Judgment Search Results Home > Cases Phrase: the chhattisgarh land revenue code amendment act 2003 Court: income tax appellate tribunal itat madras Page 1 of about 14 results (0.147 seconds)

Assistant Commissioner of Income Vs. Vijay Granites (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Madras

..... the same position prevailed in the case where the schedule iii to wt act which was inserted by the direct tax laws (amendment) act, 1989, w.e.f. ..... " thus, our view is fully fortified by the decision of the division bench of the karnataka high court reported in (1999) 240 itr 343 (kar).explanations/clarifications were issued to section 43b of the act.amendment by way of inserting the first proviso to section 43b w.e.f.1st april, 1988, stood for consideration before the apex court in the case of allied motors (p) ltd. v. ..... besides, the learned representative submitted there will be only detriment to the revenue as a result of the addition made by the asstt. ..... these appeals are by the revenue directed against the orders of the learned cit(a), coimbatore, dt. ..... further, the assessee has been consistently following the same method of valuation and the same has been accepted by the revenue till the asst. yr. ..... 2025/mad/92, there is one another ground raised by the revenue, which relates to deletion of the addition towards closing stock. ..... in the case of swamy sathyanada saraswathy the supreme court has pointed out that the word 'mineral' in the absence of any special statutory definition, should be understood in the vernacular of the mining world and commercial word and among land-owners and in the case of conflict such vernacular meaning must prevail over purely scientific meaning. ..... " aggrieved with the above findings, the revenue is in appeal before this tribunal.6. .....

Sri K. Eswarappa Vs. the Dy. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)89ITD228(Chennai)

..... the cit(a) referred to section 36(1)(vii) of the act which was amended by direct laws (amendment) act effective from 1-4-1989, which allowed deduction in regard to any bad debt written off. ..... it is noted that neither the i.t.act nor the i.t.rules has made an prescribed form of notice calling upon the assessee to be present for hearing of the case and for the submission of books etc.the format of notice that the department used is being called itns-274 which is a format of convenience prepared for the sake of uniformity.the notice apparently was sent to the assessee at a particular address.however, it is accepted that the reminders dt.7-1-99 and 13-1-99 were received by the assessee. ..... 158be of the act, which is reproduced below for the sake of convenience: "provided that where immediately after the exclusion of the aforesaid period, the period of limitation referred to in sub-section (1) or sub-section (2) available to the assessing officer for making an order under clause (c) of section 158bc is less than sixth days, such remaining period, shall be extended to sixty days and the aforesaid period of limitation shall be deemed to be extended accordingly".a reading of the above proviso shows that consequent to referring the matter to the auditor ..... the revenue filed a copy of the notice that was issued on 11-1297 calling upon the assessee to file a return of income an it also filed copies of the reminders for filing of the return.5. .....

The Income Tax Officer Vs. Mr. O.M. Shahul Hameed

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)106ITD342(Chennai)

..... as per the pre-amended provision, the assessment could have been completed by 31.3.2003 whereas as per the amended provision, the assessment had to be completed on or before 31.3.2002. ..... hence, when the revenue can claim benefit of extension of time under limitation provisions by way of amendment, it is but equitable that restriction of time in limitation provisions should also be binding on the revenue.17. ..... in this regard, the assessing officer, on commissioner of income tax (appeals)'s enquiry stated that section 153(2) was amended by the finance act 2001 and substituted for 2 years with effect from 01,06.2001. ..... as regards merits of the case, we find that for proving genuineness of credits, courts have held that assessee had to prove three things: if all these are proved the burden shifts to the revenue to prove that the amounts belonged to the assessee.19. ..... this decision is distinguishable from the facts of the assessee's case as notice under section 148 has been issued within the time limit allowed under the act. ..... this view is further fortified by the fact that this section is analogous to section 34 of the income tax act, 1922 in which the hon'ble apex court dealt in 49 itr 1 cited supra. ..... the two years mentioned above was substituted for one year by finance act, 2001 w.e.f. .....

Alankar Business Corporation Vs. the Dcit

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2007)105ITD629(Chennai)

..... the assessee on leased land which belonged to the lessor and the assessee had only a right to use the building, then it cannot be said that the assessee had acquired a capital asset and therefore the amount spent on construction of building was allowable as revenue expenditure.in the case before us also, the assessee was never the owner of the machinery, and whatever expenditure was incurred for bringing the ..... 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 such consideration received or accruing as a result of the transfer of any other capital asset falling within the block of the assets during the previous year, exceeds the aggregate of the ..... the hon'ble finance minister has given an assurance in the parliament that new provision regarding set off of unabsorbed depreciation with this amendment would be of prospective nature and depreciation which has already been allowed upto 31.3.97 could be set off against any head of the income and in this regard he relied on the decision of indore bench of the tribunal in ..... it is by now trite law that interest incurred even for bringing the capital assets into existence has to be allowed as revenue expenditure only upto assessment year 2003-04, because after that a proviso was inserted in clause (iii) of .....

R.K. Swamy Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2004)88ITD185(Chennai)

..... non-competition.4.10 moreover sub-clause (va) to section 28 introduced by the finance act, 2002 with effect from 1-4-2003 would strengthen the view of the appellant regarding non-taxability of the receipt of non-compete fee.further, in view of the insertion of the said sub-clause it is possible to infer that the legislature in its own wisdom wanted to tax receipts of the nature under consideration only with effect from 1-4-2003.4.11 the receipt, as rightly pointed out by the first appellate authority, is not a casual or non-recurring income ..... has also been certified that all the enclosures are true copies of the originals and that all the documents in the said paperbook are already available in the assessment records for the assessment year 1997-98.placing the above paperbook on record the learned counsels for the assessee apart from reiterating the submissions made before the revenue authorities, contended, to say in brief that: 4.2 the receipt of non-compete fee ..... as apparent from his appellate order; (b) in not bringing on record and discussing certain facts given and submissions made by the appellant in the course of hearing such as, the corresponding assessment details of the company that made the payment to the appellant and the amendment proposed to section 28 by the finance bill, 2002; (c) in relying upon certain decisions (mentioned by him in his order) that are not relevant for deciding the issue on hand; and (d) in not considering the numerous decisions relied upon .....

Assistant Commissioner Vs. G.T.C. Enterprises

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)87ITD188(Chennai)

..... the revenue authorities, to say in brief that: the heading of the twelfth schedule is "processed minerals and ores".the explanation to the schedule reads as under:- for the purposes of this schedule, 'processed', in relation to any mineral or ore, means- it can be seen from the above that the explanation is applicable for interpreting the meaning of the word 'processed' for the purpose of the entire schedule in relation to any mineral or ore and is not restricted to any specific mineral or ore as interpreted by the learned commissioner (appeals) dealing with the case for the ..... hence we are inclined to decide the issue relating to deduction under section 80-i of the income-tax act in favour of the revenue by allowing the revenue's appeals in this regard.13. ..... the business of the assessee is excavating mineral quartz from mine pits, processing them and to export the same to foreign countries in the sizes required by the customers.from the 'notes on quartz' filed in the assessee's paperbook at page 65 it transpires that quartz deposits are mostly in dry lands, unsuitable for cultivation. ..... in the context of the amendment to section 80hhc may be referred to. ..... the amendment was introduced in order to provide relief to the exporters of processed minerals and ores in view of the fact that significant value addition is achieved when a mineral is processed or when a stone is cut and polished. .....

Overseas Sanmar Financial Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)86ITD602(Chennai)

..... ruling was so given after examining its earlier ruling in state bank of travancore's case (supra).he also pleaded that the department has accepted the position that the provision is made for doubtful loans and advances in the manner given by rbi in its circular but, it had refused to allow deduction for the sole reason that section 36 of the act does not contain similar provision as contained for banking companies that are allowed deduction from its income for ..... the court ruled that by constructing a new structure in place of the old structure the assessee only derived a business advantage and no asset of enduring nature was acquired and hence, the entire cost of construction is allowable as revenue expenditure in the year itself.we are therefore of the opinion that the claim for deduction for the entire amount of foreclosure premium in the assessment year is justified and we accordingly uphold the claim. ..... necessary amendments to the non-banking financial companies (reserve bank) directions,1977 are being issued separately.annexure 1 describes the prudential norms for each of the aspects for income recognition, accounting standards, provisioning for bad and doubtful debts, capital adequacy and consideration of credit/investments. ..... he contended that this was a code in itself. .....

Seshasayee Paper and Boards Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (2003)84ITD707(Mad.)

..... the deduction is not to be allowed unless 75 per cent of the investment allowance to be actually allowed is debited to the p&l a/c of the previous year and credited to a revenue account to be utilised for the purpose of acquiring, before the expiry of a period of ten years next following the previous year, a new ship or a new aircraft or a new machinery or plant for the purpose of the business of the undertaking, in order to earn the investment allowance the assessee has to satisfy the condition prescribed by sub-section (4).9. ..... (1) shall be only such amount as is sufficient to reduce the said total income to nil; and (ii) the amount of the investment allowance, to the extent to which it has not been allowed as aforesaid, shall be carried forward to the following assessment year, and the investment allowance to be allowed for the following assessment year shall be such amount as is sufficient to reduce the total income of the assessee assessable for that assessment year, computed in the manner aforesaid, to nil, and the balance of the investment allowance, if any, still outstanding shall ..... it was pointed out that sub-section (1) of section 34 providing that the allowance of depreciation would be allowed only if the prescribed particulars had been furnished, was deleted by the taxation laws (amendment and miscellaneous provisions) act, 1986, w.e.f. ..... it is not in itself a complete code." 11. .....

Sundaram Finance Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1984)7ITD845(Mad.)

..... a relevant comment in craies on statute law (7th edition, p.133) is : in the interpretation of statutes, courts decline to consider other statutes proceeding on different lines and including different provisions, or the judicial decisions thereon.lord machaghten, while discussing the phraseology of the two revenue acts had observed in inland revenue commissioners v. ..... not infrequently, when the government finds its fundamental fiscal policy being impaired by avoidance (or evasion) with the consequent immunity conferred on social imbalances and tensions, the taxing statute is amended. ..... but from this alone we are unable to accept the claim that the legislative amendment has misfired. ..... the legislature, therefore, stepped in and amended the statute to give effect to its intention of remedying the mischief noticed by it. ..... from that point of view, it could be safely said that the expenditure that has been incurred by the asssssee here could not have been the object of attack by legislative amendment. ..... but often the amendment is in terms of such severity (out of abundant caution) that it catches even the innocent or the reasonable taxpayer. .....

Amber Electrical Conductors (P.) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1992)43ITD313(Mad.)

..... it was with these ends in view that the direct tax laws (amendment) act, 1987 shifted the emphasis from the concept of assessment of income to the concept of determination of additional tax or refund, as the case may be. ..... section 143 of the act as it stood prior to its substitution by the direct tax laws (amendment) act, 1987, with effect from 1-4-1989, incorporated the concept of "assessment of income". ..... sub-section (1) of the totally recast section 143 provides that where a return is filed under section 139 or under section 142(1) of the act, the tax or interest, or as the case may be, the refund found due on the basis of such return, an intimation shall be sent to the assessee specifying the sum payable or as the case may be refundable.there is a significant proviso which allows the department to make certain adjustments in the income or loss as returned by the assessee.these adjustments which go by the name 'primafacie adjustments' falj under the following categories. ..... thus, for example, there is nothing in the act which requires the assessee to-attach to the return any proof in respect of, say, a claim for revenue deduction under the head 'salaries and wages'. .....