Court : Chennai
Reported in : [2000]241ITR361(Mad)
..... the legal representative there was no representation on behalf of the second respondent. 4. a similar question whether the iac would have jurisdiction even after the amendment of the taxation laws (amendment) act, 1975, was the subject-matter for consideration before the supreme court in the case of cit vs . sharadamma : [1996]219itr671(sc) and ..... . 29th august, 1979, imposed the penalty under s. 27(1)(c) of the act. in the meantime, the taxation laws (amendment) act, 1975 came into effect from 1st april, 1976, and according to the assessee after the enactment of the taxation laws (amendment) act, 1975, the iac alone has no jurisdiction to levy the penalty. the tribunal also accepted ..... holding that the iac had no jurisdiction to levy the penalty under s. 271(1)(c) of the act in view of the intervening amendment made by the taxation laws (amendment) act, 1975. accordingly, we answer the question of law referred to us in the negative and in favour of the revenue. 6. however, when the tribunal .....
Tag this Judgment!Court : Chennai
Reported in : [1977]110ITR322(Mad)
..... the case, the appellate tribunal was right in holding that the increased rate of interest payable under the provisions of section 214 of the income-tax act, 1961, as amended by the taxation laws (amendment) act of 1967 at 9 per cent. is applicable for the period from april 1, 1967, to september 30, 1967 '4. we are of the ..... to make any rectification. against that order, the assessee preferred an appeal to the appellate assistant commissioner. that officer allowed the appeal and he held that the taxation laws (amendment) act, 1967, simply changed the rate of interest from 6 per cent. to 9 per cent. and never provided that the rate of 6 per cent. should ..... shall come into force on the 1st day of october, 1967. this ordinance was subsequently replaced by the taxation laws (amendment) act, 1967 (central act 27 of 1967). this received the assent of the president on december 15, 1967. section 4 of this act corresponded to section 4 of the ordinance which it replaced. sub-section (2) of section 1 of .....
Tag this Judgment!Court : Chennai
Reported in : [1987]163ITR2(Mad)
..... position to answer both the questions as it is, unless the tribunal considers the scope of the taxation laws (amendment) act, 1970, and also the question as to who provided the consideration for the release. we have, therefore, to return the reference unanswered with a direction to ..... , the share which the assessee could obtain in a partition should be taken to be his interest in the property in view of the amendment which was brought in by the taxation laws (amendment) act, 1970, which came into force on april 1, 1971. 6. it is further submitted by the learned counsel for the revenue that ..... the release should be taken to be in favour of the joint family, the applicability of the taxation laws (amendment) act, 1970, in such an event may not arise. however, since the tribunal has not considered the applicability of the taxation laws (amendment) act, 1970, which is applicable to the relevant assessment year in question, we are not in a .....
Tag this Judgment!Court : Chennai
Reported in : (2003)180CTR(Mad)238
..... officer and it also deals with the other matters which are specified in the other sub sections. sections 144a and 144b were inserted by the parliament by the taxation laws (amendment) act, 1975 on the basis of the recommendations of the wanchoo committee. the said committee has recommended that the higher officer in rank in hierarchy of the officers of ..... further directions given by the tribunal on the basis that the activity is a hobby are also not in accordance with the law.25. the tribunal also referred to section 74a(a) of the income tax act,1961. section 74a(2) refers to computation of income to be made in respect of activity of owning and maintaining race ..... at the instance of the assessee has stated a case and referred the following question under section 256(1) of the income tax act, 1961.'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that the inspecting assistant commissioner had jurisdiction under section 144b of the income tax .....
Tag this Judgment!Court : Chennai
Reported in : [1973]92ITR357(Mad)
..... express any opinion on the correctness of that view, for, in our judgment, by virtue of the amendment made in section 10(2)(vii), proviso (ii), of the indian income-tax act, 1922, by section 11 of the taxation laws (extension to merged states and amendment) act, 1949 (67 of 1949), even under a 'realisation sale' excess over the written down value not ..... v. b. m. kharwar at page 610 : 'in commissioner of income-tax v. ajax products ltd., : [1965]55itr741(sc) this court observed that under the act before it was amended by act 67 of 1949, three conditions had to be satisfied : (i) during the entire previous year or a part thereof, the business should have been carried on by the ..... the price attributable to the assets which were admitted to depreciation is not taxable under section 10(2)(vii), proviso (ii), as it stood enacted before it was amended by act 67 of 1949. in the present case the tribunal has recorded no finding that the transfer was ' a realisation sale' or in the course of winding up .....
Tag this Judgment!Court : Chennai
Reported in : [1977]110ITR655(Mad)
..... petitioner has not signed as the principal officer. but mr. n. c. raghavachari would try to get over this position by stating that parliament has now, by the taxation laws (amendment) act of 1975, which took effect from april i, 1976, has removed the expression ' the principal officer ' occurring in section 140(c), in so far as it ..... officer' under section 2(35) of the income-tax acj:. now, by the introduction of section 278b by the taxation laws (amendment) act of 1975, with effect from october 1, 1975, it is enacted that where an offence under this act has been committed by a company, every person who, at the time the offence was committed, was in charge of ..... the effect that now a director can be prosecuted along with the company after october 1, 1975, from which date the amendment came into force. this sub-section (1 a) was inserted by the income-tax (amendment) act, 1965, on the date on which section 271(4a) was introduced. section 271(4a) says that, notwithstanding anything contained .....
Tag this Judgment!Court : Chennai
Reported in : [2000]245ITR322(Mad)
..... intention to treat him as the principal officer of the company.' the introduction of section 278b into the statute book with effect from october 1, 1975, by the taxation laws (amendment) act, 1975, does not alter or take away the mandatory requirement of issuing notice as contemplated under section 2(35)(b) for an offence under section 276b. while ..... but in both offering the same grounds which are common to both such as: (i) that the lower court misdirected itself on question of law relating to section 278b of the income-tax act, and its application thereof; (ii) that the trial court failed to appreciate the evidence of prosecution that once the deduction of tax deducted ..... of the case as projected by the prosecution and ultimately to weigh the evidence in terms of the requirements of law, has framed five points which are :(i) whether after introduction of section 278b of the income-tax act on october 1, 1975, notice under section 2(35)(b) to the directors of the company is necessary ? .....
Tag this Judgment!Court : Chennai
Reported in : (2008)217CTR(Mad)416; [2008]301ITR345(Mad)
..... the same was with reference to the chargeability under section 45 with reference to 'transfer' as defined under section 2(47) as it then stood prior to the amendment under the taxation laws amendment act, 1984 with effect from 1.4.1985. hence, it does not cover the issue on hand. 42. in the decision reported in : [2004]271itr269(bom) ..... (zuari estate development and investment co. pvt. ltd. v. j.r. kanekar), the bombay high court considered the effect of section 2(47) which was amended from 1.3.1988 ..... seen, the decision of the apex court was concerned on the meaning of 'owner' with reference to section 22. yet, the construction given to the amendment effected under the finance act of 1987 to section 2(47) is of relevance to the case on hand. given the interpretation of the term 'property' and that assessee having possession .....
Tag this Judgment!Court : Chennai
Reported in : (2006)206CTR(Mad)236; [2006]284ITR109(Mad)
..... empower the assessing officer to extend the time for furnishing a return of loss. however between 1971 and 1989, the amended sub-section (3) empowered the assessing officer to extend the time since in the taxation laws (amendment) act, 1970 it was provided that carryforward of losses may be permitted to an assessee if he has furnished a return of ..... case of kulu valley transport co. ltd 77 itr 158 (which was rendered under the old act?)2. whether the tribunal is justified in law in allowing carry forward of loss when as per the amended provision of section 139(3) by taxation laws (amendment) act, 1970, the loss return filed beyond the time prescribed by section 139(3) cannot be ..... on an application made in a prescribed manner, the income tax officer, may in his discretion allow'.7. with effect from 01.04.89, the direct tax laws (amendment) act, 1987 came into force, which again restored the old position prior to 19 71, namely, that the assessing officer has no power to extend the time for .....
Tag this Judgment!Court : Chennai
Reported in : [1997]225ITR47(Mad)
..... vs . cit : [1993]203itr885(sc) , the supreme court, while considering the provisions of s. 271(1)(c) and s. 274(2) [before and after amendment by the taxation laws (amendment) act, 1970], held as under : 'penalty for concealment of particulars of income or for furnishing inaccurate particulars of income can be imposed only when the assessing authority is satisfied that ..... been levied by the iac, since the levy of penalty of rs. 10,000 was above rs. 1,000 as per the law as it stood earlier to the amended provision of s. 274(2) by the taxation laws (amendment) act, 1970, w.e.f. 1st april, 1971. it was, therefore, submitted that the tribunal was not correct in cancelling ..... 1974. thereafter the penalty proceedings were initiated under s. 271(1)(c) of the act. the penalty was levied at rs. 10,000. sec. 274(2) of the it act, 1961, was amended by the taxation laws (amendment) act, 1970, w.e.f. 1st april, 1971. as per the amended provision, the ito can levy penalty up to rs. 25,000. in the present .....
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