Advanced Search Options
Case Laws
Showing 201 to 213 of 213 Records
-
1993 (6) TMI 13
Assessment Year, Retrospective Effect, Scientific Research ... ... ... ... ..... ted December 9, 1975. The resolution passed by the executive council of the University dated March 13, 1976, clearly indicates that the donations given would be utilised only in the 20 approved schemes. The question, in this background, is whether the benefit of additional 1 1/3 (one and one-third) deduction could be denied to the assessee only because the approval to the programme did not exist on or before the date of donation. The provision will have to be read as a whole and keeping its purpose in view. Even if there is any reasonable doubt, its benefit must go to the taxpayer. The question in the instant case is more or less academic, because, quite clearly, the approval dated December 9, 1975, is with retrospective effect. In this background, the Tribunal was perfectly justified in permitting to the assessee additional benefit under section 35(2A). The question is, therefore, answered in the affirmative and in favour of the assessee. There will be no order as to costs.
-
1993 (6) TMI 12
Development Allowance, Expenditure Incurred, Weighted Deduction ... ... ... ... ..... und. Rightly has the Tribunal held that it would be against the very letter and spirit to grant weighted deduction in respect of foreign expenditure incurred on foreign tour. Our attention was invited by learned counsel for the assessee to the two decisions-(i) CIT v. C. R. Narayana Rao 1984 146 ITR 310 (Mad) and (ii) Gokuldas Exports v. CIT 1993 200 ITR 401 (Kar), in support of a proposition that weighted deduction cannot be denied only because a particular expenditure did not result in actual export. The legal position on that point is well-settled. The Tribunal has taken note of it. A claim for weighted deduction is dependent upon fulfilment of certain conditions. Those conditions do not exist in this case. It may be mentioned that the assessee has already been granted deduction of the said amount as business expenditure under section 37(1). Under the circumstances, the question is answered in the negative, and in favour of the Revenue. There will be no order as to costs.
-
1993 (6) TMI 11
Capital Gains, Compulsory Acquisition ... ... ... ... ..... n actually received or accruing as a result of the transfer . Neither section 45 nor section 48 of the Income-tax Act speaks of the market value. It speaks of the full value of the consideration actually received or accrued. The only decision to which parties have drawn our attention is the case of Akola Electric Supply Co. Pvt. Ltd. v. CIT 1978 113 ITR 265 (Bom), in which the amount representing 25 per cent. of the value of the lands and buildings determined under the first proviso to section 7(1) of the Electricity Act on account of compulsory purchase was held to be includible in the sale price of the assets for the purposes of determination of the liability under section 41, sub-section (2), of the Income-tax Act. Under the circumstances, question No. 1 is answered in the affirmative and in favour of the Revenue. Question No. 2 is just the other side of the same coin. It is also answered in the affirmative and in favour of the Revenue. There will be no order as to costs.
-
1993 (6) TMI 10
Hindu Succession Act, Indian State, Individual Property ... ... ... ... ..... ht of partition, (2) the right to restrain alienations by the head of the family except for necessity, (3) the right of maintenance, and (4) the right of survivorship. In law, the first of the three rights could not exist in the case of an impartible estate, but the right of survivorship was never superseded. As rightly held by the Patna High Court in the case of CIT v. Maharaja Chintamani Saran Nath Sah Deo 1986 157 ITR 358, the eclipse of the rights of the members of a joint family in regard to, (1) right of partition, (2) right to restrain alienations by the head of the family except for necessity, and (3) right of maintenance, fell apart consequent upon the enactment of section 4(1) of the Hindu Succession Act. Under the circumstances, question No. 1 is answered in the affirmative and in favour of the assessee. The answer to question No. 2 is merely consequential. Hence question No. 2 is also answered in the affirmative and in favour of the assessee. No order as to costs.
-
1993 (6) TMI 9
Agricultural Income Tax, Individual Property ... ... ... ... ..... . We hold so. We are of the view that the clear position in law as stated in the text books, which we have extracted hereinabove, is not in any way neutralised or otherwise departed from, in the decisions brought to our notice by the respondent s counsel, viz., Gowli Buddanna v. CIT 1966 60 ITR 293 (SC) N. V. Narendranath v. CWT 1969 74 ITR 190 (SC) C. Krishna Prasad v. CIT 1974 97 ITR 493 (SC) and Surjit Lal Chhabda v. CIT 1975 101 ITR 776 (SC). Those decisions were rendered on their own special facts and are distinguishable. The common order of the Appellate Tribunal dated June 19, 1991, militating against the above legal position is hereby set aside. The matter is remitted to the Appellate Tribunal, for the assessment year 1978-79, 1979-80 and 1980-81, for passing appropriate orders in accordance with law and in the light of the observations contained hereinabove. T. R. C. No. 5 of 1992 is dismissed. T. R. C. Nos. 6, 7 and 8 are allowed to the extent indicated hereinabove.
-
1993 (6) TMI 8
Agricultural Income Tax, Best Judgment Assessment, Finding Of Fact, Rejection Of Accounts ... ... ... ... ..... in the preassessment notice, this matter was brought to the notice of the assessee. The objection raised by the assessee in this regard was considered. The assessing authority as well as the Commissioner of Agricultural Income-tax found on the basis of similar transactions in the nearby estates that the value of the trees, including the income from slaughter tapping, should be at least Rs. 140. This is largely a finding on a question of fact arrived at by the assessing authority and by the Commissioner of Agricultural Income-tax on the basis of the materials available before them. We do not find any error of law in the said finding. In the result, we are of the view that the order of the Commissioner of Agricultural Income-tax does not suffer from any error of law nor has the Commissioner failed to decide any question of law. There is no scope for interference under section 78 of the Agricultural Income-tax Act. There is no merit in this revision. The revision is dismissed.
-
1993 (6) TMI 7
Agricultural Income Tax, Auction Sale, Best Judgment Assessment ... ... ... ... ..... . There is no error in adopting such a course. In the light of the above facts, it is unnecessary to answer question No. 2 in the way in which it has been formulated. Suffice it to say that on the facts of this case, the records obtained from the C. M. C., Vandenmedu, formed sufficient material for the best judgment assessment and the assessing authority was justified in relying on the same, especially in the absence of a reply to the pre-assessment notice. We decline to answer question No. 2 in the form in which it is formulated but hold the view that the records kept in the C. M. C., Vandenmedu, and which formed the basis for the best judgment assessment, are a valid piece of material which was properly relied on by the assessing authority. The reference is answered as above. A copy of this judgment under the seal of this court and the signature of the Registrar shall be sent to the Kerala Agricultural Income-tax and Sales Tax Appellate Tribunal, Additional Bench, Kottayam.
-
1993 (6) TMI 6
Assessment Order, Income Tax Act, Original Assessment, Rectification Of Mistakes, Rectification Proceedings
-
1993 (6) TMI 5
Advertisement Expenditure, Business Expenditure, Expenditure On Advertisement, Income Tax Act, Income Tax Rules, Question Of Law
-
1993 (6) TMI 4
Income Tax Act ... ... ... ... ..... of the firm. The learned magistrate was, therefore, not justified in accepting even prima facie that exhibit-2 is the balance-sheet of the first respondent-firm for which the second or the third respondent is required to take responsibility. The revision petitioner failed to place before the learned magistrate any material to show that any of the liabilities was fictitious. The evidence is only about what the officers of the Income-tax Department felt or concluded in the assessment proceedings. That cannot be a material even for framing a charge, so far as criminal prosecution is concerned. No attempt was made to place before the court the records relating to the tyre dealers who, according to the alleged balance-sheet, advanced monies to the assessee. The learned magistrate was right in holding that no material had been placed before him which, if rebutted, would warrant conviction. I find no ground to interfere with the order of discharge and dismiss the revision petition.
-
1993 (6) TMI 3
Advance Tax, Assessed Tax, Attributable To, Business Expenditure, Concessional Rate, Depreciation Actually Allowed, Income Tax Rules, Purchase Price, Rent-free Accommodation, Waiver Of Interest, Written Down Value
-
1993 (6) TMI 2
Exemption From Additional Tax, Manufacture Or Processing Of Goods, Substantially Interested ... ... ... ... ..... thod. Concrete mixture was subjected to certain processes under pressure along with iron bars in bores in site. A new and independent product pile was thereby brought into existence. In that context, it was held that the activity of the assessee amounted to manufacture or processing. We may mention that this distinguishing feature had been noticed in the case of Oricon Pvt. Ltd. 1989 176 ITR 407 (Bom) and it was held that the point involved in the same was slightly different. We may incidentally mention that the Tribunal had relied upon its earlier decision in the case of Mont Blanc Hotels (P.) Ltd. In Income-tax Reference No. 198 of 1979 decided on February 8, 1993, a Division Bench of this court, to which one of us (Dr. B. P. Saraf J.) was a party, has answered the question against the assessee in that case relying on Oricon Pvt. Ltd. 1989 176 ITR 407 (Bom). Under the circumstances, the question is answered in the negative and in favour of the Revenue. No order as to costs.
-
1993 (6) TMI 1
Search And Seizure ... ... ... ... ..... return. No question was put to the respondent that the verification was false to his knowledge. In view of the above, in my opinion, the ingredients of section 277 of the Income-tax Act have not been proved in this case, and therefore, there can be no conviction under this section. Similarly, there is no acceptable evidence to warrant conviction under section 177 of the Indian Penal Code also. Normally, in an appeal against acquittal, the appellate court is always slow in interfering with the decision of the trial court. If two views are possible, the appellate court will be very reluctant to interfere with the order of acquittal, unless the other view is fanciful and unreasonable. I do not find that the view taken by the court below is wrong and unreasonable. Therefore, I find no reason to interfere with the judgment and order dated November 8, 1985, passed by the Additional Chief Judicial Magistrate, Guwahati, in Case No. 310C of 1973. Accordingly, the appeal is dismissed.
....
|