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Case Laws
Showing 81 to 100 of 235 Records
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1988 (12) TMI 157 - ITAT MADRAS-B
Assessment Year, Conveyance Allowance, Incentive Bonus, Special Allowance ... ... ... ... ..... ive bonus, we are of the view that the C.I.T. was not justified in considering that the order of the I.T.O. was prejudicial to revenue and erroneous. We may also add that if a conveyance allowance is given it is only for meeting expenditure on conveyances but the Development Officer has to incur other expenses for securing new business through the team of agents which he leads. Therefore, merely because a conveyance allowance was given, we are unable to agree with the revenue that no further deduction was permissible. Following the aforesaid reasoning, we hold that a deduction should be allowed of 40 of the incentive bonus in each of the years and the balance of 60 should be taxed. 8. The cross-objections of the Revenue seeking the order of the A.A.C. being upheld on the aforesaid point have become superfluous and are accordingly dismissed. 9. In the result, the appeals of the Revenue and the assessee are allowed in part, and the cross-objections of the Revenue are dismissed.
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1988 (12) TMI 154 - ITAT INDORE
A Firm, Assessment Year, Money Lending ... ... ... ... ..... e relief should be granted. The assessee is earning substantial income from her profession of money-lending. This requires personal application and exertion. It can, therefore, not be said that the disease from which she was suffering does not link or did not reduce substantially her capacity to engage in gainful employment. 13. It is important to note that it is not, what the person suffering earns, but what is important to note is what the person suffering could earn, if he or she was not subject to or did not suffer from permanent physical disability. In our considered opinion, the authorities below, failed to appreciate this aspect and the facts of the case in refusing and rejecting the claim of the assessee under section 80U for each of the assessment years under appeal. We, therefore, reverse their orders and direct that for each of the assessment years under appeal 80U deduction, as admissible in quantum for each assessment year, be allowed. 14. All the appeals allowed
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1988 (12) TMI 153 - ITAT HYDERABAD-B
Assessment Year, Cold Storage Plant, High Court, Higher Rate, Investment Allowance, Previous Year, Writ Petition
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1988 (12) TMI 152 - ITAT HYDERABAD-A
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... ... ..... ir market value of the impugned property from the angle of rent capitalisation method but had made corrections in respect of the rents received which form the basis for capitalisation. It is only in cases where the WTO adopts a different method of valuation resulting in a difference between the value returned and the value assessed which is more than the prescribed percentage or the sum of Rs. 50,000 that he has to refer the question of valuation to the Valuation Cell. Facts being different, the principle enunciated by the Punjab and Haryana High Court would not be applicable in the case of the assessee. 7. Therefore, we hold that there was no error in the orders of assessment resulting in prejudice to the interests of Revenue and the Commissioner was not justified in setting aside the orders with a direction to redo the assessments after referring the question of valuation to the Valuation Cell. 8. In the result, the appeals are allowed and the order of the CWT is set aside.
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1988 (12) TMI 151 - ITAT HYDERABAD-A
Accounting Year, Assessment Year, Purchase Price ... ... ... ... ..... sum was given. The Supreme Court held that the right conferred on the agreement to get an additional amount arose only on the date on which the Government agreed to pay the additional amount. If that is the case then the liability to pay the additional amount would arise only when the buyer agrees to pay the extra amount. In fact, that was the ratio in the case of CIT v. Swadeshi Cotton and Flour Mills (P.) Ltd. 1964 53 ITR 134. In that case, the Supreme Court had held that the liability for payment for bonus would arise only when the matter was amicably settled by an industrial adjudication. Of course that was a case of bonus but the question to be answered in that case also was the point of time when the liability arose. 18. We are therefore of opinion that the liability to pay the extra price for purchase of milk did not arise during the accounting year. The assessee therefore was not entitled to the deduction claimed. 19. In the result, the departmental appeal is allowed.
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1988 (12) TMI 150 - ITAT HYDERABAD-A
A Partner, Assessment Year, Dissolution Of Firm, Partnership Deed ... ... ... ... ..... from 23-2-1984 to 31-12-1984, in our opinion is quite correct. That means we approve the two orders passed by the ITO on 26-12-1985. The learned counsel for the assessee cited Wazid Ali Abid Ali v. CIT 1988 169 ITR 761 (SC) and 170 ITR 622 (Raj.) (sic) for the proposition that when the partnership deed itself is ambiguous then the intention of the partners should be found out by their conduct as well as by the surrounding circumstances and all of them should be looked into for a purpose of coming to a conclusion whether there is dissolution or only a change in the constitution of the firm. However, as we are following the Andhra Pradesh High Court s decision which gives a clear guideline as to how to appreciate a clause containing words similar to those now found in clause 15 of the partnership deed dated 6-1-1983, there is no question of any ambiguity being felt and therefore we do not feel any relevance to the abovesaid two decisions. 4. In the result the appeal is allowed.
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1988 (12) TMI 149 - ITAT HYDERABAD-A
A Firm, A Partner, Assessment Year, Business Or Profession, Other Sources, Share In Firm, Share Income
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1988 (12) TMI 148 - ITAT DELHI-D
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... ... ..... to remove doubts, the actiosn taken by the CIT could not be said to be without jurisdiction. In both the cases cited before us reported as Turner Morrison and Co. Ltd. vs. ITO (1987) 20 ITD 1 (Cal) and Brooke Bond India Ltd. vs. IAC (1986) 15 ITD 508 (Cal), the assessments related to the asst. yrs. 1975-76 in one case and 1978-79 in the other case. But in the case before us the assessment was for asst. yr. 1984-85 during which period the Explanation stood inserted having become a part of s. 263 and the action taken by the CIT also was long after1st Oct., 1984as we have observed earlier. Thus the action taken by the CIT could not be said to be without jurisdiction. Further the purpose of the Explanation was to declare the intention of the legislature, that was why the word declare was used in the Explanation and that the declaration was to give effect to the meaning that emerges after a combined reading of s. 125A and s. 263. 22. In the result, the appeal is allowed as above.
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1988 (12) TMI 147 - ITAT DELHI-B
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... ... ..... ideration. On the other hand, the valuation report solicited by the Acquisition Officer himself projected valuation of the property at Rs. 8,03,500 vide report dt.25th Sept., 1985, which could not be ignored. (3) the facts of the case and the instances of sales cited by the assessee proved that the other comparable properties were sold for lesser amounts than the price paid by the appellant. 30. In view of our decision that even at the time of execution of the Sale deed on seventeenth of May, 1985, the value of the plot could not be said to be exceeding the recorded consideration, we are not going into the alternative contention that in any case the value of the property had to be seen in the context of Agreement to Sell between the parties, which was executed on 6th Sept., 1984 and was got registered under the Indian Registration Act. 31. In the result, cancelling the Acquisition Order on more than one count, independent of each other, as observed above, we allow the appeal.
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1988 (12) TMI 146 - ITAT DELHI-B
Appellate Assistant Commissioner, Assessment Year, Bad Debt, Business Loss, Deduction In Respect, Income Tax Rules, Loss On Sale
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1988 (12) TMI 145 - ITAT DELHI-A
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... ... ..... support received under a particular scheme. Though the learned counsel for the assessee contended that the amount in dispute was received by the assessee under the same scheme though the assessee has described it as cash assistance, yet it is a question of fact which requires investigation and should have therefore been set up before the ITO. 12. There is no such thing as a pure question of law because law does not exist in a vacuum. It has only to be understood with reference to certain assumed, admitted or proved facts. In the present case the facts on which the assessee s claim could be allowed have not been brought out before the authorities below and therefore, we are of the opinion that these pleas which are based on facts and which require proper investigation and determination, cannot be allowed to be raised for the first time before the Tribunal. We therefore, do not grant leave to the assessee to raise the aforesaid pleas. 13. In the result, the appeal is dismissed.
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1988 (12) TMI 144 - ITAT CHANDIGARH
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... ... ..... ee was the value of his share in the partnership firm which should have been determined in accordance with r. 2 of the WT Rules. The Cinema building cannot be taken as an independent item of wealth. A mere report about the fair market value of the building could not, therefore, give the WTO the requisite reason to believe that the wealth had escaped assessment. For determining the value of the assessee s share in accordance with r. 2, the WTO never took any action either in the original or in the re-assessment proceedings which on its very face is perfunctory. He has estimated the assessee s wealth at Rs. 3 lakhs without any reason whatsoever when even by adding the alleged extra appreciation, the total value of the assessee s asset should have been only about half of the said figure. 8. For the reasons discussed above, we uphold the AAC s finding that the assessment was not validly re-opened by the WTO and it deserved to be cancelled. In the result, the appeal is dismissed.
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1988 (12) TMI 143 - ITAT CALCUTTA-D
Assessment Proceedings, Reassessment Proceedings, Valid Notice ... ... ... ... ..... sanction as laid down in section 151(2) and that the consequent initiation of proceedings by the Income-tax Officer would be without jurisdiction. While coming to that conclusion, the Hon ble Orissa High Court had referred to and followed a decision of the Hon ble Calcutta High Court in the case of Chanchal Kumar Chatterjee v. ITO 1974 93 ITR 130 wherein reference has been made to the decisions of the Hon ble Supreme Court in the cases of Chhugamal Rajpal v. S.P. Chaliha 1971 79 ITR 603 and CIT v. Burlop Dealers Ltd. 1971 79 ITR 609. In the above cases before the Hon ble High Courts of Calcutta and Orissa the approval was given by means of a rubber stamp only, above the signatures of the Officers concerned. Following those decisions, we hold that there is no valid sanction of the C.B.D.T. as laid down in section 151(1) of the Income-tax Act, 1961, and so the consequent initiation of the proceedings by the ITO are without jurisdiction. 8. In the result, the appeal is allowed.
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1988 (12) TMI 142 - ITAT CALCUTTA-C
Assessment Year, Income Tax, Interest On Income, Mercantile System, Total Income ... ... ... ... ..... vant to the assessment year 1974-75. When the impugned amount did not become the income of the assessee during the previous year relevant to the assessment year 1974-75, the question of concealing particulars of income or furnishing inaccurate particulars of such income by the assessee while filing the return for 1974-75 does not arise at all. However, the assessee had disclosed the particulars of interest u/s. 214 of Rs. 1,14,212 both in the statement of details of interest receipts and also in the return of income filed for the assessment year 1974-75. In these circumstances, the assessee could not be charged that it had concealed its particulars of income or furnished inaccurate particulars of its income relevant for the assessment year 1974-75 warranting the imposition of penalty u/s. 271(1)(c). In these facts and circumstances we hold that the ITO was not at all justified in imposing the penalty of Rs. 2 lakhs. We cancel the same. 8. In the result, the appeal is allowed.
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1988 (12) TMI 141 - ITAT CALCUTTA-C
Assessment Year, Business Income, Business Loss, Carry Forward And Set Off, Income From Business, Income Tax, Investment Company, Speculation Business, Undistributed Profits
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1988 (12) TMI 140 - ITAT CALCUTTA-C
Assessment Year, Foreign Company, Mistake Apparent From Record, Tax Deducted At Source ... ... ... ... ..... h income which was exempt from taxation. This error of jurisdiction was clear and obvious one which could be rectified u/s. 154. Thus, this authority also supports the view that even if the assessee does not claim a relief before the ITO to which it is entitled, it could claim such relief by moving a rectification application u/s. 154 provided all the materials required for claiming that relief existed in the income-tax record. 11. For the foregoing reasons, we uphold the impugned order of the CIT (Appeals) in so far as it relates to the assessment year 1983-84. For the assessment year 1982-83, the ITO is directed to allow relief to the assessee u/s. 90 of the IT Act, 1961 in accordance with the provisions of the agreement for avoidance of double taxation existing between the Govt. of Malaysia and the Govt. of India. 12. In the result, the assessee s appeal for the assessment year 1982-83 stands allowed and the departmental appeal for the assessment year 1983-84 is dismissed.
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1988 (12) TMI 139 - ITAT BOMBAY-C
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... ... ..... apparent from the copies of the assessment orders filed in the case of the assessee s wife. We have been told that till to date no action has been taken to disturb the assessment framed in the case of the assessee s wife both under the income-tax as well as under the wealth-tax. In this view of the matter, we fail to appreciate how a part of the income from the said Flat could at all be taxed in the hands of the assessee in the manner it has been brought to tax by the IT authorities. In our opinion, the IT authorities were unnecessarily confused by the fact that certain bank accounts were maintained in the joint names of the assessee and his wife. On proper appreciation of the material brought on record, the explanation submitted by the assessee that the Flat in question is owned by his wife and he has no interest therein should be accepted without any demur. We would, theefore, delete Rs. 7,242 from the total income of the assessee. 10. In the result, the appeal is allowed.
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1988 (12) TMI 138 - ITAT BOMBAY-C
Amalgamating Company, Assessment Year, Business Expenditure, Carry Forward And Set Off, Expenditure On Repair, Revenue Expenditure, Salary And Perquisites, Set Off Of Loss
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1988 (12) TMI 137 - ITAT BOMBAY-B
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... ... ..... tch if sold in the open market on the valuation date. It is under the powers vested by this sub-s. (1) of s. 7 that r. 1BB has been framed. For that reason, the property in question has to be valued in accordance with r. 1BB. Once this is settled, it is very clear in the light of the two decisions of the Supreme Court referred to, that the maintainable rent has to be determined under the Bombay Rent Act. Sec. 5(10) of the Rent Control Act clearly lays down that for the purpose of that Act, the standard rent shall be the rent for which the property has been let out for the first time. On the basis of the provisions in the Rent Control Act, the maintainable rent adopted by the CIT(A) would be in order and we, therefore, uphold his findings. We may add in this connection that the amendment to s. 23(1) brought about in 1975 has no relevance for deciding the issue before us. The two decisions of the Supreme Court still would hold sway. 4. In the result, the appeals are dismissed.
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1988 (12) TMI 136 - ITAT BOMBAY-B
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... ... ..... as an asset allegedly transferred by the settlor, has to be assessed in his hands. It is also admitted that the said dividend income had also been assessed in the hands of the settlor. At page-10 of the compilation, there is an assessment order under s. 143 of the Act in which the dividend income of Rs. 45,000 had been included as the income of the settlor. When the income has to be assessed in the hands of the settlor, and it has also been assessed in his hands, we fail to understand as to how the assessee trustee comes in the picture for the purposes of claiming refund of the tax deducted at source on the dividend income. It is the settlor who can claim the refund of the tax deducted at source on the dividend and not the assessee. We, therefore, hold that the authorities below were perfectly justified in the eyes of law in not granting refund of tax on dividend income deducted at source in the hands of the settlor. We see no reason to interfere. 5. The appeal is dismissed.
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