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Case Laws
Showing 141 to 160 of 291 Records
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1990 (9) TMI 155 - CEGAT, NEW DELHI
Stay — Predeposit of duty and penalty ... ... ... ... ..... vacated and the appeal is liable to be dismissed for non-compliance of provisions of Section 35F. The matter to come up for mention on 13th December, 1990. We further order that during the pendency of the appeal, the revenue authorities shall not pursue the recovery proceedings for the penalty amount of Rs, 1,50,000.00. 10. We have considered the applicants rsquo contentions in stay applications No. E/Stay/2096/90-B1, E/Stay/2097/90-B1 and E/Stay/2099/90-B1 in the matters of Vid-harbha Cables, Omega Scientific Co. and Central Capacitors (P) Ltd. against whom a penalty of Rs. 25,000.00 each has been imposed. We accept the prayers of these three applicants and are of the view that the payment of penalties will amount to undue hardship. We dispense with the predeposit of the same and further order that during the pendency of the appeals, the revenue authorities shall not pursue the recovery proceedings. With these observations, the stay applications are disposed of accordingly.
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1990 (9) TMI 154 - CEGAT, NEW DELHI
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... ... ..... ELM in the matter who may also lead such evidence as they possess in the matter. We may also mention that the remand order as above to two authorities has become a legal necessity as the appeals emanate from two sources of adjudication viz. one by the Assistant Collector through the Collector (Appeals), and the other by Collector directly appealable to the Tribunal. However, it is expected that the two authorities will conduct the proceedings in the de novo adjudication with some degree of coordination. We, however, find that there is no justification for imposing personal penalty on M/s. ELM in the facts and circumstances of the case, and especially in the light of the finding of the Collector of Central Excise, Calcutta that there was no ground for invoking the longer period for demanding the duty alleging suppression of facts by the assessee. In the circumstances, the penalty on M/s. Electric Lamp Manufacturers is set aside. The appeals are disposed of in the above terms.
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1990 (9) TMI 153 - CEGAT, NEW DELHI
Refund — Exemption Notification ... ... ... ... ..... lector (Appeals) and the Tribunal in the facts and circumstances of the case, as rightly pointed out by the learned Departmental Representative, the order of the learned Judicial Member does not deal with this point. Therefore, there is, really speaking, no point of difference on this particular aspect. Apart from that, since the basis for the two different perceptions (assuming that there is a point of difference) has not been set out in the order of the Member (Judicial) (he has not done so evidently because this point was not considered by him in view of his finding on the issue of limitation), it is not possible for me as Third Member to say whether I agree with one Member or the other. As such, I refrain from expressing any opinion on this point. 56. The papers may now be placed before the original Bench for the final disposal of the appeal. FINAL ORDER 57. In view of the majority opinion, the refund claim was barred by limitation. 58. The appeal is accordingly rejected.
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1990 (9) TMI 152 - ITAT MADRAS-B
Concessional Rate, Expenditure Incurred, Previous Year, Profits And Gains, Wholly And Exclusively
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1990 (9) TMI 149 - CEGAT, NEW DELHI
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... ... ..... boratories, photocopying studios, laundries, garages, workshops. It also excludes a single machine or a composite machine within the meaning assigned to it. 15. The expression service industry is not defined but the language used is services of any description such as hotels etc. The expression such as used is illustrative and the enumeration following the expression such as is not exhaustive. Jalal Plastic Inds. and Co.v. U.O.I. -1981 (8) E.L.T. page 663 (Gujarat) . The industry in dispute namely duplicating music system is similar to photo processing industry. Photo processing industry is excluded from the purview of Project Import Regulations. It follows from the above that duplicating music system is also a service industry, therefore, it also gets excluded from the purview of Project Import Regulations. Therefore, the appellants are not entitled for registration of their contract under the relevant regulations. 16. The appeal therefore fails and is accordingly dismissed.
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1990 (9) TMI 147 - ITAT INDORE
Levy Of Penalty, Tax Deducted At Source ... ... ... ... ..... on 3 were not applicable to the instant cases, we would have cancelled the penalties in the case of the firm. But the firm having committed a serious default of abstaining from filing the returns of income till the period for completion of the assessment had expired, has lost the right of such defence being considered. As stated above, we do not find that failure to file the returns had a reasonable cause. The case of the partner, Shri Umeshchand K. Patel is still worse. No material has been placed before us to evince that the claim of losses in the return of income had any foundation. In this view of the matter, coupled with the fact that his failure to file the return was also not supported with reasonable cause, there is no merit in his case. We have considered the case laws referred to by the learned counsel for the assessees. They are not in point. 8. In view of the above discussion, the orders of the CIT(A) are maintained. 9. In the result, all the appeals are dismissed
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1990 (9) TMI 146 - ITAT HYDERABAD-B
Bona Fide, Penalty Proceedings, Share Income ... ... ... ... ..... ch implies Concelare, to hide. Webster in his New International Dictionary equates its meaning to hide or withdraw from observation, to cover or keep from sight, to prevent discovery of, to withhold knowledge of . The offence of concealment is thus a direct attempt to hide an item of income or portion thereof from the knowledge of the income-tax authorities. It is implicit in the word concealed that there has been a deliberate act on the part of the assessee. The meaning of the word concealment as found in Shorter Oxford English Dictionary, 3rd Edition, Vol. I is as follows In law, the intentional suppression of fact or truth or fact none to the injury or prejudice of another. 7. Having regard to the facts and circumstances of the case and in view of the finding in regard to the existence of bona fide belief, we are of the opinion that there was no concealment of income. We, therefore, direct the ITO to delete the amount of penalty. 8. In the result, the appeals stand allowed
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1990 (9) TMI 145 - ITAT HYDERABAD-B
Carrying On Business, Deduction In Respect, State Electricity Board ... ... ... ... ..... High Court in CIT v. Sugar Dealers 1975 100 ITR 424, is also a case where the claim under consideration was towards a business loss. It was a case of forfeiture of security deposit on account of non-adherence to the terms of the contract which was claimed as a trading loss. The court accepted the assessee s claim for deduction of the amount on the ground that it was a contract entered into with a view to earning profits and forfeiture of security deposited by a businessman for properly carrying out a contract would be a trading loss and the assessee would be entitled to deduct such loss to arrive at the true profits of his business. The above decision, in our opinion, is clearly distinguishable on facts. 9. In view of the above discussion, we are of the opinion that the assessee is not entitled to deduction of the above sum of Rs. 4,53,241 in computing the income for the assessment year 1984-85. The revenue s appeal is allowed and the above sum is restored to the assessment.
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1990 (9) TMI 144 - ITAT GAUHATI
A Firm, Short-term Capital Gains ... ... ... ... ..... hat the cost of acquisition of the assets on the basis of the papers and materials available will have to be taken at the cost by which the previous owner, i.e., the firm had acquired the same. 19. In view of what we have discussed above, we are of the opinion that the asset became the property or asset of the partners on the basis of the partition deed, executed and registered in August 1982, and since the property was sold by them individually sometime in December 1982, there was a short term capital gains in their separate hands. As far as the cost is concerned, we have given our opinion in the preceding paragraphs, which we need not repeat here. In respect of this contention of the assessee, the same cannot be accepted. Accordingly, the separate orders of the DCIT(A) are reversed and the orders of assessment passed by the assessing officer are restored on the point at issue. 20. The appeals by the revenue are allowed and the cross objections by the assessees are dismissed
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1990 (9) TMI 143 - ITAT GAUHATI
A Partner, Carrying On Business, Deemed Gift, Partnership Firm, Transfer Of Property ... ... ... ... ..... ., to the extent of the assessee s share in the interest of the firm, the same has to be excluded and only the remaining part will have to be taken into account in the matter of computing the value of the gift, in the circumstances. 27. After considering the various aspects of the matter, we are of the opinion that there is substance in the submission of the assessee s counsel on this point. We, therefore, direct that the subject-matter of the gift has to be restricted to the value of the properties as discussed in the preceding paragraph after excluding the specified portion or share of profit or loss of the assessee from the said firm. The GTO would, thereafter, recompute the taxable gift and allow admissible relief to the assessee. 28. Accordingly, the order of the CIT(A) is reversed and that of the GTO is restored subject to our directions for recomputation of the taxable gift in the line indicated by us above. 29. In the result, the appeal filed by the revenue is allowed
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1990 (9) TMI 142 - ITAT DELHI-E
Advance Tax, Expenditure Incurred, Interest Payable By Assessee ... ... ... ... ..... o pay more tax in first two instalments than as per the statement of advance tax filed and thereafter as per his own estimate which incidently was higher than as per the statement of advance tax. Interest under sections 215 and 217 is chargeable under different circumstances with which we are not concerned in this case. Considering the facts and circumstances of the case, we are of the view that interest under section 216 is not chargeable in this case. By filing an estimate showing income of Rs. 16 lakhs on 15th March, 1982 as against the income of Rs. 10,58,000 on which advance tax was payable, the assessee has not unde-restimated the advance tax payable by him to reduce the amount payable in either of the first two instalments but on the contrary has enhanced his liability to pay more advance tax than payable by him under sub-section (1) of Section 209A. As such interest charged under section 216 is hereby deleted. 8. In the result, appeal of the assessee is partly allowed
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1990 (9) TMI 141 - ITAT DELHI-D
Balancing Charge, Capital Gains, Insurance Company, Previous Year, Write Off ... ... ... ... ..... and therefore, the compensation amount received from the insurance company, neither has the character of compensation for depreciation allowed or as capital gains. We draw support from the Supreme Court ruling in Super Paper Mills Ltd. 1978 112 ITR 776 for our conclusion. We are therefore of the opinion that the insurance compensation received of Rs. 3,05,000 is neither taxable as income under section 41(2) nor partly under section 41(2) and under section 45 of the Act. The corollary would be true of the claim of deduction of Rs. 2,40,746, that it does not represent the left over balance of asset after its sale, destruction or demolition or discard and, therefore, cannot be allowed as a deduction under section 32(1)(iii) of the Act and this claim is accordingly rejected. 6. The other issue relating to the claim of deduction of Rs. 730 disallowed by applying section 40A(3) was not pressed, and accordingly, this ground is rejected. 7. In the result the appeal is allowed in part
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1990 (9) TMI 140 - ITAT DELHI-D
Carrying On Business, Investment Allowance, New Industrial Undertaking, Profits And Gains ... ... ... ... ..... apter VI-A has to be worked out. They had come to this conclusion on the basis that the words of the Act have to be taken on their plain meaning for which proposition they had placed reliance on the Supreme Court ruling in CIT v. Madurai Mills Co. Ltd. 1973 89 ITR 45 and on CED v. R. Kanakasabai 1973 89 ITR 251. The special bench did not have any occasion to consider theMadrasand the Andhra Pradesh High Court decisions, because they were never cited by either of the parties. The Madras High Court is an early decision, while the Andhra Pradesh High Court is of29th Feb. 1988. The special bench decision is of19th Oct., 1989which has the added strength of the Supreme Court rulings. Therefore, respectfully following the said decision of the special bench, we set aside the direction of the CIT(A) to allow the deduction u/s 80JJ by relating to the gross total income and restore the order of the assessing officer s view on this point. 8. In the result, the appeals are allowed in part
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1990 (9) TMI 139 - ITAT DELHI-C
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... ... ..... e in the middle of the year and again at the end of the year. The submission was that if any addition on account of under valuation of the closing stock is to be made that should be at the end of the year. He, therefore, urged that the first addition of Rs. 98,719 should be deleted as such. The learned Departmental Representative, on the other hand, has contended that both the additions were justified. 11. We have considered this argument very carefully. We agree that two trading additions on account of under valuation of the closing stock cannot be made, but it has to be noted that the addition with reference to stock addition found at the time of search in 4th Feb., 1986 is not a trading addition, but an addition under s. 69A of the IT Act being the value of the stock found in excess of the stock that should been available with the assessee. We therefore, do not find any merit in this argument of the assessee. 12. In the result, the appeal by the assessee is partly allowed.
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1990 (9) TMI 138 - ITAT DELHI-C
Late Filing ... ... ... ... ..... been examined in detail as penalty in any case was found not imposable there being a reasonable cause for the delay. 8. Considering the facts and circumstances of the case for the aforementioned reasons, we are satisfied that the AAC was wrong in holding that in view of provision of Section 271(3)(d) no penalty under section 271(1)(a) was imposable in this case. The decision of the first appellate authority is accordingly set aside. 9. However, it is observed from the penalty orders for the respective years that penalty has been imposed 1 p.a. of the gross receipts. Under section 271(1)(a) penalty imposable is 1 of the total income computed under the provision of income-tax Act without giving effect to the provisions of Sections 11 and 12 for each year. The assessing officer shall re-calculate the penalty after calculating the income of the trust without giving effect to provisions of Sections 11 and 12 of the Act. 10. In the result, appeals of the revenue are partly allowed
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1990 (9) TMI 137 - ITAT DELHI-C
Industrial Undertaking, Previous Year, Profits And Gains ... ... ... ... ..... he absence of this unit carrying on the manufacturing activity in the assessment year, it cannot be said to satisfy the third condition of manufacture or production of article or thing and therefore, for the year under appeal, it does not remain as an industrial unit for the limited application of this section. Therefore, the relief under section 80-I cannot be permitted for the year under appeal. 29. This can be construed from another angle as well. The deduction has to be allowed under section 80-I out of the profits of the undertaking, which must be derived from the activity of the unit. In the absence of any industrial activity of the unit, the profit of the unit would be obviously nil and from such nil profits, no relief can be permissible. We are, therefore, of the view, that the claim of the A for relief under section 80-I in respect of Jamna Kinara Unit is clearly misplaced and hence rejected. 30 to 47. These paras are not reproduced here as they involve minor issues
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1990 (9) TMI 136 - ITAT DELHI-B
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... ... ..... sallowed the balance of Rs. 9,503. In view of the provisions of Explanation 2 to s. 37(2A), the disallowance was sustained by the CIT(A). 35. We have heard the learned authorised representatives of the parties. The assessee has not filed details of the business promotion expenses. The authorities below have made the disallowance on the ground that the expenses were in the nature of entertainment expenses. The assessee has not placed any material before us to show that the entire expenses were not entertainment expenses. We, therefore, find no reason to interfere with the order of the CIT(A) on the point. 36. The last ground disputes the disallowance of 1/4th of the car expenses, driver s salary and depreciation on car. For the reasons already given above, while considering the appeals for the other two assessment years, we restrict the disallowance to 1/5th of the claim. 37. For the foregoing reasons, all these three appeals stand partly allowed to the extent indicated above.
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1990 (9) TMI 135 - ITAT DELHI-B
Public Limited Company ... ... ... ... ..... . That has already been furnished along with the returns on23-7-1984. (c) The next item required to be filed was details of vehicle which was sold. In this, he may estimate the profit under section 41(2), but apart from that, it has no other impact. In respect of other details asked for, we do not see how the ITO could ignore the loss returned by the assessee. Surely, he does not propose to make any addition for low gross profit in the case of big public limited companies. In any case, full manufacturing and trading account has already been furnished. The details of cylinders rent have already been furnished along with the return. 5. Under these circumstances, we are of opinion that there are very few items, which had an impact on the computation of income. The ITO can draw an adverse inference on these few items only. He is directed to reconsider the income to be computed on the basis of the directions given above. 6. The appeal is treated as allowed for statistical purposes
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1990 (9) TMI 134 - ITAT DELHI-B
Indian Company, Mineral Oil ... ... ... ... ..... , is concerned, the facts of those cases are different from the facts of the present case. In those cases there was a temporary lull and cessation of activity whereas in the present case there was complete cessation and no business activities in Iran were carried on as per agreement and later on the assessee has received the compensation in pursuance to settlement, so the assessee cannot take benefit of the ratio laid down in those cases cited above. In view of our above discussion, we are of the opinion that the Commissioner of Income-tax has rightly revised the order passed by the IAC (Asst.) directing the IAC (Asst.) to recompute the total income after disallowing the claim of the assessee under section 32 and under section 42 in regard to the business assets in Iran and exploration expenditure. Therefore, we are of the opinion that no interference is called for. We agree with the findings given by the Commissioner of Income-tax. 6. In the result, the appeals are dismissed
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1990 (9) TMI 133 - ITAT DELHI-B
Industrial Undertaking, Priority Industry, Profits And Gains ... ... ... ... ..... Tribunal found that though the number of workers at a certain period was reduced to six, on an average there had been 10 workers employed in the undertaking and this was sufficient and that the assessee was entitled to the relief under section 84 of the Income-tax Act, 196l. 5.2 The Tribunal s decision in case of Bangaru Manikayam was cited, but that issue is not in dispute before us. 6. The assessee s claim, therefore, for assessment years 1979-80 and 1982-83 is allowed, whereas for assessment year 1981-82 the appeal is restored back to the AAC who is directed to readjudicate the issue de novo after verifying the number of labourers engaged by the assessee during manufacturing season in the light of principles enunciated above. To clarify we are restoring back the issue only for Verification of number of employees because otherwise the assessee is entitled to the said deductions. Appeals for 1980 and 1982-83 are allowed and that for 1981-82 is allowed for statistical purpose
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