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Showing 141 to 160 of 265 Records
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1986 (9) TMI 126 - ITAT HYDERABAD-A
Assessment Year, Foreign Enterprise, Gross Total Income, Mercantile System ... ... ... ... ..... und business practices in relation to the disputed claims. These reasonings will apply to the facts in relation to this assessment year also. Therefore, we uphold the order of the Commissioner (Appeals) on this point. 22. In ground No. 4, the revenue contends as follows 1. Tuticorin Port Trust 2. Madras Port Trust 3. Visakhapatnam Port Trust 4. M/s A.C.C., Tuticorin for rendering certain services, as are evidenced by the correspondence between the assessee and the customers and services were in fact rendered in pursuance of these agreements and he should have, therefore, held that the income represented by the sum of Rs. 1,48,77,973 actually accrued in the year of account notwithstanding the disputes referred to by the assessee. Similar ground was raised for the assessment year 1980-81 also and in paragraph 15 we have dismissed the ground stating the reasons therefor. For similar reasons, we reject this ground of appeal. 23. In the result, both the appeals are partly allowed.
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1986 (9) TMI 125 - ITAT HYDERABAD-A
Assessment Year ... ... ... ... ..... ls against the decision of the learned Commissioner (Appeals) and to raise specific grounds in the appeals. However, the impugned order does not contain even one sentence as to how the learned Commissioner (Appeals) had the authority to clutch at the jurisdiction and decide the fresh claims. We, therefore, feel that in order to decide the above issues, which in substance amount to finding a ground to assume jurisdiction to decide the appeal before the Commissioner (Appeals), the matter should go back to the Commissioner (Appeals). We do not wish to pronounce on the tenability or otherwise of the respective contentions advanced by the parties on the question of jurisdiction. Further, we also do not want to pronounce on the merits of the two claims as it would become unnecessary at this stage. We, therefore, set aside the impugned order of the Commissioner (Appeals). 9. In the result, the appeal filed by the assessee will be deemed to have been allowed for statistical purposes.
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1986 (9) TMI 124 - ITAT HYDERABAD-A
Assessment Year, Business Expenditure ... ... ... ... ..... TO under section 40A(5) of the Act which was set aside by the Commissioner (Appeals). The disallowance involved is Rs. 60,215 in the accounting year relevant to the assessment year 1979-80 and Rs. 1,11,764 for the accounting year relevant to the assessment year 1980-81. The learned Commissioner (Appeals) held in his impugned orders that the matter is covered by the Tribunal s decision rendered in the assessee s case for an earlier assessment year. Both the parties agreed that the matter is covered by the order of this Tribunal dated 19-7-1984 passed in IT Appeal No. 664 (Hyd.) of 1983 for the assessment year 1976-77. Even otherwise, the matter is covered by the Andhra Pradesh High Court decision in CIT v. Warner Hindustan Ltd. 1984 145 ITR 24, the Gujarat High Court s decision in CIT v. Bharat Vijay Mills Ltd. 1981 128 ITR 633. Hence, this ground raised by the assessee in both the appeals should fail. 13 to 18. These paras are not reproduced here as they involve minor issues.
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1986 (9) TMI 123 - ITAT DELHI-E
... ... ... ... ..... ose, we have to see whether there was any objective basis for the ITO rsquo s formation of the belief that the assessee rsquo s income had escaped assessment from the relevant assessment year. For ascertaining as to what was the basis of the formation of the ITO rsquo s belief, we have merely to look at the reasons recorded by him. A perusal thereof clearly shows that he took no assistance from s. 132(4)A for this purpose. He looked at the Tribunal rsquo s order and the assessment orders of Shri H.K. Rathi, and the original return of income filed by Shri Deepak Rathi and on their basis he formed his belief under s. 147(a) and we have held above the reopening on this basis as valid. 31. For the reasons stated above, we hold that the order of the ld. AAC is unsustainable in law and, on facts and, accordingly, we reverse it and sustain the initiation of proceedings under s. 147(a) of the IT Act, 1961 in the present case. 32. In the result, the departmental appeal stands allowed.
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1986 (9) TMI 122 - ITAT DELHI-E
Appellate Assistant Commissioner, Appellate Orders ... ... ... ... ..... ITO did not give credit for TDS and when the mistake was pointed out, he did not even think it fit to analyse as to how the request for interest on refund was untenable and not correct. The learned Commissioner (Appeals) was not correct in equating a taxpayer s agitation against charging of interest under sections 139(8) and 217 of the Act with his right to claim refund, from which right the claim of interest flows under section 243 in view of specific provisions of section 246 and clause (f) noted above. 9. Therefore, reversing the Commissioner (Appeals) order and holding that the ITO wrongly declined the assessee s claim we direct that necessary interest under section 243 be computed and allowed to the appellant. The statistical working we leave it to the ITO. 10. Since permission to withdraw ground No. 1 in each of the three appeals was granted to the assessee s advocate the said grounds accordingly stand dismissed. 11. The assessee s appeals are treated as partly allowed.
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1986 (9) TMI 121 - ITAT DELHI-C
... ... ... ... ..... n this regard, the Special Bench preferred (in Shree Arbinda Mills, to follow the decision of the Bombay High Cout in CIT vs. Tejaji Paras Ram Kharwala (1953) 23 ITR 412 (Bom) in preference to the decision of the Gujarat High Cout in Karsandas Bhagwandas Patel vs. G.V. Shah, ITO, Rajkot and Ors. (1975) 98 ITR 255 (Guj). 9. In any case, it is apparent that, on this issue, two equally valid opinions are possible, one in favour of the assessee. In such a situation, it is settled law that the interpretation in favour of the tax payer has to be preferred. Sec. CIT vs. Vegetable Products Ltd. 1973 CTR (SC) 177 (1973) 88 ITR 192 (SC). In this view, we hold that the CIT had no jurisdiction to interfere under s. 263 after31st July, 1984. 10. In the view we have taken, above, we do not find it necessary to consider the assessee s submission before us on the merits of the CIT s directions to the ITO for the assessment of capital gains computed at Rs. 2,42,512. 11. The appeal is allowed.
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1986 (9) TMI 120 - ITAT DELHI-C
... ... ... ... ..... ng in holding that the appeal had to be dismissed in limine. Here again the decision turned on a reading of s. 61 of the old Act of 1922 r/w r. 22 made thereunder as also r. 7 of the Tribunal Rules, 1946. Hence this decision does not come in the way of accepting the assessee rsquo s claim if it meets the requirements of r. 45 (2)(e) in the light of s. 2(35) referred to above. The result is that we find no valid reason given by the commissioner(A) for dismissing the appeal at the threshold. We vacate his order and restore the appeal to his file for disposal afresh on merits after giving the assessee a reasonable opportunity of being heard. 6. The assessee has raised various objections before us on the merits of its claim for exemption under s. 11. As the appeal is being restored to the commissioner(A) for a de nevo consideration on merits, we do not find it necessary to consider the objections on merits before us. 7. The appeal is deemed to be allowed for statistical purposes.
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1986 (9) TMI 119 - ITAT DELHI-C
... ... ... ... ..... he Department that the cotton crop is sown in the month of May, that the flowering occurs in September and that it is only in the month of October that the crop comes. Therefore, the question of there being any standing crop in August did not and could not arise. The Assistant Controller was not speaking in terms of the potential value of the crop, He was only refer ring to standing crop, which question could not arise with reference to the month of August. We have seen the audit memo and we find that it cannot be said that any information was given to the Assistant Controller on the basis of which the assessment could have been reopened. There was no information and what the Assistant Controller did was to review and change the opinion on the facts already before the ACED at the instance of the accountable person. Therefore, on facts, the reopening was invalid in terms of s. 59 of the ED Act, 1953. Therefore, the reopening is cancelled. 10. The appeal is accordingly allowed.
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1986 (9) TMI 118 - ITAT DELHI-C
Assessment Order, Assessment Year, Capital Gains, Computation Of Capital, Reference To IAC, Reference To Valuation Officer, Wealth Tax Return
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1986 (9) TMI 117 - ITAT DELHI-C
Bank Deposits, Compulsory Deposit Scheme, Failure To Pay Advance Tax, False Estimate, Income Tax, Penalty Proceedings
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1986 (9) TMI 116 - ITAT DELHI-B
Appellate Tribunal, Powers Of ... ... ... ... ..... e decision of the Supreme Court, the Tribunal should have set aside its previous order in exercise of its inherent powers and reheard the parties on merits without going into the question whether the subsequent application was made within time or not, as the Tribunal should not allow the party to suffer for its own mistake. This decision also, although on its face it may appear to be in favour of the assessee applicant, does not assist it. The decision was rendered with reference to the facts mentioned above. In the present case the appeal was not dismissed ex parte nor did the decision of the Tribunal become a nullity as in the above case. Therefore, this decision can also not be taken advantage of by the assessee. We are, therefore, of the considered view that the preliminary objection taken on behalf of the department is correct and so the present miscellaneous application is not maintainable. 5. Accordingly, the application of the assessee applicant fails and is rejected.
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1986 (9) TMI 115 - ITAT DELHI-B
Annual Charge, House Property ... ... ... ... ..... , the assessee has filed a letter before us, to the effect that his wife had not remarried so far. Therefore, in terms of the said agreement the liability of the assessee for maintenance was there at the rate of Rs. 100 per month. However, so far as the son is concerned, the agreement dated19-7-1948does not give the age of the son but only describes him as a minor. The assessment year involved being 1974-75, it is not possible to hold that the assessee s son continued to be below 18 years of age on the relevant date. Therefore, the assessee cannot say that there was any liability for the maintenance of the son in terms of the said agreement, so far as the assessment year in question is concerned. Therefore, the annual charge in terms of section 24(1)(iv) could be said to be only worth Rs. 1,200 and not Rs. 4,500. We hold accordingly. To the said extent, the ITO would allow the assessee s claim under section 24(1)(iv). 7. The department s appeal is accordingly, partly allowed.
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1986 (9) TMI 114 - ITAT DELHI-A
... ... ... ... ..... n as it will in respect of persons situated outside the State ofJammu and Kashmirit applies in its entirety. It cannot be urged that the assets situated inJammu and Kashmirhave been granted special exception by the above decision. That is not the ratio of the aforesaid decision of the Hon ble Jammu and Kashmir High Court, for their Lordships were at pairs (see pp. 577-578) in emphasising in the said judgment that wealth-tax was not a tax on capital value of assets, but was a tax on the aggregate value of the assets over the aggregate value of debts and such a tax could not be regarded as a tax on the capital value of an asset. The argument of the assessee has, therefore, no substance and the value of property situated inJammucannot be excluded merely because of its situs. For computing the wealth the aggregate value of all the assets, wherever located, belonging to the assessee on the valuation date will have to be included. Accordingly, the assessee s appeals stand rejected.
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1986 (9) TMI 113 - ITAT DELHI-A
Assessment Year, Valuation Report ... ... ... ... ..... er a bona fide belief she declared valuation on the basis of approved valuer s report, though given in 1969, should not have been discarded as frivolous unworthy of taking notice of. 17. As far as the revenue s case that unless the assessee could prove that the returned value was correct there was no escape from the concealment penalty, cannot be accepted because it would lead to absurd results, because if the assessee fails in a given case in respect of quantum of assessment it would lead to automatic penalty because failure to succeed in appeal in itself would indicate that the declared version could not be established as correct. 18. Therefore, after giving our thoughtful moments and holding that the present case came within the ambit of the exceptions as stated in para 15 of the circular, we hold that the ultimate decision of the learned Commissioner (Appeals) to cancel the penalty has been correct, though reasons stated are different. 19. In the result, appeal dismissed.
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1986 (9) TMI 112 - ITAT COCHIN
Income, Assessable As, Appellate Assistant Commissioner, Appealable Orders ... ... ... ... ..... day or even from month to month and that it will accrue only when the accounts are closed. The closing of accounts may depend upon the contract between the parties or the operation of any law. But the profits accrue due only when the accounts are closed. In the present case the accounts are closed only on 31-3-1978 and the net profit of Rs. 73,197.36 was apportioned by the firm in its profit and loss account as under Rs. Mrs. Kochuthresia 21,959.19 Miss Etty Antony 43,918.44 Shri P.A. Jose 7,319.73 From the above it will be seen that the assessee was not given any share of profit in the said firm. According to the ratio laid down by the Supreme Court in the case mentioned supra the assessee is not entitled to any share of profit in the profits ascertained on 31-3-1978. Hence, she is not liable to be assessed on the amount of Rs. 14,845 for the assessment year 1978-79. We, therefore, confirm the order of the AAC. 8. In the result, the appeal filed by the revenue is dismissed.
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1986 (9) TMI 111 - ITAT CHANDIGARH
... ... ... ... ..... by the lower authorities. The claim of the assessee is that he withdrew Rs. 10,000 on 19th Oct., 1983 a part of which was utilised for the running of the car also. This submission has been rejected by the lower authorities summarily without looking into the magnitude of his household expenses. I have also looked into the copy of account of the assessee in M/s Gupta Construction Co. and find that prior to 19th Oct., 1983 from 1st April, 1983 there are no withdrawals for house hold expenses. Even after 19th Oct., 1983 there are no such withdrawals. In such circumstances, I set aside the order of the AAC for fresh determination after taking into consideration the magnitude of the household expenses of the assessee and the availability of funds from these withdrawals for user of the car. While predetermining the issue, he will also take into consideration the decision of the Tribunal dt. 30th April, 1982 referred to above. 6. In the result, the appeal is allowed for statistics.
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1986 (9) TMI 110 - ITAT CHANDIGARH
... ... ... ... ..... . 5(1)(iv) in respect of administrative block only and the excessive deduction was withdrawn by him for all the assessment years. The assessee aggrieved against the above orders of the AAC, is in further appeal before the Tribunal. 12. The issue for determination is whether the factory building consisting of various blocks is to be considered as one unit or building or it has to be split up in various blocks for the purpose of deduction under s. 5(1)(iv). After hearing both the parties we are of the considered view that the factory building is to be considered as a unit and not as various blocks. Since these blocks constitute one building, i.e. factory building, the assessee is entitled as one unit. In view of this position we are unable to sustain the order of the AAC on this point. The deduction allowed by the WTO and withdrawn by the AAC on this account are therefore, restored. 13. In the result, all the appeals shall be treated as partly allowed for statistical purposes.
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1986 (9) TMI 109 - ITAT CHANDIGARH
Annual Charge, House Property ... ... ... ... ..... st transaction dated 5-1-1983 whereas Bombay stock exchange had relied on the transaction dated 15-3-1983 which is still later which was at the rate of Rs. 10 per share. Apparently, Bombay stock exchange is close to the date of valuation and, therefore, quotation therefrom was, rightly accepted by the AAC. The learned senior departmental representative in rejoinder, pressed the revenue s claim that a rider be given that in case transaction on closer date to 31-3-1983 are higher, then that be adopted. Since it is the revenue s appeal, it was for it to substantiate that there was any higher transaction on a still closer date to 31-3-1983. As it is, there does not seem to be any transaction for more than Rs. 10 per share as it is mentioned in the certificate, extracted and placed below, that latest transaction is of 15-3-1983 for Rs. 10 per share and accordingly the quotation of the Bombay stock exchange was rightly accepted by the AAC. 6. In the result, the appeal is dismissed.
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1986 (9) TMI 108 - ITAT CALCUTTA-A
... ... ... ... ..... cent. 12. Learned Departmental Representative supported the orders of the tax authorities below. 13. The estimate of income should be based upon some material and it should be just and proper. Merely because the assessee did not maintain books of account there should not be arbitrary estimate. In view of the fact that the ITO estimated the profits at 7.5 per in the asst. yr. 1980-81 we deem fit and proper to direct the ITO to estimate the profits in the asst. yr. 1979-80 at 7.5 per cent but it appears that the assessee itself has shown the profits much more than at 7.5 per cent of the receipts. If this is correct, the ITO shall accept the returned income of the assessee in the asst. yr. 1979-80. 14. In the result, all the appeals on the point of registration are allowed and on the point of quantum of income the appeal for the asst. yr. 1977-78 is allowed for statistical purpose, that for the asst. yr. 1978-79 is dismissed and that for the asst. yr. 1979-80 is partly allowed.
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1986 (9) TMI 107 - ITAT BOMBAY-E
A Partner, Debt Owed, Gratuity Reserve, Net Wealth, Partnership Firm ... ... ... ... ..... value of which was reported by it at Rs. 162.90 lakhs on yield basis. The WTO applied the provisions of rule 1D and worked out the value at Rs. 699 per share. In appeal before the Commissioner (Appeals) the assessee claimed that the value should be determined on yield basis and relied on the decision of the Commissioner (Appeals) dated 29-5-1981 in the assessee s own case for the assessment year 1980-81. The company in which the assessee holds shares is a running concern and the shares are not quoted in the market. We would, therefore, hold, following the decision of the Bombay High Court in the case of Smt. Kusumben D. Mahadevia v. CWT 1980 124 ITR 799, that the Commissioner (Appeals) was right in directing the WTO to determine the value of shares on yield basis. We decline to interfere with the order of the Commissioner (Appeals). Consequently, the departmental appeal fails and is dismissed. 12. In the result, both the assessee s and the department s appeals are dismissed.
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