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Showing 361 to 366 of 366 Records
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1997 (5) TMI 7 - RAJASTHAN HIGH COURT
Presumptive Tax, Business Expenditure, Interest Paid To Partners, Firm ... ... ... ... ..... s a firm, the salary and interest paid to its partners shall be deducted from the income computed under sub-section (1) subject to the conditions and limits specified in clause (b) of section 40. In view of the insertion of the proviso in the Finance Act to sub-section (2) of section 44AD and giving it retrospective operation from April 1, 1994, the Circular dated 737 dated February 23, 1996, deleting the words In the case of firms, the normal deductions to the extent allowed under clause (b) of section 40 will be allowed is clearly erroneous and cannot be permitted to stand. Accordingly, the petition is allowed, Circular No.737 dated February 23, 1996, as above is quashed. As a result of quashing of the circular dated February 23, 1996, now it will be incumbent on the Income-tax Officer to pass fresh orders and take appropriate steps in the matter of reassessment of the petitioner in accordance with law treating the circular dated February 23,1996, as above as non-existent.
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1997 (5) TMI 6 - RAJASTHAN HIGH COURT
... ... ... ... ..... a wasteful expenditure is relevant? (3) Whether the Income-tax Appellate Tribunal is justified in not upholding the Commissioner of Income-tax action under section 263 on all the points in spite of the fact that the nature of all the expenses was only to boost the sales, so these were clearly covered under section 37(3A) of the Income-tax Act, 1961? We think that this case is covered by the decision of the Calcutta High Court in CIT v. Hindusthan Motors Ltd. 1991 192 ITR 619. It was held, inter alia, in the said case that the brokerage and commission paid on selling the goods would not come within the meaning of the phrase advertisement, publicity and sales promotion under section 37(3A) of the Income-tax Act. No part of the amount could be disallowed under section 37(3A) of the Income-tax Act. We think these are basically all questions of fact and no reference application could be entertained on these grounds. Accordingly, the present reference application stands rejected.
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1997 (5) TMI 5 - SUPREME COURT
Liability of Rs. 34,131 incurred by the assessee for the payment of damages under section 14B of the Employees' Provident Funds Act, 1952 - claim for deduction u/s 37 - matter remitted to the High Court
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1997 (5) TMI 4 - SUPREME COURT
Whether the Tribunal was right in law in holding that the gifts of immovable properties belonging to the joint family made by its karta to his minor daughters were not invalid and that, therefore, the value should not be included in the assessment of the assessee-family - Since the Revenue has already treated these gifts as valid gifts for the purpose of gift-tax, it is not open to the Revenue to assail the said gifts in connection with the income-tax and wealth-tax assessments
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1997 (5) TMI 3 - SUPREME COURT
After the passing of the order dated March 4, 1974, by the executing court, UOI did not take any steps to obtain stay of the payment - appellant has obtained the cheque from the executing court on April 23, 1974 - That, in our opinion, has no effect on the maintainability of the application under section 226(4) which was submitted on August 31, 1973, prior to such payment - payment of money to the appellant after the filing of the application would not render the said application infructuous.
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1997 (5) TMI 2 - SUPREME COURT
Case of the assessee is that the rental income from the flats was assessable as "income from other sources" u/s 56 of the Act inasmuch as the assessee-company was not the "legal owner" of the property in the flats - Whether Tribunal was justified in law in holding that the income derived by the assessee-company from flats from the building known as ' Silver Arch ' of Bombay is taxable under the head ' Income from other sources ' u/s 56 and not income from ' house property ' u/s 22 - Held, no
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