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Showing 161 to 180 of 354 Records
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1990 (8) TMI 196 - ITAT DELHI-E
Concessional Rate, Equity Shares, Foreign Exchange, Indian Company, Short-term Capital Gains
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1990 (8) TMI 195 - ITAT DELHI-D
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... ... ..... isclosed sources. Unless there is an evidence to show that payments were received by the owner in that assessment year it cannot be said that the assessee had made investment in the purchase of the said car. At the most, we can say that the investments were made by the assessee in the asst. yr. 1985-86. It is pointed out that no addition has been made by the Revenue authorities in that assessment year. The Department can very well look into the aspect of investment when the car is shown to have been purchased in March, 1985. But certainly so far as this assessment year is concerned, there is no evidence on record to come to the conclusion that the assessee had made investment for the purchase of the car in this assessment year. So the conclusion arrived at by the Revenue authorities is without any base and deserves to be set aside. We, therefore, set aside the order of the CIT(A) on this point and direct the ITO to delete the addition. 6. In the result, the appeal is allowed.
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1990 (8) TMI 194 - ITAT DELHI-D
Depreciation, Allowance ... ... ... ... ..... e paid after the date, of the issue of the notification but I do not find any such intention from the notification, which I have extracted above. Such a construction would also defeat the well settled principle of law that the law, to be applied for making an assessment is the law prevalent on the Ist day of the assessment year and not the law prevalent during the previous year. 7. For these reasons I express my agreement with the view expressed by the learned Accountant Member, in arriving at which he relied on the leading Supreme Court decision on the subject namely, Isthmian Steam ship Lines case. To the same effect are the decisions of the Privy Council in the case of Maharajah of Pithapuram v. CIT 1945 13 ITR 221, of the Supreme Court in the case of CIT v. Scindia Steam Navigation Co. Ltd. 1961 42 ITR 589 and Karimtharuvi Tea Estate Ltd. v. State of Kerala 1966 60 ITR 262 (SC). 8. The matter will now go before the regular Bench for decision according to majority opinion.
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1990 (8) TMI 193 - ITAT DELHI-B
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... ... ..... f Rs. 68,440 would be Rs. 16,630. 75 per cent of the assessed tax would come to Rs. 12,472 and, therefore, the difference between the assessed tax and the tax payable, according to the statement of income taking the assessee to be an unregistered firm, would come to Rs. 1,822 and, therefore, the minimum penalty imposable in this case would be Rs. 182. Under sub-cl. (iii), maximum penalty imposable is one and half times of Rs. 1,822. It is thus clear that the ITO, while imposing penalty of Rs. 2,000, wrongly computed the maximum and minimum amount of penalty leviable in this case at Rs. 18,350 and Rs. 1,240, respectively. Considering the facts of the case and the nature of default committed by the assessee as also the correct amount of maximum and minimum penalty leviable, we are of the opinion that it would be reasonable to impose a penalty of Rs. 500 under s. 273(2)(c). The quantum of penalty levied by the ITO thus stands reduced to Rs. 500. 11. The appeal is allowed partly.
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1990 (8) TMI 192 - ITAT DELHI-B
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... ... ..... tal income. If an industrial company is mainly engaged in one or more of the activities enumerated in clause (c) it would be an industrial company within the meaning of cl. (c) of s. 2(7) and in such a case the Explanation is not at all called into play. The Board s Circular No. 103 makes the position quite clear. 9. In the instant case, form the details of sales, gross profits on sales, interest and rent received by the assessee company it is clear that it is mainly engaged in the manufacturing activities. It is not by virtue of the legal fiction available under the Explanation that it is to be treated as an industrial company. Since the assessee is an industrial company within the meaning of cl. (c) of s. 2(7) of the finance Act, 1982, concessional rate of tax at 55 per cent would be applicable for the assessment year under consideration. In this view of the matter, we uphold the order of the CIT(A) on the point. 10. In the result, this appeal fails and is hereby dismissed.
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1990 (8) TMI 191 - ITAT DELHI-B
Income Deemed To Accrue Or Arise In India ... ... ... ... ..... ot at all the conclusive proof to show that the work in respect of engineering was done inIndia. Even though there was no mention about any work said to have been completed or undertaken inJapanin the agreements, from the events that took place, it has to be inferred where that work could have taken place. In my view this part of the work could have been taken only in Japan and not in India and in any case there was no evidence to show that that part of the work was also done in India and as I have endeavoured, the correspondence do show that that part of the work was done only in Japan if the work of planning was done in India, there would have been payments to technicians. I therefore agree with the view expressed by the learned Accountant Member and hold that the amount of Indian Rupees equivalent to Japaness Yen 25,00,000 was not to be treated as income liable to tax inIndia. 10. The matter will now go back before the regular Bench for decision according to majority view.
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1990 (8) TMI 190 - ITAT DELHI-A
Advance Tax, Interest Payable By Assessee ... ... ... ... ..... underestimated the advance tax payable by him. Payment of interest is mandatory under the provisions of sections 215 and 217 of the Income-tax Act, 1961. On the other hand, the levy of interest under section 216 is discretionary. The question of exercising discretion would arise only when the Income-tax Officer finds that the assessee had underestimated the advance tax payable by him. Payment of interest is mandatory under the provisions of sections 215 and 217 of the Income-tax Act, 1961. On the other hand, the levy of interest u/s. 216 is discretionary. The question of exercising discretion would arise only when the ITO finds that the assessee had under-estimated the advance tax payable by him. 3.1 Even Allahabad High Court in case of Elgin Mills Co. Ltd. has taken the same view and we are fortified in our finding by the said decision. The order of the CIT (Appeals) regarding charge of interest u/s. 216 is, therefore, reversed. 4. In the result assessee s appeal is allowed
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1990 (8) TMI 189 - ITAT COCHIN
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... ... ..... old the preliminary objection of the learned Chartered Accountant for the assessee that the Revenue cannot now raise the question of device or ruse in an appeal preferred by the assessee. At any rate, in our considered opinion, the learned departmental representative cannot make out a new case before us for the first time without raising the issue by way of cross-objection. This was not done. Moreover, the question whether the transaction is device or ruse to avoid or evade tax liabilities would necessarily involve investigation into facts and such an issue cannot be raised by way of arguments. Even if it has been raised in an appeal by the Revenue, it is liable to be rejected as not involving a pure question of law but involving investigation of facts. In the light of our discussions and following the decision of the Tribunal relied on by the appellant, we hold that the levy of gift-tax is unjustified. The order of the CGT(A) is accordingly set aside. The appeal is allowed.
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1990 (8) TMI 188 - ITAT COCHIN
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... ... ..... s in the gift deeds about certain properties as having been gifted in 1954 were made with a view to ward off the provisions of G.T. Act. The assessee pleads innocence while the revenue harps on ascribing motives to the donor. We do not subscribe to the view of the authorities that the recitals in the gift-deed in relation to 1954 gifts was an after thought to neutralize the provisions of the G.T. Act which came into force with effect from 1-4-1958, because the documents encompassing such gifts were registered on 1-6-1957 whereas the Gift-tax Bill itself was presented in the Lok Sabha only on 28-2-1958 and it would be unreasonable to hold that the assessee is so well informed as to anticipate what was in the legislative womb of the State. 7. For the above reasons, we uphold the levy of gift-tax but direct the Gift-tax Officer to give credit for the stamp duty paid in accordance with the provisions of Section 18A of the G.T. Act. 8. In the result, the appeals are partly allowed
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1990 (8) TMI 187 - ITAT CALCUTTA-B
Bonus Shares, Long-term Capital Assets, Market Value, Profit On Sale, Short-term Capital Gains
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1990 (8) TMI 186 - ITAT BOMBAY-E
Company In Which Public Are Substantially Interested, Widely Held Company ... ... ... ... ..... definition of the widely held company does not extend its meaning but seeks to restrict the same. In this view of the matter, we are inclined to reject the contention of the assessee. 11. The last common ground of appeal is that the CWT(A) erred in upholding the action of the IAC in valuing the motor cars on the basis of the value adopted by the insurance company. The short submission of the assessee in this connection is that the value at which the assets are insured do not necessarily represent price it would fetch if sold in the open market. 12. We have heard the parties to the dispute and in our opinion the valuation adopted by the insurance company of the cars appears to be reasonable. It has to be remembered in this connection that the cost of the cars has been going up from year to year if not from month to month. There is absolutely no material produced before us to show that the value adopted is excessive or unreasonable. 13. In the result, the appeals are dismissed
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1990 (8) TMI 185 - ITAT BOMBAY-D
Income From House Property, Income From Other Sources, Let Out, Trading Receipt ... ... ... ... ..... d not be said that those, who were given permission to, do shooting on the premises, were tenants of the assessee and, therefore, such income could not be taxed as income from property irrespective of the fact that the assessee happens to be the owner of the premises. Therefore, in our opinion, such licence fees can only be taxed as income from other sources as, on the facts of the present case and the evidence on record, they cannot be taxed either as income from business or as income from property for the reasons stated above. We would, therefore, confirm the order of the AAC but modify it by holding that income from licence fees received by the assessee should be taxed as income from other sources. We would not modify the quantum of income because we find that 10 of the receipts have been allowed as deduction which, in our, opinion, would be a reasonable figure of expenditure allowable under sec. 57(iii). We would hold accordingly. 9. In the result, the appeal is dismissed
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1990 (8) TMI 184 - ITAT BOMBAY-A
Capital Gains, Co-operative Society, Sale Proceeds ... ... ... ... ..... icult to concur with the conclusion arrived at by the IT authorities that "the payment of compensation was clearly a device to reduce the tax liability". In our view, the ratio laid down in the cases of A. Venkataraman (supra) and C.V. Soundararajan (supra), clearly supports the stand taken up by the assessee. Again, the order of the Tribunal in the case of C. Thangavel Gounder (supra) with which we fully concur, helps the assessee in contending that it was entitled to deduction of Rs. 43 lakhs u/s. 48(i) of the Act. Respectfully following the ratio laid down in the said two reported decisions as well as following the order of the Tribunal in the case of C. Thangavel Gounder (supra), we hold that the assessee is entitled to deduction of Rs. 43 lakhs u/s. 48(i) of the Act for the purpose of computing capital gain. We, therefore, direct the ITO to accept the assessee claim in this regard and modify the assessment accordingly. 11. In the result, the appeal is allowed.
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1990 (8) TMI 183 - ITAT BOMBAY-A
A Firm, Capital Gains ... ... ... ... ..... g on business in shares, transferred their holding of shares in several joint stock companies to a private limited company formed by them and entered in the books of the company the price of the shares ruling in the market on the date of the commencement of its business. The market value of the shares was in excess of the cost to the transferors. When the matter came up before the High Court, it was held by it that although legally the transaction is a sale, but substantially and really it is only a readjustment made by certain persons so as to carry on business in one form rather than in another. 12. The contention based on the aforesaid decision cannot be accepted for the simple reason that the view expounded by the Bombay High Court in the said case has been disapproved by the Apex Court of the Country in the case of CIT v. B.M. Kharwar 1969 72 ITR 603. 13. In view of the above discussions, we find the appeal to be devoid of any force and the same is consequently dismissed
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1990 (8) TMI 182 - ITAT BANGALORE
Assessment Proceedings, High Court, Immovable Property, Movable Property, Reassessment Proceedings
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1990 (8) TMI 181 - ITAT BANGALORE
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... ... ..... death of a male member of a Hindu undivided family, though the Hindu undivided family continues, the property of the Hindu undivided family gets diminished to the extent of the share of the male Hindu dying. 13. There is no doubt that the shares inherited by Class I female heirs of Prithvi Baveja no longer belonged to the HUF as their respective shares were personal properties of those female heirs. Therefore, what was excludible was not only the share of mother Prabha Baveja but also the share of the other two female heirs (wife and daughter). Though we have shown the true legal position, we, in these appeals, cannot disturb the order of the wealth-tax officer excluding 1/8th share as the interest of the mother since the revenue cannot be worse off because the assessee has appealed challenging the exclusion of 1/8th share. In the circumstances, we, while pointing out the correct legal position, have to reject this ground also. 14. For the foregoing, the appeals are dismissed
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1990 (8) TMI 180 - ITAT AMRITSAR
Bonus Shares, Long-term Capital Assets, Market Value, Profit On Sale, Short-term Capital Gains
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1990 (8) TMI 179 - ITAT AHMEDABAD-C
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... ... ..... sioner in such order. It is only on the grounds mentioned above that we have felt inclined to dismiss the appeal against the order under s. 263 without expressing our opinion on the merits of the order passed by the Commissioner. 11. The cross-objection by the Revenue simply supports the order passed by the Commissioner under s. 263. Since the appeal against that order is to be dismissed as discussed above, the cross-objection also does not survive for any specific orders. 12. In the result the appeal against the order under s. 250 of the Act (ITA No. 783/Ahd/90) is allowed for statistical purposes. Consequently the order passed by the CIT(A) on 8th Jan, 1990 is set aside. The CIT(A) is directed to decide the appeal of the assessee afresh according to law after giving proper opportunity to the parties of being heard. The appeal against order under s. 263 (ITA No. 1857/Ahd/90) as also the cross-objection filed by the Revenue in support of the order under s. 263 are dismissed.
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1990 (8) TMI 178 - ITAT AHMEDABAD-C
Insurance Company, Original Assessment ... ... ... ... ..... ncial Act, or a Government company as defined in section 617 of the Companies Act, 1956. It is an accepted fact between the parties that the sum of Rs. 1 lakh has been received as a compensation from the Insurance Company. Even assuming for the sake of argument that the present transaction constitutes a transfer the same would otherwise not attract the provisions of section 155(5) since the Insurance Companies after their nationalisation have become Govt. companies. Emphasis supplied by us 12. The various decisions cited at the bar by the Revenue are distinguishable on the facts of the case as rightly pointed out by the learned counsel for the assessee. These do not advance the revenue s case as made out by the tax authorities and canvassed before us by the D.R. In the final analysis we set aside the order passed by the ITO under section 155(5) and restore the relief in respect of the development rebate allowed at the time of the original assessment. 13. The appeal is allowed
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1990 (8) TMI 177 - ITAT AHMEDABAD-C
Insurance Company, Original Assessment ... ... ... ... ..... ncial Act, or a Government company as defined in section 617 of the Companies Act, 1956. It is an accepted fact between the parties that the sum of Rs. 1 lakh has been received as a compensation from the Insurance Company. Even assuming for the sake of argument that the present transaction constitutes a transfer the same would otherwise not attract the provisions of section 155(5) since the Insurance Companies after their nationalisation have become Govt. companies. Emphasis supplied by us 12. The various decisions cited at the bar by the Revenue are distinguishable on the facts of the case as rightly pointed out by the learned counsel for the assessee. These do not advance the revenue s case as made out by the tax authorities and canvassed before us by the D.R. In the final analysis we set aside the order passed by the ITO under section 155(5) and restore the relief in respect of the development rebate allowed at the time of the original assessment. 13. The appeal is allowed
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