Judgment Search Results Home > Cases Phrase: the madras inams act 1869 Court: income tax appellate tribunal itat delhi Page 5 of about 58 results (0.072 seconds)

Garrick D'Silva Vs. Joint Commissioner Of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)105TTJ(Delhi)445

..... ctr (aar) 504 : (1999) 102 taxman 74 (aar) (supra) and upheld the additions made by the ao after making the following observations: i have carefully considered the rival contentions of the ao and the authorised representatives and submissions and i am of the view that in the given case, the point regarding deliberation is the essence of the benefit arising to the appellant consequent to entitlement of stock options and their subsequent exercise and sale especially in view of the absence of a direct provision in the act governing stock options during the year under appeal. ..... located in madras in india. ..... to effectuate, the ao added the amount of housing contribution and auto norm to the salary depicted in the salary slips, but considering the same as a reimbursement by the employees to the employer in the valuation of the perquisites of accommodation, car with driver provided to the appellant in india (refer para 4 par 5 of the assessment order).the ao rejected the stand of the appellant that the amounts reduced were not a set off against the perquisites provided in india, but were an ad hoc reduction towards what would have been due had the employee continued to work in the home .....

Deputy Commissioner of Income Tax Vs. Padam Prakash (Huf)

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)104TTJ(Delhi)989

..... to the third member: whether, on the facts and in the circumstances of the case, the enhanced compensation received by the assessee was taxable in the hands of the assessee as income despite the fact that the quantum of enhanced compensation awarded is subject-matter of proceedings before the appellate forum by the state government as well as by the assessee and the quantum of enhanced compensation has not attained finality and the assessee has received a part of the enhanced compensation and interest on enhanced compensation pursuant to interim orders passed by the appellate court the brief facts of the ..... (1950) 18 itr 474(sc) before the hon'ble orissa high court in the above case the issue was whether the decision of the tribunal by holding that no interest can be held to have accrued legally till the decision of court was arrived at, the hon'ble high court approved the finding of the tribunal on the basis of following observations: under section 5 of the it act, 1961 (hereinafter referred to as "the act"), taxability is attracted not merely when income is actually received but also when in has "accrued". ..... arguello (1869) 37 calif. .....

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 .....

Hotel Diplomat Vs. Addl. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... in other words, the expenditure attributable to the earning of the lease rent and interest has to be deducted from the gross receipts on account of lease rent and the net receipts has to be deducted from the business income for the purpose of determining the deduction allowable under section 80hhd of the act.thus, the proportionate expenses relatable to lease rent and interest earning will be deducted from the hotel business income of the assessee and which should meet the main grievance of the assessee in this appeal. ..... shall, in accordance with and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction of a sum equal to the aggregate of- (a) fifty per cent of the profits derived by him from services provided to foreign tourists; and (b) so much of the amount out of the remaining profits referred to in clause (a) as is debited to the profit andloss account of the previous year in respect of which the deduction is to be allowed and credited to a reserve account to be utilised for the purposes of the business of the assessee in the manner laid down in sub-section ..... he also submitted that the hon'ble madras high court in pandian chemicals ltd., v. ..... he also placed reliance on the decision of the hon'ble madras high court in cit v. .....

Honda Siel Power Products Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2007)112TTJ(Delhi)702

..... of quarters for the company's workers under the subsidised industrial housing scheme sponsored by the state government.the madras high court held that the expenditure was incurred wholly and exclusively for the purpose of the business that no capital asset was acquired, that the assessee would not have any interest, in the buildings to be built on the land and that its obligation was discharged by contributing for the purchase of the land and, therefore, the amount in question was a permissible deduction/lastly, in the case of hindustan ..... 4 is that the cit(a) erred in confirming the action of the ao in reducing the profit earned on sale of bought out genset from the gross total income for the purpose of computing the deduction under sections 80hh and 80-1 of the act. ..... 72 lacs made under section 40a(2) of the act in respect of the amounts paid to m/s siel ltd. ..... turning to the first ground in the memorandum of appeal, it relates to the disallowance made under rule 6b of the act. ..... we are concerned with the previous year ended 31st march, 1995, for which an assessment under section 143(3) of the it act was made by order dt.12th march, 1998.2. ..... 1,62,01,782 to the total turnover for the purpose of computing deduction under section 80hhc of the act. ..... we may also note that section 43a was amended by the finance act, 2002 w.e.f. .....

Ravi Kumar Sinha Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

..... on the facts and in the circumstances of the case and in law, the commissioner (appeals) erred in not disposing the ground relating to the penalty proceedings initiated by assessing officer under section 271(l)(c) of the income tax act. 6 ..... we have considered the rival contentions, carefully gone through the orders of the authorities below and also deliberated on the case laws relied on by the lower authorities in their respective orders for coming to the conclusion that waiver of the loan was in the nature of income inassessee ..... this is an appeal filed by the assessee against the order of commissioner (appeals) dated 8-4-2004 for the assessment year 2002-03, in the matter of order passed under section 143(3) of the income tax act, 1961 wherein following grounds of appeal have been raised : ..... contended that under the income-tax act, a specific provision is made in section 41(1), which it provides that if any allowance or claim is allowed in a year in the computation of business income, then the benefit received in respect of such transaction will be deemed as income in the year the benefit is obtained. ..... argued by learned ar shri ajay vohra that obtaining a loan is a transaction in the capital field, the loan obtained is not income there is no section in the income tax act, 1961 which treats capital transaction as income. ..... it is the obligation of webber under section 4 of the income tax act, 1961, the obligation was taken over by ballarpur industries, so such company paid the tax. .....

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. .....

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. .....

Dy. Cit Vs. Geo Enpro Petroleum Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 1.1 that the cit(a) erred on facts and in law in holding that for the purpose of section 80-ib(9) of the act, the 'initial assessment year' in the instant case of the appellant is assessment year 1996-97 (and not assessment year 2000-01 as contended by the appellant) and accordingly, no deduction was admissible under section 80-ib(9) of the act for the relevant assessment year as the period of seven years specified under section 80-ib(9) of the act has already expired and, therefore, claim of deduction under section 80-ib(9) has become time-barred for the relevant assessment year. ..... we proceed with the appeals of the assessee in the first instance.the learned counsel pointed out that the only controversy in these appeals and also the main controversy in the appeals of the revenue is about the determination of "initial assessment year" which has been defined in section 80-ib(14)(c)(iii) to mean in the case of an industrial undertaking in the business of commercial production or refining of mineral oil referred to in sub-section (9), the assessment year relevant to the previous year in which the undertaking commences the commercial production or refining of mineral oil. ..... once a year has been fixed as the initial assessment year, it cannot be changed later on as held by hon'ble madras high court in the case of cit v. .....

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. .....