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Case Laws
Showing 161 to 180 of 268 Records
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1994 (2) TMI 109 - ITAT DELHI-A
Deemed Dividend ... ... ... ... ..... d preventing transfer in favour of the appellant. The aspect of registration is the only tool available to the seller to bend the appellant to pay him the consideration. Therefore, on this broad commercial proposition, we are of the opinion that, the present circumstances of not getting the shares registered in his name by the appellant cannot be construed as intended to evade the tax. Having come to this conclusion, it is immaterial whether, the loan was routed through JCPL or received directly by the appellant from MLL, because, under either of those circumstances, the payment by MLL could not be held as payment or advance to a shareholder, because, on the dates on which advances were made, the appellant was not the registered shareholder of MLL. We therefore hold that, the entire exercise of attraction of the provisions of deemed dividend in the present circumstances of the case is misdirected. The addition made in this behalf is accordingly deleted. The appeal is allowed.
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1994 (2) TMI 108 - ITAT COCHIN
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... ... ..... Collector of Central Excise in C. No. XVII/8/20/84/Sl. No. 18/84 Gc. Adj. dt. 25th May, 1987. It is seen that after elaborate discussion and on the basis of the materials on record, the Collector of Central Excise has come to the conclusion that it has not been established to my satisfaction that the gold and gold ornaments under seizure or any part of it belongs to any person other than Sri T.K. Bhargavan of M/s T.K. Achuthan and Sons, Tellicherry . As a matter of fact, the assessee has pointed out these facts to the ITO in its reply and proper weightage had not been given for this conclusion arrived at by the competent authority who had seized the gold and gold ornaments from the managing partner. The enquiries conducted by the ITO have not brought to surface any material to dislodge the finding of the Central Excise authorities. Therefore, the CIT(A) was right in deleting the addition of Rs. 1,90,000. The Revenue s ground fails. 6. In the result, the appeal is dismissed.
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1994 (2) TMI 107 - ITAT COCHIN
Accounting Year, Assessment Year, Business Expenditure, Business Income, Deduction Of Interest, Development Allowance, Foreign Exchange, Litigation Expenses, Mercantile System, Previous Year, Sale Proceeds, Weighted Deduction
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1994 (2) TMI 106 - ITAT COCHIN
Assessment Order, Capital Gains, Interest Payable To Assessee, Mistake Apparent From Record, Rectification Of Mistakes, Rectification Proceedings
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1994 (2) TMI 105 - ITAT CHANDIGARH
1961 Act, Assessed Income, Assessing Officer, Assessment Year, Deduction Of Interest, Income Escaping Assessment, Income From House Property, Income From Property, Income Tax Act, Original Assessment
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1994 (2) TMI 104 - ITAT CALCUTTA-E
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... ... ..... e year in question on which advance-tax would be payable was a reasonable belief and that the assessee had taken care to base its estimate on the data and position available at that point of time. Far from showing lack of bona fides on the part of the assessee or a guilty state of mind, the facts show that the estimate was filed bona fide. Even the noting made on the notice under s. 210 shows that there was some basis for filing the nil estimate. On these facts it is not possible to sustain the penalty imposed on the assessee on the ground that the estimate filed was untrue or false to the knowledge of the assessee. The observations and the principles laid down in the judgment of the Calcutta High Court in CIT vs. Birla Cotton Spg. and Wvg. Mills Ltd. are fully applicable to the present case. We are, therefore, of the view that the CIT(A) has rightly cancelled the penalty. We fully agree with him in his conclusion. His order is, therefore, upheld and the appeal is dismissed.
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1994 (2) TMI 103 - ITAT CALCUTTA-E
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... ... ..... that category. It is not incurred in connection with the carrying on of the business but was incurred in connection with the sale of the flour mill. The Calcutta High Court has held in Binani Printers (P) Ltd. vs. CIT (1983) 32 CTR (Cal) 332 (1983) 143 ITR 338 (Cal) applying the Supreme Court judgment cited above that notice pay and compensation paid by the assessee on the closure of the business of printing establishment was not an allowable expenditure since the same was not necessary for carrying on the business. In the present case the expenditure on valuing the assets was not necessary for carrying on the business. It was necessary only to fix the sale price of the flour mill. We are, therefore, of the opinion that the expenditure cannot be allowed as business expenditure. We reverse the order of the CIT(A) on this point and allow the third ground. 15. In the result, the appeal for the asst. yr. 1982-83 is partly allowed and that for the asst. yr. 1986-87 is dismissed.
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1994 (2) TMI 102 - ITAT CALCUTTA-E
Assessment Year, Mineral Oil, Mistake Apparent From Record, Profits And Gains, Retrospective Effect, Retrospective Operation
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1994 (2) TMI 101 - ITAT CALCUTTA-E
Assessment Year, Previous Year ... ... ... ... ..... f income . 10. The provisions of section 70 of the Act give a clue to this issue. That section says that where the net result in respect of any source falling under any head of income is a loss, the assessee can have the loss set off against his income from any other sources under the same head. Thus the Act itself maintains the distinction between the sources of income and the heads of income. The fact that under the same head there could be different sources of income is also recognised. 11. For the aforesaid reasons, we are of the view that the Dankuni Unit is a separate source of income for the assessee and the assessee is free to adopt the year ended 30-9-1984 in respect of that Unit notwithstanding that the accounts of the Taratola Unit are closed on 30-6-1984. The conclusion of the CIT to the contrary is opposed to the well-settled principles and cannot be accepted. 12. We, therefore, accept the appeal and cancel the order under section 263 of the Income-tax Act, 1961.
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1994 (2) TMI 100 - ITAT CALCUTTA-E
Assessment Year, Bona Fide, Failure To Pay Advance Tax, False Estimate, Levy Of Penalty ... ... ... ... ..... which advance-tax would be payable was a reasonable belief and that the assessee had taken care to base its estimate on the data and position available at that point of time. Far from showing lack of bona fides on the part of the assessee or a guilty state of mind, the facts show that the estimate was filed bona fide. Even the noting made on the notice under section 210 shows that there was some basis for filing the nil estimate. On these facts it is not possible to sustain the penalty, imposed on the assessee on the ground that the estimate filed was untrue or false to the knowledge of the assessee. The observations and the principles laid down in the judgment of the Calcutta High Court in CIT v. Birla Cotton Spg. and Wvg. Mills Ltd. 1985 155 ITR 448 are fully applicable to the present case. We are, therefore, of the view that the CIT(A) has rightly cancelled the penalty. We fully agree with him in his conclusion. His order is, therefore, upheld and the appeal is dismissed.
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1994 (2) TMI 99 - ITAT CALCUTTA-E
Assessment Year, Business Expenditure, Business Income ... ... ... ... ..... esent case falls under that category. It is not incurred in connection with the carrying on of the business but was incurred in connection with the sale of the flour mill. The Calcutta High Court has held in Binani Printers (P.) Ltd. v. CIT 1983 143 ITR 338 applying the Supreme Court judgment cited above that notice pay and compensation paid by the assessee on the closure of the business of printing establishment was not an allowable expenditure since the same was not necessary for carrying on the business. In the present case the expenditure on valuing the assets was not necessary for carrying on the business. It was necessary only to fix the sale price of the flour mill. We, are therefore of the opinion that the expenditure cannot be allowed as business expenditure. We reverse the order of the CIT(A) on this point and allow the third ground. 15. In the result, the appeal for the assessment year 1982-83 is partly allowed and that for the assessment year 1986-87 is dismissed.
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1994 (2) TMI 98 - ITAT BOMBAY-C
Auction Sale, Business Income, Capital Gains, Earnest Money, High Court, Supreme Court, Tax Liability, Tax Recovery Officer
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1994 (2) TMI 97 - ITAT BOMBAY-C
Assessment Year, Carry Forward, Charitable Trust, Income From Other Sources, Income From Property, Religious Trust, Set Off
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1994 (2) TMI 96 - ITAT BOMBAY-B
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... ... ..... irection to correctly compute the disallowable amount under r. 6D afresh after hearing the assessee . 44. The learned Departmental Representative submitted that in the light of the above direction the assessee will get adequate opportunity and as such the assessee is not prejudicially affected by the direction of the learned CIT(A). In the light of the above submission and consideration that his direction is clear to the effect that the issue should be reconsidered giving the assessee adequate opportunity to submit case we find no reason to interfere with the direction of the learned first appellate authority. In the result appeal by the assessee on this ground rejected. 45. The learned counsel for the assessee submitted that he is under instruction not to press the ground with regard to payment to clubs amounting to Rs. 12,051 and with regard to deduction under s. 80-O. Hence both the grounds are rejected as not pressed. In the result appeal by the assessee allowed in part.
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1994 (2) TMI 95 - ITAT BOMBAY-A
Assessing Officer, Assessment Year, Bona Fide, Capital Expenditure, Failure To Pay Advance Tax, False Estimate, Let Out, Levy Of Penalty, Per Annum
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1994 (2) TMI 94 - ITAT BANGALORE
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... ... ..... to be remembered in this connection that huge amounts of gross profit and also the net profit have been occasioned by the working out of the closing stock of rice bran oil at the rather much high figure of Rs. 2,04,971 for which the assessee will again get due credit in the immediately succeeding year. On the whole, therefore, the reconstructed P and L account as adopted by the ITO may be considered to be reasonable. Looking to the other special circumstances of the case about non-co-operation of the assessee to produce the required papers and documents, etc., we must finally come to the conclusion that the estimation of net profit and worked out of the total income, as has been done by the ITO, subject, however, to the reliefs given by the CIT(A) and also by us, as above, is required to be approved by us. We, therefore, do not want to make any further interference with the working of the ITO. 10. In the result, the appeal is partially allowed to the above mentioned extent.
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1994 (2) TMI 93 - ITAT BANGALORE
Penalty, For Failure To Get Accounts Audited ... ... ... ... ..... and adverted to by us herein should be the correct interpretation of this particular section which not only forms a part of a fiscal law but is also penal in character. Taking into consideration all the abovementioned arguments, we finally come to the conclusion that since in the instant case, the assessee actually complied with the legal requirements under section 44AB of getting its accounts audited and having a copy of the said audit report, although belatedly, and thereafter revised its returns of income on the basis of the said audit reports and since again the ITO, while completing the assessments took help of the said audit reports, the assessee cannot be considered to be liable to imposition of penalty under section 271B simply for its failure to stick to the time-frame as referred to in section 44AB. Hence, we reverse the orders of the authorities below and cancel the penalties for all the three years. 12. In the result, the appeals filed by the assessee are allowed.
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1994 (2) TMI 92 - ITAT BANGALORE
Assessing Officer, Assessment Notice, Assessment Proceedings, Assessment Year, Chargeable To Tax, Deduction Of Interest, Original Assessment, Reassessment Notice, Reassessment Proceedings, Reopening Assessment
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1994 (2) TMI 91 - ITAT BANGALORE
Assessment Order, Capital Gains, Interest Payable To Assessee, Mistake Apparent From Record, Rectification Of Mistakes, Rectification Proceedings
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1994 (2) TMI 90 - ITAT AHMEDABAD-C
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... ... ..... . In this we are fortified by the judgment of the Madras High Court in the case of G. Padmanabha Chettiar and Sons vs. CIT (1989) 77 CTR (Mad) 107 (1990) 182 ITR 1 (Mad). Accordingly we do not find any merit in the first contention of the learned counsel for the assessee. 10. As regards the alternative contention of the learned counsel for the assessee that assessee be allowed to adopt cash system for receipts as well as for payments, we find merit in the same in view of the ratio laid down by the Hon ble Supreme Court in the case of Investment Ltd. vs. CIT and other cases, where it has been held that the choice of method of accounting is to be left to the assessee and the same cannot be imposed by the ITO. We accordingly, restore the matter to the ITO with the direction that he should compute the income of the assessee for all the three years under appeal adopting the method of accounting as cash method. 11. For statistical purposes, the appeals shall be treated as allowed.
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