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Showing 401 to 410 of 410 Records

• 1998 (12) TMI 10
  

  Wealth Tax, Reassessment

  
  
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  ... ... ..... re on the part of the assessee to truly and fully disclose the material facts. If the Assessing Officers are not alert and allow the time to elapse they cannot thereafter, as a matter of course, seek to justify the reopening by casting the blame on the assessee. The assessees are expected to place before the Assessing Officers all the primary facts and not suppress anything that is material. Once that is done it is for the Assessing Officer to accept it or make his own estimate of the amounts required to be considered for the purpose of assessment. We do not find any error in the order of the Tribunal. The question referred to us, namely Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is justified in law in holding that the provisions of section 17(1)(a) of the Wealth-tax Act are not attracted in this case and accordingly in cancelling the reassessment made for the year 1971-72? Is answered in favour of the assessee and against the Revenue.

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• 1998 (12) TMI 9
  

  Question of double taxation must be decided having regard to who the assessee is. If the assessee is different, the question of double taxation would not arise - Whether, addition tax paid on dividend when distributed to share holders and thereafter further tax on it amounts to double taxation - Held, no

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• 1998 (12) TMI 8
  

  Co-operative Society - Exemption - While we sympathise with what the assessee is doing, we do not think that its activity can be said to provide "credit facilities" to its members. Therefore, the High Court has rightly held that the provisions of section 80P of the Income-tax Act, 1961, are not applicable. The appeals are dismissed

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• 1998 (12) TMI 7
  

  In the present case, the liability of the respondent to Lucas (England) is to issue to Lucas (England) equity shares of a value equivalent to the amount advanced by Lucas (England) for the plant and machinery. It is only if, for any-reason, the shares cannot be allotted that the question of compensating Lucas (England) in cash might arise - hence it can not be said that there was a debt owed by the respondent to Lucas to be taken into account for the purposes of computing the capital u/s 801

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• 1998 (12) TMI 6
  

  Constitutional validity of section 44AB - challenge is on behalf of the income-tax practitioners. It is submitted that they are entitled to be authorised representatives on behalf of the assessees and that excluding them for the purpose of auditing accounts as aforestated violates articles 14 and 19 of the Constitution - it must be pointed out that these income-tax practitioners are still entitled to be authorised representatives of assessees - hence section 44B is valid

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• 1998 (12) TMI 5
  

  Tribunal was right in directing that a sum of Rs. 64,577 being the deemed dividends assessed in the hands of the various shareholders in the past assessment years, should be deducted from the surplus while determining the 'accumulated profits' in the hands of the company

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• 1998 (12) TMI 4
  

  Assessee invested the amounts borrowed by it for the construction work which were not immediately required, in short-term deposits and earned interest - entry which was initially made as interest was reversed in the next year because in fact the nature of the transaction was changed and the assessee did not receive any real income - HC has rightly held this entry as not reflecting the real income of the assessee and hence not exigible to income-tax - Appeal is dismissed as not maintainable

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• 1998 (12) TMI 3
  

  Whether, on the facts and in the circumstances of the case, the Tribunal was justified in holding that the refund of annuity of ₹ 12,013 to the assessee as executor of the estate of his late father Padam Shree N.N. Mohan was his income and assessable in his hands is executor of the estate of the deceased - Held, no

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• 1998 (12) TMI 2
  

  Service Tax – Commissioner of Central Excise passed order of service tax maintainability – Plea to the Appellate Tribunal against such order

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• 1998 (12) TMI 1
  

  Service Tax – Stock Broker – Assessee contented that he being new assessee and unaware of provision regarding to taxable service – Stay/Dispensation of pre-deposit service tax

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