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Income Tax - Case Laws
Showing 1 to 20 of 142 Records
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1997 (9) TMI 649
... ... ... ... ..... e. Therefore, the sentences under these sections are maintained. 43. In the result, the appeal fails and is dismissed. The convictions of the appellants under all the three sections are confirmed. However, the death sentence awarded to appellant Ram Chandra Tewari is altered into imprisonment for life. All the sentences, shall run concurrently. 44. The reference for confirmation of death sentence awarded to appellant Ram Chandra Tewari is accordingly rejected. 45. Appellant Smt. Munni Devi is on bail. Her bail bonds are ca....... + More
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1997 (9) TMI 646
... ... ... ... ..... efore it is imminent so that it may also take into consideration the order to be passed therein. However, such exercise of discretion on the part of the criminal court in an appropriate case will depend on the facts of each case and it is not possible to lay down any proposition that if the Settlement Commission had allowed an application to be proceeded with an order refusing to stay the criminal proceeding by the trial court under Section 309 of the Code of Criminal Procedure, on that ground will amount to an abuse of th....... + More
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1997 (9) TMI 644
... ... ... ... ..... the assessee, in accordance with law. 22. In the light of our above decision, the issue as to whether the assessee has derived income from profits and gains of business, at this stage, becomes academic. This is so because even if the assessee has derived income from profits and gains of business, if it is found that the said business carried on by the assessee was incidental to the attainment of its objects and separate books of account are maintained by it in respect of such business, exemption under s. 10(21) cannot be d....... + More
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1997 (9) TMI 641
... ... ... ... ..... then there would be some justification for imposition of penalty. In this case, the AO did nothing beyond insisting on the production of donors. Since assessee had furnished primary evidence which was not found false, and there is no evidence either direct or circumstantial to establish or even suggest that the income offered for taxation by the assessee represented concealed income, penalty for concealment under s. 271(1)(c), in our view, is not called for in this case. 11. Considering the facts and circumstances of this ....... + More
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1997 (9) TMI 639
... ... ... ... ..... e the interest which accrued on the aforesaid loan, but that contention was rejected and the matter was not further pursued by the assessee in appeal. The question is whether the assessee having followed the mercantile system to include the interest income in the past, can shift to the cash system during the accounting period, relevant to the assessment year in question. 4. In Shiv Prasad Ram Sahai vs. ITR (1966) 61 124 (M) , this Court held that, if the assessee has once chosen the mercantile system for a transaction and ....... + More
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1997 (9) TMI 632
... ... ... ... ..... ence. In this view of the matter, it is necessary to leave all other points open while quashing the impugned orders and to remand the matter to the Dy. Collector, Ponda to be decided afresh and in the light of the above observations. 11. In the result, the petition is allowed. Rule is made absolute in the above terms. It is made clear that this Court has not expressed any opinion on any of the points sought to be raised except that there is no presumption in law that all lands are agricultural lands, unless they are classi....... + More
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1997 (9) TMI 629
... ... ... ... ..... loser, to the facts of the case in G.R. Govindarajulu Naidu v. CIT 1973 90 ITR 13 (Mad) and we are, therefore, inclined to follow the observation of the Division Bench mentioned above. That apart, the provision of law, namely, section 2(22)(e ), which we have already extracted above, says that by a fiction dividend is made to include any payment by a company, etc. Therefore, it is difficult for us to introduce another fiction in respect of the words payment by the company by construing even a transfer entry as amounting to....... + More
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1997 (9) TMI 623
... ... ... ... ..... not disputed that the boiler was leased out to the earlier seller. It is also not disputed that the assessee was carrying on leasing business for the last several years. Therefore, after examining these questions of fact, the Tribunal affirmed the finding of the CIT(A) and pointed out that the decision of their Lordships of the Supreme Court in case of McDowell Co. Ltd. vs. CTO (supra) does not apply in the case of the present assessee. 5. We have gone through the record and perused the order of the Tribunal. We are satisf....... + More
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1997 (9) TMI 617
... ... ... ... ..... to prove that the apparent was not real which was not discharged in the instant case. The view which has found favour with the Tribunal is supported by more than one decision of this Court. Reference may be made to the decisions of this Court in Century Foams (P.) Ltd. v. CIT 1994 210 ITR 625 and in Swadeshi Cotton Mills Co. Ltd. v. CIT 1989 180 ITR 651 wherein it was held that addition on account of difference between the value of stocks declared to the bank and that which was found in account books could validly be broug....... + More
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1997 (9) TMI 614
... ... ... ... ..... block period, on the basis of the evidence or materials found during the search and as per the provisions of Chapter IV. That apart, one of the objects of a search is to obtain evidence regarding the true income of an assessee and if such evidence points to a loss, the computation being made under the statute itself, there can be no escape from the conclusion that the loss is to be set off, howsoever reluctant one may be to do so. 11. To sum up, we hold that for the reasons stated above, the assessee s claim is accepted an....... + More
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1997 (9) TMI 612
... ... ... ... ..... ed CIT(Appeals). The aforesaid time-limit could not be revived or extended. 5.1 It is, therefore, clear that directions issued by the learned CIT(Appeals) to make assessment under section 143(3) of the Income-tax Act were not in accordance with law. At any rate, he was merely to decide whether the adjustment made by the Assessing Officer under section 143(1)(a) was within the limit provided by the Statute or was beyond limitation. After having impliedly held that the exercised carried by the Assessing Officer were beyond h....... + More
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1997 (9) TMI 611
... ... ... ... ..... ect undertaken by the recipient or consideration which would be income of the recipient chargeable under the head Salaries . No doubt this is a special statutory definition and cannot be straightaway imported into the DTAA. But even so, there must be a rationale for the exclusion which can only be that consideration for projects of the nature mentioned cannot be equated to consideration for services rendered in the course of their execution. 14. In this view of the matter, the Authority pronounces the following ruling on t....... + More
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1997 (9) TMI 610
... ... ... ... ..... ll not force a man to demand that which he cannot recover. The law will not itself attempt to do an act which would be vain Lex nil frustra facit nor enforce on which would be frivolous - Lex neminem Cogit ad vana seu inutilia - the law will not force anyone to do a thing vain and fruitless. 12. In these circumstances, we are of the opinion that though because of the retrospective amendment an adjustment can be made in assessment, no adjustment can be made under s. 143(1)(a) nor the rectification can be made to the intimat....... + More
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1997 (9) TMI 605
... ... ... ... ..... ly recorded a finding of fact that the element of close supervisory control and direction over the artisans is not disputed by the Department in this case. It, therefore, follows that the assessee gets the different brassware articles manufactured from the artisans, but under its own close supervision and control. The design, shape and pattern are suggested by the assessee and conforming to them the articles are manufactured by the artisans. The artisans are not free to manufacture any item of their own in any shape or pat....... + More
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1997 (9) TMI 169
Method Of Accounting ... ... ... ... ..... amounts out of the head Machinery and maintenance and motor car running , etc., were also disallowed and added back. In such a situation and looking to the immediate past and future, I am of the view that the method adopted by the assessee was not found compatible by the Assessing Officer by which income could properly be deduced. I am, therefore, of the opinion that the first proviso to sub-section (1) of section 145 of the Act stood impliedly invoked by the Assessing Officer. 11. In the result, I am....... + More
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1997 (9) TMI 168
Penalty, For Concealment Of Income ... ... ... ... ..... specifically took stock of such a situation, as a sequel to which legislative changes were effected. 12. Applying the aforesaid dictum to the facts of the present case, as is evident from the point of reference under section 255(4) itself, the loss returned by the assessee at Rs. 7,92,517 eventually, as a result of disallowance of expenditure, got decimated to Rs. 5,88,220, the difference to the extent of Rs. 1,82,929 held to be representing income either concealed or in respect of which....... + More
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1997 (9) TMI 164
Assessing Officer, Assessment Year ... ... ... ... ..... Shri N.B. Lalson and Shri Rajan are interested witnesses, we accept the assessee s explanation that they are kept in services because the assessee is afraid of making them hostile under the given circumstances. 19. Considering the facts, rival submissions and going through the evidence produced before us, we are of the view that the application filed by the revenue under Rule 29 of ITAT Rules is without merit. The learned Departmental Representative s submission that the matter may be se....... + More
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1997 (9) TMI 162
Chargeable As, Diversion Of ... ... ... ... ..... is no justification for treating the amount of Rs. 1,24,05,255 as capital receipts. I, therefore, agree with the learned brother that the amount of Rs. 1,24,05,255 is taxable as revenue receipts. 6. The assessee has collected the amount of Rs. 1,24,05,255 from dealers/ customers as part and parcel of trading receipts. The utilisation of this amount, even for payment of term loan to Central Financial Institution does not affect the nature of receipt. Nature of receipt has to be determined under ....... + More
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1997 (9) TMI 160
Notice Of Reassessment, Delay In Notice ... ... ... ... ..... efore the limitation was a precondition. Under the present Act, only issue before the limitation was made mandatory. This significant change according to the Patna High Court, was to blunt the efforts of recalcitrant assessee wishing to avoid the service of notice in the present case, there is no such allegation against the assessee, nor any material to indicate so. 21. In the ultimate analysis, just as issue and service are held not to be synonymous by most of the courts, including....... + More
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1997 (9) TMI 159
Guarantee Money, Commission ... ... ... ... ..... ssions and considered them carefully. We have also perused the material on record. We find that the Tribunal in its order in ITA Nos. 383 and 384/JP/90 dated 24-6-93 has restored the matter to the file of the A.O. In para 8 the Tribunal has observed that Another issue which is taken up by the learned counsel for the assessee is regarding entertainment expenses. Although he agreed that these arc entertainment expenses, yet he requested that amount spent on the staff and included in these expense....... + More
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