Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90TTJ(Chd.)702
..... wealth tax (appeals) and which may prove that the factual finding given by the commissioner of wealth tax (appeals) that sale instances relied upon by the department of valuation of officer were also of the same area where the land of the assessee is situated.since the land given in the sale instances and that of the assessee are situated in the same locality, therefore, we agree with the finding of the commissionr of ..... assessee.appurtenant finding of the cwt(a) in this regard are reproduced as under : "the department of valuation officer has estimated the fair market value of the land in question on the basis of land rates available in that area near about the valuation date is the most reasonable approach and is upheld especially keeping in view the ratio laid down by the ifon'ble punjab and haryana high court in the case of cwt v. s. ..... so far as the appellant's contention that the property suffered from various incumbrances and 10 per cent of the land area had to be gifted to the municipal corporation, the same has been taken care of as the department of va;iatopm officer has given weightage of 10 per cent on account of large size and another 15 per cent on the ..... the assessee further contended that as per madras municipal bye laws when such large piece of land is bifurcated, 10 per cent of the area is to be gifted to madras development authority which in this case, comes to ..... , and after taking out the building area and appurtenant land thereto, remaining land comes to 70,274 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)7SOT439(Chd.)
..... of which the relevant figures have been published before the first day of previous year; or (b) in any area with such distance, not being more than eight kilometers, from the local limits of any municipality or cantonment board referred to in item (a), as the central government may, having regard to the extent of, ..... it is relevant to discuss the provisions of section 2(14)(iii) of the income tax act, 1961 which defines the agricultural land and reads as under (a) in any area which is comprised within the jurisdiction of a municipality (whether known as municipality, municipal corporation, notified area committee, town area committee, town committee or by any other name) or a cantonment board and which has a population of not less than ten thousand according to the last preceding census ..... had been subjected to corporation tax @ 5 per cent as per provisions of section147 of delhi municipal corporation act, 1957, according to which delhi means "the entire area of the union territory of delhi except new delhi and delhi conferment".he, therefore, opined that the limits of municipal corporation of delhi extended to whole of the delhi. ..... by the hon'ble andhra pradesh high court and madras high court, it is crystal clear that the expression 'which has got a population of more than 10,000, under section 2(14)(iii)(a) would qualify only the municipality and cantonment and not the expression area'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)84TTJ(Chd.)309
..... cgt, 153 itr 481, the facts before the madras high court were that the existing partner had relinquished his right over future profits in the firm by 8% by reducing his share of profit from 50% to 42% and the reduced share was given to the minor children ..... she submitted that the judgment of hon'ble madras high court in the case reported in 258 itr 412 is directly applicable to the facts of the present cases.13. ..... counsel, one such case referred to is that of itat, madras bench in the case of winsent p.farms v. ..... this issue was also considered by the madras high court in the case of m.k. ..... cgt, 258 itr 412, (madras).the facts of that case were that old firm consisting of three partners was reconstituted by admitting a company as a fourth partner. ..... besides, this issue was further considered by the hon'ble madras high court in the case of m.k. ..... she; further relied on the judgment of madras high court in the case of m.k. ..... counsel were distinguishable on facts.she further relied on the judgment of madras high court in the case of m.k. ..... such reduction resulted in a gift.the facts of the present cases are similar to the facts of the case before the madras high court. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD57(Chd.)
..... counsel, one such case referred to is that of itat madras bench in the case of vinsent p.farms v. ..... she further relied on the judgment of madras high court in the case of m.k.kuppuraj v. ..... the facts before the madras high court were that the existing partner had relinquished his right over future profits in the firm by 8% by reducing his share of profit from 50% to 42% and the reduced share was given to the minor children ..... thus, such relinquishment of profit sharing ratio in favour of the new partners without adequate consideration amounts to gifts.this issue was also considered by the madras high court in the case of m. k. ..... therefore, the ratio of the judgment of supreme court in the above referred case is directly applicable to the facts of the present cases.besides, this issue was further considered by the hon'ble madras high court in the case of m.k. ..... she further relied on the judgment of madras high court in the case of m.k. ..... such reduction resulted in a gift.the facts of the present cases are similar to the facts of the case before the madras high court. ..... she submitted that the judgment of hon'ble madras high court in m.k. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1998)66ITD30(Chd.)
1. this is an appeal by the assessee against order dated 4-10-1990 passed by cit(a), and the following substantive grounds are taken :- "1. the impugned order passed by ld. cit(a), being against the principles of natural justice, is liable to be quashed. 2. on the facts and circumstances of the case, ld. cit(a) has erred in having confirmed an addition of rs. 2,05,000, treating the same as income from undisclosed sources on account of unexplained investment in the purchase of electric motor of 1000 hp." a perusal of the grounds taken indicate that the only grievance of the appellant is that ld. assessing officer as well as cit(a) were not justified in making an addition of rs. 2,05,000 on account of unexplained investment in the purchase of an electric motor.2. briefly, the facts are that there was a search under section 132 of the income-tax act, at the business premises of the assessee, on 22-11-1988, and it was found that the assessee-firm had, inter alia, installed one electric motor of 1000 h.p. in the books of account, instead of showing purchase of an electric motor of 1000 hp, purchase of an electric motor of 500 hp was shown, on the basis of a bill showing purchase of an electric motor of 500 hp. as per para 2 of the assessment order, the assessing officer recorded the statement of sh.h. r. gupta son of sh. shankar dass, partner of m/s. pritam singh hunjan & bros. wherein he was asked to explain as to why electric motor of 1000 hp installed in the factory, was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1993)47ITD23(Chd.)
..... it was also argued that the circular of the central board of direct taxes perhaps had not been brought to the notice of the madras high court while deciding the case southern sea foods (p. ..... while holding this, i get support from the madras high court decision in the case of cit v. ..... the learned commissioner of income-tax (appeals), without any discussion and comments and in fact making mention of the case supra decided by the madras high court, confirmed the addition. ..... it is not seen to have been discussed that the facts in the assessee's case were not different from the circumstances in the case supra before the madras high court. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD569(Chd.)
..... the facts in the case before the madras high court were that the assessee had claimed exemption in respect of income from hiring of furniture and marriage hall purely for profit and these activities had nothing to do with the objects of the trust. ..... reliance was placed on two judgments - one of madras high court in the case reported in 245 itr 400 and the other of calcutta high court in the case reported in 199 itr 819.besides, it was submitted that the assessee-trust had ostensibly donated ..... in this regard reliance was placed on the decision of madras high court in the case of cit v. m.c.t. ..... he relied on the decision of madras high court in the case of cit v. ..... , the madras high court has held that exemption in respect of assessee's income cannot be granted merely because objects of trust are charitable. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)91TTJ(Chd.)1044
..... . in the case of sivakasi hindu nadars uravinmurai (supra), relied upon by the learned departmental representative, the madras high court has held that exemption in respect of assessee's income cannot be granted merely because objects of trust are charitable ..... . the facts in the case before the madras high court were that the assessee had claimed exemption in respect of income from hiring of furniture and marriage hall purely for profit and these activities had nothing to do with the objects of the trust ..... . in this regard, reliance was placed on the decision of the madras high court in the case of cit v ..... . reliance was placed on two judgments-one of the madras high court in the case of m. ct ..... . he relied on the decision of the madras high court in the case of cit v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... the tribunal was correct in holding that the entire expenditure incurred by the assessee was deductible under the provisions of section 57(iii).in the above case, their lordships of hon'ble madras high court distinguished decision of hon'ble supreme court in vijaya laxmi sugar mills ltd. ..... cit (supra), their lordships of kerala high court have followed the decision of madras high court in the case of south arcot electricity distribution co. ..... decisions may not be relevant, more particularly when direct decisions on section 80m are available on the points.my learned brother, hon'ble vice president also referred to and relied upon the decision of hon'ble madras high court in the case of cit v.chemical holdings ltd. . ..... cit , wherein it was observed as under: on a reference to the madras high court under section 256 (1) of the it act, 1961, it was held that the income assessed was the "interest income" and the expenditure allowed was not incurred solely for the purpose of making or ..... v.cit wherein it was observed as under: on a reference to the madras high court under section 256(1) of the it act, 1961, it was held that the income assessed was the "interest income" and the expenditure allowed was not incurred solely for the purpose of making or ..... the decisions of supreme court and madras high court have reiterated a settled proposition that for purposes of deduction under the head "other sources"; expenses must have nexus to the earning of income and should have been spent with the object .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1998)62TTJ(Chd.)508
on a difference of opinion between the members constituting the division bench, the following point of difference was referred to me under section 255(4) by the hon'ble president :- "whether, on the facts and in the circumstances of the case, the view of the accountant member restoring the question of addition of rs. 2,05,000 on account of alleged undisclosed investment in the purchase of electric motor of 1000 hp made by the assessing officer on the basis of the statement of shri surinder kumar mittal, the seller of electric motor to the assessee, to the assessing officer for fresh adjudication is justified or the view of the judicial member that the addition has been rightly made by the departmental authorities and should be confirmed as the bill was admittedly issued by seller for lesser hp as well as for less price, which was conclusively admitted by him in statement as well as in re-examination and cross-examination, is correct ?" i have heard both the parties and have also minutely perused the orders passed by the learned members constituting the division bench. the brief facts which i would like to summarise are to the effect that there was a search under section 132 of the income tax act at the business premises of the assessee on 22-11-1988. it was found that the assessee had installed one electric motor of 1000 hp whereas in the books of account, the purchase of electric motor of 500 hp had been shown and even the bill reflected the same specifications.in order to .....
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