Judgment Search Results Home > Cases Phrase: interest tax act 1974 section 6 computation of chargeable interest Court: chennai Page 1 of about 114 results (0.098 seconds)

State Bank of India Staff Co-operative Society Ltd. and Others Vs. Inc ...

Court : Chennai

Reported in : [1998]233ITR104(Mad)

..... the assessing officer issued a notice to the writ petitioner to the effect that he had reason to believe that chargeable interest assessable under the provisions of the interest-tax act, 1974, for the assessment year 1992-93 has escaped assessment within the meaning of section 10 of the interest-tax act, 1974, and, therefore, he called upon the petitioner to file a return within 30 days. 8. ..... petitions, the petitioner prays for the issue of a writ of declaration to declare that the petitioner is not a finance company within the meaning of section 2(5b)(va) of the interest-tax act, 1974 (central act 45 of 1974). 3. ..... society, in each of the writ petitions, cannot contend that it is not a credit institution falling within the meaning of section 2(5a) of the interest-tax act, 1974. 21. ..... interest-tax act, 1974 (central act 45 of 1974), came into force with effect from september 23, 1974 ..... in the remaining cases, the petitioner-co-operative society contended that section 2(5b)(va) of the interest-tax act is not applicable to the petitioner-co-operative society and on that basis, the petitioner seeks for the issue of a writ of certiorari to quash the notice ..... petitions, the income-tax officer issued a notice either calling upon the petitioner-society to furnish certain information and details of interest-tax return if any filed by the respective societies for the assessment years 1992-93 and 1993-94, such as the date of furnishing the said return and copy of the computation statement and other .....

Commissioner of Income-tax, Tamil Nadu-iv Vs. Colombo Stores

Court : Chennai

Reported in : [1984]149ITR108(Mad)

..... 12,838 to the estate account was hit by section 40(b) of the income-tax act, 1961, for the assessment year 1974-75 ?' 3. ..... amounts not deductible :- notwithstanding anything to the contrary in sections 30 to 39, the following amounts shall not be deducted in computing the income chargeable under the head ' profits and gains of business or profession ...... ..... the assessee went on appeal to the aac contending that the payment of interest is not to the minors, but to the estate of the deceased seeniappa nadar which is in the hands of the trustee and that, therefore, it should not be taken to be payment of interest to the minors who have been admitted to the benefits of the partnership. ..... 12,838 credited to the account of the estate of the late seeniappa was factually interest payable to the above-said two partners, namely, karunakaran and kartikeyan, and, therefore, the said amount cannot be allowed as a deduction in view of s ..... cit [1982] 137 itr 593, has dealt with a case of payment of interest to the family of the partner, since the partner represented his family in the ..... in support of the said proposition that there was no accrual of right to interest in favour of the minor partners, the tribunals has relied on the decision of the supreme court in cit ..... to the tribunal, in order to be a payment, there should be first of all an accrual of right to the payment and, on the facts of this case, there is no accrual of interest to the partners as such having regard to the terms of the will. .....

Syndicate Bank Employees' Co-operative Thrift and Credit Society Ltd. ...

Court : Chennai

Reported in : [2006]287ITR40(Mad)

..... it did not file a return of chargeable interest under the interest-tax act of 1974. ..... since the appellant-assessee is engaged in the business of banking, providing credit to its members, it is a credit institution for the purpose of levy of interest-tax under interest-tax act, 1974. ..... against the aforesaid order of the cit(a), the first appellate authority, the appellant filed an appeal before the tribunal, contending that:(i) the petitioner was not an assessee under the interest-tax act and was not liable for levy of interest under the interest-tax act being a co-operative society not engaged in the business of banking;(ii) that the first appellate authority's conclusion that the processing for the assessment was not barred by limitation, was not tenable ..... later, the ao issued a notice to the petitioner calling upon to file his return of chargeable interest and nil return was filed, since the appellant did not come in the purview of the interest-tax act. ..... in law;(iii) that the first appellate authority erred in assuming that there was an escapement of assessment in the petitioner's case; and(iv) that notwithstanding his statement that the assessment should have been under section 10 and not under section 6, his conclusion that it was an inadvertent error which does not vitiate the assessment, is untenable;(v) that the conclusions of both the assessing authority as well as the first appellate authority are based totally ..... the ao also computed chargeable interest at rs. .....

Commissioner of Income Tax Vs. Tamilnadu Mercantile Bank Ltd.

Court : Chennai

Reported in : [2006]282ITR428(Mad)

..... section 2 of the interest-tax act, 1974, is a definition section. ..... on appeal at the instance of the assessee, the commissioner of income-tax (appeals) directed the assessing officer to exclude the interest received from the above five securities from computation of chargeable interest, which was confirmed by the appellate tribunal, on appeal by the revenue.3. ..... (i) that interest-tax was not leviable on the interest received from the rbi on dated government securities and, consequently, the issue raised concerned lack of authority/jurisdiction on the part of the assessing officer under the interest-tax act to levy tax on such interest. ..... similarly, the definition of the word 'interest' in section 2(28a) of the income-tax act vis-a-vis sections 2(7) brings out the difference between lending on the one hand and investment on the other hand. ..... bhardwaj, commissioner of income-tax : [2003]259itr295(bom) wherein it is held as under:-'the object of the interest-tax act was to discourage borrowings by increasing the cost of borrowings. ..... section 2(7), read in the context of sections 26c, which permits the lender to modify the existing agreement so as to pass on the burden of interest-tax to the borrower, shows that 'interest' in sections 2(7) does not include interest on dated government securities. .....

Commissioner of Income-tax Vs. Needle Industries Pvt. Ltd.

Court : Chennai

Reported in : (1998)147CTR(Mad)514; [1998]233ITR370(Mad)

..... whether, on the facts and in the circumstances of the case, the appellate tribunal was right in holding that interest under section 244(1a) should be granted even in respect of the refund of interest levied under sections 139(8) and 215 of the income-tax act, 1961 2. ..... this tax case reference raises an interesting question on the interpretation of section 244(la) of the income-tax act, 1961, (hereinafter to be referred to as 'the act'). 2. ..... of any order of assessment or penalty and such amount or any part thereof having beenfound in appeal or other proceeding under this act to be in excess of the amount which such assessee is liable to pay as tax or penalty, as the case may be, under this act, the central government shall pay to such asses-see simple interest at the rate specified in sub-section (1) on the amount so found to be in excess from the date on which such amount was paid to the date on which the ..... though that order does not find a place in the typed set of papers, it is found from the statement of the case that the interest collected under section 215 of the act was refunded as no interest under section 215 was chargeable in the assessee's case. ..... 46,601 and computed the interest as under : interest on rs. ..... the original assessment for the assessment year 1974-75 was completed on august 29, 1977, and the order of assessment was the subject-matter of appeal before the first appellate authority and the appellate tribunal. .....

Commissioner of Income Tax. Vs. Ms.Amal Generators Ltd.

Court : Chennai

..... in exercise of the jurisdiction under section 263 of the income tax act, the commissioner of income tax (appeals) sought to revise the order, placing reliance on the decision of the income tax appellate tribunal, special bench, mumbai reported in [1996] 217 itr itat reports 51 ..... in the circumstances of the case the tribunal was right in not considering the applicability of the amendment to section 55(2) of the income tax act whereby the cost of acquisition of tenancy rights is stated to be nil?4. ..... before this court are concerned, we do not think that they deserve any consideration, considering the fact position which was admitted by the commissioner while passing the order under section 263 of the income tax act.in the result, the tax case appeal stands dismissed. ..... prayer: tax case appeal filed under section 260a of the income tax act against the order of the income tax appellate tribunal, madras "b" bench dated 31.05.2002 in i.t.a.no.629/mds/1999 relating to the assessment year 1994-95.judgment(judgment of the court was ..... record that the only ground on which the commissioner exercised his jurisdiction to interfere with the order was that the assessee was not having any right to transfer its interest in tenancy and hence, rights being personal, the compensation received has to be considered as income assessable at the hands of the assessee.10. ..... gains arising from such transfer of capital asset was chargeable as capital gains. ..... admittedly, after 1974, there was no renewal of the lease .....

Commissioner of Income Tax Vs. Bank of Madura Ltd.

Court : Chennai

Reported in : (1996)130CTR(Mad)275; [1995]215ITR928(Mad)

..... representing the rediscounting interest paid on bills did not form part of the interest income of the assessee chargeable under the provisions of the interest-tax act, 1974'. ..... of the interest-tax act, 1974, defines 'chargeable interest'. ..... , 1896 circular interest-tax act, 1974 - 7% tax on interest, loans and advances the interest-tax act, 1974, enacted by parliament recently, envisages the levy of a special tax at 7% on the total amount of interest, accruing or arising to banks every accounting ..... the assessee-bank used to collect this tax amount from the borrowers and paying the same as tax under the interest-tax act, 1974, by diversion by overriding title, the assessee has no interest over this amount. ..... once this collection does not come under the purview of interest, as contemplated under the interest-tax act, 1974, then no tax under the said act can be levied. ..... the other hand, learned counsel appearing for the assessee submitted as under : under the interest-tax act, 1974, interest was levied at 7% on the interest collected by the assessee-bank. ..... the assessee contended in interest-tax proceedings that it is not interest and, therefore, not chargeable to tax under the interest-tax act. ..... arising in the present case would go to show that the tax was levied under the interest-tax act, 1974, against the assessee in respect of the tax collected from its borrowers and credited the same in the books of account under the head 'special tax accounts'. ..... 5, computed in the manner laid down in s. .....

Coromendal Indag Products India Ltd. Vs. Commissioner of Income Tax an ...

Court : Chennai

Reported in : (2001)165CTR(Mad)40

..... 215.58 lakhs on 18-2-1988, after taking into account customs duty element on closing stock of raw materials at factory and revised computation for tax holiday benefit under section 80-i of the income tax act, 1961, on the basis of the directions given by the commissioner (appeals) in ita no. ..... though interest was levied under section 217(1)(a) of the income tax act, for the period from 1-4-1985, it is actually the interest under section 215 of the income tax act and the assistant commissioner has reduced the interest payable by the assessee to rs. ..... the petitioner filed a petition under rule 40 of the income tax rules, 1962 for the waiver of interest levied under section 217(1)(a) of the income tax act on the ground that the petitioner filed valid estimate for advance tax and also paid the advance tax on the basis of the said estimate. ..... that the petitioner on the basis of the directions of the appellate assistant commissioner for the earlier assessment year regarding valuation of closing stock of raw material in respect of imported chemicals and the determination of relief under section 80-i of the income tax act has revised its income voluntarily on the basis of the direction and hence, the levy of interest as if the petitioner has not filed correct estimated amount of income for the purpose of advance .....

Coromendal Indag Products India Ltd. Vs. Commissioner of Income-tax an ...

Court : Chennai

Reported in : [2001]249ITR353(Mad)

..... that the petitioner on the basis of the directions of the appellate assistant commissioner for the earlier assessment year regarding valuation of closing stock of raw material in respect of imported chemicals and the determination of relief under section 80-i of the income-tax act has revised its income voluntarily on the basis of the direction and, hence, the levy of interest as if the petitioner has not filed correct estimated amount of income for the purpose of advance ..... though interest was levied under section 217(1)(a) of the income-tax act for the period from april 1, 1985, it is actually the interest under section 215 of the income-tax act and the assistant commissioner has reduced tbe interest payable by the assessee to rs. ..... the petitioner filed a petition under rule 40 of the income-tax rules, 1962, for waiver of interest levied under section 217(1)(a) of the income-tax act on the ground that the petitioner filed a valid estimate for advance tax and also paid the advance tax on the basis of the said estimate. ..... 215.58 lakhs on february 18, 1988, after taking into account the customs duty element of closing stock of raw materials at the factory and revised computation for tax holiday benefit under section 80-i of the income-tax act, 1961, on the basis of the directions given by the commissioner of income-tax (appeals) in ita no. .....

Verizon Communications Singapore Pte Ltd. Vs. Income Tax Officer of In ...

Court : Chennai

..... .(a)nos.147 to 149 of 2006, the assessee has raised a ground as regards the levy of interest under section 234a, 234b and 234d of the income tax act, as the case may be, even though the same has not been included in the substantial questions of law at the time of admission ..... . if it was not the intention of the legislature to make a departure from the general principles of chargeability to tax under section 4 and the general principle of ascertainment of taxable income under section 5, then there was no purpose in making those sections as subject to the provisions of the act ..... . the high court held that even when the appellant had business connection in india, no part of the appellant's income was chargeable to tax in india in terms of section 9 (1)(i), as no operations to earn the income were carried on in india ..... . the reply affidavit disputes certain statement in the affidavit filed by the revenue on technical aspects that the data terminal equipment equal to terminals, personal computers, routers and bridges are all owned by the customers and are not customer premises equipment of the service provider ..... . it is claimed by the appellant that no part of the income generated by it from the customers to whom the aforesaid services are provided was chargeable to tax in india and for this reason no return income was filed in india .....