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Case Laws
Showing 61 to 80 of 887 Records
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2008 (1) TMI 944 - DELHI HIGH COURT
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... ... ..... 08. It is stated that the pendency of cases as on 31st December, 2007 is 1646 cases. We have dealt with the issue of the failure of the Settlement Commission to dispose of pending cases before it in an order dated 18th December, 2007 in WP (C) No. 5462/2007 (M/s. Vatika Farms Pvt. Ltd. and another v. Union of India and another). In view of the above order passed by us, we have no option but to direct the Settlement Commission to dispose of the case of the Assessee before 31st March, 2008 so that the Assessee is not prejudiced by the inaction of the Settlement Commission. The affidavit be filed in the filing counter and placed on record. To come up on 3rd March, 2008. A copy of this order be given dasti to learned counsel for the parties.
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2008 (1) TMI 943 - SUPREME COURT
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... ... ..... necessary, we have not gone into the question as to whether Kanta Devi (supra) was correctly decided. Apart from the fact that the fact therein was different, evidently the questions which have been raised before us were not raised therein. The High Court, therefore, committed a serious error in applying Kanta Devi (supra) to the fact of the present case. 15. Mr. Malik contended that it has wrongly been stated in the list of dates that the appeal against Kanta Devi (supra) has remained pending before this Court and, thus, it being a misstatement, the leave granted should be revoked. It may be so but in a case of this nature this Court is required to lay down the law. We do not, thus, intend to revoke the leave. However, we direct that any benefit paid to the respondent should not be recovered. 16. For the reasons aforementioned, the appeal is allowed with the aforementioned directions. However, in the facts and circumstances of this case, there shall be no order as to costs.
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2008 (1) TMI 942 - SUPREME COURT
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... ... ..... not right in quashing the proceedings as also the orders issued by the Corporation. The appeal, therefore, deserves to be allowed by setting aside the order of the High Court. 38. For the foregoing reasons, the appeal is allowed and the order passed by the High Court is set aside. But since the High Court has allowed the petition only on the ground that the proceedings could not have been instituted against the writ-petitioner, it would be appropriate if we remit the matter to the High Court so as to enable it to consider the rival contentions of the parties and take an appropriate decision on merits. We may clarify that we may not be understood to have expressed any opinion one way or the other on the controversy involved in the case and as and when the High Court will take up the writ petition, it will decide the same without being influenced by any observation made in this judgment. On the facts and in the circumstances of the case, the parties will bear their own costs.
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2008 (1) TMI 941 - MADRAS HIGH COURT
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... ... ..... Debts Recovery Appellate Tribunal, under Section 20 of the 1993 Act. But in our view, such a submission is misconceived, in view of sub-section (2) of Section 20 of the 1993 Act, which reads as follows "Section 20 Appeal to the Appellate Tribunal (1) ..... (2) No appeal shall lie to the Appellate Tribunal from an order made by a Tribunal with the consent of the parties." In the present case, admittedly, the order passed by the DRT and the Recovery Order also have been passed by the Tribunal with the consent of the parties, and therefore, the plaintiff cannot prefer any appeal under Section 20 of the 1993 Act. As the plaintiff cannot be made remedy-less, we are of the view that the learned single Judge has not committed any error while rejecting the application preferred by the appellant/fourth defendant under Order 7 Rule 11 C.P.C. to reject the plaint. 14. We find no merit in these appeals, which are accordingly dismissed. But there shall be no order as to costs.
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2008 (1) TMI 940 - ALLAHABAD HIGH COURT
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... ... ..... een shown any reason to hold that such share application money amounts to a loan or deposit. The C.I.T.(Appeals) and the Tribunal had also not accepted this contention of the department of treating the same to be loan or deposit. In the circumstances, this appeal is devoid of merit and is accordingly dismissed. Dated January 16, 2008
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2008 (1) TMI 939 - KERALA HIGH COURT
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... ... ..... Section 144, a best judgment assessment is called for only when there is cumulative failure of all the conditions including failure to furnish details of income and prove the same through his accounts and documents. Even though there is failure on the part of the appellant to file return in time, which is a failure referred to in Section 144, still best judgment assessment was not made by the assessing officer , in as much as assessment completed is one under Section 147 read with Section 143(3) of the Act. However, since there is failure on the part of the appellant in filing the return referred to clause (a) of Section 144, Section 184(5) is attracted, and appellant is rightly declined the status of a "firm" and assessment was ordered to be revised by the Commissioner under Section 263 in the status of "association of persons". We therefore agree with the view of the Tribunal in confirming the Commissioner's order. Accordingly, appeal is dismissed.
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2008 (1) TMI 938 - DELHI HIGH COURT
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... ... ..... eductible as business expenditure. Following the view taken by this Court and the dismissal of the Special Leave Petition by the Supreme Court in this regard, question No.2 is answered in the affirmative, in favour of the assessee and against the Revenue. In so far as question No.5 is concerned, we find that the Tribunal has noted that the Departmental Representative did not make any special arguments in this regard to contend that the order passed by the Commissioner of Income Tax (Appeals) setting aside the assessment order does not suffer from any mistake or infirmity. In addition to this, we find that the amount in dispute is ₹ 94,273/- and only 1/3rd of this is to be considered for the purposes of weighted deduction under Section 35B of the Income Tax Act, 1961. The tax effect on this amount will be hardly about ₹ 20,000/-. Considering the above, we decline to answer this question and return the reference unanswered. The reference is disposed of accordingly.
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2008 (1) TMI 937 - DELHI HIGH COURT
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... ... ..... at 50 depreciation is admissible on the Plant and Machinery 4. On the facts and in the circumstances of the case whether the Ld. ITAT was justified in confirming the disallowance of ₹ 16,34,549/- under section 40A(8) out of interest charged 5. On the facts and in the circumstances of the case whether the Ld. ITAT was correct in holding that an amount of ₹ 17,478/- was correctly disallowed under section 40A(8) out of the interest charged relating to JK Steel Division In view of the negligible amount involved, learned counsel for the Assessee does not press the reference in so far as question Nos. 1, 2, 3 and 5 are concerned. The reference is returned unanswered in respect of these questions. In so far as question No.4 is concerned, in view of the decision rendered by this Court in ITR 285 of 1987 pertaining to the same Assessee, the question is answered in the affirmative, in favour of the Revenue and against the Assessee. The reference is disposed of accordingly.
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2008 (1) TMI 936 - BOMBAY HIGH COURT
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... ... ..... as held all are an integral process of manufacture. In other words, what the CIT(A) held was that the product after it underwent the processes would be a different and commercially distinct product. 3. The Tribunal relied on the judgment of this Court in the case of CIT vs. Sesa Goa Ltd. (2004) 188 CTR (Bom) 120 (2004) 266 ITR 126(Bom) as affirmed by the Supreme Court in the case CIT vs. Sesa Goa Ltd. (2004) 192 CTR (SC) 577 (2004) 271 ITR 331(SC) and confirmed the finding of the CIT(A). 4. In our opinion, considering that the expression "production" is of much wider amplitude than the expression manufacture and the finding of fact recorded, even if it is held that the act does not amount to manufacture it still will amount to production. 5. We therefore, on the finding of fact recorded are of the view that no fault can be found in the judgment of the Tribunal and consequently the question of law as framed would not arise. Consequently, the appeal stands dismissed.
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2008 (1) TMI 935 - ITAT COCHIN
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... ... ..... rations to be recognized as such and the Central Board of Direct Taxes has notified such financial corporations. Obviously, the assessee bank is a not notified as above. 16. Therefore, we find that the assessee bank cannot be treated as a financial institution for the purpose of special deduction available under section 36(1)(viii). The banking company may be indulging in different types of business of advancing loans to different categories of people including long term financed. But those activities per se do not make a banking company, a financial corporation as well, Financial Corporation is a distinct entity. 17. In the facts and circumstances of the case, we find that the order of the CIT(A) on this point is not in accordance with law and it has to be set aside. Accordingly, we set aside the order of the CIT(A) deleting the disallowance of ₹ 4,87,48,244 and restore the addition of the said amount. 18. In result, this appeal filed by the revenue is partly allowed.
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2008 (1) TMI 934 - KERALA HIGH COURT
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... ... ..... y the value of which was estimated by the Tribunal at ₹ 2 lakhs in 1981, was sold for ₹ 32.5 lakhs in the course of 13 years. It is common knowledge that the property price started increasing in a very unprecedented manner in the State only for the last 3 to 4 years. Price of immovable property, though has been steadily growing, the unprecedented level of increase is only a recent phenomenon. Therefore, we feel the price fixed by the Tribunal as on 1-4-1981 for the purpose of determination of capital gains is too low. We, therefore, set aside this part of the order of the Tribunal and refer the matter to the Tribunal for refixation of market value as on 1-4-1981 for determination of capital gains. The Tribunal is directed to decide the matter afresh within a period of three months from the date of receipt of copy of this judgment. The Income-tax Reference is accordingly disposed of answering the question referred in favour of the revenue and against the assessee.
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2008 (1) TMI 933 - SUPREME COURT
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... ... ..... ensable part of a sound judicial system, reasons at least sufficient to indicate an application of mind to the matter before Court. Another rationale is that the affected party can know why the decision has gone against him. One of the salutary requirements of natural justice is spelling out reasons for the order made, in other words, a speaking out. The "inscrutable face of a sphinx" is ordinarily incongruous with a judicial or quasi-judicial performance. Page 0270 9. The aforesaid aspects were highlighted by this Court in State of Punjab v. Bhag Singh . 10. In view of the aforesaid legal position, the impugned judgment of the High Court is unsustainable and is set aside. We grant leave to the State to file the appeal. The High Court shall entertain the appeal and after formal notice to the respondents hear the appeal and dispose of it in accordance with law, uninfluenced by any observation made in the present appeal. The appeal is allowed to the extent indicated.
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2008 (1) TMI 932 - SC ORDER
Valuation - the decision in the case of BC. TRADING COMPANY Versus COMMISSIONER OF CUSTOMS, HYDERABAD [2006 (4) TMI 319 - CESTAT, BANGALORE] contested - Held that: - the decision in the above case upheld - appeal dismissed.
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2008 (1) TMI 931 - DELHI HIGH COURT
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... ... ..... or deduction has been made in respect of any loss, expenditure or trading liability incurred by the Assessee. This is the first step. Coming to the next step the assessee must have subsequently (i) obtained any amount in respect of such loss or expenditure or (ii) obtained any benefit in respect of such trading liability by way of remission or cessation thereof. In case either of these events happen, the deeming provision enacted in the closing part of sub-section (1) comes into play. Accordingly, the amount obtained by the assessee or the value of benefit accruing to him is deemed to be profits and gains of business or profession and it becomes chargeable to income-tax as the income of that previous year." (p. 374) 16. So, we are of the view that the amount has rightly been brought to tax under section 41 of the Act, and as such the reference is answered in the affirmative in favour of the Revenue and against the Assessee. 17. The reference is disposed of accordingly.
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2008 (1) TMI 930 - CESTAT, CHENNAI
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... ... ..... duty due on the main clearances owing to their bonafide belief that those goods were exempt. They had also followed the ratio of the decision of the Larger Bench of the Tribunal in Machino Montell (I) Ltd. (supra) in not imposing equal amount of penalty and not demanding interest due on the said amount paid before issue of SCN. No case law has been furnished to show that the ratio of the above decision has been unsettled. As a matter of fact, from the finding of the original authority, the respondents were forced to pay a higher amount of duty than what was actually due as that authority did not allow relief admissible to the respondent in terms of Section 4 (4) (d) (ii) of the Act. However, the assessee has not filed any appeal against the impugned order. In the circumstances, I do not find that the impugned order calls for any interference. Accordingly, the impugned order is sustained and the appeal filed by the Revenue is dismissed. (Dictated and pronounced in open court)
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2008 (1) TMI 929 - ITAT BANGALORE
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... ... ..... assessee before us therefore there were no adjustments to be made relating to the income or expenditure to which s. 10A applied as per the facts enumerated by the AO. We are of the considered view that specified 90 per cent available restricted deduction under s. 10A in no way effected the income computed under s. 115JB which is more than the income computed under the normal provisions and is obviously a fact being only 90 per cent. Therefore, on this issue we are of the considered view that on the facts and circumstances of the assessee's case, 90 per cent deduction available to the assessee under s. 10A, for the calculation of book profit under s. 115JB had to be done in accordance with the special provisions for payment of tax under the provisions of s. 115JB without importing the restriction as made peculiar to the asst. yr. 2003-04 applicable to the assessee for total income computation. On this issue, the assessee succeeds and is decided in favour of the assessee.
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2008 (1) TMI 928 - CESTAT MUMBAI
Stay and waiver of pre-deposit - Rent-a-Cab Scheme Operator - Held that: - the agreement makes it clear that specific number of vehicles were being rented out to the customers of the applicant. Keeping in view the financial hardship based on the fact that the Rent-a-Cab service has been closed down since October, 2004 and keeping in view the payment of ₹ 1,15,250/- already made, we direct further pre-deposit of ₹ 2.00 lakhs towards Service Tax demanded within eight weeks from today and on such a deposit, pre-deposit of the balance of Service Tax and penalties shall stand waived and recovery thereof stayed pending the appeal - Failure to comply with the aforesaid order shall result in vacation of stay and dismissal of the appeal without prior notice.
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2008 (1) TMI 927 - SC ORDER
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... ... ..... t if the share application money is received by the assessee Company from alleged bogus shareholders, whose names are given to the AO, then the Department is free to proceed to re-open their individual assessments in accordance with law. Hence, we find no infirmity with the impugned judgment. Special Leave Petition is dismissed.
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2008 (1) TMI 926 - ITAT DELHI
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... ... ..... the case of CIT. According to decision of Hon'ble Supreme Court in the case of Commissioner of Customs v. Toyo Engineering India Limited (supra) the Department cannot travel beyond the show cause notice. There is also no material on record to hold that proper enquiries were not made by AO while allowing deduction to the assessee. The audit report on the basis of which deduction claimed was furnished much earlier to the completion of assessment proceedings. As it is not a case of improper enquiry the case law relied upon by DR is not applicable. Thus the plea raised by the ld. DR is liable to be rejected and is accordingly rejected. o p /o p 15. Thus it is held that power u/s 263 have wrongly been exercised by CIT. The assessment order was neither erroneous nor prejudicial to the interest of revenue. Therefore, order u/s 263 is quashed. o p /o p 16. In the result, appeal filed by the assessee is allowed. o p /o p Order pronounced in the open court on 18.01.2008. o p /o p
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2008 (1) TMI 925 - CESTAT CHENNAI
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... ... ..... AT) in support of his contention that the plea of non-vivisectability of works contract is not admissible in a case like the present one involving no written contract. 2. After giving careful consideration to the submissions, we are of the view that waiver of pre-deposit and stay of recovery can be allowed in this case inasmuch as the claim of the assessee that they were undertaking ‘works contracts’, which were exigible to service tax during the above period, it seems to be supported by the facts of the case narrated in the impugned order itself. Today, it is trite law that any cost of materials used by a person in undertaking a taxable service is not chargeable to service tax. Admittedly, the appellants have paid service tax on the charges collected by them from customers for the service of repairs/maintenance of tyres. In this view of the matter, we grant waiver of pre-deposit and stay of recovery in respect of the amounts of service tax, interest and penalty.
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