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Case Laws
Showing 101 to 109 of 109 Records
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1977 (10) TMI 9 - ANDHRA PRADESH HIGH COURT
Earning Income, Expenditure Tax Act ... ... ... ... ..... penses will be exempt under section 5(1) of the Expenditure-tax Act. As far as the expenditure on training the horses and making them fit for running races are concerned, the expenditure can be claimed under section 5(a) of the Expenditure-tax Act. Section 5(a) speaks of any expenditure--incurred by the assessee for the purpose of earning income from any other source. For the purposes of proviso to section 3(1) of the Expenditure Tax Act, 1957, income earned in any manner is to be included for section 5(a) also (sic). Therefore, any expenditure incurred for earning income (taxable or non-taxable) must be exempted. The expenditure incurred on the training of horses and other items of expenditure for running any races will also have to be exempted. The Tribunal was, therefore, in error in not granting the exemption claimed by the assessee under s. 5(a) of the Act. The reference is answered in the negative and in favour of the assessee, but without costs. Advocate s fee Rs. 250.
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1977 (10) TMI 8 - BOMBAY HIGH COURT
Capital Or Revenue Expenditure, Expenditure Incurred ... ... ... ... ..... been abandoned for a long time and that the dewatering was no part of the working expenses of the colliery because it was intended to keep a permanent access to the minerals open and that the dewatering was something that a person had to do as a condition precedent to the working of minerals as a profit. The decision thus turned on its own facts. The quantum of the expenditure, as contended by Mr. Joshi, had really no relevance so far as the question of determination of the nature was concerned. If the expenses incurred for earth cutting was a part of the operation expenditure, the fact that comparatively the yield of the ore was small, would not change the nature of the expenditure. We are, therefore, satisfied that the Tribunal had taken the correct view of law and rightly held that the expenditure is to be deductible as revenue expenditure. The question referred to us is answered in the affirmative and in favour of the assessee. Revenue to bear the costs of the assessee.
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1977 (10) TMI 7 - MADRAS HIGH COURT
Estate Duty Act ... ... ... ... ..... e reports at all as the valuers are bound to act in unison and not separately, though, while acting together, as a body they may differ. We consider that there was only one report in the case and that was the one dated January 6, 1970, which was a joint report filed by the two valuers. This being so, there is no question of the proviso coming into operation. The Tribunal could and should act under sub-s. (6). The Tribunal being obliged to act on the valuation fixed by the valuers it was right in fixing the valuation at Rs. 14,11,000 which was the value fixed by the valuers in their report dated January 6, 1970. We, therefore, answer question No. 2 in T.C. No. 61 of 1975, by stating that the Tribunal was justified and acted correctly in law in fixing the value at Rs. 14,11,000. We answer the questions referred in T.C. Nos. 8 of 1973 and 61 of 1975 on the above terms. We direct the revenue to pay the costs of the accountable person and fix the counsel s fee at Rs. 350 one set.
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1977 (10) TMI 6 - ANDHRA PRADESH HIGH COURT
Expenditure Incurred ... ... ... ... ..... Court, therefore, held that there could be no doubt that the income under the terms of the document accrued to her by virtue of her having acted in the film and that would preclude the idea of any testimonial gift, as in the words of the Master of the Rolls in Moorhouse v. Dooland (1955 28 ITR 86 (CA), as to the alternatives between a case of remuneration and personal gift ........ The relevant portion of the letter of the company quoted above will amply establish that it is the company that insisted upon the assessee s wife joining him on his foreign tour to entertain several business guests abroad and that it had undertaken to meet the expenditure involved in that behalf. Therefore, the expenditure incurred by the company on the wife of the assessee cannot be treated as an income accruing to the assessee or a benefit provided to him. For the above reasons, the question referred to us is answered in the affirmative and against the revenue with costs. Advocate s fee Rs. 250.
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1977 (10) TMI 5 - MADRAS HIGH COURT
Fraud Or Gross Or Wilful Neglect, Income Returned ... ... ... ... ..... assessee voluntarily co-operated with the department and even suggested the adoption of a higher turnover and was willing to have the estimate at 18 per cent. instead of 12 per cent., and this would show that there has been no wilful or gross negligence on its part and it did not act fraudulently. This is essentially a question of fact to be determined by the Tribunal. In the absence of a finding which is due to the fact that the Tribunal misunderstood the scope of the application of the Explanation, we are not in a position to answer the question referred to us. We, therefore, direct, as has been done by the Supreme Court, in CIT v. Greaves Cotton and Co. Ltd. 1968 68 ITR 200 and CIT v. Seshasayee Bros. (Travancore) (Pvt.) Ltd. 1976 102 ITR 372 (Ker), that the Tribunal may rehear the appeal and enter a finding on the question posed above and then decide whether the penalty imposed should be maintained or cancelled. We dispose of this reference in the above terms. No costs.
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1977 (10) TMI 4 - CALCUTTA HIGH COURT
Income Escaping Assessment, Reopening Assessment ... ... ... ... ..... he assessee did not make a full and true disclosure before the ITO who made the assessment. On the facts of this case and in view of the recorded reasons and the letters of 15th and 26th February, 1969, we are satisfied that in this case there were materials for the formation of the requisite belief on the part of the ITO for reopening the assessment. In our view, the conditions precedent for taking action under s. 147(a) were satisfied in the instant case. In view of the said letter dated 26th February, 1969, we are also unable to accept the appellant s other contention, viz., sanction was not properly given by the CIT. In our view, the learned judge of the court of first instance came to a correct finding. We respectfully agree with the finding of the learned judge of the court of first instance as also with the reasoning for his finding. In the aforesaid view of the matter, this appeal fails and it is dismissed. There will be no order as to costs. S. C. GHOSE J.--I agree.
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1977 (10) TMI 3 - RAJASTHAN HIGH COURT
Account Books, Income From Undisclosed Sources, Question Of Law ... ... ... ... ..... 2, as bogus. But no such care was taken. It may also be mentioned here that, in view of the stand taken in the beginning by the assessee that it tried to prove the entry of September 14, 1962, as genuine before the AAC, the burden lay very heavily on it to prove that it was really a bogus entry. At this stage, it is not open to the assessee-firm to say that the Tribunal did not take into consideration the entries of Rs. 20,000 and of Rs. 16,088.77 as counter-balancing the entry of Rs. 36,000, because it was never explained to the Tribunal by anybody on behalf of the assessee in that manner. In these circumstances, it is not open to the assessee now to assert that all the facts were not carefully taken into consideration by the Tribunal. In these circumstances, we do not feel convinced by the argument advanced by the learned counsel for the assessee that any question of law is involved in this case. The reference application under s. 256(2) of the Act is, therefore, rejected.
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1977 (10) TMI 2 - MADRAS HIGH COURT
Business Expenditure ... ... ... ... ..... amalgamation, all the proprietary rights and powers of M/s. Beardsell and Co. as also all their liabilities and duties stand transferred to Mettur Industries Ltd. to be held by the latter in addition to their own. The expenditure has been incurred by M/s. Beardsell and Co. in their capacity as persons carrying on the business with the object of carrying on their business to their advantage. The expenditure could not be stated to have been incurred for acquiring any capital assets of an enduring nature. The expenditure has been incurred with the object of getting more profits and it relates to a period when the assessee-company was carrying on its business. We are, therefore, of the opinion that the Tribunal rightly held that the expenditure was revenue in character and should have been allowed by the assessing authority. We, accordingly, answer the question referred to us against the revenue and in favour of the assessees. The assessees will have the costs of this reference.
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1977 (10) TMI 1 - GUJARAT HIGH COURT
Appeal To Tribunal, Capital Employed, New Industrial Undertaking, Tax Holiday For New Industrial Undertaking
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