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Case Laws
Showing 161 to 180 of 228 Records
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1994 (8) TMI 69 - ITAT COCHIN
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... ... ..... 0-71 3,39,652 4,91,832 (-) 1,52,180 1,52,180 Loss 1971-72 1,93,626 4,69,173 (-) 2,75,547 2,75,547 Loss 1972-73 9,89,059 3,41,576 ( ) 6,47,483 -- -- 1973-74 1,57,750 2,43,568 (-) 85,818 85,818 Loss 1974-75 2,79,945 1,99,057 ( ) 80,888 -- -- 1975-76 -10,95,694 3,14,153 (-) 14,09,847 3,14,153 Depn. 1976-77 - 49,17,433 2,27,361 (-) 51,44,794 2,27,361 Depn. 1977-78 -3,99,608 1,90,028 (-) 5,89,636 1,90,028 Depn. 1978-79 - 2,70,009 1,50,971 (-) 4,20,980 1,50,971 Depn. 1979-80 - 19,45,789 81,311 (-) 20,27,100 81,311 Depn. 1980-81 - 16,03,530 68,648 (-) 16,72,178 68,648 Depn. 1981-82 9,55,905 41,486 ( ) 9,14,419 -- -- 1982-83 12,69,484 1,98,510 ( ) 10,70,974 -- -- 1983-84 26,61,062 1,10,295 (-) 27,71,357 1,10,295 Depn. 1984-85 36,96,486 1,68,693 (-) 38,65,179 1,68,693 Depn. 1985-86 56,739 1,37,727 (-) 80,988 80,988 Loss 1986-87 1,54,038 85,104 (-) 2,39,142 85,104 Depn. 1987-88 9,232 82,539 (-) 73,307 73,307 Loss 1988-89 25,87,259 69,351 ( ) 25,17,908 -- -- . . 35,20,412 . 20,44,404, .
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1994 (8) TMI 68 - ITAT COCHIN
Accumulated Profits, Advance Tax, Assessing Officer, Commercial Profit, Partnership Deed, Previous Year, Principal Value Of Estate, Property Passing On Death, Tax Liability, Undistributed Profits
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1994 (8) TMI 67 - ITAT COCHIN
Assessing Officer, Business Income, Business Or Profession, Capital Receipt, Debatable Issue, Mistake Apparent From Record
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1994 (8) TMI 66 - ITAT CHANDIGARH
Assessment Year, Backward Area, Gross Total Income, Industrial Undertaking, Investment Allowance, Profits And Gains
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1994 (8) TMI 65 - ITAT CHANDIGARH
Assessing Officer, Chargeable To Tax, Foreign Company, Income Deemed To Accrue Or Arise In India, Income Tax, Tax At Source
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1994 (8) TMI 64 - ITAT CHANDIGARH
Assessment Year ... ... ... ... ..... to section 220(2) stipulates that where as a result of rectification, appeal, revision, etc., the amount on which interest under section 220(2) was payable had been reduced, the interest shall also be reduced accordingly and the excess interest paid, if any, shall be refunded. In this proviso, there is no provision to pay interest on interest. When the Legislature in its wisdom has clearly stipulated that interest under section 244(1A) is allowable on the amount of tax or penalty found refundable, then there is no scope or room for applying general principles to neutralise or nullify the effect of the specific provisions brought on the statute book. We accordingly hold that no interest under section 244(1A) of the Act is allowable in respect of the interest paid under section 220(2) of the Act which was later held to have been paid in excess and was found refundable to the assessee. 20. We accordingly confirm the impugned order on the point and dismiss the assessee s appeal.
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1994 (8) TMI 63 - ITAT CHANDIGARH
Advance Tax, Assessing Officer, Assessment Year, Mistake Apparent From Record ... ... ... ... ..... , in our opinion, could not travel beyond those parameters and come to the conclusion that in this case interest was not leviable at all. It was not the chargeability of interest but its calculation which was the subject-matter of setting aside the issue. Once this fundamental aspect is grasped, the situation becomes absolutely clear. 20. Since no mistake in calculation of interest of Rs. 2,16,367 has been pointed out nor has it been brought to our notice that the Assessing Officer has not given consequential relief, no further relief is due to the assessee. Respectfully following the Tribunal s decision dated 20-7-1987 in the assessee s own case for this very assessment year and for the reasons mentioned above, we reverse the order of the first appellate authority and restore that of the Assessing Officer and hold that interest of Rs. 2,16,367 has been correctly charged by the Assessing Officer under section 215 of the Act. 21. In the result, the Revenue s appeal is allowed.
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1994 (8) TMI 62 - ITAT CALCUTTA-A
Assessing Officer, Assessment Order, Assessment Year, Carry Forward, Mistake Apparent From Record, Original Assessment, Unabsorbed Depreciation, Written Down Value
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1994 (8) TMI 61 - ITAT BOMBAY-C
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... ... ..... t become either a casual receipt or a chance receipt. Therefore, the application of s. 10(3) would not be logical. 18. We have examined the facts and statutory legal position of the asset of a chance receipt. The view held by the Assessing Officer and the CIT(A) does not appear corrected and logical. The said view appears to be unreasonable. From the above narrated discussion, we are fortified to come to the conclusion that the value of remainderman s reversionary interest is a capital receipt. The said receipt cannot become a revenue receipt. 19. The learned Departmental Representative, Shri N.C. Nair relied on the provisions of s. 2(4) and on the order of the CIT(A). He contended that the Assessing Officer and the CIT(A) have rightly treated the value of the remainderman s reversionary life interest as casual receipt or revenue receipt. This argument was not acceptable in view of our aforesaid conclusion. 20. In the result, the appellant succeeds and the appeal in allowed.
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1994 (8) TMI 60 - ITAT BOMBAY-A
Assessing Officer, Assessment Year, Sales Promotion Expenses ... ... ... ... ..... ibunal held that there was a failure to disclose fully and truly all material and relevant facts and as such income had escaped assessment. The Calcutta High Court held that the finding of the Tribunal was based on evidence and was not perverse. Hence, the reassessment proceedings were valid. 18. As regards inviting our attention to certain correspondence as mentioned in paras 11 and 12 above, we do not see much force in that which can support the assessee s contention of adequate disclosure and hence do not think it necessary to consider the same at length. 19. The CIT (Appeals) has also dealt with at length in her order sustaining the reopening of the assessment and we are in agreement with the reasons given therein. 20. In view of the discussion above, we confirm the action of the CIT (Appeals) and hold the reopening of the assessment under section 147(a) of the Act for both the years to be valid. 21 to 39. These paras are not reproduced here as they involve minor issues.
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1994 (8) TMI 59 - ITAT BANGALORE
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... ... ..... remises of the firms with the signatures of the payees on the reverse. These circumstances may, to same extent, show that the payees must have been paid on the date of search. But it cannot be presumed that such payments had been made earlier to 31st March, 1990. For all those cheques might have been returned after 31st March, 1990 and that inference also is equally possible. Further, these cheques do not seem to have been put to the assessees during the assessment proceedings. The Assessing Officer merely relies on the evidence of Vasanthkumar recorded in this behalf. 34. Taking all factors into consideration, we have no hesitation in our minds that the additions made in the assessment of the firms are not justified. We direct that Rs. 66,14,781 addition in the assessment of Devi Silks Rs. 58,49,710 added in the assessment of Shri Ranga Silk and Rs. 7,46,383 added in the assessment of Devi Ranga Sarees be deleted. 35. In the result, the appeals by the assessees are allowed.
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1994 (8) TMI 58 - ITAT BANGALORE
Assessing Officer, Assessment Year, Bona Fide, Penalty Proceedings ... ... ... ... ..... concealment of income on the part of the assessee. 14. On the other hand, however, as had been discussed above, the final sustenance of disallowance of Rs. 2,75,720 out of theatre hall upkeep expenses must be considered to constitute the offence of concealment of income. We are, therefore, of the opinion that penalty under section 271(1)(c) is required to be levied on this amount. Finally, although we uphold the leviability of penalty under section 271(1)(c) in this case on principle, at the same time again, we order, in partial modification of the orders of lower authorities that penalty be ultimately computed in respect of the abovementioned amount of Rs. 2,75,720 in place of the amount of Rs. 6,85,000 as considered in the penalty order, and by treating the tax on the said amount to be the tax sought to be evaded. Levy of penalty at the minimal is also being upheld by us. 15. In the result, the appeal filed by the assessee is partially allowed to the abovementioned extent.
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1994 (8) TMI 57 - ITAT AMRITSAR
Immovable Property, Movable Property ... ... ... ... ..... ar whereas the donees are residing at Delhi and were not aware of the gifts having been made to them. According to Sh. Abrol, learned counsel for the assessees, the donees came to know of these gifts only when sons of the donors (in the present appeals) met the intended donees at Delhi and accused them for taking undue advantage in the form of gifts from their parents and it was only after that that the donees wrote letters to both the assessees in September 1991 and returned the amounts by cheques. After receipt of these letters, the assessees filed revised returns declaring Nil gift as the original gifts were not valid gifts having not been accepted by the donees. Thus in both these appeals, the intended gifts were not complete as the donees never accepted these gifts and as such the Ld. Dy. CGT(A) was perfectly justified in directing the GTO to accept the revised Gift-tax returns filed by the assessees. 8. In the result, both the appeals filed by the Revenue are dismissed.
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1994 (8) TMI 56 - ITAT AHMEDABAD-C
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... ... ..... e takes place practically at the end of the year when the interest is paid and it is for this reason that the statute in sub-s. (5) of s. 215 of the Act uses the expression deductible instead of deducted . Therefore, in construing sub-s. (5) it is not possible to understand the expression deductible occurring therein as deducted . 8. It is no doubt true that the Calcutta High Court has taken a different view in the case of Borhat Tea Co. Ltd. However, in the said decision no reference had been made to the decision of the Madras High Court referred to above. The Benches of the Tribunal at Ahmedabad have been consistently following the decision of the Madras High Court which is in favour of assessee. For the sake of uniformity, we respectfully follow the said decision of the Madras High Court and the other decisions of the Tribunal in which decision of Madras High Court had been followed, and reject the ground raised by the Revenue. 9. In the result, the appeals are dismissed.
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1994 (8) TMI 55 - ITAT AHMEDABAD-B
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... ... ..... ion on this count is restricted as there is every possibility of the assessee meeting the educational expenses of his two sons from out of the huge withdrawals of Rs. 3,15,458. The assessee, thus, gets relief of Rs. 35,000. 20. Regarding charging of interest under ss. 234A and 234B is concerned, we find from the impugned order of the Appellate Commissioner that the Appellate Commissioner has not given a proper finding on the grounds raised and submissions made before him. After discussion with the representatives of both the sides, we deem it fit and proper to remit the matter to the file of the Appellate Commissioner in this regard and direct him to give his decision whether the assessee is liable for any interest under the provisions of ss. 234A and 234B. The Appellate Commissioner shall decide this point about charging of interest after giving adequate opportunity of hearing to the assessee. We order and direct accordingly. 21. In the result, the appeal is partly allowed.
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1994 (8) TMI 54 - ITAT AHMEDABAD-B
Assessment Year, Income Tax, Interest On Securities, Tax At Source ... ... ... ... ..... convenience there might be only one assessment order specifying separately the tax due in respect of each beneficiary the second was that assessment of trustee would be in the same status as that of beneficiary whose interest is sought to be taxed in the hands of trustees and the third was that amount of tax payable by trustee would be the same as that payable by each beneficiary in respect of his beneficial interest if he were assessed directly. 9. We find that in the present case, beneficiaries have been assessed in respect of income of the trust in the status of individuals and HUFs and even if the trustees were to be assessed, the assessment would be in the status of individuals and HUFs whose beneficial interests are represented by trustees. Consequently, the provisions of section 194A regarding liability to deduct income-tax on payment of income by way of interest would not be applicable to the trustees of the specific trust. 10. In the result, the appeals are allowed.
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1994 (8) TMI 53 - GOVERNMENT OF INDIA
Redemption fine - Inadequate ... ... ... ... ..... dequate in the circumstances of the case. Articles valued at Rs. 1,23,000/- has been concealed and not declared in this case. Accordingly the redemption fine for re-export of watches is refixed at Rs. 30,000/- (Rs. Thirty thousand only) and personal penalty reverted to Rs. 20,000/- (Rs. Twenty thousand only). It is ordered accordingly. 6. Incidently, it seems that proper application of Section 20 of the Customs Act, 1962, dealing with re-export of goods, has not been made, although this Section is pertinent to the instant case. Therefore, in terms of this Section 20(i) ibid Government hereby gives the additional option of redemption for home consumption of the watches on the same amount of fine as for re-export i.e. Rs. 30,000/- (Rs. Thirty thousand only). The personal penalty is also maintained at Rs. 20,000/- (Rs. Twenty thousand only). It is ordered accordingly. 7. For the aforesaid reasons, the application of the party seeking relaxation is without merit and is rejected.
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1994 (8) TMI 52 - GOVERNMENT OF INDIA
Export rebate ... ... ... ... ..... arket value as above in earlier orders the order-in-appeal No. KVV-479/91, dated 31-12-1991 is upheld to the extent that restriction of claim to value of the goods at the time of export was correct. However, interpreting the word value at the time of export as F.O.B. value stands modified in terms of (a) above and, with respects, Board s instructions dated 26-3-1993 do not appear to be in conformity with the law and thus not binding on Collector (Appeals). 31.In conclusion, all the orders-in-appeal referred to in para 3 supra of this order passed by Collector of Central Excise (Appeals) are basically upheld except that for reasons of uniformity, it is ordered that interpretation of the word value for purpose of proviso (vii) Notification 197/62 shall stand modified wherever required in the said orders to conform to the explanation under proviso (vi) of Rule 97A of Central Excise Rules and rebate claims allowed as per orders-in-appeal thereafter. 32.It is ordered accordingly.
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1994 (8) TMI 51 - CEGAT, NEW DELHI-LB
Paper - Classification of goods (Customs)
... ... ... ... ..... ciple that HSN Explanatory Note though admittedly having pursuasive value but at the same time do not have any statutory authority, and further considering that in more than one decision on the very same product, the Tribunal in the case of the same appellant has found that the goods uncoated Raw Base Paper could be considered for exemption under Notification 55/86 provided the grammage limits are fulfilled, it will be reasonable to conclude that these decisions of the Tribunal should stand and should be followed and there is no justification for deviating therefrom. This conclusion also arises when it is considered that the Deptt. had not shown before us that any of these precedent decisions have been challenged before the higher forum. Therefore, it is held that the goods imported, namely, uncoated Document Base Paper classified under Heading 4802.20 will be eligible for exemption under Notification No. 55/86 provided the other conditions in the notifications are fulfilled.
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1994 (8) TMI 50 - SC ORDER
SSI Exemption ... ... ... ... ..... n dispute that the stainless steel scrap is covered by Tariff Item 26. But, it is urged on behalf of the appellant, stainless steel scrap was not at the relevant time exigible to excise duty by reason of an exemption notification. This Court has in the case of Wallace Flour Mills Co. Ltd. v. Collector of Central Excise, Bombay, Division III, 1989 (44) E.L.T. 598 (S.C.) 1989 (4) SCC 592, held that excisable goods do not become non-excisable goods merely by reason of an exemption from payment of excise duty given under a notification. 2. Having regard to the judgment in the case of Wallace Flour Mills Co. Ltd., the only point urged on behalf of the appellant must be negatived. The appeal is dismissed. There shall be no order as to costs.
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