Home Case Index All Cases Income Tax Section Wise 1988 1988 (7) This

Law	-- All -- GST Income Tax Benami Property Customs Corporate Laws Securities / SEBI Insolvency & Bankruptcy FEMA PMLA Service Tax Central Excise CST, VAT & Sales Tax Wealth tax Indian Laws
Court	-- Any -- Supreme Court SC Orders / Highlights High Court Appellate Tribunal Tribunal Appellate authority for Advance Ruling Advance Ruling Authority National Financial Reporting Authority Competition Commission of India ANTI-PROFITEERING AUTHORITY Commission Central Government Board DISTRICT/ SESSIONS Court Commissioner / Appellate Authority Other
Citation	--Year-- 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2011 2010 2009 2008 2007 2006 2005 2004 2003 2002 2001 2000 1999 1998 1997 1996 1995 1994 1993 1992 1991 1990 1989 1988 1987 1986 1985 1984 1983 1982 1981 1980 1979 1978 1977 1976 1975 1974 1973 1972 1971 1970 1969 1968 1967 1966 1965 1964 1963 1962 1961 1960 1959 1958 1957 1956 1955 1954 1953 1952 1951 1950 Upto 1949 - -Volume- 1 2 3 4 5 6 7 8 9 10 11 12 -
Landmark	Nil - N/A Referred in >= 3 Cases Referred in >= 4 Cases Referred in >= 5 Cases Referred in >= 10 Cases Referred in >= 15 Cases Referred in >= 25 Cases Referred in >= 50 Cases Referred in >= 100 Cases
Order by	TMI Citation Date of Decision

Advanced Search Options

Case Laws

Showing 241 to 248 of 248 Records

• 1988 (7) TMI 8 - MADHYA PRADESH HIGH COURT
  

  Annuity, Exemptions, Wealth Tax

  
  
  ... ...
  ... ... ..... ly paid for by the assessee and is also shown as an asset of the business in the balancesheet. These provisions lay down certain norms for determination of net worth of the assets of the business as a whole under section 7(2)(a) and provide for certain adjustments and are to be read in that context. From these provisions, it cannot be inferred that if the goodwill has not been purchased for price, then it cannot be included in the net wealth of an assessee. In this case, the assessee has retained his share of goodwill and he is exploiting this asset for income from year to year. Therefore, apart from the fact that the goodwill is an asset of the business, in this case, it is an asset from which income is derived, It is, therefore, includible in the net wealth of the assessee. The question has been correctly referred to this court for its opinion and it is answered in favour of the Revenue and against the assessee. Under the circumstances, there shall be no order as to costs.

  ---

• 1988 (7) TMI 7 - GAUHATI HIGH COURT
  

  Delay In Filing Return, Return

  
  
  ... ...
  ... ... ..... case of income other than (a) income chargeable under the head Capital gains and (b) income referred to in sub-clause (ix) of clause (24) of section 2. (2) Such income is hereinafter in this Chapter referred to as income subject to advance tax , and such tax is hereinafter in this Chapter referred to as advance tax . We see that section 207 as on today recites taxes shall be payable in advance during any financial year but it was not so clear in the repealed section 207. Even then, payments during the financial year after the due dates should not have been excluded as payments are made towards tax liability covering the financial year. We experience no difficulty to interpret and hold that payments made in the financial year should be reckoned for computation of interest. Therefore, we direct the Income-tax Officer to include Rs. 38,354 and recompute the interest and thereafter serve the demand on the assessee. The writ petition is allowed in terms indicated above. No costs.

  ---

• 1988 (7) TMI 6 - GUJARAT HIGH COURT
  
  ... ...
  ... ... ..... pellant has submitted that the Tribunal has erred in arriving at the conclusion that the part of the basement is also included in the property sold. We have been taken through the conveyance deed and the relevant part of the judgment and order of the Tribunal. We agree with the reasons given and conclusions arrived at by the Tribunal in this behalf. Hence, question No. (3) also does not arise. Since there was some error in the method adopted by the District Valuation Officer in arriving at the market value of the property, the Tribunal passed the following order The matter is restored to tile Inspecting Assistant Commissioner to make valuation as indicated above and pass an order according to law. The appeal is allowed for statistical purposes. On this point also, we do not think that the Tribunal has committed any error. We do not find any error of law in the judgment and order passed by the Tribunal. No question of law arises. Hence, summarily dismissed. Notice discharged.

  ---

• 1988 (7) TMI 5 - CALCUTTA HIGH COURT
  

  Cash Credits

  
  
  ... ...
  ... ... ..... consideration of the relevant facts. The contention of the Revenue is not that the Tribunal did not take into account all the relevant facts. The main contention was that the intangible additions made in the accounts of the firm might not have been available with the partners. The Tribunal held that the firms were assessed as unregistered firms. The capital of the unregistered firm including its profits was reduced to the extent of its taxability. The Tribunal was, therefore, of the view that it was not necessary that the firm should distribute the intangible additions made in the assessments amongst the partners in its books of account for entitling its partners to claim the benefit of the intangible addition. It may be mentioned that the finding of the Tribunal has not been challenged as perverse. For the reasons aforesaid, we answer the question in this reference in the affirmative and in favour of the assessee. There will be no order as to costs. K. M. YUSUF J. -I agree.

  ---

• 1988 (7) TMI 4 - ANDHRA PRADESH HIGH COURT
  
  ... ...
  ... ... ..... g the language, because, while construing the statutory provisions, not only the language but also the scheme and the object of the very provision must be borne in mind. Hence, it is very hard for this court to accede to the submission made on behalf of the Revenue, which we reject as devoid of substance. Conclusion In view of the above, we conclude by holding that the second reference is not only proper in the circumstances of this case, but also legal which is traceable to the provisions enacted in section 55A as well as section 142(2) of the Act. Consequently, the contentions advanced on behalf of the assessees are rejected as baseless and devoid of merit and substance. The writ petition is accordingly dismissed. No costs. The oral application of learned counsel for the petitioners for leave to appeal to the Supreme Court is rejected as, in our opinion, no substantial question of law of general importance arises in this case which needs to be decided by the Supreme Court.

  ---

• 1988 (7) TMI 3 - CALCUTTA HIGH COURT
  

  Reassessment

  
  
  ... ...
  ... ... ..... r 1970-71. It is only in the assessment year 1970-71 that the assessee stated that it decided to adopt the cash basis for the interest payable by Speciality Papers Ltd. and that is why it was kept in the suspense account. This fact was not stated in the original assessment. As matter of fact, in the subsequent year, i.e., 1970-71, this court, as indicated earlier, said that the interest was includible in the assessment, being the real income of the assessee. On the facts, it could not be said that there was no chance of realisation of interest. If it could not have been written off in the subsequent year, it follows that in the earlier year also interest ought to have been included as the income of the assessee. We are of the view that the Income-tax Officer was justified in reopening the assessment under section 147(b). For the reasons aforesaid, we answer this question in the negative and in favour of the Revenue. There will be no order as to costs. K. M. YUSUF J. -I agree.

  ---

• 1988 (7) TMI 2 - ALLAHABAD HIGH COURT
  

  Assessment, Jurisdiction, Objection To Jurisdiction, Writ

  
  
  ... ...
  ... ... ..... does not contemplate an objection as to the place of assessment being raised on an appeal against the assessment after the assessment has been made. Interpreting the provisions of section 124(5) of the present Act, a Full Bench of the Gauhati High Court held in Sohani Devi Jain v. ITO 1977 109 ITR 130 AIR 1978 Gauhati 19 that section 124 of the Act covers territorial jurisdiction as well as other kinds of jurisdiction and that an objection raised at the appellate stage as to the jurisdiction of the particular Income-tax Officer to assess the assessee is hit by sub-section (5) of section 124 of the Act. We are in respectful agreement with the view expressed in this case. Accordingly, the instant petition is not barred on account of the filing of appeal by the petitioner under section 246 of the Act. However, the petition will have to be dismissed, in view of the finding on merits recorded hereinabove. The petition is, accordingly, dismissed with costs to the opposite parties.

  ---

• 1988 (7) TMI 1 - MADRAS HIGH COURT
  

  Criminal Conspiracy, Offences And Prosecution

  
  
  ... ...
  ... ... ..... n dismissed by this court on January 28, 1987. In those applications, the petitioner and the co-accused had raised as many as nine contentions and all the contentions had been answered in detail by this court. Witnesses have, thereafter, been examined and the case stands posted for questioning the accused under section 313(a), Criminal Procedure Code. It is only thereafter that the court will decide whether the evidence that has been adduced by the prosecution calls for either framing of charges or warrants a discharge of the accused. The proper course, therefore, is to put forward these contentions before the trial court. Section 482, Criminal Procedure Code, cannot be invoked when there are statutory remedies provided under the Code of Criminal Procedure itself, particularly when the question of framing of charges has actually arisen. It is obvious that this second round of quash petition has been filed merely to protract the proceedings. Hence, this petition is dismissed.

  ---

1 ....910111213