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Showing 301 to 310 of 310 Records

• 1992 (2) TMI 10
  

  Investment Allowance

  
  
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  ... ... ..... o reason or practicality. One may or may not conceive of certain parts or stages of the process as principal process and the rest as accessory process, but that makes no difference to the fact that all processes taken together constitute an indivisible integral process. As a matter of fact, all machinery and equipment that are necessary to make the assessee s manufacturing unit in a state of operational integration pertain to its manufacturing process because there cannot be any manufacture unless this operational integration is achieved after installation of the plant and the plant goes operational. Therefore, any machinery or plant having link, however minor, in the total process of the operational integration should be taken as machinery or plant pertaining to the manufacturing process. For the reasons aforesaid, we answer the question in the affirmative and against the Revenue 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 (2) TMI 9
  

  False Statement In Verification, Firm, Offences And Prosecution, Wilful Attempt To Evade Tax

  
  
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  ... ... ..... assisted in making sales. Exhibits D-1 to D-8 also show that the receipt of remuneration by the said two persons was reflected in their income-tax returns which were accepted by the authorities. In such circumstances, no inference can be drawn that mens rea was present in the mind of the second petitioner when he filed the returns. It is also to be noted that the statement of the accountant was that he wrote the accounts at the instance of the father of the second petitioner, namely, A-4, and that it was not at the instance of the second petitioner. It has, therefore, to be held that, in the absence of any evidence adduced by the prosecution to show that there was a wilful attempt to evade tax or that the statement in the verification of the returns was with the knowledge that it is false, the convictions and sentences cannot be sustained. The convictions and sentences are, accordingly, set aside and the revisions are allowed. The fine paid by the petitioner will be refunded.

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• 1992 (2) TMI 8
  

  Firm, Gift, Gift Tax

  
  
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  ... ... ..... ent reported in D. C. Shah v. CGT 1982 134 ITR 492 and that the reference case may be disposed of accordingly without any further requirement. The question is answered accordingly, in the affirmative and in favour of the assessee.

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• 1992 (2) TMI 7
  

  Industrial Undertaking

  
  
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  ... ... ..... under section 80J to the self-same partnership firm of which the assessee is a partner. We have, however, negatived such decision of the Tribunal in the case of the firm with respect to its claim under section 80J, in Income-tax Reference No. 293 of 1987 (CIT v. Madgul Udyog 1994 208 ITR 541 (Cal)), where the judgment was delivered on January 20, 1992, and where we have held that construction of buildings cannot fall under manufacture or production of articles. The word article , in our view, clearly refers to movables. So does the word goods . We, therefore, hold that the assessee, as a partner of the firm, Messrs. Madgul Udyog, engaged in construction of multi-storeyed buildings, is not entitled to the exemption under section 5(1)(xxxii) in respect of the value of her interest in the firm. For the reasons aforesaid, we answer the question in the negative and against the assessee and in favour of the Revenue. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.

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• 1992 (2) TMI 6
  

  Capital Redemption Reserve, Chargeable Profits, Companies Profits Surtax, Company Surtax, Computation Of Capital

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• 1992 (2) TMI 5
  

  Income Tax Act, Revised Return

  
  
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  ... ... ..... ld be frustrated. Learned counsel for the respondents did not deny the fact that the revised return was filed before the assessment order was passed by the Inspecting Assistant Commissioner. It is also not denied that this fact was brought to the notice of the Inspecting Assistant Commissioner on June 17, 1981, at the time when the petitioner was called for hearing. In view of this undisputed fact, it will have to be held that the Inspecting Assistant Commissioner committed an error in not taking into consideration the revised return filed by the petitioner. The order passed by him, therefore, will have to be quashed and set aside. In the result, this petition is allowed. The impugned order of assessment, exhibit F , and the demand notice, exhibit G , are quashed and set aside. The concerned Income-tax Officer is now directed to complete the assessment proceedings after taking into consideration the revised return. Rule is made absolute accordingly with no order as to costs.

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• 1992 (2) TMI 4
  

  Private Company

  
  
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  ... ... ..... Company, at 132, Cotton Street, where Atmaram Goel and Mahendra Kedia were stated to be working. They could not also produce any document to show that they were the employees of N. K. Trading Co., and that they were receiving salaries from the alleged firm in the year under reference. The Income-tax Officer only enquired of six of the shareholders. Having regard to all these facts, if the Commissioner was of the view that the assessment was not made after proper and detailed enquiries which should have been made before the subscription on account of share capital was accepted, it cannot be said that the conclusion of the Commissioner on these facts is erroneous. In our view, the Tribunal decided the question purely on a question of law and not on the facts found by the Commissioner of Income-tax. For the reasons aforesaid, we answer the question in this reference in the negative and in favour of the Revenue. There will be no orders as to costs. SHYAMAL KUMAR SEN J.--I agree.

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• 1992 (2) TMI 3
  

  Liability of director for liabilities of company when company is deemed as Public Company - order passed under section 179 and revision order u/s 154 are quashed - proceedings against the present appellants for recovery of the tax due from the company should not be taken - any amounts which might have been paid either by the appellants or by the company in the course of the proceedings now under challenge will not be liable to be refunded to the appellants

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• 1992 (2) TMI 2
  

  Search and Seizure - Commissioner of Income-tax, Delhi-IX and X, had passed orders under section 132(12) allowing petitions filed by the appellant to release the pay orders in question to the appellant - several developments in the case - petitions filed before the Commissioners by the appellant, under section 132(11) of the Income-tax Act would be restored to the file of the Commissioners

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• 1992 (2) TMI 1
  

  After the repeal of section 137 of the Act, there is no longer any impediment left in the way of a court to summon the production of documents filed by an assessee before the income-tax authorities after April 1, 1964, relating to assessment proceedings for 1964-65 onwards and that the finality attached to an order of the Commissioner under section 138(1)(b) has no relevance to the exercise of powers by a court to summon the production of documents in a case pending before the court

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