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Case Laws
Showing 81 to 100 of 255 Records
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1984 (8) TMI 241 - HIGH COURT OF KARNATAKA
Winding up - Inspection of books and papers by creditors and contributories ... ... ... ... ..... eged against them. In that sense, the court has to take a liberal view and should not shut out the defence open to the respondents merely on technical grounds. If inspection of the books and records mentioned in Appendix I to the auditors report is not sufficient and if to the knowledge of the applicants in Company Application No. 244 of 1984, there are other books and records in possession of the official liquidator, they may specify those books and records for being summoned to the court at the appropriate stage. Subject to the above, the official liquidator shall give inspection of the books and records mentioned in Appendix I during office hours in the presence of his officials any time hereafter to the counsel for the applicants or other authorised agents of the applicants. Call Company Application No. 245 of 1983 two weeks hence. If the inspection is not over and the written statement ready for the respondents in C.A.No. 245 of 1983, they may pray for extension of time.
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1984 (8) TMI 240 - HIGH COURT OF BOMBAY
Winding up - Company when deemed unable to pay its debts ... ... ... ... ..... davits could not be disputed. Such an amendment, in our view, therefore, could not be rejected on the ground that the petitioner company was introducing thereby a new cause of action or on the ground that the company s right to appeal against the order admitting the petition on that ground was lost. In our view, therefore, under the circumstances of this case, the amendment should be allowed. The result, therefore, is that the appeal is allowed. The order of the learned judge is set aside. The petitioner company is allowed to amend the petition in terms of prayer (a) to the petitioners Application No. 170 of 1982 in Company Petition No. 221 of 1977. Amendment to be carried out within six weeks from today. Liberty to the company to file affidavit in reply to the amendment if so advised. Under the circumstances, there would be no order as to costs. Oral application by the learned counsel for the company in Appeal No. 84 of 1983 for leave to appeal to the Supreme Court rejected.
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1984 (8) TMI 214 - CEGAT, NEW DELHI
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... ... ..... 28-4-1984 but the Assistant Collector of Central Excise, Calcutta actually filed the application on 18-5-1984 which was received in the Registry on 24-5-1984. No explanation for this delay has been offered either by the Assistant Collector of Central Excise or Collector or on his behalf. Shri Kunhikrishnan stated that in similar cases, the Tribunal has heard, if such an order has a relation to the rate of duty, even though the order itself may have been based on any preliminary point like time bar. In such cases, the Tribunal is deemed to have dealt with all the relevant points raised before it in the case. Shri R.R. Gupta also cited the case of Commissioner of Income Tax v. Scindia Steam Navigation Co. reported in AIR 1961 (Supreme Court) 1633 and the case of M/s. Jute Co. Ltd., Calcutta v. Collector of Central Excise, Calcutta reported in 1984 (16) E.L.T. 640. In the light of these decisions, the Bench consider that the reference application is misconceived and is rejected.
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1984 (8) TMI 213 - CEGAT, NEW DELHI .
Value of clearances ... ... ... ... ..... it should be considered as an industrial unit. The separate Central Excise Licences have been obtained for both the units. The mere fact that oil an earlier occasion both the units were projected as a composite entity will not avail, in the face of the interpretation given to an industrial unit under the judgment of the Hon rsquo ble Bombay High Court. The Swastika Metal Works and the Swastika Metal Works (Utensils Division) are two different industrial units. The value of the plant and machinery in Utensils Division which is less than three lakhs should alone be taken into consideration to arrive at the value of the plant and machinery for accord of the benefits of the exemption notification. 6. emsp In the view taken by us, the other points taken by the learned Counsel of the appellants in respect of applicability of Section 11A, show cause notice being issued by the Additional Collector do not arise. 7. emsp The appeal is therefore allowed and the impugned order set aside.
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1984 (8) TMI 210 - MADRAS HIGH COURT
Confiscation ... ... ... ... ..... from 20-6-1979 and the petitioners could not be deprived of the arguments which were available to them prior to the coming into force of the Forty-fourth Amendment. But the argument itself lacks substance. The ownership, possession, custody or control of primary gold after the commencement of the Act, save as otherwise provided in the Act itself, will make such possession illegal and hence it comes within the action of confiscation contemplated under Section 71(1) of the Act. Primary gold in such a contingency ceases to have the qualities and adjuncts of ldquo property rdquo and it becomes a contraband. Confiscation of contraband will not come within the mischief of the erstwhile constitutional provisions relating to right to property. I find that a similar view has also been expressed by the Bench of the High Court of Delhi in the decision referred to above. For all these reasons, the writ petitions fail and the same are dismissed with costs. Counsel rsquo s fee, Rs. 1,000.
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1984 (8) TMI 207 - CEGAT, NEW DELHI
Manufacture - Asbestos fluff obtained from asbestos rock by crushing, pulverising and sieving
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1984 (8) TMI 203 - MADRAS HIGH COURT
Gold - Confiscation of gold valid ... ... ... ... ..... from 20-6-1979 and the petitioners could not be deprived of the arguments which were available to them prior to the coming into force of the Forty Fourth Amendment. But the argument itself lacks substance. The ownership, possession, custody or control of primary gold after the commencement of the Act, save as otherwise provided in the Act itself, will make such possession illegal and hence it comes within the action of confiscation contemplated under Section 71 (1) of the Act. Primary Gold in such a contingency ceases to have the qualities and adjuncts of lsquo property rsquo and it becomes a contraband. Confiscation of contraband will not come within the mischief of the erstwhile constitutional provisions relating to right to property. I find that a similar view has also been expressed by the Bench of the High Court of Delhi in the decision referred to above. For all these reasons, the writ petitions fail and the same are dismissed with costs. Counsel rsquo s fee Rs. 1000/-.
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1984 (8) TMI 200 - KARNATAKA HIGH COURT
Foreign exchange - Seizure and penalty not maintainable, if dealings in foreign exchange of foreign national not proved
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1984 (8) TMI 197 - ITAT PATNA
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... ... ..... y would wait for 8 months in respect of goods supplied after purchasing from market. He, therefore concluded that the transaction was not genuine and accordingly he included a sum of Rs. 5,200 in the income of the assessee. On appeal, the AAC confirmed the addition and it is true that the assessee did not prefer any appeal against that order. The confirmation of addition in the quantum appeal is not sufficient to levy or confirm the penalty and the AAC was perfectly correct in his conclusion. The department has to establish something more that there was deliberated concealment on the part of the assessee and the assessee concealed particulars of income with dishonest intention. We find that the department has not discharged its onus. Therefore, the AAC was perfectly justified in cancelling the penalty. Having considered the entire facts and circumstances of the case, we accordingly of the case, we accordingly confirm the finding of the AAC and dismiss the departmental appeal.
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1984 (8) TMI 196 - ITAT PATNA
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... ... ..... the submissions made by the parties concerned, we are of the opinion that the AAC s order does not require any interference for the simple reason that the order is based on the report of an expert that was submitted before him by the assessee. It has been pointed out by the assessee s ld. Counsel that for the asst. yr. 1981-82 the WTO accepted the value shown at Rs. 2,63,847 based on the same approved valuer s report. In our opinion, it is of no consequence whether the WTO or the AAC considered the approved valuer s report inasmuch as none of the authorities can legally discard an expert s opinion without obtaining another opinion from an expert. In the circumstances of the case, the AAC having considered the valuer s report as on the valuation dates relevant for the asst. yrs. 1977-78 to 1980-81, we do not find any ground to interfere with AAC s order in this regard. The AAC s order is, accordingly, upheld. 5. The departmental appeals and the cross objections are dismissed.
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1984 (8) TMI 195 - ITAT PATNA
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... ... ..... 131 but he has not done so. The AAC placed reliance on the earlier decision of the Tribunal of Jabalpur Bench and considered prevailing circumstances of the case. The authorised representative also referred to the ratio of the case of Sri Brijmohan Singh vs. Priya Brata Narayan Singh AIR 1965 (SC) 282. This decision of Hon ble Supreme Court is in all force in this case. On consideration of the facts and circumstances of the case we find that it is a general practice that the age of students are falsely recorded in school so that later in life he would have an advantage. Therefore, the AAC was perfectly justified in drawing a conclusion that the date mentioned in the school certificate cannot be taken to be conclusive. We accordingly are of the opinion that the ITO was not justified in rejecting the application of the assessee for grant of registration. The order of the AAC in our opinion is in order and no interference is called for. 6. In the result, the appeal is dismissed.
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1984 (8) TMI 194 - ITAT PATNA
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... ... ..... transfer of the land, namely, 27th May, 1976 when possession was taken over by the N.M.C.H. The affidavits filed have gone unchallenged and thus the facts stated in those affidavits stand proved and this cannot be challenged by the Department now. We are also of the opinion that the discriminatory treatment given by the Department to the assessee vis-a-vis/ his brother is unjust and shows that the Department is not at all sure of its stand and has not cared to see that likes are treated alike. Thus an important principle of justice has been infringed. 9. In our opinion, as per reasons and facts mentioned above the land sold was used for purposes of agriculture in two years immediately preceding the date of transfer of the land. The conditions for exemption mentioned in s. 54(B) (1) are satisfied. In our opinion, the assessee is entitled to the relief given under s. 54(B)(1) of the IT Act. The order of the CIT (A) is, thus, over-ruled and the appeal of the assessee is allowed.
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1984 (8) TMI 193 - ITAT PATNA
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... ... ..... s. CIT (1980) 18 CTR (Mad) 66 (1981) 127 ITR 397 (Mad) (ii) CIT vs. London Machinery Co. (1979) 10 CTR (All) 301 (1979) 117 ITR 111 (All) (iii) Sanghi Motors vs. CIT (1982) 29 CTR (Del) 182 (1982) 135 ITR 359 (Del) (iv) Jalam Chand Mangilal vs. CIT (1982) 11 Taxman 131 (MP) (v) Decision of ITAT, Special Bench in ITO vs. Gujjarmal Amrit Lal reported at (1983)3 SOT 495 (Del) (SB) (vi) Decision of Special Bench, ITAT reported at Ramkarandas Jagannath vs. ITO (1983) 3 SOT 13 (Del) (SB). The above issue is also fully covered by the order of this Bench dt. 8th March, 1984 passed in I.T.A. No. 828 (Pat) of 1982 (asst. yr. 1977-78). Following the said decision of this Bench and also the decisions mentioned above, we hold that the interest paid to the individual as also salary paid to the individual according to the terms of the partnership deed as partner was correctly disallowed under s. 40 (b) of the IT Act. The disallowance is confirmed and the appeal of the assessee is dismissed.
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1984 (8) TMI 192 - ITAT PATNA
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... ... ..... ur opinion, though the loan agreement was not registered it was an agreement on a stamped paper and clearly showed all the facts including the identity and where abouts of the creditor. It could not be brushed aside as being no evidence at all by the Departmental authorities. The Departmental authorities did not take any step to issue summons to the alleged creditor or to verify the actual facts by any enquiry. The loan agreement was atleast a confirmation of the loan given by the assessee rsquo s brother to the assessee. After producing the loan agreement the initial onus of the assessee was discharged. The ITO was not justified in adding this amount without making any other enquiry and without summoning the creditor. Respectfully following the decision of their Lordships of the Patna High Court in the case relied upon by the authorised representative we hold that the addition of Rs. 7,500 confirmed by the AAC was not justified. The same is deleted. 4. The appeal is allowed.
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1984 (8) TMI 185 - ITAT NAGPUR
Insurance Policies ... ... ... ... ..... ). Even if it is assumed for the sake of argument that two reasonable interpretations are possible and that the two amounts under consideration should be added together to form a separate estate, we hold that the view which is favourable to the accountable person should be adopted vide the decision of the Supreme Court in the case of CIT v. Vegetable Products Ltd. 1973 88 ITR 192. Hence, we direct that the two amounts under consideration should be assessed as separate estates, without either of them being aggregated to the other properties and without adding them together to form a single separate estate. Having due regard to the above and respectfully following the same, we hold that the Appellate Controller was justified in directing the Assistant Controller to treat the amounts payable under each insurance policy taken under the Married Women s Property Act as a separate estate without aggregating them. 6. In the result, the appeal filed by the department stands dismissed.
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1984 (8) TMI 184 - ITAT NAGPUR
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... ... ..... re filed within the extended time limit under section 139(4) and, therefore, the ITO had a statutory obligation to compute the loss relating to those years, as per the interpretation of the Supreme Court in Kulu Valley Transport Co. (P.) Ltd. s case. In the present case, no such returns had been filed by the assessee for the years in question. Therefore, section 80, referred to earlier, would automatically apply to the facts of this case, namely, that no loss which has not been determined in pursuance of a return filed under section 139 shall be carried forward and set off. We, are, therefore, unable to agree with Shri Dewani, the learned counsel for the assessee, that, section 80 read in the light of the decision of the Madras High Court in Dalmia Cement (Bharat) Ltd. s case, supports his view in this regard. As we have observed earlier, the facts in the two cases are totally different. We, therefore, dismiss the appeal filed by the assessee and confirm the order of the AAC.
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1984 (8) TMI 181 - ITAT MADRAS-D
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... ... ..... ectively. The assessee admitted before the CIT(A) that the plant, resulting form the expenditure of Rs. 7.50 lakhs, was installed in the earlier accounting years and it was by mistake the assessee did not claim investment allowance in the earlier asst. yrs. 1976-77 and 1977-78. It was also stated by the assessee that as the assessment for the asst. yr. 1977-78 was set aside by the CIT by his revision order under s. 263 the assessee could not agitate the claim of investment allowance in the course of fresh assessment before the ITO. It is for these reasons the CIT(A) held that he claim for investment allowance could not be made for the asst. yr. 1978-79 and, therefore, upheld the action of the ITO. 11. After hearing the learned representative of the parties and considering the admitted position before the CIT(A), we uphold the order of the CIT(A) on this issue and reject the ground taken by the assessee. 12. In the result, the appeal is partly allowed for statistical purposes.
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1984 (8) TMI 179 - ITAT MADRAS-D
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... ... ..... ve to be untrue. The preponderance of circumstantial evidence leads to the conclusion that the assessee acted bona fide in accordance with law and complied with the provisions of law to the best of his ability. It is by accident that the estimate of income and the tax paid by him fell short of the income ultimately determined and the tax payable thereon. The ITO has not discharged the onus of proving the guilt, namely the assessee knew or had reason to believe that the estimate was untrue. At best, the assessee can be charged for technical default of paying advance tax less to the extent of Rs. 169. For that purpose penalty cannot be imposed or sustained. We are satisfied that the assessee had reasonable cause and guilt or default as envisaged in the section was not brought home by the ITO. Accordingly, we set aside the orders of the authorities and cancel the penalty imposed by the ITO which has been partially sustained by the CIT(A). 5. In the result, the appeal is allowed.
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1984 (8) TMI 178 - ITAT MADRAS-D
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... ... ..... he present case, has to be referred to the High Court. I am, therefore, of the opinion that when the very point at issue has been referred to the High Court in the case of the assessee for the asst. yrs. 1975-76 and 1978-79, it is necessary, for the sake of consistency, that the present case should also be referred to the High Court. I, therefore agree with the ld. A. M. 6. The ld. representative of the departments states that the observations made by the ld. J. M., reproduced in para 3 above, factually incorrect and so the same should be expunged. The ld. representative of the assessee has no objection to the same. However, I feel that I would be exceeding my jurisdiction as a Third Member if I were to exclude the aforesaid remarks of the ld. J. M. from his order, even though they may be incorrect. I, therefore, decline to accept the prayer of the ld. departmental representative, in this behalf. 7. The case will now go to the Bench for disposing of the reference application.
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1984 (8) TMI 176 - ITAT MADRAS-D
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... ... ..... enhancement of opening stock in the next year. In the past it has been stated before us that the assessee has been adopting the same method of valuation of closing stock consistently and it was accepted by the Department. Therefore, the very basis for entertaining the reasons that the income had escaped assessment for these years on the ground that the assessee did not value the closing stock of silver wares at weighted average rate on the wrong notion of the assessee having followed such method was not factually correct and, therefore, the reassessments taken were not valid in law and justified by the facts and circumstances of the case. It is only a case of change of opinion and there is no material information warranting reopening of assessments. Therefore, we have no hesitation in setting aside the orders of the AAC and that of the ITO as the reassessments were not justified in law and in the facts and circumstances of the case. 7. In the result, the appeals are allowed.
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