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Case Laws
Showing 121 to 140 of 284 Records
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1991 (8) TMI 177 - CEGAT, NEW DELHI
Rectification of Mistake ... ... ... ... ..... or the other certificate. As regards the non-availability of manufacturers rsquo invoice, we observe that this matter has been dealt with by both the lower authorities and the appellants had reasonable opportunity of taking a plea against the findings recorded by them. The next plea that the Tribunal had mistakenly held that 39.5 share holding of the U.K. company in the equity capital of the appellants showed mutual interest in the business of each other, is obviously not a matter for rectification of mistakes. Similarly, the last plea about the absence of evidence of payment of buying commission is again a question on the merits of the decision of the Tribunal and is beyond the scope of an application for rectification. 9. Having thus considered all the pleas taken in the application for rectification of mistakes, we do not find any mistake apparent on the face of the record in the Tribunal rsquo s order. The application for rectification of mistake is, therefore, rejected.
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1991 (8) TMI 176 - CEGAT, NEW DELHI
Paints and varnishes ... ... ... ... ..... le Polybutadiene is a thermo-plastic resin. Both are used for surface coating. Thermo property is also common to both the resins. Thus what the test result tries to convey is that the resin used is like Epoxy Resin i.e. it is a type like that and is not Epoxy Resin. This type of resin, in the light of the above technical literature and the order placed by M/s. Maruti Udhyog Limited, is undoubtedly Polybutadiene Resin. There is no doubt that Epoxy Resin is also used in the manufacture of the product in question. But it is used as a thinner as stated by the assessee in the process of manufacture given in the test memo. rdquo 7. The record shows that there is no effective rebuttal of the Assistant Collector rsquo s finding, in the absence of material evidence to show that the medium or the vehicle or the base of the primer is Epoxy Resin. In this view of the matter, therefore, there is no reason to interfere with the order passed by the lower authorities. The appeal is rejected.
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1991 (8) TMI 175 - CEGAT, NEW DELHI
Excess Production Rebate ... ... ... ... ..... ion, of its objective as expressed in the Explanatory Note, that the intention of the notification issuing authority and indicated its scope to say that the scheme is not applicable to factories which had not effected clearances during the three financial years specified therein. Therefore, there is no necessity to read ldquo and rdquo as ldquo or rdquo in interpreting Clause (iv)(b) of the Notifications with which we are now concerned. Another point to be noted is that in both the notifications, the base period, as given in the Explanation thereto, is that in which the factory had higher production out of two years. This is also a point to indicate that the intention was to grant the benefit only to those factories which actually produce goods in excess of their base periods during the preceding years. In such a view of the matter, there is no reason to interfere with the order passed by the lower authorities which is well-founded and the appeals are, accordingly, rejected.
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1991 (8) TMI 174 - CEGAT, NEW DELHI
Re-import permissible when exported by mistake ... ... ... ... ..... the impugned order that ldquo it is unbelievable that an established importer of cut and polished stones would have failed to detect the mistake committed in despatch for a period of two months rdquo , is not warranted in the facts and circumstances of this case, specially in the light of documentary evidence in the form of letters dated 19-9-1987 and 22-9-1987. The Collector has also rejected the claim of bona fide mistake on the part of M/s. Super Gems on the ground that neither M/s. Super Gems nor the appellants were able to produce any evidence that the goods imported belonged to any particular individual nor were they able to produce any correspondence exchanged between M/s. Super Gems and that individual. In our opinion the appellants cannot be held guilty of mala fide intention to attempt to clear goods free of duty on this footing. 6. In the light of the above discussion we accept the pleas of the appellants, and set aside the impugned order with consequential relief.
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1991 (8) TMI 173 - CEGAT, BOMBAY
Redemption fine ... ... ... ... ..... respondent firms cannot be branded as highly disproportionate to the gravity of the offence, and in any case, the authority adjudicating cannnot be attributed with improper exercise of discretion. Even in the import through Bombay Port, each of the importer is imposed with the personal penalty of Rs. 50,000/-. 29. As indicated herein above, fixing of the quantum of penalty is within the discretion of the adjudicating authority, and it is not open to the Tribunal to examine the issue from the angle as to what it would have thought to be adequate penalty, if it was sitting as the adjudicating authority. It has only to consider whether the discretion has been properly exercised and whether the penalty imposed is disproportionate. Examining the quantum of penalty in the light of the set principles discussed, herein above, there does not appear any justifiable reason to interfere with the penalty amount also and as such I agree with the findings given by brother Shri R. Jayaraman.
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1991 (8) TMI 172 - ITAT PUNE
Interest Tax ... ... ... ... ..... d, if it was not allowable. Since it is the purpose of the interest tax to levy and collect the tax on the interest, it would not be its purpose to reduce the incentive for the payment of tax. This dissimilarity from the case of U.P. Sugarcane Purchase Tax Act is clear, i.e., while in the U.P. Sugarcane Purchase Tax Act the payment of interest on the unpaid cess would act as an incentive the allowability of the deduction on the interest tax would work as a disincentive in payment of interest tax. Therefore, whatever be the other similarity between the two Acts in point of automatic accretion of the interest, this overwhelming consideration decides the issue. No Act can be so interpreted as to defeat its purpose or to reduce its fulfilment. 7. In any case, the issue is not free from doubt or debate. This means that no rectification order should have been passed. We, therefore, set aside the order of the CIT and restore that of the ITO. 8. In the result, the appeals are allowed
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1991 (8) TMI 171 - ITAT PUNE
Carry Forward And Set Off, Unabsorbed Depreciation ... ... ... ... ..... by the ITO who deals with the assessment of the subsequent year. It is for the ITO dealing with the assessment in the subsequent year to determine whether the loss of the previous year may be set off against the profits of that year. A decision recorded by the ITO who computes the loss in the previous year under section 24(3) that the loss cannot be set off against the income of the subsequent year is not binding on the assessee. In view of the aforesaid ratio decidendi, the ITO making subsequent assessment is not bound by the order of the predecessor and he is bound to give effect to the unabsorbed depreciation carried forward from the earlier year. 20. Considering all the facts and circumstances of the case and the judicial dicta, I uphold the claim of the assessee and consequently, set aside the order of the CIT(A) and direct the ITO to carry forward the unabsorbed depreciation for the purpose of set off in the subsequent assessment year 1986-87. 21. The appeal is allowed
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1991 (8) TMI 166 - ITAT MADRAS-D
Assessing Officer ... ... ... ... ..... nsel in the statement filed before me. The Supreme Court in the case of CIT v. Vegetable Products Ltd. 1973 88 ITR 192 had held as under If the court finds that the language of a taxing provision is ambiguous or capable of more meanings than one, then the court has to adopt that interpretation which favours the assessee.... Following this dictum laid down by the Supreme Court, I hold that the word loss is to be taken as including depreciation. The Assessing Officer has to take least of the net loss as per profit and loss account and depreciation provided in the profit and loss account in each of the years in which losses were incurred by the assessee. When the working is done in this manner, there will not be any profit liable to tax under section 115J in the Asst. year under consideration. In these facts and circumstances of the case, I hold that the Assessing Officer was not justified in levying Rs. 14,124 as tax under section 115J. 10. in the result, the appeal is allowed.
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1991 (8) TMI 164 - ITAT MADRAS-C
Assessing Officer, Assessment Order, Orders Prejudicial To Interests, Tax Liability ... ... ... ... ..... the case before us, the CIT has clearly proceeded on the basis that merely because the assessed tax was higher than the provision for taxation made in the books of the assessee, the capital base must be reduced pro tanto. For a fact, the impugned order in revision is based solely and exclusively on the difference of Rs. 8,40,276. The CIT has not brought on record any material to show how the provision itself was made at an unreasonably low figure. Indeed, the impugned order in revision does not contain any indication to the effect that the CIT had examined the matter from the point of view of the significant ingredient of Rule 1A, namely, reasonableness of the provision made. 17. In view of the foregoing, therefore, we hold that the CIT was not justified in taking recourse to the provisions of section 16 of the Companies (Profits) Sur-tax Act, 1964. We, therefore, set aside the impugned order and restore that of the Assessing Officer. 18. In the result, the appeal is allowed
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1991 (8) TMI 162 - ITAT MADRAS-A
Tax At Source ... ... ... ... ..... s a running account between the assessee on the one hand and each of the payees on the other and once in a year the account is settled and the amount is paid. Therefore, we have to hold that whenever the account is settled between the assessee and the payee companies, the payment under the contract is made vide Bishan Chand v. Girdhar Lal 67 MLJ 110 (PC) and the assessee failed to prove that it is a piece contract. For this reason we hold that the assessee is not entitled to exemption under section 194C(iii). For all the reasons stated above we have to allow the appeals for statistical purposes remanding the matter back to the Income-tax Officer with a direction to verify the assessments made against the payee companies for these four years and pass orders under section 201 afresh noting down the amounts in which the assessee should be held to be an assessee in default for each of the four assessment years under consideration according to the directions contained in our order
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1991 (8) TMI 161 - ITAT MADRAS-A
Appellate Assistant Commissioner, Assessment Notice, Business Premises, Promissory Estoppel, Reassessment Notice
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1991 (8) TMI 160 - ITAT MADRAS-A
Appellate Assistant Commissioner, Assessment Notice, Business Premises, Promissory Estoppel, Reassessment Notice
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1991 (8) TMI 159 - ITAT MADRAS-A
Appellate Assistant Commissioner, Assessment Notice, Business Premises, Promissory Estoppel, Reassessment Notice
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1991 (8) TMI 154 - ITAT JAIPUR
... ...
... ... ..... lue of the goods whose cost/value could not be realised from a particular customer. Going by the very nature of the relationship between the assessee and its principals it was reasonable to infer that the property in the goods passed from the seller, who the principals were, to the purchasers (the nine parties) through the assessee, an agent only having no title or ownership in the goods. Since neither the goods belonged to the assessee s becoming a debtor to its principals or a creditor/for the nine parties in the transaction of sale and purchase of the goods. Only commission belonged to it. Since the alleged debts were not the property or asset of the assessee it was to suffer no loss by their non-realisation or becoming bad. In that sense of the matter the order of the ld. CIT on the point was fully justified. 16. In the result the appeal for the asst. yr. 1981-82 is fully allowed while the appeal for assessment year 1982-83 is partly allowed to the extent mentioned above.
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1991 (8) TMI 152 - ITAT JAIPUR
... ...
... ... ..... bjection of the learned Departmental Representative to the effect that the assessee had filed return in response to this notice and had not objected in the wealth-tax proceedings on a similar notice, we may observe that the wealth-tax proceedings and their contents and objections are not before us and hence it is not necessary for us to give any comments in respect of those proceedings. However, so far as these proceedings are concerned, it is by now an accepted principle of law that the validity and legality of a notice can be challenged at any stage and the illegality and invalidity of a notice cannot be waived by an assessee. We, therefore, dismiss these objections also of the learned Departmental Representative. 14. Since we have quashed the IT assessment itself, it may not be necessary to deal with the other questions on merit. 15. Accordingly, the assessment framed by the ITO under s. 148 dt. 17th March, 1986 is annulled. 16. The appeal filed by the assessee is allowed.
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1991 (8) TMI 150 - ITAT JAIPUR
Registered Firm, Unregistered Firm ... ... ... ... ..... r continuation of Registration or it was filed late, and if it was not filed in time whether there could be a sufficient cause for the delay and whether that delay could be condoned. 8. We are, therefore, of the opinion that it would be in the interest of justice if the order of the learned Deputy Commissioner (Appeals) is set aside with the direction that he shall entertain the appeal, as we hold that an appeal against the impugned order of the ITO is maintainable. Further, he shall give a reasonable opportunity to the assessee to explain its case and also to adduce necessary evidence to support it. In case, some fresh evidence is produced by the assessee which was not before the ITO, the Deputy Commissioner (Appeals) shall give an opportunity to the ITO to raise his objections in accordance with the provisions of Rule 46A of the IT Rules and shall decide the issue on merits and according to law. We order accordingly. 9. For statistical purposes, the appeal is partly allowed
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1991 (8) TMI 149 - ITAT JAIPUR
Minor Child, Rental Income ... ... ... ... ..... , 1922. In the case before the Madras High Court income from properties so settled was held to be includible in the income of the assessee. In the case before us the Tribunal has already expressed the view in the Gift-tax case of the assessee and which we feel bound to follow, that the transaction amounted to gift but it was exempt from tax by reason of the exemption carved out in clause (xii) of section 5(1) of the Gift-tax Act, 1958. Moreover the Madras view proceeds on various decisions including those of Supreme Court in Nanak Chand v. Chandra Kishore Aggarwal AIR 1970 SC 446 and Sevantilal Maneklal Sheth v. CIT 1958 68 ITR 503. We, therefore, feel inclined to follow the Madras view. 16. To sum up, we hold that the income of the three minors from the gifted properties was includible in the hands of the assessee in all the three years under consideration. We, therefore, vacate DC (A) s orders on this point and restore those of the ITO. 17. All the three appeals are allowed
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1991 (8) TMI 148 - ITAT INDORE
... ...
... ... ..... Thereof, he was possessed of capital of Rs. 37,500 as on 31st March, 1975 as is evident from the cash flow statement. The allegation made by the learned Departmental Representative that the returns leading to assessment were filed for the purposes of building of capital would not adversely affect the stand of the appellant. We are also not impressed with the argument of the learned Departmental Representative about the alleged inadequate household expenses shown by the appellant. There is no material on record in support of the ITO s estimate of the assessee s household expanses. We, therefore, agree with the reasoning of the learned AAC that the assessee has been able to explain the nature and source of the investments. We also agree with the finding of the learned AAC that there is nothing to sustain the charge of alleged investment of Rs. 28,501 on purchase of tractors. In the circumstances, the order of the learned AAC is upheld. 5. In the result, the appeal is dismissed.
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1991 (8) TMI 147 - ITAT HYDERABAD-B
... ...
... ... ..... Hon rsquo ble Kerala High Court had considered the position consequent upon the amendment. The requirement laid down in the case of J. Raghottamreddy, that for the purpose, the definition of agricultural income itself had to be amended which would then have reflected back into Entry 82 of List-I was taken into consideration by the legislature. Accordingly, the definition of agricultural income was amended. It can therefore be said that the amended definition have reflected back into Entry 82 of List I of the Constitution. Having regard to the fact that s. 2(1A) of the IT Act, 1961 was amended with retrospective effect from 1st April, 1970, we are of the opinion that condition contained in J. Raghottamreddy rsquo s case for bringing into tax the profits from the sale of agricultural lands are being satisfied and accordingly capital gains tax is exigible on the sale of agricultural lands situated within the notified areas. 9. In the result, appeals of the Revenue stand allowed.
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1991 (8) TMI 146 - ITAT HYDERABAD-B
Agricultural Land, Capital Gains On Sale, Capital Gains Tax, Retrospective Effect ... ... ... ... ..... Hon ble Kerala High Court had considered the position consequent upon the amendment. The requirement laid down in the case of J. Raghottama Reddy, that for the purpose, the definition of agricultural income itself had to be amended which would then have reflected back into Entry 82 of List-I was taken into consideration by the Legislature. Accordingly, the definition of agricultural income was amended. It can, therefore, be said that the amended definition have reflected back into Entry 82 of List-I of the Constitution. Having regard to the fact that section 2(1A) of the Income-tax Act, 1961 was amended with retrospective effect from 1-4-1970, we are of the opinion that conditions contained in J. Raghottama Reddy s case for bringing into tax the profits from the sale of agricultural lands are being satisfied and accordingly capital gains tax is exigible on the sale of agricultural lands situated within the notified areas. 9. In the result, appeals of the revenue stand allowed
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