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Showing 201 to 220 of 332 Records
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1994 (3) TMI 132 - ITAT BANGALORE
Assessment Year, Earned Income, Industrial Company, Lease Rent, Orders Prejudicial To Interests, Plant And Machinery, Total Income
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1994 (3) TMI 131 - ITAT AHMEDABAD-C
... ... ... ... ..... a return. It is also on admitted fact that the Competent Authority has not yet declared any land surplus by way of a notification. Since no part of the land has been declared surplus and vested in the State Govt., the question of entitlement to compensation at the minimum rate of Rs. 5 per sq. mt. does not arise. The assessee continues to hold the land. There are, however, restrictions and impedements in transfer of the land affecting the real value and accordingly the value of such land would no doubt be at a rate lower than the prevailing market rate. The DVO has valued the land in question at market rate. Looking to the restrictions on its transfer on account of the Urban Land Ceiling Act. We direct that its value be adopted at 75 of the value assessed by the DVO at market rate. This view so held is supported by the decision of the Tribunal, Calcutta Bench in the case of Sachindra Chowdhury vs. WTO (1993) 44 ITD 614 (Cal). 19. In the result, the appeal is partly allowed.
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1994 (3) TMI 130 - ITAT AHMEDABAD-C
Assessment Year, Business Income, Capital Asset, Investment Company, Rental Income ... ... ... ... ..... 5, if any, after taking into consideration the relief allowed by this order. 14. In the result the appeal is allowed in part. 15. Now we shall deal with the appeal I.T.A. No. 1991/Ahd/1990. The assessee-company had declared loss of Rs. 21603. An addition of Rs. 15,76,019 was made and the income finally determined at Rs. 16,03,380 on which income-tax payable worked out to Rs. 10,94,307. The ITO was of the view that the provisions of section 104 of the Act were applicable and he accordingly levied additional tax of Rs. 1,27,268. On appeal, the CIT(A) confirmed the action of the ITO for reasons recorded in his appellate order dated 16-2-1990. 16. Since vide our order in ITA No. 249/Ahd./90 we have deleted the addition of Rs. 15,76,019, consequently the provisions of section 104 are not applicable and accordingly the impugned order of the ITO is cancelled. The assessee s appeal is allowed. 17. In the result ITA No. 249/Ahd/90 is allowed in part and ITA No. 1991 Ahd/90 is allowed.
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1994 (3) TMI 129 - ITAT AHMEDABAD-C
Estate Duty, Female Member, Hindu Succession Act, 1956, Hindu Women's Rights To Property Act, 1937, Property Passing
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1994 (3) TMI 128 - ITAT AHMEDABAD-B
... ... ... ... ..... Jan., 1966 after a lapse of four months and the wife of Shri N.K. Pandya contributed this amount as partner in M/s Kumar Enterprises. On these facts the Hon ble Bombay High Court held that though the gifts by the assessee and his brother were cross gifts, there was no nexus between the amount gifted by the assessee s brother to Leelavati and the share of profit which she received from the firm. In the case before us cross gifts of identical amounts of Rs. 5,000 were made on the same day, i.e., 1st July, 1983 and these amounts were invested as capital by the two ladies on the same day in the newly constituted firm, viz., M/s Makati Commercial and Metal Agencies, Jamnagar. Thus the intention of the assessee was to circumvent the provisions of s. 64(1)(iv) of the Act. We, accordingly, reverse the finding of the CIT(A) and uphold the finding of the ITO that the provisions of s. 64(1)(iv) were applicable to the gifts made by the assessee. 8. In the result, the appeal is allowed.
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1994 (3) TMI 127 - ITAT AHMEDABAD-B
Assessing Officer, Assessment Order, Assessment Year, Excise Duty, Orders Prejudicial To Interests
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1994 (3) TMI 126 - ITAT AHMEDABAD-B
A Firm, Assessing Officer, Assessment Year, Business Premises, Business Transactions, Income Tax Authorities
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1994 (3) TMI 125 - ITAT AHMEDABAD-B
Assessment Year, Sale Proceeds ... ... ... ... ..... mpany on behalf of these two parties and sale proceeds after deducting expenses on their behalf were credited in the accounts of these two respective parties. In view of these facts the CIT (Appeals) has rightly come to the conclusion that the provisions of section 40A(3) do not apply to payments made to these two parties. Even otherwise the identity of these two parties is not In dispute. The genuineness of the transaction has also been well proved and the confirmation letters of these two parties clearly prove that cash payments were made to them pursuant to insistence for cash payments and both the parties have also confirmed that they refused to accept payments on the respective dates by crossed cheques/drafts. The matter would even otherwise be covered by the exceptions in rule 6DD(j) read with Board Circular dated 31-5-1977. We, therefore, do not find any justification in Interfering with the order of the learned CIT (Appeals). 7. In the result, the appeal is dismissed.
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1994 (3) TMI 124 - ITAT AHMEDABAD-A
... ... ... ... ..... h are commonly incurred in connection with purchase and sale of any immovable property. We, therefore, estimate a sum of Rs. 5,000 as being spent by the assessee in meeting such expenditure and for which no ostensible source or explanation has been given either before the lower authorities or even before us. We, therefore, vacate the finding and direction of the CIT(A) in this regard and direct the AO to add a sum of Rs. 5,000 as expenditure on stamp-papers etc. made by the assessee without there being any valid explanation or source. 7. Insofar as the household expenses, we are inclined to agree with both the lower authorities as the assessee has not been able to explain satisfactorily how he has been able to maintain himself in the absence of any withdrawal from anywhere. In the absence of proper explanation about the source we agree with the lower authorities and confirm the addition of Rs. 12,000 towards household expenses. 8. In the result, the appeal is partly allowed.
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1994 (3) TMI 123 - ITAT AHMEDABAD-A
... ... ... ... ..... he year in question and was not claimed in the previous year, the learned ITO should have allowed this and accordingly this ground is allowed and the ITO is directed to allow this amount as claimed by the assessee. 22. The last ground No. 5 relates to a disallowance of Rs. 8,211 by ITO being interest paid to the G.S.F.C. Term Loan. According to AO the assessee was fully knowing that the liability of this term loan should have been claimed in the year of accrual and once he has not claimed in the relevant year, it is not allowable during this year. This ground of the assessee is not tenable in view of the fact that assessee was maintaining a/c on mercantile basis and he must have been aware of his liability accruing on the term loan obtained from the G.S.F.C. and should have claimed in the year of accrual. Accordingly there is no force in this ground and reasonings of the authorities below is upheld. 23. The result of the above is that the appeal of assessee is party allowed.
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1994 (3) TMI 122 - GOVERNMENT OF INDIA
Appeal - Abandonment of plea - Confiscation ... ... ... ... ..... Shri M.L. Goenka really may not be knowing actual ownership of the goods though the same came to him from the Rastogi family. The polishing of these goods at that time also seems a probable happening because there was a marriage shortly due in Rastogi s family. Hence, Government will grant benefit of doubt in respect of these items and hold that the claim of Shri Rastogi in this regard can be accepted. These items may be released to Shri Rastogi on his producing the authorisations from his sister/mother. It is ordered accordingly. 6. In short, it is held that the applicants had failed to discharge the burden cast on them under Section 123 ibid in respect of item No. 1, 2, 3, 4, 5 and 8 of the search list. Hence, the confiscation of these items is correct in law and is upheld. The lower authorities order in respect of item Nos. 10-12 and 15-18 are however modified as indicated in the preceding paras. 7. In the result, the revision application succeeds partially in above terms.
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1994 (3) TMI 121 - GOVERNMENT OF INDIA
Natural Justice - Demand ... ... ... ... ..... nts like purchase bills or challan and were rightly rejected by the Collector for the said reasons. Apparently the party tried to prevaricate on this transaction. Government is, therefore, inclined to accept the findings of the lower authorities on this score as well. 10.In the result the first three issues vide para 4 supra are thus decided against the party. However, only in regard to rate of auxiliary duty the matter needs to be looked into afresh as the detailed worksheet based on which the duty was determined by the Collector is not available before the Government. Therefore, only on this limited point the matter is remanded to Collector of Central Excise, Calcutta to work out the duty element afresh keeping in mind the extant rates and, thereafter take consequential action, if any. Otherwise party s revision application stands rejected. 11.In the result, the revision application is disposed of by way of remand only on the above limited aspect, but is rejected on merits.
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1994 (3) TMI 120 - GOVERNMENT OF INDIA
Export rebate allowed ... ... ... ... ..... lar to post. The aforesaid two exercises have now fallen on Government to carry out. 11. It is seen from the records like GP 1 Nos., Shipping Bill Nos. etc. that the High Purity Aluminium Ingots Gr. III have been despatched by M/s. NAL Co. on the account of M/s. NFTDC (revealed in all the documents of despatch) straight to the Manager, Cargo Terminal, IGI Airport by road, whereafter the said goods have been exported by Air India to Moscow on 31-3-1991. Coupled with the above the total quantity exported also tallies. 12. In view of the above facts and certain classified documents having been produced before the Government, a perusal of which satisfies the Government that the non-observance of procedures under Chapter IX of the Central Excise Rules, 1944 may be condoned in the instant case, Government in exercise of powers under proviso to sub-rule (1) of Rule 12 of Central Excise Rules condones the procedural lapses and allows the rebate claims. 13. It is ordered accordingly.
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1994 (3) TMI 119 - CEGAT, NEW DELHI-LB
Set-off of duty
... ... ... ... ..... duct, a refund claim would be time barred. In other words when the cause of action for a claim arises namely the payment of additional duty on the inputs, the refund claim is a still born baby because of time bar. Hence the interpretation of this exemption notification which is different in its wording and scope from other run of the mill, exemption notification has to be such as to make it invokable and not wipe out its effectiveness. While refund claims, where made and where made in times may be appropriate, such refund claims are not the only solution. The exemption can be availed to the extent of duty paid on the inputs for payment of duty on the specified final product without one to one correlation with the inputs. In that view of the matter, the decision of the Bench in the IPCL case was in order. We hold accordingly and answer the question posed before us by saying that the Tribunal s decision in the said case of IPCL was in order does not require any reconsideration.
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1994 (3) TMI 118 - HIGH COURT OF KARNATAKA AT BANGALORE
... ... ... ... ..... ness of the firm. These allegations are not found in the complaint filed in the instant case. This answers the objections raised by the Central Government Standing Counsel that the fact that A-2 and A-3 are the Managing Director and the Director of the Company is sufficient to proceed against them. 9.Even assuming that petitioners 2 and 3 (A-2 and A-3) are Managing Director and Director of the Company of petitioner-1-company, it cannot be presumed that they were in charge of the affairs of the company and that they were responsible for the conduct of the business of the company. I am, therefore, of the opinion that necessary allegations are not forthcoming in the complaint to proceed against petitioners 2 and 3. 10.Hence, the complaint and the subsequent proceedings initiated in C.C. No. 1318/1989 on the file of the J.M.P.C., Hosadurga, are quashed. However, it is open to the respondent to initiate fresh action against petitioners 2 and 3 (A-1 and A-3) in accordance with law.
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1994 (3) TMI 117 - HIGH COURT OF JUDICATURE AT BOMBAY
Import - REP Licences ... ... ... ... ..... on an unreported decision of the Division Bench of this Court is also not accurate. The decision proceeds on the basis that principles laid down by the Supreme Court were only in respect of consideration of meaning of the earlier order of the Supreme Court dated April 18, 1985. The Division Bench felt that the decision of the Supreme Court would be attracted when the order to be passed is in the nature of restitution and not otherwise. It is clear from the observations made by the Division Bench that it was not holding that the two decisions of the Supreme Court are not applicable in respect of items imported directly even though the items were canalised. In our judgment, the conclusion recorded by the Collector of Customs, in these circumstances, cannot be faulted with and the petition must fail. 6.Accordingly, rule is discharged with costs. It is open for the respondents to enforce the bank guarantees furnished by the petitioner at the time of passing of the interim order.
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1994 (3) TMI 116 - HIGH COURT OF JUDICATURE AT BOMBAY
EXIM - Amendment ... ... ... ... ..... ould be deemed to have been made with effect from March 1, 1985 although the notification was dated June 13, 1985. In view of the deeming provisions the appellate authority held that the petitioners cannot import under OGL. 3. The learned Counsel appearing on behalf of the petitioners submitted that the view taken by the two authorities below is erroneous. It was urged that it is not permissible to hold that the amendment should be given retrospective effect. The submission is correct and deserves acceptance. The amendment cannot be given retrospective effect unless specifically so provided. In these circumstances, in our judgment, the orders passed by the Deputy Collector of Customs confiscating the goods and which was confirmed by the Collector of Customs (Appeals), Bombay on October 29, 1985 are required to be set aside. 4. Accordingly, petition succeeds and rule is made absolute in terms of prayer (a). In the circumstances of the case, there will be no order as to costs.
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1994 (3) TMI 115 - HIGH COURT OF JUDICATURE AT BOMBAY
... ... ... ... ..... ll be an individual and not an association a Company. In our judgment, the order of the Assistant Collector is entirely correct and cannot be sustained. Shri Bulchandani, learned Counsel appearing on behalf of the Department, submitted that CEGAT had taken identical view in the decision reported in 1987 (30) E.L.T. 447 (Quality Steel Tubes Pvt. Ltd., Kanpur v. Collector of Customs, Bombay). The view taken by the Tribunal also refers only to the dictionary meaning and is clearly erroneous. In our judgment, the petitioners are entitled to the reliefs. 4. Accordingly, petition succeeds and it is held that the petitioners are entitled to the benefit of exemption notification in respect of import of replacement article. As the petitioners have already cleared the consignment on furnishing Bank guarantee in pursuance of interim order, the only direction required is that the Bank guarantee shall stand discharged. In the circumstances of the case, there will be no order as to costs.
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1994 (3) TMI 114 - HIGH COURT OF RAJASTHAN (JAIPUR BENCH)
Writ jurisdiction - Refund (Customs) - Warehousing fee - Discrimination ... ... ... ... ..... f the Regulations, 1968. 8.The upshot of the aforesaid discussion is that this writ petition succeeds and the same is allowed. The impugned order Annexure-35 dated 13th July, 1992/7th October, 1992 is hereby quashed and set aside and the respondent Nos.1 and 2 are directed to work out the amount, which they could have recovered for and on behalf of Central Warehousing Corporation from the present petitioner in terms of the Regulations of 1968 on hourly basis for the period February 1986 to 7th March, 1989 and to refund the rest of the amount to the petitioner. This exercise including the refund of the due amount shall be completed by respondent Nos. 1 and 2 without any delay, but in no case later than a period of two months from today. Should the respondent Nos. 1 and 2 fail to refund the due amount to the petitioner within a period of two months, the petitioner shall be entitled to interest on the refundable amount at the rate of 12 per annum, after the expiry of two months.
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1994 (3) TMI 113 - HIGH COURT OF JUDICATURE T MADRAS
Confiscated goods - Confiscation - Strictures against CEGAT ... ... ... ... ..... Rs. 4,500 has already been refunded. Therefore, I am of the opinion that the respondents have no explanation for not repaying the sum of Rs. 26,939.35 for all these days from 23-2-1984. In my opinion, the petitioner is not entitled to the market value of the goods as on date, because I have already found that the sale of the jewellery by the respondents was in accordance with law and cannot be faulted. The only relief that can be given to the petitioner is to direct the respondents to refund the said sum of Rs. 26,939.35. The question is whether interest should be allowed on this amount. I have already held that the amount was payable from 23-2-1984. Therefore, certainly, the petitioner is entitled to the interest from the said date. I, therefore, direct the respondents to refund a sum of Rs. 26,939.35 with interest at 12 per cent per annum from 23-2-1984 within 12 weeks from today. The writ petition is allowed in the above terms. There will however, be no order as to costs.
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