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Showing 161 to 180 of 266 Records
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1993 (8) TMI 107 - ITAT BOMBAY-E
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... ... ..... ord includes in that section do not exhaust the category of other persons, who answer the description of a person . In view of this, in the case of Bharani Pictures, the firm was held to be a legal entity exigible to the gift-tax levy. In the case of Aminchand Pyarelal it was held that a firm is not included in the definition of persons under s. 2(xviii) of the GT Act, 1958. Hence, a firm is not assessable as an entity under the GT Act. We, therefore, find that there is cleavage of judicial opinion on this aspect. The apex Court in the case of CIT vs. Vegetable Products Ltd. 1973 CTR (SC) 177 (1973) 88 ITR 192 (SC) has held that if the interpretation of a fiscal enactment is open to doubt, the construction most beneficial to the subject should be adopted. In view of this, we are inclined to follow the ratio laid down by the Calcutta High Court in the case of Aminchand Pyarelal. We, accordingly, uphold the impugned order. In the result, appeal of the Revenue stands dismissed.
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1993 (8) TMI 106 - ITAT BOMBAY-D
Charitable Institution ... ... ... ... ..... ft or gratuitous payment is, in simple English, a donation. A grant for quidpro quo is not donation. This view was taken by the Apex Court in the case of P.V.G. Raju. We find that the element of quid pro quo did exist in the facts of the present case. The dominant object as described on the face of the receipt was benevolence for admission of assessee s son . The benevolence shown by the institute was for a consideration of Rs. 30,000. Therefore, the use of of the word benevolence as such is misnomer. However, nomenclature is not a decisive guide. Testing the character of payment on the touchstone of the ratio laid down in P.V.G. Raju s case, we find that it is not coming within the ken of section 80G. There is no merit in the alternate submission in regard to the allowability of 50 per cent of the claim. As payment is not donation in legal sense, no deduction can be allowed. Accordingly, we uphold the impugned order. 7. In the result, appeal of the assessee stands dismissed.
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1993 (8) TMI 105 - ITAT BOMBAY-C
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... ... ..... few months and nothing more. The depreciation is something which the assessee is entitled to get either in this year or the year to follow because it is not the case of the Department that the cylinders were never given on lease. As observed earlier, there is enough material to show that the assessee had acquired the cylinders in the previous year relevant to the assessment year under consideration, and there was also an agreement of lease between the assessee and the lessee. The assessee had also received by way of advance a sum of Rs. 5,000 which fact has been conveniently omitted by the Revenue in their discussion on the merits of the case. We, in the circumstances, hold that the Department was not justified in not granting depreciation. 6. The next ground of appeal, which is against charging of interest under s. 217(1A) of the Act would not survive in view of our finding that the assessee is entitled to depreciation on the cost of the cylinders. 7. The appeal is allowed.
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1993 (8) TMI 104 - ITAT BOMBAY-C
Assessing Officer, Assessment Year, Business Expenditure, Deduction Of Interest, Development Allowance, Interest Payable, Investment Allowance, Previous Year, Purchase Price, Retrospective Amendment
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1993 (8) TMI 103 - ITAT BOMBAY-B
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... ... ..... ndustry which has sponsored the project. 2. The Manipal Institute of Technology will provide all the testing facilities at a very nominal cost. 3. The Manipal Institute of Technology will conduct short courses in continuing education for the benefit of the engineers and the personnel of the benefactor industries. 4. They can recommend first class students who have aptitude for admission to engineering course. 32. In view of the above, we are of the opinion that the sum of Rs. 2 lakhs does not qualify as a donation at all, and was only a grant for a quid pro quo for a material return. In view of this, even if the Manipal Institute of Technology holds a certificate of exemption under s. 80G, the sum of Rs. 2 lakhs will not be entitled to a benefit under s. 80G, since it is not a donation . 33. The Department s ground of appeal is allowed and the assessee will not be entitled for a benefit under s. 80G for the above sum. 34. In the result, Department s appeal is partly allowed.
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1993 (8) TMI 102 - ITAT BOMBAY-B
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... ... ..... he course of assessment. He, therefore, declined to consider this additional ground filed before him. 40. The learned counsel for the assessee very fairly admitted before us that the order under s. 263 in question had been quashed by the Tribunal in appeal and in application under s. 256(1) had also been rejected. The issue, therefore, does not survive for consideration any more. For statistical purpose this ground is rejected. 41. In the result, assessee s appeal is partly allowed. 42. We now come to C.O. No. 489/Bom/88 filed by the assessee. The only ground taken is that the CIT(A) erred in confirming the interest under s. 216 levied by the Assessing Officer. The CIT(A) observed that the assessee was not able to elaborate its stand that interest under s. 216 was excessive, the ground was, therefore, rejected. No further elaboration was made before us either. We are, therefore, unable to interfere with the order of the CIT(A) in this regard. The cross objection is rejected.
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1993 (8) TMI 101 - ITAT BOMBAY-B
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... ... ..... le to the facts. It will also be worthwhile to mention that in any case, if the cost cannot be ascertained, then, the Department cannot bring to tax the profits of Rs. 23,75,230 as has been done in the assessment order. 13. In the light of the above, we would concur the decision of the Tribunal in the case of M/s Kalpana Textile Pvt. Ltd., and hold that the notional loss of Rs. 47,40,000 should be set off against the capital gains of Rs. 23,75,230, resulting in a net short-term capital loss of Rs. 23,64,770. 14. In the result, Department s appeal is dismissed. 15. We now come to assessee s appeal in ITA No. 3060/Bom/87 against the order under s. 263. 16. The learned counsel for the assessee very fairly submitted that in case the Department s appeal in ITA No. 6525/Bom/90 was dismissed, then, the assessee s appeal would be infructuous and may be filed as such. We, therefore, file this appeal as infructuous. 17. For statistical purposes the appeal will be treated as dismissed.
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1993 (8) TMI 100 - ITAT BOMBAY-B
Business Deduction, Allowability of ... ... ... ... ..... er, in our opinion, the purchase of the goods in the month of March 1985 does not make any difference. The appellant might not have carried on any business activities prior to March 1985, but that does not mean that the appellant was not entitled to carry on the business activity in the month of March 1985. The appellant cannot be compelled to carry on the business activity throughout the year. There are no good reasons to disbelieve the sales made by the appellant to M/s. Shree Sitaram Dyeing and Printing Mills (P.) Ltd. No sales were likely to be effected if there were no purchases. A sale can be made if the goods are available with the seller. From all these facts on record, a reasonable and convincing inference which can be drawn is that the appellant purchased the textile goods, sold them and adjusted the same towards the loan taken by it. Therefore, the assessee is entitled to get the entire deduction. 15. In the result, the appellant succeeds and the appeal is allowed.
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1993 (8) TMI 99 - ITAT BOMBAY-A
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... ... ..... w. It is not as if the customers are not identifiable. It is admitted that all the customers from whom excise duty was collected continued to remain with the assessee but they were not claiming the refund as they have regular running accounts with the assessee and also for a variety of business considerations. It cannot, therefore, be said that the assessee had appropriated the money or the liability to refund has ceased. 7. For all these reasons, I am inclined to agree with the view expressed by the learned Judicial Member. 8. The matter will now go before the regular Bench for disposing of the appeal in accordance with the opinion of the majority on this point. 9. Before I part with this matter, I would like to mention that while the order of the Judicial Member shows that the amount in question was Rs. 10,99,024 the amount mentioned in the point of difference of opinion was Rs. 10,24,652. The Bench, I hope, will look into this matter at the time of disposal of the appeal.
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1993 (8) TMI 98 - ITAT BANGALORE
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... ... ..... lower authorities of taxing the profits arising out of the transactions as business profits. 10. There is no substance in the argument put forward by the representative of the assessees that at least the profit arising out of the sale of the redeemed gold should be treated as capital gains. Inasmuch as the Gold Bonds themselves have not been considered by us to be capital assets, the gold received by the assessees on redemption of such gold bonds cannot also be considered as capital assets. Hence, this particular contention of the counsel of the assessees is being rejected. 11. In another ground, it has been contended that the levy of interest under ss. 139(8) and 215 is illegal. No reason has been shown in support of this contention nor did the representative of the assessees also press this particular point at the time of the hearing of the appeal. Hence, this ground is also being rejected. 12. In the result, all the four appeals filed by the assessees are being dismissed.
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1993 (8) TMI 97 - ITAT BANGALORE
Double Taxation Relief, Double Taxation Avoidance Agreement, Non-resident Company ... ... ... ... ..... ard Triumph Motor Co. Ltd. 1979 119 ITR 572 he has come to the conclusion that the assessee has been offering the royalty and fees for technical services on receipt basis only and hence, there is no case to permit the assessee to switch over to accrual basis only in respect of payments from MECON. The abovementioned decision of the Madras High Court has subsequently been approved by the Supreme Court in Standard Triumph Motor Co. Ltd. s case. It has virtually been held that for a non-resident assessee, accrual and receipt becomes synonymous. In the instant case, the assessee has been taxed on actual receipt basis in year to year manner. The question of accrual of the income in India would, therefore, be irrelevant to the issue of taxation of technical services fee received by the assessee. We therefore, do not find any merit in this particular ground of the assessee also and reject the same. 10. In the result, the appeals filed by the assessee for all the years are dismissed.
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1993 (8) TMI 96 - ITAT BANGALORE
Business Income, Assessable As ... ... ... ... ..... lower authorities of taxing the profits arising out of the transactions a business profit. 10. There is no substance in the argument put forward by the representative of the assessees that at least the profit arising out of the sale of the redeemed gold should be treated as capital gains. Inasmuch as the Gold Bonds themselves have not been considered by us to be capital assets, the gold received by the assessee on redemption of such Gold Bonds cannot also be considered as capital assets. Hence, this particular contention of the counsel of the assessees is being rejected. 11. In another ground, it has been contended that the levy of interest under sections 139(8) and 215 is illegal. No reason has been shown in support of this contention nor did the representative of the assessee also press this particular point at the time of the hearing of the appeal. Hence, this ground is also being rejected. 12. In the result, all the four appeals filed by the assessees are being dismissed.
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1993 (8) TMI 94 - ITAT AMRITSAR
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... ... ..... t by the ITO in those registers or statements. It is on the basis of those registers that the levy rice is taken by the Govt. Under similar circumstances, such additions were deleted by the ITAT, Amritsar and Chandigarh in the cases cited above. The judgment of Madras High Court relied upon by the Tribunal also goes squarely in favour of the assessee. In view of this, the addition of Rs. 5,44,000 made by the ITO cannot sustain and is deleted. 6. We do not find any infirmity in the reasoning and conclusion of the learned CIT(A) as the same is based on the decision of Hon ble Madras High Court in the case of CIT vs. Ramakrishan Mills (Coimbatore) Ltd (1974) 931 ITR (Mad) and also the decision of Tribunal, Amritsar Bench in ITA No. 412/Asr/1988 dt. 23rd March, 1993 in the case of Devgun Rice and Gen. Mills vs. ITO. Accordingly, this ground of appeal is also decided in favour of the assessee and against the Revenue. 7. In the result, the appeal filed by the Revenue is dismissed.
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1993 (8) TMI 93 - ITAT AHMEDABAD-C
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... ... ..... penalty, it does not mean that penalty must necessarily be imposed in every case falling within ss. 269SS or 269T. Even if the minimum penalty is prescribed the authority competent to impose the penalty will be justified in refusing to impose penalty when there is a technical breach or venial violation of the provisions of the Act or where the breach flows from a bone fide belief like in the present case. Such a view is fully fortified by the judgment of the Hon ble Supreme Court in the case of Hindustan Steel Ltd. vs. State of Orissa,. Since we have held that the transactions in question were bona fide and genuine transactions and were made on account of urgent business necessity and there was no guilty intention or guilty mind on the part of the assessee at the time when these transactions were made, the penalties levied on the assessee also deserves to be cancelled in view of the aforesaid judgment of the Hon ble Supreme Court. 13. In the result the appealls are allowed.
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1993 (8) TMI 92 - ITAT AHMEDABAD-C
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... ... ..... , it was, therefore, impossible in the year under consideration for the assessee to annex the proof of payment along with the return at that point. Thus there was an impossibility of complying with the procedural requirement of furnishing the evidence of payment along with the return for asst. yr. 1984-85 to asst. yr. 1987-88. This is why the Tribunal had directed the ITO to verify the fact into whether the payments in question have been made before the time prescribed under s. 139(1). This adequately safeguards the interest of Revenue. 16. This being the clear position, we find that the miscellaneous application by the Department on the ground that the order of the Tribunal should be amended, is without any basis. The filing of challan being a procedural part is sufficient compliance subsequently at the assessment stage and is sufficient. 17. In the light of the above discussions, we find no merit in the miscellaneous application by the Department and hence it is dismissed.
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1993 (8) TMI 91 - ITAT AHMEDABAD-C
Appellate Tribunal ... ... ... ... ..... State as a litigant does not stand to gain by filing the appeals beyond the prescribed period of limitation. This decision supports more the case of the revenue than that of the assessee. Nonetheless the observations of Their Lordships of the Supreme Court in Mst. Katiji s case are registered in our mind but at the same time, we cannot remain passive or oblivious to the other judgments rendered by the Apex Court in relation to the condonation of delays in pursuing the remedies available in an enactment particularly, a special enactment like the Income-tax Act, 1961 or the other related direct tax laws namely, the WT Act and GT Act. 8. After due consideration of the facts and circumstances brought out for condonation of the delay and from the discussions made by us above, we are of the considered view that the assessee has not been able to explain satisfactorily the delay of 518 days in filing the present cross-objections. The same are, therefore, dismissed as barred by time.
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1993 (8) TMI 90 - ITAT AHMEDABAD-B
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... ... ..... from the books of account and ultimately the tax audit was completed on 31st March, 1986. The validity of the provisions was also under challenge before the jurisdictional High Court and the constitutional validity of those provisions was upheld vide the above referred judgment dt. 31st March, 1986 with the observations for adopting a liberal approach for the first year, asst. yr. 1985-86 viz., Rs. 85. Considering all these facts and circumstances and considering the fact that this was the first year of the requirement of tax audit, we are of the considered opinion that the delay in obtaining the tax audit report was fully explainable by the aforesaid reasonable causes explained by the assessee before the Departmental authorities. The penalty was, therefore, not validly imposable for the aforesaid year. We, therefore, cancel the said penalty. 19. In the result, ITA No. 610 and ITA No. 611 are allowed, ITA No. 612 is partly allowed and ITA No. 613 is dismissed as infructuous.
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1993 (8) TMI 89 - GOVERNMENT OF INDIA
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... ... ..... e comes on termination of such work. 6. It is seen that vide Customs Notification No. 43/92, dated 19-6-1992 an explanation was added under Rule 4A(ii) stating that expression work abroad shall include Government officials deputed on training abroad. Though this explanation came only on 19-6-1992 since this is only an explanation it merely means that the position has been clarified. It is well settled that an explanation added to a statutory provisions is not substantive in any sense of the term.... it is merely meant to explain or clarify certain ambiguities which may have crept in statutory provisions S. Sunder Pillai v. G.R. Pattabiraman - AIR 1985 SC 582 . 7. In view of the above discussions it is felt that there is no merit in the review proposal. Accordingly, the proceedings initiated vide show cause notice of even number dated 15-1-1993 are hereby dropped. The order of Collector (Appeals) is upheld with consequential relief to the respondent. It is ordered accordingly.
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1993 (8) TMI 88 - GOVERNMENT OF INDIA
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... ... ..... uts and duty relatable thereto it shall be unfair to the Revenue if a break-up of pricing structure is allowed where higher duty incident raw materials are allowed segregation after enjoying exemptions and not taken into account for deductions from the drawback which is permissible at a lower rate. (as happens to be the case here Rate of duty on labels was over 100 and drawback 6 to 10 ad valorem). 11. It is well settled that fixing of labels is an activity connected with manufacture of the goods so as it makes them marketable. Therefore, there is no merit in the respondent s plea that the labels are not used in the manufacture of the goods so as to attract the provisions of Rule 3(1) of the Drawback Rules. Hence, Rule 3(1) of the Drawback Rules has rightly been applied by the lower authorities. 12. In view of the above discussions review proceedings initiated by the Show Cause Notices succeed and accordingly the order-in-appeal is set aside and order-in-original is restored.
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1993 (8) TMI 87 - GOVERNMENT OF INDIA
Redemption fine and penalty ... ... ... ... ..... while modifying the orders of Collector (Appeals) in regard to legal interpretation of the position regarding import of gold, the operative part i.e. release of gold on redemption fine and penalty is upheld. 23. It is ordered accordingly. 24. In the result, the review petition partially succeeds on law and order-in-appeal is modified on the above lines. 25. In regard to party s own application, Government, do not find any justification in reducing the redemption fine and/or penalty. The case of Smt. Saranga where original and appellate authority allowed redemption on lower scale for greater quantity of gold as quoted by the applicant, is not relevant because there also depending on the peculiar circumstances, redemption fine and penalty have both been imposed. No two cases are ideally comparable and, therefore, need not necessarily in all respects be quoted as a precedent for determining the quantum and rate of redemption fine and penalty. The applications are thus rejected.
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