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Showing 161 to 164 of 164 Records
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1992 (5) TMI 5 - RAJASTHAN HIGH COURT
Burden Of Proof, Reference, Wealth Tax ... ... ... ... ..... ideration of the facts and circumstances, had estimated the fair market value of the closing stock. It was further held that this was purely a finding of fact and that no question of law arose therefrom. The special leave petition filed against this decision was also dismissed, as pointed out by Mr. Ranka. A similar view was taken by this court in the matter of CWT v. Moti Chand Daga 1988 174 ITR 379 wherein it was held that the burden was on the Revenue to prove that the valuation of the closing stock given in the balance-sheet was not the true value and that the market value of the closing stock exceeded the valuation disclosed by more than 20 per cent. This burden evidently has not been discharged by the Wealth-tax Officer who applied rule 2B(2) without any foundation. Consequently, all the references are answered in the affirmative, against the Revenue and in favour of the assessees by holding that the Tribunal s view is justified. The references are answered accordingly.
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1992 (5) TMI 4 - CALCUTTA HIGH COURT
Advance Tax, Bona Fide, Business Loss, Levy Of Penalty, Penalty Proceedings, Question Of Law, Reference To High Court, Set Off, Subject Matter
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1992 (5) TMI 3 - RAJASTHAN HIGH COURT
Assessment Proceedings, Assessment Year, Fact By Tribunal, Question Of Law, Reassessment Proceedings
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1992 (5) TMI 2 - CALCUTTA HIGH COURT
Development Allowance, Sales Promotion, Weighted Deduction ... ... ... ... ..... onditions prevailing abroad not for sales promotion. In our view, before any allowance is made under sub-clause (iv) of clause (b) of section 35B(1), it is necessary to find out as to whether or not the maintenance of the agency outside India is for the promotion of sale outside India of the goods which the assessee deals in. In our view, the mere securing of information about the market conditions prevailing abroad cannot amount to sales promotion. In that view of the matter, the Tribunal has to go into the question and find out as a fact whether the maintenance of agency was, in fact, for sales promotion outside India of the goods dealt with by the assessee. For the reasons aforesaid, we decline to answer the question in this reference and remand the matter to the Tribunal for fresh disposal in the light of the observations made in the judgment. Leave is given to file vakalatnama within two weeks from date. There will be no order as to costs. SHYAMAL KUMAR SEN J.-- I agree.
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