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Showing 441 to 460 of 465 Records

• 1997 (2) TMI 25
  
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  ... ... ..... assessments of his income were made on the basis of mutual settlement and on the understanding that no penal action would be taken against him that the petitioner was not offered an opportunity to compound the matter prior to the institution of the criminal prosecution and to explain that the errors and omissions, if any detected by the income-tax authorities during the raid of the premises of the petitioner, were the results of willful default coupled with criminal intention to evade tax. Under the circumstances, I hold that the approach of the income-tax authorities in instituting the criminal complaints against the petitioner was bad in law and amounted to abuse of the process of the court. These petitions therefore, deserve to be allowed and the various criminal complaints before Criminal Complaints Nos. 99 of 1988, 94 of 1988, 97 of 1988 and 98 of 1988-Union of India through V B. Mishra, Income-tax Officer, Circle 1(5), Kanpur v. Banwari Lal Agarwal are hereby quashed.

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• 1997 (2) TMI 24
  

  Accrual Of Income, Income, Business Income, Time Of Accrual Of Income

  
  
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  ... ... ..... IT 1971 80 ITR 213 wherein the Bombay High Court held that even in the case of a distributorship agreement which described the distributor as an agent, the provisions of section 28(ii)(c) of the Act were held to be not applicable. The question whether there was an agency agreement or not has to be decided on the facts of each case. Therefore, in view of the finding of the Tribunal, we are of the view that the compensation received by the assessee on termination of the agreement with Southern Asbestos Cements Limited is not taxable even under the provisions of section 28(ii)(c) of the Act. Therefore, the view of the Appellate Tribunal that the provisions of section 28(ii)(c) of the Act are not attracted to the facts of the case is in order. Therefore, we answer questions Nos. 2 and 3 as referred to us in the affirmative and against the Department. Consequently, we answer all the three questions referred to us in the affirmative and against the Department. No order as to costs.

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• 1997 (2) TMI 23
  

  Business Expenditure, Remuneration, Pension

  
  
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  ... ... ..... made on the basis of commercial consideration, Once it is found that the payment was made on the basis of commercial consideration, there is no difficulty in holding that the payment made to Mrs. Ghaswala is an allowable deduction under section 37 of the Act. We have already seen that two of the tests laid down by the Supreme Court in Gordon Woodroffe Leather Mfg. Co. v. CIT 1962 44 ITR 551, are fully satisfied on the facts of the case. The resolution authorising the payment of pension shows an expectation on the part of the employee of getting the pension. Further the pension was made out of commercial consideration and in order to facilitate the carrying on the business smoothly. It is well-settled that the tests laid down by the Supreme Court are independent or alternative and on satisfaction of any one test, the payment can be treated as a permissible deduction. Accordingly, we answer the question of law referred to us in the affirmative and against the Revenue. No costs.

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• 1997 (2) TMI 22
  

  Powers Of Tribunal

  
  
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  ... ... ..... s incorrect in admitting the additional ground. However, without any orders by the authorities below on this aspect, it may not be possible for the Tribunal to render any decision on this aspect. Under such circumstances, this matter was remitted back to the Income-tax Officer for the purpose of disposing of the same for fresh disposal in accordance with law. Now there is also a decision of the Supreme Court in the matter of allowing expenditure under section 37(2B) of the Act as reported in the case of CIT v. Patel Brothers and Co. Ltd. 1995 215 ITR 165. Therefore, there is no infirmity in the order passed by the Tribunal remitting back this issue for fresh disposal. Accordingly, we answer question No. 1 in the affirmative and against the Department. In so far as question No. 2 is concerned, inasmuch as the point raised in this question was remitted back for fresh disposal. This question does not arise out of the order of the Tribunal. Accordingly we are returning the same.

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• 1997 (2) TMI 21
  

  Capital Gains, Bonus Shares

  
  
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  ... ... ..... ence. Mr. C. V. Rajan, learned counsel for the Department submitted that the earlier order of the Appellate Tribunal in the case of G.N. Venkatapathy was the subject-matter of a tax case reference before this court T.C. No. 784 of 1984, (CIT v. G.N. Venkatapathy 1997 225 ITR 952), and this court in that tax case by a judgment dated June 24, 1996, has upheld tile mode of valuation adopted by the Appellate Tribunal for bonus shares. In other words, this court has held that the value adopted as on January 1, 1964, is an unalterable figure and on that basis, the cost of bonus shares should be arrived at by spreading over the cost of original shares over the bonus shares. Since the view of the Appellate Tribunal has already been upheld by this court in T. C. No. 784 of 1984, (CIT v. G. N. Venkatapathy 1997 225 ITR 952,and since the Appellate Tribunal has merely followed an earlier order, we answer the question referred to us in the affirmative and against the Department. No costs.

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• 1997 (2) TMI 20
  

  Weighted Deduction, Powers Of High Court, Export Market Development Allowance, Reference, Export Promotion

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• 1997 (2) TMI 19
  

  Gift Tax, Gift, Transfer For Adequate Consideration

  
  
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  ... ... ..... the Appellate Assistant Commissioner. A similar question came up for consideration before this court in the case of CGT v. Indo Traders and Agencies (Madras) P. Ltd. 1981 131 ITR 313 wherein this court held that if the consideration which passed between the parties can be considered to be reasonable or fair, it cannot be considered to be inadequate. The adequate consideration is not necessarily what is ultimately determined by someone else as market value. Unless the price was such as to shock the conscience of the court, it would not be possible to hold that the transaction is otherwise than for adequate consideration. In the present case, on the facts, the Tribunal came to the conclusion that there is no difference between the fair market value and the stated consideration. Therefore, gift-tax under section 4(1)(a) cannot be levied in the present case. In that view of the matter, we answer the question referred to us in the affirmative and against the Department. No costs.

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• 1997 (2) TMI 18
  

  Industrial Company

  
  
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  ... ... ..... ocess the goods. The Tribunal, as a finding of fact, has clearly found that the assessee purchased yarn, dyed it and gave it to the weavers, and the weavers, under the supervisory control and direction of the assessee, wove the bed sheets and towels and as such, the activity of the assessee would amount to processing attracting the provision of section 2(7)(c) of the Finance Act, 1979. Section 2(7)(c) of the Finance Act, 1979, makes a distinction between the manufacture and the processing of the goods. The action of the assessee in dyeing the yarn would amount to processing of the goods. Hence, we are of the opinion that the assessee is engaged in the activity of processing of the goods and so, the assessee is entitled to be regarded as an industrial company as defined under section 2(7)(c) of the Finance Act, 1979. We do not find any infirmity in the order of the Appellate Tribunal. Accordingly, we answer the question in the affirmative and against the Department. No costs.

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• 1997 (2) TMI 17
  

  Rate Of Tax, Agricultural Income, Firm, Partner

  
  
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  ... ... ..... urt in the case of CIT v. M. Manickasundaram 1996 220 ITR 133 wherein this court has held that the share of loss of an unregistered firm could not be taken into account and set off against the assessee s other agricultural income, while computing his net agricultural income in assessing to tax his non-agricultural income for the purpose of fixing the rate of tax. We are of the opinion that the decision of this court in the case of CIT v. M. Manickasundaram 1996 220 ITR 133would govern the facts of the case as well. Accordingly, we answer the question referred to us in the negative and in favour of the Department. No costs.

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• 1997 (2) TMI 16
  

  Reference, Rectification, Depreciation, Rate Of Depreciation

  
  
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  ... ... ..... 1996 CIT v. E. I. D. Parry Ltd. 1997 227 ITR 373, this court has remitted the matter to the Appellate Tribunal to consider the question whether the machinery engaged in the manufacture of sugar came into contact with the corrosive chemicals or not. The fact that the matter was remitted for fresh consideration shows that more than one view is possible on the question involved. Therefore, we are of the view that there is a debatable point involved in the question whether the assessee would be entitled to depreciation at the rate of 15 per cent. or 10 per cent. We, therefore, hold that the Appellate Tribunal has come to the correct conclusion on the question that there is a controversial issue involved in the rectification proceedings initiated by the Income-tax Officer and we are, therefore, of the opinion that the question of law sought to be referred by the Revenue is not a referable question. Accordingly we dismiss the tax case petition. There will be no order as to costs.

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• 1997 (2) TMI 15
  
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  ... ... ..... being essential for the use of another machinery or plant itself does not make it a part of that machinery, to be treated as such. On this premise, the claim of air-conditioners fitted in the wall which did not form an integral part of artificial silk machinery to extra-shift allowance was not accepted. Here also, it is apparent from the facts noticed above that exhaust fans, which are electrical machinery, about which there is no dispute, do not form an integral part of textile machinery, but fall in the category of electrical machinery used in textile factory. This alone is sufficient for rejecting the claim for extra-shift allowance in the present case. The principle and the ratio in CIT v. Kiran Crimpers 1997 225 ITR 84 (Guj) (I.T.R. No. 346 of 1983, decided on December 4, 1996), fully applies to the present case. Accordingly, we answer question No.2 also in the negative, i.e., to say, in favour of the Revenue and against the assessee. There shall be no order as to costs.

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• 1997 (2) TMI 14
  

  Whether on the facts and in the circumstances of the case, the Tribunal was right in allowing the claim of interest amounting to Rs. 51,612 paid on borrowed capital by the assessee for the purpose of shares when the dividend income therefrom was exempted under section 80K - Held, yes

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• 1997 (2) TMI 13
  

  Interest on deferred payment and Guarantee commission paid to the bank are revenue expenditure and hence allowable as deduction

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• 1997 (2) TMI 12
  

  Minor admitted to benefits of partnership - registration - held that firm is entitled to registration as in the schedule attached to the application of registration the ratio in which the major partners will bear the losses has been clearly mentioned

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• 1997 (2) TMI 11
  

  Expenses for issue of shares - though the increase in the capital results in expansion of the capital base of the company and incidentally that would help in the business of the company and may also help in the profit-making, the expenses incurred in that connection still retain the character of a capital expenditure since the expenditure is directly related to the expansion of the capital base of the company - Tribunal was not right in sustaining the disallowance

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• 1997 (2) TMI 10
  

  Dissolution of Firm - Even though business was carried on by new firm, the dissolution of firm before 8 years of grant did not satisfy the condition for grant of rebate under section 33 read with section 34(3)(a) - assessee's appeal is dismissed

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• 1997 (2) TMI 9
  

  Held that when the assessee is following the mercantile system of accounting, in the case of sales tax payable by the assessee, the liability to pay sales tax would accrue the moment the dealer made sales which are subject to sales tax and, at that stage, the obligation to pay the sales tax arises and the raising of the dispute in this connection before the higher authorities would be irrelevant

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• 1997 (2) TMI 8
  

  Assets destroyed by fire - compensation received - held that excess of compensation over the list of assets is taxable as capital gains under section 45

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• 1997 (2) TMI 7
  

  Partition of the joint family property - Though for the purpose of the HUF, section 6 of the Hindu Succession Act, 1956, would govern the rights of the parties but in so far as income-tax law is concerned, the matter has to be governed by section 171(1) - Whether one sixth-income from the computation of income of the assessee-Hindu undivided family could be excluded pertaining to the minor son as Maharaja - Held, no

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• 1997 (2) TMI 6
  

  Whether the reassessments for the years 1950-51 to 1956-57, were validly made u/s 34(1)(a) - Whether the Revenue was entitled to contend that reassessments for the years 1954-55, 1955-56 and 1956-57 were validly made u/s 34(1)(b) -Whether an appeal can lie against an order levying penal interest u/s 18A - Whether the assessee-company was entitled to a credit of the amount of excess royalty paid which is held to be in lieu of the income-tax and super-tax liability of the company

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