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1993 (7) TMI 12 - CALCUTTA HIGH COURT
Investment Company ... ... ... ... ..... tor. The appointment as director would have conceivably the only object of securing the consultant as an insider as well to eliminate the element of uncertainty for the success of the business but whatever further benefit or services the company received by having Mr. Tapuria as a director is not in effect remunerated by any extra sum. This is also a pointer that the payments received by him from the company were not for the services that he rendered as its director but as its consultant which the company would have to pay even without his appointment as a director. It is not a case that excessive generosity at the expense of the revenue as practised by some erring companies for the benefit of the directors or persons controlling their affairs, has been shown to the said director. In this view of the matter, we answer the question referred to us by the Tribunal 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 11 - CALCUTTA HIGH COURT
Depreciation, Developement Rebate ... ... ... ... ..... 84 148 ITR 347, of the Bombay High Court in CIT v. Traub (India) P. Ltd. 1979 118 ITR 525, of the Rajasthan High Court in CIT v. Jaipur Udyog Ltd. 1987 167 ITR 306, of the Kerala High Court in Santha S. Shenoy v. Union of India 1982 135 ITR 39 and of the Punjab and Haryana High Court in CIT v. Roadmaster Industries of India (P.) Ltd. 1992 193 ITR 639. On the further question as to the meaning of the expression regular assessment , the Division Bench of this court in CIT v. Chloride India Ltd. 1990 186 ITR 217, held that the order passed by the Income-tax Officer finally giving effect to the appellate order is also an order of regular assessment within the meaning of section 214(1) of the said Act. The same view has been taken by another Division Bench of this court in CIT v. Pixray (India) Ltd. 1993 201 ITR 785. For the foregoing reasons, we do not find any merit in this appeal and the same is accordingly dismissed without any order as to costs. SHYAMAL KUMAR SEN J.--I agree.
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1993 (7) TMI 10 - CALCUTTA HIGH COURT
Income From Other Sources, Set Off, Unabsorbed Depreciation ... ... ... ... ..... ant case, clause 73 of the articles of association clearly goes to show that the members of the association have got the right of disposal over the surplus. This clause does not put any fetter on their right to dispose of the surplus even at the time of dissolution of the association. Being owners of the surplus fund, the members of the association have a right of disposal in respect of the surplus fund. So, the members who were contributors are also participators in the surplus fund. In our opinion, therefore, there is complete identity between the contributors and the participators in the fund. This principle of mutuality is not destroyed simply because at the time of dissolution of the association the members have a discretion under article 73 in the matter of disposal of the surplus fund. For the foregoing reasons, the question in this reference is answered 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 9 - GUJARAT HIGH COURT
Finding Of Fact, Question Of Law ... ... ... ... ..... re was reasonable cause for the delay for the period from January 1, 1981 to February, 1982, was a finding of fact recorded on the basis of the material on record and the explanation given by the assessee in that behalf. Neither in an application made under section 256(2) nor in a reference made under section 256(1), can this court reappreciate the evidence to consider whether such finding is justified or not unless a specific question was raised to that effect before the Tribunal and has been referred to this court. In this application made under section 256(2), no specific question as regards the propriety of that finding of fact has been raised. Therefore, we will have to accept that finding of fact and proceed on the basis that there was reasonable cause not only for the period from January 1, 1981, to February, 1982, but also for the period beginning from June 30, 1977, to February, 1980. This application is, therefore, rejected. Rule is discharged. No order as to costs.
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1993 (7) TMI 8 - CALCUTTA HIGH COURT
Amnesty Scheme, Income Tax Act, Mistake Apparent From Record, Rectification Proceedings, Revised Return, Search And Seizure, Wealth Tax Act
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1993 (7) TMI 7 - BOMBAY HIGH COURT
Failure To Disclose Material Facts, Income Tax Act, Voluntary Disclosure Of Income ... ... ... ... ..... d by the Department in Appeal No. 106 of 1982 an unaffirmed affidavit in reply on behalf of the Department is annexed at pages 162 to 228 which affidavit is not on record and does not appear to have been filed in court before the learned single judge or before us. Similarly, there is an extract under the heading Press Commission at page 139 which also appears to be an extra addendum inserted in the appeal paper book which was not before the learned single judge. These two documents are required to be ignored. The only affidavits which are filed by the Department are the affidavit of N. D. Bhatt dated April 11, 1978, and the affidavit of S. K. Tyagi dated September 12, 1980. Since the appeals are finally disposed of, all interlocutory orders in the appeal come to an end. Dr. Balasubramaniam applies for leave to appeal to the Supreme Court. In our view, no important question of law of public importance arises in these appeals. Hence, leave is refused. Certified copy expedited.
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1993 (7) TMI 6 - BOMBAY HIGH COURT
Cinema Theatre, Income Tax Act, Rate Of Depreciation ... ... ... ... ..... chairs in the auditorium are essentially functional in nature, being an integral part of the exhibition of films. Even a building or a part thereof can constitute plant depending upon the function of the subject-matter in the whole context. The acid test is whether it constitutes an apparatus or a tool of the assessee or whether it is merely a space to carry on the business. In this connection, useful reference may be made to the decision of the Supreme Court in the case of CIT v. Taj Mahal Hotel 1971 82 ITR 44, wherein, sanitary and pipe-line fittings in a hotel were treated as plant by applying the functional test. The Karnataka High Court, in the case of Santosh Enterprises v. CIT 1993 200 ITR 353, has also taken a view that chairs in the auditorium of a cinema theatre are plant . We are in respectful concurrence with the said view. Under the circumstances, both the questions are answered in the affirmative and in favour of the assessee. There will be no order as to costs.
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1993 (7) TMI 5 - BOMBAY HIGH COURT
Firm Assessment, Supreme Court, Wealth Tax Act ... ... ... ... ..... hat the appeal before the Supreme Court was preferred not only by one of the partners but also on behalf of the firm and, consequently, the orders secured from the Supreme Court would enure to the benefit of all the partners. Reference to the decision of a single judge of the Calcutta High Court delivered on November 13, 1991, was made to urge that in respect of a writ petition filed by another partner before the Calcutta High Court, the contention that the assessment proceedings were barred by limitation prescribed under section 17A was upheld. A perusal of the judgment of the learned judge establishes that the order of the Supreme Court was not brought to the attention of the Calcutta High Court, nor did the Department claim the advantage of Explanation 1 to section 17A of the Act. It is, therefore, obvious that the decision of the Calcutta High Court can have no application to the facts of the present case. Accordingly, the petition fails and rule is discharged with costs.
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1993 (7) TMI 4 - CALCUTTA HIGH COURT
Industrial Company, Industrial Undertaking, Investment Allowance ... ... ... ... ..... mp the same under the direction at a certain distance (b) blast the stone and remove the same and dump the same again at a certain distance as per direction. Completion of these two phases form the construction of coal mine (c) thereafter finally blasting the coal belt and store the coal lifting the same to a place as per direction. As would be evident from the narration of facts, the assessee was engaged for the purpose of mining of coal and/or extraction of coal on behalf of the collieries concerned. The fact remains that the assessee, in this case, was engaged in producing coal. For the foregoing reasons and in view of the reasons contained in the judgment of the day delivered in Income-tax Reference No. 34 of 1987 (CIT v. Mercantile Construction Co.), we answer the first question in the negative and the second question in the affirmative and both in favour of the assessee and against the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-- I agree.
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1993 (7) TMI 3 - CALCUTTA HIGH COURT
Association Of Persons, Charitable Purpose, Juristic Person, Trade Union ... ... ... ... ..... e made between charitable and non-charitable purposes, as has been done by the Supreme Court in the case of Indian Sugar Mills Association 1974 97 ITR 486. The same view is applicable to the instant case. Where charitable and non-charitable objects are inseverable in the sense that the charitable trust or institution is free to spend income or to hold the property for the benefit of non-charitable objects to the exclusion of the charitable objects if it so chooses, the character of the objects of the institution in such event ceases to be charitable. We see no perversity in the Tribunal s order giving directions for further investigation as to the assessee s claim for entitlement to exemption under section 5(1)(i). The Tribunal has merely shown anxiety to see that justice is done to the parties by setting aside the matter for fresh adjudication. For the reasons aforesaid, we answer both the questions in the affirmative and against the assessee. SHYAMAL KUMAR SEN J.--I agree.
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1993 (7) TMI 2 - GAUHATI HIGH COURT
Transfer Of Case ... ... ... ... ..... under the direction of the Assistant Commissioner of Income-tax (Investigation) and such actions are questioned in this petition. After hearing learned counsel for the parties and on a careful examination of the relevant documents placed before me and relied upon by the parties, I am of the view that the orders/letters dated March 15, 1990, and September 20, 1990, cannot be sustained inasmuch as there is no order of transfer of jurisdiction from Dimapur to Delhi by a competent authority. I also hold that respondent No. 5 has no authority to give direction to respondent No. 4 regarding transfer of jurisdiction and in calling for the records of the petitioner. In the light of the facts and circumstances that I have narrated above and findings thereon, this petition is allowed, The impugned orders/letters dated March 15, 1990, and September 20, 1990, issued by respondent No. 4, vide annexures-A and B are hereby quashed and the rule is made absolute. I pass no order as to costs.
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1993 (7) TMI 1 - SUPREME COURT
ITO rightly initiated the reassessment proceedings on the basis of subsequent information which was specific, relevant and reliable and, after recording the reasons for the formation of his own belief that in the original assessment proceedings, the assessee had not disclosed the material facts truly and fully and, therefore, income chargeable to tax had escaped assessment - provisions of sections 147(a) and 148 were rightly invoked
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