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Income Tax - Supreme Court - Case Laws

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• 1997 (1) TMI 477
  
  On the basis of the information contained in the letter of Shri Bagai and the documents annexed to it, the ITO could have had reason to believe that the fair market value of the shares was far more than the sale price and the market quotations from the Calcutta Stock Association shown by the assessee at the time of original assessment were manipulated ones and as a result income chargeable to tax had escaped assessment - ITO was justified in taking action u/s 147(b)

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• 1997 (1) TMI 74
  
  ... ...
  ... ... ..... assessable to capital gains ?" The High Court has held that there was no transfer of any assets as contemplated by the expression "transfer" as defined in section 2(47) of the Income-tax Act. The High Court had placed reliance on the judgment of the Gujarat High Court in CIT v. Mohanbhai Pamabhai 1973 91 ITR 393, wherein it has been held that where a partner retires from a partnership and the amount of his share in the net partnership assets after deduction of liabilities and prior charges is determined on taking accounts in the manner prescribed by the relevant provisions of the partnership law there is no element of transfer of interest in the partnership assets by the retired partner to the continuing partners. The said judgment of the Gujarat High Court has been affirmed by this court in Addl. CIT v. Mohanbhai Pamabhai 1987 165 ITR 166 In view of the said judgment we find no merit in this appeal and the same is, therefore, dismissed. No order as to costs.

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• 1997 (1) TMI 8
  
  Assessee, managing agent of mills situated in Pakistan - it appears to us that the transaction of moneys, though they had been made in Calcutta, was for a specific purpose, namely, to be diverted to Pakistan for the management of development of their companies situated in Pakistan and thus entitling the assessee to take the benefit of cl. 5(f) of art. IV of the Indo-Pakistan DTAA - HC has rightly held that clause 9 was not attracted in this case and clause 5(f) would cover the present matter

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• 1997 (1) TMI 7
  
  U.P. Co-operative Cane Union Federation Ltd. is a co-operative society - members of the Federation are cane unions and the members of these cane unions are individual cane growers - Federation received Rs. 55,098 as five per cent service charges from the supplier of the pumping sets - held that assessee is not entitled to exemption u/s 80P(2)(a)(i), for income from press and income from supply of pumping sets

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• 1997 (1) TMI 6
  
  Tribunal has found that the sources of investments (i.e. that the same were financed from out of the savings from the income of the properties which were left by her mother's first husband) could not be treated as income of the assessee - on a true interpretation of section 69, the Tribunal is right in law in holding that section 69 cannot be invoked in respect of the investments of the assessee and that, therefore, the addition made should be deleted

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• 1997 (1) TMI 5
  
  Preference shares purchased at less than their face value - held that assessee is liable for capital gains on the difference in value between cost price and amount received on redemption of preference shares

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• 1997 (1) TMI 3
  
  Cinema Theatre - amount spent on repair of theater - amount spent on extensive repairs is not allowable u/s. 10(2)(v) assessee did not merely repair but totally innovated the theatre - ITO was justified in treating the same as capital expenditure

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• 1997 (1) TMI 2
  
  Assessee a dealer in shares got in exchange of a particular share another companies share which was held by him at the cost of original share - difference between the market value and the cost was treated by revenue as capital gains - held that as a result of their having taken the shares in the second company in exchange for the shares of the first company the assessee had made realisation of the value of the shares of the first company - so it has to be treated as a profit of the assessee

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