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Income Tax - Tribunal - Case Laws
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- 1997 (1) TMI 557 - ITAT MUMBAI
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... ... ..... year. We may not need to travel to the various decisions of various High Courts and Supreme Court, but it would suffice to state that what is decided in one year may not apply to the following year, which has been so held by the Supreme Court in Radhasoami Satsang v. CIT 1992 193 ITR 321 / 60 Taxman 248. It was precisely for this reason that the Bombay High Court in CIT v. Shree Nirmal Commercial Ltd. 1995 213 ITR 361 (FB) had observed that where a fundamental aspect permeating through the different assessment years has been found as a fact, one way or the other the authorities have allowed that position to be sustained by not challenging the order, it would not be at all appropriate to allow the position to be changed in the subsequent year. This particular decision is so provided to emphasise that the settled matter should not be disturbed. Accordingly upholding the various issues raised before us, we set aside the order of the CIT. 7. In the result, the appeal is allowed.
- 1997 (1) TMI 539 - ITAT MUMBAI
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... ... ..... out the concept that the assessee had lost domain on the income. In instant case before us the affiliation being compulsory, making the social security organisation an earning partner alongside of the assessee, i.e., the assessee earns not only for himself but also for the social security organisation, the extent of the amount relatable to social security organisation, the assessee has no right over it at all and thereby no domain on it. 7. For the foregoing reasons, we find the submissions of the learned Sr. Advocate having considerable force and accordingly we hold that hence the social security charges are to be deducted from the salary income as a prior charge by overriding title and it is only the net salary after such deduction that should be treated as gross salary within the meaning of section 16 of the I.T. Act. We accordingly direct the Assessing Officer to assess the salary income on the basis of our directions as above. 8. In the result, the appeals are allowed.
- 1997 (1) TMI 531 - ITAT MUMBAI
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... ... ..... rovisions of the statute, the circular cannot override judicial decisions rendered on the statute. In fields which are covered by judicial decisions, the circular will not be conclusive even so far as the income-tax authorities are concerned. We are fortified in this view from the decision of the Delhi High Court in Geep Industrial Syndicate Ltd. v. CBDT 1987 166 ITR 88 . As already observed earlier, the controversy involved in the present appeal stands squarely covered by the decision of the jurisdictional High Court. This being so, even if there is a contrary circular issued by the Central Board of Direct Taxes, the view of the Hon’ble High Court has to prevail over the circular of the Board. 10. For the reasons already discussed above, we hold that the CIT (Appeals) has erred in accepting the assessee’s claim for investment allowance. We, therefore, reverse the order of the CIT (Appeals) and restore that of the Assessing Officer. 11. The appeal stands allowed.
- 1997 (1) TMI 482 - ITAT DELHI
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... ... ..... given that the vessel did not operate in international waters, the same would be immaterial since article 9 is not applicable and, therefore, the matter is required to be studied in the light of article 7 of the Double Taxation Avoidance Agreement. The Department is seized of the fact that the non-resident has no office in India and in the assessment of the non-resident itself, the learned Commissioner of Income-tax, Delhi-I, in proceedings under section 263 has held that the income is not taxable in India, there being no office of the nonresident in India. In view of the above, I agree with the view taken by the learned Accountant Member and hold that the order of the Tribunal dated September 30, 1994, contains no mistake apparent from the record capable of being rectified under section 254(2). The miscellaneous application is accordingly dismissed. The matter should now be placed before the regular Bench for passing an appropriate order in accordance with the majority view.
- 1997 (1) TMI 481 - ITAT MUMBAI
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... ... ..... cepting the claim of the assessee for bad debts of Rs. 28,77,420 and the explanation offered by the assessee for advancing the loan of Rs. 8,35,000 to his wife without making proper and necessary enquiries. I am, therefore, of the considered view that the learned Commissioner of Income-tax was justified in holding that the order of the Assessing Officer was erroneous in so far as it was prejudicial to the interests of the Revenue, for want of proper enquiry on the part of the Assessing Officer in respect of the claim of the assessee with regard to bad debts amounting to Rs. 28,77,420 and the advancing of the loan of Rs. 8,35,000 to his wife. I accordingly agree with the findings given by the learned Accountant Member, Shri Pradeep Parikh, and with utmost respect I am unable to find myself in agreement with the findings given by the learned Judicial Member. The case will now go back to the regular Bench for disposal of the appeal in accordance with the opinion of the majority.
- 1997 (1) TMI 479 - ITAT MUMBAI
Procurement services did not involve imparting of any information concerning industrial, commercial or scientific experience and hence were not FTS or royalty.
- 1997 (1) TMI 478 - ITAT CALCUTTA-A
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... ... ..... edgement slip evidencing the receipt of the notice and the acknowledgement card evidencing the receipt of the Tribunal s order have both been signed by the same person as we have found from a comparison of the signatures. This factual position has not been denied. The company s rubber stamp does not appear in either of them. However, the company denies the receipt of the notice of hearing, but admits the receipt of the Tribunal s order. We are at a loss to appreciate as to how the claim can be accepted in the above state of affairs. Though both in the affidavit and in the course of the hearing before us the director of the assessee-company Mr. Arvind Kumar Sinha more than once denied the receipt of the notice of hearing by the company, in view of the clear evidence on record we are unable to accept the same. Under the circumstances, we have no option except to reject the miscellaneous application which we hereby do. 9. In the result, the miscellaneous application is dismissed
- 1997 (1) TMI 155 - ITAT PUNE
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... ... ..... compensation they are entitled to under sub-section (1A) of section 23 of the Act. Thus, we hold that the respondents should be paid an additional compensation calculated at the rate of twelve per centum per annum on the compensation awarded by the learned District Judge from the date of the notification under section 4(1) to the date on which the Collector made his award ...... The jurisdictional High Court in the above decision has considered the amount of twelve per centum per annum as additional compensation. There is no mention of the word interest by the jurisdictional High Court. Thus, in our view, the compensation on acquisition of the land determined under section 23, be it land price or amount at 12 or solatium, would constitute the compensation for acquisition and would not involve any element of interest therein. The CIT(A) was, therefore, justified in deleting the amount of Rs. 6,92,073. We accordingly uphold his order. 15. In the result, the appeal is dismissed.
- 1997 (1) TMI 154 - ITAT PUNE
A Partner, Assessing Officer, Assessment Year, Dissolution Of Firm, Dissolved Firm, Profits And Gains
- 1997 (1) TMI 153 - ITAT PUNE
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... ... ..... her than the charging section and penal provisions. When the provisions are to be construed strictly, it is impermissible for the courts to reach into the taxing provisions any words which are not there and exclude the words which are there. If there is any lacuna left by the Legislature while enacting the penal provisions, it is only for the Legislature to amend such law. It is also settled provision of law that if the penal provisions are susceptible of two interpretations, then the interpretation which is favourable to the assessee should be adopted. Reference may be made to the decision of the Hon ble Supreme Court in the case of CIT v. Vegetable Products Ltd. 1973 88 ITR 192. Therefore, the contention of the learned Senior Departmental Representative has to be rejected. 8. In view of the above discussions, we set aside the order of the CIT (Appeals) and cancel the penalty levied under section 271D sustained by him. 9. In the result, the appeal of the assessee is allowed.
- 1997 (1) TMI 146 - ITAT PATNA
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... ... ..... on that the estimate of income of the appellant by the Assessing Officer in a sum of Rs. 4,32,000 from Major operations is excessive and it is required to be reduced by half 50 per cent as held by the learned Accountant Member. Before I end, must mention that the learned DR. strongly supported the order of learned J.M. and she argued at length to convince me that the deduction at 40 per cent of expenditure allowed by the Assessing Officer was not at all warranted, and this aspect be kept in mind while estimating receipt from Major operation. However, I find myself unable to agree with her argument. As I have mentained earlier, the only issue before me is for determination of gross receipt from Major operation and not determination of net taxable income of the assessee. The issue of allowability of expenditure would be relevant only while determining his net taxable income, and not gross receipt. The case will now go to the regular bench for passing order as per majority view.
- 1997 (1) TMI 143 - ITAT MADRAS-D
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... ... ..... e and, hence, the action of the CWT (Appeals) in allowing the appeal is reasonable and justified. 5. We have heard the rival submissions and examined the documents on record. We are of the opinion that the gift of assets of a HUF to the member of the HUF and coparcener of the HUF as well as to a stranger is void. There is no dispute that the property being ancestral in nature, the same was HUF property. The father being the karta of the HUF could not make a gift of the ancestral property, either to a coparcener or to a stranger. Such gift would be void perse and, therefore, there would be no gift within the meaning of the Act. This view is strengthened by the decision of the Punjab and Haryana High Court in the case of CGT v. Tarlok Singh 1997 223 ITR 51. 6. In the light of the above discussions, the order passed by the CGT (Appeals) on this account is set aside and the order of the Assessing Officer is restored. 7. In the result, the appeals filed by the revenue are allowed.
- 1997 (1) TMI 141 - ITAT MADRAS-C
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... ... ..... e AO in regard to this ground of appeal is based on the basis of the decision in the case of ACE Investments Ltd., a company in which public are not substantially interested and, therefore, the assessee was also treated as a company where the public are not substantially interested. Since this aspect was not examined by the AO, the CIT(A) restored this ground of appeal to the file of the AO for a detailed examination and passing necessary speaking order. 63. Under the circumstances, we feel that this ground of appeal is premature to be taken up at this stage because the point of status is yet to be decided by the AO. We, therefore, decline to interfere on this account. 64. Except the grounds of appeal which are discussed and decided above, all other grounds of appeal are procedural in nature or not pressed otherwise by the assessee before us. We, therefore, dismiss these grounds of appeal as not pressed. 65. In the result, the appeal filed by the assessee, is allowed in part.
- 1997 (1) TMI 139 - ITAT MADRAS-A
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... ... ..... mp. Cas. 204 (SC), it was held that the character of the amount in question as trust money is not destroyed merely because the amount is kept in a Fixed Deposit. So it has to be held that the character of the trust fund applies not only to the share application money but also to the interest earned on share application money kept in Short-term Fixed Deposits by the Bankers to the Issue. The share application money along with the interest earned thereon becomes the asset of the Company only after the statutory requirements are complied with. In this case the approval by the RBI for allotment of shares to foreign participants and the permission by the Stock Exchanges etc. were all made after 31-3-1992 only. Therefore, we hold that the Assessing Officer was not at all justified in bringing Rs. 1,83,31,363 as taxable under the head Other sources in the assessment year 1992-93. Accordingly, we set aside the assessment order dated 10-1-1996. 9. In the result, the appeal is allowed.
- 1997 (1) TMI 137 - ITAT JAIPUR
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... ... ..... cannot be avoided by filing a fresh return after concealment was detected by the AO. It is abundantly clear from the perusal of the facts that in the instant case return was not filed consequent upon the detection of concealment. There is nothing in the records to suggest that the Department, in the instant case, has brought any evidence or material to establish the factum of concealment. As such the facts of the case of Badri Prasad Omprakash vs. CIT were different from the facts of the present case. 7. Having regard to the facts of the present case, we are of the opinion that the issue in question stands covered by the decision of the apex Court rendered in the case of Sir Shadilal Sugar and General Mills Ltd. vs. CIT. Respectfully following the precedent, we decide the issue in favour the assessee and against the Revenue. Accordingly, we direct the AO to delete the penalties imposed under s. 271(1)(c) of the Act. 8. In the result the appeals of the assessee stand allowed.
- 1997 (1) TMI 135 - ITAT JABALPUR
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... ... ..... Shri V.N. Dubey has set aside the matter to the file of the CIT(A) to be decided afresh. Since the facts are identical, we set aside this matter back to the file of the CIT(A) with the direction that he shall reexamine the issue after giving opportunity of being heard to the assessee and pass a speaking order considering all the arguments of the assessee. ITA No. 362/Jab/1991 mdash Assessee rsquo s appeal 22. This appeal by the assessee is against the order of the CIT, Jabalpur, passed under s. 263 of the Act. All the issues arising out of the order under s. 263 have already been decided by us, while disposing of the Revenue rsquo s appeal in ITA No. 17/Jab/1994. As such this appeal has become infructuous. Hence, dismissed. 23. In the result, the Revenue rsquo s appeal, i.e., ITA No. 17/Jab/94 and assessee rsquo s cross-objection, i.e., No. 15/Jab/1994 are deemed to be partly allowed for statistical purposes. The assessee rsquo s appeal vide ITA No. 362/Jab/1991 is dismissed.
- 1997 (1) TMI 134 - ITAT INDORE
Advertisement Expenditure, Assessing Officer, Assessment Year, Capital Asset, Capital Gains, Collaboration Agreement, Enduring Nature, Entertainment Expenditure, Expenditure Incurred, Extinguishment Of Right, Mercantile System, Revenue Receipt
- 1997 (1) TMI 133 - ITAT HYDERABAD-B
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... ... ..... matter, we are unable to sustain any part of the addition sustained by the first appellate authority towards unexplained investment in the construction of the rice mill. On this ground alone, the impugned addition sustained by the first appellate authority is liable to be deleted. In that view of the matter, the question of remitting the appeals to the first appellate authority for giving an opportunity of being heard to the Valuation Officer regarding the rates adopted by him, etc., does not arise at all. Applying the ratio of the decision of the Tribunal reported in 27 ITD 1(TM) and the decision of the Rajasthan High Court reported in (1993) 200 ITR 788 (Raj) we hereby delete the impugned addition made under s. 69 of the IT Act towards unexplained investment in construction for both the assessment years under consideration. 14. In the result, ITA Nos. 545 and 546/Hyd/1995 filed by the assessee are allowed and ITA Nos. 974 and 975/Hyd/1995 filed by the Revenue are dismissed.
- 1997 (1) TMI 132 - ITAT DELHI-E
Assessing Officer, Assessment Year, Income From Other Sources, Profits And Gains Of Business
- 1997 (1) TMI 131 - ITAT DELHI-D
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... ... ..... s belonging to that individual.... 2(m) net wealth means the amount by which the aggregate value computed in accordance with the provisions of this Act of all the assets, wherever located, belonging to the assessee on the valuation date including assets required to be included in his net wealth as on that date under this Act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than--- (i) to (iii) Emphasis supplied The expression belong refers to the rightful possession of property. In other words, liability to wealth-tax arises out of ownership of the asset and not otherwise. Mere possession without right to or ownership of property as is the case of the assessee would therefore not bring the property within the definition of net wealth of the assessee, so the decision rendered in the case of assessee in wealth-tax proceedings in no way holds against the assessee. 7. In the result, appeal filed by the revenue stands dismissed
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