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Showing 261 to 266 of 266 Records
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1993 (8) TMI 6
Movable Property ... ... ... ... ..... hich were received by them can be included in the assessments of the assessee ? The questions pertain to the assessment years 1971-72, 1972-73 and 1973-74. The controversy involved in the two questions is fully covered by the decision of this court in the case of this very assessee (Gangadhar Narsingdas Agrawal (HUF) v. CIT 1986 162 ITR 320) in respect of the assessment years 1964-65, 1965-66 and 1966-67. Following the said decision, we answer question No. 1 in the negative, i.e., in favour of the Revenue and against the assessee. Question No. 2 is answered in the affirmative, i.e., in favour of the Revenue and against the assessee. No order as to costs.
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1993 (8) TMI 5
Movable Property ... ... ... ... ..... ave heard learned counsel for both the parties. The following facts clearly emerge from the record (i) The trucks in question were used by the assessee for the purpose of his business. (ii) The said trucks were used for the business of the assessee during the relevant years as well as earlier and later years. (iii) During the relevant assessment years, some of these trucks were under repair. The only controversy that is raised by the above question is as to whether the trucks can be said to have been not used for the business of the assessee merely by reason of the same being under repair. We do not think that much discussion is required to answer the question. The answer is self-evident. In our opinion, the vehicles continued to be in use for the business of the assessee even though the same were under repair. In this view of the matter, the question referred to us is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. No order as to costs.
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1993 (8) TMI 4
Transfer Of Case ... ... ... ... ..... bunal was passed before the amendment and the Tribunal has come to this very conclusion without it. The Tribunal had, however, not noticed the Full Bench judgment of this court in Girdharilal s case 1984 147 ITR 529. If it had noticed the said judgment, it would have come to a different conclusion. However, since the law has been amended retrospectively and the said law applies to the facts of the present case, the decision of the Tribunal must be upheld. In view of the discussion aforesaid, our answers to the two references, referred to us, are as under (i) The Income-tax Officer was not justified in making a single assessment of the firm and, therefore, the Tribunal was right in ordering him to make two assessments, one for the period up to January 16, 1977, and the other for the period from January 17, 1977, onwards and (ii) The Tribunal is justified in holding that the provisions of section 188 of the Act are applicable in the case of the assessee. No orders as to costs.
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1993 (8) TMI 3
Once it is admitted by the appellant and also by the transferor that the consideration that really passed between them is Rs. 90,000, while the document shows that the consideration is Rs. 49,000 only, it is clear that the requirements of section 269C(2) are satisfied - order of acquisition of the property is valid
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1993 (8) TMI 2
Co-operative Society - engaged in purchase of agricultural implements, seeds, livestock, etc., for supply to members - Since the "average rate" of income-tax is defined in s. 2(10), the deduction in income-tax to which a co-operative society doing the business envisaged u/s 81(i)(d) would be entitled, can only be the average rate of income-tax on the amount on which no income-tax is payable and nothing more.
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1993 (8) TMI 1
Return was filed before amendment of section 274(2) but assessment was made after amendment - Whether Tribunal is right in law in holding that the ITO had no jurisdiction to levy the penalty and that he should have referred the case to the Inspecting Assistant Commissioner for imposition of penalty
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