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Showing 341 to 353 of 353 Records
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1990 (8) TMI 13
Delay In Filing Return, Interest, Return ... ... ... ... ..... e pursuant to notices tinder section 148 of the Act. From a plain reading of the orders of assessment, it was evident that the assessee was assessed under section 143(3) read with section 147 of the Act, and not independently under section 143(3) alone. The assessment being made under section 143 read with section 147, it would not be a regular assessment to warrant the levy of interest under section 139(8). The same is the view of the Andhra Pradesh High Court in CIT v. Padma Timber Depot 1988 169 ITR 646. It appears to us that the consistent view of the courts is that, where the assessment is made under section 143(3) read with section 147, no interest could be charged under section 139(8) inasmuch as such assessment is not a regular assessment within the meaning of section 2(40) of the Act. For the reasons aforesaid, we answer this question in the affirmative and in favour of the assessee and against the Revenue. No order as to costs. BHAGABATI PRASAD BANERJEE J. -I agree.
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1990 (8) TMI 12
Cash Credits, Tea Business ... ... ... ... ..... g the decision in Daulatram Rawatmull v. CIT 1967 64 ITR 593, observed as follows There is no dispute as to the fact that the cash credit account was appearing in the assessee s tea garden books of account, i.e., business books of account. The cash credits continued throughout the accounting period. The assessee s main activity was the cultivation, manufacture and sale of tea. For the assessment year 1974-75, the Tribunal on an identical set of facts upheld the view of the Commissioner of Income-tax (Appeals) that, in such circumstances, the amount included as undisclosed income under section 68 of the Act should be treated as business income. The principles laid down by this court in Daulatram Rawatmull s case 1967 64 ITR 593 will apply to the facts of the case too. For the foregoing reasons, we answer this question as reframed in the affirmative and in favour of the assessee and against the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J. -I agree.
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1990 (8) TMI 11
Search And Seizure ... ... ... ... ..... tax Act and directed to suffer rigorous imprisonment for a period of six months. He is further directed to pay a fine of Rs. 5,000. In case of default, he shall suffer further rigorous imprisonment for a period of three months. He is further convicted for the offence punishable under section 461 of the Indian Penal Code and directed to suffer rigorous imprisonment for a period of six months and further directed to pay a fine of Rs. 5,000. In case of default, he shall suffer further rigorous imprisonment for a period of three months. He is also convicted for the offence punishable under section 406 of the Indian, Penal Code and directed to suffer rigorous imprisonment for a period of six months and pay a fine of Rs. 5,000. In case of default, he shall suffer further rigorous imprisonment for a period of three months. We direct the substantive sentences only to run concurrently, However, the sentences as imposed in case of default for payment of fine shall not run concurrently.
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1990 (8) TMI 10
Business Expenditure, Company, Special Deduction ... ... ... ... ..... ose of giving any relief under section BOG. If the method which has been suggested by the Tribunal is followed, in that event, before any income is ascertained which is assessable under the Income-tax Act, the deduction will be made. But, it is not the intention of the section. The circular makes it quite clear that there will not be apportionment of the deduction under section BOG between the income chargeable under the Income-tax Act and the agricultural income chargeable under the relevant Agricultural Income-tax Act. We are only concerned with the income as computed under the Income-tax Act for the purpose of assessment and only from such income the deduction under section BOG shall be allowed. For the reasons aforesaid, the third question is answered by saying that the deduction under section BOG is allowable from the in come computed for the purpose of assessment under the Income-tax Act, 1961. There will be no order as to costs. BHAGABATI PRASAD BANERJEE. J. - I agree.
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1990 (8) TMI 9
Income From Undisclosed Sources
... ... ... ... ..... hs or even any part thereof on September 24, 1961, and that would be essentially a question of fact. The argument of learned counsel for the petitioner that the first question to be raised is a mixed question of law and fact has no substance for, the Tribunal had dealt with the entire available evidence regarding the claim of the assessee that cash was possessed by the Hindu undivided family and had negatived that claim not only on the basis of the materials, but also on probabilities. Under these circumstances, the first question sought to be referred being essentially one of fact, cannot be so referred. Regarding the second question sought to be referred, what we have stated earlier with reference to the fourth question in T. C. P. Nos. 207 to 209 and 211 of 1990, would apply and, under these circumstances, no referable question of law can be said to arise out of the order of the Tribunal even in this tax case petition. T. C. P. No. 210 of 1990 is also dismissed. No costs.
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1990 (8) TMI 8
Depreciation, Law Applicable To Assessment, Loss, Non-resident Shipping Concern ... ... ... ... ..... heads did not arise. By consent of the parties, the order of assessment for the assessment year 1976-77 and a notice which was issued under section 154 of the Act dated January 20, 1978, in the aforesaid assessment order had been placed before us. It will appear from the assessment order for the assessment year 1976-77 that the assessee claimed the entire income to be adjusted against the unabsorbed depreciation and unabsorbed business loss. But the Income- tax Officer, as a matter of fact, allowed the entire business loss for the years 1968-69, 1969-70, 1970-71, 1971-72 and a part of 1972-73. The entire profit has been wiped out by the business loss of these years. He also directed that the assessment for the assessment year 1972-73 shall be carried forward for the subsequent years. For the reasons aforesaid, the question in this reference is answered 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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1990 (8) TMI 7
Business, Business Expenditure, Deduction, Other Sources ... ... ... ... ..... he business or profession. Such deduction, therefore, has to be in respect of expenditure for business which was carried on by the assessee at any time during the previous year. Such is not the case here. Hence, in our view, the Tribunal was right in holding that the expenditure in connection with the proxy war could not be deducted as business expenditure, since the assessee-company did not carry on any business during the previous year. In the premises, the questions referred to us are answered as follows Question No. 1 is answered in the affirmative and in favour of the Revenue. Question No. 2 is answered as follows Income from dividends and interest amounting to Rs. 3,15,936 is assessable as income from other sources. Question No. 3 is answered as follows The applicant-company is entitled to a deduction of establishment expenses of Rs. 50,968. Question No. 4 is answered in the negative and in favour of the Revenue. In the circumstances, there will be no order as to costs.
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1990 (8) TMI 6
Firm Assessment ... ... ... ... ..... eport of the Income-tax Officer, the Tribunal shall give a fresh finding. Parties will be at liberty to adduce such evidence as they may be advised before the Tribunal inasmuch as the Tribunal decided the issue on an alternative contention taken for the first time before the Tribunal and accordingly the parties did not have the opportunity to bring all the evidence which was germane for determining the question whether the wife and son of Sri Satyanarayan Prasad had really represented the Hindu undivided family notwithstanding the agreement or other evidence relied upon by the assessee. It will be for the Tribunal either to examine the deponents of any of the affidavits or refer the same to the Assessing Officer for fresh determination. In that view of the matter, we decline to answer the second question and direct the Tribunal to dispose of the appeal afresh in accordance with the observations made in the judgment. No order as to costs. BHAGABATI PRASAD BANERJEE J.- I agree.
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1990 (8) TMI 5
Charitable Purpose, Charitable Trust, Income Tax Act, Tax Deducted ... ... ... ... ..... he amount has not been spent or accumulated for the purpose of charity. In our view, therefore, the expenditure on salaries and miscellaneous expenses for the purpose of carrying out the objects and purposes of the trust must be considered as application for charitable purposes. However, in this case the quantum of the expenditure for carrying out the objects and purposes of the trust and the expenditure made to earn the income had not been separately allocated or determined. We, therefore, answer the second question by saying that the Tribunal was right in holding that the assessee will be entitled to the benefit of the expenditure made on salaries and miscellaneous expenses for the purpose of carrying out the objects and purposes of the trust only but any expenditure incurred for earning the income from dividend will not qualify as amounts spent for carrying out the objects and purposes of the trust. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-In agree.
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1990 (8) TMI 4
Business Profits - Tribunal's decided that neither profit nor loss can be ascertained from an abandoned construction contract - finding of fact - no reference lies
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1990 (8) TMI 3
Business Expenditure - whether the amount advanced by the assessee-employer for construction of houses under "Subsidised Industrial Scheme" for its employees would be in the nature of a revenue expenditure or capital expenditure - Tribunal was justified in concluding that it was revenue expenditure u/s 10(2)(xv) under IT Act 1922
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1990 (8) TMI 2
Firm - minors are admitted to benefits of partnership but they are treated at par with major partners - minors were admitted as full-fledged partners and, therefore, the partnership deed was not liable to be registered
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1990 (8) TMI 1
Banking Company - Interest on Sticky Loans - whether the interest on sticky advances is income for the assessment year 1968-69 - answer to the question is covered by the majority view of this court in State Bank of Travancore v. CIT - since company follows mercantile system, such income is taxable on accrual basis
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