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Case Laws
Showing 221 to 240 of 272 Records
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1993 (7) TMI 52 - GUJARAT HIGH COURT
Cross Transfer, Indirect Transfer, Reference ... ... ... ... ..... to his brother s sons and the said brother, in his turn, transferred his one-third share in the same land to the wife of the assessee. The said two transfers were not only interconnected but they were parts of the same transaction. The assessee can certainly be said to have adopted this device with a view to escape from the provisions of section 64(1)(iii) of the Act. Therefore, we cannot take any other view except that transfer of one-third share in the land made by the assessee in favour of his wife was indirectly a transfer as contemplated by section 64(1)(iii). Therefore, questions Nos. 2 and 3 will have to be answered in the affirmative, that is, in favour of the Revenue and against the assessee. Question No. 1 is answered in the negative, that is, in favour of the Revenue and against the assessee. Question No. 4 need not be answered in view of the discussion n the judgment as regards questions Nos. 1, 2 and 3. Reference is disposed of accordingly. No order as to costs.
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1993 (7) TMI 51 - GUJARAT HIGH COURT
Information, Reassessment ... ... ... ... ..... would fall with the scope of section 147(b) of the Act. We have already pointed out that the relevant material in the shape of book results was not considered by the Income-tax Officer on the ground that the books of account were not properly maintained by the assessee. Thus, this is not a case where it can be said that the Income-tax Officer had considered the material while making the original assessment. This is a case where the Income-tax Officer had not considered the said material and only subsequently he came to know about that material when his attention in that behalf was drawn by the audit note. Thus, this case would squarely fall within the scope of section 147(b) of the Act and the submission made by learned counsel for the assessee to the contrary cannot be accepted. In this view of the matter, both the questions are answered in the affirmative, that is, against the assessee and in favour of the Revenue. Reference is disposed of accordingly. No order as to costs.
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1993 (7) TMI 50 - GUJARAT HIGH COURT
Political Party, Taxable Entity ... ... ... ... ..... ison of these two constitutions leaves no doubt regarding the assessee being one of the constituents and committees of the Indian National Congress. It does not have any existence apart from the existence of the Indian National Congress. No such existence is contemplated by its constitution. Even as regards the income received by it, it does not become the owner of the same even though it has a right to retain a substantial part of it for the purpose of spending the same for the objectives of the Indian National Congress. Under these circumstances, it becomes difficult to appreciate how the GPCS can be said to be an independent taxable entity. In our opinion, the Tribunal was right in holding that the GPCS is not a separate taxable entity and in dismissing the appeal filed by the Revenue. We, therefore, answer the questions referred to us in the affirmative, that is, against the Revenue and in favour of the assessee. Reference is disposed of accordingly. No order as to costs.
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1993 (7) TMI 49 - GUJARAT HIGH COURT
Capital Gains ... ... ... ... ..... e facts of the present case, the aforesaid decision of this court applies squarely. Under the circumstances, the computation of capital gains in respect of the assessee in relation to the shares sold by the assessee in the relevant year can be done only by averaging out the cost of the shares purchased from the market and the bonus shares accruing to the assessee on the shares so purchased. We make it clear that the principle of averaging out the cost of acquisition would apply only where the shares which are the subject-matter of the sale have been followed by issuance of bonus shares, on the shares so purchased from the market. Under the circumstances, the question referred to us is answered as under In the facts and circumstances of the case, the cost of acquisition of shares in question should be computed on the basis of averaging out the cost of the original shares and the bonus shares received thereon. This reference stands disposed of accordingly. No order as to costs.
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1993 (7) TMI 48 - GUJARAT HIGH COURT
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... ... ..... n individual was replaced as a partner in the firm of Messrs. Hemant Brothers by Hemantkumar Chimanlal representing the Hindu undivided family as karta thereof. In short, the net outcome of these transactions can be regarded in fact and in law in only one manner, i.e., the karta representing the Hindu undivided family became a partner in the firm with effect from October 31, 1970, replacing the individual. Obviously, therefore, the share of Hemantkumar Chimanlal in the net income of the firm would be in his capacity a karta of the Hindu undivided family and not in his individual capacity. In this view of the matter, the share in the taxable profit of the firm in respect of Samvat year 2027 (the accounting period beginning October 31, 1970) cannot be treated as the income of Hemantkumar Chimanlal as an individual. The question presented to us is, therefore, answered in the negative and against the Revenue. The reference stands disposed of accordingly with no order as to costs.
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1993 (7) TMI 47 - BOMBAY HIGH COURT
Clubbing Of Income Of Spouse, Concern, Professional, Salary Paid By Assessee To Spouse, Technical
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1993 (7) TMI 46 - KERALA HIGH COURT
Investment Allowance ... ... ... ... ..... pplicable, we are not in a position to satisfactorily answer the questions of law referred to this court for decision. We decline to answer the questions referred to this court. But, we direct the Income-tax Appellate Tribunal to restore the appeals to file and decide the matter afresh by pointedly referring to the particular provision of law applicable in the instant case and decide whether and to what extent the decision of the Special Bench of the Tribunal in Dr. P. Vittal Bhat s case 1984 16 Taxman 8 is applicable. We are not expressing any opinion regarding the correctness or otherwise of the decision in Dr. P. Vittal Bhat s case 1984 16 Taxman 8. We decline to answer the questions referred to this court. We direct the Income-tax Appellate Tribunal to hear the appeals afresh. The references are disposed of as above. Issue a photostat copy of this judgment, under the seal of this court and the signature of the Registrar, to the Income-tax Appellate Tribunal, Cochin Bench.
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1993 (7) TMI 45 - PUNJAB AND HARYANA HIGH COURT
Capital Gains, Long-term Capital Assets ... ... ... ... ..... ect that in the event of default in payment monies already paid shall stand forfeited. Thus, even if it be taken that some amount was yet to be paid by the assessee in terms of the agreement, all the same it cannot be construed that he had no right or interest in the property but was licensee as sought to be projected by counsel for the applicant. The assessee in terms of the agreement having been put in possession in May, 1970, remained in occupation as of right and thus for all intents and purposes was its beneficial owner from the start. The judgment of the Income-tax Tribunal, Chandigarh Bench in the case of Surjeet Singh v. ITO 1979 Tax 53(6)-28, though not binding upon this court, has all the same a persuasive value. The point in dispute is squarely covered by this judgment. Thus, we are of the view that the Appellate Tribunal was right in law in holding that the capital gain was a long-term capital gain. Thus the question of law referred is answered in the affirmative.
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1993 (7) TMI 44 - KERALA HIGH COURT
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... ... ..... that section 144B is only a procedural provision and breach of that provision is not a fundamental or jurisdictional infirmity which would render the assessment void or a nullity. Precisely the same point is raised in this reference and the matter is concluded against the assessee by the aforesaid decision. We, therefore, answer the question referred in the affirmative, that is, in favour of the Revenue and against the assessee. There will be no order as to costs. Communicate a copy of this judgment under the signature of the Registrar and seal of this court to the Income-tax Appellate Tribunal, Cochin Bench.
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1993 (7) TMI 43 - KERALA HIGH COURT
Appeal To Tribunal, Charitable Purpose, Charitable Trust, Exemptions, Revision ... ... ... ... ..... 82 also where the facts are parallel with the Income-tax Officer exempting the income of the assessee under section 11, for the year 1975-76, the Commissioner of Income-tax setting aside the said order under section 263 of the Act on the ground of alleged delayed withdrawal of the assessee s share of profits from the two firms Chandrika Enterprises and Lathika Enterprises, and the Tribunal in turn setting aside the order of the Commissioner on precisely the same grounds as those in the case of the Sree Narayana Chandrika Trust. For the reasons stated by us in Income-tax References Nos. 472 to 474 of 1982, Income-tax Reference No. 482 Of 1982 has also to be answered in favour of the assessee. Accordingly, we dispose of the references, answering the questions referred to us for the year 1975-76 in favour of the assessees and against the Revenue, and the questions referred for the year 1976-77 against the assessee and in favour of the Revenue. There will be no order as to costs.
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1993 (7) TMI 42 - KERALA HIGH COURT
Agricultural Land, Deduction, Exemptions, Firm, Net Wealth Of Firm For Determining Net Wealth Of Partner, Wealth Tax
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1993 (7) TMI 41 - CALCUTTA HIGH COURT
Investment Company ... ... ... ... ..... n construing the word income in section 16(3) of the Indian Income-tax Act, 1922, held that the word income would include loss. In this view of the matter, it must be held that the assessee for the year under reference cannot be said to be a company whose gross total income consists mainly of income which is chargeable under the heads Interest on securities , Income from house property , Capital gains and Income from other sources , since business loss exceeds income computed under the head Income from other sources . As such, the Explanation to section 73 is clearly applicable and loss suffered by the assessee-company in its share trading transactions inclusive of interest paid on borrowed monies attributable to that business was rightly treated by the Tribunal as a loss in speculative business. For the foregoing reasons, we answer the question in this reference in the affirmative and in favour of the Revenue. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (7) TMI 40 - CALCUTTA HIGH COURT
Business Expenditure, Collaboration Agreement, Medical Expenses, Revenue Expenditure ... ... ... ... ..... rpose of keeping the workers happy and maintaining industrial peace and cordial relations with the employees is by now an accepted expenditure of the carrying on of a business. Without such good relations it is not possible to run any business. Therefore, the expenditure is rightly allowable as revenue expenditure. For the reasons aforesaid, we answer the question in the affirmative and in favour of the assessee. The fourth question relates to the cash allowance paid by way of reimbursement of medical expenses incurred by the assessee. Such medical reimbursement does not come within the ambit of the expression perquisite as defined in Explanation 2(b) of section 40A(5). This view has been taken by a number of decisions of this court, e.g., Indian Leaf Tobacco Development Co. Ltd. v. CIT 1982 137 ITR 827. Following the said decision, we answer the fourth question in the affirmative and in favour of the assessee. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (7) TMI 39 - CALCUTTA HIGH COURT
Investment Allowance, Manufacture Or Production ... ... ... ... ..... ration may, for a purpose, incidentally produce things but of no surface use. In such a situation, it cannot be said that such non-commercial thing would also be a thing for the purpose of section 32A because the word thing in its setting necessarily refers to a commercial thing. In point of fact, the sub-soil water drawn to surface ground, far from having a commercial potential, may be unwholesome and injurious to the surface environment. The Tribunal has not looked into the purpose of extracting water. In the case, the purpose of drilling was to win water the ratio decidendi in Super Drillers case 1988 174 ITR 640 (AP) shall apply. As the full facts of the case are not available, we decline to answer the question and remit the matter to the Tribunal with the direction to ascertain the purpose of boring and drawing water from underground. The Tribunal shall allow the parties to lead evidence if they so desire. There will be no order as to costs. SHYAMAL KUMAR SEN J.-I agree.
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1993 (7) TMI 38 - CALCUTTA HIGH COURT
Expenditure Incurred ... ... ... ... ..... he accounts for the financial year ending March 31, 1976, corresponding to the assessment year 1976-77 clearly showed that no operations had been carried out for setting up the mini-computer division. Even in respect of the instruments division, certain prototypes had been manufactured and further operations were suspended. In the absence of any material placed by the assessee on record, it is not possible to hold that both the instruments division and mini computer division formed part and parcel of the same business. In this view of the matter, we answer the first question in the negative by saying that there was no material before the Tribunal to hold that instruments division and mini-computer division were part and parcel of an indivisible business and, therefore, the entire expenditure of Alfa Electro Unit could not have been allowed as a business deduction. We also answer the second question in the affirmative and in favour of the Revenue. SHYAMAL KUMAR SEN J.-I agree.
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1993 (7) TMI 37 - CALCUTTA HIGH COURT
Assessment Notice, Assessment Order, Assessment Proceedings, Capital Gains Tax, Company In Liquidation, Computation Of Capital, Cost Of Acquisition, Earning Income, Failure To Disclose Material Facts, Income From Other Sources, Interest On Fixed Deposits, Reassessment Proceedings, Reference To IAC, Registered Valuer, Valuation Officer, Winding Up
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1993 (7) TMI 36 - CALCUTTA HIGH COURT
Retrospective Effect, Scientific Research ... ... ... ... ..... o rescind a notification retrospectively. The decision in S. M. Oil Extraction (P) Ltd. 1991 190 ITR 404 (Cal) also does not assist the respondents. The Commissioner can certainly take into consideration subsequent information for the purpose of initiating proceedings under section 263 so that an assessment order which was good when it was made, in the light of such subsequent information may appear erroneous. The question, however, is not whether the retrospective cancellation of the approval could be considered but whether the Central Government could have retrospectively rescinded the approval at all. Therefore, for the reasons aforesaid, I allow this writ application, and make the rule absolute. The impugned notices under section 263 dated February 16, 1987, in respect of the assessment years 1982-83 and 1983-84, being annexure G to the petition, are set aside. Any proceedings taken on the basis of the impugned notices are also quashed. There will be no order as to costs.
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1993 (7) TMI 35 - CALCUTTA HIGH COURT
Carry Forward And Set Off, Income From Other Sources ... ... ... ... ..... aining race horses is carried on by him in the previous year relevant to that assessment year. Under such circumstances, it appears to us that income or profit arising out of sale of race horses may be adjusted under the aforesaid sub-section (3) of section 74A against the loss arising in races including horse races as mentioned in section 74A(2)(c). As already noted, the assessee had been dealing in horses in the earlier two assessment years and there was a clear direction in the assessment orders to carry forward those losses to be set off against future profits arising under section 74A(2)(c). Accordingly, in our opinion, the Tribunal was correct in upholding the direction of the Commissioner of Income-tax (Appeals) to set off the losses of the earlier years against the profits of the current year from the same sources. The question is, therefore, answered in the affirmative and in favour of the assessee. There will be no order as to costs. AJIT KUMAR SENGUPTA J.-I agree.
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1993 (7) TMI 34 - PATNA HIGH COURT
Act Of 1922, Assessment Proceedings, Assessment Year, Burden Of Proof, Law Applicable To Assessment, Penalty Provisions, Reassessment Proceedings, Supreme Court
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1993 (7) TMI 33 - GUJARAT HIGH COURT
Academic Question, Income From Property ... ... ... ... ..... s under challenge in this reference, now in view of the decision of this court in CIT v. P. P. Contractor (the assessee himself) 1991 192 ITR 261, we need not state the facts or set out the contentions raised on behalf of the Revenue. In that decision, it has been held by this court that the assessee was within his right in executing the deed of assignment on December 6, 1951, transferring or assigning his right, title and interest in half of the income from the residuary property in favour of his children. Hence, the assessee was liable to be assessed only in respect of half of the income derived from the residuary property. Since we are taking this view on the merits of the case, all other questions become academic and they need not be answered. We, therefore, decline to answer questions Nos. 1, 2, 3, 4 and 6. Question No. 5 is answered in the affirmative, that is, against the Revenue and in favour of the assessee. Reference is disposed of accordingly. No order as to costs.
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