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Case Laws
Showing 101 to 113 of 113 Records
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1974 (9) TMI 13 - PATNA HIGH COURT
1922 Act, Act Of 1961, Application For Registration, Firm Registration, Partnership Deed, Previous Year, The Constitution
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1974 (9) TMI 12 - ALLAHABAD HIGH COURT
Business Receipt, Insurance Business, Investment Company ... ... ... ... ..... ese special features, the fact that the past record of the assessee-company was clean or that there was no motive at all in not disclosing the true profits because the assessee-company had been disclosing its profits for a number of years in the past as well as in the subsequent years in one year or the other became immaterial and irrelevant. In regard to this item it cannot be said that the omission to include it in the original return was because of the complicated system of accounting adopted by the assessee-company or that the assessee knew of this only when the auditor pointed it out. In the result, our answer to the question referred to us is that the finding of the Tribunal that penalty is not called for under section 28(1)(c) of the Indian Income-tax Act, 1922, in regard to the item of Rs. 1,10,088 was in accordance with law but the finding with regard to the item of Rs. 4,96,868 was not in accordance with law. In view of divided success we make no order as to costs.
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1974 (9) TMI 11 - CALCUTTA HIGH COURT
Assessed Income, Commercial Profit, Distributable Surplus ... ... ... ... ..... ery Mills Private Ltd. v. Commissioner of Income-tax since reported in 1977 106 ITR 644 (Cal) . The other contention of the assessee that profit accrued only upon completion of the contract and, therefore, no order under section 23A could be made in respect of the assessment year 1960-61 does not appear to us to be of any substance. This contention relates to the question regarding the correctness of the method of the assessee s accounting and that question can be determined in the appeal or reference arising from the assessment order and not in the appeal or reference from an order made under section 23A of the Act. In the aforesaid view of the matter we hold that section 23A of the Indian Income-tax Act, 1922, was correctly applied in this case and we answer the question referred in the affirmative, in favour of the revenue and against the assessee. In the facts and circumstances of this case, we do not propose to make any order as to costs. SABYASACHI MUKHARJI J.--I agree.
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1974 (9) TMI 10 - ANDHRA PRADESH HIGH COURT
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... ... ..... al. The words for any assessment year commencing after the 31st day of March, 1964 are referable to the assessment to be made under the Wealth-tax Act. They render the provisions of section 4(1)(a) inoperative irrespective of the fact whether the transferred asset was chargeable to gift-tax or not chargeable to gift-tax. The proviso specifies the period of exemption up to 31st March, 1964. Irrespective of the year of the gifts when the assets were gifted, they will not be included in the computation of the net wealth of the individual till the assessment year 1964-65. We are, therefore, of the view that the intention of Parliament was to exempt transfers made under clauses (i) to (iv) of section 4(1)(a) from being computed in the net wealth of the individual up to the wealth-tax assessment year commencing after 31st day of March, 1964. We, therefore, uphold the view expressed by the Tribunal and answer the question in the affirmative and in favour of the assessee with costs.
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1974 (9) TMI 9 - GUJARAT HIGH COURT
Business Expenditure, Current Repairs ... ... ... ... ..... advantage to the business of the assessee. In that view of the matter, therefore, we do not think that the object of the assessee in incurring the expenses in replacement was with a view to bringing into existence a new asset or was with a view to have a substantial replacement or renovation, but it appears that the assessee was motivated in making the expenses by the object of preserving and maintaining the asset for the purpose of use in the business. We are, therefore, of the opinion that, in the facts and circumstances of the case, the Tribunal was right in holding that the expenditure incurred for replacing the petrol engine by diesel engine was in the nature of revenue expenditure for current repairs to the machinery of the assessee. In that view of the matter, therefore, we answer the question referred to us in the affirmative and against the revenue. The Commissioner of Income-tax will pay costs of this reference to the assessee. Question answered in the affirmative.
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1974 (9) TMI 8 - CALCUTTA HIGH COURT
Machinery Installed In Hotel ... ... ... ... ..... property of this type or of the same quality or approximately at the same time, there is even the absence of any reliable evidence by the broker or dealer which could have justified any view about the trend of market, it appears that the rental method, i.e., method based on the expected return by letting out is the more reliable method in the facts and circumstances of the case, than the method of valuing it on the basis of land which we said before could not have been availed of because of the difficulties mentioned before. In the premises, we are of the opinion, that in this case there is no basis for rejecting the rental method even though that method gives the result of having a value less than the price paid prior to the date of valuation, but that was because the original purpose was frustrated. In the aforesaid view of the matter the question referred is answered in the negative and in favour of the assessee. Each party will pay and bear its costs. PYNE J.---I agree.
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1974 (9) TMI 7 - ALLAHABAD HIGH COURT
Dissolution Of Firm ... ... ... ... ..... ng the year relevant to the assessment year in question. In the instant case one of the partners of the firm died on 22nd March, 1964. The remaining partners drew up a new partnership deed on 23rd March, 1964, and then carried on the business of the erstwhile firm. In my opinion, the case is squarely covered by section 187 of the Income-tax Act 1961. Accordingly, I answer the question referred to us as follows On the facts and in the circumstances of the case, the Tribunal was not right in holding that the provisions of section 187 of the Income-tax Act were not applicable. However, separate assessments in respect of the income of the erstwhile firm and the reconstituted firm had to be made in the hands of the reconstituted firm. Parties to bear their own costs. BY THE COURT.-In view of the majority opinion the question is answered in the affirmative, in favour of the assessee and against the department. As the legal position was not clear there will be no order as to costs.
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1974 (9) TMI 6 - ORISSA HIGH COURT
Flat Rate, Jurisdiction Of High Court, Rejection Of Accounts ... ... ... ... ..... duced therefrom, the Income-tax Officer is bound under this proviso to compute the income upon a basis and in a manner determined by himself. Even if the assessee has regularly employed a well-recognised method of accounting, e.g., the life or last-in-first-out method or the lease stock-system , the Income-tax Officer must still discard it and act under the proviso if the method does not show correctly the profits of the year. The only limitation is that after rightly discarding the assessee s method of accounting, the Income-tax Officer should not himself adopt a wrong or improper method of computation. From the foregoing discussions it would follow that we have been satisfied that the orders of the Tribunal suffers from no inherent infirmity justifying interference. In the result, therefore, we would answer the reference in the affirmative and in favour of the revenue. There will be no order as to costs. Counsel s fee is assessed at Rs. 150. S. K. RAY, ACTG. C.J.--I agree.
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1974 (9) TMI 5 - CALCUTTA HIGH COURT
Assessed Income, Commercial Profit, Distributable Surplus ... ... ... ... ..... ction 104 of the Act. In the aforesaid view of the matter, the Tribunal s decision cannot be upheld and, therefore, this question should be answered in the negative and in favour of the revenue. With regard to question No. 2 we may mention that this aspect of the matter is fully covered by our judgment delivered today in Income-tax Reference No. 69 of 1970 Mehar Singh and Co. Pvt. Ltd. v. Commissioner of Income-tax 1977 108 ITR 607 (Cal) , where we have dealt with the identical question under section 23A of the Indian Income-tax Act, 1922, with regard to the applicant in respect of the assessment year 1960-61. For the reasons fully stated in our said judgment we answer this question also in the negative and in favour of the revenue. In the aforesaid view of the matter our answers to the questions referred are Question No. 1.--No. Question No. 2.--No. In the facts and circumstances of this case, we do not propose to make any order as to costs. SABYASACHI MUKHARJI J.--I agree.
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1974 (9) TMI 4 - CALCUTTA HIGH COURT
Fair Market Value, Private Company ... ... ... ... ..... f a contractor as to how the profit would vary, were taken into consideration and in the circumstances where the contractor had not been actually able to satisfy the terms of the contract and where the estimates were to be based by applying the provisions to section 13 of the Indian Income-tax Act, 1922, it cannot be said, in our opinion, that the Tribunal was not justified in upholding the decision of the Appellate Assistant Commissioner in the manner as it did. In cases where there was clear and unambiguous evidence that there was contract which provided sufficient limit, beyond which the tender could not be quoted and there was a stipulation that the contract was to be quoted at a particular rate, excluding the cost of materials, to be supplied by the contractee, other considerations might apply. In the aforesaid view of the matter, both the questions are answered in the affirmative and in favour of the revenue. Each party will bear and pay its own costs. PYNE J.--I agree.
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1974 (9) TMI 3 - CALCUTTA HIGH COURT
Firm Registration, Income Tax Act ... ... ... ... ..... ifically deals with all application and not with any declaration form or the consequence of non-submission of declaration form. A declaration form which is required to be given under clause (ii) of the proviso to subsection (7) of section 184 is not an application spoken of in section 185(2) of the Act. In this connection, we may notice incidentally that the view we are taking in this case is in consonance with the decisions in the case of Harnandrai Badridas v. Commissioner of Income-ax 1969 71 ITR 339 (Cal), Pannalal Ramkumar and Co. v. Income-tax Officer 1970 75 ITR 309 (Mad) and Commissioner of Income-tax v. Ice Suppliers Corporation 1967 64 ITR 195 (Punj). Though the decisions were on the provisions of the old these dealt with similar facts. In the view we have taken, the question referred will have to be answered in the affirmative and in favour of the revenue. In the facts and circumstances of the case, each party will pay and bear its own costs. R. N. PYNE J.-I agree.
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1974 (9) TMI 2 - SUPREME COURT
Waiver of Penalty - returns were filed before notice of reassessment were served - word " issue " in s. 18(2A) is served as the notice cannot be said to be issued unless it was served on him and the assessee who made full disclosure of his wealth - issue of notice u/s 17 was entitled to the benefit of s. 18(2A)
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1974 (9) TMI 1 - SUPREME COURT
Time limits prescribed under s. 132(5) are for the benefit of the aggrieved assessees - Orders made in pursuance of a direction under s. 132(12) or by a court in writ proceedings was not subject to the limitations laid down in s. 132(5) - power given to IT Officer u/s 132(5) to pass order within 90 days could not be whittled down by a Rule 112A - appeal is, therefore, allowed and the judgment and order of the High Court set aside
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