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Showing 281 to 286 of 286 Records

• 1991 (9) TMI 6
  

  New Industrial Undertaking, Special Deduction

  
  
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  ... ... ..... that the Tribunal is right in holding that the assessee does not manufacture or produce any article or thing to be entitled to relief under section 80J of the Income-tax Act, 1961. It is, therefore, submitted that the question referred may be answered in the negative and in favour of the Revenue. Accordingly, in our opinion, the decision of the Tribunal does not call for any interference by this court. In the facts and circumstances of the case and on a true and proper interpretation of section 80J of the Income-tax Act, 1961, the blending of different kinds of tea carried on by the assessee does not constitute manufacture or production of articles or things within the meaning of section 80J of the Income-tax Act, 1961, and the Tribunal was justified in law in not allowing relief under section 80J of the Income-tax Act, 1961. The question is, therefore, answered in the affirmative and in favour of the Revenue. There will be no order as to costs. AJIT K. SENGUPTA J.-I agree.

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• 1991 (9) TMI 5
  

  Charitable Purpose, Charitable Trust

  
  
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  ... ... ..... be any pronouncement on the intent and purpose of the circular. That issue was not before the Division Bench for decision. In the present case, the Board s circular permitting bank deposits for a stipulated minimum of duration assumes particular importance. On circumspection of the law and practice of banking in India and abroad, we are of the view that no minimum duration of the deposit can be set forth as the determinative criterion to decide whether a deposit in bank takes on the colour of an asset of a specie separate from cash fund from the sale of an asset. In the purview, the conclusion is inescapable that the net consideration of sale of any capital asset results in the conversion of the consideration into an asset when deposited in a bank and a new asset at that, within the meaning of section 11(1A). We, therefore, answer the questions in this reference in the affirmative and in favour of the Revenue. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.

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• 1991 (9) TMI 4
  

  Section 150 of Income-Tax Act 1961 woiuld be applicable even if assessments has been reopened under the Income-Tax Act 1922 - simplest course would have been to provide that the new Act would apply to all proceedings for the assessment year 1962-63 and thereafter

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• 1991 (9) TMI 3
  

  Wealth Tax - Whether the Appellate Tribunal was right in holding that the penalty should be calculated on the basis of the law prevailing prior to April 1, 1969, for the assessment year 1967-68 - leviability of penalty - law applicable at assessment year or at time of default - in case of continuing default, the law as at the assessment year cannot be applied

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• 1991 (9) TMI 2
  

  Whether the appellants who are partners in a firm of solicitors at Calcutta are liable to be taxed under the Wealth-tax Act in respect of their share of the outstanding due to the firm from various clients - question has been rightly answered against the appellants following the decision of SC in CWT v. Vysyaraju Badreenarayana Moorthy Raju

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• 1991 (9) TMI 1
  

  New Industrial Undertaking - Whether Tribunal was right in rejecting the assessee's claim for relief u/s 84 - section 84(7) makes it clear without any doubt that the period of five years was to start from the assessment year relevant to the previous year in which the undertaking began to manufacture or produce "articles". Since the language of the sub-section is plain and admits of no ambiguity, there is no scope of applying the rule of interpretation of a fiscal statute

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