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Case Laws
Showing 101 to 120 of 3459 Records
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1991 (12) TMI 140 - CEGAT, NEW DELHI
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... ... ..... sidering the question whether Royalty paid under the license agreements should form part of the assessable value of the components imported observed that ldquo these payments were relatable directly to manufacture of goods in India and they had no nexus with import of goods from Japan. It is, therefore, not correct to load the import price on account of payment of Royalties for local manufacture. rdquo 13A. The above preposition is squarely applicable to the facts of the present case as the payment of Royalty is relatable directly to the manufacture of soft drinks by the buyers of the lsquo concentrate rsquo from the appellants but not to the manufacture of lsquo concentrate rsquo by the appellants on the other hand receipt of Royalty is income for the appellants. Therefore, we are of the view that the lsquo Franchise fees rsquo is not includable in the assessable value of the lsquo Concentrate rsquo . We accordingly allow the appeal, and set aside the order of the Collector.
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1991 (12) TMI 139 - ITAT PUNE
Deduction Of Bonus ... ... ... ... ..... under section 43-B to be allowed on actual payment basis, the Legislature never intended that the payment of bonus, in whatever name it is called, in excess of the amount of bonus prescribed under the Payment of Bonus Act, 1965, would not be allowable even if such payment is reasonable and has been made having regard to the commercial and business expediency and to maintain the target of production through sustained industrial peace. 9. Considering the clarification given by the CBDT as well as their Lordships of Kerala and Calcutta High Courts there is no justification for the CIT to invoke jurisdiction under section 263 and to come to the conclusion that the order passed by the ITO was erroneous and prejudicial to the interest of revenue and consequently giving a direction to disallow the excess payment of bonus for the assessment year 1985-86. Accordingly, the revisional order of the CIT is set aside and that of the ITO is restored. 10. In the result, the appeal is allowed
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1991 (12) TMI 138 - ITAT PUNE
Incentive Bonus ... ... ... ... ..... ch B in the case of Narendra V. Patel held that the expenditure incurred for earning the incentive bonus should be reduced from the bonus at the starting point itself before it is included as salary under section 17 of the Income-tax Act, 1961. There is no dispute about the fact that the incentive bonus is also a part of salary under section 17 of the Act but on practical consideration and finer appreciation of the merits of the case, only the net incentive bonus could form part of salary. In this view of the matter, therefore, following the precedent contained in the orders of the Tribunal, Pune Bench, only 25 of the incentive bonus would be admissible as deduction for promoting the business and the balance 75 of the incentive bonus is assessable as part of salary. Accordingly the order of the Dy. CIT(Appeals) is modified and the ITO is directed to allow 25 of the incentive bonus as a deduction while computing the income under the head salary. 8. The appeal is partly allowed
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1991 (12) TMI 133 - ITAT MADRAS-C
Advance Tax, Appellate Assistant Commissioner, Attributable To, Interest Payable By Assessee, Late Filing
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1991 (12) TMI 132 - ITAT MADRAS-C
Assessing Officer ... ... ... ... ..... The case before us is not one of tax or duties. The said section is, therefore, not applicable. 33. Even if we were to go on the basis that, the 1988 amendment is declaratory in nature and retroactive in operation, the case of the Department will not improve, because the case before us, as we have seen earlier, is not one of fee strictu sensu, nor is it one of cess. We, therefore, hold that there is no question of invoking the provisions of section 43B of the Act. 34. In view of the foregoing, therefore, we hold that the lower authorities were not justified in coming to the conclusion that the levy in question partook the characteristics of a tax, and in applying the provisions of section 43B of the Act. We, therefore, set aside the decisions of the lower authorities on this issue and direct the Assessing Officer to allow the assessee the benefit of revenue deduction in respect of the entirety of the sum of Rs. 9,83,30,732. 35. In the result, the assessee s appeal is allowed
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1991 (12) TMI 129 - ITAT MADRAS-B
Accounting Year, Export Business, Interest On Borrowed Capital, Trading Receipt ... ... ... ... ..... inal clearance by customs and putting goods in ship and subsequently receiving sale price, everything was done by the assessee, it should be termed as a real exporter eligible for deduction under section 80HHC. The other objection that the deduction under section 80HHC is not available where there is no profit from the export business is also untenable, because the reference in section 80AB is only to the gross total income and not to the profit from the export business alone. This is self-evident from a reading of section 80AB and it has been so held by the Delhi Bench of the Tribunal in the case of Expo Machinery Ltd. v. IAC 1989 31 ITD 41. In the circumstances, we have to accept the claim of the assessee that the expenses incurred for the export business as well as the deduction claimed under section 80HHC had to be allowed to the assessee in computing the total income. The Assessing Officer is directed to re-compute the income accordingly. 25. The appeal is partly allowed
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1991 (12) TMI 128 - ITAT MADRAS-B
Insurance Premia, Life Insurance, Total Income ... ... ... ... ..... f the Supreme Court in J.H. Gotla s case . We note that Rule 11A which contained a provision for linking the ceiling prescribed under section 80C to the income derived by an individual assessee from his profession as an author has been advisedly deleted effective from the assessment year 1984-85. We also note that in the amended provisions of section 80C(4)(i) there is no reference to income derived from the profession as an author. It follows that it was the legislative intent, when such amendment was made, to remove the income tag for determining the ceiling limit. 7. We have already found that the assessee is a recognised author. It follows that the provisions of section 80C(4)(i) would squarely apply to the case of the assessee. We, therefore, direct the Assessing Officer to fix the ceiling limit for deduction under section 80C at Rs. 60,000 in the case of the assessee and re-compute the allowable deduction under section 80C as per law. 8. The assessee s appeal is allowed
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1991 (12) TMI 123 - ITAT MADRAS-A
Capital Gains ... ... ... ... ..... owing of the possession of any immovable property to be taken or retained in part performance of a contract of the nature referred to in section 53A of the Transfer of Property Act, 1882. The taxable event has thus been advanced even to a stage earlier than that which existed at the relevant time. 11. In the circumstances, we are of the considered opinion that for the purpose of section 45 of the Income-tax Act, the effective date of transfer of an immovable property will be the date of execution of the document as intended by the Parliament. It follows that any capital gains arising from the two transactions which are effective on 28-2-1970 cannot be brought to tax in the assessment year 1972-73. In this view, it is unnecessary to consider whether the property was a capital asset with or without reference to the amended definition of capital asset . Since the re-assessments were made only to bring to tax capital gains, the reassessments are annulled. The appeals are allowed.
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1991 (12) TMI 121 - ITAT MADRAS
Assessing Officer, Previous Year ... ... ... ... ..... he Income-tax Department wanted to proceed against Manickam Chettiar direct. Manickam Chettiar filed a Writ Petition before the High Court and contended that the assessee could not be treated as a defaulter under the provisions of section 220(7) and therefore, the collection of tax arrears from him has to be stayed. In those circumstances, the High Court held that the surety cannot repudiate his liability. The distinguishing feature in the case of S. Manickam Chettiar is that the offering of the surety bond by him and the issue of tax clearance certificate by the ITO accepting the said surety bond are not against any of the provisions of the Income-tax Act, 1961. But in the present case of the assessee, the condition imposed by the ITO that depreciation is allowable only at 3/12 militated against the provisions of section 32 of the Act. So the Revenue cannot have any comfort or solace under the decision of S. Manickam Chettiar s case. 8. In the result, the appeal is dismissed
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1991 (12) TMI 119 - ITAT JAIPUR
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... ... ..... appeal before us, they no longer survive for our consideration. 73. So far as the claim of Rs. 12,548 is concerned, we find that for the asst. yr. 1983-84 in respect of a similar claim, the assessee had accepted the disallowance to the extent of Rs. 5,000. In the absence of any fresh or further facts, we direct that the disallowance be kept back at the same figure of Rs. 5,000. We hold accordingly. 74. The last ground relating to the disallowance of Rs. 2,47,699 paid to the IT Department, not having been pressed before us at the time of the hearing of the appeal, no longer survives for our consideration. 73. In the result the assessee s appeals (ITA No. 516/Jp/1987 for asst. yr. 1979-80 and ITA No. 558/Jp/1989 for asst. yr. 1984-85) are partly allowed. Department s appeal (ITA No. 1171/Jp/1987 for asst. yr. 1980-81) is also partly allowed whereas the Department s appeal (ITA No. 1242/Jp/1987 for asst. yr. 1982-83 and 1241/Jp/1987 for asst. yr. 1983-84) fail and are dismissed.
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1991 (12) TMI 117 - ITAT JAIPUR
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... ... ..... dpur Motor Accessories Stores vs. Union of India and Ors. (1991) 91 CTR (Pat) 19 (1991) 189 ITR 70 (Pat) (v) CIT vs. P.J. Pillai (1991) 189 ITR 165 (Ker) (vi) CIT vs. Shri Jagannath Steel Corpn. (1991) 191 ITR 676 (Cal) and (vii) CIT vs. Pyarilal Kasam Manji and Co. Etc. (1992) 101 CTR (Ori) 247 As against these decisions, a contrary view has been taken by the Delhi High Court in the case of Sanghi Motors vs. CIT and Escorts India Ltd. Therefore, on the well known principle laid down by the Supreme Court in the case of Vegetable Products Ltd. vs. CIT 1973 CTR (SC) 177 (1973) 88 ITR 192 (SC) and also followed also along and notably in the case of CIT vs. J.K. Hosiery Factory (1986) 52 CTR (SC) 142 (1986) 159 ITR 85 (SC) a view favourable to the assessee is required to be taken in a situation where two views are possible. I, therefore, hold that no addition under s. 43B was warranted on the facts of the present case. 6. In the result the appeal filed by the assessee is allowed.
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1991 (12) TMI 115 - ITAT JAIPUR
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... ... ..... or hearing is provided. In this view of the matter the ratio of various decisions relied upon by the learned counsel for the assessee would not apply to the facts and circumstances of the case. 7. In these circumstances we are of the view that it is a fit case where the order of the ITO should be set aside and should be restored to his file with the directions that he shall give assessee a reasonable opportunity to explain its case and to substantiate the evidence on which it relies. In case the ITO is satisfied that the Form No. 12 were actually filed by the assessee within the time allowed under the law, he shall decide the question of registration for both these years keeping in mind the directions of the Board so also the ratio of decisions of the Hon ble Rajasthan High Court in the cases Gudmal Motaliram vs. CIT (1987) 61 CTR (Raj) 103 (1988) 170 ITR 66 (Raj) and CIT vs. Delhi Sanitary Stores (1981) 127 ITR 822 (Raj). Both the appeals are, therefore, treated as allowed.
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1991 (12) TMI 113 - ITAT JABALPUR
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... ... ..... r the parties. 3. The ground relating to want of opportunity of being heard by the CIT(A) was not argued by the Department. The same is, therefore, dismissed. 4. It is by now well settled by the decision of the Supreme Court in the case of K.P. Varghese vs. ITO (1981) 24 CTR (SC) 358 (1981) 131 ITR 597(SC) that difference between market value of a property and the consideration declared in the document of transfer is not sufficient to charge capital gains tax unless the assessee is shown to have received more than what is stated as consideration in the deed. Admittedly, there is no evidence in this case to show that the assessee had received more than what was declared or disclosed by him as consideration received. That being so, the issue involved herein stands squarely covered in favour of the assessee by the above mentioned decision of the Supreme Court. 5. In the result, Revenue s appeal fails and is hereby dismissed while assessee s appeal succeeds and is hereby allowed.
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1991 (12) TMI 112 - ITAT JABALPUR
Association Of Persons, Capital Gains On Sale, House Property, Orders Prejudicial To Interests, Rental Income
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1991 (12) TMI 111 - ITAT INDORE
Assessing Officer, Total Income ... ... ... ... ..... s not lack bona fides and ex facie it cannot be included in the adjustment. Similar is the position of other adjustments. 16. We entirely agree with the learned counsel for the assessee that even if all the adjustments initially made by the Assessing Officer are upheld it is not a case of levy of additional income-tax. The case of the assessee falls within clause (i) of Explanation to section 143(1A)(a). The adjustments proposed by the Assessing Officer do not exceed the total income since it is a return of loss for exceeding the adjustments made. In this regard, we are supported by the judgment of the Hon ble Delhi High Court in the case of Modi Cement Ltd. 17. In view of the above discussion, the action of the Assessing Officer in making adjustments of the items discussed above, is patently erroneous. He has acted in an unjudicious manner. His order has, therefore, been rendered erroneous. All the adjustments made by him are deleted. 18. In the result, the appeal is allowed
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1991 (12) TMI 110 - ITAT HYDERABAD-B
Amnesty Scheme, Revised Return, Waiver Of Interest ... ... ... ... ..... and thereafter revised their return by showing nominal additional income under the Amnesty Scheme. In such cases, in our view, the benefits under the Amnesty Scheme can be extended only to the extent of additional income shown. We are, therefore, of the view that interest under section 139(8), 215 or 217 could be charged from an assessee on the basis of original return filed which was admittedly not a return under the Amnesty Scheme. We are, therefore, of the view that the interest under sections 139(8) and 217 in these cases was rightly charged by the IAC(Assessments). The CIT (Appeals) was not, therefore, justified in deleting such interest. 13. The IAC(Assessments) is, however, directed to restrict the interest under sections 139(8) and 217 on the basis of the incomes disclosed originally. To the extent of the additional concealed income disclosed, the assessees are entitled to the benefits under the Amnesty Scheme. 14. The revenue s appeals are accordingly allowed in part
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1991 (12) TMI 109 - ITAT HYDERABAD-A
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... ... ..... ime lapse. After the books were handed over to the Chartered Accountant, he will also require some time to prepare the audit report. Considering the fact that this is the first year during which the provisions came into operation and there were doubts even in professional circles about the applicability of s. 44AB and its validity, it cannot be said that the assessee was certain about the operation of its provisions and the manner in which the books of accounts have to be maintained for that purpose. Moreover, the fact that the income assessable and assessed was Rs. 13,190 only and the assessment resulted in a refund is a relevant fact which has to be considered. Taking all these circumstances into account, we hold that there was a reasonable cause in this case for not complying with the provisions of s. 44AB till the date of actual compliance and the impugned penalty cannot be justified. The order of CIT(A) is upheld. 5. In the result, the appeal by the Revenue is dismissed.
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1991 (12) TMI 108 - ITAT DELHI-D
Interest Payable By Government, Refunds, Interest On Delayed Refund, Words And Phrases ... ... ... ... ..... gainst future demands raised, and also to interest under section 244 on the aggregate sums of refunds and interest found to be due under section 214. The interest on excess of provisional and self-assessment tax shall be allowable only under section 244 of the Income-tax Act. The assessee is not entitled to any interest under section 243 thereon. 17. The Income-tax Officer is hereby directed to verify the dates of payments and calculate the interest due to the assessee for all these years as above and grant the refund. As we have mentioned in the earlier part of our order, the assessee mentions long periods spanning over a decade during which the refunds remained unpaid. Nobody has verified these periods. These periods have to be verified by the Income-tax Officer as to their correctness for the purpose of calculation of interest. The attitude of the Department in keeping these refunds unadjusted is obviously not in public interest. 18. In the result, the appeals are allowed.
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1991 (12) TMI 107 - ITAT DELHI-B
Appeal Against Assessment, Bench Of Tribunal, Powers Of President Of Tribunal, Territorial Jurisdiction
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1991 (12) TMI 106 - ITAT DELHI-A
Accounting Year, Capital Asset, Income From Other Sources, Long-term Capital Gains, Loss On Sale, Set Off, Short-term Capital Loss
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