Judgment Search Results Home > Cases Phrase: the madras inams act 1869 Court: income tax appellate tribunal itat delhi Page 1 of about 58 results (0.085 seconds)

Shri Saurabh Srivastava Vs. Dy Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)111ITD287(Delhi)

..... on further appeal, the hon'ble madras high court held as (headnote): that so far as the cash compensation paid by the new partners referable to the assets and goodwill of the firm was concerned, the cash took the place of the assets of the partnership and the compensation paid for restrictive covenant not to carry on similar business for a period of five years was in the nature of a separate transaction unconnected with the business of the asset of the partnership. ..... he submitted that sub-clause (a) of clause (ii) of section 28 of the act regards compensation which is received by any person, managing the whole or substantially the whole of the affairs of an indian company, at the time of termination of his management or on modification of the terms and conditions relating thereto, as liable to tax under the head "profits and gains from business or profession". ..... 28(ii)(c) of the income-tax act, 1961; (iii) that merely because the compensation had been quantified on three counts, viz; cost of trained man-power, compensation for cost of dealers and compensation for loss of profits, it could not be said that the assessee had recouped or been reimbursed the expenses in the past or that it had been reimbursed the profit that was not available as a result of the termination of the distribution agreement: (iv) that, therefore, the tribunal was right in treating the amount received by the assessee .....

Shri Saurabh Srivastava Vs. Dy. Commr. of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... on further appeal, the hon'ble madras high court held as under (headnote): that so far as the cash compensation paid by the new partner referable to the assets and goodwill of the firm was conccrncd, the cash took the place of the assets of the partnership and the compensation paid for restrictive covenant not to carry on similar business for a period of five years was in the nature of a separate transaction unconnected with the business of the asset of the partnership. ..... dr has submitted that section 28(h) of the act covers any compensation or other payment due to or received by the person, managing the whole or substantially the whole of the affairs of the indian company, at or in connection with the termination of its management or modification of the terms and conditions relating thereto. ..... he submitted that sub-clause (a) of clause (ii) of section 28 of the act regards compensation which is received by any person, managing the whole or substantially the whole of the affairs of an indian company, at the time of termination of his management or on modification of the terms and conditions relating thereto, as liable to tax under the head "profits and gains from business or profession". .....

Lalith Kumar Modi Vs. Assessing Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1991)37ITD422(Delhi)

..... company, being a company and the income-tax act confers upon it the benefit of allowing of deduction on inter-corporate dividends, which was not available to the appellant who is an individual, the assessee cannot be held to have devised any scheme because, the benefit is conferred upon an assessee not by the assessee but by the statute.any benefit that accrues to any assessee consequent to any transaction by virtue of the provisions of the act, under no circumstances can be held to be transferred by the transferor, because, the transferor could never do so and is beyond ..... and directors, this was something similar to assessee indirectly continuing to exercise control over the shares and therefore, this was a scheme to get benefit under the act while still retaining control over the property.7.3 every transaction would always result in some benefit conferred upon the purchaser, such as title to the goods, income therefrom, etc.once the purchaser acquires the property in the goods, all future benefits that arise on that property are rightfully his and simply ..... he also referred to the ruling of the madras high court in m.v.valliappan v. .....

P.P. Jewellers (P) Ltd., P.P. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)111TTJ(Delhi)187

..... in our opinion, all these decisions cited by the learned dr clearly support the case of the revenue that the expression "other proceedings" used in section 292b very much covers the search proceedings and since the said proceedings taken up in pursuance of the provisions of section 132(1) were in conformity with and according to the intent and purpose of the act as discussed hereinabove, we are of the view that the omission of the words "india" and "delhi" in the names of the assessees mentioned therein was clearly a clerical or technical mistake which could ..... , the later basis was adopted by the ao himself and, in our opinion, quite rightly so because the stock found short on physical verification at the time of search than the stock reflected in the books of account was available to the assessee for circulating in the unaccounted sale and the same, therefore, was not deductible from the quantum of unaccounted sale as done by the ao in the present case but the same was deductible from the estimated investment worked out at 20% of the cost of the value of unaccounted sale as done by the ao himself in the case of m/s p.p. ..... 45 was held to be protected by the provisions of section 292b by the hon'ble madras high court observing that the same was not misleading so as to vitiate the exercise of power in pursuance of the warrant of authorization. ..... in support of this contention, he relied on the decision of hon'ble madras high court in the case of devranjan (i) v. .....

Slocum Investment (P) Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)101TTJ(Delhi)558

..... committed by the ..... the hon'ble madras high court did not agree with the submission on behalf of the amalgamated company and it held as follows : it is not open to the amalgamated company which has taken over all the assets and liabilities of the amalgamating company to claim that it is not in any way liable for the tax payable by the amalgamating company, even though the order under section 104 came to be made after the order of amalgamation and after the dissolution of the amalgamating company, but on account of acts of omission and commission .....

Deputy Commissioner of Income Tax Vs. Panamsat International Systems

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)103TTJ(Delhi)861

..... a preliminary point was raised by him that under principles of delegated legislation the double taxation avoidance agreement entered into under section 90 of the it act cannot exceed the limits laid down by the act and in case of conflict between the act and the treaty the act shall prevail.elaborate submissions were permitted to be made on this point, but the issue has been completely settled by the judgments of the supreme court in azadi bachao andolan (supra) and p.v.a.l. ..... in this view of the matter, and on the basis of our humble understanding of the ratio of the judgment of the madras high court, we hold that the payment made to the assessee does not represent consideration for the use of any process.24. ..... the madras high court ruled that the payment cannot be termed as fees for technical services.from a close reading of the judgment it seems to us that the ratio laid down is that there is a distinction between payment made for the use of technical services and for utilising a facility or a service and merely because the provider of the service or the facility has to make use of certain technology in doing so would not change the character of the payment made therefor from a fee paid for services rendered to a fee ..... there was much debate before us on the applicability of the judgment of the madras high court in the case of skycell (supra) on this question. .....

Sir Sobha Singh Public Charitable Vs. Assistant Director of Income-tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... pointed out by the learned counsel that the high court had remanded the matter back to the tribunal allowing liberty to the assessee to adduce fresh evidence whether in the form of any resolution or otherwise showing the specific purpose for which the trust required the accumulation of the income and if such evidence existed and it was placed before the tribunal then the tribunal would consider whether the assessee was entitled to accumulate its funds vis-a-vis section 11 (2) of the income-tax act, 1961.19. ..... are as many as 19 objects listed on pages 6 and 7 of the aforesaid trust deed.as per the provisions of section 11(2) of the act, the assessee is allowed to accumulate 75% of the income, subject to certain conditions.it has to give a notice in writing to the officer in the prescribed manner specifying the purpose for which the income is being accumulated or set apart and the period for which the income is to be accumulated or set apart, not exceeding however 10 ..... justified in making up its mind during the said long period and deciding at whatever stage it was feasible or practicable to work out the modalities vis-a-vis the type of institution which it wanted to set up and the nature of charitable activities which it wanted to engage itself in. it has been noted by both the learned members of the division bench and on which there is no difference that the concession was provided by the act: "perhaps to meet the contingency where the fulfilment of a project requires heavy .....

Kapcompany General Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2004)84TTJ(Delhi)66

..... after considering the submissions of the assessee, as reproduced above, the ao held that the contention of the assessee that it had paid he dividend to the shareholders in pursuant to declaration made to the agm was not correct because in this case the cheques were issued to the shareholders of company's bank account with anz grindlays bank, which did not have sufficient and adequate funds to the credit of the company and as such the act of the assessee-company was a device to claim benefit of deduction under section 80m of the act. ..... domestic company, a deduction of an amount equal to,-- (i) in the case of a scheduled bank or a public financial institution or a state financial corporation or a state industrial investment corporation or a company registered under section 25 of the companies act, 1956 (1 of 1956), sixty per cent of the income by way of dividends from another domestic company; (ii) in the case of any other domestic company, so much of the amount of income by way of dividends from another domestic company as does not exceed the amount of dividend distributed by the first-mentioned domestic company on or before .....

Cobra Instalacions Y. Services, Vs. Deputy Director of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2008)115TTJ(Delhi)534

..... should sign the return in case all the directors including the managing director, happen to be away from the country or where there is no such director stationed in the country, as in the case of foreign company carrying on business through a branch in india, the business being managed should sign the return in the case of a company in liquidation when the board of directors ceases to have any voice in the management of the affairs of the company by virtue of section 491 of the companies act, 1956, and the liquidator becomes empowered to exercise all the powers of the board of directors ..... from signing on behalf of the principal.the proviso to section 140(c) of the act states that where the company is not resident in india, the return may be signed and verified by a person who holds a valid power of attorney from such company to do so; where the company is being wound up, whether under the orders of a court or otherwise, or where any person has been appointed as receiver of any assets of the company, return shall be signed and verified by the liquidator and where the management of the company has been taken ..... hon'ble madras high court held as under: though the assessee had used a wrong form, it did not mean that the return was non est so that the return filed later in the correct form could be treated as the only return filed by the assessee. .....

ito Vs. Shri R.K. Gupta

Court : Income Tax Appellate Tribunal ITAT Delhi

..... as regards the judgment of the madras high court (supra) cited by the learned senior dr, in view of the judgments of the hon'ble jurisdictional high court, the former cannot be given effect to.9. ..... it was submitted that in any case, if factually it is found from the record that no notice was issued to the assessee under section 143(2) of the act then the assessing officer's statement would stand disproved. ..... the learned representative for the assessee further submitted that section 292b of the act can come to the rescue of the assessing officer only if a notice had been actually issued but it contained some inconsequential mistakes or omissions and cannot come to the rescue of the assessing officer if no notice was issued at all. ..... on 24.2.2002, the assessee wrote another letter to the assessing officer (page 9 of the above paper book) in which the assessee asked for issue of a notice under section 143(2) of the act (the reference to section 143(3) in the letter is obviously a mistake). ..... the appeals and the cross objection arise out of the assessment order passed under section 147 read with 143(3) of the income-tax act (date note mentioned in the order).2. ..... reference was also invited to certain judgments and the circular issued by the cbdt explaining the amendment made by the direct tax laws (amendment) act, 1987. .....