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Showing 281 to 288 of 288 Records

• 1990 (12) TMI 9
  
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  ... ... ..... tion 214 was liable to be assessed in the assessment year 1972-73. Therefore, the impugned income could not form part of the assessment for the assessment year 1974-75. Even otherwise, the Tribunal has found, which has not been disputed, that the assessee has disclosed the particulars of interest under section 214 of Rs. 1,11,212 both in the statement of details of interest receipts and also in the return of income filed for the assessment year 1974-75. Even assuming that this income was liable to be assessed for the assessment year in question, it cannot be said that the assessee had concealed the income or furnished inaccurate particulars of income when, in the statement and return, such income has been disclosed. For the reasons aforesaid, we find no merit in the contention raised by the Revenue and we, therefore, answer the question in this reference in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.

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• 1990 (12) TMI 8
  
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  ... ... ..... g provided it is bona fide and it is regularly employed and not merely for the year in question. The finding of the Tribunal is that the assessee has changed the method of accounting bona fide and that method was being followed consistently in the subsequent years. This finding has not been challenged. The method adopted by the assessee has not been found to be prejudicial to the interests of the Revenue, having regard to the uniform rate of tax applicable to the company in all the years. There is no dispute that the method adopted by the assessee regarding the payment of bonus in the accounts is in conformity with acknowledged accountancy principles. We are of the view that, on the facts and in the circumstances of this case, the Tribunal came to a correct conclusion and no interference is called for. We, therefore, answer the question in this reference in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.

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• 1990 (12) TMI 7
  

  High Court, while sustaining the order of the Tribunal remitting the matter to the Income-tax Officer - It is implicit in the order of the High Court that the Income-tax Officer should dispose of the matter, on remand, in accordance with law. If there are subsequent binding pronouncements of this court in the matter, it is needless to say, the Income-tax Officer will take due note of them - revenue's special leave petition dismissed

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• 1990 (12) TMI 6
  

  Jurisdiction to reopen the assessment under sections 147(a) and 148 - capital gains on transfer of mining business - validity of reassessment - Whether the consideration received for such transfer is towards goodwill and therefore exempt from tax - question is premature as the matter has not been gone into by the ITO - held that Income-tax Officer had validly and legally exercised his jurisdiction and reopened the assessment for the assessment year 1957-58

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• 1990 (12) TMI 5
  

  Whether, the assessee would be entitled to claim as deductions the sums, for the assessment years 1959-60 to 1964-65, or any part thereof under section 10(2)(xv) or under the corresponding provisions of section 37 - held that income of expenditure of the fund was not belonging to the assessee-company and hence deficit paid by appellant is not allowable as an expenditure

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• 1990 (12) TMI 4
  

  Whether the Tribunal was right in holding that the assessment made by the Income-tax Officer was barred by limitation - if there is no finding of concealment within 4 years of the assessment year, assessment beyond 4years is time barred

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• 1990 (12) TMI 3
  

  Whether order of the Tribunal allowing the unabsorbed development rebate in respect of the plant and machinery not installed by the assessee under section 33 (1), was legal and proper - Whetherthe order of the Tribunal holding that the conditions under section 33(1) are satisfied, is legal and proper - held that new firm is not the owner who installed the plant and machinery - development rebate not entitled

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• 1990 (12) TMI 2
  

  Method of valuation of Stock - ITO held that there was no justification for the assessee to vary from the regular accounting principle of valuing stock - Whether the ITO could reject the consistent practice of the assessee in valuing stock in exercise of his powers under s. 145 - ITO is justified under s. 145 to reject the books of accounts and determine the correct profits and gains.

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