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Showing 281 to 292 of 292 Records
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1992 (1) TMI 12
Appellate Authority, Assessment Year, Exclusion From Limitation, Finding Or Direction, Income Tax Act, Information That Income Has Escaped Assessment, Relief In Respect
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1992 (1) TMI 11
Investment Company, Quoted Equity Shares ... ... ... ... ..... s satisfied by the evidence on the record and inference drawn from the record that the assessee was not guilty of fraud or any gross or wilful neglect and if the Revenue had not adduced any further evidence, then, in such a case, the assessee cannot come within the mischief of the section and suffer the imposition of penalty. That is the effect of the provision. Our attention was drawn by the Department s learned counsel to some decisions laying down a proposition that the Explanation is merely a rule of evidence and, therefore, the penalty order based on the Explanation does not get vitiated merely because it does not specifically refer to the Explanation. Since that principle of law is well-settled and is not disputed before us, it is unnecessary to refer to those cases. In the instant case, the Tribunal has not rejected the submission based on the Explanation for that reason. To conclude, we answer the question in the negative and against the Revenue. No order as to costs.
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1992 (1) TMI 10
Intercorporate Dividends, Rectification Proceedings, Special Deduction ... ... ... ... ..... order passed under section 154 of the Act that the Income-tax Officer has estimated a part of the entire expenditure as being allocable for earning the dividend. The dispute was, therefore, whether in the rectification proceedings, such allocation of expenditure between business income and income from other sources can be made. In our view, such a dispute cannot be the subject-matter of rectification proceedings under section 154, if the Income-tax Officer would have rightly or wrongly allocated a part of the expenditure towards earning of the dividend income but none the less allowed relief on the gross dividend. In that event, the contention raised by the Revenue would have substance. Having regard to the facts and circumstances of this case, we are of the view that the Tribunal came to the correct conclusion on the facts. We, therefore answer this question in the affirmative and in favour of the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-- I agree.
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1992 (1) TMI 9
Appeal From Assessment Order, Income Tax Act, Original Order ... ... ... ... ..... vember 19, 1979. The Tribunal applied the ratio of the decision of the Calcutta High Court in the case of Russell Properties Pvt Ltd. v. A. Clhowdhry, Addl. CIT 1977 109 ITR 229. We notice a catena of decisions rendered by this court as well as the Supreme Court taking the view that once the original order goes in appeal and the appeal is decided, the original order ceases to exist since it merges in the appellate order and hence the original order cannot be revised under the revisional jurisdiction. See CIT v. P. Muncherji and Co. 1987 167 ITR 671 (Bom), Ritz Ltd. v. Union of India 1990 184 ITR 599 (Bom), CIT v. International Conmputers Indian Manufacture Ltd. 1991 187 ITR 580 (Bom), Tel Utpadak Kendra v. Deputy Commissioner of Sales Tax 1981 48 STC 248 AIR 1981 SC 1617 and Khamdewal Ferro Alloys Ltd. State of Maharashtra 1991 80 STC 42 (Bom). Under the circumstances, we record the answer to the question in the affirmative and in favour of the assessee. No order as to costs.
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1992 (1) TMI 8
Income Tax Act, Industrial Undertaking In Backward Area, Special Deduction ... ... ... ... ..... a new business, of machinery previously used for any purpose. Hence, conditions Nos. (ii) and (iii) in sub-section (2) are also fulfilled. In this context, the Tribunal has rightly placed reliance upon the decision of this court in the case of CIT v. Associated Cement Companies Ltd 1979 118 ITR 406, wherein it is held that if a new industrial unit is established as a part of an already existing industrial establishment and if the newly established unit is itself an integrated independent unit in which new plant and machinery is put up and that by itself is capable of production of goods independently of the old unit, even the said unit could be classified as a newly established industrial undertaking, and will qualify for the relief. Thus, looked at from any point of view, the conclusion is inevitable that the assessee was entitled to deduction also under section 80HH. We, therefore, answer the question in the affirmative and in favour of the assessee. No order as to costs.
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1992 (1) TMI 7
Cancellation of the order regarding the previous year - whether the assessee's liability to excise duty in certain matters had ceased justifying action under section 41(1) - claim for deduction in respect of expenditure on scientific research
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1992 (1) TMI 6
Whether the Tribunal was right in law in holding that there was a change in the constitution of the firm within the meaning of the said expression u/s 187 and, accordingly, the provisions of s. 188 were not applicable - Whether the decision reached by the Tribunal, namely, that the income for the two periods November 3, 1967, to January 22, 1968, and January 23, 1968, to October 21, 1968, was required to be clubbed and assessed as a whole for the assessment year 1969-70 was correct in law
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1992 (1) TMI 5
Section 80O - deduction - royalty received in Foreign Exchange - we hold that the assessee was entitled to the relief under section 80-O - approval granted by the Board under that section was right and proper - for the assessment year 1983-84, the assessee does not qualify for deduction on the terms of that section as the contract receipts are fully covered by the provisions of section 80HHB
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1992 (1) TMI 4
Delay in filing applications for registration under section 184 - ITO refused registration - whether appeal can be fled by assessee against that rejection - Held, yes
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1992 (1) TMI 3
Appeal by the CIT relates to a decision of the High Court - objection is to the disallowance of a sum of ₹ 28,422 paid to the members of management board appointed to manage the affairs of a firm for some time, u/s 10(4)(b) - Having regard to the small sum involved, the huge lapse of time, and the fact that the assessee-firm was having as many as nine partners, we do not consider it necessary to express our opinion on a question which is not of recurring importance
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1992 (1) TMI 2
Computation of depreciation on service lines installed by the assessees, a part of the expenditure incurred in connection with the installation of which is recovered by the assessees from consumers of electricity - assessee having paid nothing for the asset, its actual cost should be taken at nil
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1992 (1) TMI 1
Speculation Loss - contract made to prevent loss in purchase transaction due to price fluctuations - section 24(1) - clause (a) cannot be applied on such speculative transactions
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