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Case Laws
Showing 301 to 320 of 355 Records
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1995 (11) TMI 55 - ALLAHABAD HIGH COURT
Debt Owed, Net Wealth, Tax Liability, Voluntary Disclosure ... ... ... ... ..... here was no liability and, therefore, there was no debt because the assessee had concealed his income. This objection was rejected by the Tribunal, which found that the concealed income of the assessee does not cease to be the income of the assessee. It is a different thing that the assessee did not make a disclosure of it but then it does not cease to be the assessee s income and, therefore, once it is accepted that it is the income of the assessee, the natural consequence that followed is that the tax liability is created because of the disclosure . We do not find any legal infirmity in the above finding of the Appellate Tribunal. On these facts, we answer both the questions referred to us for our opinion in the affirmative, i.e., in favour of the assessee and against the Revenue. The registry is directed to send down the record to the Appellate Tribunal within fifteen days from today, which may then pass a necessary order to dispose of the case conformably to our judgment.
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1995 (11) TMI 54 - PUNJAB AND HARYANA HIGH COURT
Question Of Law ... ... ... ... ..... rofits) Surtax Act, 1964, particularly, when the attention of the Tribunal was drawn to the provisions of section 7C(1) of the Act pointing out that the only question required to be seen was whether the amount of advance surtax paid by the assessee was short of the assessed surtax. Admittedly, neither the Supreme Court nor the jurisdictional court have decided the scope of section 7(1) of the 1964 Act. In the absence of an authoritative pronouncement, the Tribunal was under a legal obligation to refer the aforesaid question to this court for opinion under sub-section (1) of section 256 of the Act. Accordingly, this petition is allowed with a direction to the Tribunal to refer to this court, the following question of law for adjudication and opinion Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that in this case no interest is chargeable under section 7(1) of the Companies (Profits) Surtax Act, 1964 ?
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1995 (11) TMI 53 - RAJASTHAN HIGH COURT
Co-operative Society, Deduction In Respect, Providing Credit Facilities, Special Deduction ... ... ... ... ..... s to its members. Section 80P(2)(a)(i) is meant to cover the societies which are carrying on the business of banking and in the course of their business are providing credit facilities to its members. The question referred is identical with the question which came up for decision in D. B. Income-tax Reference No. 10 of 1986--(CIT v. Co-operative Supply and Commission Shop Ltd. 1993 204 ITR 713 (Raj)), decided on October 13, 1992, in the case of the assessee itself. For the reasons given in the aforesaid case for the assessment year 1978-79, it is held that the interest on the outstanding balance in respect of supplies of goods would not qualify for special deduction under section 80P(2)(a)(i) and the learned Tribunal was not justified in coming to the conclusion that the interest on the outstanding balances in respect of supplies of goods would qualify for exemption under this section. Consequently, the reference is answered in favour of the Revenue and against the assessee.
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1995 (11) TMI 52 - RAJASTHAN HIGH COURT
Business Income, Cash Compensatory Support, Law Applicable To Assessment, Revenue Receipt ... ... ... ... ..... -tax under the head Profits and gains of business or profession . These income have, also, by way of amendment in section 2(24) been included as income by adding sub-clauses (va), (vb) and (vc). The income from the cash receipts has been made chargeable under section 2(24)(vb) and section 28(iiib) of the Act. These sections have been amended with retrospective effect from the date from which these incentives were introduced. In view of the amended provisions of section 2(24)(va), (vb) and (vc) and section 28(iiia), (iiib) and (iiic) of the Act relating to exemption and charging of income from exports, by which these incomes have been made chargeable under the Act, the reference, is answered in favour of the Revenue and against the assessee. Consequently, the reference is answered in favour of the Revenue and against the assessee and it is held that cash compensatory support (by whatever name it may be called) is liable to tax under the provisions of the Income-tax Act, 1961.
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1995 (11) TMI 51 - RAJASTHAN HIGH COURT
Appeal Against Assessment, Assessment Proceedings, Cancellation Of Registration Of Firm, Firm Assessment
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1995 (11) TMI 50 - RAJASTHAN HIGH COURT
Business Income, Cash Compensatory Support, Industrial Undertaking, Revenue Receipt, Special Deduction, Unabsorbed Depreciation
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1995 (11) TMI 49 - RAJASTHAN HIGH COURT
Cash Compensatory Support, Law Applicable To Assessment, Revenue Receipt ... ... ... ... ..... gly, apply in relation to 1962-63, 1967-68 and 1972-73, respectively, and subsequent years. In view of the amendment made in the taxing provision regarding the taxability of these incentives received by the exporters, new clauses (iiia), (iiib) and (iiic) have been inserted in section 28 of the Income-tax Act to provide that profit on sale of import entitlement licences, CCS and drawback of duty, respectively, shall be chargeable to income-tax under the head Profits and gains of business or profession . These have, further, been included in the definition of the term income in clause (24) of section 2, and hence, it is not necessary to go into the merits of the case. The law has been amended with retrospective effect from the dates from which these incentives were introduced. In view of the amended provisions of section 28 of the Act relating to exemption of income from exports (item No. 27.3 above), the reference is answered in favour of the Revenue and against the assessee.
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1995 (11) TMI 48 - GUJARAT HIGH COURT
Compulsory Acquisition, Family Arrangement ... ... ... ... ..... venue had contended that a female had no right to blend the property in the common stock of the Hindu undivided family, no legal effect can be given to it. The assessee had raised the alternative ground that throwing by the assessee the property in the common hotchpotch be treated as gift given to the Hindu undivided family or in any event as a family arrangement. Therefore, the question of taxability of the entire or any part of compensation as capital gains in the hands of the assessee could not be decided without determining all the three alternative contentions raised before the Tribunal for which necessary facts have also not been found by the Tribunal. Therefore, we are unable to answer questions Nos. 1 and 3 referred to above. It will now be for the Tribunal to determine all these questions when the matter comes up before it for deciding the appeal in accordance with the decision of the reference. The reference stands dis posed of accordingly with no order as to costs.
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1995 (11) TMI 47 - DELHI HIGH COURT
Jurisdiction To Impose Penalty, Law Applicable To Assessment, Penalty Proceedings ... ... ... ... ..... the amount of income concealed. In the present case, as noticed above, the addition of Rs. 21,200 was made. Further, penalty proceedings were initiated after April 1, 1971, since the order of assessment itself is September 17, 1971. On these facts, the question as to which officer, has jurisdiction, is no longer res integra in view of the decision of the Supreme Court in Varkey Chacko v. CIT 1993 203 ITR 885. The Supreme Court has held that the penalty proceedings can be initiated only after the assessment order has been made which finds such concealment or furnishing of inaccurate particulars. Who, at this point of time, has the authority to impose the penalty is what is relevant. In this view, the Income-tax Officer had jurisdiction to impose penalty. For the reasons aforesaid, the answer to the question has to be in the negative, in favour of the Revenue and against the assessee. Now, the case will go back to the Tribunal in terms of paragraph 9 of the statement of case.
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1995 (11) TMI 46 - PUNJAB AND HARYANA HIGH COURT
Immovable Property, Movable Property ... ... ... ... ..... lf of the Revenue that even if the order of the competent authority stood vitiated on the ground that notice was served on the transferor and the transferee before the proceedings were validly initiated, the case should be remanded to the competent authority for proceeding afresh because the proceedings had been validly initiated on August 11, 1973, and that thereafter the said authority can proceed to pass a fresh order in accordance with law. In the circumstances of the case, we do not propose to adopt this course. The property in question was sold almost 23 years back and by now third party interests might have intervened and it would be most inequitable to permit the proceedings to start again after a lapse of such a long period. Moreover, the difference between the apparent consideration and the fair market value of the property is not much though it falls within the limits prescribed by section 269C of the Act. The appeal thus stands dismissed with no order as to costs.
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1995 (11) TMI 45 - MADRAS HIGH COURT
Criminal Proceedings, False Return ... ... ... ... ..... ined duplicate T.D.S. certificates relating to one, T. M. Subramaniam, an assessee at Ooty. The assessee, T. M. Subramaniam, won a jackpot on April 21, 1979, at Ooty Race and a T.D.S. with No. 419 for Rs. 6,936 was issued to him on April 24, 1979, and he has filed the said T.D.S. certificate before the Income-tax Officer, Circle-I(2), Ooty, on April 5, 1980, and obtained a refund order for Rs. 4,698 on May 13, 1980, through his representative. Therefore, the writ petition may be allowed. The arguments of both sides are heard. The point for consideration is whether there are any valid grounds to allow the writ petition or not. I have seen the materials available on record. It is an admitted fact that the criminal case is still pending against the writ petitioner. Therefore, at this stage, I am of the clear opinion that the writ petition is premature and as such it is liable to be dismissed. In the result, the writ petition is dismissed but in the circumstances, without costs.
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1995 (11) TMI 44 - MADRAS HIGH COURT
Agricultural Income, Civil Procedure Code ... ... ... ... ..... f Rs. 1,13,000 due by way of tax arrears. That was ordered by the executing court. While the Collector was empowered to collect the arrears of tax as land revenue, under the modes prescribed under the Civil Procedure Code, it is not possible to say that the mode adopted in the present case to collect the tax arrears is in violation of either the provisions of the Code of Civil Procedure or the provisions contained in section 41 of the Act. Since the tax arrears are to be considered as land revenue, the Government would have a first charge over the amount lying in court deposit to the credit of the assessee-judgment-debtor. Therefore, the order passed in E. A. No. 107 of 1987 ordering payment out in favour of the Agricultural Income-tax Officer, the first respondent, cannot be said to be in violation of section 41 of the Act. Accordingly, this court does not want to interfere with the same. Hence, the revision petition shall stand dismissed. There will be no order as to costs.
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1995 (11) TMI 43 - ANDHRA PRADESH HIGH COURT
Question Of Law, Shares And Securities ... ... ... ... ..... record, whether the legal inference drawn by the Tribunal is correct and whether the Tribunal is justified in applying the ratio of the decision of the Supreme Court in McDowells case 1985 154 ITR 148 is a question of law which is fit to be decided. Accordingly, we direct the Tribunal to draw up a statement of case and refer the following question of law for the consideration of this court Whether, on the facts and circumstances of the case, the transaction relating to transfer of shares from the assessee-Hindu undivided family to the karta of the Hindu undivided family is a valid transaction or whether it is liable to be ignored in the light of the principle laid down by the Supreme Court in McDowell s case 1985 154 ITR 148 as held by the Income-tax Appellate Tribunal ? Though the petitioner has sought reference of four questions, the question as framed by us would be comprehensive enough to cover the controversial issue. The income-tax case is accordingly allowed. No costs.
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1995 (11) TMI 42 - ANDHRA PRADESH HIGH COURT
Alternate Remedy, Writ Petition ... ... ... ... ..... it petition. Learned counsel for the petitioners states that the petitioners did not approach the first respondent again bringing to his notice the objections raised by them earlier in their representation, dated April 5, 1995. He also accepts that even after the proclamation of sale is drawn up, objections can be raised before the first respondent in terms of the earlier objections raised and that even after the sale is held, a claim petition can be filed by the petitioners and that without disposing of the same, the sale cannot be confirmed. In the circumstances, we find that the petitioners ought not to have approached this court invoking article 226 of the Constitution of India, when they have clear remedies available. The writ petition is, therefore, dismissed, only on the ground that the petitioners have alternative remedy available to them to question on the proposed sale of property said to have been gifted to them by the karta of the Hindu undivided family-assessee.
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1995 (11) TMI 41 - ANDHRA PRADESH HIGH COURT
Assessment Year, Capital Gains, Dissolution Of Firm ... ... ... ... ..... facts and in the circumstances of the case, the Appellate Tribunal was justified in confirming the order of the Commissioner of Income-tax (Appeals) in so far as fixing the value of the jewellery forming part of the trust at 50 per cent. of the value fixed by the valuer on the alleged grounds of uncertainties, hazards and risks of litigation, etc. ? (2) Whether the Appellate Tribunal is justified in holding that the alleged uncertainties, hazards, risks of litigation and burden of tax liability, etc., pleaded by the assessee constituted factors for reduction of valuation up to 50 per cent. of the valuation fixed by the approved valuer ? (3) Whether the Appellate Tribunal is justified, in holding that the Wealth-tax Officer would be entitled to make further adjustments to the valuation as determined by the Valuation Officer under section 16A(5) of the Wealth-tax Act ? Question No. 4 extracted above should also be referred. The wealth-tax case is thus partly allowed. No costs.
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1995 (11) TMI 40 - PUNJAB AND HARYANA HIGH COURT
Immovable Property, Movable Property ... ... ... ... ..... the acquisition proceedings including the order of acquisition was considered by us in Income-tax Appeal No. 3 of 1979 (CIT v. Des Raj 1996 220 ITR 7 (P and H)), decided today. It was held that service of notice on the transferor or the transferee before the publication in the Official Gazette under sub-section (1) vitiated the proceedings and which was not a mere irregularity. It was held in the aforesaid appeal as under (page 15) In the result, it must be held that the notice served on the transferor and the transferee on July 30, 1973, before it was published in the Official Gazette was illegal and all subsequent proceedings including the order acquiring the property under section 269F(6) of the Act stood vitiated. We, therefore, uphold the impugned order of the Tribunal setting aside the order of the competent authority. For the reasons stated in Income-tax Appeal No. 3 of 1979 (CIT v. Des Raj 1996 220 ITR 7 (P and H)), this appeal is dismissed with no order as to costs.
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1995 (11) TMI 39 - GUJARAT HIGH COURT
Assessment Year, Capital Gains, Dissolution Of Firm ... ... ... ... ..... the Revenue. The event on which much emphasis has been laid by the Tribunal and the Commissioner of Income-tax clearly happened beyond the period which was under consideration for the assessment year 1974-75. The Revenue authorities have fallen into error by not noticing the most relevant fact as to when the business of the firm became the business of the company and it consequently failed to appreciate that even that has no bearing as far as the assessment year 1974-75 was concerned. Therefore, in our opinion, the conclusion of the Tribunal in affirming the decision of the Commissioner of Income-tax that the order of the Income-tax Officer for the assessment year 1974-75 was erroneous for want of making enquiry, and is otherwise prejudicial to the interests of the Revenue is not well-founded in law. Accordingly, we answer both the questions referred to us in the negative, that is to say, in favour of the assessee and against the Revenue. There shall be no order as to costs.
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1995 (11) TMI 38 - ANDHRA PRADESH HIGH COURT
Business Expenditure, Question Of Law, Secret Commission ... ... ... ... ..... to any irregularities, that the assessee-company had eminent persons on its board, or the assessee was being allowed similar commission without doubting the correctness of the documents produced during the previous years. Thus, the contention of the Revenue is that the findings of the Tribunal though appear to be factual in nature are perverse and based on irrelevant considerations. We are of the view that in the facts and circumstances and on the tenor of findings recorded by the Tribunal an arguable question of law does arise. Accordingly, we direct the following question to be referred for the opinion of this court Whether, on the material available in the case, the findings given by the Tribunal with regard to the genuineness and quantum of deductions to be allowed under the head of Secret commission are perverse and based on irrelevant considerations ? We have thus recast the question to be referred to the High Court. The income-tax case is accordingly allowed. No costs.
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1995 (11) TMI 37 - GUJARAT HIGH COURT
Assessed Income, Best Judgment Assessment, Burden Of Proof, Income Returned, Returned Income Less Than 80 Per Cent
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1995 (11) TMI 36 - ANDHRA PRADESH HIGH COURT
Business Expenditure, Expenditure Incurred, Investment Allowance, Question Of Law, Words And Phrases
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