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Showing 161 to 180 of 288 Records
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1990 (10) TMI 128 - ITAT COCHIN
Inaccurate Particulars, Interest Income, Minor Child, Total Income ... ... ... ... ..... e part of the assessee to include the income of the wife and minor children was not free from doubt at least until 23-9-1980 when the decision of the Supreme Court in CIT v. Smt. P.K. Kochammu Amma 1980 125 ITR 624/4 Taxman 11 was rendered. The assessee had disclosed an income of Rs. 1,09,920 for the assessment year 1979-80, Rs. 1,70,310 for the assessment year 1980-81 and Rs. 2,27,140 for the assessment year 1981-82 and there is sufficient force in the contention of the assessee s learned counsel that the assessee would not have risked his reputation and invited penal provision by deliberately not including meagre sum of Rs. 7,500 or so. 6. In the light of our above discussion, we hold that there was no contumacious conduct on the part of the assessee is not disclosing the impugned income in the return of income and the omission was only due to inadvertence. Hence we cancel the levy of penalty for the three years under consideration. 7. In the result, the appeals are allowed
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1990 (10) TMI 127 - ITAT COCHIN
Gratuity Fund, Previous Year ... ... ... ... ..... im during this period of preparation time would also fall within the exemption envisaged in clause 5(1)(xxxiii) of the W. T. Act. In fact, the insertion of the words (within one year immediately preceding the date of return at any time thereafter) with effect from 1-4-1987 if viewed in this context should be held to be clarificatory in nature and, therefore, retrospective in operation. In this view of the matter, we hold that the assessee is entitled to exemption of Rs. 3 lakhs which was remitted by him on 15-3-1980 just a month before his return to India. 4. In the case relied on by the revenue the facts are that the assessee claimed exemption under this clause in respect of the assets brought by him or acquired out of his remittances in a period about 7 years prior to his return to India. It was on these facts the Tribunal decided the issue against the assessee and thus the facts in that case are distinguishable. 5. For all these reasons we allow the appeals of the assessee
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1990 (10) TMI 126 - ITAT COCHIN
Gratuity Fund, Previous Year ... ... ... ... ..... on which is envisaged in Rule 103 of the IT Rules for the simple reason that actuarial method of ascertaining the amount of gratuity payable is a scientific method taking in its sweep not merely the period of service put in by the employees, the age of the employee and the reversionary value of life interest in the amount of gratuity. From the statements submitted before us the following facts emerge A. Actuarial liability as on 31-3-1983 Rs. 7,80,965.20 B. Actuarial liability provided up to 31-3-1982 less actual gratuity paid Rs. 5,42,846.98 Incremental liability for gratuity, ----------------------------------- i.e., A minus B. Rs. 2,38,128.22 ------------------------------------ As against the amount of Rs. 2,38,128.22 the assessee provided in its book a sum of Rs. 2,13,006.47 and this is the amount which was claimed by the assessee and allowed by the first appellate authority. We do not find any reason to interfere with his order. 6. In the result, the appeal is dismissed
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1990 (10) TMI 125 - ITAT COCHIN
Building Tax, Profit On Sale, Transfer Of Property ... ... ... ... ..... ction of the house building. Then the assessee also paid half-yearly building tax for the period 1-10-1982 to 31-3-1983. The view of the Income-tax Officer that the assessee could not have occupied the house without electric and water connections is no ground to presume that the assessee has not completed the construction of the new house within a period of two years after the transfer of the property admittedly on 21-11-1980. The reason is that electricity and water facilities are only amenities which one may or may not prefer to have. The registration was also effected on 21-11-1980. The demand of the Municipality tax from 1-10-1982 onwards also will go to show that the assessee should have completed the construction of the house building within a period of two years. Accordingly he is entitled to the exemption contemplated under section 54 of the Act. We, therefore, confirm the view of the CIT(Appeals) on this point. 5. In the result, the appeal by the revenue is dismissed
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1990 (10) TMI 124 - ITAT CALCUTTA-E
Registered Valuer, Valuer's Report, Voluntary Disclosure Of Income And Wealth Ordinance ... ... ... ... ..... ------------------------------------------------------------------- -------------------------------------------------------------------------------------------------------------------------------------------------- As per the above statement, the assessee was to give the amount of net wealth and assessment year and not the details of assets. The net wealth given in the declaration on oath was accepted and assessed and the Tribunal confirmed such assessments. But the facts in the three years now before us are different. There is no declaration nor the assessment is being made under Voluntary Scheme. Without declaration and as per the Scheme of the Act, the revenue in the years under appeal cannot assess more than what is declared and proved to be held by the assessee on the valuation dates. 12. For all these reasons the revenue cannot derive any support from the order of the Tribunal dated 20-2-1982. 13. In the result, the appeals of the assessee are allowed as indicated above
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1990 (10) TMI 123 - ITAT CALCUTTA-B
Advance Tax, Bona Fide, False Estimate, Total Income ... ... ... ... ..... e assessee was expecting the liability of about Rs. 20 lakhs. It is a fact that the Palekar Tribunal was hearing the representatives and was trying to determine the salaries and wages of journalists and non-journalists newspaper employees. Therefore, even though the Palekar Tribunal gave its proposal only in August 1980, the estimate of the liability by the assessee after watching the progress of the Tribunal s working could not be said to be untrue or unfair. If the conduct of the assessee is judged with reference to the progress of the Palekar Tribunal s working, the second estimate filed by the assessee was also bona fide and fair. Under the said circumstances it was not fair to impose the penalty upon the assessee. The same view has been taken in the cases cited by the assessee. Consequently, the penalty order passed by the assessing Officer is cancelled. The assessing Officer is directed to refund the penalty, if already collected. 7. In the result, the appeal is allowed
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1990 (10) TMI 122 - ITAT BOMBAY-D
House Property, Profit On Sale ... ... ... ... ..... llotment of the flat would certainly give the assessee certain specific obligations and rights. The manner in which the amounts are paid and the period over which they are paid may not be of much relevance. Considering the peculiar circumstances of that case, it was held that the benefit of section 54 should be extended by taking the date of allotment and occupation as the relevant date of purchase. Following the said decision, we are inclined to hold that in this case also, the assessee has, though, entered into agreement for purchase of flat on 22-10-77, paid the money during 1977 to 1979, but the relevant date to be taken for the purpose of applying of section 54 should be the date on which the flat was ready for occupation by the assessee. Taking that date as the date of purchase, is within the period of one year and therefore the capital gains are clearly exempt from tax applying the provisions of section 54. 9. In view, of the above facts, we allow the assessee s appeal
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1990 (10) TMI 121 - ITAT BOMBAY-B
Indian Company, Non-resident Company ... ... ... ... ..... made by Telco, a resident company in India and the technical know-how was used or services utilised in a business carried on by Telco in India. It was, therefore, fully taxable in India. No such requirement is there is section 9(1)(vi) to bifurcate the receipts on the basis of operations within or outside India and then taking a view that only that part of the receipt would be taxable, which had relation to the operations in India. Here we have to go by the definition of royalty given in Explanation 2 to section 9(1)(vi) of the Act, as we are dealing with an assessment after 1-4-1976. The definition reads that For the purposes of this clause, royalty means consideration including any lump sum consideration, and, therefore, the receipt in question, in our opinion, is royalty in nature. For all the above, we reverse the order of the first appellate authority and restore that of the AO. 8. In the result, the departmental appeal is allowed and the cross objections stand rejected
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1990 (10) TMI 120 - ITAT BOMBAY-B
Assessment Proceedings, Bona Fide, Interest Payments, Penalty Proceedings, Total Income, Unexplained Cash Credits
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1990 (10) TMI 119 - ITAT BANGALORE
Backward Area, Carrying On Business, Industrial Company, Industrial Undertaking, Investment Allowance, Plant And Machinery, Profits And Gains
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1990 (10) TMI 118 - ITAT BANGALORE
Accounting Year, Provident Fund, Sales Tax ... ... ... ... ..... n be made in respect of the sums so paid. Out of Rs. 4,22,605, Rs. 2,422 constituted provident fund contribution. The remaining comprised of tax and surcharge. 13. Explanation 2 refers to cl. (a). An amount payable by an employer by way of contribution to provident fund is specified in cl. (b) of sec. 43B. No Explanation is introduced in respect of this. But then this is covered by the second proviso which is introduced by Finance Act 1989 with effect from 1-4-1989. There is no evidence that the assessee has complied with the conditions mentioned therein. Consequently, the disallowance of Rs. 2,422 relating to provident fund contribution requires to be sustained. For the foregoing, we sustain the disllowance only in respect of provident fund contribution amounting to Rs. 2,422 and set aside the order of disallowance in respect of the balance, namely, Rs. 4,20,183. 14. In the result, the appeal by the revenue is dismissed. The cross objection of the assessee is allowed in part
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1990 (10) TMI 117 - ITAT AMRITSAR
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... ... ..... no recovery of tax, no deduction of tax was made, no recovery proceedings could be taken after one year from the end of the financial year in certain years depending on the dates of assessments and after period of three years from the end of the financial year in relation to those assessments where assessments were framed on or after 1st Oct., 1984. 9. Therefore, I confirm the Dy. CIT(A) s order in cancelling levy of interest on more than one grounds independent of each other. One is that the assessee having obtained the necessary certificates under r. 27-A of the IT Rules, 1962 read with s. 194A of the Act was in no legal obligation to deduct income-tax in respect of payment and secondly and independent of the said ground, the recovery proceedings in relation to deemed default under s. 201 of the Act having become time-barred upto and including asst. yr. 1985-86 interest under the Act could not be computed at all. 10. In the result, all the Revenue s appeals are dismissed.
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1990 (10) TMI 116 - ITAT AMRITSAR
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... ... ..... by Shri Manmohan Singh. Assistant Manager, Punjab National Bank, recorded on 18-5-1990. We have gone through the statement. Shri Manmohan Singh was not the person in charge of the bank during the relevant time. He has only guessed that his predecessor must have gone through all the formalities in terms and conditions before granting the credit limit under hypothecation . In the next paragraph, he had explained the bank s role in allowing an advance under Pledge Account. These are only of academic interest since we are not dealing with the Pledge Account. We do not find any thing in the statement which could be used against the assessee. 15. Under these circumstances, we are of the opinion that the addition made on account of discrepancy in the stock cannot be sustained. This has to be deleted. As a consequence the addition made on account of profit on the assumption that these stocks must have been disposed of also cannot be sustained. 16. In the result, the appeal is allowed
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1990 (10) TMI 115 - ITAT ALLAHABAD-B
Gold Bonds, In The Nature ... ... ... ... ..... er in a very planned manner to adopt this tactics to earn huge profits and also thereby to avoid the payment of tax. In our opinion, the decisions arrived at by the Tribunal of Allahabad Benches in various decisions filed by the assessee at pages 19 to 40 have full application to the present case as well and, in our opinion, by no stretch of imagination a single transaction of purchase of gold bonds can be attributed as a finding in the nature of trade. It may be possible that the alleged transaction has resulted into a profit by partial sale of the said gold bonds but such income is exempt as being a short time capital gain from a capital asset under special notifications. We, therefore, hold that this issue is fully covered by the various decisions of the Tribunal of Allahabad Benches in various cases, copies of which have been filed and relied upon by us. We, therefore, decide the issue accordingly. 8 to 17. These paras are not reproduced here as they involve minor issues.
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1990 (10) TMI 114 - ITAT ALLAHABAD-A
A Firm, A Partner, Property Passing On Death, Tax Demand, Tax Proceedings ... ... ... ... ..... stified and the order of the ACED to the contrary was not correct. The issue is decided accordingly. 11. The last ground is that the learned CED(A) had erred in law in allowing the outstanding liability of Rs. 4,57,448 payable to M/s. J.K. Hosiery Factory. This issue is covered by the decision of the Tribunal. Admittedly, the Tribunal, B-Bench, Allahabad, by their order dated 17-3-1986 in WTA No. 114 and 115(All.) of 1980 for the assessment years 1976-77 and 1977-78 had allowed a deduction of the said amount as outstanding liability, Similar order is also alleged to have been followed by the Tribunal for the assessment years 1978-79 and 1979-80. When the said liability has been allowed in the income-tax assessment, the same has to be allowed while computing the net estate of the deceased. We, therefore, are of the opinion that the order passed by the learned Controller of Estate Duty (Appeals) on this point was perfectly correct and justified. The issue is decided accordingly
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1990 (10) TMI 113 - ITAT ALLAHABAD-A
Rule 1BB, Valuation Date ... ... ... ... ..... given in favour of the assessee. We have gone through that order and we find that there the question of applicability of provisions of section 17(1)(b) was involved and the facts for allowing the appeal for 1982-83 were entirely different from those obtaining before us for assessment year 1983-84. This argument raised by the learned counsel for the assessee is rejected. The learned counsel for the assessee relied in the case of Debi Prosad Poddar v. CWT 1977 109 ITR 760 (Cal.), but the ratio of that case is not applicable because in that Calcutta case no sale had taken place. In view of the tangible cash of Rs. 3 lakhs received in respect of the property under consideration before us, the restraints available in the Calcutta case are not available and, therefore, the Calcutta case is not applicable to the facts of the case before us. 8. In view of the facts and circumstances mentioned above, we allow the appeal of the department and restore the order of the Assessing Officer
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1990 (10) TMI 112 - ITAT AHMEDABAD-C
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... ... ..... s were really the cause for not filing the return before the date it was actually filed on. In its letter dt. 1st Jan., 1985, the assessee stated that due to remaining busy with brisk business by the assessee in S.Y. 2035, the accountant could not finalise the accounts. But it has further been stated that the return was ready sometimes in March, 1982 and was also duly signed and verified but it was misplaced and could be filed on 31st May, 1983 only. The conduct of the assessee in remaining busy with its brisk business upto March, 1983 without caring for filing the return, then preparing the return and thereafter misplacing it shows a callous regard to the discharge of its statutory obligation under the Act., Such a conduct even belies its contention that the accounts could not be finalised within the extended period. Thus, on merits of the case, we are not with Mr. Divatia and reject his argument. 9. In the result, the appeal is accepted and the penalty levied is cancelled.
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1990 (10) TMI 111 - ITAT AHMEDABAD-C
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... ... ..... purchased. Deductible liability is that which has crystallised although it may be quantified later on. A liability which has not at all crystallised in the relevant accounting year cannot be claimed as deduction in computation of profits and gains of business of that year even when system of accounting is mercantile. Deposits required to be made in course of business to meet contingent liability would not qualify for deduction in computation of profits and gains of business. We had asked the learned representative of assessee whether there were any other relevant documents of year in question and we were told that there were none. From the two documents referred to above we are unable to draw an inference that deductible liability had been incurred by the assessee in the year in question and as such provision made by it which represented contingent liability was not allowable as deduction. We accordingly reject the grounds raised by the assessee. 10. The appeal is dismissed.
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1990 (10) TMI 110 - ITAT AHMEDABAD-C
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... ... ..... nd Rs. 50,000 from the accounts of Shreeji Minerals and Chemicals. On these facts the income-tax authorities seem to be correct in their view that interest bearing deposits were diverted to interest free loans. In that sense of the matter the disallowance of interest at Rs. 12,000 seems to be justified and is left undisturbed. This disposes of ground Nos. 21 to 23. (3) Interest Under ss. 139(8) and 215. 32. Charge of interest under s. 139(8) is automatic if the conditions for charge of such interest exist in a given case. The waiver of interest may be claimed by an assessee before the ITO, provided the conditions necessary for waiver are established. We would, therefore, not like to disturb the order of charge of interest under s. 139(8) in the instant case. 33. Charge of interest under s. 215 is consequential to the relief given to the assessee. The ITO shall recompute such interest at the time of giving effect to this order. 34. In the result, the appeal is partly allowed.
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1990 (10) TMI 109 - ITAT AHMEDABAD-C
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... ... ..... monds with different weight were found indicates that those 5 packets belonged to different persons and that they had handed over to the assessee. In these circumstances, when the assessee says that those diamonds did not belong to him but belonged to 5 persons and when he produced 5 persons, who confirmed the said fact, we see no justification for disbelieving the version of the assessee particularly when the names were given in the proceedings under s. 132(5) of the Act and particularly when the learned CIT had recorded a finding that the assessee was in a confused state of mind at the earlier stage. In the circumstances, there is no reason to disbelieve the statements of those persons who claimed ownership of the diamonds and who were duly produced by the assessee before the ITO. We, accordingly, confirm the order of the CIT(A) deleting the addition relating to the value of 63.81 cts., of diamonds. 12. The appeal shall be treated as partly allowed for statistical purpose.
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