..... in terms of section 255(4), i frame the points of difference in the five appeals as below and appoint the zonal vice president as third member, for dealing with cases in accordance with law: whether, on facts and in the circumstances of the case, impugned order of cit (appeals) on pre-operative expenses and interest is to be confirmed or appeal of the assessee is to be allowed ..... by the learned senior vice-president in allowing the appeal of the department in part.the assessing officer by way of section 143(1)(a) adjustment as evidenced in the explanatory sheet disallowed the claim of rs. ..... on the principle that the supreme court does not make the law from the date it is pronounced but the supreme court declares it to be so from the very inception, shri v.d ..... , on facts and in the circumstances of the case, order of cit under section 263 is required to be set aside, as held by learned sr. ..... vice president is to be upheld or that of the judicial member, in respect of claim of (interest made by the assessee? ..... my opinion such direction is not possible in the context of assessment made under section 143(1)(a) of the act. .....

Kwality Milk Foods Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD199(Chennai)

..... the relevant note is reproduced here as under: under the existing provisions of section 43b of the income-tax act, it is also provided that any sum payable by the assessee as an employer by way of contribution to the provident fund or superannuation fund, etc. ..... not provide; 3rd - what remedy the parliament hath resolved and appointed to cure the disease of the commonwealth; and 4th - the true reason of the remedy, and then the office of all judges is always to make such construction as shall suppress the mischief, and advance the remedy and to suppress subtle inventions and evasions for continuance of the mischief, and to add force and life to the cure and remedy according ..... of this act, a deduction otherwise allowable under this act in respect of-- (a) any sum payable by the assessee by way of tax, duty, cess or fee, by whatever name called, under any law for the time being in force, or (b) any sum payable by the assessee as an employer by way of contribution to any provident fund or superannuation fund or gratuity fund or any other fund for the welfare of employees, or (c) any sum referred to in clause (ii) of sub-section (1) of section 36, or (d) any sum payable by the assessee as interest on any ..... now testing the case on the touchstone of the hayden's rule, we find that in budget speech for the year 1983-84 [140 itr (st. ..... it means a contemporaneous exposition is the best and most powerful in law. .....

The Kumbakonam Rural Electric Vs. Jt. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)101ITD46(Chennai)

..... gross income" has been defined and means the total income computed in accordance with the provisions of the act without making any deduction under chapter vi-a.the expression "computed in accordance with the provisions of act" implies (i) that deduction under appropriate computation sections have already been given, (ii) that income of other persons, if includible under section 60 to 64 has been included;(iii) intra head and/or inter head losses has been adjusted and ..... 224 itr 604 held that for the purpose of making deduction under section 80p of the act, gross total income must be determined in accordance with the other provisions of the act.therefore, for the purpose of computation of income from co-operative banks the expenses relatable to earning of the said income ..... the case is in no way different from the case where interest paid on project loans is charged to profit and loss account but the same is not paid to the party and ..... if the income does not result at all, there cannot be tax, event though in book peeing an entry is made about a hypothetical income, which does ..... decision of hon'ble supreme court in the case of associated power co.ltd. ..... in associated power company limited (supra), hon'ble supreme court has overruled the decision of hon'ble bombay high court in the case of amalgamated electric supply company ..... disallowed the amount transferred to contingency reserve in view of decision of hon'ble supreme court in the case of associated power ltd. v. ..... of associated power co. .....

Nepc India Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2006)100ITD65(Chennai)

..... that the conclusion drawn by the tribunal, in the opinion of the assessee, was wrong, that will not entitle the assessee to form a ground and agitate before the tribunal by means of a miscellaneous petition under section 254(2) of the income-tax act, unless it can be said that there is a blatant and apparent mistake that has crept in, in the order of this tribunal, purely based on material facts on record. ..... submitted that since the grounds of appeal raised in respect of other stations namely, perungudi and kethanur in the state of tamil nadu was not considered this tribunal may rectify the order by exercising its power under section 254(2) of the income-tax act. ..... this order, the assessee has filed appeal before this tribunal on the ground that the cit(appeals) has erred in sustaining the disallowance of depreciation on windmills by making one sided addition without going through the available facts and materials, considering only windmills installed at mandvi, gujarat state, without taking into account other installations. ..... seetharaman, learned counsel for the assessee filed affidavit under rule 10 of income-tax (appellate tribunal) rules, 1963 in which it was stated, inter alia, as under : pursuant to the hearing and in confirmation of my oral statement made on 16-1-2006, i state and declare that in the course of the hearing of the appeal in ita ..... discretion should be exercised sparingly and cautiously and only when any point is required to be cleared up in the interests of justice. .....