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Showing 61 to 63 of 63 Records
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1972 (5) TMI 3
Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that no valid gifts had been made by the assessee - it could not be said that the money had been completely transferred in favour of the donees. That being so, there was no valid gift- answer to the question referred to above would be in the affirmative
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1972 (5) TMI 2
Penalty for under-valuation of stock - Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in cancelling the order of penalty passed by the Inspecting Assistant Commissioner under section 271(c) read with the Explanation thereto - assessee is not guilty of fraud or wilful neglect as per the Explanation to s. 271(1)(c), because he was only adopting the same method of accounting as was done by the department – therefore, we answer the question referred to us in the affirmative and in favour of the assessee
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1972 (5) TMI 1
Whether the sum of Rs. 43,377, representing the demand of sales tax which the assessee was called upon to pay during the previous year to the assessmerit year 1958-59 could properly be allowed as deduction in the assessment of that year - In the absence of any legal bar in the way of the assessee claiming this expenditure in the year of demand for which provision has already been made in his accounting year, deduction under section 10(2)(xv) is permissible in law and has been rightly allowed by the Tribunal - the sum of Rs. 43,377 representing the final demand of sales tax which the assessee was called upon to pay during the previous year to the assessment year 1958-59 could properly be allowed as deduction in the assessment of that year
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