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Showing 481 to 500 of 500 Records

• 2001 (11) TMI 21 - ALLAHABAD HIGH COURT
  

  Banks And Financial Institutions - Recovery Of Debt - in order to achieve the object for which the Act has been enacted, namely, expeditious recovery of the dues of banks and financial institutions, Parliament has not only fixed a time schedule but also made a departure from the normal provision of the Code of Civil Procedure. Therefore, the contention of the petitioners that the provisions of the Income-tax Rules' are ultra vires the Constitution cannot be accepted. - For the reasons discussed above, the writ petition lacks merit and is dismissed

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• 2001 (11) TMI 20 - MADRAS HIGH COURT
  

  The Tribunal has accepted the assessee's case that the expenditure incurred on the education of the son of the director abroad should be treated as business expenditure, reversing the view of the Commissioner and the assessing authority. - The question referred to us as to whether on the facts and circumstances of the case, the expenditure on foreign travel amounting to Rs. 64,922 of Rajiv Rai, son of the director of the company can be said to have been incurred for the purpose of the business and was admissible deduction, is answered in favour of the Revenue and against the assessee.

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• 2001 (11) TMI 19 - MADRAS HIGH COURT
  

  "1. Whether, Tribunal was right in holding that the liabilities in dispute relating to the purchase of cotton shown in the notes to the balance-sheet should also be deducted in determining the value of shares? - 2. Whether, Tribunal was right in holding that the proposed dividend of Rs. 2,52,000 for the year ended on September 30, 1978, declared on May 28, 1979, was eligible for deduction as a liability in arriving at the value of shares of the company?" - The first question is accordingly answered in favour of the Revenue, as the notes in the balance-sheet do not form part of the balance-sheet. The second question is required to be answered in favour of the assessee. When a balance-sheet is not drawn up on the valuation date, but the balance-sheet drawn up on a date preceding the valuation date is available, that balance-sheet shall be adopted as the basis. The questions are accordingly answered.

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• 2001 (11) TMI 18 - MADRAS HIGH COURT
  

  Whether the assessee would be entitled to investment allowance under section 32A of the Income tax Act, 1961, with respect to the additions to plant and machinery on the basis that its business of warping, sizing and bleaching of unbleached cloth would amount to manufacture. - the question referred to us is answered in favour of the assessee and against the Revenue.

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• 2001 (11) TMI 17 - BOMBAY HIGH COURT
  

  Co-operative Society, Business Expenditure - Whether, Tribunal was right in deleting the additions made by the Assessing Officer on account of non-refundable deposits, interest paid/payable on non-refundable deposits by holding that various funds/deposits collected by the assessee-society out of sugarcane purchase price payable to the cane growers are not the trading receipts of the assessee - Whether, Tribunal is right in deleting the disallowance of Rs. 1,80,359 out of advertisement expenses on account of subhechcha greetings holding that expenditure was necessary to maintain cordial relations with the members and ignoring that the expenses were not to advertise the product of the assessee and such expenses are not required considering the product of the assessee?" - question No. 1 is answered in favour of the Revenue and against the assessee, whereas questions Nos. 2 answered in favour of the assessee and against the Revenue.

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• 2001 (11) TMI 16 - MADRAS HIGH COURT
  

  Carry Forward And Set Off Of Loss, Tax U/s 115J On Book Profit - "Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in directing the Assessing Officer to recompute the assessee's total income for the assessment year 1991-92 on the lines urged by the assessee, thereby upholding the assessee's computation of profits available for set off for the assessment year 1990-91 after the deduction of profit taxed under section 115J?", in favour of the Revenue and against the assessee.

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• 2001 (11) TMI 15 - MADRAS HIGH COURT
  

  "Whether, on the facts and in the circumstances of the case, the decision of the Tribunal that the business carried on by the assessee in the manufacture of bus and truck bodies cannot be regarded as production of commercial vehicles falling under item No. 14 of the Ninth Schedule to the Income-tax Act and that the assessee is not entitled to investment allowance on the machinery installed therefor under section 32A of the Act, is lawful?" - What was said by the apex court in the context of the claim for development rebate would also apply to a claim for investment allowance as both these are incentives for encouraging investment in plant and machinery used for the manufacture or production of the things or articles enumerated in the relevant Schedule. - We, therefore, answer the question referred to us in favour of the assessee and against the Revenue.

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• 2001 (11) TMI 14 - RAJASTHAN HIGH COURT
  

  "Whether, on the facts and in the circumstances of the case, the Income tax Appellate Tribunal is justified in holding that the stock statement submitted to the bank cannot be considered an authentic piece of evidence for making addition and thereby deleting the additions made for undisclosed investment in stock as well as consequential effect of sale?" The facts clearly show that the Tribunal on appreciation of evidence including the result of investigation and details contained in the form of statement of stock submitted to the bank, has reached a definite finding that the statement to the bank was a motivated one and it did not reflected the true position of the stock position but was rightly reflected in the books of account. - In that view of the matter, the finding reached by the Tribunal is a finding of fact which does not give rise to a question of law.

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• 2001 (11) TMI 13 - MADHYA PRADESH HIGH COURT
  

  Search – additions - unexplained cash credit entries in the books as also the unexplained source of money was noticed by the Assessing Officer on the strength of seized documents - we find that the explanation offered by the appellant and the evidence tendered in support of the disputed cash credit entries and unexplained source of money was not found to be satisfactory and accordingly it was rightly included in the income of the appellant.

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• 2001 (11) TMI 11 - RAJASTHAN HIGH COURT
  

  Whether Tribunal was right in law in holding that the notice under section 148 dated June 8, 1988, is valid and with jurisdiction? - Whether on correct interpretation of section 42 of the Indian Partnership Act read with section 187(2), the learned Tribunal was right in law in holding that it is a case of dissolution and not of change in constitution? - We are of the view that no referable question of law arises from the order of the Tribunal. There is a concurrent finding of fact that the supplementary partnership deed is a manipulated document. The plea taken at a later stage is an afterthought. Thus, the question is not of harmonious consideration of section 42 of the Indian Partnership Act and section 187 of the Income-tax Act, but the question is to the effect that as to the existence of the supplementary partnership deed. It is a purely a question of fact which has been answered against the assessee

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• 2001 (11) TMI 10 - RAJASTHAN HIGH COURT
  

  Whether, Tribunal was legally correct in taking the view that the assessment for the year under consideration was barred by limitation despite the material on record contrary to the claim of the assessee in the matter and further this issue did not arise out of the appeal filed by the Revenue? - Whether, Tribunal that the assessee's book results acceptable was not inconsistent and contrary to the material on record against the assessee's claim in the matter and hence unreasonable and perverse in law?" - Tribunal has committed error in rejecting the application of the Revenue under section 256(1) in refusing to refer both the questions for the opinion of this court.

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• 2001 (11) TMI 9 - MADRAS HIGH COURT
  

  Whether, Tribunal was right in holding that the Wealth-tax Officer was right in invoking section 35 and rectifying and withdrawing the deduction of estate duty liability originally allowed from the net wealth of the assessee-HUF? - Whether the Tribunal was right in holding that the estate duty liability relating to 1/3rd undivided share of the deceased coparcener cannot be deducted from the net wealth of the assessee-HUF? - Whether the Tribunal was right in not appreciating the fact that the assessee-HUF continued to exist even after the death of a coparcener Kumara Rajah M.A.M. Muthiah Chettiar even though notional partition may have been envisaged under the Hindu Succession Act?" - Questions are answered in favour of the Revenue and against the assessee.

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• 2001 (11) TMI 8 - MADRAS HIGH COURT
  

  "Whether Tribunal is right in law in holding that any appeal to the CIT (Appeals) will lie against an addition made in the reassessment under section 147(b), when the same addition has been made in the original assessment under section 143(3) and has been confirmed by the CIT (Appeals)?" - It is only fair that if the assessee were to seek reopening of that appeal, the authorities permit such reopening. As the assessee has not appeared before us there is no way of ascertaining as to whether the assessee wants to have that appeal reopened. - The question referred to us is answered against the assessee and in favour of the Revenue.

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• 2001 (11) TMI 7 - SUPREME COURT
  

  Whether, the ITAT, having held that the assessee has received unaccounted receipts, was justified in law in holding that the Assessing Officer has to discharge the onus in respect of on-money by showing that the assessee has invested ₹ 1,58,59,400 out of such receipts whereas the claim of the assessee for extra expenditure was found to be incorrect - Held, yes

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• 2001 (11) TMI 6 - SUPREME COURT
  

  TDS - refund- allegation that the DDA failed to deduct income-tax at source on the payment of interest made to the buyers as provided under section 194A - It is not correct to contend that unless there are actual assessment proceedings pertaining to any person, he cannot be considered to be an assessee - order of refund was passed in appellate proceedings under the Act attracting s. 240 - HC was right in applying s. 244(1A) for determining interest

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• 2001 (11) TMI 5 - CEGAT (NEW DELHI)
  

  Service Tax – Mandap Keeper – Delay in submission of quarterly return under bona fide belief – Penalty

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• 2001 (11) TMI 4 - CEGAT, NEW DELHI
  

  Service Tax – Plead against an order

  
  
  ... ...
  ... ... ..... xcise (Appeals). Two decisions of the Tribunal in the case of M/s. RPG Cellular Services Ltd. v. CCE, Chennai, 2000 (120) E.L.T. 461 and M/s. India Trade Promotion Organisation v. CCE, New Delhi, 2001 (132) E.L.T. 25 have taken similar view. 8195 2. In view of the above, we set aside the order impugned and remand the matter to the Commissioner of Central Excise for a fresh consideration on merits of the appeal.

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• 2001 (11) TMI 3 - CEGAT, NEW DELHI
  

  Service Tax – (1) Refund (2) Limitation (3) Provisional deposit (4) Payment of service tax through TR-6 challans

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• 2001 (11) TMI 2 - MADRAS HIGH COURT
  

  Service Tax on Security Agencies – (1) Legislative competence (2) Professional (3) Constitutional Validity

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• 2001 (11) TMI 1 - CEGAT, NEW DELHI
  

  Service tax – (1) Late submission of returns (2) Penalty

  
  
  ... ...
  ... ... ..... . 3. Countering the submissions Ms. Ananya Ray, ld. SDR submitted that the offence was committed by the appellants before the amendment was brought into force and the penalty imposable under unamended Section is imposable on them. 4. We have considered the submissions of both the sides. A penalty can be imposed only under the provisions which are in existence at the time of issuing the show cause notice. As the show cause notice was issued on 21-10-99 i.e. after the provisions of Section 77 have been amended, the penalty is imposable which does not exceed Rs. 2000/- only. The reasons advanced by the appellants for not submitting the returns are not convincing inasmuch as it is not understandable that more than 20 months were taken by them to understand the provisions of Service Tax. We, therefore, hold that penalty is imposable on them under Section 77 of the Finance Act, 1994. However, we reduce the amount of penalty to Rs. 2000/- only. The appeal is disposed of accordingly.

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