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Showing 141 to 160 of 233 Records
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1987 (6) TMI 93 - ITAT DELHI-E
Accounting Year, Expenditure Incurred, Factory Building, Fixed Assets ... ... ... ... ..... there was no double taxation avoidance agreement. The ld. CIT (A), therefore, gave directions to the ITO that in accordance with the provisions of section 91(1) of the Act unilateral relief allowable to the assessee should be given. Thus, the directions have been issued in favour of the assessee to allow the deduction. However, we find that in ground No. 6, it is projected that the ld. CIT (A) erred both in law and on facts in not allowing deduction u/s. 37(1) of the Act. It is apparent that this issue does not arise out of the order of the ld. CIT (A) as it was not projected before him, as it is done now before us. Even otherwise, we are of the opinion that the ld. CIT (A) has given directions which are in accordance with law and the facts of the case. The assesses is not entitled to any deduction u/s. 37(1) as the ingredients for such deduction are not available in the claim of the assesses. This ground, therefore, is also dismissed. 17. In the result, appeal is dismissed.
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1987 (6) TMI 92 - ITAT DELHI-C
Foreign Company, Foreign Technician, Other Sources, Tax At Source ... ... ... ... ..... v. Atlas Steel Co. Ltd. 1987 164 ITR 401, it was held by the Hon ble Calcutta High Court that if the part of the agreement relating to know-how is distinct and separate from the part relating to the services as production adviser, there is no accrual of income under section 9. This decision is also squarely applicable on the facts of the present case and this would be another reason why the department cannot place reliance on the decision of Calcutta Bench of the Appellate Tribunal in the case of Graphite Vicarb India Ltd. On the facts of the present case, therefore, we are of the view that the learned CIT(A) was justified in taking the view that the amount of 78,500 Sw. Fr. could not be considered to be the payment for technical services but was in the nature of payment for salaries etc. which, therefore, did not attract the liability for tax under section 195 read with section 115A. We would, therefore, uphold his order. 8. In the result, the appeal fails and is dismissed.
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1987 (6) TMI 91 - ITAT DELHI-C
A Firm, Assessment Year ... ... ... ... ..... f the Bench will be required to be followed even if the factual position was at variance. The Tribunal s order relied upon by the assessee in the case before us are found to be inapplicable on account of the factual dissimilarities. Therefore, by the assessee any reference to the ratio in the case of L.G. Ramamurthi appears to be misconceived. Mention was also made on behalf of the assessee of the ratio, in the case of Surjidevi Kunjilal Jaipuria Charitable Trust. After perusing the case we could not in fact grasp the relevance of the mention by the learned counsel. We leave it at that. 15. In the light of the preceding paragraphs we are satisfied that the learned ITO correctly disallowed the assessee s claim u/s 80U of the Act and such action was correctly confirmed by the learned CIT(A). We see no merit in the assessee s present appeal. 16. No other ground was either raised or pressed before us. The paper book has been considered. 17. In the result, the appeal is dismissed.
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1987 (6) TMI 90 - ITAT DELHI-B
Orders Prejudicial To Interests, Plant And Machinery, Tax Liability, Written Down Value ... ... ... ... ..... iation from this estimated value. We do not consider it necessary to go into each item of the machinery but the net effect is that there has been an increase of cost by about Rs. 10 lacs in the depreciated cost of machinery and to this extent the company was to get benefit over a number of years by way of depreciation. Having regard to the totality of circumstances, we are of the view that the Commissioner has rightly set aside the order of the Income-tax Officer as he found that the Income-tax Officer had not appreciated the nature and purpose of the revaluation. The fact that the Commissioner did not give a final direction to the Income-tax Officer to ignore the increase, and has directed the Income-tax Officer to give an opportunity to the assessee, and then come to a final conclusion, will not make the order of the Commissioner deficient in any manner. We uphold the order of the Commissioner of Income-tax and dismiss the appeal. 10. In the result, the appeal is dismissed.
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1987 (6) TMI 89 - ITAT DELHI-B
Advance Tax, Failure To File Estimate, Late Filing ... ... ... ... ..... ke section 271(1)(b) of Act, reproduced below, which can be invoked 271. (1) If the Income-tax Officer or the Appellate Asstt. Commissioner or the Commissioner (Appeals) in the course of any proceedings under this Act, is satisfied that any person-- (a) (b) has failed to comply with a notice under sub-section (1) of sec. 142 or sub-section (2) of sec. 143 (or fails to comply with a direction issued under sub-section (2A) of section 142), or 9. Similarly even if the AAC had the justification for passing ex parte order, it was obligatory on her part to have closely analysed the quantum of assessments keeping in view the evidence on record and after projecting the type of enquiries on the basis of which the assessments had been made. 10. Therefore, by holding that the AAC s order is not sustainable on two separate counts, independent of each other, we vacate her orders for fresh adjudication from the stage of filing of the first appeals. 11. Statistics Appeals treated as allowed
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1987 (6) TMI 88 - ITAT DELHI-B
Capital Asset, Capital Gains, Cost Of Acquisition ... ... ... ... ..... an 133. Their Lordships have clearly held that the cost of acquisition can have only one meaning with respect to a particular asset and it was not necessary to consider the value when it became capital asset under law. As already stated by us, the decision in the case of Bai Shirinbai K. Kooka was on a different issue and it cannot be applied for the purpose of determining capital gains. If the plea of the assessee was to be accepted, it would mean that when the provisions regarding capital gains were introduced for the first time on the statute book, the cost of acquisition of all the capital assets would have to be taken as on first date of that assessment year. This will have the effect of defeating whole purpose of that provision and such interpretation is not permissible. As there is no dispute about the cost of acquisition in 1966, we would set aside the order of the AAC and hold that the ITO had rightly determined the capital gains at Rs. 75,500. The appeal is allowed.
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1987 (6) TMI 87 - ITAT DELHI-A
From Other Sources ... ... ... ... ..... otice issued and the subsequent proceedings culminating into an order u/s. 263 dated 27-3-85 in each case was therefore without jurisdiction and ab initio void. It was non est in law. We hold it so. 10. The CBDT in the circular to which our attention has been invited has made this position abundantly clear. So much so, that the Board has even cautioned the officers, with a view to avoiding controversy and litigation in the matter, it is desirable that order u/s. 263 are passed, as far as possible, within two years of the date of the order sought to be revised in cases where the order sought to be revised was passed before October 1, 1984. Thus, there cannot be any manner of doubt that the impugned orders passed by the ld. CIT(A) are without jurisdiction. We have held them to be non est in law. However, even an order made in this manner unless challenged and removed from record can have its implications. We, therefore, cancel orders u/s. 263 made in each case. Appeals allowed.
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1987 (6) TMI 86 - ITAT DELHI-A
Bonus, Weighted Deduction ... ... ... ... ..... We would therefore prefer to follow the view expressed in the assessee s own case for the earlier years not only for the reasons given above but also for the sake of consistency, when the facts are identical. 7. The next ground relates to the exemption granted to the Barasat land under section 5(1A) holding it to be agricultural. We find that this issue is squarely covered by the decisions of the Tribunal in the earlier years, which were followed by the learned Appellate Asstt. Commissioner. We are therefore of the opinion that no further discussion is necessary on this issue except to say that the Appellate Asstt. Commissioner is right in holding that the Barasat land is agricultural in character and therefore entitled to exemption under section 5(1A) of the Wealth-tax Act, 1957. We may add here that no case has been made out by the learned Departmental Representative to depart from the view expressed by the earlier Benches. 8. In the result, both the appeals are dismissed.
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1987 (6) TMI 85 - ITAT CALCUTTA-E
... ... ... ... ..... points on which there may be conceivably two opinions. A decision on debatable point of law is not a mistake apparent from the record. In the instant case it cannot be disputed that the issue whether the assessee running a cold storage should be treated as an industrial undertaking for the purpose of s. 32A and s. 80HH is a debatable and controversial issue. Respectfully following the aforesaid decision of the Supreme Court it must, therefore, be held that the original assessment orders framed by the ITO allowing investment allowance under s. 32A and relief under s. 80HH do not suffer from a patent mistake of law or a mistake which is apparent from the record. In this case, therefore, the ITO had no jurisdiction to rectify the assessment orders for the purpose of withdrawing relief under s. 80HH and investment allowance under s. 32A. 9. In view of what has been said above, we confirm the order of the CIT(A). The departmental appeals accordingly fail and are hereby dismissed.
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1987 (6) TMI 84 - ITAT CALCUTTA-E
Additional Tax, Appellate Assistant Commissioner, Assessment Order, Interest On Delayed Refund
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1987 (6) TMI 83 - ITAT CALCUTTA-E
Assessment Year, Deduction Of Interest ... ... ... ... ..... from him under this Act. The section requires that the interest must be paid in the previous year relevant to the assessment year under consideration and that it must be paid on money borrowed for the payment of any tax due under the Act. There is nothing in this section that the loans were to be taken in the previous year relevant to the assessment year under consideration. It is not disputed by the authorities below that in the instant case the loan was taken for the payment of income-tax under the Act and that the interest was paid in the previous year relevant to the assessment year under consideration. So, in our opinion, the assessee was entitled to the deduction of the interest claimed u/s. 80V of the Act. In setting aside the orders of the authorities below we direct the ITO to allow the deduction of interest of Rs. 12,664 as claimed by the assessee. 6. Ground No. 2 was not pressed before us. It is, therefore, overruled. 7. As a result, the appeal is allowed in part.
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1987 (6) TMI 82 - ITAT CALCUTTA-D
Higher Rate, Interest On Delayed Refund, Substantially Interested. ... ... ... ... ..... o this case does not help in resolving the dispute in the instant case. On an examination of the provision of sub-section (1A) we are of the opinion that it is quite clear that the term other proceeding includes any proceeding other than an appeal including an assessment u/s. 251 of the Act. In the instant case the amount of Rs. 1,22,148 was found in the fresh assessment u/s. 251 to be in excess of the amount due. So, in our opinion, all the conditions in the said sub-section were fulfilled. It may be mentioned that it has been found by the ITO in this assessment u/s. 251 and is also not disputed by the department that this amount of Rs. 1,22,148 was paid in excess of the amount due. So, in our opinion, the assessee is entitled to simple interest on this amount of Rs. 1,22,148 from the date of payment i.e. 22-3-84 to the date when this amount was refunded. We direct the ITO to calculate the said interest and pay the same to the assessee. 7. As a result, the appeal is allowed.
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1987 (6) TMI 81 - ITAT CALCUTTA-D
Company Court, Company In Liquidation, Income From Other Sources, Income Tax, Representative Assessee, Winding Up
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1987 (6) TMI 80 - ITAT CALCUTTA-C
... ... ... ... ..... r aspect of the assessment or other matter. On the other hand, the Department undertook not to initiate penalty proceedings on the assessee s filing the returns as agreed upon. It is not the case of the Department that the assessee did not file the returns for the amounts agreed upon. So it is apparent that the assessee performed his part of the duty under this agreement. As such, the Department was under the obligation to perform its part of the duty in not initiating the penalty proceedings. The action of the assessee in filing appeals against the assessments could not absolve the Department from its obligation undertaken under this agreement dt. 2nd Aug., 1977. When the returns were filed by the assessee as agreed upon under the agreement dt. 2nd Aug., 1977, we are of the opinion that the Department could not initiate penalty proceedings. As such we do not think that the orders cancelling the penalties should be interfered with. As a result, all the appeals are dismissed.
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1987 (6) TMI 79 - ITAT CALCUTTA-A
Income From House Property, Income From Other Sources, Lease Rent, Rental Income ... ... ... ... ..... he buyer. The agreement is a normal agreement for purchase of an immovable property. There is transfer of the asset by agreement within the meaning of section 63 and, therefore, section 60 is not applicable. Transfer, in this case, has become complete in all respects but for registration of the Sale Deed and, therefore, there is no application of sections 61 and 62. 10. The facts of the case have been discussed earlier. It is a simple case where the assessee has been given the possession of the flat and the assessee was deriving rental income therefrom. Once the assessee was deriving income from her possessory right, the charging section of the Income-tax Act was applicable and the income so derived by the assessee was assessable under section 56 of the Income-tax Act. Under the said circumstances, the finding of the AAC on this point is reversed and the ITO s computation of income for both the years under appeal is maintained. 11. In the result, both the appeals are allowed.
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1987 (6) TMI 78 - ITAT BOMBAY-D
... ... ... ... ..... able to cite any contrary decision of any other High Court in this matter. Respectfully following the above said decision, we would hold that the word otherwise used in the Act covers all sorts of cases of retirement whether by resignation or by premature retirement, voluntary retirement or termination of service by employer. Therefore, we hold that the AAC was right in allowing exemption to the assessee. We find no merit in the departmental appeal. 7. Now we take up the Cross Objection. The grievance of the assessee in this cross objection is that the AAC erred in not accepting the contention of the assessee that the amount of Rs. 58,311 received in lieu of encashment of leave salary is a capital receipt and as such is not taxable at all. Since at the time of hearing, the ld. counsel for the assessee has not pressed this cross objection, we need not discuss the same. 8. In the result, the appeal of the department as well as the Cross objection of the assessee are dismissed.
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1987 (6) TMI 77 - ITAT BOMBAY-D
Carrying On Business, Development Allowance, Expenditure Incurred ... ... ... ... ..... so be necessary here to point out that clause (1A) of section 35B inserted by the Finance Act, 1978 relating to expenditure incurred after the 31st day of March, 1978 and omitted by the Finance Act, 1979 with effect from 1-4-1980 will not apply to the assessment years 1977-78 and 1978-79 under consideration in the present appeals for which the relevant previous year ended on Diwali 1976 and Diwali 1977 respectively. Considering all this, looking to the totality of the facts and circumstances and following, with respect, the order of the Appellate Tribunal in the case of Ampi Agencies (P.) Ltd. where the business was identical to that of the assessee-firm and was in fact taken over from the assessee-firm, we uphold the order of the CIT (Appeals) that the assessee was entitled to the deduction under section 35B and the Income-tax Officer should work out the relief in accordance with the provisions of the section. 6. The appeal filed by the revenue fails and is hereby dismissed.
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1987 (6) TMI 76 - ITAT BOMBAY-C
... ... ... ... ..... ection notwithstanding the conduct of the assessee before the ITO. The department cannot succeed on the ground of promissory estoppel alone. 26. As regards the cross objection of the department, here again I endorse the findings of the learned Judicial Member following the discussion supra. 27. The result is the points of difference referred to me are answered as under (1) Whether, on the facts and in the circumstances No of the case, the appeal filed by the assessee is entitled to succeed for the reasons stated by the Accountant Member in his order. or it is liable to dismissal for the reasons stated Yes by the Judicial Member ?(2) Whether, on the facts and in the circumstances No of the case, the cross objection filed by the stated by the Accountant member. or It is entitled to succeed for the reasons given Yes by the Judicial Member ? 28. The matter will now go back to the Bench which originally heard the appeal and the cross-objection, for disposal in accordance with law.
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1987 (6) TMI 75 - ITAT BOMBAY-B
Charitable Or Religious Trust, Exemption Of Income From Property Held Under ... ... ... ... ..... tions towards corpus and the amount given by those donors did not represent quid pro quo for the use of the Hall. 9. The Income-tax Officer has examined 3 instances of corpus donations in support of his conclusion. In the first instance the party had paid Rs. 500 as advance on 15-2-1979. Bill for user of the premises was Rs. 333.10. The corpus donation made was of Rs. 200. If the intention of this party had been to pay additional amount for the use of the Hall, this party would have paid the balance amount remaining after deduction of Rs. 333.10 from Rs. 500. He would not have paid the sum of Rs. 200. The other two instances need not be discussed. From these instances, no inference that the corpus donations were not really towards corpus could be drawn. We find that there is no nexus between the corpus donations and services rendered by the use of the Hall. We, therefore, confirm the order of the Commissioner of Income-tax (Appeals) on this point. 10. The appeal is dismissed.
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1987 (6) TMI 74 - ITAT BOMBAY-A
Rectification Of Mistake, Settlement Commission ... ... ... ... ..... his submission was also without substance for the reasons already given. 7. The third ground in the memo of appeal is that the learned Commissioner of Income-tax (Appeals) ought to have appreciated the fact that the share income of the firm would be finally determined only when the Settlement Commission finally disposes of the application of the firm. As regards this ground, we have already observed that the fact that the case of the firm would be finally determined by the Settlement Commission would not prevent the Income-tax Officer to act in accordance with the provision of section 155 of the Act on the basis of the assessed income of the firm. If and when the assessed income of the firm is modified, as a result of the order of the Settlement Commission, the consequential rectification would be made in the assessment of the assessee under section 155(1)(c) of the Act. We find no infirmity in the order of the Commissioner of Income-tax (Appeals). 8. The appeal is dismissed.
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