|
Advanced Search Options
Case Laws
Showing 101 to 120 of 241 Records
-
1985 (4) TMI 167 - CEGAT, BOMBAY
prudence and caution ... ... ... ... ..... aid the fine. These circumstances should be taken into consideration and penalty should be reduced from Rs. 15,000/- to Rs. 2,000/-. Shri Pattekar rsquo s contentions were that foreign currency equivalent to Rs. 82,010/- was found in the possession of Shri Parmar. He had admitted that he had made four trips abroad and during these trips he had smuggled goods out of India and into India. It looks to me that Parmar had taken smuggling as a career. Whatever be his economic background, having regard to the activities in which he was indulging no leniency is called for. The Additional Collector appeared to have imposed a penalty of Rs. 15,000/- because of his finding that the currency belonged to Shri Gidwani. Shri Parmar had denied in his subsequent statement that the currency belonged to Shri Gidwani. Shri Parmar did not state to whom the currency belonged. 17. In the circumstances and for the reasons stated earlier, I see no merits in this appeal. Accordingly I reject the same.
-
1985 (4) TMI 166 - CEGAT, BOMBAY
Classification of ‘disposal goods’ ... ... ... ... ..... ither because the cost of storage would be more than the price they would fetch or the goods are so deteriorated fit for destruction or become so old or out dated or out moded may not find any market at all. 23. emsp In the present case the department on whom the burden lies had not brought on record any evidence to establish that the Singapore Exporter was anxious to get rid of the goods in question. There was no evidence that the goods were sold at throw away price or even for reduced price. The statement of the importer that the goods were of first quality, they came in original packing and purchased for a reasonable price remains uncontraverted. 24. emsp On careful consideration of all the aspects, I hold that the department has failed to establish that the goods imported by the appellants are lsquo disposal goods rsquo . I, therefore, allow this appeal and set aside the orders passed by the authorities below and direct that the appellants be granted consequential relief.
-
1985 (4) TMI 165 - CEGAT, NEW DELHI
Show Cause Notice ... ... ... ... ..... this conventional way of drawing up of an invoice. It is also open to a seller to draw an invoice on a net price basis so long as there is understanding, contractual or otherwise, between the buyer and the seller about the quantum of trade discount. One could find several flaws with the manner in which the appellants went about their task in preparing invoices to different parties. It is this lack of uniformity in preparing their invoices on different bases which led to the initiation to the present proceedings. 17. emsp From the discussion of the case contained in the preceding paragraphs we come to the conclusion that the charge of evasion of duty, as contained in the show cause notice dated 3-10-1973 and resulting in the issue of the impugned order passed by the Appellate Collector of Central Excise, New Delhi is not sustainable in Law. Accordingly, we accept the various contentions made by Shri Lachman Dev, set aside the impugned order dated 2-9-1977 and allow the apeal.
-
1985 (4) TMI 158 - ITAT PUNE
... ...
... ... ..... ntal representative did not contend that assessment on trust in respect of income of each specific beneficiary should not have been made as it would result in loss of revenue. The normal method of assessment is on trust and direct assessment under s. 166 is to be treated as exceptional. The framing of the assessment on the trust would be having distinct advantages which might outweigh the disadvantage on account of loss of revenue. We, therefore, hold that the ITO was right in raising a demand against the trust but was not right in computing the demand in the manner actually done, ITO should raise the demand against the assessee in like manner and to the same extent as each individual beneficiary would. To this extent, appeals are partly allowed. We are aware of the difficulties likely to be faced by the individual beneficiaries in their own assessments. We hope the Revenue will do the needful and avoid the hardship likely to be caused. 6. Appeals are partly allowed as above.
-
1985 (4) TMI 157 - ITAT PUNE
... ...
... ... ..... ing wholly on the material supplied by M. S. E. B. He makes his own purchases of electrodes, gases (oxygen acetylene), grinding wheels etc. and spares like hardware, paints, varnishes, thinners etc. to give to the product required identity and finish. the fact that the assessee rsquo s machinery consists of portable items had no ground for holding that there is no manufacture. By its very nature the assessee has to carry out his part of the work at the site of the contractee. He has naturally for put into service all portable items of welding and other machinery. The case law relied upon by the Departmental Representative is clearly distinguishable when examined from this point of view. Further the case law relied upon by Shri Nadpurohit to bring the assessee rsquo s case into category entitled to investment allowance in relevant. We therefore hold that the AAC was right in coming to the conclusion that the assessee is entitled to investment allowance. 9. Appeal is dismissed.
-
1985 (4) TMI 156 - ITAT PUNE
... ...
... ... ..... has to be considered in the hands of the partner and not in the hands of the firm, which conclusion we have arrived at on the basis of the decision of the Bombay High Court in CWT vs. Vasudeva V. Dempo (1981) 131 ITR 291 (Bom), which is binding on us, we have no hesitation holding that there is no further bar to the allowance of the deduction under s. 5(1)(iv) of the WT Act in the hands of each assessee partner. 7. Accordingly, in the appeals preferred by the assessees, the decision of the AAC on the allowance to e made by the WTO in the case of each of the assessees for each of the assessment years to the extent admissible under s. 5(1)(iv) of the WT Act, 1975 in the respect of the share of the value of the property owned by the firm included in the hands of each such partner. In the Departmental appeal in W.T.A. No. 42/PN/1983, we uphold the order of the AAC. 8. In the result, all the appeals preferred by the assessee are allowed and the Revenue rsquo s appeal is dismissed
-
1985 (4) TMI 150 - ITAT PUNE
A Partner, Immovable Property, In Part, Movable Property, Net Wealth, Partnership Firm, Wealth Tax
-
1985 (4) TMI 147 - ITAT NAGPUR
... ...
... ... ..... mstance of the case and the submissions on either side. On a perusal of the nothings made by the ITO on the order sheet it is clear that the ITO has estimated the assessee rsquo s business income at Rs. 23,770 on the basis of the books of account produced by the assessee for the asst. yr. 1981-82. The accounting year of the assessee for the assessment year in question ended on Diwali 1979 and, therefore, the ITO should have examined the books of account relating to the accounting year which ended on Diwali 1979. It is, therefore, clear that the assessment is made on the basis of irrelevant evidence. We, therefore, in the fitness of things remit the matter back to the file of the ITO to examine the books of accounts of the assessee for the accounting year ending on Diwali 1979 and pass the assessment order accordingly after giving an opportunity to the assessee of being heard in the matter. 7. In the result, the appeal filed by the assessee is allowed for statistical purposes.
-
1985 (4) TMI 146 - ITAT NAGPUR
... ...
... ... ..... ntal Representative, that, even in the event of extending the meaning of agricultural produce so as to include milk therein, one of the requirements of this section is not satisfied, namely, that, it should be the produce of its members. 12. In the present case, the produce is not of the members of the federation but of the members of the members of the federation. The exemption extends to the marketing of agricultural produce of the members only, not that of the members of the members societies of the society itself. For this, a separate provision is there in the shape of 80P (2) (b) Assam co-operative Apex marketing Society Ltd. vs. Addl. CIT (1977) 110 ITR 33 (Gau) and CIT vs. U. P. Co-operative Cane Union Federation Ltd. (1979) 9 CTR (All) 160 (1980) 122 ITR 913 (All) . 13. We are, therefore, satisfied. that the AAC was justified in declining to interfere with the ITO rsquo s order. Accordingly, we confirm the order of the AAC and dismiss the appeal filed by the assessee.
-
1985 (4) TMI 141 - ITAT NAGPUR
Agricultural Produce ... ... ... ... ..... apart, we also agree with the learned departmental representative that even in the event of extending the meaning of agricultural produce so as to include milk therein, one of the requirements of this section is not satisfied, namely, that it should be the produce of its members. 12. In the present case, the produce is not of the members of the federation but of the members of the societies. The exemption extends to the marketing of agricultural produce of the members only, not that of the members, of the member societies of the society itself. For this, a separate provision is there in the shape of section 80P(2)(b)--Assam Co-operative Apex Marketing Society Ltd. v. Addl. CIT 1977 110 ITR 33 Gauhati and CIT v. U.P. Co-operative Cane Union Federation Ltd. 1980 122 ITR 913 (All.). 13. We are, therefore, satisfied, that the AAC was justified in declining to interfere with the ITO s order. Accordingly, we confirm the order of the AAC and dismiss the appeal filed by the assessee.
-
1985 (4) TMI 139 - ITAT MADRAS-D
Assessment Year, Business Loss, Carry Forward And Set Off ... ... ... ... ..... ny further condition, i.e., that the income from the business carried on in 1976-77 admittedly carried on in 1978-79 also should further be actually assessable to tax also in 1978-79 before a set off can be made. For example, even if there is a loss in the said business in 1978-79, as long as the business was continued to be carried on, brought forward business loss for 1976-77 can be set off against other assessable incomes from business. So also, if consequent to the assessee becoming non-resident in 1978-79, income from business assessable in 1976-77 and continued in 1978-79 becomes non-taxable, there is no bar to earlier carried forward loss from that business being set off against other taxable business income. This is because the requirements of set off, which in this case are contained in section 72, are fully satisfied. Accordingly, we hold that the order passed by the Commissioner (Appeals) is in order. 10. In the result, the appeal filed by the revenue is dismissed.
-
1985 (4) TMI 137 - ITAT MADRAS-B
... ...
... ... ..... the Tribunal is concerned, it is no longer a dispute that ginning constitutes manufacturing operation following the decision of the Madras High Court in CIT vs. R. Narayanaswami Naicker and Sons (1984) 149 ITR 283 (Mad). This is the conclusion to which the CIT(A) has arrived at and we agree with the ld. counsel for the assessee that the finding of the CIT(A) in this regard has to be upheld and the Revenue fails on this connection. The CIT(A) has stated in para 7 of his order that the ITO is directed to allow the various claims under ss. 80HH, 80J, and investment allowance which were disallowed consequent on the ITO rsquo s finding that the ginning was not a manufacturing process. The ITO will now work out the reliefs due in accordance with law under the various provisions having regard to the fact that ginning is a manufacturing process and all other relevant attendant circumstances. The result is that the appeal is treated as dismissed subject to our aforesaid observations.
-
1985 (4) TMI 134 - ITAT MADRAS-B
Religious Trust, Voluntary Contributions ... ... ... ... ..... nd the same for charitable purposes only with the result that these receipts cannot be regarded as forming any income of the assessee. Emphasis supplied In the present case also, since when the receipts were handed over on collection of donations, there was a categorical mention that the amounts were towards the corpus only, it is clear that from the inception the amounts were received by the assessee and held by the assessee under an obligation to appropriate the same towards the corpus of the trust alone. That being so, it has to be construed that the contributions were made with a specific direction that they shall form part of the corpus of the trust. The requirements of section 12 are, therefore, satisfied and the assessee is entitled to exemption. There will, therefore, be no assessment to tax in relation to this assessment year. 5. In the view that we have taken above, we do not go into the aspect of application of income. 6. The appeal would, therefore, stand allowed.
-
1985 (4) TMI 133 - ITAT MADRAS-B
Annual Letting Value, Annual Value, House Property ... ... ... ... ..... occurs only in section 23(1)(b). It does not occur in section 23(1)(a). So, the receipt of actual rent as a criterion is confined to those cases which fall under section 23(1)(b), i.e., which is in excess of the amount referred to in section 23(1)(a), i.e., the amount for which the property might reasonably be expected to be let out from year to year. Reliance on the definition of the term annual rent , therefore, does not help the contention of the assessee. We have, therefore, come to the conclusion that since on the basis of the material on record, as at present, the amount of Rs. 2,000 per month is the figure of rent for which the property leased out could reasonably be expected to be let out from year to year, that figure has to be treated as the correct figure for the purpose of determining the annual letting value of the property leased out. Accordingly, the orders of the AAC are set aside and the findings of the ITO are restored. 6. The revenue s appeals are allowed.
-
1985 (4) TMI 128 - ITAT MADRAS
... ...
... ... ..... ial features were brought to our notice such as no declaration of dividends was made in the past. As a matter of fact, though on one hand the assessee had contended that the sale price alone should be taken as the market value, it was specifically stated in the grounds of appeal before the AAC that at least a discount of 15 per cent should be given. Having regard to the facts stated, we consider that the value of Rs. 372 per share can be discounted by 15 per cent. This would give in round figures a value of Rs. 317 per share. We direct that this value be taken. In the view that we have taken on merits it is not necessary for us to express any final opinion on the abstract proposition as to whether under rule 1D of the Wealth-tax Rules the value could be computed and the taken unvariably as the value of gift-tax purposes. 6. The result is the appeal is treated as dismissed for statistical purposes subject to the actual working being done by the WTO on the line indicated by us.
-
1985 (4) TMI 126 - ITAT JAIPUR
... ...
... ... ..... t of the compensation so received was made in 1972-73 which has not been decided by the ITO. While deciding the issue for 1968-69 as to whether the property Masuda House was partitioned among the members or not, it was held (one of us was the author) that the partition could be affected only by meets and bounds . In the instant case it is partition of the funds we, therefore, feel that the claim of the assessee is justified and, therefore, remit the matter to the ITO to consider the claim of the assessee under s. 171 in the light of our observation above. 19. The Departmental appeals are on the issue of setting aside if the assessment of the individual by giving direction to the ITO to consider the claim of partition under s. 171. We have already observed that ITO should consider the claim of the assessee in the light of our observation in other issues. We hold accordingly. 20. In the result, the appeals by the assessee are partly allowed and that of the Department dismissed.
-
1985 (4) TMI 125 - ITAT JAIPUR
... ...
... ... ..... of the AAC. No evidence was produced before the ITO as to why the assessee could not receive the challani a/c. alteast the AAC rsquo s finding in this behalf is casual. The contention of the assessee was that the Department had not raised any ground of appeal at the time of hearing. Mr. Ruhela urged that he wanted to raise a ground of appeal again this finding and sought time for filing an additional ground. We have not allowed the adjournment because we are not inclined to disturb the finding of the AAC on the main issue. But his casual finding on the collateral issue is certainly not convincing and if our decision on the legal issue were different, we would have alteast directed the AAC to record a clear finding on this issue after allowing the assessee an opportunity to lead evidence in support of its contention that it did not receive the challani a/c from Madras. In view of our above discussion, we find that there is no force in these appeals, which are hereby dismissed.
-
1985 (4) TMI 124 - ITAT JAIPUR
Penalty For Late Filing Of Return ... ... ... ... ..... has been assessed when the assessee was under a bona fide belief that his wealth was not liable to wealth-tax. This we have taken by taking into account the identical nature of the fact and in the circumstances of the assessee s case, as also the cases before their Lordships in the Allahabad High Court and the Gauhati High Court. 13. The illness and the assessee having shifted to Indore is all supported by evidence which have been rejected. However, since on fact, we have held that the penalty cannot be sustained, we do not feel it necessary to answer the other question about as to whether the default has occurred on 1-10-1970 or in March 1979. Similarly, we are not answering the question about the applicability of section 19 on the legal representative as the assessee is dead just before the hearing of this appeal. 14. In the result, the appeal of the assessee is fully allowed. Since the appeal has been decided on merits, stay application becomes infructuous hence dismissed.
-
1985 (4) TMI 123 - ITAT JABALPUR
... ...
... ... ..... enalty levied is not justified. The ld. Departmental Representative supported the orders of the authorities below. 2. We find that the assessed tax was Rs. 48,048 and 75 per cent thereof was Rs. 36,036. The tax deducted at source was Rs. 33,000. The difference is only marginal. The explanation of the assessee that the tax was deducted at source was sufficient and as such an estimate was not filed in a bona fide one. Thus, in our view, there was a reasonable cause for not filing an estimate, as required under s. 212(3A). The facts of the case do not jusify the levy of penalty under s. 273(c). Thus, we cancel the penalty of Rs. 3,300 levied under s. 273(c). 3. In the result, the appeal is allowed.
-
1985 (4) TMI 122 - ITAT INDORE
... ...
... ... ..... mental Representative. The house having been completed in April, 1973, and having been sold in 1974, was used by the assessee for his residence in the two years i.e., the year 1973 and the year 1974 and, therefore, we are of the view that the assessee having constructed a new house the capital gain arising from the sale of old house was not taxable. We would, therefore, delete the addition of Rs. 24,525. 5. The last ground raised in this appeal was about the addition of Rs. 500 made to the business income of the appellant. The ld. counsel for the assessee did not press the point. This ground is, therefore, rejected. 6. In the result, the appeal is partly allowed. The addition of Rs. 24,525 as capital gain is deleted. The addition of Rs. 24,475 as the amount of unexplained investment is also deleted and the matter is restored back to the ITO for determining the extent of unexplained investment, if any, in the light of our observations made above and in accordance with the law.
............
|
