Court : Chennai
Reported in : (2008)214CTR(Mad)598; [2008]303ITR245(Mad)
..... basis. the assessing authority further pointed out that under section 155(7-a) (since omitted with effect from 1.4.1992) introduced the finance act, 1978 with effect from 1.4.1974 and amended by the direct tax laws (amendment) act, 1978 with effect from 1.4.1988, the additional compensation was liable to be calculated for the purpose of working out the capital gains ..... compensation at different stages often resulted in mistakes of computation of tax liability. to remove these difficulties, sub-section (5) of section 45 was inserted by the finance act, 1987, to provide for taxation of additional compensation in the year of receipt in respect of the transfer of capital asset. the explanation to sub-section (5) of section 45, particularly to clause .....
Tag this Judgment!Court : Chennai
Reported in : AIR2007Mad164; 2007(2)CTC97; I(2008)DMC573; (2007)1MLJ916
..... reported in : air2005sc3353 [salem advocates' bar association, t.n. v. union of india] and paragraph 5 of the judgment is usefully extracted below:para 5 : the amendment provides that in every case, the examination-in-chief of a witness shall be on affidavit. the court has already been vested with the power to permit affidavits to be ..... 8. since the present petition raises a very important question, it is necessary to refer to several decisions, which will have bearing on the said issue. after the amendment of the code of civil procedure, it becomes essential for the parties to file a proof affidavit under order 18 rules 4(1) and(2) of the code ..... before an authorised magistrate or officer. affidavit has been defined in sub-clause (3) of section 3 of the general clauses act, 1897 to include 'affirmation and declaration in the case of person by law allowed to affirm or declare instead of swearing.' the essential ingredients of an affidavit are that the statements or declarations are made .....
Tag this Judgment!Court : Chennai
Reported in : (2007)209CTR(Mad)250
..... . 1459 to 1461 of 1989, held that the assessing officer for earlier assessment years accepted the method of assessment of the assessee, viz., offering the interest for taxation on receipt of the same, but, without any change in circumstance, changed the method of assessment during the financial years in question, which is unsustainable and accordingly ..... april 1, 1989, the third proviso to section 145(1) was inserted with effect from april 1, 1989, which is a saving clause. although the amendment was with effect from april 1, 1989, it clearly provides that any income by way of interest on securities shall be chargeable to tax as the income ..... dismissed the appeals. hence, the present appeals raising the common substantial question of law referred to above.3. according to the learned senior standing counsel for the revenue, as section 18 of the income tax act has been removed from the statute from the assessment year 1989-90 onwards, the interest on securities .....
Tag this Judgment!Court : Chennai
Reported in : (2007)2MLJ246
..... prevent discrimination of all forms against women, held that the courts are under, obligation to give due regard to international; conventions and norms for construing domestic laws if there is any inconsistency between them and section 6(a) should be interpreted giving effect to international conventions and norms. hence it is contended by ..... parties claiming guardianship or custody, conduct and the most fitness of the party who claims guardianship or custody of the ward, rights of claimant under personal law and statutory impediments. it is contended that the above factors are in favour of the respondent and in fact there is no allegation against the respondent or ..... . learned counsel for the applicant also drawn the attention of this court to chapter 25-children (part i of the 1985 act: the hague convention), published by butterworths in the book 'private international law' (13th edition-indian reprint) authored by sir peter north, wherein it is stated as follows:the prime concern of the .....
Tag this Judgment!Court : Chennai
Reported in : [2007]288ITR225(Mad)
..... a culpable mental state on the part of the accused in any prosecution for any offence under the act which requires such mental state. 37. in paragraph 12.2 of the explanatory notes on the taxation laws (amendment) act, 1986, it is stated that in order to effectively tackle the problem of tax evasion, the income ..... tax department will implement a strategy consisting inter alia of removing weaknesses in the law which hinder effective prosecution of tax evaders and that it ..... person to prove beyond reasonable doubt that the failure was not wilful. 36. we will next look at the position that prevailed before the act was amended. section 29 of the taxation laws (amendment and miscellaneous provisions) act, 1986 introduced several changes in sections 271a, 271b, 272a, 272aa, 272b, 273, 273b, 276a, 276ab, 276b, 276dd and 276e .....
Tag this Judgment!Court : Chennai
Reported in : [2007]138CompCas176(Mad); [2008]82SCL147(Mad)
..... amalgamation contemplates that all properties, reserves, assets including the investment, registration, contracts, licences, permits and other communication facilities, benefits under various schemes of different taxation laws, liberties, easements, advantages and approval of whatsoever nature was vested in the transferee company with effect from the appointed date, viz., march 31, 2006, ..... it is also stated that article 4 of the articles of association of the transferee company shall, without any further act, instrument or deed, be and stand altered, modified and amended by deleting the existing article and replacing it by the following:the authorised share capital of the company is rs ..... of the memorandum of association of the transferee company shall, without any further act, instrument or deed, be and stand altered, modified and amended pursuant to sections 94 and 394 and other applicable provisions of the act by deleting the existing clause and replacing it by the following clause:the .....
Tag this Judgment!Court : Chennai
Reported in : AIR2007Mad52
..... highlighted that the impugned provision, viz., section 14-a inserted by section 6 read with section 1(2)(b) of tamil nadu recognised private schools (regulation) amendment act, 1998 does not suffer from any unconstitutionality. at the foremost, he relied on the decision of the supreme court in the case of menaka gandhi v. union ..... course of instruction.section 14-a. grant not payable to new private schools and new class and course of instruction.-notwithstanding anything contained in this act or in any other law for the time being in force in any judgment, decree or order of any court or other authority, no grant shall be paid to, ..... the supreme court in the case of state of maharashtra v. manubhai pragaji vashi : air1996sc1 , wherein, after finding that grants-in-aid to government recognised private law colleges were denied while extending such benefits to recognised private colleges with other faculties, viz., arts, science, commerce, engineering, medicine etc., by the state of maharashtra .....
Tag this Judgment!Court : Chennai
Reported in : [2007]292ITR266(Mad)
..... been made that the tribunal ought to have applied the proviso under explanation 1 to section 32(1) of the income-tax act, which is inserted by the taxation laws (amendment and miscellaneous provisions) act, 1986, with effect from april 1, 1988, and held as capital expenditure.5. learned counsel appearing for the assessee submitted ..... that whenever the tenant had incurred expenditure, it would amount to only revenue expenditure and further stated that explanation 1 to section 32(1) of the act ..... of the income-tax appellate tribunal, madras 'a' bench. on february 3, 2004, this court admitted the appeal and formulated the following substantial questions of law:(i) whether, on the facts and circumstances of the case, the tribunal was right in allowing the expenditure incurred on flooring and partitions, etc., for .....
Tag this Judgment!Court : Chennai
Reported in : 2007(1)CTC13; (2006)205CTR(Mad)225; [2006]286ITR297(Mad); (2006)4MLJ836
..... assets are used by the assessee as factory, godown, warehouse, hotel or office, the assessee cannot claim exemption under the provision. these specified assets alone are excluded from taxation. the assets other than the specified assets in the exclusionary clause, are not entitled for exemption. the assessee, in this case, let out a portion of the ..... ) subject to the provisions of sub-section (5), this section shall be construed as one with the wealth-tax act.8. we are concerned with section 40(3)(vi) of the finance act. the said clause was later amended with effect from 01.04.1989, which reads as under: building or land appurtenant thereto, other than building or ..... liabilities in computing the net wealth of the assessee?3. whether on the facts and in the circumstances of the case, the appellate tribunal was right in law in confirming the orders of the commissioner of income-tax (appeals) regarding exclusion of land appurtenant to the building and reduction of market value of the property .....
Tag this Judgment!Court : Chennai
Reported in : [2007]137CompCas863(Mad); [2007]74SCL1(Mad)
..... where section 5(4) of the taxation on income (investigation commission) act, 1947 was declared discriminatory legislation and meenakshi mills ltd. v. a.v. vishwanatha sastri : [1954]26itr713(sc) , reported in the same volume at p.787 where section 5(1) of the act was struck down after the income tax (amendment) act xxxiii of 1964 was enacted. these ..... 68 must be reasonably construed. it goes without saying that judicial power cannot ordinarily be delegated unless the law expressly or by clear implication permits it. in the present case, the amendment of section 68 by inclusion of delegation of the functions of the commissioner under sections 105b to 105e does ..... -submission of the scheme. the elected directors/members have unilaterally decided to surrender the recognition on behalf of investors without following the due process of law assuming that the surrender would be in the best interest of everybody concerned. sebi, being the regulator of the securities market, has received complaints .....
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