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Case Laws
Showing 441 to 460 of 501 Records
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1996 (9) TMI 61 - CALCUTTA HIGH COURT
Actual Cost, Assessment Year, Profits Chargeable To Tax, Purchase Tax, Raw Material, Sales Tax
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1996 (9) TMI 60 - KERALA HIGH COURT
Capital Gains, State Financial Corporation ... ... ... ... ..... ifferent as the question was relating to the amount paid by the assessee to discharge the encumbrance and in the context whether it was incurred for improvement of the asset. In Salay Mohamad s case 1994 210 ITR 700 (Ker) the question was of deductions in computation of the capital gains with reference to the amounts not diverted at source by overriding title. The situation before us is entirely different. Similarly, in Idiculla s case 1995 214 ITR 386 (Ker), this court was concerned with the situation of deductions. We have before us the basic question as to whether capital gains arise on undisputed factual matrix. For all these reasons, we answer question No. 1 in the affirmative, against the Revenue and in favour of the assessee. We decline to answer questions Nos. 2 and 3 in view of our reasoning. A copy of this judgment under the seal of the court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, as required by law.
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1996 (9) TMI 59 - KERALA HIGH COURT
Appellate Authority, Capital Or Revenue Expenditure, Expenditure Incurred, Powers Of Tribunal
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1996 (9) TMI 58 - KERALA HIGH COURT
Capital Or Revenue Expenditure ... ... ... ... ..... activity not only of the capital assets but also of even other goods. The High Court in its approach cannot be a passive spectator to the changing ways of life and attitude of the commercial society. This would also be an additional indicator of the snapping of the connection of the amount in question with the capital asset in view of the fact that going in for easy instalments or deferred payments will have to be appreciated in its own way, rather than linking it with the capital asset in a pedantic attitude. In our judgment, in view of the factual situations, it will have to be held that the amount has no connection with the capital asset as sought to be contended by the Revenue. For the above reasons, we answer the question in the affirmative, in favour of the assessee and against the Revenue. A copy of this judgment, under the seal of this court and the signature of the Registrar, shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, as required by law.
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1996 (9) TMI 57 - ANDHRA PRADESH HIGH COURT
Wilful Attempt To Evade Tax ... ... ... ... ..... basis of such a guess that the Department would succeed the prosecution cannot be allowed to go on. Having regard to these circumstances, I am of the considered view that the prosecution as on today cannot be quashed, However, it has to await the result of the Income-tax Tribunal. In case the Department succeeds before the Tribunal the prosecution may continue from the stage it stood and if the Department ultimately fails in its appeal before the Tribunal, the prosecution cannot be allowed to go on. What exactly would be the result cannot be anticipated as on today. In this view of the matter, I stay the proceedings before the criminal court till the disposal of both the appeals filed by the Department before the Income-tax Appellate Tribunal. After the disposal of the said appeals, the criminal court is hereby directed to dispose of the cases keeping in view the findings recorded by the Income-tax Appellate Tribunal. These two criminal petitions are accordingly disposed of.
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1996 (9) TMI 56 - KERALA HIGH COURT
Assessment Year, High Court, Sales Tax ... ... ... ... ..... sions of the High Courts on the interpretation of the amendment to section 43B of the Act, the rectification ordered spells out a question of law. In our judgment, in view of the position settled not only by the judgment in Income-tax References Nos. 141 and 142 of 1987 (CIT v. Kunjumytheen Kunju (A.) 1997 227 ITR 582), but also by the earlier judgment of this court referred to therein --- CIT v. Govindaraja Reddiar 1991 187 ITR 417), it cannot be said that the issue has any element of debate in view of the judgment of the jurisdictional High Court as far as the Tribunal is concerned. In fact it cannot be said that the Tribunal was not justified in rectifying the appellate order. For the above reasons, we answer both the questions in the affirmative, in favour of the Revenue and against the assessee. A copy of the judgment under the seal of this court and the signature of the Registrar shall be forwarded to the Income-tax Appellate Tribunal, Cochin Bench, as required by law.
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1996 (9) TMI 55 - MADHYA PRADESH HIGH COURT
Investment Allowance ... ... ... ... ..... of law has been referred by the Tribunal for answer by this court. We have heard learned counsel for the parties and perused the record. As per the facts, it appears that tiles, after certain process, have to be dried and for that, they have to be placed on racks for drying in sheds. This process of drying is part of the manufacturing process and sheds which are constructed for this purpose formed part of plant and machinery. Tiles cannot be said to be ripe for marketing unless they are dried properly and hence drying of tiles is an essential part of the manufacturing process and that being so, it has to be done at sheds. Therefore, sheds which are meant for drying of the tiles are an integral part of the process of manufacturing and part of plant and machinery. Hence, it comes within the definition of plant and machinery and, as such, the assessee is entitled to the benefit of investment allowances. The question is answered in favour of the assessee and against the Revenue.
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1996 (9) TMI 54 - MADHYA PRADESH HIGH COURT
Charitable Purpose, Charitable Trust, Question Of Law ... ... ... ... ..... x Officer for both the years and direct the Wealth-tax Officer to value the property of the let out portion as well as of the self-occupied portion in accordance with the judgment of the Special Bench of the Tribunal in the case of Biju Patnaik. This should be done after affording reasonable opportunity of being heard to the assessee. It is open to the Revenue to raise all legitimate objections before the authorities. Any observation made by the Tribunal in this regard is only obiter and they are not binding on the Wealth-tax Officer. The Wealth-tax Officer is free to decide the matter in accordance with law. Hence, the apprehension of learned counsel for the Revenue that any observation will prejudice the case of the Department is baseless. It is clarified that the assessing authority shall proceed with the matter objectively and decide the same after hearing the parties in accordance with law. Hence, we answer the question against the Revenue and in favour of the assessee.
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1996 (9) TMI 53 - MADHYA PRADESH HIGH COURT
Supreme Court, Tax At Source ... ... ... ... ..... to defeating the purpose of the provision and its object of check on transactions in sums exceeding Rs. 2,500. If it is permitted, then virtually it will frustrate the very purpose of the enactment. That is true, but at the same time, we cannot cause violence to the language which has been used in the statute. It does not say that the aggregate of the amount should not exceed Rs. 2,500. The words used are in a sum , i.e., single sum has been used. Therefore, irrespective of any number of transactions, where the amount does not exceed Rs. 2,500 in each transaction, the rigours of section 40A(3) will not apply. This is a technical lacuna in the provision for which we cannot supply the omission and put the provision in a proper form so that this kind of loophole may not be left. This view has been taken in the case of CIT v. Aloo Supply Co. 1980 121 ITR 680 (Orissa) and 1983 143 ITR (St.) 67. Hence, we answer the above question against the Revenue and in favour of the assessee.
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1996 (9) TMI 52 - GAUHATI HIGH COURT
Previous Year ... ... ... ... ..... on to the dictionary meaning of the word fund as given in Black s Law Dictionary, Fifth edition, and submits that fund does not only mean recognised fund, it means also an amount to capitalise with a view to the production of interest. Also, to put into the form of bonds, stocks, or other securities, bearing regular interest and to provide or appropriate a fund or permanent revenue for the payment thereof. Under section 43B, the Legislature has specifically mentioned about fund. Therefore, the meaning as given in section 43B cannot be said to be the same as given in section 40A(7)(b)(i). After considering all these aspects of the matter we are of the opinion that in case a provision is made for payment to the retiring employees in respect of the previous year, it is not necessary that actual payment has to be made. If such amount is earmarked for such payment it has to be allowed. In view of the above, we answer the question in favour of the assessee and against the Revenue.
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1996 (9) TMI 51 - KERALA HIGH COURT
Assessment Proceedings, Assessment Year ... ... ... ... ..... s otherwise getting barred. Since admittedly the assessment year 1993-94 is also included in the notice already issued by the Department for the purpose of block assessment, I do not think it proper to keep alive exhibit P-4, and subsequent assessment passed thereof. I am fortified, in taking this view because if exhibit P-4 and the consequent assessment order for the year 1993-94 is kept alive the Department will find it difficult to pass a parallel order in respect of the said year under section 158BC. Therefore, in order to augment the proceedings under section 158BC, I think it would be appropriate to quash exhibit P-4 and the consequent assessment passed for the year 1993-94. I do so. The first prayer made in the writ petition is thus allowed. The second prayer has become infructuous since the Department has already issued notice under section 158BC for the assessment block period including the year 1993-94 as stated above. The original petition is disposed of as above.
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1996 (9) TMI 50 - RAJASTHAN HIGH COURT
Charitable Purpose, Charitable Trust, Question Of Law ... ... ... ... ..... nt orders being time barred not having been pressed at the time of hearing of the appeals before us no longer survives for our consideration. The findings recorded by the Tribunal in the judgment dated January 16, 1991, are purely findings of fact and do not give rise to any question of law arising out of the order passed by the Tribunal. The Tribunal was, therefore, justified in not referring the proposed questions mentioned in the application for the opinion of this court as none of the proposed questions set out in the application, is a question of law fit for reference to the High Court. We are also of the opinion that no question of law arises out of the order dated January 16, 1991, passed by the Tribunal and the Tribunal was justified in rejecting the application. In the result, we do not find any merit in this application under section 256(2) of the Income-tax Act, as no question of law arises out of the order passed by the Tribunal, and the same is hereby dismissed.
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1996 (9) TMI 49 - ANDHRA PRADESH HIGH COURT
Capital Asset, Carrying On Business, Expenditure Incurred, Mining Lease, Revenue Expenditure, Stamp Duty
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1996 (9) TMI 48 - MADHYA PRADESH HIGH COURT
Liquor Business, Two Partners ... ... ... ... ..... court upheld the order of the Tribunal directing assessment of the firm as a registered firm. In the present case, however, it is clear that licence had been granted in the names of the two partners of an existing firm and no endorsement was made on the licence about transfer of the privilege in favour of the firm. The said business activity, therefore, could not have been taken as activity of the firm and to that extent, it could not be considered to be the business of the firm. However, as held in CIT v. Pagoda Hotel and Restaurant 1974 93 ITR 271 (MP), the partnership was not void with regard to its other business, if any, as the said partner ship had not been formed after obtaining of the licence in the names of the individuals but was a pre-existing firm. In this view of the matter we find ourselves in complete agreement with the order of the Tribunal reversing the order of the Income-tax Officer and answer the reference against the Revenue and in favour of the assessee.
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1996 (9) TMI 47 - MADRAS HIGH COURT
Total Income ... ... ... ... ..... 210 ITR 121 (Ker), the provision of law has been upheld as intra vires and good and valid reasons are given for the imposition of the said sum which is to prevent tax evasion. It has to be remembered that a loss correctly determined can be carried over to the next year for adjustment against profits made in the next year. Therefore, it has an important part to play and any default on the part of the assessee has to be curtailed by an imposition of penalty. Lastly, it was argued that the non-availability of a remedy to challenge the adjustments made by the assessing authority I have already pointed out that both under section 154 and under section 264, there are remedies available to the petitioner to question the correctness of the adjustments. For all the above reasons, the writ petitions fail and they are accordingly, dismissed. No costs. In view of the disposal of the writ petitions, no further or separate orders are necessary in the connected W. M. Ps and they are closed.
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1996 (9) TMI 46 - RAJASTHAN HIGH COURT
Supreme Court, Tax At Source ... ... ... ... ..... e Department could not have been changed as it was not the correct interpretation of the judgment of the Supreme Court in the case of Associated Cement Co. Ltd. 1993 201 ITR 435. The words any work were found of wide import, but they must be restricted with respect to supply of labour to carry out the work. The same view has been taken by the Delhi High Court in High Court Bar Association v. CBDT 1995 81 Taxman 324 and by the Madras High Court in Madras Bar Association v. CBDT 1995 216 ITR 240. The SLP against the decision of the Bombay High Court has been dismissed on January 13, 1995 as reported. Agreeing with the view taken by these High Courts, I feel that the interpretation which the Central Board of Direct Taxes has taken is beyond the scope of section 194C. The circular is accordingly quashed in respect of the period up to June 30, 1995. Since the specific provisions have been enacted from July 1, 1995, they will be operative. The writ petition is accordingly allowed.
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1996 (9) TMI 45 - MADHYA PRADESH HIGH COURT
Association Of Persons, Finding Of Fact, Question Of Law ... ... ... ... ..... e denied reference on question No. 1. That being so the reference on question No. 2 will be only academic. In CIT v. Ashoka Marketing Ltd. 1976 103 ITR 543 (SC), and in CIT v. Kotrika Venkataswamy and Sons 1971 79 ITR 499 (SC), it is held that the conclusion based on appreciation of facts does not give rise to any question of law. The conclusion of the Tribunal is based on appreciation of facts and is a pure finding of fact. This does not give rise to a referable question of law. As regards the question of association of persons, it is answered on the basis of the aforesaid decisions. In view of this position, there is no question worth being referred. In view of the aforesaid factual matrix and legal position, we are satisfied that there is no ground to make the direction and call upon the Tribunal to state the case. Accordingly, this miscellaneous civil case is dismissed, but with no orders as to costs. Counsel fee for each side is, however, fixed at Rs. 750, if certified.
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1996 (9) TMI 44 - KERALA HIGH COURT
Accounting Year, Burden Of Proof, Cash Credits, High Court, Question Of Fact, Tea Estate, Unabsorbed Depreciation
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1996 (9) TMI 43 - MADRAS HIGH COURT
Association Of Persons, Earning Income ... ... ... ... ..... this court held that there is no joint venture in earning the income from lottery. Accordingly, it was held that the lottery winnings cannot be assessed in the status of an association of persons . On facts, this decision is also distinguished. Thus, considering the facts arising in the present case, in the light of the judicial pronouncements, we hold that the Tribunal was not correct in coming to the conclusion that the winnings from the lottery should not be assessed under the head association of persons . Inasmuch as the question referred by the Tribunal does not reflect the issue arising in this case, we would like to reframe the question as under Whether, on the facts and in the circumstances of the case, the prize money of Rs. 1,00,000 could be assessed in the hands of the members as one unit in the status of association of persons ? In view of the foregoing discussion, we answer the question referred to us in the affirmative and in favour of the Department. No costs.
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1996 (9) TMI 42 - MADRAS HIGH COURT
Foreign Enterprise ... ... ... ... ..... h do indicate that the company is expected to do something more than mere imparting of technical know-how. Therefore, the Board should have given opportunity to the petitioner to explain in person the actual services rendered by them and whether any part of the service comes out of section 80-O of the Act and whether in respect of that part approval could have been granted. To this extent, I am satisfied that the impugned orders have to be quashed and they are remitted back to the Board for passing fresh orders after giving fresh opportunity to the petitioner to explain their whole case with reference to sections 80-O and 80HHB of the Act. In this view of the matter, the writ petitions are allowed and the impugned orders are quashed. The respondents are directed to pass fresh orders on the application of the petitioner for approval of the agreement dated March 26, 1981, in the light of the observations contained in this judgment. There will, however, be no order as to costs.
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