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Case Laws
Showing 121 to 140 of 206 Records
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1984 (6) TMI 86
Average Rate Of Tax, Capital Gains Tax, Estate Duty ... ... ... ... ..... respect of probate fees on the basis of the gross duty payable. This ground is misconceived and does not arise out of the order of the Controller. 13. The second and the last ground in this appeal is 2. On the facts and the in circumstances of the case and in law, the learned Appellate Controller-cum-Commissioner of Income-tax (Appeals) has erred in directing the Assistant Controller to allow the relief under section 50B in respect of capital gains tax paid on the basis of actual capital gains tax payable and not on the basis of net average rate of tax. This is the same ground that we have considered in the departmental appeal ED Appeal No. 50 (Bom.) of 1983 . For reasons given therein, we uphold the order of the Controller. 14. In the result, the accountable person s appeal ED Appeal No. 46 (Bom.) of 1983 is dismissed, the departmental appeal ED Appeal No. 50 (Bom.) of 1983 is partly allowed and the other departmental appeal ED Appeal No. 51 (Bom.) of 1983 is also dismissed.
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1984 (6) TMI 85
Capital Loss ... ... ... ... ..... idance the three consecutive decisions of a High Court, though not of the Bombay High Court, on the issue whether consideration was necessary in the case of an extinguishment of right in such a case. In our opinion, our decision is obvious in view of the decision of the Bombay High Court the case of CIT v. Smt. Godavaridevi Saraf 1978 113 ITR 589, wherein the learned Judges of the Bombay High Court, have held that an authority like the Tribunal, acting anywhere in the country, has to respect the law laid down by a High Court, though of a different State, so long as there was no contrary decision of any other High Court on that question. Admittedly, as of today, we have no decision contrary to the three Gujarat High Court decisions brought to our notice on behalf of the revenue. In the circumstances, we see no alternative but to reverse the order of the Commissioner (Appeals) and restore the order of the ITO. 5. In the result, the appeal filed by the revenue is hereby allowed.
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1984 (6) TMI 84
House Property ... ... ... ... ..... sition to substantiate his argument by any judicial authority, whereas the learned counsel for the accountable persons has been able to support his arguments by two learned commentators to the effect that what was necessary was that the property should be used exclusively for residence. It was not necessary that the property should have been used for the exclusive residence of the deceased. If such a restrictive meaning was placed on the clause, even if the deceased resided in the property with his wife and children, the accountable person would be denied the relief under section 33(1)(n). This certainly could not have been the intention of the Legislature. In our opinion, the orders of the lower authorities require to be reversed. They are, accordingly, reversed. The relief will be granted to the accountable persons in respect of the value of the one-fourth share in the property at Baroda used by the deceased for his residence. 4. In the result, the appeal is partly allowed.
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1984 (6) TMI 83
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... ... ..... her materials such as boulders etc. and in order to reach the sea-bed the harder areas are to be negotiated and this is not something more than negotiating the water surface above the harder layers. In order to scoup out the sand to the surface dredgers are used only to separate it from other things. This process, as rightly pointed by Shri Joy, the departmental representative, is nothing more than separating the chaff from the grain. There is no manufacturing of any product out of something else. The sand is brought up to the surface in the very form it is found after extricating the same from other harder portions beneath the water column. The sand is not manufactured at all for it is found in the very form at the rock bottom of the sea. 5. We agree with the view of both the ITO and the IAC in concluding that there is no manufacturing of sand by the appellant to become entitled to the benefit of s. 80J. 6. In the result, we dismiss the appeal and it is accordingly ordered.
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1984 (6) TMI 82
Appellate Tribunal ... ... ... ... ..... siness so re-established, reconstructed or revived continues to be carried on by the assessee, be carried forward to the following assessment year and so on for seven assessment years immediately succeeding. 4. According to us, such situation, whatever may be in the mind of the assessee, should not be allowed to become agitational issues by the Tribunal. If we are to believe the assessee, then we must also presume that the statutory enactments are not followed by the revenue authorities intentionally to cause inconvenience to the taxpayers, a presumption we are not prepared to make. 5. Apprehensions if aired and are adjudicated shall lead to absurd results. Holding that there is no valid cause of action for the present appeal, there being no adverse finding against the assessee from which any grievance could be made and it being a well settled law that observations of the tax authorities in a given assessment year are not binding for future assessments, we dismiss the appeal.
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1984 (6) TMI 81
Expenditure Incurred ... ... ... ... ..... be advertised. That is exactly what is done in the booklets printed and distributed by the assessee. We have perused some of them which had been placed before us for inspection. We find from the records that these booklets had been placed before the ITO also for inspection. They described the research of the experiments conducted in the course of the tests on these chemicals and drugs and side effects and consequences noted by its applications. Each book draws its conclusion recording the advocacy of applying these products for the various diseases. It, therefore, carries out the twin object of an advertisement as well as a journal. It informs the persons concerned as to the historical background of the product and at the same time it imparts information regarding the usefulness of the product. We are, therefore, satisfied that these printed matters could be considered as journals for the purpose of section 37(3B). 9. In the result, the assessee s appeals would stand allowed.
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1984 (6) TMI 80
Retrospective Effect, Tax At Source ... ... ... ... ..... before the ITO at the relevant time that the assessee was an agent of the non-resident. The assessee by its conduct represented to the ITO that it was not the agent and that it was liable to deduct tax under section 195. In the circumstances, the assessee was not entitled to assert a subsequent stage that the assessee was an agent of the non-resident. As already stated, the said question was a mixed question of law and fact and that question cannot be investigated at the appellate stage. 22. It may be mentioned here that it was expressly stated on behalf of the assessee that the assessee did not want the refund of tax paid under section 195. It is only in respect of liability to pay interest that the assessee wanted to raise the above point. The said point, in our opinion, cannot be raised in the circumstances of the present case. 23. For the reasons given above, there is no ground to interfere in the orders passed by the lower authorities. The appeal fails and is dismissed.
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1984 (6) TMI 79
Industrial Undertaking, Profits And Gains ... ... ... ... ..... s such as boulders, etc., and in order to reach the sea bed the harder areas are to be negotiated and this is not something more than negotiating the water surface above the harder layers. In order to scoop out the sand to the surface dredgers are used only to separate it from other things. This process, as rightly pointed out by Shri Joy, the departmental representative, is nothing more than separating the chaff from the grain. There is no manufacturing of any product out of something else. The sand is brought up to the surface in the very form it is found after extricating the same from other harder portions beneath the water column. The sand is not manufactured at all for it is found in the very form at the rock bottom of the sea. 5. We agree with the view of both the ITO and the IAC in concluding that there is no manufacturing of sand by the appellant to become entitled to the benefit of section 80J. 6. In the result, we dismiss the appeal and it is, accordingly, ordered.
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1984 (6) TMI 78
Assessment Year, Fair Market Value, Immovable Property, Income Tax Act, Law Applicable, Movable Property, Net Wealth, Rental Income, Reversionary Value, So Included, Valuation Date, Valuation Officer, Wealth Tax Act
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1984 (6) TMI 77
Assessment Order, Business Connection, Commission Payment, Development Allowance, Weighted Deduction
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1984 (6) TMI 76
High Court, Lease Rent, Rate Purpose, Rental Income ... ... ... ... ..... ent of a completed assessment was absent in that case so as to enable him to have recourse to section 155. In Nem Kumar Jain s case, the ITO had repeatedly omitted to assess the wife s share of income in the firm in which she was also a partner. In these circumstances it was held that section 155 was not available to the ITO for rectifying the lapse. In Balkishan Bhatia s case, the ITO by means of section 155 sought to rectify his earlier lapse in not treating the assessee s share income from a firm as unearned income. It is, therefore, clear that none of these decisions are applicable to the facts of this case. We are satisfied that all the ingredients required for the rectification of the assessment of the member under section 155(2) are present and, therefore, the ITO s assumption of jurisdiction under this section is quite in order. We, accordingly, set aside the order of the Commissioner (Appeals) in this behalf. 8. In the result, the appeal of the department is allowed.
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1984 (6) TMI 75
A Firm, Assessment Of Income ... ... ... ... ..... under section 171 recognising the partition, the income from the partitioned property cannot be included in the hands of the HUF. 11. The decision in the case of Juggilal Kamlapat v. CIT 1969 73 ITR 702 (SC) referred to by the Commissioner has no application to the facts of the instant case. 12. Thus, on a careful consideration of the entire facts, we hold that there was a valid partition. The ITO has recognised the partition as per his order dated 24-12-1979. As long as that order is not cancelled, it holds good. The entries in the names of the members in the books of the HUF support the partition. The memorandum of partial partition evidences the partition. Thus, the ITO was perfectly justified in completing the assessments on the basis of the partition. The Commissioner was wrong in invoking the provisions of section 263 and directing the ITO to modify the assessments. We cancel the orders of the Commissioner in all these years. 13. In the result, the appeals are allowed.
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1984 (6) TMI 74
Unquoted Shares ... ... ... ... ..... tomatically go down by the same amount. We do not find anything in rule 1D which prohibits adjustments of an obvious nature. If adjustment to the balance sheet could be made by disallowing the liability of Rs. 86,04,384 as a non-existent liability, on the same reasoning a corresponding adjustment to the value of the asset as indicated in the balance sheet can also be made. Hence, in conformity with our decision in IT Appeal Nos. 548 and 549(PN) of 1980, we have to hold that there was no liability on the part of the assessee to pay customs duty of Rs. 86,04,384 and also hold that the value of the corresponding asset, S.S. Sanjeevani, was Rs. 3,03,37,857 minus Rs. 86,04,384. Working out the break-up value of the shares in conformity with the above adjustment to the balance sheet would bring it on par with the value worked out by the assessees. In the result, it is not necessary to modify the order of the Commissioner (Appeals). 6. The appeals filed by the revenue are dismissed.
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1984 (6) TMI 73
Interest Income, Minor Child ... ... ... ... ..... 1981, dated 12-8-1982 that the matter should be restored back to the ITO with a view to enable him to complete the same in accordance with the directions of the Tribunal in its order referred to earlier. The directions referred to in the earlier order are as under The same issue had come up before the Tribunal in IT Appeal No. 392 (Bang.) of 1978-79 and the Tribunal in its order dated 18th August, 1979 upheld the contention of the revenue. Following that order, we accept the contention raised by the revenue that section 13(1)(c) is applicable to the case of the assessee. 3. However, it is seen that the provisions of section 13(4) have not been considered by the Income-tax Officer to determine the quantum of exemption available to the assessee under that section ..... We, therefore, restore the matter back to the ITO s record to enable him to dispose of the case in the light of the above-mentioned directions of the Tribunal. 7. In the result, the appeal is treated as allowed.
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1984 (6) TMI 72
Interest Income, Minor Child ... ... ... ... ..... s constituted at the time of making the declaration. It is those partners who would be adversely affected in consequence of non-continuance of registration. In our view, the above ratio squarely applies to the instant case. In the instant case, partners constituted at the time of filing declaration in Form No. 12 have signed the application. They would be affected in consequence of non-continuation of registration. Since Shamsunder was no longer a partner when the application in Form No. 12 was filed, he did not sign the application. There is no justification to refuse continuance of registration on the ground that he has not signed the application in Form No. 12 as it is the subsisting partners at the time of filing application in Form No. 12 who have to sign the said application and they have signed. So, the assessee will be entitled for continuation of registration. Thus, we direct the IAC to grant registration to the assessee-firm. 4. In the result, the appeal is allowed.
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1984 (6) TMI 71
Advance Tax, Levy Of Penalty ... ... ... ... ..... cribed by the statute. On the facts and in the circumstances of the three cases in hand what else it is but a case of mere technical or venial breach of the provisions of law ? The object of inserting section 209A(1) was to ensure that an assessee already assessed also voluntarily calculated and paid the advance tax due. The assessee had paid advance tax due for first instalment and had merely failed to file the statement. Later on the assessee filed two estimates on account of increase in income liable to advance tax. In these circumstances, we see no justification on the part of the ITO to invoke the penal provisions of section 273(1)(b), therefore, the penalties imposed in all the three cases are unwarranted and for this reasoning have to be held to be rightly cancelled by the AAC. It is unnecessary to go into second part of the revenue s ground of appeal No. 1 for the purpose of disposal of these appeals. 4. In the result, the appeal of the revenue fails and is dismissed.
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1984 (6) TMI 70
Penalty For Concealment of Income ... ... ... ... ..... tatives for the parties to address us on merits of the respective cases. But on further thinking, we are of the opinion that we should not decide the cases on merits, as we are the final fact-finding authority and that there should be on the record finding of the Commissioner (Appeals) after considering the effect of the Explanation both before and after its amendment on the facts of the case as contended by the departmental representative. So, with reluctance we have come to the conclusion that the matter in dispute in all the appeals should be restored to the file of the Commissioner (Appeals) for decision afresh. We set aside the order of the Commissioner (Appeals) and direct him accordingly. During the re-hearing before the Commissioner (Appeals) the parties will be entitled to raise all the points that were urged before us except the point of application of the Explanation before and after its amendment as decided by us. 8. As a result, all the three appeals are allowed.
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1984 (6) TMI 69
Assessment Year, Deduction Of Bad Debt ... ... ... ... ..... (iv) below enabling the assessee to invoke, even in such a case, the provisions for rectification with a special time limit will be useful here also. From the above, it will appear that the assessee will normally have to seek his remedy by way of revision before the Commissioner. An application under section 154 can also lie before the ITO if it does not involve investigation of the facts and the mistake can be treated as apparent from the record. In the present case, the ITO has rightly pointed out that it was not established before him that the debts in question had actually become bad in the assessment year 1973-74. This thing has to be established by the assessee, which cannot be done within the scope of section 154. The assessee, therefore, must fail under the above section. We are, of course confident that the department will otherwise consider its case sympathetically if so approached under the relevant provisions of the Act. 6. In the result, the appeal is dismissed.
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1984 (6) TMI 68
Interest Income, Minor Child ... ... ... ... ..... case justified the conclusion that the interest was earned by a minor on the deposit made by him, the same could not be included in the income of the father under section 64. In the present case, the partnership deed dated 1-4-1978 clearly stated that the amount brought in by the minors including Vandana Kapoor and their share of profit credited to their accounts in the firm were to be treated as deposits. Such interest could not, therefore, be included in the assessment of the assessee under section 64(1)(iii). The above findings are also supported by the decision of the Allahabad High Court in the case of Smt. Triveni Devi. 15. In the result, while the assessee s appeal for the assessment year 1978-79 is allowed, those by the department for the assessment years 1979-80 and 1980-81 are dismissed. The assessee s appeals for the assessment years 1979-80 and 1980-81 having been infructuous in view of the order of the AAC passed under section 154 on 14-3-1983 are also dismissed.
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1984 (6) TMI 67
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... ... ..... is mainly a trading concern which manufactures or produces no goods and articles for the purpose of allowance under s. 32A of the Act. Accordingly, we hold that if a company is running the business of hotel and therein preparing eatable goods or articles to provide to the clients then such company is neither industrial undertaking nor industrial company which manufactures or produces goods and articles as to be produced or manufactured for the purpose of claim under s. 32A of the Act. Therefore, we further hold that the assessee is not entitled to allowance under s. 32A on the assets installed in the hotel valuing Rs. 82,276 hence we reject the contention of the ld. counsel for the assessee since these are not well-founded. The Commissioner (A) has acted accordingly and thereby confirmed the order of the ITO for the disallowance of the claim of the assessee for investment allowance under s. 32A of the Act and as such we confirm it. 6. In the result, the appeal is dismissed.
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