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Showing 421 to 432 of 432 Records
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1996 (3) TMI 13
Trusts, Dividends, Deduction ... ... ... ... ..... of the Act as well. The charge of tax comes into play after the income has been determined in the manner stated above. In the present case, the trustee is an individual. His status, therefore, has to be adopted as that of an individual and from his individual income the assessee is entitled to deduction under section 80L of the Act. On the income so computed the tax has to be charged in view of the provisions contained in section 164(1) treating such income as if it was the income of an association of persons or at the rate of 65 per cent. whichever was more beneficial to the Revenue. Therefore, the assessee is entitled to deduction under section 80L of the Act. In view of the foregoing discussions, we consider that the Tribunal was correct in granting relief under section 80L of the Act. Accordingly, we answer the question referred to us in the assessment years under consideration, in the case of each of the assessees in the affirmative and against the Department. No costs.
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1996 (3) TMI 12
Minor, Trust Deed, Beneficiary, Deferment Of Income ... ... ... ... ..... d by the Department, the Tribunal following its order for the earlier year in the case of the same assessee on an identical issue, rejected the contention of the Department and dismissed its appeal. Similar question came up for consideration before this court in the case of CIT v. Sitalakshmi (Minor) 1996 217 ITR 595, wherein this court held that since the assessee did not attain the age of 18 years during the relevant accounting year ending on March 31, 1977, the trust income could not be taxed in her hands. In view of the abovesaid decision of this court, in the case of CIT v. Sitalakshmi (Minor) 1996 217 ITR 595 who is the sister of the assessee herein, we hold that there is no infirmity in the order passed by the Tribunal, in coming to the conclusion that the income of the trust during the assessment year under consideration is not taxable in the hands of the minor. Accordingly, we answer the question referred to us in the affirmative and against the Department. No costs.
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1996 (3) TMI 11
Depreciation, Plant, Hotel Building ... ... ... ... ..... n one of the branches can be granted depreciation allowance under the head Furniture and fittings. Their Lordships, after considering the matter, held that the sanitary and pipeline fittings fell within the definition of plant in s. 10(5) and the respondent was entitled to development rebate in respect thereof under s. 10(2)(vib). The fact that the respondent claimed depreciation on the basis that the sanitary and pipeline fittings fell under furniture and fittings in r. 8(2) of the IT Rules, 1922, did not detract from this position. The intention of the legislature was to give the word plant a wide meaning. 4. Hence, in view of the decision of the Supreme Court, the Tribunal has rightly come to the conclusion that hotel is a plant and accordingly decided the matter in favour of the assessee. We are of the opinion that the view taken by the Tribunal appears to be justified and needs no interference. 5. We answer the question in favour of the assessee and against the Revenue.
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1996 (3) TMI 10
Charitable Trust - Exemption - College was run, not by the assessee-trust, but by another registered charitable society - conduct of the educational institution in drawing from the assessee-trust larger sums than what has been credited by the trust in its favour in 1969-70 shows that it was fully aware of its credit with the assessee-trust and the funds that had been made available to it by the trust - assessee was entitled to exemption under section 11
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1996 (3) TMI 9
Whether on the facts and in the circumstances of the case, G. Parthasarathy Naidu and Sons and Messrs. Sri Lakshmi Oil and Flour Mills can be treated as two separate firms and distinct assessable entitles - decision of the Full Bench of the Andhra Pradesh High Court in CIT vs. G. Parthasarathy Naidu & Sons overruling an earlier decision of the same Court in Addl. CIT vs. M. Venkata Narasimha Rao & Co., is correct - impugned appeal is dismissed as non-maintainable
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1996 (3) TMI 8
Whether the lands sold during the year of account was not 'agricultural land in India' during the year of assessment and, hence, not liable to be excluded from the definition of the words 'capital asset' - Whether the surplus realised on the sale of land in the year of account is not exempt from capital gains - held that land was not agricultural, therefore liable to tax under Capital Gains
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1996 (3) TMI 7
Non-service of notice - section 143(2) - legal representatives of the deceased, did not invalidate the assessment orders - an omission to serve or any defect in the service of notices provided by procedural provisions does not efface or erase the liability to pay tax where such liability is created by distinct substantive provisions - it was not a case fit for cancellation of the assessments
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1996 (3) TMI 6
Payments in cash to its employees on account of house rent allowance, conveyance allowance and medical reimbursement - assessee's contention that cash payments cannot be treated as "perquisites" for the purpose of and within the meaning of section 40A(5), is accepted - held that payments made in cash by an assessee to its employees are not comes u/s 40(a)(v) & 40A(5)
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1996 (3) TMI 5
Jurisdiction/Powers of Settlement Commission - Penalty Proceedings - order of the Settlement Commission is set aside to the extent it has dropped the penalty proceedings relating to the assessment years 1970-71 to 1974-75 and to the extent it has waived the penalties for the said assessment years. The orders and directions made by it shall not affect the said penalty proceedings which can now proceed according to law - commission can reopen completed proceeding u/s 245E
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1996 (3) TMI 4
Agricultural Income - compensation received on agricultural land being requisitioned - entitled to exemption
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1996 (3) TMI 3
Scope and interpretation of section 80K - Both the plants fulfilled all the conditions for the grant of necessary relief under section 80J of the Act. Accordingly, in the course of assessment of the company for the assessment years commencing from the assessment year 1975-76, the relief to which the appellant was entitled under section 80J - since deduction under section 80J was not actually allowed but only entitled, appellant is entitled to benefit of section 80K
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1996 (3) TMI 1
Income from Undisclosed Sources - held that appeal filed by the assessee before the Appellate Assistant Commissioner against refusal to continue registration under section 184(7) is maintainable
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