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Showing 261 to 266 of 266 Records

• 1993 (8) TMI 6
  
  The High Court of Bombay delivered a judgment on a reference under section 256(1) of the Income-tax Act, 1961. The court answered two questions regarding gifts of movable properties made to non-family members in the negative, in favor of the Revenue. The judgment is based on a previous decision involving the same assessee for earlier assessment years. No costs were awarded.

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• 1993 (8) TMI 5
  
  The High Court of Bombay ruled in favor of the assessee, stating that trucks under repair but previously and subsequently used for business are still eligible for depreciation deduction. The court found that the trucks were considered to be in use for business purposes despite being under repair. The judgment was delivered by Judge D. R. Dhanuka.

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• 1993 (8) TMI 4
  
  Issues:
  1. Whether the Tribunal erred in holding that the Income-tax Officer was not justified in making a single assessment of the firm instead of two assessments?
  2. Whether the Tribunal is justified in holding that the provisions of section 188 are applicable in the case of the assessee and not section 187?
  
  Analysis:
  The case involved a reference under section 256(1) of the Income-tax Act, 1961, where the Revenue sought a decision on two questions of law. The firm in question originally had three partners, one of whom died on January 16, 1977. Subsequently, the firm was reconstituted with two new partners from January 17, 1977. The Income-tax Officer made a single assessment, considering it as a case governed by section 187(1) of the Act. The Tribunal disagreed, stating it was a case of dissolution of the firm and directed two separate assessments. The Full Bench of the High Court had previously interpreted the law regarding changes in the firm's constitution, including cases of dissolution and reconstitution. The law was amended with a proviso stating that in cases of dissolution due to the death of a partner, section 188 would apply. The Court held that in cases of partnership dissolution due to a partner's death, section 188, not section 187, would apply. The Tribunal's decision was upheld based on the retrospective amendment and the correct application of the law.
  
  The Court emphasized that the amended law applies to cases where a partnership dissolves due to the death of a partner, making section 188 applicable. In this specific case, where a partner died and the firm was reconstituted with new partners, the proviso added by the amending Act of 1984 would apply, and section 188 would govern the assessment. The Tribunal's decision was deemed correct in light of the retrospective amendment and the Full Bench judgment. The Court concluded that the Income-tax Officer was not justified in making a single assessment and upheld the Tribunal's directive for two separate assessments. Additionally, the Court affirmed that the provisions of section 188 of the Act were applicable in the case of the assessee, in line with the correct interpretation of the law post-amendment.
  
  The Court's decision clarified the application of sections 187 and 188 in cases of partnership dissolution and reconstitution due to a partner's death. It underscored the importance of the retrospective amendment and the correct interpretation of the law in determining the appropriate assessment procedure for such cases.

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• 1993 (8) TMI 3
  

  Once it is admitted by the appellant and also by the transferor that the consideration that really passed between them is Rs. 90,000, while the document shows that the consideration is Rs. 49,000 only, it is clear that the requirements of section 269C(2) are satisfied - order of acquisition of the property is valid

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• 1993 (8) TMI 2
  

  Co-operative Society - engaged in purchase of agricultural implements, seeds, livestock, etc., for supply to members - Since the "average rate" of income-tax is defined in s. 2(10), the deduction in income-tax to which a co-operative society doing the business envisaged u/s 81(i)(d) would be entitled, can only be the average rate of income-tax on the amount on which no income-tax is payable and nothing more.

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• 1993 (8) TMI 1
  

  Return was filed before amendment of section 274(2) but assessment was made after amendment - Whether Tribunal is right in law in holding that the ITO had no jurisdiction to levy the penalty and that he should have referred the case to the Inspecting Assistant Commissioner for imposition of penalty

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