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Showing 61 to 80 of 137 Records
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1977 (8) TMI 77 - ITAT HYDERABAD-A
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... ... ..... s no such dispute, in the above case decided by the Supreme Court. There, the assessee, after the income accrued to it in the year of account, unilaterally relinquished a part of the income and claimed the amount relinquished as a deduction. This decision was in fact explained and distinguished by their Lordships of the Supreme Court in their later decision in Commissioner of Income-tax vs. Birla Gwalior (P) Ltd (11). to which we have referred earlier in this order. 48. Thus, we hold that the assessee rsquo s share of the premium arising out of the sale of import entitlements amounting to Rs.5,15,140 accrue to it on 8th Aug, 1973 after the Delhi High Court passed the compromise decree on the basis of the settlement arrived at between the parties and it cannot, therefore, be assessed to tax for the assessment year under consideration. We accordingly direct that the entire sum of Rs.11,98,787 included in the assessment be deleted. 49. In the result, the appeal is party allowed.
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1977 (8) TMI 76 - ITAT DELHI-A
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... ... ..... ncy for the rich experience of the businessmen who have worked in a particular line of trade for several years. The assessee considered it more expedient to issue delivery orders and direct the customers to lift sugar straight from the mill godowns. Probably, this saved time and expenses for all concerned. Having conceded that payments were genuine and parties were properly identified, the only question was whether having regard to the general practice of the assessee and considerations of business, such cash payments by the customers directly to the mills would come within the exceptions listed in r. 6DD of the IT Rules. After considering all the facts and circumstances of the case, fully supported by evidence, we are of opinion that the case falls under cl. (j) of r. 6DD of the IT Rules and payments otherwise than by crossed cheques or crossed bank drafts were allowable in the present case. The learned AAC was thus right in deleting the addition. 7. The appeal is dismissed.
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1977 (8) TMI 75 - ITAT CUTTACK
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... ... ..... Bros. was concerned with the cash credits, for the whole of which the assessee gave an explanation but the Department accepted the explanation to be satisfactory only in respect of a part of the sum. As the instant case is governed by the explanation to s. 271(1)(c) of the Act, the case of CIT vs. Anwar Ali is not applicable. We find that the facts in the decisions of the Tribunal in the cases of Hari Samant and Sons, Shri Nirmal Prasad Mahore and Sadananda Sahu and Anandicharan Sahu, on which the assessee relied, were entirely different from those of the facts of this case. In none of those cases has penalty been deleted even when the assessee gave no explanation at all relating to the source of the investments or cash credits. Hence, we direct that the penalties for the two years under consideration be reduced accordingly. The ITO is directed to refund the amount of the excess penalty, if already recovered, to assessee. 13. In the result, the two appeals are partly allowed.
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1977 (8) TMI 74 - ITAT CUTTACK
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... ... ..... of the contract wherein it is written Schedule showing (approximately) materials to be supplied, if available ) In the circumstances, we hold that the case of the assessee comes under the ratio of the decision in the case Brij Bushan Lal vs. CIT (Punj) and it is quite distinguishable from the other cases relied on by the assessee before us. Consequently, we hold that the authorities below were justified in applying the rate of 12-1/2 per cent of the gross receipts in order to estimate the profit. We further hold that the recoveries on account of the supply of materials have not been so heavy as to warrant the application of a rate lower than the normal rate of 12-1/2 per cent on the whole contract. In view of the above, we come to the conclusion that the estimate of profit of 12-1/2 per cent on the gross value of the contract is quite fair in the facts and circumstances of the case. We, therefore, uphold the order of the AAC. 14. In the result, the two appeals are dismissed.
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1977 (8) TMI 73 - CUTTACK
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... ... ..... washing soda which is also a chemical compound, was included in the list of grocery goods by the Commissioner of Sales tax. So if a common parlance view is taken it will appear without any shadow of doubt that Sodi-bi-crab, otherwise known as eating soda is an item of grocery goods. If however there is any doubt about this proposition, the benefit thereof will go to the subject. So in any view of the matter, conclusion is irresistible that Sodi-bi-crab otherwise known as eating soda, is commonly treated as an item of grocery and available exclusively in grocery shops. So the purchasing registered dealer, M/s. Madanlal Shyamsunder, Malgodown was entitled to purchase Sodi-bi-crab free of tax on the strength of its registration certificate and the assessee was clearly entitled to the deduction of the sale value of Rs. 36,040 00. 9. For the reason stated above the appeal is allowed and the assessment is reduced to the returned figures. Excess tax, if realised, should be refunded.
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1977 (8) TMI 72 - ITAT CUTTACK
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... ... ..... ashing soda which is also a chemical compound, was included in the list of grocery goods by the Commissioner of Sales tax. So if a common parlance view is taken it will appear without any shadow of doubt that Sodi-bi-crab, otherwise known as eating soda is an item of grocery goods. If however there is any doubt about this proposition, the benefit thereof will go to the subject. So in any view of the matter, conclusion is irresistible that Sodi-bi-crab otherwise known as eating soda, is commonly treated as an item of grocery and available exclusively in grocery shops. So the purchasing registered dealer, M/s. Madanlal Shyamsunder, Malgodown was entitled to purchase Sodi-bi-crab free of tax on the strength of its registration certificate and the assessee was clearly entitled to the deduction of the sale value of Rs. 36,040 00. 9. For the reason stated above the appeal is allowed and the assessment is reduced to the returned figures. Excess tax, if realised, should be refunded.
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1977 (8) TMI 71 - ITAT COCHIN
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... ... ..... ad debt in income-tax assessments for 1970-71 and 1971-72 is Rs.1,62,864. As regards these debts we cannot agree with the assessee that these also have no value as on 31st Dec., 1968. We examined each item of debts which made up this amount with particular regard to solvency of debtors and chance of recovery which two ingredients are the vital factors for fixation of price in a sale of a chose in action like this. After considering the relevant facts and circumstances with regard to each debt we should think that a general average of 50 per cent would reflect the real market value of these assets as on 31st Dec., 1968. 5. So in fixing the net wealth of the firm a deduction of Rs.1,62,864 and half of Rs. 1,55,762 has to be allowed. 6. So the appeal is allowed in part. The Wealth-tax assessment will be revised taking Rs. 3,60.150 (Rupees three lakh sixty thousand and one hundred and fifty only) instead of Rs. 6,00,890 adopted by the WTO for M/s. George and Bros., Kozhencherry.
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1977 (8) TMI 70 - ITAT CHANDIGARH
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... ... ..... t is being made an ex-parte one. We reject Sh. S.R. Chabra s contention because there can be no question of the AAC having relied on the instances of sale as noted by the WTO, firstly, because these were not put to the assessee at all and secondly these are not shown to be relating to the sale in the vicinity of even the assessee s village much less lands. After considering all aspects of the case we think that the AAC s decision in adopting the valuation in the four years is correct and suffers from no infirmity calling interference. 9. Before parting we like to observe that while deciding these appeals we have persued all the four assessment orders of the WTO since we are accepting the AAC s valuations and there being a consolidated order of the AAC in respect of the four assessment years, we have not considered it necessary to go to each line of the assessment orders as such. 10. In the result all the revenue appeals and similar number of cross objections stand dismissed.
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1977 (8) TMI 69 - ITAT CALCUTTA-B
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... ... ..... under the control and management of the Hon ble High Court at Calcutta had been entirely managing and controlling the affairs of the foreign bank from India. 9. Coming to the Departmental contention that the Official Liquidator was assessed as a Representative assessee in accordance with the provisions of s. 160 and 161 of the IT Act, 1961, we do not, however, find any merits in the same when the ITO could not in view of the appointment of the Official Liquidator by the Hon ble High Court at Calcutta assess the Bank of China Directly. Be it as it may, the question will boil down to the issue as to whether the control and management of the bank s affairs was situated wholly in India. We have dealt with this aspect hereinbefore and have concluded the same in favour of the assessee. Therefore, we direct the ITO to compute taxes in the instant case by treating the assessee as resident within the meaning of s. 6(3)(ii) of the IT Act, 1961. 10. In the result, the appeal in allowed.
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1977 (8) TMI 68 - ITAT BOMBAY-E
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... ... ..... are of the considered opinion that the preponderance of the probabilities is that the said amount of Rs. 12,000 was not the amount belonging to Sohanlal Assistant alleged and that the said amount belongs to the assessee. 8. The assessee for his business in gold and silver ornaments returned a profit of Rs. 9,867. The book results have been rejected by the tax authorities on the ground that the books of account produced by the assessee were not completely closed and no balance-sheet had been filed. They have estimated the profit at Rs. 12,000 against Rs. 9,867 returned by the assessee. 9. We have heard both the learned counsel for the assessee, Mr. Save and the Departmental Representative, We, for the reasons stated by the tax authorities, uphold their orders rejected the book results and estimating the profits from the business in the light of the facts and circumstances of the case, at Rs. 12,000. 10. In the result, the appeal by the assessee fails and is hereby dismissed.
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1977 (8) TMI 67 - ITAT AHMEDABAD
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... ... ..... ave been no penalty under s. 45(6) of the Act. Even otherwise, the learned Advocate submitted that the judgment in the case of Prabhat Solvant Extraction Industries (P) Ltd. was rendered on 30th Jan., 1975 and as such minimum penalty that could be levied should be for ten months. We find sufficient substance in this submission of the learned Advocate. Considering this fact we are inclined to reduce this penalty imposed under s. 45(6) of the Act is reduced from Rs. 45,592 to Rs. 14,000 only. 23. No other point was urged before us. 24. The present second appeal, therefore, substantially fails. The order passed by the learned Asstt. CIT is, therefore, confirmed except that penalties levied under ss. 45(1) and 45(6) of the Act are reduced to Rs. 5,000 and Rs. 14,000 respectively. The assessment order shall, therefore, be modified accordingly. The amounts of penalties shall be reduced as stated above. Excess amounts of penalties, if found paid, shall be refunded to the appellant.
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1977 (8) TMI 66 - HIGH COURT OF CALCUTTA
Confiscation and seizure - Customs - Seizure and penalty ... ... ... ... ..... y lies at the very root of the said proceeding. A quasi-judicial authority in exercising quasi-judicial powers cannot take advantage of its own illegality. The whole object of Section 110(2) of the Act becomes nugatory and meaningless, if by contravening the mandatory provision of the statute the Collector of Customs confiscates the seized goods which he has no right to retain and must have been returned to the owner long before. 23.For the above reasons, the impugned order of confiscation made by the Collector of Central Excise and Customs, the appellate order passed by the Central Board of Excise and Customs and the revisional order passed by the Secretary to the Government of India under Section 131 of the Customs Act are quashed by a writ of certiorari. 24.Let a writ of mandamus be issued directing the respondents to refund the sale proceeds of the goods to the petitioner. Let the operation of the order remain stayed for a period of four weeks from the date as prayed for.
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1977 (8) TMI 65 - HIGH COURT OF JUDICATURE AT BOMBAY
Import - Countervailing duty ... ... ... ... ..... was entitled to clear the goods at the first stage and provisionally without payment of duty. Thereafter the actual user could have been verified by the respondents. After this lapse of time there is no purpose served in allowing this verification. Further on considering the entire gamut of facts and the reason for the import, no useful purpose would appear to be served by allowing such verification to be made at this juncture. To be precluded from verification is also a penalty which must be foisted on the 3rd respondent, for having collected the duty wrongly and having kept the amount for nearly 8 years and caused the Petitioner the loss of interest on that amount. 10. In the result, the rule is made absolutely in terms of prayers (a) and (b). The refund is directed to be made to the Petitioner by the appropriate authority on or before 31st October, 1977. Respondents will also pay to the Petitioner the costs of the Petition which costs would be quantified as per the rules.
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1977 (8) TMI 64 - HIGH COURT OF KERALA AT ERNAKULAM
Cotton Fabrics ... ... ... ... ..... Court in State of M.P. v. M. V. Naraslrnfian (AIR 1975 S.C. 1835) seem to apply here, is, exceptions (a) and (c). (see para 9 supra). The concept of Cotton Fabrtes in the Central Excises and Salt Act seems to be integrally linked with the provisions of the General Sales Tax Act, and we do not think that we would be justified In regarding the latter Act as unaffected by the growing concept of the term Cotton Fabrics in the Central Excises and Salt Act. We feel too, that unless the extended definition of the Central Excises and Salt Act is Imported into the Sales Tax Act, the latter Act would become unworkable and ineffectual. We therefore allow these Tax Revision Cases, set aside the orders of the Appellate Tribunal, and send these cases back to the Tribunal to determine the amount due by way of refund to the petitioners, in accordance with law and in the light of the observations contained in this judgment. There will be no order as to costs. Issue carbon copies to counsel.
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1977 (8) TMI 63 - HIGH COURT AT CALCUTTA
Foreign going vessel - going vessel" ... ... ... ... ..... . Reasonable delay and intermissions in that operation could not take away in my opinion from the vessel the character of her being a foreign going vessel . Steps taken in proceeding to foreign ports with export cargo could not prevent the vessel from being a foreign going vessel within the meaning of the provision of Section 2(21) of the Customs Act, 1962. Necessary repairs in the dry docks was one of such steps to enable the vessel to proceed to foreign port with export cargo. 14. For what has been started hereinbefore it has to be held that the vessel M.V. Jala Durga was a foreign going vessel within the provision of Section 2(21) of the Customs Act 1962 even while she had been undergoing repairs at the dry docks. 15. In the premises this application must succeed. The Rule is made absolute. Let writs in terms of prayers (a), (b) and (c) do issue for cancelling and/or quashing and/or for bidding the respondents to make the impugned demands as mentioned in the said prayers.
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1977 (8) TMI 62 - GOVERNMENT OF INDIA
Valuation - Excise duty paid on raw material/components ... ... ... ... ..... 44 provides the method of arriving at assessable value of an excisable product and allows abatement of duty payable from the wholesale cash price of a particular product. The petitioners wanted not only the abatement of duty payable on the P.D. Pumps but that already paid on the electric motors on the ground that the entire duty incidence whether on the finished excisable products or on the components/raw materials is eligible for abatement from the wholesale cash price. 3. Government observe that abatement of duty provided under section 4 ibid is in relation to the duty payable on the article which is being cleared and whose value is the subject matter at the time of clearance. It cannot be extended to include the duties if any which may have been paid on all the raw materials/components. The contention of the petitioners that whatever duty incidence can be ascertained is eligible for abatement under section 4 is incorrect. 4. The revision application fails and is rejected.
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1977 (8) TMI 61 - GOVERNMENT OF INDIA
Valuation - When raw material is supplied by the customer ... ... ... ... ..... does not, make any difference in both the cases its value will have to be included in the assessable value of the finished article. 3. In these circumstances, the cost of the fabrics which go into the making of the furniture has been rightly included in the assessable value of the furniture cleared by the petitioners. The revision application fails and is accordingly rejected. EDITOR S COMMENTS Although the Bombay High Court in the case of Narendra Engg. Works v. U.O.I. - 1981 E.L.T. 859 and Calcutta High Court in the case of Free India Dry Accumulators v. U.O.I. - 1980 E.L.T. 68, have taken a contrary view yet the decision of the Government of India appears to be more appropriate and correct.
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1977 (8) TMI 60 - GOVERNMENT OF INDIA
Valuation - Food products in glass containers ... ... ... ... ..... are, under another item of the Central Excise Tariff, does not make any difference to the issue involved in this case. Section 4(d) (1) of the Central Excises and Salt Act, l944 provides that when the goods are removed in a packed condition, the cost of packing is included in normal price . 3. Government of India, therefore, do not find any reason for intefering with the order-in-appeal which is based on the facts of the case and is carried in law. The revision application is, therefore, rejected. EDITOR S COMMENTS It is submitted that this decision is not correct in view of the decisions of the Madhya Pradesh High Court in the case of Birla Jute Mfg. Co. Ltd. v. U.O.I. 1980 (6) E.L.T. 593 Gujarat High Court in the case of Alembic Glass Industries v. U.O.I. - 1979 (4) E.L.T. (J 444) Kerala High Court in the case of T.T. Pvt. Ltd. v. Appellate Collector of C.E. -1980 (6) E.L.T. 687 (Kar.) Andhra High Court in the case of Indo National Ltd. v. U.O.I. - 1979 (4) E.L.T. (J 334).
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1977 (8) TMI 59 - GOVERNMENT OF INDIA
Manufacture - Smaller strips from larger strips ... ... ... ... ..... h the raw material which they receive and the final product which they clear remain as strips as defined in the Indian Standard Specification. The process of manufacturing strips of smaller sizes from larger strips does not bring into existence any new product. In the circumstances, the revision application is allowed and consequential relief in respect of assessment made on and after 3-4-1972 if otherwise admissible under the law be granted to the petitioners.
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1977 (8) TMI 58 - GOVERNMENT OF INDIA
Valuation - Service charges ... ... ... ... ..... ere were sales ex-factory without the inclusion of the service charges, which are shown separately when collected, Government agree that in the present case service charges should not form part of assessable value. The revision application is accordingly allowed.
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