February 2006

Section 153, Section 5

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was justified in law in coming to the conclusion that interest at 15 per cent was accruing on the amount of Rs. 1,08,50,000 due to the assessee by one Sri K.L. Srihari, despite the attachment of the loan under s. 226(3) of the IT Act, 1961 and despite the agreement between the assessee and the debtor that no interest shall be chargeable or payable on the loan from 1st March, 1985 and that the same was assessable as the assessee’s income according to the system of mercantile accounts followed by it ?

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High Court Of Madras Sujatha Films (P) Ltd. vs. CIT Sections 5, 153(1)(b) Asst. Years 1986-87, 1987-88, 1988-89, 1989-90 P.D. […]

Section 32AB

Madras H.C : Whether, on the facts and in the circumstances of the case, the Tribunal was right in law in setting aside the order of the CIT passed under s. 263 of the IT Act, even though the assessee has not fulfilled the mandatory requirement as per the provisions of s. 32AB(5) of the IT Act to get deduction under s. 32AB of the Act ?

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High Court Of Madras CIT vs. Print Systems & Products Section 32AB(5) Asst. Year 1988-89 P.D. Dinakaran & P.P.S. Janarthana

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