Madras High Court

No Penalty for making untenable Claim on Professional advice

Commissioner of Income Tax Vs Smt. Anita Kumaran (Madras High Court)

To our mind, in the instant case, what has emerged is that the Assessee, having realised that the expenditure claimed towards travelling under Section 57 of the Act was not tenable, offered the amounts expended to be added to her income and, accordingly, paid the requisite tax and interest upon the same. In our opinion, this was not a ca...

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Section 54F exemption eligible on multiple flats if in same address

CIT Vs Shri Gumanmal jain (Madras High Court)

In this case assessee having got 15 flats along with his two sons will not disentitle him from getting the benefit U/s. 54F of IT Act only on ground that all the 15 flats are not in the same Block, particularly in the light of admitted factual position that all the 15 flats are located at same address....

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Penalty before Completion of Assessment under TVAT Act, 2006 is premeditated and/or premature

Exelan Networking Technologies Pvt. Ltd. Vs Assistant Commissioner (Madras High Court)

A bare reading of the sub-section (5) of Section 22 would show that it is only after an assessment is complete under sub-section (4) of Section 22, that penalty can be imposed by the Assessing Officer. However, it can, either be imposed at the time when, the assessment order is passed, or, by way of a separate order, albeit, after the ass...

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Conviction for an offense does not mean that application for compounding of offense is not maintainable

M/s. V.A.Haseeb and Co. (Firm) Vs The Chief Commissioner of Income Tax TDS (Madras High Court)

In the instant case, the matter has been pending since 1999, and there has been no progress. The respondent/Department stated that the petitioner/Firm was an accused. Furthermore, the Principal Sessions Court, while granting permission to the respondent to consider the petitioner's Application for compounding the offence, in its order, da...

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PIL by a lawyer to gain popularity is violation of Code of Conduct

S. Baskar Mathuram Vs The State of Tamil Nadu (Madras High Court)

We take this opportunity to remind the State Government to put in place a policy decision to ensure that the Print and Electronic Media does not while reporting instances of similar nature from furnishing any details which are capable of enabling the readers or general public to come to know of the identity of either the victims or those...

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Transaction not bogus for mere non-filing of objection by Assessee

Tvl. Sun Powers Vs The Commercial Tax Officer (Madras High Court)

Assessing Officer, could have only come to a conclusion that the subject transactions were bogus, based on substantive material, and not that because objections were not filed by the petitioner, the assertions made in the pre-assessment notice would have to be deemed to be correct....

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Media not to publish names of legal practitioners, judges and victims: HC

S. Baskar Mathuram Vs State of Tamil Nadu and it’s various officers (Madras High Court)

HC directed Registrar (Administration) of bench to immediately circulate instructions to all Print, Electronic and Media Houses not to publish the names of practitioners and individual judges as a part of news item unless it is so essentially required....

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One time upfront payment- Sale or Lease Payment?

M/s.Foxconn India Developer (P) Ltd. Vs ITO (Madras High Court)

The Hon'ble Madras HC in the above cited case held that the one time upfront payment made by assessee lessee to lessor for the acquisition of leasehold rights over an immovable property for a long duration of time say 99 years could not be taken to constitute rental income at the hands of the lessor because the dominant intention of leasi...

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Waiver of loan is taxable u/s 28(iv) : Madras HC

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court)

Under one time settlement the bank waived loan amount (used by the assessee for acquiring capital assets) which includes both principal amount of loan and interest on loan. Held that Waiver of loan is taxable under section (‘u/s’) 28(iv) of the Income-tax Act, 1961 (‘the Act’)....

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Waiver of loan taken for acquiring a capital asset is taxable

CIT Vs Ramaniyam Homes (P.) Ltd. (Madras High Court)

The waiver of a portion of the loan would certainly tantamount to the value of a benefit. This benefit may not arise from the business of the assessee. But, it certainly arises from business. The absence of the prefix “the” to the word “business” makes a world of difference....

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