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Showing 41 to 60 of 189 Records
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1979 (2) TMI 174 - HIGH COURT OF CALCUTTA
Oppression and mismanagement ... ... ... ... ..... omp. Cas. 92 (Bom.). By reason of what has been stated hereinabove, it appears to us that the court had power to make the order in regard to convening and holding of the meeting, filing of proxies or nominations or any other matter for the purpose of conducting the affairs of a company which might be contrary to the provisions of the articles of the company or the Companies Act, by virtue of the provisions of sections 397 and 398 read with section 402 of the said Act. For all the reasons stated hereinabove, we are of the opinion that there was no illegality in the matter of filing of the proxies or nominations or the holding of the adjourned annual general meeting for the year 1974-75, on the 17th of July, 1978. For the reasons stated hereinabove, all the contentions of Mr. Ghosh must fail. In the result, we are of the view that there is no merit in this application and the application is dismissed with costs. All interim orders will stand vacated. A.N. Sen, J. mdash I agree.
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1979 (2) TMI 161 - CALCUTTA HIGH COURT
Writ petition - Locus standi ... ... ... ... ..... ed any appeal against the said order dated 8th February, 1979 passed by R.N. Pyne, J. Mr. Sen rsquo s clients did not make any submission regarding the prayer of the appellant for adding him as a respondent in the Civil Rule. 14. emsp For the foregoing reasons, we dismiss this appeal without any order to costs. We also dispose of the application for interim orders made by the appellant. 15. emsp Per Roy, J. . - I agree. 16. emsp Order . - After the judgment is delivered, Mr. Bose, learned Advocate for the appellant, prays for a certificate under Article 133(1) of the Constitution. No such certificate can be granted because, in our opinion, the case does not involve any substantial question of law of general importance. We are also unable to opine that the question involved in the appeal needs to be decided by the Supreme Court. Accordingly we reject the prayer under Article 133(1) of the Constitution. 17. emsp Prayer for stay of the operation of the judgment is also rejected.
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1979 (2) TMI 156 - ITAT PATNA-B
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... ... ..... ipt dt. 17th June, 1969 has been signed by Shri Rajendra Prasad We cannot accept the genuineness of the receipt. 18. When the assessee can go to any length to obtain an ante-dated receipt by Shri Rajendra Prasad, we cannot accept the affidavit also that the return was filed on 17th June, 1969. Under such circumstances we hold that the assessee did not file the return for the asst. yr. 1969-70 on 17th June, 1969 as alleged and the receipt dt. 17th June, 1969 is not reliable receipt and so we hold that the ITO was justified in holding that the return was filed on 14th March, 1972 after a delay of 32 months. We, therefore, uphold the penalty of Rs. 4,680 levied by the ITO for the asst. yr. 1969-70 and confirmed by the AAC. We, therefore, uphold the order of the AAC confirming the penalty under s. 271 (1) (a) of the said Act levied by the ITO in the asst. yr. 1969-70. 19. In the result, ITA No. 291 (Pat) of 1978-79 is allowed in full and ITA No. 292 (Pat) of 1978-79 is dismissed.
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1979 (2) TMI 153 - ITAT PATNA-A
... ...
... ... ..... acious or dishonest or acted in conscious disregard of its obligation. According to this authority, the liability to pay penalty does not arise merely upon the proof of default and penalty need not also be imposed because it is lawful to do so. Now, in the present case, there is absolutely no evidence on the record to prove that the assessee intentionally or fraudulently delayed the submission of his return or that he filed the return after the default was detected by the Department. There is also no material on the record to suggest that the conduct of the assessee was, in any way, contumacious or dishonest. On the other hand, the fact that he had to pay only nominal wealth-tax, even according to the final assessment made by the Department, raised a strong possibility of his version being correct. In these circumstances, we conclude that this is not a fit case for levy of penalty. The impugned penalty order is, accordingly, cancelled. 4. In the result, the appeal is allowed.
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1979 (2) TMI 152 - ITAT PATNA-A
... ...
... ... ..... work done by Sardar Blant Singh Nanda in the execution of the contract in question. On the contrary, it is common ground that Sardar Blant Singh Nanda also filed the return of his income amounting to Rs. 24,739 from this very contract and the ITO estimated the same at Rs. 36,968. In his order dated 4th March, 1978, the ITO, Survey Circle-I, Dhanbad has clearly accepted the genuineness of the agreement dated 17th April, 1976 and deducted the income earned by Shri Vijay Kumar amounting to Rs. 36,968 from the total income from the contract amounting to Rs. 73,936, in order to arrive at the income earned by Sardar Blant Singh Nanda. Evidently, therefore, the Department cannot take up different stands on different points of time. In such a situation, we accept the claim of the assessee and estimate his net income at Rs. 36,968, i.e., at 4 per cent of the total receipts of Rs. 9,24,209. The order of the AAC is modified to this extent. 5. In the result, the appeal is partly allowed.
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1979 (2) TMI 148 - ITAT MADRAS-D
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... ... ..... were not made for the purpose of keeping the trade going. The purpose of carrying on of the business by the Liquidator in the present case being business, we are of the view that the retrenchment compensation paid was not for the purpose of keeping the trade going generally to earn profits but the trade itself after the payment was kept going only for the specific purpose of ensuring an early closure with the minimum amount of financial detriment. The mere fact that during the period of winding up income from the activities carried on by the Liquidator has been assessed under the head business does not alter the position regarding the admissibility of the payment of retrenchment compensation because such compensation was not paid for the purpose of the business which was carried on by the Liquidator, namely, the business in the course of winding up. We, therefore, agree with the Commissioner that the amount in question is not an admissible deduction. The appeal is dismissed.
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1979 (2) TMI 147 - ITAT MADRAS-D
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... ... ..... ese years, the ITO estimated the incomes at 20 per cent instead of 15 per cent returned by the assessee. So, the enhancement by estimate was against a background of established increase in the wealth. No such facts are present in the case before us. There is no investment for this year. The expenditure for improvements in immovable property, which was taken by the ITO as a corroborative evidence, is a fictitious one. It is not for the increase in rental income is thoroughly acceptable. It has not been controverted by the IAC In penalty proceedings. So it is not proper in this case to draw an inference of concealment, though such an inference was permissible in Bhoopathy s case, having regard to the particulars facts and circumstances of that case. So, that decision is really not applicable to the facts of this case. 9. So, the penalty appeal of the assessee is to be allowed. The penalty of Rs.7,500 levied for concealment of income in respect of asst. yr. 1973-74 is cancelled.
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1979 (2) TMI 146 - ITAT MADRAS-D
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... ... ..... of it the explanation has to be rejected or discarded as a cock and bull story. It is a probable explanation which of course in assessment was not accepted. Unless we are able to say that on the face of it the explanation was improbable, artificial or unnatural, the case on hand will remain like Anwar Ali s case, a case of mere rejection of explanation. The ITO in assessment proceedings or atleast in penalty proceedings could have examined the deponent of the affidavit to bring out that all what he says about the nature and source is thoroughly unbelievable. If such a material has been brought on record, then perhaps the complexion of the case might change. Merely because the explanation of the assessee was rejected, it does not mean that the amount added on account of rejection of the explanation is the income of the assessee. If it is not positively proved to be the income of the assessee, then there is also no question of concealment. 5. We dismiss the departmental appeal.
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1979 (2) TMI 143 - ITAT MADRAS-A
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... ... ..... the view that such expenditure of a routine nature cannot be treated as entertainment expenditure, and in doing so they have followed the decision in Patel Brother s. (15) 31. The last contention related to the depreciation on guest house premises and the taxes paid thereon by way of Municipal taxes and urban land tax. The depreciation amounted to Rs 5,672 and the other taxes amounted to Rs. 12,746. The AAC allowed this deduction as the assets belonged to the company and the taxes have in any case to be paid in respect of such assets. The case of the Revenue is that these expenditures are hit by the provisions of s. 37(4)(ii). The taxes also are not admissible deduction. The learned counsel on the other head submitted that the Tribunal has been allowing such deductions. We find that the matter is covered by a decision in ITA No. 739(Mad)/77-78, C-Bench dt. 25th Oct., 1978 para 4. For the same reasons, we uphold the order of the ACC. 32. In the result, the appeal is dismissed.
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1979 (2) TMI 141 - ITAT MADRAS
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... ... ..... ared our view. We are given to understand by him that the Government is seriously considering framing suitable rules and procedures similar to the Central Act. In this connection it was submitted on behalf of the appellants that if the rules were to apply retrospectively, then reasonable opportunity must be given to them to comply with such rules. We need not dwell and speculate further and just leave the matter at this stage. 18. We, therefore, set aside and remand these assessments and direct that the Assessing Officer may proceed with them if necessary in accordance with our interpretation and directions. In the view that we have taken, it is unnecessary to adjudicate on other items of dispute regarding computation, accumulation, application of income etc. These will be considered by the Assessing Officer if necessary in the light of our discussions and directions. 19. In the result the assessments are set aside and remanded. 20. Institution fees shall be refunded in full.
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1979 (2) TMI 139 - ITAT JAIPUR
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... ... ..... n 111 ITR 1 has no application to the present case. 20. In order to decide this additional ground which we permit, it is necessary findings are given firstly that loan was made to the assessee-HUF by the company concerned in the ordinary course of its business and secondly the lending of money was a substantial part of the business of the company. we would like the authorities below to examine this issue and give the necessary findings and their conclusions based thereon. As this can better be done at the level of the ITO we are restoring this issue to the file of the ITO. We would also restore to the learned ITO the other additional grounds relating to s. 147(b). 21. We do not consider it necessary to go into the grounds raised by the assessee in the memorandum of appeal as the issue are connected and a proper decision can be taken only after the additional grounds of the assessee had been considered by the authorities below. 22. In the result, the appeals succeed partially.
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1979 (2) TMI 138 - ITAT JAIPUR
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... ... ..... money was paid. He had been running a Parchuni Kirana shop for the last 20 years, yielding Rs. 15 or so per day. He had his own house. He had agricultural land measuring 1 1/2 bighas which yielded annual income of Rs. 1000. It was also stated that Shri Madanlal had been advancing money to the farmers in the earlier years and he had received back Rs. 2600 which was utilised for paying Rs. 3500 to the assessee. In this case, also, on the aforesaid material in our view the learned AAC rightly held that the genuineness of the credit had been established. As regards the material on record in favour of the assessee, the department has not been able to place any material which could even suggest that the transaction was not genuine and that the credit was the assessee s own income. 10. We accordingly hold that the additions of Rs. 8,000 along with the interest were rightly deleted by the learned AAC. 11. In the result the appeal fails. The cross objections of the assessee succeeds.
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1979 (2) TMI 137 - ITAT JABALPUR
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... ... ..... s are consulted provided these registers are maintained properly in the office of the IT Department. In this case we find that the ITO had not consulted the receipt register. In fact, even the partnership deed which was filed by the assessee before the ITO other than the office of the ITO where the assessee is assessed. From this it can be presumed that the return for the year 1970-71 might have been filed by the assessee s counsel at the office of the ITO E Ward. The ITO we find, had not consulted the receipt register for receiving returns before passing his order. The evidence produced before us are such that we have no hesitation to give the benefit of doubt to the assessee. 6. In view of these facts, we hold that there was sufficient cause for not imposing the penalty under s. 271(1)(a) for the alleged default committed by the assessee in not filing the return in time. In view of the matter the penalty order of the ITO is cancelled. 7. In the result the appeal is allowed.
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1979 (2) TMI 136 - ITAT JABALPUR
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... ... ..... ed at 7 per cent. 2. Assessee filed before us a chart of comparable cases of two persons carrying the same contract work and also certificate regarding the commission business of Western Coalfield Limited. It would appear from he comparable cases that in the case of Ram Lakhan Tikaram for asst. yrs. 1973-74 and 1974-75 the net profit rate of 3 per cent was applied. In the case of Ranjit Singh, a contractor at Amlai, a net profit rate of 4.6 per cent and 4.3 per cent was applied for asst. yrs. 1973-74 and 1976-77 respectively. A certificate at page 10 of the paper-book from Coal Mines Authority Ltd., indicates that percentage of net profit ranged between 2.94 per cent to 5.37 per cent. of the receipts. Keeping in view the above material, we think that a net profit rate of 5 per cent on the total receipts would be proper in the case of the assessee. The net profit be estimated at this rate and the resultant relief may be given to the assessee. 3. The appeals are partly allowed.
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1979 (2) TMI 135 - ITAT JABALPUR
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... ... ..... isclosed the gross profit at 10 per cent. The purchases are all vouched. The sales are also supported by cash memo and bills except for the petty sales below Rs. 10. It is true that the gross profit of 15 per cent in hardware and 10 per cent in medicine have been accepted in other cases as reasonable by this bench. In this case we find that the gross profit disclosed by the assessee in hardware is only 14 per cent. Further the sales below Rs. 10 are not supported by any evidence. In view of this fact that sales estimated by the ITO in both hardware and medicine are reasonable. But the rate of gross profit applied at 17 1/2 per cent and 15 per cent respectively are excessive. We hold that the rates of gross profit at 15 per cent and 10 per cent on the estimated sales of Rs. 2,20,000 and Rs. 1,50,000 in hardware and medicine business are reasonable. The ITO is directed to modify the assessment on the light of our above observation. 5. In the result the appeal is allowed partly.
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1979 (2) TMI 134 - ITAT JABALPUR
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... ... ..... ear. Further, he not only did not consider the objection raised by the legal heir but he had also misdirected the Department by stating that no reliance can be put on the valuation report of the departmental valuer because of the serious defects in his report. The ITO also, we find did not care to verify these defects instead he had simply followed the valuation report of the departmental valuer. Considering all these facts, we are inclined to accept the report for the cost of construction of house submitted by the approved valuer of the legal heir. We, therefore, direct the ITO to value the cost of construction of the building as per the approved valuer s report of the deceased. Since the cost of construction is covered by the withdrawal and the loan, the addition made by the ITO as income from undisclosed source is deleted. The tax if already realised on the enhanced assessment should be refunded to the assessee. 9. In view of the matter all these three appeals are allowed.
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1979 (2) TMI 133 - ITAT HYDERABAD-A
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... ... ..... the case there is no question of a licence of a and it is being exploited by others. The only point is whether the name used by the firm is prohibited absolutely by the Act XII of 1950 and if there is such an obsolute prohibition it may then be said that the partnership agreement is void. The intention of the Act is to prohibit the use of the name in a business and accordingly it may not be possible to severe the business and the name separately. But, however, a reading of cl. 3 of the clearly shows that there is no absolute prohibition and that it may be possible that the Government may permit the use of a name similar to the one in question here. When it can be said that the assessee may succeed in getting the permission it cannot then be postulated that the agreement was void ab initio. We are, therefore, of the opinion that the partnership can be said to be legal one entitled to registration as we have found it to be a genuine one. 9. In the result, the appeal is allowed.
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1979 (2) TMI 132 - ITAT GAUHATI
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... ... ..... r the purpose of transferring an effective title he had to execute the document even though he had agreed with the other partners to treat the property as that of the firm. Since there is no material to indicate any contradiction in the conduct of the partners, we see no reason to reject the claim of the assessee. We accordingly hold that the capital gains arising out of the transaction was properly includible only in the total income of the firm and consequently it cannot be added to the total income of the assessee. 9. In view of our finding that the capital gains itself was not taxable in the hands of the assessee but only in the hands of the firm, it is unnecessary to consider whether the provisions of s. 52 are attracted or whether the capital gains should be assessed as short-term capital gains or long term capital gains. We, therefore, direct that the capital gains of Rs. 24,278 be deleted from the total income of the assessee. 10. In the result, the appeal is allowed.
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1979 (2) TMI 131 - ITAT GAUHATI
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... ... ..... or no interference. 5. On a careful consideration of the rival contentions, we see no merit in the Department rsquo s case. Admittedly, a practicing advocate cannot simultaneously be a salaried employee and, indeed, the relevant certificate of the paying company does not bear testimony to an employer mdash employee relationship. But after having assessed the income under the head lsquo salaries rsquo it is problematical if the Department can be permitted to change its stand before the Tribunal when that point was not in issue before the AAC. Secondly, even if the change in the head of income is permitted to be raised, the assessee would, in all fairness, have to be allowed all admissible deductions under s. 37(1) which, in the facts and circumstances of the present case, would not be less than the standard deductions that have been claimed. Hence, in either view of the matter, the AAC rsquo s order does not call for interference. 6. Both the appeals are accordingly dismissed.
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1979 (2) TMI 130 - ITAT DELHI-E
Change In Constitution Of Firm, One Partner, Partnership Deed ... ... ... ... ..... ions of provision of law are possible, the one in favour of the assessee should be adopted. In view of this principle of interpretation of law laid down by their Lordships of the Supreme Court, the view taken in the cases relied upon by the learned counsel for the assessee is to be followed. 16. This is not a case of change in constitution in view of the decisions cited by the learned counsel for the assessee. Section 187(2), therefore, does not apply to the present case and it is governed by the provision of section 188. The ITO was not justified in making a single assessment for the entire period from1-4-1973to31-3-1974as two assessments were required to be made for two periods from1-4-1973to31-10-1973and the other from1-11-1973to31-3-1974. The single assessment made by the ITO is set aside and he is directed to make two assessments on the two firms for the two respective periods from1-4-1973to31-10-1973and from1-11-1973to31-3-1974. 17. In the result, the appeal is allowed.
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