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Case Laws
Showing 41 to 60 of 185 Records
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1981 (7) TMI 204
Whether the sale is one which occasions the movement of goods from one State to another?
Held that:- Appeal dismissed. The goods having been despatched from one State to another State pursuant to a contract of sale which came into existence directly between the appellant and the buyer within a few days after the date of the allocation card, the sale was an inter-State sale. The Tribunal and the High Court were, therefore, right in upholding the orders of the assessing authority levying tax under the Act on all sales which had taken place in favour of the Export Promotion Scheme card- holders in Gujarat and Maharashtra even though the selling agent of the appellant at Bombay had on behalf of the appellant also dealt with such card-holders at Bombay, as the transactions in question satisfied the tests laid down in the case of English Electric Company of India Ltd. [1976 (9) TMI 134 - SUPREME COURT OF INDIA].
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1981 (7) TMI 190
Winding up – Suits stayed on winding-up order ... ... ... ... ..... learned judge was justified in exercising the undisputed jurisdiction he had in the facts and circumstances of the case under section 446 of the Act. It was contended that the valuation report was not categorical as to the value of the goods. It was contended that the valuation report was based on certain guess. Undoubtedly, it was so. But this was the only material available to the court and no other material having been given, the court was forced to act upon the only relevant material that was available. If the court so acted, in our opinion, it could not be said that the court acted on conjectures and/or on hypothesis. In that view of the matter, we are unable to accept the contentions urged in support of this appeal. The appeal, therefore, fails and is accordingly dismissed with costs. The costs of the appeal including the application is assessed at 50 GMs. to be retained by the official liquidator out of the assets, in the first instance. C.K. Banerji, J. mdash I agree.
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1981 (7) TMI 189
Powers of Court to rectify register of members, Exclusion of spot delivery contracts from sections 13,14 15 or 17
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1981 (7) TMI 188
Shares warrants and entries in register of members ... ... ... ... ..... the only course open to the transferors would be to claim the balance sale price or the entire sale price, as the case may be, but it cannot be held that the transfer would be void or non-existent. Accordingly, I do not find any merit in the third contention either. The fourth point has already been discussed. Under the fourth point, the court below took the view that section 108 of the Companies Act, 1956, was directory and that there was substantial compliance of the same. While agreeing with that view, I have given the additional reason in the foregoing paragraph. The net result is that the plaintiffs and the defendants supporting the plaintiffs have ceased to be shareholders with effect from 6th March, 1960, when the transfer deed was executed by them in favour of defendants Nos. 1 to 8 and, therefore, no relief can be granted to them in the suit. For the reasons recorded above, I do not find any merit in this appeal and dismiss the same but without any order as to costs.
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1981 (7) TMI 187
Winding up – Suits stayed on winding-up order, Custody of company’s property, Winding up – Delivery of property to liquidator, Powers of Central Government to authorise with permission of High Court to takeover management or control of industrial undertaking
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1981 (7) TMI 164
Company when deemed unable to pay its debts ... ... ... ... ..... commercial solvency with reference to the last audited balance-sheet of the company. Sri Kolekar, learned counsel for the petitioner, had been permitted to file a reply controverting many of the allegations made against the petitioner in the statement of objections. It is unnecessary to go into the merits of the rival contentions in these summary proceedings. I am satisfied that the respondent-company is commercially solvent and is withholding the payment of bills of the petitioner-firm as it appears to have a tenable defence against the claim. In these circumstances, it is not appropriate for this court to pass a winding-up order nor adjudicate upon the claim. It will be open to the petitioner to file an appropriate suit in a competent civil court and recover whatever may be due. With this observation, this petition is rejected as one in which this court in its discretion should not pass the winding-up order having regard to the commercial solvency of the respondent-company.
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1981 (7) TMI 163
Sale to be subject to confirmation by court ... ... ... ... ..... dent, as the order is to be made on the peculiar circumstances of this particular case when it has got certain exceptional features. The parties objecting seem to be purely motivated to destroy the industry, if possible. In these circumstances, in my view, the applicant-society should be granted leave to make an offer to the official liquidator for purchase of the entire assets which has been run by them under a licence granted by this court by the order referred to above and if the price is reasonable, the same to be sold by private treaty to the applicant-society, as to be determined by this court. The applicant-society is directed to make their offer to the official liquidator within a week from date in a sealed cover and the official liquidator to place the same before the court for consideration and the matter to be fixed up administratively in chamber on Friday week for final order. The official liquidator and the applicant-society to act on a signed copy of the minute.
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1981 (7) TMI 150
... ...
... ... ..... that the ITO is prevented from acting under s. 154 because of merger. Even the language of s. 154 (1A) that ........ notwithstanding anything contained in any law for the time being in force clearly shows that but for s. 154 (1A) the ITO would not be in a position to amend the assessment order, which has been a subject matter of appeal. So as s. 154(1A) has no application to the facts of the case and because there is merger of ITO s assessment order with that of the appellate order, the ITO is not competent to rectify it. The rectifications for the four assessment years are cancelled. In any event the whole issue is debatable as to whether there is, because of merger, an existing order of the ITO for rectification, whether the mistake is in the appellate order or whether it is the subsisting order because of merger, or whether s. 154(1A) is applicable or not and the like. So on that reason of debatable point also s. 154 cannot be invoked. 4. All the four appeals are allowed.
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1981 (7) TMI 148
... ...
... ... ..... dy. If the monthwise purchases of paddy are taken into consideration, it is clear that major portion of the paddy was purchased by the assessee during the harvesting season when the paddy contains more moisture. The assessee has cited the decision of the Tribunal in the case of M/s Hanumanbux Rambilas in ITA No. 1491 (Pat) of 1975-76 where the Tribunal allowed the moisture at 5 . The assessee itself is conservative in claiming moisture at 4 during the assessment year 1977-78 when the purchase of paddy in harvesting season was less. Under the above circumstances, moisture claimed by the assessee at 5 and 4 appears to be reasonable and the same is allowed. Once the moisture is allowed at 5 and 4 , the yield of rice shown by the assessee at 64.35 and 64.46 for the assessment years 1976-77 and 1977-78 is fair and, accordingly, yield is accepted. The Income tax Officer is directed to modify the assessment of the assessee and its partners. 6. In the result, the appeals are allowed.
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1981 (7) TMI 147
... ...
... ... ..... e inference that prior to the making of the petition by the assessee, there has been any enquiry against the assessee or else any notice to the assessee and accordingly, on the facts and in the circumstances of the assessee s case with which we are presently seized of, the only and irresistible conclusion that can be drawn is, that there has been no detection on the part of the Revenue much less any action against the assessee for reassessment, hence no concealment. The notice under s. 148 of the Act was based on the petition made by the assessee voluntarily. The assessee made the petition on 29th Sept., 1977, whereas the notice under s. 148 of the Act was issued on 3rd Oct., 1977, served on the assessee on 27th Oct., 1977. The facts of the case did not warrant any imposition of penalty in lieu of any alleged concealment under s. 271(1)(c) of the Act, we hold so, with the result that we do uphold the impugned order of the AAC. The appeal by the Revenue fails and is dismissed.
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1981 (7) TMI 145
... ...
... ... ..... een eligible for such relief if the Trust had been assessable or assessed on such income. The fact that trustees liability is only in a representative capacity was considered immaterial. We have to follow this decision of the High Court. We now find that the interest income in the hands of the assessees retains the same characteristics it had in the hands of the trustees of the Provident Fund, notwithstanding the fact that the assessees were not entitled to receive immediately all his share of interest income but only to the extent authorised by the trustees. But that does not mean that what has been authorised as payable to contributors loses its character it had in the hands of the trustees. In this view the appeal on this point also has to be allowed. The precise extent to which the appellants will be eligible for relief u/s 80L will, however, be gone into by the ITO while giving effect to this order. 9. In the result, the appeals are allowed in the manner indicated above.
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1981 (7) TMI 143
... ...
... ... ..... eject this ground. 7. The next ground relates to the claim for higher rate of depreciation on plant and machinery at 15 as against 10 claimed and allowed in the assessment. The issue was not raised even in first appeal. It is raised for the first time in the ground of the appeal before the Tribunal claiming that the machinery comes into contact with corrosive chemicals and that it is entitled for a higher rate of depreciation. The claim was sought to be supported with reference to expert opinion and another order of this Tribunal in the case of another sugar mills. Since the ITO has allowed the assessee rsquo s claim at 10 and the further claim did not form subject matter even in the a first appeal, we do not have the jurisdiction to entertain this ground. We therefore, reject the claim in limine on the preliminary ground that we do not have the jurisdiction to entertain this ground. 8. In the result the appeal is partly allowed. Relief due (Rs. 66,482 Rs. 11,460) Rs. 77,942.
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1981 (7) TMI 142
... ...
... ... ..... to it by the other words or expressions enumerated and sought to be included therein. In s. 16, it says that income chargeable under the head lsquo salary rsquo is computed after making the deductions mentioned therein. It only means that deduction would be allowed in respect of each source of income chargeable under salaries and not after aggregating the salaries received from different employments. We agree with the CIT (A) in regard to the analogy applied by him in computing the income under the head lsquo profits rsquo and gains of the business rsquo , wherein he says that just as income from business has to be computed separately for each business, similarly, the income has to be computed separately in regard to the different employments, under the head lsquo salaries rsquo and in so computing all the necessary deductions permitted should be allowed. We reject the objection of the department and sustain the order of the CIT (A). 4. In the result, the appeal is dismissed.
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1981 (7) TMI 137
... ...
... ... ..... cellation could be there only where there is no genuine firm in existence as registered within the meaning of s. 186(1). There is no material whatsoever for assuming that there was no genuine firm in existence. Neither the absence of a fresh deed on the minor attaining majority nor the change in the constitution of the firm from 14th November, 1974 after the two accounting years under consideration, could throw any doubt on the genuineness of the firm. The firm has been in existence for a few decades now and the firm has been registered both before and after. The attempt to cancel the registration is based upon the narrow and a technical view of law relating to partnership. Such a narrow view has been taken either at the instance of the audit or by mere change of opinion. In either case, there is no jurisdiction in any view of the matter, we have no reason to differ from the conclusion of the first appellate authority. 7. In the result, the departmental appeals are dismissed.
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1981 (7) TMI 134
Charitable Or Religious Trust ... ... ... ... ..... ntire profits have been credited to the advance account and the advances made in the past and during the year have been fully adjusted to the extent of the entire profits of Rs. 1,42,812.67. Since the entire current profits have been applied by way of adjustment to the accounts, we do not find any difficulty in accepting the assessee s case. The ITO may have legitimate doubt as to whether a particular sum has been applied for charitable purposes, if the sum is merely credited to the particular account. But where the payment has preceded the credit, the position in law and accountancy would appear to be that there is an abatement of the obligation to repay the advance to the extent of the amount credited to that account by way of donation or otherwise. Hence, we find that there has been application of the entire income of the assessee during the year and that the order of the first appellate authority has to be upheld for this reason. 7. In the result, the appeal is dismissed.
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1981 (7) TMI 131
Higher Rate, Manufacture And Sale, Undisclosed Income, Unexplained Money ... ... ... ... ..... earlier, the scope of the section is to give higher rate of development rebate allowance to machinery employed in the business of production of textiles. The generator is also employed in the business of production of textiles because without the electricity thus generated there can be no production of textiles. A generator is only used for the purpose of business carried on by the assessee as required by the opening words of section 33 and that business is the production of textiles as required by item (i) of clause (b) of sub-clause (B). Since these two essential conditions of the section are satisfied, it is not possible to deny the claim of the assessee by referring to a convenient nomenclature, such as, textile machinery which is nowhere to be found in the provisions of the Act. We are, therefore, in entire agreement with the order of the Commissioner on this point also. We have, therefore, no hesitation in confirming his order. 8. In the result, the appeal is dismissed.
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1981 (7) TMI 129
... ...
... ... ..... submitted the report that sale of agricultural land could not be subjected to capital gains tax. The AAC, therefore erred in not relying on the ITO rsquo s report and in rejecting the application of the assessee made u/s 154 on the ground that the ITO rsquo report was not before the AAC, when he passed the order 5th Nov, 1975. For these reasons, it was held that there was a mistake apparent from record in the order of the AAC and the ITO in bringing sale of agricultural land, which was not a capital asset under the amended provisions of s. 2(14), to capital gains tax. Only the sale of the shops and Jhopri can be subjected to capital gains tax and that fact has been admitted by the assessee. We, therefore accept the application of the assessee and direct the AAC to modify his order dt. 5th Nov., 1975 and direct the ITO to charge capital tax on the sale of agricultural land. Capital gains tax can be charged only on the sale of the two shops and Jhopri. 3. The appeal is allowed.
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1981 (7) TMI 128
... ...
... ... ..... e have given careful consideration to the submissions of the parties. The assessee has not made any entries in the books of accounts to disguise the real nature of transactions. It has clearly been stated in the books of accounts that the payment was for difference paid to the contracting parties. The books of accounts were there for the ITO to examine. In the state of law then existing, the assessee could not also consider that the loss arose from speculation transactions. It would also take support of the latest decision of the Calcutta High Court in (1980) 124 ITR 384 (Calculation). In our opinion, no facts have been suppressed by the assessee or made to appear in a way that the apparent state of affairs was not real. It was for the ITO to examine the facts and come to the proper conclusion as he has evidently done. But a charge of concealment of income cannot obviously be sustained in the circumstances of the case. We, accordingly, cancel the penalty and allow the appeal.
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1981 (7) TMI 127
... ...
... ... ..... CTR (Trib) 6 has held that the assessee was entitled to credit of the entire tax deducted at source in Iran with reference to the entire income including the portion for which deduction has been given u/s. 80 RRA of the IT Act. When the ITO himself is not clear about the scope of the provisions of s. 91 as the Appellate Tribunal has held a view to the contrary, we are of the opinion that it could not be expected of the assessee to know the true legal implication. In our opinion, the assessee was, therefore, under a bonafide belief that entire amount of tax deducted at source at Iran was to be given credit while computing liability of tax under the IT Act. 1961. That being so, we are unable to sustain the orders of the authorities below. The same are, therefore, cancelled. This decision equally applied to the other two appeals. Orders of the authorities below in respect of other two assessees are, therefore, also cancelled. 6. In the result, all the three appeals are allowed.
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1981 (7) TMI 126
... ...
... ... ..... unrecorded expenditure towards additions and alterations. It has been clearly demonstrated that the purchase was for Rs. 54,999 and the value of Rs. 2,55,000 declared as on 27th April, 1971 covers the unrecorded expenditure. The unrecorded expenditure, no doubt, escaped assessment for income-tax and because of which the assessee had to come forward with a disclosure, but the same cannot be said with regard to Wealth-tax. The position is similar in respect of the lsquo Green House rsquo . Moreover, if the departmental value adopts one valuation and the assessee adopts another, it cannot be said that the provisions of s. 18(1)(c) are attracted. As stated by the CWT (Appeals), even the Explanation to that section cannot also be invoked. Regarding silver utensils, we entirely agree with the conclusion of the CWT(A). 9. In the result, we hold that the Revenue has not made out any case for restoration of the penalties. We agree with the CWT (Appeals) and dismiss the Deptl. Appeals.
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