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Showing 101 to 105 of 105 Records
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1977 (7) TMI 5
1922 Act, 1961 Act, Income From Business ... ... ... ... ..... llowing sub-cl. (2) constitutes the objects of the trust and no distinction can be made to the effect that they only partially constitute the objects and partially not. Thus, this contention of Mr. Patil cannot be accepted. Thus, our answer to the question referred is as under The claim of the assessee for the assessment years 1958-59 and 1959-60 under s. 4(3)(i) of the Indian I.T. Act, 1922, and for the assessment years 1962-63 and 1963-64 under s. 11(1) of the I.T. Act, 1961, with reference to income from business carried on by the trust in which certain processes held under trust are exploited, was not proper, while the claim of the assessee for exemption under s. 4(3)(i) of the Indian I.T. Act, 1922, for the assessment years 1960-61 and 1961-62 with reference to income from business carried on by the trust in which certain processes held under trust are exploited was proper. As both the parties have partially succeeded in this reference each party will bear its own costs.
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1977 (7) TMI 4
Agricultural Income, Bad Debt, Money Lending ... ... ... ... ..... he two zarpeshgi deeds were cash advance lease acquired by the assessee on agreeing to pay Rs. 1,000 per annum, and, therefore, the leasehold property was not a security for the loan or debt. This will be so even if the zarpeshgi bond was executed in respect of past consideration, provided that the other considerations for making it a cash advance loan are satisfied-vide Nidha Sah v. Murli Dhar 1903 LR 30 IA 54 ILR 25 All 115 (PC). The finding recorded by the Tribunal, in my opinion, is correct, based as it is on the decision of the Supreme Court in the case of this very assessee. Once it is held that the thika properties were not security for loan, the claim for exemption of the sum of Rs. 29,16,000 as revenue loss or admissible bad debt has to be rejected. The question as reframed has to be answered in the affirmative, in favour of the department and against the assessee. In the circumstances of the case, however, I would make no order as to costs. B. S. SINHA J.--I agree.
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1977 (7) TMI 3
Exemption From Tax, State Warehousing Corporation ... ... ... ... ..... ht from the beginning in s. 80P(ii)(e) where such co-operative societies are given deduction in respect of similar income derived by the co-operative society from the letting of godowns or warehouses for storage, processing or facilitating the marketing of commodities, to the extent of the whole of such income. And even under the earlier corresponding section as well as this section, the co-operative banks would earn that exemption without any trading activity as such. In that view of the matter, the Tribunal was right in holding that this assessee-corporation fulfilled all the three requisites for earning exemption under s. 10(29). In that view of the matter, this reference must be answered in the affirmative, i.e., in favour of the assessee and against the revenue. This reference is accordingly disposed of and the revenue shall pay the costs of the assessee. The other references are accordingly answered and the revenue shall pay the costs of the assessee in each reference.
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1977 (7) TMI 2
Whether, the amount spent by the assessee in purchasing goods for the purpose of resale is expenditure within the meaning of section 40A(3) - question of law - Therefore the Tribunal was directed to refer the case to High Court
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1977 (7) TMI 1
Tribunal has set aside the penalty of ₹ 7,500 levied on the assessee - Tribunal appears to have overlooked the amendment made by Act 5 of 1964 to s. 271 of the I.T. Act, 1961. The word " deliberately ", which occurred in the unamended section, was omitted by the amendment and an Explanation was added to that section which was previously not there - Tribunal should have considered the amendment. However, reference was refused taking overall view of the case
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