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Case Laws
Showing 341 to 360 of 403 Records
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1997 (4) TMI 63 - MADRAS HIGH COURT
Female Member, HUF Income, HUF Property, Income Of HUF, Income Tax, Minor Child, Total Income
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1997 (4) TMI 62 - BOMBAY HIGH COURT
Profits And Gains Attributable To, Special Deduction ... ... ... ... ..... ) of the Act. If that is so, the assessee would not be entitled to any more relief on the basis of the decision of this court referred to above. However, counsel for the assessee contended before us that as material facts are not before us, this matter should be remitted to the Tribunal to give relief to the assessee under section 80P of the Act in respect of profits derived by it from trading activities with its members. In view of the peculiar facts and circumstances of this case, we are of the opinion that ends of justice will be met if the matter is remitted to the Tribunal to examine the claim of the assessee for deduction under section 80P of the Act in the light of the decision of this court in CIT v. Nagpur Zilla Krishi Audyogik Sahakari Sangh Ltd. 1994 209 ITR 481, and if the assessee is entitled to any relief over and above what has been granted to it, to allow the same. We order accordingly. In the facts and circumstances of this case, we make no order as to costs.
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1997 (4) TMI 61 - KARNATAKA HIGH COURT
Agricultural Income Tax Act, Dissolution Of Firm, Dissolved Firm, Taxing Statutes ... ... ... ... ..... cultural Income-tax Officer could not have relied on the amended section 26 to assess the dissolved firm after its dissolution in respect of the income received from the Coffee Board though it related to the supply of agricultural produce before the date of dissolution. In the light of this conclusion section 13 of Act 10 of 1987 dealing with validation cannot be of any help to the respondents. For the above reasons these writ petitions are allowed in part and in W. P. Nos. 2397 and 2398 of 1988 recovery proceedings pursuant to annexure C letter, annexure D notice and the notices of demand annexures F and G are quashed. The respondents shall also refund the amount that might have been collected in pursuance of the proceedings which have now been quashed. W. P. Nos. 2735 to 2740 of 1988 are allowed in part and the proceedings pursuant to the notices, annexures D and E , are quashed. W. P. No. 13384 of 1988 is allowed in part quashing the order dated June 13, 1988-annexure A .
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1997 (4) TMI 60 - PUNJAB AND HARYANA HIGH COURT
Interest On Refund ... ... ... ... ..... to pay interest on the amount of tax deposited in case the levy of tax is set aside in appeal or in further proceedings. In the present case, as observed earlier, we do not find the justification for withholding the interest on the amount of refund. If the refund of the amount of tax deposited did not adversely affect the Revenue, we fail to understand as to how the payment of interest on the said amount would adversely affect the interests of the Revenue especially when the petitioner is a running concern with reasonably good turnover and earning profits. For the reasons stated above, we accept this petition and quash the impugned order, annexure P-3, withholding the amount of interest. The respondents are directed to pay interest on the amount already refunded within two months of the receipt/production of a certified copy of this order. The amount of interest be calculated in accordance with the statutory provisions. No costs. Copy of this order be given dasti on payment.
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1997 (4) TMI 59 - BOMBAY HIGH COURT
Higher Rate ... ... ... ... ..... e-tax Act. It also observed that it was also equally true that in its ordinary literal meaning, a pontoon could not be considered as ship. Having thus conceded this position, the Division Bench took into consideration the sub-category of other vessels which took in its sweep all the vessels including pontoons, which were operated in inland waters. This, according to them, was the legislative intent, as manifested in the Income-tax Rules, 1962. After hearing both counsel and after going through the Gujarat High Court judgment and after perusing the order of the Tribunal in the present case at hand, we are of the considered view that such legislative intent cannot be attributed or inferred, and such a broad meaning cannot be given to the word ship so as to include pontoons within its sweep. We, therefore, answer the question referred to us in the affirmative and against the assessee-company. The reference is accordingly answered in the above stated terms. No order as to costs.
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1997 (4) TMI 58 - HIMACHAL PRADESH HIGH COURT
Substantially Interested ... ... ... ... ..... ied on by learned counsel for the assessee. But it is seen from the facts thereof that the ruling will not in any way apply in the present case. In that case the assessee had incurred a liability by way of damages for use and occupation of the premises where he was carrying on the business of running a hotel. The Estate Officer of the Government of India had determined the damages and recovered the amount. The court held that the amount which was paid by the assessee could certainly be treated as a business expenditure and was, therefore, a permissible deduction. We have no doubt in this case that the view expressed by the Tribunal making a distinction between the two counts of payments is correct and in accordance with the law settled by the Supreme Court. In the circumstances, the reference is answered in favour of the Revenue that the Tribunal was right in disallowing the payment of additional royalty/penalty on blazes cut on trees which were not allotted to the assessee.
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1997 (4) TMI 57 - DELHI HIGH COURT
Fixed Deposit, Inclusions In Total Income, Minor Admitted To Benefits Of Partnership ... ... ... ... ..... t would be assessable in the hands of the father but if there is an independent contract de hors the partnership agreement, whereby a loan is advanced by the minor to the firm in which he has been admitted to the benefits of the partnership, then that interest may not become liable to tax in the hands of the father. In this view, it cannot be held that the conclusion of the Tribunal that the interest on these deposits cannot be said to be income arising directly or indirectly to the minors on their admission to the benefits of the firm is wrong. The conclusion arrived at by the Tribunal is thus in consonance with the decision of the Supreme Court and this court. Accordingly, both the questions are answered in the affirmative, that is the question referred at the instance of the Revenue is answered in favour of the assessee and against the Revenue and the question referred at the instance of the assessee is answered in favour of the Revenue and against the assessee. No costs.
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1997 (4) TMI 56 - GUJARAT HIGH COURT
Attachment And Sale ... ... ... ... ..... Schedule to the Income-tax Act, which is taken on record. Learned counsel for the petitioner says that the notice was issued on February 4, 1997. The sale proclamation exhibit B is also issued on the same day, i.e., February 4, 1997, as seen from exhibit B . It is, thus, clear that the sale proclamation has been issued without giving any opportunity of hearing for settling the various terms and conditions of the said auction and, therefore, that proclamation, so far as the petitioner s property at item No. 15 is concerned, cannot be sustained and is required to be set aside. Hence, the impugned proclamation so far as it concerns the petitioner s property at item No. 15, is set aside, but, the authorities will be free to proceed for recovering the balance amount from the petitioner in accordance with law. The amount deposited by the petitioner for the principal amount will be credited towards the dues payable by the petitioner. Rule is made absolute with no order as to costs.
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1997 (4) TMI 55 - DELHI HIGH COURT
Capital Or Revenue Receipt, Interest In Firm ... ... ... ... ..... ital or revenue nature. By a majority view it was held that the compensation paid was not for preventing the assessee from carrying on its business but one paid in the ordinary course thereof to adjust the rights between the assessee and the producers of the films and that the agreement cancelled could not be deemed to be such a fundamental asset of the assessee, on which his whole trade had been built, so as to constitute the framework of the profit making apparatus. For the aforesaid reasons, we are of the opinion that the sum of Rs. 62,500 received by the assessee represents a revenue receipt in its hands and is, therefore, liable to be assessed to tax. In the result, our answer to question No. 1 is in the negative, that is, in favour of the Revenue and against the assessee. The answer to question No. 1 being in the negative, it is not necessary to render any opinion on question No. 2. Since no one has appeared on behalf of the assessee there will be no order as to costs.
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1997 (4) TMI 54 - PUNJAB AND HARYANA HIGH COURT
Assessment Year, Year In Which Assessable ... ... ... ... ..... ear April 1, 1971 to March 31, 1972. Under section 45 of the Income-tax Act, 1961, tax on capital gains arises from a transfer of capital asset effected in the previous year. Transfer of the capital asset in the present case took place in September, 1971, after the compensation was paid and possession taken by the Government which falls in the assessment year 1972-73. Therefore, the transfer took place in the year 1972-73 and the land would be deemed to have vested in the Government in that year. The Tribunal was clearly in error in holding that transfer of the land took place in the year 197172 in which year the notifications under sections 4, 6 and 17 of the Act of 1894 were issued. For the reasons stated above, it is held that the Tribunal was not right in taking the view that the capital gains in the present case arose in the assessment year 1971-72 instead of 1972-73. Accordingly, the question referred to us is answered in favour of the Revenue and against the assessee.
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1997 (4) TMI 53 - DELHI HIGH COURT
Actual Cost, Capital Employed, Computation Of Capital, Interest Payable, New Industrial Undertaking, Payments Not Deductible, Special Deduction, Written Down Value
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1997 (4) TMI 52 - ALLAHABAD HIGH COURT
Firm Assessment, Interest Income, Special Deduction ... ... ... ... ..... it is assessed all over again in the hands of the individual partner. This court further held that the process of allocation of the income in the hands of the partner does not change the head under which it was determined in the case of the firm. In short, it was held that the character of income will remain the same before and after the allocation of income in the hands of the partners. This authority was followed by the Bombay High Court in CIT v. Gopalkrishna M. Singre 1995 214 ITR 443. The Orissa High Court, however, took a contrary view in CIT v. Janardan Subudhi 1981 131 ITR 287. We are quite persuaded by the view taken by the Allahabad High Court in the case of Brij Raman Das 1979 118 ITR 397 which was followed by the Bombay High Court in Gopalkrishna M. Singre 1995 214 ITR 443. Following the view taken by this court in Brij Raman Das 1979 118 ITR 397, we answer the aforementioned question in the affirmative, that is, in favour of the assessee and against the Revenue.
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1997 (4) TMI 51 - ALLAHABAD HIGH COURT
Appellate Orders ... ... ... ... ..... view-point but if at all one is needed we may refer to the decision of this court, reported in the case, ITO v. Bisheshwar Lal 1970 76 ITR 653. In this case a notice had been issued under the old Act for which no period of limitation was prescribed under the old Act. In the said case the notice had been issued after a lapse of about 12 years under section 146 (sic) of the Income-tax Act. The court held that it would, therefore, amount to an abuse of power and the proceedings can be quashed by this court. From the facts and circumstances of the case, it is clear that the notices had been issued after about 7 years under section 153 of the Income-tax Act in the instant case. Obviously, under this provision the limitation had expired long before. The respondent, therefore, acted with great callousness and unreasonableness. For these reasons, the writ petition is allowed and the impugned notices dated November 11, 1976, January 18, 1983, and January 28, 1983, are hereby quashed.
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1997 (4) TMI 50 - HIMACHAL PRADESH HIGH COURT
Natural Justice, Question Of Fact, Question Of Law, Undisclosed Sources ... ... ... ... ..... ve been added by the Income-tax Officer. The question is only one of fact. We do not find any question of law arising in the situation. The Tribunal has observed that the question is referred only for the sake of natural justice. We are unable to appreciate the observation made by the Tribunal that the question should be referred for the sake of natural justice to this court. Under section 256(1) of the Income-tax Act, the Tribunal is required to refer to the High Court any question of law arising out of the order passed by it. Hence, there is no provision in the Income-tax Act for referring any question of fact on the ground of natural justice. In any event, the question having been referred to this court, we answer the same in the affirmative by holding that the Appellate Tribunal was justified in upholding the addition of Rs. 1,12,275 on the basis of a kacha bill made by the accountant and admitted to be so by the partner of the firm. The reference is answered accordingly.
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1997 (4) TMI 49 - PUNJAB AND HARYANA HIGH COURT
Special Deduction ... ... ... ... ..... hether any interest paid to the co-operative society exceeds the interest received from the bank on investments. The Revenue is not required to look to the nature of the investment whether it was from its surplus funds or otherwise. The Act does not speak of any adjustment as sought to be made out by learned counsel for the Revenue. The provision does not indicate any such adjustment in regard to interest derived from the co-operative society from its investment in any other co-operative society. Therefore, we do not agree with the argument advanced by learned counsel for the Revenue. In our opinion, the learned Tribunal was right in law in allowing deduction under section 80P(2)(d) of the Income-tax Act, 1961, in respect of interest of Rs. 4,90,919 on account of interest received from Nawanshahr Central Co-operative Bank without adjusting the interest paid to the bank. Therefore, the reference is answered against the Revenue in the affirmative and in favour of the assessee.
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1997 (4) TMI 48 - MADHYA PRADESH HIGH COURT
Assessment Of Income, Undisclosed Income, Undisclosed Sources ... ... ... ... ..... subsequent affidavit filed by him and assessed the liability of the assessee aforesaid and made the addition in his income. We have also gone through the records and we find that the affidavit of Uma Shankar filed by the assessee appears to be nothing but an afterthought and just to cover up the undisclosed income. The authorities below after considering the affidavit and statement found that the affidavit does not inspire any confidence. In this view of the matter, it was not necessary to examine Shri Uma Shankar on his affidavit. The statement given by Uma Shankar on oath after the raid was on record and thereafter it appears that Uma Shankar wanted to change his stand in order to oblige the assessee. This affidavit was sought to be produced which is nothing but an afterthought. The findings of fact recorded by the Tribunal appear to be correct. Hence, we answer both the questions against the assessee and in favour of the Revenue. This reference is disposed of accordingly.
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1997 (4) TMI 47 - KARNATAKA HIGH COURT
Appropriate Authority, Immovable Property By Central Government, Movable Property ... ... ... ... ..... ection 269UL. Further, the observations of the Supreme Court in the case of Tanvi Trading and Credits P. Ltd. 1991 191 ITR 307, make it clear that in the event the appropriate authority decides not to buy the property, it has to issue a no objection certificate leaving it open to the parties to deal with the property. In the light of the conclusions I have reached above, I make the following order (i) Order dated July 19, 1989, annexure D , passed by the second respondent is hereby quashed (ii) The second respondent is directed to issue a certificate of no objection as provided under sub-section (3) of section 269UL of the Act, in respect of the immovable property for which Form No. 37-I has been filed by the petitioners, within a period of two months from the date of receipt of a copy of this order (iii) Having regard to the facts and circumstances of the case, no order is made as to costs. Rule issued is made absolute and this petition is disposed of in terms stated above.
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1997 (4) TMI 46 - PATNA HIGH COURT
Fixed Deposit, Income Tax Authorities ... ... ... ... ..... ut, of course, a liberty was given to the assessee to lay claim for such refund in case the orders of assessment and penalty were ultimately set aside. In the instant case as noticed above, nothing was brought before us to show that any order of assessment was made against the petitioners, creating demand. Therefore, for the reasons stated above, we have no option but to allow the writ application in part, with a direction to the respondents to refund or to deposit the sum, withdrawn by them from the bankers, fixed deposit receipts or bank drafts, etc., if any. Further, though we justify the seizure in the instant case, we direct the authorities not to make further encashment, until assessment and creation of demands. The authorities shall also take appropriate steps for renewal, etc., of such deposits as and when necessary. The petitioners would also be entitled for the amount of interest from the date of encashment of the fixed deposit receipts till restoration or renewal.
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1997 (4) TMI 45 - HIMACHAL PRADESH HIGH COURT
Firm Registration, Liquor Business ... ... ... ... ..... on in Form No. 12. The wording of section 184(7) of the Income-tax Act is mandatory in terms and it contemplates registration to have effect for every subsequent year provided the two conditions mentioned therein are satisfied. In this case there is no dispute that the two conditions mentioned in the proviso to sub-section (7) of section 184 of the Act are satisfied and it is not found by the Income-tax Officer that the assessee has failed to fulfil those conditions. In such circumstances, we do not find any justification for refusing registration as has been done by the Income-tax Officer. The view expressed by the Appellate Tribunal affirming the order of the Appellate Assistant Commissioner is correct and we answer the question referred to us in the affirmative that in the facts and circumstances of the case, the Income-tax Appellate Tribunal is right in law in ordering the claim of the assessee-firm for registration under section 185 of the Income-tax Act to be accepted.
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1997 (4) TMI 44 - PUNJAB AND HARYANA HIGH COURT
Special Deduction, Export Business ... ... ... ... ..... cretion to grant extension is to be exercised only if the assessee is unable to bring the convertible foreign exchange because of no fault of his. A dispute has arisen between the parties which apart from causing delay can be decided either in favour of the petitioner or the party opposite. Assessment proceedings could not be kept pending for indefinite period till the conclusion of civil litigation. Under the Act assessment proceedings have to be finalised within the time prescribed under the Act, otherwise these become time-barred. The purpose for giving incentive is to bring foreign convertible exchange in the country within a reasonable time. The very purpose for giving incentive by way of deduction in the computation of taxable income would stand defeated if there is an inordinate delay in bringing convertible foreign exchange in the country within a reasonable time. 6. For the reasons recorded above, we find no merit in this writ petition and dismiss the same. No costs.
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