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Case Laws
Showing 301 to 320 of 332 Records
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1994 (3) TMI 32 - BOMBAY HIGH COURT
Assessment Year, Income Tax Act, New Industrial Undertaking, Raw Material, Special Deduction ... ... ... ... ..... of the new industrial undertaking shall be computed as if the transfer had been made at the market value of such goods on the date of transfer for the purposes of section 80J. This provision is applicable as from April 1, 1976. It does not cover the assessment year which is before us for consideration. We have, therefore, decided the question referred to us without recourse to this sub-section which does not apply. In the premises the question is answered as follows The raw material, viz., formaldehyde, produced by the old industrial undertaking of the company (known as the formaldehyde and hexamine plant) used as raw material in the production of pentherythritol by the new industrial undertaking known as the penta plant should be taken at cost price for the purpose of computing the profits and gains of the new industrial undertaking as exempt under section 80J of the Income-tax Act, 1961, for the relevant assessment year, i.e., assessment year 1974-75. No order as to costs.
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1994 (3) TMI 31 - MADRAS HIGH COURT
Income Tax Act ... ... ... ... ..... the context in which that observation or proposition came to be made. The latter case, namely, CIT v. Balakrishna Textiles 1992 193 ITR 361 (Mad), appears to be a case of search and seizure and the finding given by the authorities below was on the basis of search and seizure regarding the deliberate underestimate of income. We are not concerned with such a situation in this case. After going through the judgment in the latter case, CIT v. Balakrishna Textiles 1992 193 ITR 361 (Mad), and the former case, CIT v. Apsara Talkies 1985 155 ITR 303 (Mad), we are of the view that the facts in CIT v. Apsara Talkies 1985 155 ITR 303 (Mad), are more or less close to the facts of our case and, therefore, we are inclined to apply the ratio laid down in the former case, namely, CIT v. Apsara Talkies 1985 155 ITR 303 (Mad), to the facts of the present case. Accordingly, we answer the questions referred to us in the negative and in favour of the assessee. There will be no order as to costs.
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1994 (3) TMI 30 - MADRAS HIGH COURT
Failure To File Return In Time, Income Tax Act, Offences And Prosecution ... ... ... ... ..... lt on the part of the appellant. Lower down in the same paragraph, it has been stated as follows On the same analogy even if it is held that obtaining of the audit report under section 44AB by the specified dates has to be treated as mandatory, no penalty under section 271B can be levied since the appellant had filed the audit report along with the return of income. From the later observation made by the appellate authority, learned counsel for the petitioners would submit that these observations would have a bearing on the alleged belated filing of the return of income. I am clear that these observations cannot project upon the wilful delayed filing of the return of income which is concerned with section 276CC of the Act. Hence, the third submission also fails. Since none of the submissions made by learned counsel for the petitioners finds acceptance with me, the inevitable result is that these petitions have to fail. Accordingly, these petitions fail and they are dismissed.
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1994 (3) TMI 29 - MADRAS HIGH COURT
Business Expenditure, Business Premises, Expenditure On Repair, Income Tax Act ... ... ... ... ..... ken by the Tribunal, on the facts of this case, appears to be in consonance with the decision of the Supreme Court in CIT v. Malayalam Plantations Ltd. 1964 53 ITR 140, wherein the Supreme Court has held that the expression for the purpose of business occurring in section 37 of the Income-tax Act is wider in scope than the expression for the purpose of earning profits . Their Lordships of the Supreme Court have further held that the expression for the purpose of business may also comprehend payment of statutory dues and taxes imposed as a pre-condition to commence or for the carrying on of a business, and that the same may comprehend many other acts incidental to the carrying on of a business. In view of the above ruling of the Supreme Court, we do not think that the Revenue has any case warranting interference with the conclusion reached by the Tribunal. Accordingly, we answer the questions against the Revenue and in favour of the assessee, with costs. Counsel s fee Rs. 500.
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1994 (3) TMI 28 - MADRAS HIGH COURT
False Statement In Verification, Income Tax Act, Offences And Prosecution, Wilful Attempt To Evade Tax
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1994 (3) TMI 27 - MADRAS HIGH COURT
Agreement For Avoidance, Double Taxation Avoidance Agreement, Rate Purpose, Total Income ... ... ... ... ..... r question No. 2, we answer the same in the affirmative holding that the Tribunal was right in holding that there was no permanent establishment in respect of the Malaysian firm in India within the meaning of article 7 of the double taxation avoidance agreement. With reference to question No. 3, we answer the same in the affirmative holding that, in any event, in view of the provisions contained in paragraph 2 of article 2 of the double taxation avoidance agreement and the employment of the term may in articles 6, 11, 12, etc., the Tribunal had not erred in the facts and circumstances of the case in having held that the Malaysian foreign income is not also includible in the total income for rate purposes and the production of the certificate of taxation in Malaysia was not necessary, since we have construed the words to have been used in the agreement as not of much significance in answering the questions raised in this case. The references are answered accordingly. No costs.
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1994 (3) TMI 26 - MADRAS HIGH COURT
HUF Income, HUF Partner In Firm, Inclusions In Total Income, Income Of HUF, Income Tax Act, Minor Child
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1994 (3) TMI 25 - RAJASTHAN HIGH COURT
Bad Debt, Income Tax Act, Offences And Prosecution, Wilful Attempt To Evade Tax ... ... ... ... ..... ed circumstances, the Department would withdraw the prosecution to show its bona fides. In the present case, a copy of the order passed by the Inspecting Assistant Commissioner (Assessment) with regard to bad debts has not been placed and, therefore, what would be the effect of the order of the Tribunal cannot be considered. If according to the petitioner, the Departmental authorities have given any finding in favour of the petitioner from which it could be said that no offence has been committed by the company, the petitioner is free to produce such a document before the trial court, but looking to the facts and circumstances of the case, more particularly that the order of the Inspecting Assistant Commissioner (Assessment) after remand has not been produced, it will not be proper to interfere in the extraordinary writ jurisdiction of this court under article 226 of the Constitution of India. Consequently, the writ petition stands disposed of with the directions given above.
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1994 (3) TMI 24 - MADRAS HIGH COURT
Income Tax Act, Income Tax Authorities, Offences And Prosecution, Taxing Statutes, Wilful Attempt To Evade Tax
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1994 (3) TMI 23 - RAJASTHAN HIGH COURT
Wealth Tax Act ... ... ... ... ..... ore the Income-tax Tribunal that the assessee-trust acquired the asset, namely, Rs. 3,50,000, on or before the valuation date, viz., November 13, 1974. It is only after the assessee is the owner of an asset in accordance with the provisions of the Wealth-tax Act, that the said wealth could be included in the wealth of the assessee for the purpose of assessment and a finding has been recorded by the Tribunal that the executor has yet to pay the amount of Rs. 3,50,000 to the assessee-trust and the said asset, namely, the sum of Rs. 3,50,000, still continues with the executor and has not been parted with by him to the assessee-trust. In these facts and circumstances, we are of the view that the Income-tax Appellate Tribunal was justified in holding that the amount of Rs. 3,50,000 could not be included in the assessment of the trust for the years under consideration. The reference is answered in favour of the assessee and against the Revenue/Department with no order as to costs.
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1994 (3) TMI 22 - RAJASTHAN HIGH COURT
Firm Registration, Income Tax Act ... ... ... ... ..... nor has it been pointed out that there is any other objection. After the retirement of Mohanlal Kalidas who was having 37 per cent. of the share, the remaining partners who were having 63 per cent. share, were credited with the profit in the ratio between the partners which was 63 per cent. The result of this division of profit was that the entire profit was distributed between these partners and the alleged undivided share of 37 per cent. came to the share of these five partners in the ratio of the share of profit and thus there was a division of the complete profit. In these circumstances, it cannot be said that the profits in accordance with the deed of partnership have not been distributed. Accordingly, we are of the opinion that the Income-tax Appellate Tribunal was right in holding that the Income-tax Officer was not justified in refusing registration to the firm. The reference is answered in favour of the assessee and against the Department with no order as to costs.
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1994 (3) TMI 21 - RAJASTHAN HIGH COURT
Estate Duty Act, Passing Of Property ... ... ... ... ..... as full owner thereof and not as a limited owner. Since the character of the property was considered to be joint family property, the Assistant Controller of Estate Duty was not justified in coming to the conclusion that Basanti Bai was entitled to a half share in the entire family property. The matter has already been remanded to the Appellate Controller of Estate Duty for redetermination of the question of assessability of estate duty and the value of the right of maintenance which ceased on the date of death of the deceased. In these circumstances, we are of the opinion that the Incometax Appellate Tribunal was justified in holding that the deceased had no interest in the property of the Hindu undivided family except the right of maintenance and, therefore, no coparcenary interest came to cease on the death of the deceased under section 7 of the Estate Duty Act. Consequently, the reference is answered in favour of the assessee and against the Revenue. No order as to costs.
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1994 (3) TMI 20 - HIMACHAL PRADESH HIGH COURT
Actual Cost, Income Tax Act, Rectification Of Mistakes ... ... ... ... ..... be reduced, while computing the cost of assets, for the purposes of allowing depreciation as also development rebate. Though the Revenue attempted to maintain that the stand taken by it was in order, we are unable to accept the same. In Srinivas Industries v. CIT 1991 188 ITR 22 (Mad), I had occasion to exhaustively examine this question and, after considering the view taken by the several courts, it was held that, having regard to the provisions in the subsidy scheme, the relevant provisions of the Income-tax Act and also the several decisions, referred to on this question, the actual cost of the assets cannot be reduced by the amount of subsidy received and section 43(1) of the Income-tax Act, 1961, would be inapplicable. The principle of that decision would govern this petition as well and there is no dispute regarding this. In view of this, the writ petition is allowed and the rule nisi is made absolute quashing annexures P-4 and P-7. There will be no order as to costs.
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1994 (3) TMI 19 - GAUHATI HIGH COURT
A Firm, House Property, Wealth Tax ... ... ... ... ..... hnappa, AIR 1966 SC 1300, 1303, the view taken by this court accords with the position above stated. In view of the aforesaid law as clarified by the apex court in Chidambaram Pillai s case 1977 106 ITR 292, we are of the view that a firm unlike a company has no legal personality of its own and the property that belongs to the firm actually belongs to the partners constituting the firm to the extent of their respective shares in the firm. In the present case since the authorities below had not granted the exemption claimed by the assessee under section 5(1)(iv) of the Act in accordance with the aforesaid law stated by us, we are of the opinion that the Tribunal was justified in directing the Wealth-tax Officer to allow the said exemption in the hands of the assessee in determining the share of his interest in the property standing in the name of the firm of which he is a partner. The reference is accordingly answered in the affirmative and in favour of the assessee. No costs.
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1994 (3) TMI 18 - MADRAS HIGH COURT
Assessment Proceedings, Income Tax Act, Reassessment Proceedings, Search And Seizure, Undisclosed Income
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1994 (3) TMI 17 - CALCUTTA HIGH COURT
Capital Receipt, House Property, Revenue Receipt ... ... ... ... ..... r the reason aforesaid it must be held that impugned adjustment and intimation in respect of the assessment year in question were ultra vires the section and must accordingly be set aside. The writ application is accordingly allowed to the extent that the impugned intimation and adjustment under section 143(1)(a) are set aside and quashed. Consequently, the order under section 153 dated November 12, 1990, the appellate order dated December 27, 1991, the revisional order dated July 30, 1991, and any purported recovery of additional tax in respect of the assessment year in question are also quashed and set aside. In the facts of the case there will be no order as to costs. Stay of operation of the order is prayed for and the same is granted for three weeks from date. Let a xerox copy of this judgment duly signed by the Assistant Registrar of this court be given to the parties upon their undertaking to apply for the certified copy of the judgment and on payment of usual charges.
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1994 (3) TMI 16 - KERALA HIGH COURT
Agricultural Income Tax Act, Law Applicable To Assessment ... ... ... ... ..... vantageous to the Revenue as well as the assessees to have an authoritative opinion in the matter at an early date. Secondly, even if in the revisions which the petitioners may file, the same relief as that in these writ petitions will have to be afforded, namely, to direct the Commissioner to entertain the revision petitions and to deal with them on the merits. A disposal of the matter at this stage will save both parties the unnecessary time lag by pursuing the revisional remedy afresh. I am, therefore, entertaining the writ petitions on the merits despite the correctness of the Government Pleader s stand though I do so on the special facts and circumstances of these cases, without its being treated as a precedent. The writ petitions are, therefore, allowed. Exhibit P-5 in each of these cases is quashed. The Commissioner of Agricultural Income-tax is directed to entertain the revision petitions under section 77 of the 1991 Act and pass orders afresh on the merits. No costs.
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1994 (3) TMI 15 - MADRAS HIGH COURT
Additional Tax, Sale Proceeds, Substantially Interested ... ... ... ... ..... Appellate Assistant Commissioner allowed the claim of the assessee not only on the basis of the notification, but also on yet another ground based on the provisions of section 109(i)(e) of the Act. However, the Tribunal did not go into the second ground based on section 109(i)(e) of the Act, on the basis of which the Appellate Assistant Commissioner allowed the claim of the assessee. Therefore, when the matters go back on the basis of this reference order, the assessee must be permitted to raise the second ground before the appropriate authority for claiming the relief. Accordingly, while answering the question in the negative and against the assessee, we hold that the claim of the assessee on the basis of the provisions of section 109(i)(e) of the Act will have to be gone into by the appropriate authority when the matters go back for fresh assessment. The question is answered as above and the references are disposed of accordingly with costs. Counsel fee Rs. 1,000. One set.
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1994 (3) TMI 14 - GUJARAT HIGH COURT
Income From Other Sources, Income Tax Act, Legal Fiction, Set Off, Unabsorbed Depreciation, Wholly And Exclusively
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1994 (3) TMI 13 - GUJARAT HIGH COURT
Electrical Machinery, Income Tax Rules ... ... ... ... ..... ry and plant to which the general rate of depreciation of 10 per cent. applies (1) Electrical machinery-Switchgear and instrument, transformers and other stationary plant and wiring and fittings of electric light and fan installations. In view of the above specific provision, it is clear that the extra shift allowance benefit was not available for the electrical machinery. The Income-tax Officer had, therefore, no power to allow extra shift allowance on electrical machinery. He had, therefore, committed a mistake which he could validly rectify under section 154 of the Act by withdrawing the extra shift allowance on the electrical machinery. We are, therefore, of the view that the Tribunal was right in holding that the extra shift allowance on electrical machinery was not allowable and the question referred to us is, therefore, answered in the affirmative, in favour of the Revenue and against the assessee. The reference stands disposed of accordingly with no order as to costs.
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