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Case Laws
Showing 41 to 60 of 154 Records
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1976 (11) TMI 161
Validity of items 7(a) and 7(b) of the Second Schedule to the Madras General Sales Tax Act, 1959 challenged - Held that:- Appeal dismissed. The attack on the validity of item 7(b) of the Second Schedule to the State Act is not well-founded as there appears to be no warrant for the proposition that preferential treatment has been shown to dressed hides and skins prepared from locally purchased raw hides and skins compared to the treatment accorded to imported hides and skins.
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1976 (11) TMI 153
Winding up - Power to apply to court to have questions determined or powers exercised ... ... ... ... ..... section 446(3) read with section 518(1)(b) of the Companies Act, 1956, containing a non obstante clause and an exclusive power to this court being conferred by the statute for getting the suit transferred and disposed of. In the result, I am making the following order The suit being Miscellaneous Case No. 136 of 1975 (Agra Electric Supply Co. Ltd. (In voluntary liquidation) v. Nagar Mahapalika, Agra) pending before the Civil Court, Agra, be transferred to this court under section 446(3) of the Companies Act, 1956, read with section 518(1)(b) thereof. The Registrar of this court be directed to intimate this order to the Registrar of the Civil Court, Agra, for sending the records of the said suit to this court forthwith. The Registrar of this court to act on a signed copy of the minute on the plaintiff s undertaking to complete and file this order. The suit to appear in the list after the records are sent to this court by the Civil Court, Agra, for direction, four weeks hence.
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1976 (11) TMI 144
Winding up – Delivery of property to liquidator, Power of court to assess damages against delinquent directors, etc.
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1976 (11) TMI 135
Whether the provisions of section 108 of the Companies Act, 1956, are mandatory in regard to transfer of shares?
Can a company having been served with notice of attachment of shares register transfer of shares in contravention of the order of attachment?
Held that:- Appeal allowed. The provisions contained in section 108 of the Act are, for the reasons indicated earlier, mandatory. The High Court erred in holding that the provisions are directory. Shares which had not been attached but had been surrendered to the receiver appointed by the Collector of Bombay came from the possession of the receiver in the partnership suit. The receiver in the partnership suit took possession of the shares along with blank transfer forms in the year 1953. When the receiver held the scrips and the transfer forms it was not open to the persons in whose names the shares originally stood to exercise rights of ownership in respect, thereof or to transfer their ownership to anyone else.
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1976 (11) TMI 127
Aerated waters - Whether containing blended flavouring concentrate - Interpretation of taxing statute - ‘Concentrate’ and ‘Essence’
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1976 (11) TMI 122
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... ... ..... Tribunal have all estimated the cost of construction at various figures, it cannot be positively held that the assessee intentionally or dishonestly set up a false claim. Nor there is any material to hold that the sum of Rs. 17,502 added by the Income-tax Officer to the income of the assessee, by rejecting its explanation, really represented its income so as to attract the penal provisions of s. 271(1)(c). In somewhat similar circumstances, the Kerala High Court held in CIT vs. Mohammed Kunhi(3) that the disparity in the estimates of cost of construction and the rejection of the assessee rsquo s explanation for lower cost of construction did not necessarily imply that the assessee rsquo s accounts were totally false so as to justify the levy of penalty on him under s. 271 (1)(c). In these circumstances, we conclude that this being a case of estimate, no penalty is leviable on the assessee. The impugned order is, accordingly, cancelled. 5. In the result, the appeal is allowed.
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1976 (11) TMI 121
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... ... ..... not be brushed aside lightly. The identity of the creditors having been established and there being nothing to doubt the assertions made by them in their confirmatory letters, the initial burden lying upon the assessee stood discharged and the onus shifted to the department to prove the fictitious character of the cash credits. In this connection, a reference may be be made to the decision of the High Court of Patna in the case of Sarogi Credit Corporation vs. CIT(1). If, therefore, the Income Tax Officer after having come to know that both the creditors were income tax assessees, still entertained any doubt about the genuineness of the cash credits, he should have summoned and cross ndash exaimned them, but he failed to do so. In these circumstances, the Appellate Assistant Commissioner has, in our opinion, rightly accepted the claim of the assessee and deleted the addition to Rs. 53,590. We, accordingly, confirm the impugned order. 7. In the result, the appeal is dismissed.
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1976 (11) TMI 117
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... ... ..... rt including that of the Madras High Court in the case of CIT vs. Madras Motor and General Insurance co. Ltd. (3), upheld the assessee rsquo s contention. The Madras High Court in the later case of Madras Auto Service vs. ITO, Company Circle-II(1), Madras(4), had followed its earlier ruling in CIT vs. Madras Motor and General Insurance Co. Ltd.(5) and held that the relief under s. 80M would be admissible on the gross dividend. In this face of the above ruling of the Madras High Court we are unable to follow the ruling of the Gujarat High Court in the case of Addl. CIT, Gujarat vs. Cloth Traders (P.) Ltd.(1) relied upon by the Revenue. For the reasons mentioned by the Madras bench lsquo A of the Tribunal in the aforesaid order passed for the asst. yr. 1970-71 in ITA. No. 2793/Mds/ 1972-73 dated 14th March, 1975 with which we are in agreement and following the above ruling of Madras High Court we upheld the order of the AAC. 6. The appeals of the Revenue fail and are dismissed.
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1976 (11) TMI 116
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... ... ..... h reference to s. 230A. In our opinion, these circumstances themselves would not determine the income of station the main factors that have to be considered would be those laid down by the Gujarat High Court, in its decision referred to supra, in considering the meaning of lsquo Body of Individuals rsquo . We have already applied the said tests and found them not satisfied in this case. 7. In view of the above discussions, we are of the view that the AAC rsquo s conclusion that the status should be that of lsquo Body of Individuals rsquo is not correct. On the other hand, each of the members should be assessed separately, in respect of the capital gains, if any, in their individual hands. We direct the ITO to do so. 8. With regard to the valuation of the property as on 1st Jan., 1954 we are of the view that the AAC rsquo s adoption of the value at Rs. 50,000 does not call for any interference and we confirm the same accordingly. 9. In the result, the appeal is partly allowed.
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1976 (11) TMI 115
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... ... ..... tment established that he had acted in deliberate disregard of his statutory obligations. Apart from the explanation offered by the assessee for the non-filing of the returns within time, we do not find any material on record to show that the assessee was guilty of conduct contumacious of dishonest or of acting in deliberate disregard of the provisions of the law. If really the assessee was aware of the wealth-tax liability, it would have certainly filed the returns of wealth in time and thereby avoided exposing itself to a huge and perversive penalty of Rs. 4,66,485 as against the total tax of only Rs. 43,819. 6. Having carefully considered the entirety of the facts and circumstances of the case we are of the considered opinion that the assessee is not guilty of having filed its wealth-tax returns late without reasonable cause. We have, therefore, no hesitation in upholding the orders of the Appellate Assistant Commissioner. The appeals of the Revenue fail and are dismissed.
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1976 (11) TMI 114
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... ... ..... inted out earlier are entirely different. On the basis of the ratio of the decision of the Supreme Court in the case of CIT West Bengal vs. Calcutta Stock Exchange Association Ltd., (8) referred to in para 5 supra in this case there is nothing to show that if a member is deprived of the benefit of export service, in other words, there is no element of compulsion imposed on the members to contribute to the various funds. 6. On a careful consideration of the entirety of the facts and circumstances of the case we hold that the Income-tax authorities are not justified in adding back the receipts and contributions from members of the assessee-association received and credited to building improvement fund, general welfare fund, Jawans rsquo welfare fund etc., for all the years under appeal. We, therefore, delete the items added back by the Income-tax Officer by applying s.2, sub-s. (24) clause (v) of the Income-tax Act, 1961 read with s.28 (iii) of the Act. The appeals are allowed.
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1976 (11) TMI 109
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... ... ..... of the income. The assessee had stated that there is no order of appointment issued by the French Government and that he was receiving remuneration for the work done in the preparation of the catalogue with reference to 4000 manuscripts on 14 subjects. The certificate issued by the French Government has described the work as a research assistant engaged in preparing a descriptive catalogue of manuscripts of the Institute Francais D rsquo Indologie, which would be published under the authorship of the assessee when completed. I am, therefore, satisfied that the income derived by the assessee in this case is in the exercise of his profession. The conditions laid down in s. 80RR are satisfied. In my view in the order passed on 29th Dec, 1970 for the asst. yr. 1970-71 and which was followed for the subsequent two asst. yr.s there is no mistake apparent from the record. 6. For the foregoing reasons, I uphold the order of the AAC. The appeals of the Revenue fail and are dismissed.
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1976 (11) TMI 106
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... ... ..... false by the department, no material is on record to show that the assessee committed wilful default. The law relating to levy of penalties for non-compliance with the statutory obligations is now well-settled by the dictum of the Supreme Court in the case of Hindustan Steel Ltd. vs. State of Orissa. The above dictum was followed recently by the Madras High Court in the case of V.L. Dutt vs. Commissioner of Income-tax(3). As per the above rulings it is clear that there per the above rulings it is clear that there should be a conscious or deliberate disregard of the statutory obligations on the part of the assessee in his failure to submit his return in-time to warrant the levy of penalty. On a careful consideration of the facts of the case we find that there is no material to come to the conclusion that the assessee had no reasonable cause for the delay. We, therefore, confirm the order of the Appellate Assistant Commissioner cancelling the penalty. 6.The appeal is dismissed.
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1976 (11) TMI 105
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... ... ..... which has not been found to be incorrect or false by the department, no material is on record to show that the assessee committed wilful default. The law relating to levy of penalties for non-compliance with the statutory obligations is now well-settled by the dictum of the Supreme Court in the case of Hindustan Steel Ltd vs. State of Orissa.(2) The above dictum was followed recently by the Madras High Court in the case of V.L. Dutt vs. Commissioner of Income-tax.(3). As per the above rulings it is clear that there should be a conscious or deliberate disregard of the statutory obligations on the part of the assessee in his failure to submit his return in time to warrant the levy of penalty. On a careful consideration of the facts of the case we find that there is no material to come to the conclusion that the assessee had no reasonable cause for the delay. We, therefore, confirm the order of the Appellate Asst. Commissioner cancelling the penalty. 6. The appeal is dismissed.
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1976 (11) TMI 102
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... ... ..... g purely as an agent of the licensee and the goods imported was the property of the license-holder both at the time of clearance through customs and subsequently thereto. Accordingly, the Supreme Court held that the sales in in question were sales in the course of import within the meaning of s. 5(2) of the C.S.T. Act. Thus none of the rulings relied by the lower authorities, are applicable tot he facts of the present case and the ratio of the decisions thereon cannot be extended to the present case. Hence, we find on this point that the disputed turnover of Rs. 1,50,06,767 represents the turnover of sales in the course of import, which is exempt from sales tax under s. 5(2) of the CST Act. 20. Point (ii) and (iii) In view of the finding on point (i) for considerations, we find these points accordingly in favour of the assessee. 21. In the result, the appeal is allowed, the orders of the lower authorities are set aside and the assessment on the disputed turnover is concerned.
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1976 (11) TMI 100
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... ... ..... l had worked as a partnership firm alongwith Sushil Kumar under the firm name of M/s. Sushil Kumar Dhamani (1967-68), M/s. Jagannath Sushil Kumar and Co. (1970-71). It is significant that though Rameswarlal, Khajar Ram and Sanwarmal were ordinary masons without any means, their partnership with Sushil Kumar in the earlier years was accepted as genuine and registration was allowed. If registration was could be allowed in the earlier years, there could be no valid reason for refusing registration when only one name was added as a partner in the assessment year in question. This new partners, therefore, stood on the same plane as the other three persons, who were partners with Sushil Kumar Dhamani in the earlier years and whose partnership was considered to be genuine. 6. For these reasons, we are of the view that registration was wrongly refused by the Income Tax Officer. The appeal is allowed and the Income Tax Officer is directed to be grant registration to the assessee firm.
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1976 (11) TMI 99
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... ... ..... that they cannot be vouched. The assessee could at best prepare the self-vouchers but in that case also reliance could not be placed on the self vouchers. This, however, is a fact that all these expenses were incurred during the normal course of business. The learned departmental representative, on the other hand, contended that true nature of the expenses cannot be verified unless proper details are given. 7. There is no doubt that these expenses are almost unvouched. This is also a fact that in the absence of the vouchers the details of the expenses cannot be verified. But this is also a fact that the maintenance of vouchers is not possible. The assessee could at best get their thumb impressions on the vouchers prepared by it. But that will also not inspire the confidence. In this view of the matter, the disallowance sustained by the Appellate Assistant Commissioner is excessive. We accordingly reduces the same to Rs. 1,500. 8. In the result, the appeal, is partly allowed.
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1976 (11) TMI 98
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... ... ..... evied without giving an opportunity to the assessee to explain as to why the estimate of advance tax payable was not filed in terms of s.212. It is also contended that the assessee was not served with a notice under s.210 and, therefore, there was no case for levying interest under s. 217. On behalf of the department, it is argued that the levy of interest under s. 217 is not an appealable matter and the contention of the assessee cannot be admitted. 11. In our opinion, the preliminary objection raised by the department is well-founded. The Act does not provide for an appeal against levy of the interest under s. 217. All that the assessee can do is to ask reduction of the quantum of interest as consequence of reduction in tax based on the relief granted by us in this order. We accordingly reject the assessee rsquo s contention in this behalf. 12. In the result, while the appeal by the department is dismissed, the assessee rsquo s appeal and cross objection are partly allowed.
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1976 (11) TMI 97
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... ... ..... TO obtained a report of a licensed surveyor who put the cost of the building at Rs. 83,964. That was sometime in 1969. It is not the revenue rsquo s case that there has been any considerable appreciation in property values in Guntur town during the following period of 5 years. Taking into account the possible depreciation of the property and also the possible appreciation, it does not appear that the apparent consideration shown in the sale document was an understatement made with the object referred to in cls. (a) and (b) of sub-s. (1) of s. 269C of the Act. On the other hands, taking a comprehensive view of the matter based on the materials on record and attendant circumstances of the transaction in question, we are satisfied that the apparent consideration was the fair market value of the property and there is no case for an order of acquisition under s. 269F(6). We accordingly set aside the order of the competent authority. 10. In the result, both the appeals are allowed.
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1976 (11) TMI 96
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... ... ..... that due to lapse of time he was not in a position to explain the errors in his returns. In regard to the claims in the returns for deductions on account of tax-free sales, the mere fact that untenable claims were made cannot by itself lead to an inference that the returns were false. What had happened in both these assessments was that the assessee rsquo s sales of certain waste and obsolete materials were found to be exigible to tax whereas the assessee had claimed them to be tax-free sales. If the amounts involved were taken into consideration, it cannot be inferred that the assessee rsquo s claim was motivated by any intention to avoid tax or furnish a false return. In the absence of any evidence that the assessee was actually motivated by any guilty intention, the imposition of the penalties cannot be sustained. They are set aside. The appellant will be entitled to consequential relief. The appeals are allowed. 6. This order will govern the disposal of these two appeals.
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