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Case Laws
Showing 201 to 220 of 242 Records
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1993 (4) TMI 42 - RAJASTHAN HIGH COURT
HUF, Res Judicata, Wealth Tax ... ... ... ... ..... assessee has not pressed his claim regarding the validity of the gift before the Appellate Assistant Commissioner in earlier proceedings and the decision of the Income-tax Appellate Tribunal deciding the issue on February 19, 1972, has become final. The assessee cannot be permitted to raise the same issue again and again which has been decided against him and which has become final. In these circumstances, we are of the view that the Income-tax Appellate Tribunal was right in interpreting the gift dated September 9, 1938, that the immovable property known as Barwara House was gifted to the late Raja Man Singh and not to his Hindu undivided family and further the Tribunal was right in including the value of Barwara House located at Civil Lines, Jaipur, in the net wealth of the assessee in his individual status. The reference is answered accordingly in favour of the Revenue and against the assessee. The reference application is dismissed with costs of Rs. 1,000 (one thousand).
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1993 (4) TMI 41 - GUJARAT HIGH COURT
Business Loss ... ... ... ... ..... get rid of their liabilities. The document read as a whole clearly shows that the consideration, i.e., sale price of the shares included release and discharge of the three brothers from their liabilities and obligations. Clauses 6 to 11 clearly show that the only reason why they had agreed to sell the shares at the rate of Re. 1 per share was to get rid of the liabilities. Thus, the difference of Rs. 49 per share which was claimed as loss was also part of the consideration for release of their liabilities. The assessees, therefore, can be said to have received by way of consideration, the full amount of Rs. 50 per share and, in reality, they had not suffered any loss in selling the shares at the rate of Re. 1 per share. In our opinion, the Tribunal was right in taking such a view. We, therefore, answer the question in the affirmative, that is, against the assessees and in favour of the Revenue. References are disposed of accordingly with no order as to costs in each of them.
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1993 (4) TMI 40 - RAJASTHAN HIGH COURT
Advance Tax, Penalty ... ... ... ... ..... he Commissioner of Income-tax (Appeals) came to the conclusion that the appellant fully knew that its income is going to be far greater than the income on the basis of which the advance tax was demanded as on account of the search undisclosed stock of more than Rs. 10 lakhs was surrendered by the firm. The appeal was dismissed. In the second appeal before the Income-tax Appellate Tribunal, it was held that the firm was prevented by reasonable cause from estimating its income and the same would apply to the partners. The fact that the assessee had had a severe heart attack was also brought to the notice of the Tribunal. Primarily, the finding that the assessee was prevented by reasonable cause is a finding of fact. Accordingly, it is held that the Income-tax Appellate Tribunal was justified in cancelling the penalty of Rs. 12,230 imposed under section 273(c) of the Income-tax Act, 1961. The reference is, accordingly, answered in favour of the assessee and against the Revenue.
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1993 (4) TMI 39 - MADRAS HIGH COURT
False Statement In Verification, Offences And Prosecution, Wilful Attempt To Evade Tax ... ... ... ... ..... g time the matter had become stale. It was also held (headnote) On the facts, the Magistrate could not be said to have been grossly wrong in inferring that the mention of the wrong date was merely a bona fide mistake. Consequently, the Supreme Court set aside the order of the High Court and restored the order of discharge passed by the Magistrate. Applying the ratio in the above-quoted decisions to the facts of this case, it is seen that the offence is said to have been committed in the year 1976-77 and the order of acquittal was passed in 1984, and no useful purpose would be served by ordering re-trial at this length of time especially when the respondent has already undergone imprisonment till the rising of the court and paid the fine in respect of the offences committed in connection with the same transaction. Hence this court feels that this is not a fit case for ordering re-trial with regard to these offences. For the reasons stated above, both the appeals are dismissed.
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1993 (4) TMI 38 - KERALA HIGH COURT
Deduction For New Industrial Undertaking, New Industrial Undertaking, Transfer Or Reconstruction
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1993 (4) TMI 37 - BOMBAY HIGH COURT
Developement Rebate, Machinery Installed In Office Premises ... ... ... ... ..... section 33(6) of the Act, it cannot be said to be a plant or machinery installed in the office premises or residential accommodation, etc. Plant and machinery referred to in section 33(6) of the Act will only mean those plant or machinery which are intended for use in the office or the residence. The meter does not meet this description. It will, therefore, not fall within the section 33(6) of the Act. That being so, we are of the clear opinion, though on different grounds, that the Tribunal was right in holding that section 33(6) of the Act was not attracted and the assessee was entitled to development rebate in respect of electric meters, no matter where they are installed whether in the office premises, residential accommodation, etc., or elsewhere. In view of our above conclusion, we answer the question referred to us in the affirmative, that is, in favour of the assessee and against the Revenue. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 36 - BOMBAY HIGH COURT
Body Of Individuals, Marriage Under Portugese Civil Code ... ... ... ... ..... s managing director of a company because such remuneration will be assessed as income from salaries. In the light of the foregoing discussion, we answer the first question as follows The Tribunal was right in holding that the income from business and share of income from the two partnership firms is to be assessed in the hands of the body of individuals consisting of the husband and wife. The Tribunal, however, was not correct in holding that interest earned on bank accounts was also assessable in the hands of the body of individuals. It has to be assessed in the hands of the respective co-owners on whose investment such interest has been received. So far as question No. 2 is concerned, we answer the question in the affirmative, i.e., in favour of the assessee and against the Revenue. So far as question No. 3 is concerned it is answered in the affirmative, i.e., in favour of the Revenue and against the assessee. Under the facts and circumstances, we make no order as to costs.
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1993 (4) TMI 35 - RAJASTHAN HIGH COURT
False Statement In Verification, Offences And Prosecution, Wilful Attempt To Evade Tax ... ... ... ... ..... ing Assistant Commissioner and no document was produced in support thereof. Simply on the basis of the averment/ argument, a decision could not be given and more particularly when the burden was on the assessee to prove that the expenditure incurred was directly related to the orders booked for the Palghat unit as alleged before the Tribunal. In these circumstances, we are of the view that since a finding of fact has not been recorded and the Tribunal has proceeded only on the basis of the argument raised before it, the answer to the question raised cannot be given. The reference is returned unanswered with the direction that the Tribunal shall record a finding on the point as to whether the expenditure incurred of Rs. 1,85,460 was directly co-related to the orders booked for the Palghat unit and pertain to the salaries, wages and travelling expenses for that purpose after giving opportunity to both the parties. The reference is accordingly unanswered. No orders as to costs.
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1993 (4) TMI 34 - BOMBAY HIGH COURT
Capital Gains, Distributable Income, Transfer ... ... ... ... ..... nswered in favour of the assessee and against the Revenue. We have carefully considered the submissions made by the parties. It is quite apparent from the background for bringing this section on the statute that Parliament wanted to minimise, if not eliminate altogether, anomalies which might arise due to the change in the method of taxing dividend income. In other words, it is difficult to accept the submissions made on behalf of the assessee that the provisions of section 236 of the Act are of beneficial nature . In our considered opinion, on a proper appreciation and the context in which clause (b) appears in Explanation 2 to section 236 of the Act, the distributable profits as worked out by the Income-tax Officer are quite in order and in line with the provisions contained in that section. In this view of the matter, we answer this question also in favour of the Revenue and against the assessee. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 33 - MADRAS HIGH COURT
Exemption U/S 10(10) And U/s. 10(10aa), Exemptions, Government Employees And Private Sector Employees, Gratuity
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1993 (4) TMI 32 - BOMBAY HIGH COURT
Company, Reserves, Surtax ... ... ... ... ..... d partake of a different character on the basis of its utilisation or appropriation. In the instant case, as stated above, it is on March 25, 1971, when six lakhs shares of Rs. 10 each were allotted by the assessee to the above company and a part of the amount of the loan to the extent of the value of the shares was appropriated by the assessee to itself that the amount changed its character from loan to share capital and it is only on that date that it became a part of the paid-up share capital of the assessee within the meaning of rule 1(i) of the Second Schedule to the Surtax Act and this fact has already been recognised by the Appellate Assistant Commissioner and he has given due relief to the assessee on the basis thereof. In the light of the foregoing discussion, we answer both the questions, viz., questions Nos. 2 and 3 in the negative that is against the assessee and in favour of the Revenue. Under the facts and circumstances of the case, we make no order as to costs.
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1993 (4) TMI 31 - BOMBAY HIGH COURT
Depreciation, Developement Rebate, Reference, Set Off, Unabsorbed Depreciation, Unabsorbed Development Rebate
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1993 (4) TMI 30 - KERALA HIGH COURT
Effect Of Insertion Of S. 188A, Firm, Law Applicable To Assessment ... ... ... ... ..... ers, is liable to be invoked for recovery of all amounts remaining unpaid by firms, and authorises proceedings against the partners thereof even though the firms continue to subsist. The notices, exhibit P-7, series are thus warranted by the provisions of section 188A and the proceedings initiated thereunder against the partners are valid in law. The other point regarding alleged violation of the principles of natural justice does not merit serious consideration. The assessment is one completed on the firm as reconstituted under section 187. There is no case that the procedure prescribed in that section has not been followed. The petitioners were partners of the firm during the years 1981-82 and 1982-83. If so, there cannot be any room for any complaint that the assessment is bad for violation of the principles of natural justice. Even otherwise, the assessments are not under challenge before me. The original petition is, therefore, without merit. It is accordingly dismissed.
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1993 (4) TMI 29 - CALCUTTA HIGH COURT
Failure To Disclose Fully And Truly, Reassessment ... ... ... ... ..... riking it down. It may also be clarified that the so-called second set of books of account referred to by learned counsel for the Revenue, Mr. S. K. Mitra, related only to the first year and not to the second and third years, as clearly recorded by the Tribunal in paragraph 2 at page 2 of the paper book. In the first year, i.e., assessment year 1972-73, the Income-tax Officer has not shown as to how there was concealment of income with reference to the second set of books of account. No material has been referred to in the reasons recorded and no basis for Rs. 2,50,000 has been given. We are, therefore, of the opinion that the reference to the second set of books of account which the Tribunal ultimately found as not belonging to the assessee and which finding has not been challenged by the Revenue is wholly irrelevant. For the reasons aforesaid, we answer the question in the affirmative and against the Revenue. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (4) TMI 28 - CALCUTTA HIGH COURT
Capital Asset, Capital Gains, Gold Bonds, Short-term Capital Gains ... ... ... ... ..... ding the date of transfer. The question as to whether the gains arising in such cases would be short or long-term would, therefore, depend upon the time that has passed between the date of redemption of gold bonds and the subsequent sale of gold. In our view, the Tribunal misconstrued the entire legal position which is quite transparent. Since the redemption by itself is a transaction of acquisition of a new capital asset, viz., primary gold, there could be no question of relating back the date of acquisition of such primary gold on redemption either to the date of investment in the gold bonds by the donor or the date of receipt of such bonds as gifts by the donee, the assessee herein. The quantity of gold received on redemption is a new asset unrelated to the mode of acquisition of the gold bond. Therefore, we answer all the three questions in the negative and in favour of the Revenue and against the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (4) TMI 27 - CALCUTTA HIGH COURT
Appeal To CIT(A), Best Judgment Assessment ... ... ... ... ..... d. v. CIT 1991 187 ITR 688. In this case, the Commissioner of Income-tax (Appeals) himself looked into the audited accounts as well as the past assessment records of the assessee-company and, thereafter, computed the total income of the assessee for the assessment year 1982-83. The procedure adopted by the Commissioner of Income-tax (Appeals), in our opinion, was fully justified. In fact, the Income-tax Officer should have himself followed the same procedure which the Commissioner of Income-tax (Appeals) did. The Income-tax Officer, in our view, was not justified in rejecting the loss return filed by the assessee-company in toto without examining the audited profit and loss account, balance-sheet and other statements accompanying the return as well as the past assessment records of the assessee-company. We, therefore, answer the question referred by the Tribunal in the affirmative and in favour of the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (4) TMI 26 - ALLAHABAD HIGH COURT
Estate Duty ... ... ... ... ..... stay application in accordance with law. From section 73(4), it appears that, prima facie, power is vested in the Controller to suspend the demand during the pendency of appeal and it is not understandable as to why such jurisdiction was abdicated by the Controller. After hearing the parties, the petition is disposed of finally, directing the Appellate Controller, Estate Duty, Lucknow, before whom the petitioner s appeal is pending, to decide the stay application made by the petitioner within three weeks from the date a certified copy of this order is produced before him by the petitioner in accordance with law, which the petitioner undertakes to produce within one week from today. Until the decision on the stay application of the petitioner, further recovery proceedings will remain stayed. If the petitioner fails to take steps as aforesaid, then the stay order will stand vacated. A certified copy of this order may be given to counsel for the parties on payment with 24 hours.
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1993 (4) TMI 25 - CALCUTTA HIGH COURT
Capital Gains, Distributable Income, Transfer ... ... ... ... ..... ery was acquired or installed. The new type of things manufactured were improvements over the existing machinery. Further, as found by the Tribunal, the assessee was manufacturing similar items of motors and the present design covered only one type of manufacture of goods by the assessee. In these circumstances, the assessee did not have any right or advantage of an enduring nature. On the other hand, what the assessee was getting was something which was necessary in the profit-earning process of the assessee. Having regard to the principles laid down by this court in CIT v. Associated Electrical Industries (India) Pvt. Ltd. 1975 101 ITR 844, it must be held that the Tribunal had come to the correct conclusion and the sum of Rs. 13,28,450 should be allowed as a revenue expenditure under section 37 of the Act. We, therefore, answer the question in this reference in the affirmative and in favour of the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (4) TMI 24 - CALCUTTA HIGH COURT
Business Expenditure, Legal Expenses ... ... ... ... ..... y, the expenditure is deductible. In this case, as we have indicated, the assessee has challenged the additional levy of excise duty which would enhance the price of the commodity in question and, accordingly, the assessee has to face the competition in the market with a high cost product. It is immaterial whether such additional levy was imposed on all manufacturers of similar type of product as produced by the assessee. It cannot be said that expenditure in challenging such levy is not made on grounds of commercial expediency and in order indirectly to facilitate the carrying on of the business. In our view, the principle discussed in the aforesaid judgment of this court will equally apply to the facts of this case. The expenditure was incidental to the business and was necessitated or justified by commercial expediency. In the result, we answer the question in the affirmative and in favour of the assessee. There will be no order as to costs. NURE ALAM CHOWDHURY J.-I agree.
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1993 (4) TMI 23 - CALCUTTA HIGH COURT
Accounting, Income ... ... ... ... ..... en explained and reiterated by the Supreme Court in CIT v. T. S. PL. P. Chidambaram Chettiar 1971 80 ITR 467. The fact remains that the real income has to be assessed. The assessee has maintained the cash system of accounting and has not reflected any interest in the accounts, no interest having been actually received in the year of account. The Income-tax Officer cannot, on an estimate, assess income by way of interest irrespective of the method of accounting regularly employed. As we have already indicated, the interest income has been assessed in the subsequent year. If the assessee is entitled in law to manage its affairs so that the interest income will be assessable in a particular year, it cannot be said that the income has been diverted at the source. For the reasons aforesaid, we are of the view that the Tribunal came to a correct conclusion and we answer the question in this reference in the affirmative and in favour of the assessee. NURE ALAM CHOWDHURY J.-I agree.
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