|
Advanced Search Options
Case Laws
Showing 121 to 140 of 241 Records
-
1984 (11) TMI 122 - ITAT COCHIN
In Part, Rate Of Depreciation ... ... ... ... ..... erely on the ground that they had not disclosed any intention to settle down permanently in the foreign country ? It appears to us that the exemption cannot be refused to such persons. The Legislature has not chosen to confine the exemption to persons who had settled down in foreign countries. No indication is also available in the section as to how many years residence abroad will qualify a person to claim that he was ordinarily residing abroad. The assessee s claim for exemption can be denied only if we hold that the expression who was ordinarily residing in a foreign country relates to a person who had settled down in a foreign country. But to do so, in our opinion, would amount to adding words to the clause. Under the circumstances, we feel that there is no justification to deny the claim of the assessee for the benefit of the exemption. We, therefore, hold that the assessee is entitled to the exemption under section 5(1)(xxxiii). 13. In the result, the appeal is allowed.
-
1984 (11) TMI 121 - ITAT CHANDIGARH
... ...
... ... ..... al submission and looking to the facts, we are unable to interfere in the finding to the AAC. This is true that the entire income was spent within the following year as detailed by the AAC in his order. This is also true that the trust in question is not a creation by the business house. It is really a charitable trust and purpose is also apparent and it is for that purpose that the funds are utilised. There may be a technical flaw that application for accumulation was not there. Had it been given in the next year, it could be a case of condonation but the very fact is that in the next year amounts were spent. So far applicability of s. 13(1)(bb) is concerned, we are fortified in our action by the Amritsar Bench decision in the case of Sudarshan Sewa Trust. When we read section, it becomes apparent that the assessee has not committed any fault, so as to face denial of exemption. The action of the AAC is, therefore, hereby confirmed. 5. In the result, the appeal is dismissed.
-
1984 (11) TMI 120 - ITAT CHANDIGARH
... ...
... ... ..... on could be taken against erring firms. This apart s. 186 can be called in aid if only the ITO is satisfied that there was during the previous year, no genuine firm as opposed to a sham or bogus firm, in existence as registered and not when a firm was in fact in existence though it is not valid in law. The firm cannot, therefore, be permitted to claim the benefit of provision of s. 184(7) since it is not a firm in the eye of law and was not entitled to be granted registration even at the outset. Any registration that is erroneously granted to such a firm in the past cannot enure to its benefit for the subsequent assessment years under s. 184(7) of the Act as in such circumstances there would be not firm at all that could be treated as a registered firm. This observation was based on a catena of judgments mentioned in the said case. The action of the ITO, therefore, in cancelling the registration under s. 186 is hereby reversed. 8. In the result, assessee s appeal is allowed.
-
1984 (11) TMI 119 - ITAT CALCUTTA-E
... ...
... ... ..... ld that the appeal to the AAC over this matter was competent. 5. Coming to the merits of the levy, we find that as in the earlier case of Basudeo Bowri, the ITO has not specifically exercised his discretion for levying interest or refusing to do so. The Madhya Pradesh High Court has further observed in the case of Vinnet Talkies, that simple interest under s. 217(1A) or under s. 139(8) would follow as a matter of course. Therefore, before the interest can be waived or reduced, the ITO has to apply his mind. If he mechanically charges the interest, it should be presumed that he has not waived it. Therefore, in accordance with the decision taken earlier in the case of Basudeo Bowri we direct that the ITO shall pass a fresh order keeping in view the provisions of rr. 40 and 117A of the IT Rules and then pass an order levying or refusing to levy or waiving the interest or any part thereof. 6. For statistical purpose, both the appeals shall be deemed to have been allowed as such.
-
1984 (11) TMI 118 - ITAT CALCUTTA-E
... ...
... ... ..... ore rejecting the assessee s contention absolutely at least an opportunity should be given to the assessee to show that it had asked the auditor to audit the accounts sell in time and also asked for the details of its deposits from the banks, and the delay was purely due to the fault of the banks or the auditors. In such circumstances, there may be some reasonable cause for the delay at least for some of the period of delay, if not the whole of it. The WTO did not give any further opportunity to the assessee to lead evidence in support of its alleged cause. We think it would be fair if the AAC hears the assessee afresh after giving it an opportunity of showing cause for the delaying this behalf and the leading evidence in support of the cause pleaded by it. For this purpose the matter shall go back in the file of the AAC for his fresh decision in accordance with our aforesaid observations. 6. For statistical purposes, this appeal shall be deemed to have been allowed as such.
-
1984 (11) TMI 117 - ITAT CALCUTTA-E
... ...
... ... ..... appeal before us. 2.We have heard the representatives of the parties at length. According to s. 5(3)(b) of Part A of the fourth Schedule of IT Act, 1961, where the accumulated balance due to an employee who has ceased to be an employee is retained in the fund in accordance with the preceding clause, the fund may consist also of interest in respect of such accumulated balance. It is thus obvious that the interest on the accumulated balance due to the assessee would be treated in the same manner as the provident fund itself. The fund itself being exempt, the interest in question cannot be taxed, the interest in question cannot be taxed. We, therefore, accept the appeal and delete the addition. 3. In the result, the appeal is allowed.
-
1984 (11) TMI 116 - ITAT CALCUTTA-C
Income From House Property, Annual Value ... ... ... ... ..... evenue. Under the above circumstances the finding of the Commissioner is not correct and this finding of fact is deleted from the order of the Commissioner. 10. The only other objection taken by Shri Ray was that even after the allowance of interest the total income determined by the ITO came to a loss figure and, therefore, the order passed by the ITO could not be said to be prejudicial to the interests of the revenue. This matter cannot be concluded unless the allowance of interest is considered on merit from the angle as indicated above. Therefore, prima facie, the jurisdiction assumed by the Commissioner under section 263 was correct when he found that the ITO without examining the case had allowed deduction for interest under section 24(1)(vi) of the municipal tax payable by the lessee in the hands of the assessee. Consequently, after modifying the finding of the Commissioner, the order of the Commissioner is maintained. 11. In the result, the appeals are partly allowed.
-
1984 (11) TMI 115 - ITAT CALCUTTA-C
In Part, Rate Of Depreciation ... ... ... ... ..... l assessments pending on 24-7-1980. So the amended rules apply to an assessment like the one on hand completed after 24-7-1980. ... Emphasis supplied The above observations clearly imply that the change in the rates of depreciation was an amendment in procedural law and so it would apply to assessments pending as on the date of the amendment. We have seen above, that Appendix I to Part I is not procedural in its content but is part of section 32(1) and, therefore, forms part of substantive law. Substantive law cannot be interpreted in a manner that it would apply to the assessment for a given year pending on 24-7-1980, though it did not apply to the assessment for the same year, which had been completed prior to 24-7-1980. 12. For the reasons given above, we hold that the rate of depreciation brought into effect from 24-7-1980 would not govern trucks and buses used prior to 24-7-1980. 13. The departmental appeal is, therefore, eligible to succeed and, accordingly, be allowed.
-
1984 (11) TMI 114 - ITAT CALCUTTA-C
Assessment Year ... ... ... ... ..... loyees in terms of the agreement entered into with the employees and duty approved (if at all) by the Government of West Bengal will be allowed as deduction under section 36(1)(ii). It would not be possible to say, in such a situation, that the payment of bonus was not in terms of the Payment of Bonus Act and that so it was hit by the provisions of clause (ii) of sub-section (1) of section 36. For ascertaining the correct facts to which the aforesaid provisions of the Payment of Bonus Act may be applied, the matter will have to be restored to the ITO and, accordingly, we restore it. The ITO will redetermine the question after ascertaining the facts as indicated above. 12. We are not referring to the orders of the Tribunal relied on by either sides because the present appeal is being disposed of in accordance with the law as it obtained in the accounting period presently under consideration. 13. For statistical purposes, we will treat the departmental appeal as partly allowed.
-
1984 (11) TMI 113 - ITAT CALCUTTA
... ...
... ... ..... dent within the meaning of s. 6(1)(a) of the IT Act. In the case of other respondent assessees in Appeal Nos. 277, 279 280 and 281 (Gau) of 1984 the total period of stay in India was 4 month 27 days, 4 months 14 days, 4 months 14 days and 4 months 25 days respectively. But all these assessees had been living in India in the earlier 4 years and, therefore, they came within the definition of resident. So, whatever be the view taken in relation to the place where the present income was earned within the meaning of cl. (ii) of s. 9(1) of the IT Act, these assessees would be liable to tax unless they are found to be actually non-resident. Since, according to the order of my ld. brother, the computation of the income of all the assessees has to be recast, I would direct that this aspect of the mater shall also be considered by the ITO afresh and at this stage it is not necessary to refer the issue relating to the effect of insertion of Explanation in s. 9(1)(ii) to a larger Bench.
-
1984 (11) TMI 112 - ITAT BOMBAY-E
... ...
... ... ..... and skill in the commercial market. The last clause (d) in the agreement provides that the assessee shall permit the benefit of advertising expenditure incurred by them to establish Ceat Brands in overseas market. Under this clause, the Indian company will use the trade mark or similar good to establish ceat brands outside India with the benefit of advertising expenditure. In our view, this is also covered by the definition of Royalty given in s. 9(1) (vi). 5. To sum up the case, the information regarding fees for technical services are covered by the word Royalty or fees for Technical services as defined in ss. 9 (1) (vi) and 9 (1) (vii) Considering the facts in this case, the srvices mentioned in cls. (b), (c) and (d) are covered by the above definitions. Therefore, 75per cent of the export commission of Rs. 11, 87,638 is tax able under ss. 9(1) (vi) and 9(1) (vii). 6. In the result, the appeal of the assessee is dismissed while the appeal of the Revenue is partly allowed.
-
1984 (11) TMI 111 - ITAT BOMBAY-E
... ...
... ... ..... s. 37(1). It does not affect a deduction available to the assessee under s. 35B. So, we will uphold the CIT(A) s finding on this point. 13. The last ground is whether the assessee is entitled to 35B deduction in respect of Rs. 1,01,633. These are the expenses involved in furnishing samples to the foreign buyers. According to the Department, the deduction under s. 35B is available only on the cost of samples. We are unable to agree. The deduction is available in furnishing samples to the buyer which would include all other ancillary expense also. So, this ground is also decided against the Department. 14. The above disposes of the main appeal of the Department. In ITA No. 1973 (Bom)/82, the Department is objecting to certain rectifications made by the CIT(A) in her original order. The point at issue is fully covered by the points already decided. No separate orders are necessary. 15. In the result, ITA No. 96(Bom)/82 is partly allowed, while ITA No. 1973(Bom)/82 is dismissed.
-
1984 (11) TMI 110 - ITAT BOMBAY-E
Assessment Year, Business Expenditure, Immovable Property, Movable Property, Textile Mill ... ... ... ... ..... s of the Bombay High Court---CIT v. Associated Cement Co. Ltd. 1968 68 ITR 478, CIT v. Traub (India) (P.) Ltd. 1979 118 ITR 525 and CIT v. Khandelwal Laboratories (P.) Ltd. 1979 118 ITR 531. In all these decisions, it was held by the Hon ble Bombay High Court that the assessees would be entitled to relief under section 80G even in respect of donations made in kind such as a kiln, a lathe and medicines. The amendment made by the Finance Act, 1976, in section 80G by inserting Explanation 5 to that section would be applicable only from the assessment year 1976-77 and as such is not applicable for the year under appeal. We, therefore, respectfully follow the three decisions referred to above and allow the assessee s cross-objection also. 24. In the result, the revenue s appeal is dismissed. The assessee s cross-objection shall be treated as allowed, since the assessee s alternative claim for relief under section 80G, would not survive in view of our order in the revenue s appeal.
-
1984 (11) TMI 109 - ITAT BOMBAY-E
Foreign Company, Indian Company, Technical Services ... ... ... ... ..... ial market. The last clause (d) in the agreement provides that the assessee shall permit the benefit of advertising expenditure incurred by them to establish Ceat brands in overseas markets. Under this clause, the Indian company will use the trade mark or similar goods to establish Ceat brands outside India with the benefit of advertising expenditure. In our view, this is also covered by the definition of royalty given in section 9(1)(vi). 5. To sum up the case, the information regarding fees for technical services are covered by the words royalty and fees for technical services , as defined in section 9(1)(vi) and section 9(1)(vii). Considering the facts in this case, the services mentioned in clauses (b), (c) and (d) are covered by the above definitions. Therefore, 75 per cent of the export commission of Rs. 11,87,638 is taxable under sections 9(1)(vi) and 9(1)(vii). 6. In the result, the appeal of the assessee is dismissed while the appeal of the revenue is partly allowed.
-
1984 (11) TMI 108 - ITAT BOMBAY-D
... ...
... ... ..... e fixed deposit itself was a capital asset, the fixed deposit with a private person would equally be a capital asset. In that case a trust would invest the entire net consideration in fixed deposit with any private person and claim exemption in respect of the whole of capital gains. Obviously, this could not have been the intention of the provision in s. 11(1A) of the Act. Consequently, the Instruction No. 883 should be confined to fixed deposit with a bank. That instruction cannot be extended to fixed deposit with any other person or organisation. In the circumstances, we hold that investment of Rs. 2,20,000 in fixed deposit with MSRTC did not amount to acquiring another capital asset within the meaning of s. 11(1A) of the Act. The lower authorities were therefore, justified in not granting exemption under s. 11(1A) of the Act. As already stated, the AAC has granted the alternate relief claimed under s. 11(2) of the Act. 13. In the result, the appeal fails and is dismissed.
-
1984 (11) TMI 106 - ITAT BOMBAY-D
Assessee's Appeal, Assessment Year, Debt Owed, Foreign Exchange Regulation Act, High Court, His Net Wealth, Income Tax, Valuation Date
-
1984 (11) TMI 105 - ITAT BOMBAY-C
... ...
... ... ..... roceedings that amount should be taken as debt owed by the assessee and that the amount as per return should not be taken to be such amount. The principle enunciated in the said decision is not applicable to the facts of the present case. In the case of Kesoram Industries and Cotton Mills Ltd. it has been laid down that the term debt owed within the meaning of s. 2(m) of the WT Act, 1957 could be defined as the liability to pay in praesenti or in futuro an ascertainable sum of money . The amount with which we are concerned would certainly come within this definition. Consequently, this decision confirms the view which we have already taken. It is of no assistance to the department. For the reasons given above, we set aside the order of the ld. AAC and direct the WTO to treat the amount of Rs. 5,00,000 as debt owed by the assessee on the relevant valuation dates and allow deduction in respect thereof for ascertaining the net wealth. 12. In the result, the appeals are allowed.
-
1984 (11) TMI 104 - ITAT BOMBAY-C
Accounting Year, Bad Debt, Write Off ... ... ... ... ..... ts, they did not consider it necessary to make a proper valuation of such trading rights of the assessee. Under the circumstances, we consider it advisable to set aside the orders of the authorities below on this issue and restore the matter for redecision by the ITO. We need not add that the department must take a consistent stand. Considering the manner in which the assessment for the year 1980-81 is made, it is apparent that the present assessment is not consistent and congruent. As such, we will accept the assessee s appeal partly by restoring the matter for redecision by the ITO in accordance with law. 21. Before we part with the case, for what it is worth, we would like to observe that the value of the rights of the assessee now under consideration cannot, in normal circumstances, be evaluated on any basis radically different from the basis on which such rights are evaluated in the case of the producer or the distributor. 22. In the result, the appeal is partly allowed.
-
1984 (11) TMI 103 - ITAT BOMBAY-C
Additional Grounds, Banking Company, Income From Other Sources, Power To Admit Additional Ground, Rental Income
-
1984 (11) TMI 102 - ITAT BOMBAY-C
Capital Or Revenue Expenditure, Supreme Court ... ... ... ... ..... ay High Court has held that the words regular assessment would mean assessment under section 143 or 144 of the Act. Reassessment under section 147 has been separately dealt with in the different provisions of the Act and that the words regular assessment would not include reassessment made under section 147. The above observations were made with reference to the words regular assessment in section 273 of the Act. Those observations would be equally applicable to the words regular assessment in section 214(1A). Following the said decision, we hold that the withdrawal of the interest under section 214 granted earlier was not justified and that provisions of section 214(1A) were not applicable in view of the fact that the assessed tax had increased not as a result of regular assessment under section 143 or 144 but as a result of reassessment under section 147 thereof. We, accordingly, delete the direction of withdrawal of interest. 8. In the result, the appeal is partly allowed.
............
|
