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1989 (4) TMI 11
Interest On Borrowed Capital ... ... ... ... ..... able to agree with this view, even on the accounts relied on by the assessee which, as pointed out earlier, clearly show that no amount from the capital and current accounts of the partners has been paid out to the Hindu undivided family, and it follows that such payments should have come only out of the funds of the firm borrowed for its business purposes. From out of the funds so borrowed, the assessee-firm had diverted the borrowed funds for purposes other than its business requirements and to that extent, the interest on borrowals should have been disallowed On the facts and in the circumstances of the case and the state of accounts relied on by the Tribunal, we hold that the Tribunal was not right in deleting the disallowance of interest. We find it unnecessary to make a reference to any of the cases relied on either by counsel for the Revenue or the counsel for the assessee. We, therefore, answer the question referred to us in the negative and in favour of the Revenue.
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1989 (4) TMI 10
Business Expenditure, Gratuity ... ... ... ... ..... f the Supreme Court in Vanaz Engineering P. Ltd. 1986 162 ITR 876 as well as the other decisions of the Supreme Court on this point and thereafter held as follows (at p. 439) The decision of the Supreme Court in Vanaz Engineering P. Ltd. 1986 162 ITR 876, in our view, does not advance the case of the Revenue as in that case the matter was remanded to the High Court on a concession. It was not held by the Supreme Court that the law laid down by its earlier decision in Shree Sajjan Mills Ltd. 1985 156 ITR 585 was being reconsidered nor was it laid down that section 40A(7)(b)(ii) which came into effect from April 1, 1973, would apply in the assessment years covering periods prior thereto. We are, therefore, unable to accept the contention raised on behalf of the Revenue that the matter should be remanded to the Tribunal. We, therefore, answer this question in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J. -I agree.
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1989 (4) TMI 9
Family Court ... ... ... ... ..... ection 138(1)(b) while considering the issue on hand. Since the petitioner s mother-in-law is not impleaded as a party here, it is open to the petitioner to implead her in the family court. In the same way, in view of section 13 of the Family Courts Act, I direct the family court to allow counsel for the Income-tax Department to make the submissions on this issue, after issuing notice. Since I feel that the matter is pending for a long time, even according to the petitioner from the year 1984, the family court has to take up the matter immediately as stated above and pass orders. As I have already made it clear, the prayer asked for cannot be granted and instead of that, I direct the fourth respondent, Family Court, Madras, to pass an order on the request of the petitioner to summon the records from the Income-tax Department before passing any final order in Incometax Appeal No. 170 of 1988 in Original Petition No. 1038 of 1988. The petition is ordered accordingly. No costs.
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1989 (4) TMI 8
Offences And Prosecution ... ... ... ... ..... inancial affairs of the first petitioner, he has been implicated in these cases without any material or substantial evidence of conspiracy. Thirdly, it is alleged that assessments have not yet been completed and the institution of proceedings will be premature. Fourthly, it is contended that the order of the Commissioner of Income-tax is vitiated by non-application of mind. It is found that, in these cases, no charge has been framed against the petitioners so far and, therefore, it is open to the petitioners to pray for discharge since the court has ample powers to do so under section 245, Criminal Procedure Code. If the petitioners are aggrieved by the order of the trial court, it is open to them to challenge that order in the way known to law. These petitions are not fit for being entertained under section 482, Criminal Procedure Code, since none of the circumstances enumerated in that section are found to exist in these cases. In the result, these petitions are dismissed.
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1989 (4) TMI 7
False Statement In Verification, Offences And Prosecution ... ... ... ... ..... gs are liable to be quashed. This contention is unacceptable. Once the Assessing Officer has found commission of an offence, he has every right to prefer a complaint. The only remedy available to the petitioner is to ask for stay of the proceedings till the disposal of the appeals by the Commissioner. Another ground urged is that the prosecution would be barred by limitation. This question was not agitated by the petitioner before the trial court. The decision on that point involves questions of law and fact and this is not a matter to be dealt with under section 482, Criminal Procedure Code. It is open to the petitioner to agitate the question before the trial court. With this observation, these petitions are dismissed.
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1989 (4) TMI 6
Benefit Or Perquisite To Employees, Borewell, Business Expenditure, Depreciation, Disallowance
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1989 (4) TMI 5
Diversion by Overriding Title - Whether on a correct interpretation of the lease deed, the Tribunal was right in holding that the profits of the glass factory during the relevant accounting year accrued to the assessee-company - whether the Tribunal was right in holding that the entire profits and not one-half of the profits of the glass factory during the relevant accounting year accrued to the assessee-company
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1989 (4) TMI 4
Priority Industry - assessee manufactures strawboard - assessee claimed concessional rates of income-tax, development rebate at higher rate and deduction under section 80E of the Income-tax Act, 1961, on the ground that the manufacture of strawboard was a priority industry - claim accepted
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1989 (4) TMI 3
Assessee is a co-operative society - objects of the society intend that it should press cotton and pack the bundles for its individual members as well as other customers, to use its machinery for any useful work of its members, and to sell raw cotton, cotton seeds and other agricultural products - Whether, the income of the society from ginning and pressing was exempt under section 81(i)(c) of the Income-tax Act, 1961, as it stood prior to its amendment on Ist April, 1968
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1989 (4) TMI 2
Statutory Agent - reassessment u/s 147(b) on non-resident to reapportion overhead expenses between income from sales and from commission - Whether the Tribunal was right in holding that the reassessments being only consequent to a change as to the method of computation of the profits, the initiation of proceedings u/s148 was justified - Held, yes - Whether the Tribunal was right in law in holding reassessment proceedings could not be initiated against the assessee direct
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1989 (4) TMI 1
Whether, the share of profit of the assessee's wife was includible in the total income of the assessee under section 64(1)(iii) of the Income-tax Act, 1961
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