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Showing 221 to 224 of 224 Records
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1991 (12) TMI 4
Balancing Allowance, Business Expenditure, Capital Or Revenue Expenditure, Income Tax Act, Income Tax Proceedings, Salary To Employee, Special Deduction, Surtax Assessment
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1991 (12) TMI 3
Capital Gains, Income Tax Act, Question Of Law ... ... ... ... ..... sfer and, therefore, the holding of a legal title within a period of one year is not a condition precedent for attracting section 54. In the instant case, the whole consideration was paid, possession of the flat was obtained and it was actually put to use for dwelling within four months, as a result exemption contemplated under section 54 was clearly attracted. Our pointed attention was drawn by the Revenue to the decision of the Supreme Court in the case of Alapati Venkataramiah v. CIT 1965 57 ITR 185 wherein the word transfer as found in section 12(b) of the Indian Income-tax Act, 1922, is interpreted as meaning passing of title . Since the word interpreted as well as its context are different, the ratio of that decision will have no application to the instant case. Under the circumstances, no question of law arises out of the order of the Tribunal and the Tribunal was justified in not making a reference. This application is dismissed. Rule discharged. No order as to costs.
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1991 (12) TMI 2
Question Of Law ... ... ... ... ..... f the Income-tax Act in view of the admitted fact that premises were not residential units ? The property known as Wani Market, is registered as a commercial complex in the municipal council and is used as shops. The benefit under the second proviso to sub-section (1) of section 23 of the Income-tax Act was claimed by the assessee on the basis that it was a residential unit. The Income-tax Officer did not grant that benefit. The Appellate Assistant Commissioner allowed the appeal of the assessee. The Tribunal confirmed the order passed by the Appellate Assistant Commissioner on the basis of a circular of the Central Board of Direct Taxes dated March 19, 1971, and the case of Tata Engineering and Locomotive Co. Ltd. v. Gram Panchayat, AIR 1976 SC 2463. In view of the language employed in section 23 and the relevant proviso, the above questions of law do arise out of the order of the Tribunal and, hence, this application is allowed and rule made absolute. No order as to costs.
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1991 (12) TMI 1
Additional amount payable for the import of machinery on account of devaluation of rupees - development Rebate - includibility of additional amount paid in actual cost for purpose of rebate - though development rebate was intended to promote development of industries, this could not be allowed at the cost of the foreign exchange resources of the country which are also depleted when there is an increase in liability due to devaluation of the currency
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