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Case Laws
Showing 121 to 140 of 274 Records
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1989 (1) TMI 155 - ITAT BOMBAY-E
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... ... ..... quoted above s.40(2) of the Finance Act, 1983. The advances taken from customers are certainly debts incurred in relation to the said assets which have been purchased partly out of these advances. The gold etc. to this extent is a chargeable asset in relation to which the said debt/liability is incurred and has to be allowed against the chargeable asset (gold etc. in stock). Appellant wins on this ground. WTO will give necessary relief. 8. We have heard the parties. The finding recorded by the CWT(A) is that the advances taken by the customers were debts incurred in relation to the assets referred to in sub-s.(3) of s. 40 which had been purchased partly out of those advances. No material was placed before us to indicate that there was any error in the finding of the CWT(A). We agree with the view expressed by the CWT(A) in the above order. We, accordingly, confirm his direction on this point, and reject the ground raised by the Department. 9. Both the appeals are dismissed.
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1989 (1) TMI 154 - ITAT BOMBAY-E
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... ... ..... fore, the assessee, in our view, is entitled to 1/6th for repairs, while arriving at net maintainable rent of the building. So far as collection charges are concerned, we find that the assessee has not been able to produce any evidence to show that he has actually incurred any expenditure on collection of rent. Therefore, he is not entitled to any allowance on that account. 9. Now, coming to the question of rate of capitalisation to be adopted, we find that the assessee has claimed 10 per cent rate. As against this, the CWT applied 9 per cent on the basis of the report of District Valuation Officer. Looking to the assessment year with which we are concerned and the market rate of interest on gilt-edged securities, we are of the opinion that 10 per cent rate of capitalisation should be applied. 10. We, therefore, direct the WTO to determine the value of the immovable property afresh, in view of our above directions. 11. In the result, appeal of the assessee is partly allowed.
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1989 (1) TMI 153 - ITAT BOMBAY-D
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... ... ..... ssional purposes. Consequently, a portion of the telephone expenses was certainly disallowable. Considering the entire circumstances, we direct that 1/5th of the total telephone expenses should be disallowed. We modify the order of the AAC on this point. 5. Ground No. 3 is that the learned AAC had erred in upholding the contention of the ITO in taking the cost of the office premises slid daring the year at Rs. 2,424 instead of Rs. 4,276. 6. The assessee had given the working of Rs. 1,851 which should by taken into account in determining the cost of acquisition of the premises in question. One of the items is donation to the society which was necessary to be given in order to acquire the premises. The other amounts which are mentioned in the table were necessary to he spent for acquiring the premises. Consequently, we set aside the order of the AAC and direct the ITO to adopt the figure of Rs. 4276 as cost of acquisition in place of Rs. 2,424. 7. The appeal is partly allowed.
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1989 (1) TMI 152 - ITAT BOMBAY-D
Accounting Year, Assessment Year, Business Income, Business Loss, Capital Gains, Carry Forward And Set Off, Cost Of Acquisition, Market Value, Written Down Value
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1989 (1) TMI 151 - ITAT BOMBAY-C
Advance Tax, Tax Deducted At Source ... ... ... ... ..... of advance tax. payment and tax deducted at source. 22. In the instant, case, it is an undisputed fact that the assessee had paid tax of Rs.1,15,976 by way of advance tax/TDS. Again it is an undisputed fact that at the instance of the assessee, the I.T.O. had framed provisional assessment u/s 141A of the Act, whereby he granted certain refund to the assessee. Till this stage it cannot be disputed that the tax collected from the assessee was under the authority of law. Therefore, according to our considered opinion, the effect of the order of the Tribunal dated 22-8-1984 is that any excess tax demanded by the I.T.O. by making additions/disallowances in the assessment framed u/s 143(3)/144B of the Act on 20-8-1981 would be bad in law. It is only such excess of tax demanded by the I.T.O. which would be considered to be without the authority of law. In this view of the matter, we have no hesitation in upholding the order of the CIT(A). 23. In the result, the appeal is dismissed.
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1989 (1) TMI 150 - ITAT BOMBAY-B
Assessing Officer, Assessment Year, Foreign Enterprise ... ... ... ... ..... authorised representatives of the parties, that the upholding of the legality of charging of interest under section 215 of the Act is not sustainable, since the least the learned CIT (Appeals) could have done was to afford an opportunity of being heard to the assessee vis-a-vis levy of this interest and since he has not done so, we will direct him to decide the issue afresh and for the purpose we set aside, on this limited issue only, his order. The assessee as also the Assessing Officer shall be heard. The issue is left free on legal as well as factual aspects. 21. The net result is that appeal for this year stands allowed partly and that too for statistical purposes, since on one issue we have remanded the matter back. 22. The net result is that ITA No. 2469/BOM./88 for assessment year 1979-80 succeeds partly and so is the case with ITA No. 2470/BOM./88 for the assessment year 1980-81. ITA No. 2471/BOM./88 for the assessment year 1982-83 succeeds partly for statistics only.
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1989 (1) TMI 149 - ITAT BOMBAY-A
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... ... ..... oral trust. 15. Again we also agree with the submissions made on behalf of the assessee that the Expln. 1 to s. 164 of the Act would also not be applicable because the individual shares of the beneficiaries are expressly stated in the statement filed before the ITO on 17th Aug., 1981 and are, therefore, ascertainable as such on the date of the said statement. Further, we agree with the submissions made on behalf of the assessee that the said statement is to be construed to be an instrument or a deed even if it is treated to have come into existence on 17th Aug., 1981. In this view of the matter, the Explanation would not hit the case of the assessee because the beneficiaries became identifiable and their shares ascertainable on the date when it ceased to be an oral trust by virtue of the declaration under Explanations below s. 164A and 160(1) of the Act. In this view of the matter, we would uphold the order of the AAC under appeal. 16. In the result, the appeal is dismissed.
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1989 (1) TMI 148 - ITAT BANGALORE
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... ... ..... sments for the subsequent year. It is true that if the beneficiaries are known and their shares are determinate, this loss will have to be allocated. Then there is no provision in the Act to allow the ITO to treat this loss in the direct assessments of the beneficiaries. As Shri Sethuraman had pointed out the trust and the beneficiaries are not at par with the partnership firm and the partners. In the assessment of partnership firm clear provisions have been given in the Act for application of the profit or loss which is to be considered in the hands of the partners. Sec. 182 provides for the allocation of the share of each partner and for its assessment in the hands of the partner. In the absence of any such specific provision it would not be possible to import it in the assessment of a trust by way of analogy. 10. Under these circumstances, we are unable to accept the submission of Shri Venkatesan, The appeal was correctly dismissed by the AAC. The appeal stands dismissed.
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1989 (1) TMI 147 - ITAT ALLAHABAD-B
Carrying On Business, House Property, Let Out ... ... ... ... ..... that the flats were let out by the assessee on its own behalf. That apart, the rent of the flats is being received by the purchasers and is payable to them. By no stretch of imagination, it could be said that the rent, which is being paid by the State Bank of India, is the rent payable to the assessee. As such, there is force in the contention that this income did not reach the assessee. As such, it would be wrong to assess the same in the hands of the assessee. We may, however, make it clear that as per the evidence brought on record, the assessee was to get 0.40 paise per sq. ft. of the carpet area of the flats, and that part of the rent is assessable in the hands of the assessee. The learned authorised representative for the assessee has stated that this part of the receipt has already been offered for taxation by the assessee. However, the ITO may verify the facts and may pass suitable orders, if necessary. 18. Subject to above observations, the appeal is hereby dismissed
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1989 (1) TMI 146 - ITAT AHMEDABAD-C
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... ... ..... ncome x 2 77,776x 2 1,55,552 STEP III, 1,55,552 X 25/100 25,925 ANNEXURE B GTA No. 54/ Ahd/87 STEP I Computation of average annual income of M/s Bhaishanker Kanga and Girdharlal for the accounting years 1971 to 1975 Accounting year ended Asst. year Assessed income Blocked on capital as on the last date of the accounting year Interest 12 on capital Total adjusted income(3-5) . . Rs. Rs. Rs. Rs. 31-12-1971 1972-73 2,99,410 3,03,000 36,360 2,63,050 31-12-1972 1973-74 4,46,640 3,33,000 39,960 4,06,680 31-12-1973 1974-75 3,86,570 3,43,000 41,160 3,45,410 31-12-1974 1975-76 3,87,550 3,38,000 40,560 3,46,990 31-12-1975 1976-77 5,67,550 3,40,000 40,800 5,26,750 . TOTAL 20,87,720 . 1,98,840 18,88,880 . AVERAGE 20,87,720 . 1,98,840 18,88,880 . . 5 . 5 5 . . 4,17,544 . 39,768 3,77,776 STEP II Average adjusted income x 2 3,77,776 x 2 7,55,552 STEP III Share of profit of Shri M.G.Doshit as at 31-12-1972 25/150 7,55,552 x 25/150 1,25,925 Value of intrest of Shri M.G.Doshit is Rs. 1,25,925
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1989 (1) TMI 145 - ITAT AHMEDABAD-C
A Partner, Bona Fide, Gift Tax, Partnership Firm ... ... ... ... ..... Court has observed as follows at page 353 -- There is no material brought here to show that Mohanlal Kamaji and Govindlal Kamaji were admitted as partners in the firm without consideration. On the contrary the facts clearly show that they were admitted as partners for consideration, the consideration being that with their experience gained by them as employees they would attend to the business of the firm, no remuneration would be payable to them as was being done till then, they would share not only the assets but also in the liabilities of the firm and they would also participate in the future losses of the firm, if any. (Emphasis supplied) Therefore, the High Court has clearly stated that sharing in the liabilities and in the future losses is also consideration. The High Court has stated as above irrespective of the fact that sharing of losses would be coupled with the prospect of sharing profits. Therefore, I am of the view that the gift-tax cannot be levied in this case.
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1989 (1) TMI 144 - ITAT AHMEDABAD-C
Assessment Year, Valuation Officer, Wealth Tax Return ... ... ... ... ..... o be worked out as per formula given in rule 1BB would not be beneficial to the assessee. All these facts stated by the DVO in his valuation report clearly speak that the property in question was certainly being used wholly for residential purposes by the assessee. It was not contended before us on behalf of revenue that such user by the assessee had not been throughout the period of 12 months immediately preceding the valuation date involved in these appeals. Further the valuation as adopted in assessment year 1971-72 was also not disputed before us. That being the factual and legal position obtaining in these appeals we find no error in the direction of the learned CWT(A) to the WTO to give the benefit of section 7(4) in respect of the property in question to the assessee in all the three years under consideration by substituting the value determined by the DVO by the market value as on 1-4-1971. 16. In the result, we find no force in these appeals and dismiss them as such.
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1989 (1) TMI 143 - ITAT AHMEDABAD-B
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... ... ..... istration to the firm on the same constitution as in the year under appeal. We need in this connection refer to only the assessment order for asst. yr. 1984-85 which is appended at pages 19 to 21 of the paper book. In the order under s. 185 as pointed out by the learned counsel there is a clear reference to the issue of summons under s. 131 to two partners of the firm as also their examination on oath. In the light of these facts no useful purpose would be served in restoring the matter back to the file of the ITO with a view to carry out on exercise which he has already done in asst. yr. 1984-85. The decision of the Supreme Court relied upon by the learned Departmental Representative is not applicable to the peculiar facts of the present case. 9. In the final analysis we accept the assessee s claim in view of the decision of the Gujarat High Court supra as also on a consideration of the facts of the case. The ITO is directed to allow registration. 10. The appeal is allowed.
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1989 (1) TMI 142 - SC ORDER
Forgings for connecting rods - Customs ... ... ... ... ..... Entry 87.09/12 of Schedule I of the Customs Tariff Act, 1975. This aspect was not canvassed by the department before the Tribunal in this particular case, and was not considered by the Tribunal. This requires consideration from all aspects by the Tribunal because the correct classification of the goods in question should be made by taking into consideration all the relevant and/or appropriate entries. 2. In that view of the matter, in the facts and the circumstances of the case, we set aside the order of the Tribunal and remand the matter to the Tribunal to consider whether the said goods fall under Entry 76.08 or under Entry 84.06 read with Entry 87.09/12 of Schedule I of the Customs Tariff Act, 1975, read with the rules for interpretation. This matter will be decided in accordance with law after giving both the parties opportunities to adduce evidence and make such submissions as the Tribunal may consider fit and appropriate. 3. The Civil Appeal is disposed of accordingly.
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1989 (1) TMI 141 - HIGH COURT OF JUDICATURE AT MADRAS
Writ jurisdiction - Written arguments after hearing - Adjournment in adjudication proceedings - Natural justice
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1989 (1) TMI 140 - HIGH COURT OF JUDICATURE AT MADRAS
Adjudication - Writ of mandamus ... ... ... ... ..... in the counter affidavit as stated above. I do not think it is necessary to issue a writ of mandamus at this stage. So also, I do not feel it is necessary to refer to the decisions cited by the learned Advocate General, at this stage with regard to the pro-position whether personal hearing is to be given or not. As seen from the counter affidavit, it is clear that the respondent has not taken any decision with regard to the application filed by the petitioners. As such, the writ of mandamus is not a writ of course, or a writ of right, but is as a rule a matter for the discretion of the Court. I am not inclined to issue a writ of mandamus as prayed for. 8. I am of the view that if the petitioners are aggrieved by any order passed by the respondent, either on the application filed by the petitioners on 15-11-1988 or in the adjudication proceedings, it is open to the petitioners to challenge the same. The writ petition is dismissed. However, there will be no order as to costs.
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1989 (1) TMI 139 - HIGH COURT OF KARNATAKA AT BANGALORE
Customs - Clearance of goods for home consumption - Detention of goods - Duty, penalty and fine paid
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1989 (1) TMI 138 - HIGH COURT OF ORISSA
Electricity - Interpretation of Statute ... ... ... ... ..... pra) (ii) generation of electricity for the purpose of the Act is manufacture or production of electricity, since the term manufacture or production is to be given a wide meaning, (iii) inclusion of tax leviable under the Act on the Board has rightly been included in the tariff as amended in the year 1980. 10. Before concluding, I cannot but take note that the return filed on behalf of opposite parties 2 to 4 was ignored on account of non-service of copy of the same on opposite party No. 1. Opp. Parties 2 to 4 are the officers of the Union Government. In spite of the Order dated 11-5-1983, no step was taken for compliance of the order and for acceptance of the return even till the date of hearing. Serious view ought to be taken by the Union Government in this regard in future. 11. In the result, the writ application has no merit which is accordingly dismissed. There shall, however, be no order as to costs. 12. Per H.L. Agrawal. CJ . - I agree. 13. Writ application dismissed.
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1989 (1) TMI 137 - PATNA HIGH COURT AT RANCHI BENCH
Central Excise - Suit - Steel ingots - Produced out of old scrap - Exemption - Interpretation of Statute
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1989 (1) TMI 136 - HIGH COURT OF JUDICATURE AT BOMBAY
Customs - Clearance of warehoused goods ... ... ... ... ..... e with the Department to indicate that the goods are not covered by exemption notifications. Pending disposal of the show cause notice, if any to be given by the respondents, the petitioners shall furnish bond for the differential amount in favour of the respondent No. 2. The show cause notice, if any, shall be given within a period of eight weeks from to-day and the bond would stand discharged in case no such notice is served. 3. Accordingly, petition succeeds and the respondents are directed to forthwith clear the goods on payment of basic and countervailing duty arrived at the rate of 20 ad valorem each. On such clearance the petitioners shall furnish bond in favour of respondent No. 2 for the differential duty calculated between 20 and 100 ad valorem. It is open for the respondents to serve show cuase notice within eight weeks upon the petitioners to show cause why ad valorem duty should not be charged. In the circumstances of the case there will be no order as to costs.
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