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Case Laws
Showing 141 to 160 of 267 Records
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1994 (1) TMI 127 - ITAT DELHI-A
Loans Or Deposits, Mode Of Taking Or Accepting ... ... ... ... ..... y means of cheques only. When the company has a bank account and the firm is also enjoying banking facilities, and both the concerns are located in the same city, transfer of funds from one to the other should not have posed any difficulty and therefore, the claim that, the directors wanted to exhibit their genuine intention to honour the draw, does not carry much weight and in fact, only goes to point out that, the transactions are in the nature of accommodation of the needs of funds by the company, which is the other name for loan or deposit. 18. The Supreme Court has stayed the operation of the decision of the Madras High Court in Kumari A.B. Shanthi s case and have directed that, though the criminal proceedings may go on, any substantive sentence may not be given effect to until further orders from the Supreme Court . Penalty proceedings under the Income-tax Act are therefore permitted by the Supreme Court to be proceeded with. We therefore confirm the penalty so imposed.
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1994 (1) TMI 126 - ITAT COCHIN
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... ... ..... d down or a provision in a statute is interpreted by the Supreme Court only when there is a debate or doubt on the interpretation of any provision of a statute requiring interpretation by the Supreem Court or when there is a conflict of judicial opinion on the provision of a statute among the different High Courts of India which is required to be resolved and settled by the Supreme Court. The law laid down by the Supreme Court cannot be said to have retrospective operation in the sense that although a debate, doubt or conflict of al opinion is resolved and settled by the Supreme Court it does not obliterate the existence of such debate, doubt or conflict prior to such decision. The other cases relied on by Shri Sarangan do support his stand. . For all these reasons we hold that there is no mistake apparent from record in our order dt. 21st May, 1993 which is amenable to rectification under s. 254(2) r/w s. 154 of the IT Act, 1961. 17. The Miscellaneous Petition is dismissed.
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1994 (1) TMI 125 - ITAT COCHIN
Assessment Year, Full And True Disclosure, Penalty Proceedings ... ... ... ... ..... en to him under section 273A of the Income-tax Act and it is for him to pass such orders as he may deem fit in accordance with law and in the interests of substantial justice, we do hope that he will not abdicate his responsibility. With these remarks, we allow the appeals of the revenue for the assessment years 1980-81 to 1984-85. However, for the assessment year 1985-86, the assessee had filed the return after the search. But before the revenue could detect any concealment, the assessee had suo motu filed its returns of income making full and true disclosure of its income. Therefore, the ingredients necessary to constitute the factum of concealment are wanting in respect of the assessment year 1985-86 and hence, we uphold the order of the Commissioner (Appeals) in cancelling the penalty for assessment year 1985-86. 4. In the result, the appeals of the revenue for the assessment years 1980-81 to 1984-85 are allowed and the appeal for the assessment year 1985-86 is dismissed.
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1994 (1) TMI 124 - ITAT COCHIN
Income From Other Sources, Profits And Gains ... ... ... ... ..... of the partners as the credits and loans are found in the accounts of the firm --- a totally different person ---- within the meaning of the Income-tax Act as has been held by the Allahabad High Court in Sunder Lal Jain s case. For this reason also, the impugned sum, at least to the extent of the amounts standing to the credit of the partners current accounts and loan accounts cannot be assessed in the hands of the assessee-firm. 8. Before parting with the order, we may add that the additions made under section 68 or under section 69 need not always be assessed under the head other sources . In the scheme of the Income-tax Act, the head of income known as other sources is a residuary head of income. Only if a receipt cannot be placed under any other head of income or if the receipt cannot be traced to or referable to any source, the assessment under other sources would come into operation and not before. In the light of our discussions, the appeal of the assessee is allowed.
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1994 (1) TMI 123 - ITAT COCHIN
Additional Tax, Assessing Officer, Assessment Year, Mistake Apparent From Record, Retrospective Amendment, Written Down Value
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1994 (1) TMI 122 - ITAT CHANDIGARH
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... ... ..... ifted to the Department. The affidavit was discarded by the Assessing Officer, without verification. Since the creditor has also died, there was no question of producing him for verification. The learned counsel has, therefore, submitted that the question of onus solely lay on the Revenue, looking to the nature of the entries in the books of account and also the affidavit. 9. Looking to the facts of the case, we find that the first appellate authority has taken a correct view and the cash credit entry cannot be held to be ungenuine. There is nothing to show that the entries made from time to time were fictitious. As we have earlier observed, there is a debit balance at the end of the transactions. These factors do establish that these were genuine transactions of deposits and withdrawals. Therefore, we find that the cash credit stands duly proved by the assessee in its favour. Therefore, ground No. 2 does not succeed. 10. In the result, both the appeals stand partly allowed.
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1994 (1) TMI 121 - ITAT CHANDIGARH
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... ... ..... enalty could be levied in such a case for the delayed furnishing of the return. The learned counsel has also cited two decisions of the Punjab and Haryana High Court one in the case of CIT vs. Braham Parkash and Co. (1989) 179 ITR 422 (P and H) and the other in the case of CIT vs. Harish Chand and Co. (1989) 80 CTR (P and H) 3 (1989) 179 ITR 419 (P and H). In these two cases, it has been held that no penalty was leviable under s. 271(1)(a) for a delay in filing the return where the tax deducted at source or paid in advance is equal to or exceeds the assessed tax payable by a registered firm. 6. Looking to the entire facts of the case and the case laws, we find that the first appellate authority has taken a correct legal view in the matter and since the assessee had paid tax at source and no demand was created, it was not a case where any penalty could be levied. Therefore, we find that the penalty has been rightly deleted. 7. In the result, the appeal fails and is dismissed.
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1994 (1) TMI 120 - ITAT BOMBAY-B
Assessment Year, Business Expenditure, Custom Duty, Registered Firm, Trading Receipt ... ... ... ... ..... spect of which the advances received were shown as custom duty liability. This liability does not relate to the assessee s own business. Thus the various alternative contentions put forth by the learned counsel for the assessee also have force and are valid. The third alternative argument would apply to regulate transactions of an assessee in respect of goods in which the right in property is vested in the assessee. We do not wish to rest our conclusions on this third alternative contention. However, on the basis of the reality of the situation and the real nature of the transactions in respect of which custom duty is shown as outstanding in the balance-sheet, we hold that the provisions of section 43B are not applicable in the case of the assessee being merely an agent for licensee-principal. In this view of the matter, therefore, we uphold the order of the CIT(A) which is quite justified in the facts and circumstances of the case. 11. In the result, the appeal is dismissed.
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1994 (1) TMI 119 - ITAT BOMBAY-B
Assessing Officer, Assessment Year, Financial Year, Mercantile System, Previous Year ... ... ... ... ..... e addition of interest accruing on amount owed to the assessee was justified. Here again it was an admitted position that the interest had accrued during the previous year as per the terms of the agreement. 5.4 The next case relied upon was in the case of CIT v. British Paints India Ltd. 1991 188 ITR 44 (SC) where the principle laid down was that if the method of accounting adopted does not disclose true and proper income, the Assessing Officer is entitled to and is duty-bound to adopt appropriate computation to determine true income. This case involves the issue regarding the valuation of stock. It does not throw any light on the issue where the interest income has accrued earlier to the previous year and not received during the previous year whether the same can be still taken to be the income of the previous year. 6. For the foregoing reasons we set aside the appellate order and direct the Assessing Officer to modify the assessment. 7. In the result, the appeal is allowed.
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1994 (1) TMI 118 - ITAT BOMBAY
Accounting Year, Additional Depreciation, Appellate Assistant Commissioner, Appellate Authority, Assessing Officer, Business Expenditure, Excise Duty, Investment Allowance, Mercantile System, Previous Year, Revenue Expenditure
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1994 (1) TMI 117 - ITAT BANGALORE
Assessing Officer, Assessment Year, Bona Fide, Cash System, Hybrid System, Interest On Sticky Loans, Mercantile System
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1994 (1) TMI 116 - ITAT BANGALORE
Assessment Proceedings, Assessment Year, Chargeable To Tax, In Part, Original Assessment, Reassessment Proceedings
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1994 (1) TMI 115 - ITAT AMRITSAR
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... ... ..... visions of s. 276DD of the Act (prior to its substitution by s. 271D) had been declared ultra vires of the Constitution of India and s. 269SS of the Act had also been held to be violation of Art. 14 of the Constitution of India penalty was not leviable. 7. I have already observed above that I agree with the reasoning of the CIT(A) for cancelling the penalty. 8. However, I would like to further add that independent of the CIT(A) s order, I cancel the penalty on the ground which was pleaded before the CIT(A) regarding bona fide belief that payments to agriculturists were not hit by s. 269T of the Act for the reasons recorded by me vide my order of even date in the assessee s own case, in ITA No. 331 (Asr)/1993 by which I have cancelled the penalty under s. 271D of the Act, which was confirmed by the same CIT(A), who cancelled the penalty under s. 271E of the Act in the present case. 9. In the result, I dismiss the Revenue s appeal but on more than the Counts as observed above.
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1994 (1) TMI 114 - ITAT AMRITSAR
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... ... ..... lows 3. A number of references have been received by the Board seeking clarification whether the sale proceeds of agricultural commodities, left over by the agriculturists with their kacha arhtiyas , would also come within the ambit of deposit of any nature necessitating its repayment by an account payee cheque as provided under s. 269T of the Act. 4. The Board is of opinion that where a kacha arhtia sells goods belonging to an agriculturist, the sale proceeds thereof which remain with him cannot be regarded as a deposit made by the agriculturist with the kacha arhtias . Further, where the kacha arhtia remits only a part of the sale proceeds to the agriculturists, the unremitted part of the sale proceeds would also not assume the character of a deposit. Therefore, the repayment of such sale proceeds does not fall within the purview of s. 269T of the Act . 12. In the result, relying on the above and on more than one count, I cancel the penalty and allow the assessee s appeal.
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1994 (1) TMI 113 - ITAT AHMEDABAD-B
Accounting Year, Additional Depreciation, Appellate Assistant Commissioner, Appellate Authority, Assessing Officer, Business Expenditure, Excise Duty, Investment Allowance, Mercantile System, Previous Year, Revenue Expenditure
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1994 (1) TMI 112 - ITAT AHMEDABAD-A
Agricultural Land, Assessing Officer, Assessment Year, Delay In Filing Return, Late Filing, Tribunal's Order
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1994 (1) TMI 111 - ITAT AHMEDABAD
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... ... ..... ee s appeal restored to the file of the Assesing Officer for precise quantification of the additions on the basis of principles laid down hereinabove by us. This direction of ours would compel the assessee to co-operate with the Assessing Officer for verification of figures and precise quantification of additions. We have adopted this course because laying down of principles would have been more cumbersome and vague. We have adopted the figures as per the statement No. 3 but as already mentioned they would be subject to verification by the Assessing Officer. If there is any mistake found in the figures of the statement No. 3 the Assessing Officer would be entitled to change the figures of addition in the course of giving effect to our this order. 21. With these remarks the assessee s all the appeals Nos. 1633 to 1637/Ahd/1989 are treated as partly allowed. Department s both the appeals Nos. 1821 and 1822/Ahd/1989 are dismissed. Assessee s cross-objections are also dismissed.
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1994 (1) TMI 110 - GOVERNMENT OF INDIA
Baggage - Confiscation - Redemption Fine ... ... ... ... ..... scuits. As rightly observed by the Collector (Appeals) in Para 7 that applicant wanted to hoodwink the Customs by paying duty on 5 biscuits only. There is no force in the plea that he indicated 5 for 5 kgs. whereas Customs officer took it as 5 biscuits only. Whether customs really mis-understood the signal or not the fact that the applicant paid duty for 5 biscuits only and this conduct calls for greater fine. However, since the case is also basically of evading duty to the extent of Rs. 94,000/- (approximately), the said 37 gold biscuits are also allowed to be redeemed (subject to the applicant being otherwise found entitled to bring gold by the Assistant Collector) though on a higher redemption fine of Rs. 5 lacs (Rs. Five lacs only) plus duty to be paid in foreign exchange. Similarly, VCP is also allowed to be redeemed on a redemption fine of Rs. 5,000/- (Rs. Five thousand only). Imposition of personal penalty of Rs. 50,000/- is, however, upheld. It is ordered accordingly.
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1994 (1) TMI 109 - CEGAT, NEW DELHI-LB
SSI Exemption - Modvat Credit
... ... ... ... ..... t for some of the products and avail of full exemption to others under the small scale exemption scheme. These clarifications have their usefulness in interpreting the notification and can be taken as contemporaneous exposition regarding the Notification by the issuing authority and, therefore, acquire relevance in the interpretation of the Notification. It is, further seen that the decision of the Tribunal in the Kharia Cement Works case has not been brought to the notice of the Special Bench when it had decided the Faridabad Tools case. In these circumstances interpretation put on the notification by the Tribunal in Kharia Cement Works case is more appropriate and being also in consonance with department s own understanding, it is held that in terms of Notification 175/86 full exemption would not be available under Notification 175/86 to a manufacturer for certain specified goods manufactured by him, If he chooses to avail of Modvat Credit for certain other specified goods.
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1994 (1) TMI 108 - HIGH COURT OF JUDICATURE AT MADRAS
Writ petition - Alternative remedy - Existence of ... ... ... ... ..... is contention also can very well be decided by the Adjudicating Authority. We are sure, even without our direction also, the Adjudicating Authority would have decided such a contention. However, the learned counsel expressed an apprehension that normally it is not considered in many of such cases, we have considered it necessary to issue a direction. Accordingly, we dispose of these appeals in the following terms It is open to the appellant/petitioner to file objections to the show- cause notice within 30 days from today. After such objections are filed, the Adjudicating Authority shall fix a date for hearing and production of evidence which the appellant/petitioner considers necessary and then hear and decide the contentions raised by the petitioner. The order passed by the learned single Judge stands modified accordingly. Any observations made by the learned single Judge contrary to these directions, shall not be taken into consideration. There will be no order as to costs.
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