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Showing 61 to 80 of 213 Records

• 1982 (7) TMI 154
  
  Private Company, Supreme Court, Wealth Tax ... ... ... ... ..... ccording to the accepted judicial principle from the break-up value and no such discount has been given by the GTO and even the value as computed under the Wealth-tax Rules does not provide for such discount. Therefore, the case goes outside the purview of rule 10(2) and the market value of the shares would have to be determined. When we come to the aspect that it would be the market value of the shares that will have to be determined, then the ratio of the Supreme Court in the c....... + More

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• 1982 (7) TMI 153
  
  Assessment Year, Minor Child, Previous Year, Share Income ... ... ... ... ..... he properties belonged to the HUF for the years under appeal. But as pointed out by the Supreme Court in the case of C. N. Arunachala Mudaliar the intention of the donor has to be gathered from the language of the document along with the surrounding circumstances. In the case of Periakaruppan, the Supreme Court has taken note of the fact that for many years following the gift the assessee had filed returns in the status of an individual in respect of the properties....... + More

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• 1982 (7) TMI 152
  
  ... ... ... ... ..... 3-74 in the case of Smt. T. Venkatasubamma, Vijayawada vs. GTO, G-Ward, Vijayawada. In that case, the Tribunal on similar facts as arising in this appeal, by following the judgment of the Gujarat High Court in the case of CGT, Gujarat-I vs. Chhotalal Mohanlal (1974) 97 ITR 393 (Guj) held that, when minors are admitted to the benefits of partnership, it cannot be said that the adult partners had entered into any transaction with them and, therefore, the provisions of s. 2 (xxiv) (d) would not apply. By respectfully followin....... + More

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• 1982 (7) TMI 151
  
  ... ... ... ... ..... acity of Gopi Ram. At the same time, Gopi Ram rsquo s ownership of F.D. Receipt in Punjab National Bank to the tune of Rs. 10,000 at an earlier, though remote, point of time was not disputed on revenue rsquo s side. Net result is that, at best, present case was one of rejection of assessee rsquo s explanation as to the source of a certain sum. Whereas that aspect could justify inclusion of that sum as assessee rsquo s deemed income in its assessment, that by itself is not sufficient to constitute base of penalty for concea....... + More

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• 1982 (7) TMI 150
  
  Salaries, Perquisite ... ... ... ... ..... ect of the income includible under section 2(24)(iii). Another point to be noticed is that the words used in section 2(24)(iv) are the value of any benefit or perquisite... obtained from a company... . The words obtained from a company would indicate that there must be a legal basis for a benefit or a perquisite. Though the company is not debarred from giving a loan to its employees, the provisions of section 2(24)(iv) can be made applicable only if there is a legal basis for obtaining an interest-fre....... + More

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• 1982 (7) TMI 149
  
  ... ... ... ... ..... nately a fact that it costs quite a large sum of money to come to this Court and this Court has become untouchable and unapproachable by many litigants who cannot afford the large expenses involved in fighting a litigation in this Court. IT is, therefore, all the more necessary that State, which have public accountability in respect of their actions, should not lightly rush to this Court to challenge a judgement of the High Court which is plainly and manifestly correct and drag the opposite party in unnecessary expense, pa....... + More

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• 1982 (7) TMI 148
  
  ... ... ... ... ..... te of or the second valuation report of the Govt. Valuer which is three years after completion of the construction. I am of the view that the second report of the assessees valuer is closer to the completion of the construction of the property, a better guideline than the one adapted by the ITO. I therefore, accept the second valuation report of the assessee rsquo valuer at Rs. 64,275. If I adopt that valuation, the difference between the cost of construction shown by the assessee and the cost of construction as valued by ....... + More

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• 1982 (7) TMI 147
  
  ... ... ... ... ..... asonable cause. 5. That facts stated above in fact show that the assessee made conscious efforts to comply with the provisions of law. This is clear from the returns having been filed within time, albeit with the signature of the Attorney only. The assessee also voluntarily filed the returns on 28th March 1977 when the mistake was discovered. In the case of the assessee in WTA Nos. 238, 239 and 240 of 1975-76, IT Appellate Tribunal, Chandigarh Bench in its order dt. 12th June 1978 considered the delay resulting from simila....... + More

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• 1982 (7) TMI 146
  
  ... ... ... ... ..... ssessment under s. 147 the limitation in respect of the issue only is to be governed as per s. 149 and the assessments are to be framed within limitation provided under s. 153. Since we have annulled the assessment, we are not dealing with the issues pertaining to merit of addition because the same do not survive for consideration and does not call for adjudication. 11. Coming to the assessee s appeals under s. 271(1)(a), the ld. counsel for the assessee has placed his reliance on the case of N. Khan and Brothers, Partap S....... + More

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• 1982 (7) TMI 145
  
  ... ... ... ... ..... Desai vs. Union of India and Ors., has succinctly held that the signing of the proposed order itself is of no significance because what is required to be signed is the forwarding letter which authenticates that the accompaniment to the forwarding letter is the draft of the proposed order of assessment. In the case before us, the forwarding letter was duly signed. It authenticated that the accompanied order was a draft assessment order. The fact that such an order bore the signature of the ITO would not make it a final orde....... + More

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• 1982 (7) TMI 144
  
  ... ... ... ... ..... late authority himself had confirmed the disallowance of extra shift allowance on such items like switch boards and capacitors. Hence there cannot be any grievance against the order of the first appellate authority on this point. It is accordingly confirmed. For the very same reasons and the fact that depreciation has been allowed to the assessee at the general rate, the CIT was not justified in withdrawing extra shift allowance granted by the ITO. 9. To summarise, we hold that the CIT had jurisdiction under s. 263 of the ....... + More

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• 1982 (7) TMI 143
  
  ... ... ... ... ..... eedings held by us as applicable above also finds support from the amendment of law by the insertion of s. 20A to the WT Act by Finance (No. 2) Act, 1980, w.e.f. 1st April, 1980 which specifically provides that any partial partition after 31st Dec., 1978 will not be recognised from the asst. yr. 1980-81. Therefore, there is no reason not to take the view that we have adopted for giving the treatment to the partitioned properties in income-tax and in wealth-tax assessments. 13. We would also like to observe that it is now w....... + More

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• 1982 (7) TMI 142
  
  ... ... ... ... ..... half of the said share was clubbed with the income of the assessee under s. 64 of the IT Act. Since it is nowhere laid down that half of the share income for the A.Y. 1976-77 was to be clubbed with the income of the assessee, the balance amount of share income of the two minor sons, viz. Rs. 20,630 (Rs. 10,563 Rs. 10,087) may also be added back to the taxable income of the assessee. This addition will involve addl. tax demand of Rs. 12,333. From the above details, it is clear that the reassessment proceedings were initiate....... + More

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• 1982 (7) TMI 141
  
  ... ... ... ... ..... r right to legitimate deduction warranted by law as noticed in respect of development rebate reserve in Circular No. 189 dt. 3rd January 1976, we do not find any basis for the view that rectification can be permitted only were there is insufficiency and not where there has been a total omission. If in both cases the rectification was only of a bona fide mistake, there is no justification for coming to two different conclusions as between them. In any view of the matter, the departmental appeal has to be dismissed. 12. Unde....... + More

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• 1982 (7) TMI 140
  
  Investment Allowance ... ... ... ... ..... w as noticed in respect of development rebate reserve in Circular No. 189 dated 3-1-1976. We do not find any basis for the view that rectification can be permitted only where there is insufficiency and not where there has been a total omission. If in both cases the rectification was only of a bona fide mistake, there is no justification for coming to two different conclusions as between them. In any view of the matter, the departmental appeal has to be dismissed. 12. Under the peculiar circumstances i....... + More

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• 1982 (7) TMI 139
  
  Assessment Year, Claim For Depreciation, Dissolution Of Firm, Same Business ... ... ... ... ..... that the assessee right from the first year has not given up the issue. Undoubtedly at one stage it came before the Tribunal but it was never adjudicated on merit as the assessee s appeal was only dismissed for default. The assessee s contention is, therefore, accepted and the ITO is directed to recompute the assessee s claim of depreciation on the basis of actual cost of Rs. 3,80,000 as splitted above, building Rs. 1,50,000, machinery Rs. 1,50,00....... + More

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• 1982 (7) TMI 138
  
  Assessment Order, Reference To IAC ... ... ... ... ..... ble Gujarat High Court in the case of Mrs. Meeraben P. Desai, has succinctly held that the signing of the proposed order itself is of no significance because what is required to be signed is the forwarding letter which authenticates that the accompaniment to the forwarding letter is the draft of the proposed order of assessment. In the case before us, the forwarding letter was duly signed. It authenticated that the accompanied order was a draft assessment order. The fact that such an ord....... + More

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• 1982 (7) TMI 137
  
  Business Loss ... ... ... ... ..... assessee s claim, therefore, was wrongly rejected. The assessee is entitled to claim as ordinary business loss arising account of valuation of the Government and trustee securities at the end of the previous year relevant to each of the assessment years under appeal, This the assessee has done. The assessee has followed this method consistently even in the subsequent assessment years. This is permissible method in law. This is also permissible on account of commercial principles of accountancy in carrying on....... + More

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• 1982 (7) TMI 136
  
  ... ... ... ... ..... were not satisfied. The loan creditor advanced loan to the assessee by cheques and those cheques were honoured by the respective banks. Therefore, we find it difficult to disbelieve about the credit-worthless of the creditor. The loan creditor who confirmed the loan transaction originally, might, to save his own skin, have given different declarations to the Revenue in regard to the genuineness of such loan transaction. The Tribunal, while dealing with the assessee s Wealth-tax appeal for the same assessment year in WTA 81....... + More

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• 1982 (7) TMI 135
  
  Assessment Year, Fixed Assets, General Reserve ... ... ... ... ..... these assets had since been fully depreciated . The amount transferred from revaluation reserve to general reserve was Rs. 78,69,681 equivalent to the amount by which the value of such assets now fully depreciated were written off at the time of devaluation . This being the factual position, we feel that the transfer of the revaluation reserve to general reserve was justified on account of the change in the nature and the quality of the reserve. The reserve to the extent of R....... + More

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