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Showing 121 to 140 of 2871 Records
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1984 (12) TMI 111 - ITAT DELHI-D
Association Of Persons, Assessability Of ... ... ... ... ..... hands between Balwant Singh Bawa and Gurbachan Singh Bawa. We find from the agreement of the joint venture that while the day-to-day management of the business was to be looked after by Gurbachan Singh Bawa for mutual common advantage, the finances had to be arranged by Balwant Singh Bawa, i.e., the assessee, and he was also in charge of operating bank accounts of the joint venture. There was, therefore, joining of hands for exploiting the business to the mutual common advantage of the two parties of the agreement and, therefore, the argument of the learned counsel that Balwant Singh Bawa had dissociated himself from business is not acceptable to us. In the above view of the matter, the treatment to the adjustment of losses suffered by the joint venture in the period1-4-1977to22-9-1977is held to have been correctly given by the income-tax authorities. Since we are in agreement with their decisions for reasons given above, we uphold them and dismiss the appeal of the assessee.
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1984 (12) TMI 110 - ITAT DELHI-C
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... ... ..... brother Dr. Ramesh Chand for the use of the Nursing Home owned by him we are of the view that the assessee is to succeed. It is not disputed that the assessee was using nursing home owned by Dr. Ramesh Chand. It is also not disputed that this total payment of Rs. 18,000 was shown by Dr. Ramesh Chand is also a noted surgeon and an income-tax assessee. As such the payment cannot also be held to be diversion of income for avoiding taxation. Since the arrangement has been continuing from year to year, no disallowance is called for on this account. The disallowance is deleted. 7. With regard to the last ground regarding claim for expenses of Rs. 1,289 against the interest income the CIT(A) had already directed the ITO to examine the claim made by the assessee in this regard and allow the same to the extent admissible under the law. We see no reason to modify the directions given by the CIT(A) in this regard. It is accordingly upheld. 8. In the result, the appeal is partly allowed.
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1984 (12) TMI 109 - ITAT DELHI-C
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... ... ..... missed. In the result assessee s appeal for the asst. yr. 1981-82 is partly allowed. 4. In asst. yr. 1982-83 assessee received Rs. 1,300 on encashment of leave salary at the time or resignation from Atlas Cycle Co. and rejoining Modi Spinning and Weaving Mills Ltd. ITO and AAC have held the said amount to be assessable. However, following out order for asst. yr. 1981-82, we delete the said addition. Standard deduction under s. 16(i)of Rs. 1,000 was allowed by the ITO on the ground that the assessee was receiving conveyance allowance and was, therefore, hit by proviso (i) to s. 16(i). However, the Finance Act, 1981 deleted cl. (i) of proviso to s. 16(i) w.e.f.1st April, 1982. Thus standard deduction of Rs. 5,000 under s. 16(i) is allowable to employees who are getting conveyance allowance w.e.f. asst. yr. 1982-83. We accordingly direct that standard deduction under s. 16(i) should be allowed at Rs. 5,000. 5. In the result assessee s appeal for the asst. yr. 1982-83 is allowed.
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1984 (12) TMI 108 - ITAT DELHI-C
Accounting Year, Assessment Year, Debt Owed ... ... ... ... ..... tion where the creditor, Bhai Sunder Das and Sons, claims the debt and continue to do so the debtor, i.e., the assessee admits the liability and acts on that basis. There, how can the debt be said to have extinguished. The debtor in no case alters the legal position, by terminating unilaterally the liability. Since this is the main reason, if not the only reason (others being supporting reasons), that weighed with the revenue to hold that the debt extinguished and the liability to make over the interest to Bhai Sunder Das and Sons ceased and since it has been found that the debt existed, we hold that the approach of the revenue is not correct. We, therefore, find it extremely difficult to agree with the conclusions of the department. 16. We, therefore, hold that the assessee s claim to exclude this interest from its income has to be accepted as in the earlier assessment year and nothing has happened to deviate from the past procedure. 17. In the result, the appeal is allowed.
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1984 (12) TMI 107 - ITAT DELHI-C
Bench Of Tribunal, Development Allowance, High Court ... ... ... ... ..... untarily here means willingly without compulsion , unfettered by influence or intercession, misrepresentation or coercion, force or fraud. We have already seen that the said transfer of shares was without consideration in money or money s worth, since it was made for the marriage between the assessee and Miss Gayatri Malhotra. Therefore, the transfer in question was treatable as a gift within the meaning of section 2(xii). An ante-nuptial agreement or settlement made in consideration of marriage may be enforceable at law on the ground that marriage is a sufficient consideration for the settlement. But, such consideration is neither money nor money s worth and, consequently, such a settlement would be liable to gift-tax. In this view of the matter, therefore, the learned Commissioner (Appeals) was justified in upholding the taxation of the transfer in question on the basis of a gift. We uphold his order. 6. The appeal filed by the assessee, accordingly, fails and is dismissed.
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1984 (12) TMI 106 - ITAT COCHIN
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... ... ..... that there was an error in the computation. In the absence of anything in the assess-ment order to show that the ITO had bona fide thought that there was escapement of assessment and that he realised that there was no mistake in the computation only when the matter was explained by the assessee over again, there is no scope for contending that the ITO had, on the basis of the audit objection, bona fide thought that there was an error in the computation of the income and that as a result of the same, income had escaped the same. 15. There is also no merit in the ground taken by the department that the order of the Commissioner (Appeals) is bad for the reason that he had not taken into consideration the second factor. He cannot be blamed when the reassessment order was totally silent about the matter. 16. In view of what is stated above, we agree with the Commissioner (Appeals) that the reopening of the assessment cannot be sustained. 7. In the result, the appeal is dismissed.
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1984 (12) TMI 105 - ITAT COCHIN
Gratuity Fund, Original Assessment ... ... ... ... ..... e circular. But we are inclined to accept the contention of the department that the circular now relied upon by the assessee is only a general one explaining the effect and scope of section 40A(7). The circular only paraphrases the provisions of the sub-section. There is nothing in the circular which would indicate that the Board required the ITOs to ignore rule 103 while dealing with case falling under section 40A(7). The circular will, therefore, be of no help to the assessee in deciding the present issue. The assessee is, however, entitled to succeed for the reasons given earlier. 5.6 In the light of what is stated above, the assessee was entitled to claim deduction of a provision which did not exceed an amount calculated at the rate of 81/3 per cent of the salary. Therefore, the deduction allowed in the original assessment was correct and was not excessive. We confirm the finding of the Commissioner (Appeals) on this aspect also. 6. In the result, the appeal is dismissed.
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1984 (12) TMI 104 - ITAT COCHIN
Capital Gains, Computation Of Capital, Immovable Property, Movable Property ... ... ... ... ..... of the total sale consideration without making any allowance for the encumbrances which the assessee inherited along with the property and which he discharged. Similarly, while an assessee inheriting an unencumbered property and, subsequently, transferring the same may be able to claim the benefit of section 54E by investing the sale proceeds in the manner indicated in the section, this benefit will be denied to an assessee who inherits an encumbered property because the sale consideration will not be available with him for being invested as required by section 54E. This appears to be due to lack of adequate provisions in section 48 to cover such contingencies. The remedy in the matter lies with the Legislature. 11. In view of what is stated above, we reject the contention of the assessee that the full value of the consideration should not be taken as Rs. 83,700 and should be taken as only Rs. 5,544. 12 to 14. These paras are not reproduced here as they involve minor issues.
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1984 (12) TMI 103 - ITAT CHANDIGARH
Assessment Year, House Property, Valuation Date ... ... ... ... ..... tuated at Karnal and, as per the assessees themselves, there is nothing like sewerage connection at Karnal. All that they made was a septic tank which, of course, was made in the course of construction earlier. It is a fact of life, which cannot be denied, that in case of a new construction, though septic tank is made much before and provision is made for sanitary fittings yet the same are fixed and installed actually at the last moment in order to avoid breakage, rusting or getting the same spoiled by paint, etc. On the basis of facts and submissions made by the learned counsel before the WTO, we are convinced that neither the house as a whole nor respective portions of the seven assessees was ready for occupation before 31-3-1979 and the same being not habitable, as observed by their Lordships of the Orissa High Court, the assessees were not entitled to get exemption under section 5(1)(iv). The action of the AAC is, therefore, reversed. 7. The revenue s appeals are allowed.
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1984 (12) TMI 102 - ITAT CALCUTTA-E
Assessment Order, Late Filing, Mistake Apparent From Record, Original Assessment, Registered Firm, Regular Assessment, Unregistered Firm
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1984 (12) TMI 101 - ITAT CALCUTTA-D
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... ... ..... in other proceedings cannot be used as substantive evidence in subsequent proceedings against him. Vide Krishnawati vs. Hansraja AIR 1974 SC 280. Following observation of the Privy Counsel in Venkatapathiraju vs. Venkata Narasimha AIR 1936 PC 264 are also pertinent in this context It sometimes happens that persons make statements which serve their purpose or proceed upon ignorance of the true position and it is not their statements but their relation with the estate, which should be taken into consideration in determining the issue. 11. Thus, admission of the assessee herself that she had made the gift and thereby she wanted to be taxed is of no help to her in proving the genuineness of the gift. 12. In view of above discussion, we set aside the orders of the AAC and the WTO and send the case back to the WTO for fresh assessments after deciding this issue with advertence to the observations made above. 13. In the result, both the appeals are allowed for statistical purposes.
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1984 (12) TMI 100 - ITAT CALCUTTA-D
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... ... ..... in other proceedings cannot be used as substantive evidence in subsequent proceedings against him. Vide Krishnawati vs. Hansraja AIR 1974 SC 280. Following observation of the Privy Counsel in Venkatapathiraju vs. Venkata Narasimha AIR 1936 PC 264 are also pertinent in this context It sometimes happens that persons make statements which serve their purpose or proceed upon ignorance of the true position and it is not their statements but their relation with the estate, which should be taken into consideration in determining the issue. 11. Thus, admission of the assessee herself that she had made the gift and thereby she wanted to be taxed is of no help to her in proving the genuineness of the gift. 12. In view of above discussion, we set aside the orders of the AAC and the WTO and send the case back to the WTO for fresh assessments after deciding this issue with advertence to the observations made above. 13. In the result, both the appeals are allowed for statistical purposes.
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1984 (12) TMI 99 - ITAT CALCUTTA-C
Appeal To AAC ... ... ... ... ..... ommissioner (Appeals) or in second appeal before the Tribunal, even though the appeal filed before the Tribunal is competent and is within time. 12. Under section 253 of the Income-tax Act, 1961 ( the Act ) a statutory right has been given to an assessee to prefer an appeal to the Tribunal against an order passed by the AAC/Commissioner (Appeals). So the subject-matter of appeal before us is not the assessment order but the order of the lower appellate authority. We have to consider in this appeal whether the Commissioner (Appeals) was justified in dismissing the appeal as time barred. No other question arises for our consideration out of the order of the Commissioner (Appeals). So for this reason also, it is not open to us in second appeal to go into the merit of the assessment framed by the ITO. 13. For the aforesaid reasons, we refuse to go into the merit of the assessment framed by the ITO. 14. In the result, the appeal filed by the assessee fails and is hereby dismissed.
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1984 (12) TMI 98 - ITAT CALCUTTA-C
Dispose Of, House Property, Income From Other Sources, Profits And Gains Of Business ... ... ... ... ..... n that the activity undertaken by the assessee is in the nature of trade or business. As a lessee, the assessee was interested in renovating carrying out repair works so that the building could fetch a higher rent. This activity on its part is consistent with its status as a lessee. Even after subletting the first floor, the assessee was never engaged in any continuous or organised activity with a view to earn profit and as has already been pointed out above, no services were rendered by it. For all these reasons, we hold that the Commissioner (Appeals) was wholly in error in holding that the income derived from the building falls under the head Profits and gains of business or profession and not under the head Income from other sources . 16. For the foregoing reasons, the orders of the Commissioner (Appeals) are set aside and those of the ITO are restored for all the assessment years under consideration. In the result, the departmental appeals succeed and are hereby allowed.
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1984 (12) TMI 97 - ITAT CALCUTTA-C
Accounting Year ... ... ... ... ..... of the aforesaid circular, it was held by the Tribunal in that case that the assessment made by the ITO is contrary to the instructions of the CBDT. This decision of the Tribunal is of no help to the assessee. In the instant case, the IAC has not attempted to determine the number of days on which each machinery, comprised in the new foundry unit, actually worked triple shift during the relevant previous year. He has considered the entire new undertaking as one unit, while considering the claim of the assessee for extra shift allowance. The action of the IAC in allowing the extra shift allowance on the new unit for 77 days only is in conformity with the aforesaid decisions cited on behalf of the department. 15. For the foregoing reasons, we hold that the Commissioner (Appeals) was not justified in holding that the assessee was entitled to the relief claimed in respect of the extra shift allowance on new unit. 16. This para is not reproduced here as it involves a minor issue.
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1984 (12) TMI 96 - ITAT CALCUTTA-C
Assessed Income, Total Income ... ... ... ... ..... what is the tax avoided on account of the assessee s returning certain income. It was only after he had found out that there was avoidance of tax that he could have examined the question as to whether there was a reasonable cause for the assessee s non-maintenance of the books of account. In the present case, the assessee has not been able to point out the cause which should be regarded as reasonable for the maintaining the books of account. The penalty can, therefore, be imposed by the ITO on the assessee, but for the aforesaid purpose it was necessary for him to have found out the tax avoided, which he has not done. He has imposed an ad hoc penalty of Rs. 765 on the assumption as if no guidance has been laid down in the section for the purpose of imposition of the penalty. Prima facie, the above action of the ITO is contrary to law and as such it is not possible for us to sustain it. 10. In the result, the order of the learned AAC is sustained though for different reasons.
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1984 (12) TMI 95 - ITAT CALCUTTA-B
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... ... ..... the claim of the assessee on the basis of percentage prescribed for relief under s. 80M on dividends. He has also held that half of the establishment expenses should be attributed to the earning of dividends and the entire net interest payable should be a deductible expense from the gross dividends. Only after deducting the expenses stated above, the net dividend income would be computed and on such dividend income the assessee would be entitled to deduction under s. 80M. The IAC has been directed to recompute the income according to his direction. So, the taxable income after deducting TDS may not be even Rs. 6000. In fact, the assessee has stated that after excluding the tax on capital gains it is entitled to refund of Rs. 45,045. In the these circumstances it will not be worthwhile to send the matter back to the ITO for applying his mind afresh on this aspect. We accordingly find no force in this appeal which is hereby dismissed. 5. In the result, the appeal is dismissed.
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1984 (12) TMI 94 - ITAT CALCUTTA-B
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... ... ..... , urged that though the legal ground was taken by the assessee but no specific finding has been given by the AAC and, therefore, the matter on this issue be set aside. Otherwise, it was urged that the assessee and not argued on merit that he was prevented form reasonable cause and, therefore, the penalties may be confirmed. 4. The assessee has argued only on legal point. The penalty proceeding though were initiated while the assessee was alive but the penalty orders have been passed when the assessee was dead. The assessee died on 13th June, 1980 whereas the penalty order have been passed by the WTO, even after the death on him on 7th March, 1981. The assessee had cited various decision on the basis of which it is clear that no penalty could be imposed on a dead person. Under the above circumstances the penalty orders passed by the authorities below are set aside and the WTO is directed to refund the penalties, if already collected. 5. In the result, the appeals are allowed.
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1984 (12) TMI 93 - ITAT CALCUTTA-B
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... ... ..... see is eligible for interest under s. 244(1A). We asked the assessee s representative to produce the order of the Jabalpur Bench in I.T.A. No. 379 (Jab)/1980 referred to above but he was not in a position to do so. On a perusal of the language used in this section we find that there is a difference between the language of sub-s. (1) and sub-s. (1A). Whereas the farmers refers to refund in pursuance of an order referred on in s. 240, the latter refers to interest on the excess amount which the assessee is liable to pay as tax or penalty which impliedly means that interest is not to be taken into consideration for the purpose of this sub-section. Since the decision of the Jabalpur Bench was not produced before us on the language of this section, we are of the opinion that the contention of the departmental representative deserves to succeed. Accordingly we accept the appeal, set aside the order of the CIT(A) and restore that of the ITO. 3. In the result, the appeal is allowed.
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1984 (12) TMI 92 - ITAT CALCUTTA-A
Accounting Year, Banking Company, Business Loss, Closing Stock, Foreign Exchange, Tax Liability
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