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Showing 21 to 40 of 213 Records

• 1982 (7) TMI 252
  
  ... ... ... ... ..... ion. 3.. This Court in Commissioner of Sales Tax, M.P. v. Truel Tubes 1980 46 STC 473 and Commissioner of Sales Tax v. lisco Stanton Pipe and Foundry Co. Lid., Ujjain (M.C.C. No. 94 of 1980 decided on 3rd July, 1981) 1982 50 STC 207 has held that pipes which are not used for sanitary fittings would not be taxable under entry 56, Part II of Schedule II appended to the M.P. General Sales Tax Act, 1958. In the instant case the Tribunal had already remanded the case for proper enquiry about the use of the cement pipes sold by ....... + More

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• 1982 (7) TMI 251
  
  Directors, etc. not to hold place of profit ... ... ... ... ..... ond respondent is concerned, there is violation of section 314(1)(a) of the Act. Now, turning to the third respondent, I must hold that here also, the applicant has no case. I have already held that section 314(1)(a) does not apply to a relative of any ordinary sitting director holding any office or place of profit carrying even a monthly remuneration of Rs. 500 and more but applies to the relative of a director who holds any office or place of profit. In this case, the applican....... + More

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• 1982 (7) TMI 242
  
  Compromise and arrangement ... ... ... ... ..... nd it is scheduled for today. Mr. Chinoy also drew my attention to a decision of this court in Laljibhai C. Kapadia v. Lalji B. Desai 1973 43 Comp. Cas. 17 1972 74 Bom. LR 85, which, inter alia, dealt with the question of the validity of a requisition when the explanatory statement accompanying the requisition was lacking in material particulars. I am not concerned with this aspect of the matter at present. I am prima facie of the view that once the members of the company have approved of the sc....... + More

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• 1982 (7) TMI 241
  
  Winding up – Fraudulent preference ... ... ... ... ..... No. 128 of 1977 are required to be rejected. It is contended that the Indian Overseas Bank has been described as a preferential creditor. This does not appear to be the correct position. In any event, the transaction between the bank and the company in liquidation was a transaction against the hypothecation of the machinery and in that position, if it was a secured creditor and it ceased to be the secured creditor the moment the pledged machineries were redeemed by the mode of pledging t....... + More

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• 1982 (7) TMI 227
  
  Winding up – Powers of tribunal on hearing petition, Fraudulent preference ... ... ... ... ..... itioners. This is a case of a winding-up and in the event of an order of winding-up being made the order is to take effect from the date of the presentation of the petition. The payments made by the company to the petitioners are during the pendency of the petition and, therefore, the payments are not antecedent to the winding-up but made during the course of the winding-up proceedings. The court has, therefore, jurisdiction to pass order for depos....... + More

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• 1982 (7) TMI 219
  
  Capital Gains, Profit On Sale ... ... ... ... ..... separate houses. Each is separately let and separately occupied, and has no connection with those above or below except in so far as it may derive support from those below instead of from the ground, as in the case of ordinary houses (Per Jessel M.R., Yorkshire Insurance v. Clayton 8 QBD 424, cited with approval by Halsbury C., and Lord Brampton, in Grant v. Langston). 30. Therefore, on limited point, i.e., ground no. 2, we set aside the orders of the authorities below and restore the matter ....... + More

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• 1982 (7) TMI 216
  
  ... ... ... ... ..... Court or Allahabad cited by the ld. Deptl. Rep., we are inclined to follow the later ruling of the Hon ble High Court of Delhi which was given after considering the earlier rulings on this issue, including the ruling of the Hon ble High Court of Allahabad cited by the ld. Deptl. Rep. We, therefore, hold that while no appeal lies against the charge of interest alone, it is open to an assessee in an appeal filed on other grounds as well to object to the charge of interest also in the appeal filed. Viewed in this context, it ....... + More

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• 1982 (7) TMI 214
  
  ... ... ... ... ..... enue. This is clear from the portion of his order reproduced by us and also the portion. 6. It is also a moot point whether the newly constructed building, when sold along with the old plot on which it was constructed, the nature of the capital gains will have to be determined with reference to the date of construction of the building. Obviously in a case like this the building cannot be sold without the land. If the building is new, is it possible to say that the appurtenant land also has to be considered as a new acquisi....... + More

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• 1982 (7) TMI 211
  
  Deemed Gift, Textile Mill ... ... ... ... ..... t of succession or having a claim to a share in the property in dispute. The assessee is, therefore, entitled to succeed merely on the ground that it is a bona fide family arrangement. In this view, it is not necessary to go into the merits of different valuations placed by GTO and the AAC in any detail since even as concluded in the immediately preceding paragraph, valuation being subjective, the variations as between assessee and revenue are not such as to warrant an inference of gift in the fa....... + More

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• 1982 (7) TMI 209
  
  ... ... ... ... ..... o us that the revenue cannot take an inconsistent stand between the two enactments only on the ground that there would be a fiction in respect of the IT Act whereas the GT Act would be applied without regard to such a fiction. In our considered opinion, the fiction created by applying s. 171 of the IT Act cannot be ignored for the purpose of the GT Act and the transaction has to be considered in the light of the treatment of the asset for the purpose of the IT Act and WT Act. Since the asset in question is treated as belon....... + More

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• 1982 (7) TMI 208
  
  ... ... ... ... ..... of the IT return could not be taken as a reasonable cause for failure to file the WT return in time. But, we are unable to accept this contention because apart from the decision of the Madras High Court, the proviso to s. 14(1) also enables the assessee to file the WT return during the time allowed for filing the it return, thus recognising the statutory principle behind the decision of the Madras High Court. The WT Act, therefore, does not prescribe the imposition of penalty in the case of delay in filing the WT return if....... + More

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• 1982 (7) TMI 205
  
  Approved Gratuity Fund ... ... ... ... ..... n 8-12-1977 as against the imaginary dead-line of 31-3-1977 set by the revenue. Our decision also accords with the view of the Special Bench, Madras Bench C , in the case of ITO v. Sri Krishna Tiles and Potteries (Madras) (P.) Ltd. 1982 1 SOT 305 though the issue in that case related to the question of incremental vis-a-vis initial liability. In the said decision it was pointed out that rule 2 of part C of Schedule IV of the Act enables the Commissioner to withdraw the approval already granted to a ....... + More

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• 1982 (7) TMI 204
  
  Delay In Filing Wealth Tax Return, Income Tax Return, Late Filing, Reasonable Cause ... ... ... ... ..... are unable to accept this contention because apart from the decision of the Madras High Court, in Babulal s case, the proviso to section 14(1) of the Act also enables the assessee to file the wealth-tax return during the time allowed for filing the income-tax return, thus recognising the statutory principle behind the decision of the Madras High Court in Babulal s case. The Act, therefore, does not prescribe the imposition of penalty in th....... + More

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• 1982 (7) TMI 203
  
  Gift Tax, House Property, Income Tax Proceedings ... ... ... ... ..... n 21 of the Wealth-tax Act. It seems to us that the revenue cannot take an inconsistent stand between the two enactments only on the ground that there would be a fiction in respect of the Act whereas the Gift-tax Act would be applied without regard to such a fiction. In our considered opinion, the fiction created by applying section 171 cannot be ignored for the purpose of the Gift-tax Act and the transaction has to be considered in the light of the treatment of the asset f....... + More

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• 1982 (7) TMI 196
  
  ... ... ... ... ..... uld confine his claim to reduction of quantum of penalty with reference to the extended time given by the ITO to file the return in response to the notice under s. 148. It is pointed out that the assessee had been allowed time to file the return up to 22nd Dec., 1976 and the assessment was made on 14th Feb., 1977 and the period involved in terms of completed months is only one month and therefore the penalty should be reduced accordingly. The de. rep. had no arguments to make except relying on the orders of the departmenta....... + More

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• 1982 (7) TMI 193
  
  Discretionary Trust, Flat Rate ... ... ... ... ..... ence to clause (i) of section 164(1) under the option available to it (sic), because as we have already pointed out, in the present case, the revenue has adopted the alternative flat rate of 65 per cent. It is possible that even in the case of the same assessee the revenue may find it necessary in some of the years to adopt the rate provided by the option in clause (i), in which case different considerations may arise and possibly the revenue s stand may be vindicated having regard to the co....... + More

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• 1982 (7) TMI 192
  
  Accumulated Profits, Partnership Deed, The Constitution ... ... ... ... ..... the wakfs created prior to it. It is, therefore, not correct for the department to contend that the wakf would take effect only from the date of registration and not from any earlier point of time. According to us, on a consideration of the facts and circumstances in this case, the creation of the wakf by the assessee in 1947 is evidenced by the deed dated 30-9-1965, which is long before the relevant previous years. This is not to say that the wakf came into existenc....... + More

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• 1982 (7) TMI 187
  
  ... ... ... ... ..... case. In that case the donor was a resident but not ordinarily resident person. He obtained drafts in U.S.A. where he was residing in favour of his father in Salem with a direction that the amount should be handed over to his brothers. It was held that the property gifted was money in American currency and delivery of the gifted property took place in America when the assessee obtained drafts from the American Banks. We consider that the position obtaining in the case before us is similar, fixed deposits are property situa....... + More

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• 1982 (7) TMI 186
  
  ... ... ... ... ..... ment has in the case of CIT vs. M.N. Rajam (1982) 31 CTR (Mad) 85 (9182) 133 ITR 75(Mad) pointed out that a house property can be brought within the charge to the extent that its value exceeds Rs. 1 lakh and therefore it could not be asserted that it is a property in respect of which wealth-tax is not chargeable and consequently the entire loan outstanding in respect of that property could be deducted. A perusal of the form prescribed under the ED Act reveals that the revenue has understood the scope of the proviso to s.44....... + More

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• 1982 (7) TMI 185
  
  ... ... ... ... ..... ) on this point must therefore be reversed. 6. The assessee has pleaded for fresh opportunity to argue the merits of the appeal before the CIT(A). It was submitted that the Authorised Representative who appeared is no more and the assessee apprehends that because the appeal was allowed on a question of jurisdiction, all the aspects of the merits of the case might not have been presented properly. As an instance, it is pointed out that the question whether the inflation in the cash balance on the first day of the previous y....... + More

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