|
Advanced Search Options
Case Laws
Showing 101 to 120 of 208 Records
-
1984 (9) TMI 110 - ITAT DELHI-B
... ...
... ... ..... that some partners knew about it. We also do not see any merit in the assessee s contention that the ITO should have given notice to the firm to treat it as non-genuine because of non-compliance with the Expln. to s. 185(1) or that Shri Govid Ram Sharma had not been examined by the ITO. 6. Sec. 2(23) defines firm, partner and partnership having same meanings as assigned to them in the Indian Partnership Act but makes a departure by laying down that expression partner shall also include any person who, being a minor had been admitted to the benefits of the partnership. Thus the admission of a minor to the benefits of the partnership would also be covered by the aforesaid Expln. to s. 185(1). 7. The assessee having not complied with the said statutory provision of Expln. to s. 185(1), we hold that ITO was right in refusing registration to the assessee firm. We accordingly vacate the order of CIT(A) and restore that of the ITO. 8. In the result, the Revenue s appeal is allowed.
-
1984 (9) TMI 109 - ITAT DELHI-B
... ...
... ... ..... ed by the CIT(A) for declaring the assessments as mull and void. In the result, CIT(A) s order for asst. yrs. 1973-74 and 1974-75 are upheld but for different reasons. 12. In asst. yr. 1975-76, ITO had similarly assessed Rs. 1,05,267 disallowing the assessee s claim for deduction of expenditure of Rs. 83,424 on the same ground as in earlier two years that the profits were not transferred to the trust by the author of the trust. 13. CIT(A) held that the assessee was entitled to deduction of expenditure of Rs. 83,424 incurred on construction of Dharmshala, Mandir etc. and Rs. 3,000 on purchase of machinery. This was besides expenditure of Rs. 48,546 allowed by the ITO. CIT(A) accordingly held that there was no assessable income of the assessee trust. We uphold the CIT(A) s order on this point for the reasons discussed above while disposing of the appeals for asst. yrs. 1973-74 and 1974-75. 14. In the result, the Revenue s appeals for asst. yrs. 1973-74 to 1975-76 are dismissed.
-
1984 (9) TMI 108 - ITAT DELHI-B
... ...
... ... ..... ate account and its utilisation was within the control of the Controller appointed by the Excise Authorities under the said Act and the assessee had no control or power to utilise or spend these funds and, therefore there was diversion of income at source. Similar view had been taken by ITAT. C Bench,Delhiby order dt. 5th Aug., 1983 in I.T.A. No. 1938 (Del)/1982 in ITO vs. M/s R. Basti Sugar Mills Co. Ltd for asst. yr. 1975-76. CIT(A) had, however, restored the matter to the ITO to examine the quantum of statutory liability under the said Act. 3. Respectfully following the aforesaid decision of ITAT, C Bench in Basti Sugar Mills Co. Ltd, we uphold the order of CIT(A) and dismiss the departmental appeal.
-
1984 (9) TMI 107 - ITAT DELHI-B
Let Out, Residential House Property, Sale Proceeds ... ... ... ... ..... e assessee claimed exemption from capital gains arising on the sale under section 54 on the ground that the house on the smaller plot had been constructed for purposes of her residence. The Tribunal held that the assessee was not entitled to exemption. The Hon ble High Court agreed with the said finding. That decision was given on the facts of that case. So this decision is of no help to the department. 12. Looking to the aforesaid facts and the entire evidence on record we are of the view that the assessee s house in question was mainly used by the assessee for her self-residence for two years immediately preceding the date of transfer. So in view of section 54 there is no capital gain on the sale of the property. The finding of the Commissioner (Appeals), to the contrary, is not correct. The addition in question is uncalled for and the same is deleted. 13. In view of the aforesaid decision other grounds of appeal become infructuous. 14. In the result, the appeal is allowed.
-
1984 (9) TMI 106 - ITAT DELHI-B
Capital Receipt, Carrying On Business, Exchange Fluctuation, Foreign Currency, Foreign Exchange, Revenue Receipt
-
1984 (9) TMI 105 - ITAT DELHI-A
Bad Debt, Business Expenditure, Interest Income, Mercantile System, Right To Receive ... ... ... ... ..... t is not possible to hold a dictionary in one hand and the statute to be interpreted in the other for ascertaining the import and intent of the word or expression used by the Legislature. The shade of meaning of a word, its different connotations and collocations which one finds in a dictionary does not relieve us of the responsibility of having to make the ultimate choice of selecting the right meaning. We choose that meaning which is most apt in the context, colour and diction in which the word is used. The use of a dictionary ad lib without an analysis of the entire Act, its purpose and its intent, for ascertaining the meaning in which the Legislature could have used the word or expression may not lead us to the right conclusion.... In view of the amendments made in sections 2(24) and 10(3) discussed above, all the winnings from lotteries, crossword puzzles, etc., are taxable as income from other sources. 20. For the reasons discussed above, both the appeals are dismissed.
-
1984 (9) TMI 104 - ITAT DELHI-A
Assessment Year, Business Loss, Carry Forward, Income From Other Sources, Set Off, Total Income
-
1984 (9) TMI 103 - ITAT CUTTACK
... ...
... ... ..... epresentative. 2. The assessee derives income from house property. The assessee has appointed a watchman. The watchman was appointed for the benefit of the tenants. The premises as well as for the services rendered by the watchman who was appointed to look after the interest of the tenants in the building. Under the circumstances the rent which the assessee was receiving was not only for the premises but also for the services which were rendered by the watchman to the tenants. In the circumstances the salary to the watchman was allowable against the service charges realised from the tenants in rent itself. The AAC has just restricted the allowance to 6 per cent. It does not mean that the AAC allowed the collection charges. The AAC though 6 per cent of the rent would be fair to allow as salary of the watchman. However, the allowance of chowkidar salary was fair. In the circumstances discussed above, the finding of the AAC is maintained. In the result, the appeal is dismissed.
-
1984 (9) TMI 102 - ITAT COCHIN
Chargeable To Tax ... ... ... ... ..... e Legislature has specifically excluded from taxation the amount received by encashment of earned leave at the time of retirement of an employee of the Central Government or a State Government and that this will indicate that no exemption was contemplated with regard to the encashment of earned leave while continuing in service. This contention was also rejected by the Madras Bench of the Tribunal in the case of T. V. Hindoocha. We are in agreement with the view taken by the Madras Bench that the fact that section 10(10AA) specifically exempted encashment of earned leave at the time of retirement, does not necessarily mean that it was chargeable otherwise and that the question has to be decided by the Tribunal on its merits. In view of what is stated earlier, we hold that the sum of Rs. 5,925 received by the assessee by surrender of earned leave is not taxable. 12. This para is not reproduced here as it involves a minor issue. 13. In the result, the appeal is allowed in part.
-
1984 (9) TMI 101 - ITAT CALCUTTA-D
Advance Tax, Assessment Order, Assessment Year, Income Tax, Mistake Apparent From Record, Original Assessment
-
1984 (9) TMI 100 - ITAT CALCUTTA-C
... ...
... ... ..... ain valuable right or rights in respect of the property is or are not parted with by the transferor by a deed of assignment the ownership of such property still remains vested in the transferor. In short, it may be stated that ownership does not change until a registered sale deed is executed by the vendor therefor even if physical possession is given on the basis of the bona fide annual value of the house property. Viewed thus we would hold that the WTO had not done anything wrong in not including the actual value of the assessee s share in the flat at Bombay in her net wealth. Accordingly it has to be held that the CWT was wrong in invoking the provisions of s. 25(2) of the Act in the instant case. Accordingly such order of the CWT is cancelled. 6. In view of the observations that we have made above we do not consider it necessary to go into the reasonableness of the value of the assessee s share in the flat at Bombay. 7. The appeal by the assessee succeeds and is allowed.
-
1984 (9) TMI 99 - ITAT CALCUTTA-C
Assessment Proceedings, Assessment Year, Computation Of Capital, Settlement Commission, Surtax Assessment, Tax Liability
-
1984 (9) TMI 98 - ITAT CALCUTTA-B
Bad Debt, Business Expenditure, Interest Income, Mercantile System, Right To Receive ... ... ... ... ..... Appeals) is, in our opinion, erroneous. The question of interest can be agitated when there are other grounds of appeal. In the present case, there were numerous grounds of appeal. The question of interest could, therefore, be raised by the assessee. If any authority for this proposition is needed, we may refer to the old decision of the Bombay High Court in the case of CIT v. Jagdish Prasad Ramnath 1955 27 ITR 192 and that of Gujarat High Court in CIT v. Sharma Construction Co. 1975 100 ITR 603. Our own High Court also ordains that the assessing authority must exercise its discretion under rule 40 whether or not the assessee asked for it-Groz-Beckert Saboo Ltd. v. CIT 1981 127 ITR 608, 618 (Punj. and Har.). In view of this, we set aside the order of the learned Commissioner (Appeals) and direct him to determine this ground in accordance with law. 18. Ground Nos. 7 and 9 were not pressed before us. Accordingly they are rejected. 19. In the result, we partly allow this appeal.
-
1984 (9) TMI 97 - ITAT BOMBAY-E
Annual Letting Value, Annual Value, House Property, Let Out, Municipal Corporation ... ... ... ... ..... ccount for repairs and maintenance a sum of Rs. 1,856, an allowance which we are making for the purposes of repairs, contribution to the society, insurance and similar other expenditure. For the reasons indicated above, we are of the opinion that the AAC erred in merely accepting the submission of the assessee. For the reasons indicated above properly appreciating the principles laid down by the Supreme Court in two cases and by the Calcutta High Court, we find that the assessee s case cannot be accepted in full. We further find that equally, the ITO s case cannot be accepted in entirety. In the circumstances, we direct that the assessee s income from property be computed on the basis that the starting point of computation would be not Rs. 4,761 as urged by the assessee and not Rs. 24,000 as taken by the ITO, but Rs. 12,000. From that stage, one will have to make the computation in the manner otherwise done by both the parties. 15. In the result, the appeal is partly allowed.
-
1984 (9) TMI 95 - ITAT BOMBAY-D
... ...
... ... ..... question which of the two provisions applied to the facts of the present case. As held by the Members of the Special Bench, I shall hold that the provisions of s. 40A(c) and not s. 40A(5) applied to the facts of the case. Since under s. 40(c) applied to the facts of the case. Since under s. 40(c) of the IT Act, the limit applicable is Rs. 72,000 for the whole year, in my opinion the CIT (A) was justified in applying this limit of Rs. 72,000 to the facts of the present case. The appeal filed by the Revenue deserves to be and is accordingly dismissed. 5. The assessee has filed the cross objection on the ground that the CIT (A) erred in applying the provisions of s. 40A(5) in respect of remuneration paid to Shri S. K. Bhattacharyya. It is urged that Shri Bhattacharyya being a person substantially interested in the assessee-company, the provisions of s. 40A(5) had no application. As explained in the earlier part of the order, the cross objection filed by the assessee is allowed.
-
1984 (9) TMI 94 - ITAT BOMBAY-D
A Partner, High Denomination Notes, Partnership Firm ... ... ... ... ..... t been able to establish with cogent and unimpeachable evidence that the firm was in possession of sufficient cash balance and that the 102 high denomination notes could have come out of the firm s coffers. We have already observed that on 13-1-1978, the firm received in cash Rs. 1 lakh from Darshan Distributors (P.) Ltd. The assessee has not produced any confirmation or certificate from the said party to support its case because as on 1-1-1978, the opening cash balance was only Rs. 25,727. We have examined the entire evidence filed by the assessee, keeping in mind the principles laid down by the Supreme Court in the case of Sreelekha Banerjee and in the other High Court cases, and we have to come to the one and only conclusion that the high denomination notes were never part of the firm s cash and the assessee has not established this fact at all and thereby confirm the decision of the Commissioner (Appeals). 20. In the result, the assessee s appeal is, therefore, dismissed.
-
1984 (9) TMI 93 - ITAT BOMBAY-D
Acquisition Of Immovable Property, Acquisition Proceedings, Movable Property ... ... ... ... ..... ion 269D(2)(a) were not issued to all persons interested in the property. Hence, held that proceedings were not properly initiated, even if transaction was one of sale. (Paragraph No. 43) (vii) 14-7-1972 was not the relevant date for valuation of the property. Since, understatement of consideration not established, this is not a fit case for action under section 269C/269F. (Paragraph No. 44) (viii) Report of the DVO was based on unreliable premises. Hence, unacceptable. (Paragraph No. 45) (ix) Order of the competent authority based on inadmissible evidence. Hence, contrary to rules of natural justice. (Paragraph No. 46) (x) Reliance on behalf of the society on comparable cases for valuation of the property was well founded. (Paragraph No. 47) 49. In the result, the order of the competent authority under section 269F(6), acquiring the property consisting of the leasehold land and the structures thereon, requires to be and is, accordingly, vacated. Both the appeals are allowed.
-
1984 (9) TMI 92 - ITAT BOMBAY-C
... ...
... ... ..... .........But when it comes to the question of demand of duty under s. 31 reduced the amount of estate duty payable in a particular manner. Before a demand can, therefore, be issued to the Accountable Person calling upon him to pay estate duty, s. 31 must be applied and the demand, can, therefore, issue only that amount of duty payable as reduced by application of that section. It is clear then that the demand for the full amount of tax is illegal. 9. It is true that the facts in that case are not identical with the facts of the present case. However, the ratio of that decision is that provisions of s. 31 were mandatory and the Asstt. CED was bound to give effect to those provisions at the time of raising the demand. In the present case also, at the time of raising the demand, the Asstt. Controller was bound to calculate the relief in accordance with the provisions of s. 31 and reduce the amount payable by the said relief. 10. In the result, the appeal fails and is dismissed.
-
1984 (9) TMI 91 - ITAT BOMBAY-C
Account Books, Cash Basis, Foreign Exchange Regulation Act, Income Tax Act, Interim Dividend
-
1984 (9) TMI 90 - ITAT BOMBAY-C
Annual Value, Income From House Property ... ... ... ... ..... striction Act, 1939 (Bombay XVI of 1939), or the Bombay Rents, Hotel Rates and Lodging House Rates (Control) Act, 1944 (Bombay VII of 1944) such standard rent or (b) where the standard rent is not so fixed, subject to the provisions of section 11 (i) the rent at which the premises were let on the first day of September, 1940 or (ii) where they were not let on the first day of September 1949, the rent which they were last let before that day or (iii) where they were first let after the first day of September 1949, the rent at which they were first let or (iv) in any of the cases specified in section 11, the rent fixed by the Court. We do not know what would be the standard rent in the case of the property under consideration for the relevant previous year. We, therefore, restore the matter to the IAC for ascertaining the standard rent applying section 5(1)(10) and to include the same in the assessment. 8 to 13. These paras are not reproduced here as they involve minor issues.
............
|
