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Case Laws
Showing 141 to 160 of 224 Records
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1984 (4) TMI 86 - ITAT BOMBAY-B
Assessment Year, Entertainment Expenditure, High Court, Retrospective Amendment, Retrospective Effect, Scientific Research
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1984 (4) TMI 85 - ITAT BOMBAY-B
Assessment Year, Entertainment Expenditure, High Court, Retrospective Amendment, Retrospective Effect, Scientific Research
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1984 (4) TMI 84 - ITAT BOMBAY-A
A Firm, Gift Tax, Tax Liability ... ... ... ... ..... the super profit of a business even granting that an ordinary handloom business in rented premises not covered by the Rent Control Act has it (sic), the GTO must take into account the normal return on capital and managerial remuneration, etc. Worked out this way, it is not certain at all that the business of the firm would have any goodwill. By being admitted to the benefits of the partnership, the minor has received some profit. But at the time of his admission, one certainly cannot say that there would be a profit at all during the two years he would remain admitted to the partnership (because thereafter he became a major) and this benefit has been given over to him without consideration by the assessee. 8. We have no hesitation in holding that as a matter of pure fact there is no transfer of any asset by the assessee to the minor, which would attract the provisions of the Gift-tax Act, 1958. The departmental appeal is dismissed though not for the reasons stated by the AAC.
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1984 (4) TMI 83 - ITAT BOMBAY-A
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... ... ..... rtition. This is clear from the fact that the half share allotted to the karta, Shri Girdharilal Shamlal was taken by him as the karta of the smaller HUF, consisting of himself, his wife (the deceased) and his unmarried daughter. Therefore, the deceased had a 50 per cent share in the properties allotted to her husband in the event of a partition taking place in the smaller HUF. Therefore, only the difference between her one-third share, which is alleged to be the share due to her, according to the department, and the one-fourth share, which she has in this smaller HUF, could be taken as the subject-matter of the alleged disposition contemplated in section 27. If at all any value is to be added on this account, only the value of one-twelfth share could be included in the estate of the deceased. Since, however, we have accepted the main contention of the accountable person, it is not necessary to pursue this line of enquiry any further. 11. In the result, the appeal is allowed.
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1984 (4) TMI 82 - ITAT BANGALORE
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... ... ..... pation in business and that would constitute adequate consideration for being inducted as partners. In CGT v. Ali Hussain M. Jeevaji 1980 123 ITR 420 the Madras High Court held that contribution of capital, rendering of service, sharing in future liabilities and losses would all constitute consideration for the admission of new partners into the firm and there was sufficient consideration for the taking of the two partners and, hence, there was no question of any gift liable to tax. The ratio laid down in the above cases squarely applies to the instant case. The assessee who was aged 55 years has taken his two sons as working partners who have also contributed capital of Rs. 5,000 each and that would constitute adequate consideration for taking them as partners. Thus, there was no gift liable to tax. 4. In the view we have taken, it is not necessary to consider the alternative contention that the gift is exempt under section 5(1)(xiv). 5. In the result, the appeal is allowed.
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1984 (4) TMI 81 - ITAT BANGALORE
Interest In Property, Partnership At Will, Partnership Firm, Share In Partnership, Wealth Tax
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1984 (4) TMI 80 - ITAT BANGALORE
Family Property, In Part ... ... ... ... ..... ein that the adopted child gets an interest in the joint family property from the date of his adoption. The above decision is directly on the point and squarely covers the instant case. In our view the assessee, Shri M. Jeswantharaj, after his adoption in 1964 became a member of the adoptive family and got interest in the joint family property from the date of his adoption. Thus, in the properties got by Smt. Anchi Bai in partition on 24-10-1965, the assessee as an adopted son got interest. Subsequently, those properties were partitioned between the assessee and Smt. Anchi Bai, each getting 50 per cent share. Thus, the property got by the assessee in partition on 30-10-1970 became joint family property. After his marriage on 25-6-1975, the family consisted of the assessee and his wife. Thus, the income from the properties got in partition in 1970 has to be assessed in the status of HUF. Thus, we uphold the order of the AAC. 5. In the result, the appeal fails and is dismissed.
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1984 (4) TMI 79 - ITAT BANGALORE
Development Allowance, Development Rebate At Higher Rate, Industrial Undertaking, Initial Depreciation, Profits And Gains, Weighted Deduction
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1984 (4) TMI 78 - ITAT BANGALORE
Assessment Proceedings, Assessment Year, Carry Forward, Failure To File Return In Time, Reassessment Proceedings, Valid Notice
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1984 (4) TMI 77 - ITAT BANGALORE
Annual Value, House Property ... ... ... ... ..... interpreted that the proviso applies only to the case of individual owner occupying his house, it would appear that when the individual is away and his wife occupies the house, the relief given by the proviso is not available. This would be too far-fetched and, as already stated, the logical consequence of an interpretation confining the application of the proviso to individual owners may as well take away property income of owners other than individuals from the ambit of taxation. We can understand an interpretation in favour of the revenue in case of a company which is an artificial juridical person and is quite different from the shareholders who are individuals. But such difficulty is not encountered in the case of a joint family. The concession given by the proviso will be applicable, if any of the members of the joint family use the house for their own residence. In this view of the matter, we hold in favour of the assessee and dismiss the appeals filed by the revenue.
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1984 (4) TMI 76 - ITAT AMRITSAR
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... ... ..... e consideration of the cost. Interest payment for the borrowings needed to meet the cost is to be likened to interest paid on bills in case of credit purchases and a true ingredient or concomitant of the cost which cannot be disregarded. If we work out the cost in the light of the above, we would find that there would not be any difference left between the estimate of cost made by the IAC and the actual expenditure contained in the books, which would call for any addition to the income of the assessee. Accordingly, even if we accept the plea of the departmental representative that the sum of Rs. 34,627 has been twice excluded from the investment worked out by the CIT(A) the net result, after the adjustments suggested by us, would not give any cause or valid ground for supporting or restoring the addition made by the ITO but deleted by the CIT (A). Accordingly, we uphold the order of the CIT (A) and dismiss the appeal of the Revenue. 8. In the result, the appeal is dismissed.
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1984 (4) TMI 75 - ITAT AMRITSAR
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... ... ..... ing this handicap which resulted from purchasing the undemarcated and unspecified interest in the property, placed the valuation at 1/3rd of the total valuation placed by the valuation officer. We, therefore, do not proceed further to consider the handicap of this property, resulting from the proximity of the railway line and the irregular shape of the plot etc. It is enough to bear out that the finding of understatement was not properly proceeded out by the Competent Authority. Having realized that neither of the two requirements of s. 269C have been fulfilled, we are of the view that he went in error in assuming the jurisdiction under s. 269C and to set in motion the procedure to acquire the property. We hold his order erroneous and accordingly, vacate it. The properties shall be released if already acquired. 4. All the three appeals are allowed. Appeals filed by the Balwant Rai and Jogendra Pal, transferees were filed late. After hearing both sides, we condoned the delay.
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1984 (4) TMI 74 - ITAT AMRITSAR
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... ... ..... determined on the regular assessment on 30-11-1978 three years after the estimate was filed on 15-9-1975 to hold that the assessee knew that the estimate filed by him was an underestimate in his knowledge. Therefore, even if we disregard all the pleas which the assessee had raised before the Commissioner (Appeals) to show that the error in the estimate was caused by the oversight of the Chief Accountant and by his knowledge of the liability of the debit note of Rs. 23,62,448 received from Punjab Concast Steel Ltd. we cannot uphold the finding of the IAC that on facts and in the circumstances of the case, the assessee could be held liable for default under section 273(a) in consciously filing an underestimate of advance tax on 15-9-1975. We would, therefore, hold that as the IAC had failed to properly spell out the liability under section 273(a) the penalty levied by him is to be cancelled. We, therefore, reverse the finding of the Commissioner (Appeals) and allow the appeal.
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1984 (4) TMI 73 - ITAT ALLAHABAD-B
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... ... ..... red that she should be produced for personal examination. This was not done. The ITO in view of the assessee s failure to produce Smt. Kunti Devi and also in view of the fact that the assessment had been made under s. 144 of the Act, rejected the claim of registration. His order was upheld by the AAC. 8. Here also the assessee is in appeal before us. Since we have set aside the order of the ITO with regard to the application of provision of s. 144 of the Act, the registration on that account can also not be decided. It was further submitted before us by the counsel for the assessee that the ITO was satisfied about the genuineness of the firm and had granted the registration in the asst. yr. 1979-80, which was renewed in the subsequent two years. In view of this additional fact, it is necessary that we should set aside the ITO s order and restore the matter back to this file for fresh consideration in accordance with law. 9. In the result, both the appeals are partly allowed.
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1984 (4) TMI 72 - ITAT ALLAHABAD-B
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... ... ..... t able to substantiate. The proviso to the above Explanation states that nothing contained in the Explanation shall apply to a case referred to in cl. (B) in respect of any amount added or disallowed as a result of the rejection of any explanation offered by such person, if such explanation if bona fide all the facts relating to the same and material to the computation of his total income had been furnished by him. In the present case, we do not find anything on the record to doubt the bona fide of the assessee is stating that goods worth Rs. 80,000 belonging to its sister concern had also been pledged with the bank. Similarly, we do not find that any fact or material to the computation of assessee s total income has not been disclosed by him. The Explanation will, therefore, not apply to the case of the assessee in view of the exception contained in the proviso there of. We, therefore, cancel the penalty as sustained by the CIT (A). 10. In the result, the appeal is allowed.
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1984 (4) TMI 71 - ITAT ALLAHABAD-B
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... ... ..... here is nothing on record to show what amount of profit could be attributed to the industrial undertaking and whether the industrial undertaking was confined to the assembly of 300 tractors and not to any other activity of assessee. Well, these are all complicated matters requiring long drawn process of reasoning and, therefore, outside the scope of s. 154 of the Act in view of the principle laid down by the Supreme Court in T.S. Balaram vs. ITO, Volkart Bros. and Ors. (1971) 82 ITR 50 (SC). It was held in this case that a mistake apparent on the record must be an obvious and patent mistake and not something, which could be established by a long drawn process of reasoning on points on which there may be conceivably two opinions. A decision on debatable point of law is not a mistake apparent, from the record. In view of this principle, we agree with finding of the CIT(A) cancelling the order of the ITO passed under s. 154 of the Act. 7. In the result, the appeal is dismissed.
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1984 (4) TMI 69 - ITAT ALLAHABAD-A
Assessment Order ... ... ... ... ..... the assessee cannot say that just because the consequence of such a set aside was that the period of limitation as prescribed under section 153(2A) became attracted, the order could not be said to be vitiated. On those facts, it could not be said that the learned AAC had conferred jurisdiction on the ITO to make an assessment beyond the period of limitation prescribed under law. We are, therefore, clearly of the view that since the ITO had jurisdiction to undertake the assessment proceedings in question and there was only an omission to issue a notice under section 143(2) and a breach of the principles of natural justice in relation to the use of the information gathered from the director of industries, the assessment order was not a nullity and was rightly set aside by the learned AAC to be made afresh in accordance with law after following the directions given by him. There is, therefore, no force in this appeal, which must fail and be dismissed. 8. The appeal is dismissed.
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1984 (4) TMI 68 - ITAT AHMEDABAD-C
Assessment Proceedings, Assessment Year, Audit Objection, Gift Tax, Quoted Equity Shares, Reassessment Proceedings, Supreme Court, Wealth Tax
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1984 (4) TMI 67 - ITAT AHMEDABAD-B
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... ... ..... rawn against it merely because it had made the remarks as per statement of income attached against the column where it was required to show profit under s. 41(2) of the Act. Similarly, the fact that the assessee had not mentioned anything about it in the relevant part of the return viz. particulars of income claimed to be exempt from tax and not includible in the total income would not in our view justify the IT authorities to impose penalty under s. 271(1)(c) of the Act. On the proper appreciation of the facts and circumstances obtaining in the instant case, we are of the view that the assessee had neither concealed the particulars of its income not had it furnished inaccurate particulars thereof so as to bring its case within the mischief of s. 271(1)(c) of the Act and the Expln. 1 to the said section as is stood at the relevant time. We have, therefore, no hesitation in cancelling the penalty imposed under s. 271(1)(c) of the Act. 15. In the result, the appeal is allowed.
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1984 (4) TMI 66 - ITAT AHMEDABAD-B
Business Expenditure ... ... ... ... ..... id purpose. And lastly, it is not in dispute that the wall cabinets are not put to any other use than for the purpose of arranging the books required for the assessee s profession. In the light of these facts, therefore, it is clear to us that the wall book cabinet subserved the same function as books used for the purpose of profession. The use of wall cabinet, therefore, cannot be divorced from the main purpose or function of the assessee s profession. Thus, having regard to the functional use which is a material consideration to determine the question whether an item will fall in category of furniture or plant, we are inclined to hold that the wall book cabinet must be treated as plant and was rightly treated so by the ITO. The decision of the learned Commissioner, therefore, to the contrary, in our opinion, for the reasons discussed above, cannot be sustained. We, accordingly, quash his order and restore the order of the ITO. 5. In the result, the appeal is partly allowed.
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