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Case Laws
Showing 141 to 160 of 2969 Records
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1993 (12) TMI 52 - ANDHRA PRADESH HIGH COURT
Appeal To Tribunal, Company, Discretion Of President Of Tribunal ... ... ... ... ..... e of declaring dividend cannot be adopted for the purpose of computing the taxable income under section 115J of the Income-tax Act. The purpose of computation of profit and loss under the Companies Act, 1956, is different from the purpose of computing the income under the Income-tax Act, 1961. We have given our reasons for this and it is not necessary for us to repeat them once again to deal with the above propositions of law. In the view we have taken, we agree with learned standing counsel for the Department, Sri S. R. Ashok, that computation to be made for the purpose of declaring dividend under the Companies Act cannot be adopted for the purpose of computing the taxable income under the provisions of the Income-tax Act and that for the purpose of section 115J of the Act, loss does not include unabsorbed depreciation . The reference made by the Tribunal is answered in favour of the Department and against the assessee. Consequently, the writ petitions are allowed. No costs.
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1993 (12) TMI 51 - KARNATAKA HIGH COURT
Search And Seizure, Writ ... ... ... ... ..... ossible to do so by disclosing materials that could be disclosed in a case of this kind. Actually, under the Rules of this court, the statement of objections is to be filed only when rule nisi is issued and in this writ petition, such a rule has not been issued. Though the prohibitory orders are challenged, Mr. Veerabhadrappa did not pursue the matter, since, as on today, the prohibitory order is confined to the bank account and recently, the period of the prohibitory order has been extended. Learned counsel submitted that the latest order will be challenged separately, if necessary. It is also necessary to note that the chartered accountant of the petitioner-company has been permitted to take xerox copies of all the accounts, etc., of the company required for auditing but so far, the opportunity has not been availed of by the chartered accountant. No other contention survives for consideration. In the result, for the reasons stated above, this petition fails and is rejected.
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1993 (12) TMI 50 - PATNA HIGH COURT
Charitable Institution ... ... ... ... ..... y element of normal schooling. If such a wide meaning is given to the word education so as to bring within its purview coaching institutions, it will defeat the purpose of the Act. Even assuming that in view of the amendment in section 2(15) of the said Act, a profit motive is no longer a factor which should be taken into consideration, as, in our opinion, section 12A provides for an exemption clause, it is necessary that a person claiming an exemption has to prove that he is entitled thereto in terms of the provisions of this section. Keeping in view the facts and circumstances of the case, therefore, in our considered opinion, the running of a private coaching institute for the purpose of training the students to appear at some specified examinations upon taking specified sum from the trainees would not bring the petitioner within the provisions of section 2(15) of the Act. This application is, therefore, dismissed, but without any order as to costs. NARAYAN ROY J.-I agree.
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1993 (12) TMI 49 - KERALA HIGH COURT
Auction Sale, Civil Court, Immovable Property By Central Government, Movable Property, Public Interest
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1993 (12) TMI 48 - MADHYA PRADESH HIGH COURT
Burden Of Proof, Delay In Filing Return ... ... ... ... ..... evidence is to the effect that in response to the show-cause notice, the petitioner/ accused at once came out with an affidavit stating that he was prevented from filing the return within time on account of his ailing for the period from April 10, 1983, to May 31, 1985, and further by supporting it with a medical certificate from a doctor. It is important to see that this material was not even enquired into by the Department about its credibility, much less it was proved to be false. Consequently, it must be held that the ingredient of delay being wilful has not been proved beyond reasonable doubt by the prosecution. In the result, the revision deserves to be allowed and is accordingly allowed. The conviction and sentence imposed by both the courts below under section 276CC(ii) of the Income-tax Act, 1961, is set aside and the accused/petitioner is acquitted of that offence. The fine, if already deposited, shall be returned to the petitioner. His bail bond stands discharged.
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1993 (12) TMI 47 - PATNA HIGH COURT
Application For Revision, Income Tax Act ... ... ... ... ..... nt and there has been no binding judicial pronouncement in this regard so far, in the present cases, we are not inclined to declare the retention of the books of account in question as invalid particularly keeping in view the fact that the orders of approval have admittedly been communicated and the recorded reasons have been duly disclosed in the counter-affidavit. It is also important to note that the petitioners have already preferred a revision under section 264 of the Act before the Commissioner which is pending consideration. Moreover, pursuant to the directions of this court in CWJC No. 2501 of 1993(R) and analogous cases (annexure 3) filed by these petitioners, xerox copies of the impounded books of account have already been given to the petitioner firms. In the above view of the matter, I do not feel inclined to grant any relief to the petitioners at this stage. The writ applications are, accordingly, dismissed but without any order as to costs. N. S. RAO J.-I agree.
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1993 (12) TMI 46 - PUNJAB AND HARYANA HIGH COURT
Business Expenditure, Income Tax Act, Income Tax Rules, Question Of Law ... ... ... ... ..... he circular aforesaid, thus, stood complied with to enable the assessee to claim deduction of the expenditure. Further, the plea of the assessee was accepted that the actual amount for which purchases of liquor under the permits granted by the Excise and Taxation Department were to be made, would be known only at the time of actual purchase. Thus, at that relevant time, it was not possible to obtain bank drafts to make the purchases. Furthermore, the present is a case where the identity of the payee has been successfully established, i.e., the liquor to be purchased by the assessee, a liquor contract or from the distillery could only be made on issuing of permits, identifying the distillery. As already observed above, the object of the provisions of section 40A is to curb the flow of black money and not to put an impediment to the trade and business. The decision of the Tribunal being based entirely on the facts, no referable question of law arises. The petition is dismissed.
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1993 (12) TMI 45 - PUNJAB AND HARYANA HIGH COURT
Advance Tax, Finding Of Fact, Income Tax Act, Question Of Law ... ... ... ... ..... es his liability to be assessed to interest. Learned counsel for the petitioner-Department has tried to argue while making reference to the orders passed by the Income-tax Officer and the Commissioner of Income-tax that assessment of interest has been framed separately under section 215 of the Act and the question of waiver or reduction could not be taken up in appeal filed against the original assessment framed on the return. This contention cannot be accepted in view of the legal position already explained above in the case of Central Provinces Manganese Ore Co. Ltd. 1986 160 ITR 961 (SC). When assessment on the return was framed, liability was imposed qua the interest which could legitimately be challenged in appeal and ultimately the Appellate Tribunal on the facts of the case held that interest could not be levied. The decision of the Tribunal is based on facts and no question of law arises, which could be referred under section 256 of the Act. The petition is dismissed.
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1993 (12) TMI 44 - ALLAHABAD HIGH COURT
Income Tax Return, Retirement Of Partner, Tax Evasion, Writ Petition ... ... ... ... ..... d to that section but it is not necessary to refer to it. The non obstante clause with which this sub-section opens notwithstanding anything carves out an exception and directs deemed registration in the circumstances mentioned therein. If the reconstituted firm has been given the benefit of deemed registration as contemplated in the above provision, then anything said or observed in this order shall not be construed as a direction to respondent No. 3 to institute an enquiry contemplated under section 185 of the Act. With the above observations, the writ petition is rejected in limine. After the order was dictated, learned counsel for the petitioner made an oral request for grant of certificate for leave to appeal to the Supreme Court. We refuse to grant the certificate prayed for as, in our opinion, the case does not involve any substantial question of law of general importance to be decided by the Supreme Court. The prayer for grant of certificate is, accordingly, rejected.
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1993 (12) TMI 43 - RAJASTHAN HIGH COURT
Failure To File Return, Income Tax Act, Mens Rea ... ... ... ... ..... een recorded by the Tribunal on this point, the said point has to be decided after hearing both parties and if the Tribunal comes to the conclusion on the basis of the explanation given by the assessee for late submission of the return that there was no reasonable cause, the Tribunal would be justified in upholding the order of penalty passed by the Inspecting Assistant Commissioner of Income-tax. Mens rea is not required to be proved for levying penalty under section 271(1)(a) of the Income-tax Act and, therefore, the order passed by the Commissioner of Income-tax (Appeals) cannot be considered to be in accordance with law and since the Income-tax Appellate Tribunal has not gone into that point and has remitted the penalty on the ground that there is no tax liability hence no penalty could be levied, the matter has to be decided afresh in accordance with the directions given above. Consequently, the reference is returned unanswered for decision afresh. No order as to costs.
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1993 (12) TMI 42 - RAJASTHAN HIGH COURT
Carrying On Business, Income Tax Act ... ... ... ... ..... e us is with regard to the justification in holding the structure as plant within the meaning of section 43(3) of the Income-tax Act and the Income-tax Appellate Tribunal has mentioned that the structure was raised to make the plant operative which could not have functioned in its absence. Therefore, we are of the view that the portions of the structure which were required to make the cranes operative and in the absence of which it was not possible to operate the cranes and the construction of such structure was specially designed for that purpose, the structure would fall within the definition of plant . The extra structure which is in addition to such structure could not be considered as plant . Accordingly, the reference is answered that the massive reinforced concrete structure especially designed to take up loads constituted plant within the meaning of section 43(3) of the Income-tax Act, 1961. The reference is answered in favour of the assessee and against the Revenue.
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1993 (12) TMI 41 - RAJASTHAN HIGH COURT
Finding Of Fact, Wealth Tax Act ... ... ... ... ..... arriage to Dr. S. K. Sharma. In the present matter, neither the capacity of Smt. Man Devi has been disputed nor the deponent was cross-examined and the affidavit submitted remained uncontroverted. A finding of fact has thus been recorded. The scope under section 27(1) of the Wealth-tax Act is a limited one and not to reappreciate the evidence or conduct an enquiry. In these circumstances, we are of the view that the Income-tax Appellate Tribunal was justified in holding that the assessee was not the owner of the ornaments weighing 80 tolas of gold and that she was holding the same for the benefit of her sons and the same were subsequently given to their wives on the occasion of their marriage. Therefore, the finding is not shown to be allegedly perverse and there is no document or evidence on record to take a different interpretation or to come to different findings. The reference is accordingly answered in favour of the assessee and against the Revenue. No order as to costs.
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1993 (12) TMI 40 - RAJASTHAN HIGH COURT
Income Tax Act, Marketing Of Commodities, Nature Of Income, State Warehousing Corporation ... ... ... ... ..... ing to the letting of godowns for the three purposes mentioned under section 10(29) of the Act, since this matter has not been considered by the Tribunal in detail, the reference in respect of income other than the three items is returned unanswered. In view of the interpretation of the provisions of section 10(29) of the Act, we are of the view that the Income-tax Appellate Tribunal was not justified in coming to the conclusion that the entire income of the assessee is exempt under section 10(29) of the Act. The reference is accordingly answered partly in favour of the Revenue and partly against the assessee. It would, however, be open to the Tribunal to consider the income which has been derived from different sources other than those which have been considered above, and to go into the details of them and then to give a finding as to whether the said income could be said to be income from the letting of godowns for the three purposes mentioned in section 10(29) of the Act.
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1993 (12) TMI 39 - BOMBAY HIGH COURT
Business Expenditure, Income Tax Act ... ... ... ... ..... as periodic payment, it is not covered by the provisions of either section 40(c) or section 40A(5) of the Income-tax Act, 1961. The ceiling, therefore, which is prescribed under these two sections on allowable expenditure will not apply to this payment. The Tribunal has allowed this payment as a deduction from the income arising to the assessee on account of profits and gains of business. We do not see any reason to take a different view. In the premises question No. 1 is answered as follows (a) In determining the amount of expenditure which is inadmissible out of payments made to the director who is also an employee, the provisions of both section 40(c)(i) and section 40A(5) are applicable. For the reasons set out above, the retirement gratuity paid to Mr. Kodikal, the chairman-cum-fulltime director of the assessee-company is not covered by either of these sections (b) The second question is answered in the affirmative and in favour of the assessee. (c) No order as to costs.
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1993 (12) TMI 38 - BOMBAY HIGH COURT
Assessment Proceedings, Central Government, Income Tax Act, Reassessment Proceedings ... ... ... ... ..... ed by the assessee in paying the interest on Central Government loans is directly relatable to the subsidy income. Hence, it is open to the assessee to put forward this expenditure and any other expenditure which may be directly connected with the subsidy in the reassessment proceedings though the assessee cannot reagitate any other claim which is already considered in the assessment proceedings. The Tribunal, however, has directed the Income-tax Officer to consider the loss as per the assessee s books of account as filed in its revised return while considering the escaped income in the reassessment proceedings. These directions cannot be sustained in view of the decision of the Supreme Court in the above case. The question, therefore, is answered in the negative and in favour of the Revenue. The assessee, however, will be entitled to put forward in the reassessment proceedings expenditure relatable to the subsidy in the light of our above observations. No order as to costs.
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1993 (12) TMI 37 - BOMBAY HIGH COURT
Advance Tax, Business Expenditure, Interest Payable By Assessee, Surtax Liability, Tax Liability
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1993 (12) TMI 36 - BOMBAY HIGH COURT
Registered Firm, Set Off Of Loss, Unregistered Firm ... ... ... ... ..... that the duration of the unregistered partner ship in this case was 11 years. It is not necessary to examine this controversy in view of our conclusion on the principal contentions urged at the Bar as discussed above. In view of the above discussion, we answer the question referred to us as under The circular No. 30 of 1941 is not applicable to the claim of the assessee for set off pertaining to adjustment of her share of loss from the unregistered partnership constituted under the agreement dated July 8, 1974, against her personal income and the assessee is thus not entitled to set off the said loss against her personal income. The Tribunal was in error in holding that the said circular was applicable to the assessee and the assessee was entitled to set off the abovereferred loss on the basis thereof. We accordingly answer the question in the negative and in favour of the Revenue. Having regard to the facts and circumstances of the case, there shall be no order as to costs.
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1993 (12) TMI 35 - BOMBAY HIGH COURT
Search And Seizure ... ... ... ... ..... that the plant or machinery must have been new when installed. The concept of installation having been made by the assessee cannot be read by necessary implication in the words new or which is wholly used for the purposes of the business carried on by the assessee . In other words, in the section before the Gujarat High Court, there was no express requirement that the machinery should have been installed by the assessee himself. The Revenue sought to read this into this section by implication. This was negatived by the Gujarat High Court. Section 16(c) of the Finance Act, 1974, however, has an express requirement that the machinery or plant should be installed by the assessee. In view of this express requirement, we cannot import the ratio of the judgment of the Gujarat High Court into this section. In the premises, the question which is before us is answered in the affirmative and in favour of the Revenue. In the circumstances of the case, there will be no order as to costs.
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1993 (12) TMI 34 - KARNATAKA HIGH COURT
Assessment Year, Business Expenditure, Business Income, Income Tax Act, Income Tax Rules, Law Applicable To Assessment, Taxing Statutes
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1993 (12) TMI 33 - BOMBAY HIGH COURT
Computation Of Capital ... ... ... ... ..... emed after a period of ten years as already indicated in the earlier part of this judgment. In our opinion, the debentures of the value of Rs. 60 lakhs are includible in the capital base of the company for the purpose of surtax during the relevant assessment year. In our view, the Tribunal was not right in restricting the relief claimed by the assessee to 49 per cent. of the value of the said debentures. In the premises, we answer the questions referred to us as under (a) We answer question No. 1 in the affirmative and in favour of the Revenue (b) We answer question No. 2 in the negative and in favour of the assessee (c) We answer question No. 3 as under The assessee is entitled to inclusion of debentures of Rs. 60 lakhs subscribed by I.C.I.C.I. and L.I.C. in its capital base for the purpose of surtax, i.e., Rs. 30 lakhs each in entirety, and not merely 49 per cent. thereof (d) We answer question No. 4 in the affirmative and in favour of the assessee (e) No order as to costs.
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