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Income Tax - Case Laws
Showing 1 to 20 of 69 Records
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2000 (6) TMI 806
... ... ... ... ..... of the fact that the assessee-bank has to comply with the various norms and guidelines prescribed by the RBI, in respect of rural advances and matters relating to credit policy, accounting standards and reporting system, we are unable to find any merit in the reasoning adopted by the learned Commissioner in directing the Assessing Officer to disallow the claim under Section 36(1)(viia) in toto and that too in the light of the clear finding given by the learned first appellate authority on the very same issue in crystal cle....... + More
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2000 (6) TMI 801
... ... ... ... ..... 61. While rejecting assessee's claim for specific performance, Court held that the assessee was entitled to compensation for breach of contract, and accordingly at p 36 of 195 ITR, the Court held that the right acquired by the assessee was a mere right to sue. 11. In the case before us, as in the case of Vijay Flexible Containers (supra) and unlike Dehgamwalla's case (supra), there was a claim for specific performance but by way of consent terms dt. 19th Aug., 1994, assessee relinquished the claim for specific perf....... + More
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2000 (6) TMI 800
... ... ... ... ..... hip. In our opinion, much cannot be made of the fact that at the point of time the contribution was made by the transferor he was still a member of the society. The stark fact is that the contribution is made on the eve of cessation to be a member. Hon ble Supreme Court have clearly laid down in Kumbakonam Mutual Benefit Fund Ltd. s case (supra) that the essence of mutuality lies in the return of what one has contributed to a common fund. In the present case there is no return to the contributor. The return to other member....... + More
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2000 (6) TMI 798
... ... ... ... ..... age subsists. This is also not a case of remarriage of a surviving spouse. Thus, we are of the firm view that Explanation (a ) to section 64(1A) is applicable to the instant case in which event the income of the minor children has to be included in the hands of the assessee herein. Having regard to the language of Explanation ( a) i.e., in the income of that parent, whose total income is greater , the income of the assessee is greater inasmuch as the other parent, i.e., late Subramaniam cannot be said to have earned any in....... + More
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2000 (6) TMI 797
... ... ... ... ..... personal gift for his personal qualities as a token of personal esteem and veneration, the receipt cannot be subjected to tax. Accordingly, we hold that the amount of ₹ 1,00,000 each received by the assessee in the two assessment years under consideration is not taxable as compensation as contemplated under s. 17(3) as profit in lieu of salary and hold that this is a capital receipt in the hands of the assessee. 9. The assessee has taken one more ground in the asst. yr. 1991-92 with regard to levy of interest under s....... + More
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2000 (6) TMI 795
... ... ... ... ..... its income the same income cannot be charged again in the hands of the members individually and vice versa. The trust income cannot be taxed in the hands of the settlor and also in the hands of the trustee as well as the beneficiary. These principles are, of course, subject to any special provision enabling double taxation in the statute. (p. 55) 14. In the present case, upon the completion of the assessment of the assessee-employee, nothing prevents the department from passing reassessment order under section 147 after in....... + More
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2000 (6) TMI 775
... ... ... ... ..... cases. A boiler and a dryer may serve two different functions but the principle of conservation of energy in both the ldquo fluidized bed type heat boiler rdquo and ldquo fluidized bed type heat dryer rdquo is the same. Depreciation at the rate of 100 is provided on these types of plants on the consideration that they consume much less energy than the normal ones. In our view, a fluidized bed type heat boiler as well as a dryer of the same both working on the same principle, have got to be categorised as energy saving devi....... + More
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2000 (6) TMI 774
Audit of accounts of certain persons carrying on business or profession ... ... ... ... ..... units was a speculative transaction. No delivery has taken place. The account has been settled only by crediting the difference which is duly reflected in the profit and loss account. No other activity has been carried out by the assessee. In view of the foregoing discussion, and also respectfully following the decisions of the Tribunal cited supra, we hold that no turnover was effected at all by the assessee and hence was not liable to get the accoun....... + More
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2000 (6) TMI 696
Business disallowanc ... ... ... ... ..... ity whatsoever in the order passed by the learned CIT(A). Consequently, the appeal filed by the revenue is dismissed. It is relevant to point out that in the instant case, the Assessing Officer considered that the assessee allegedly made the purchase from M/s. Munna Lal Sat Parkash of Shahpur, Muzaffar Nagar (U.P.) i.e., the same party, which was also involved in the case of M/s. Pawan Kumar Sham Lal, Bhikhi (supra). Considering the totality of the facts and the circumstances of the case, we are of th....... + More
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2000 (6) TMI 158
Loans, Deposit ... ... ... ... ..... e is that he has repaid the loans and not deposits and, therefore, question of invoking provisions of section 271E for contravention of section 269T could not have arisen. For want of specific charge in this case, in our opinion, levy of penalty by the Assessing Officer is totally unjustified. The Ahmedabad Bench of the Tribunal in the case of Bombay Conductors and Electricals Ltd. v. Dy. CIT 1996 56 TTJ (Ahd.) 580 has held that where the Department itself was not sure whether return of money was deposit or....... + More
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2000 (6) TMI 157
Penalty, Interpretation Of Statutes ... ... ... ... ..... lty can be levied with reference to the sum of Rs. 8,000 raised on 27-12-1991. The copy of the account of Shri Ganesh shows that as on 27-12-1991, the balance in the account of Shri Ganesh was to the extent of Rs. 8,500 only. After raising the loan of Rs. 8,000, the aggregate amount came to Rs. 16,500 which was below the prescribed limit under section 269SS. Accordingly, no penalty could be levied with reference to the sum of Rs. 8,000 also. 11. In view of the above, it is held that the....... + More
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2000 (6) TMI 156
Foreign Currency, Words And Phrases ... ... ... ... ..... essee s liability as expressed in Indian currency for payment of the whole or a part of the cost of the asset or of the loan-in foreign currency, the original actual cost, to the assessee, of the machinery or plant or other capital asset, is required to be increased or, as the case may be, reduced, correspondingly ..... 11. The Karnataka High Court in the case of CIT v. Motor Industries Co. Ltd (No. 2) 1998 229 ITR 137 has also taken the same view after taking into consideration the afo....... + More
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2000 (6) TMI 150
Income Escaping Assessment, Actual Cost ... ... ... ... ..... ove Supreme Court decision, we find sufficient force in the arguments of learned Counsel that interest under section 215 has to be paid up to the date of the regular assessment only. This ground is, therefore, allowed. 40. During the course of hearing, the assessee also filed an additional ground vide its letter dated 23-2-2000. It is submitted by the assessee that the disallowance made by the Assessing Officer at Rs. 15,81,139 confirmed by the learned CIT (Appeals) should be reduce....... + More
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2000 (6) TMI 148
Investment Deposit Account ... ... ... ... ..... ur of the assessee, in preference to the Gauhati High Court decision in Dinjoya Tea Estate (P.) Ltd. s case, adopting the principle that when there are more than one view, the view which is favourable to the assessee should get preference, as propounded by the Apex Court in the well known case of Vegetable Products. 11. In addition to the fact that on merits also the point at issue is in favour of the assessee as discussed by us in paragraphs 6 and 7 above, we are of the opinion that, following ....... + More
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2000 (6) TMI 145
Balancing Charge ... ... ... ... ..... ld be treated as profit attributable to the business of manufacture of rubber products, and accordingly such profit being not less than 5196 of the total income the assessee qualifies as an industrial company within the meaning of section 2(8)(c) of the Finance Act. That is for the assessment year 1976-77. We accordingly reverse the order of the revenue authorities and direct the Assessing Officer to levy tax at the concessional rate as applicable to industrial company for the assessment year 1976-77. As ....... + More
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2000 (6) TMI 143
Deemed Gift ... ... ... ... ..... vestment has also to be deducted from the book profits. It has been contended by the Ld. A.R. of the assessee before us that the G.T.O. while working out the value of goodwill has not taken into consideration the salary as also the interest referred to above and that if the same are considered, then the value of the goodwill comes to almost nil or negligible. Considering the above contention of the Ld. A.R. as also the fact that the partnerships were at Will and that there is no mention of any retiring partner....... + More
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2000 (6) TMI 142
... ... ... ... ..... uch there being no cogent and clear evidence to shatter the apparent fact-situation the same well deserves to be treated as real. Considering the facts and circumstances of the case, we do not find it established that the audit report dated 28-10-1993 was not prepared or not obtained by 28-10-1993. In the circumstances the assessee having got its accounts audited by 28-10-1993 and having obtained a report of the said audit by 28-10-1993 the penalty for default of getting the accounts audited within specified date under sec....... + More
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2000 (6) TMI 139
Income From Undisclosed Sources ... ... ... ... ..... d the rival parties and have perused the material available on record. The facts prove beyond doubt that assessee is not a person of means, nor he is having any source of income, except salary. Besides the circumstantial evidence in the form of availability of letter in the possession of the assessee at the time when he was apprehended by the police, the availability of cash in the books of M/s Hukmichand Ghewarchand, which was duly recorded at the time when survey under s. 132 was conducte....... + More
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2000 (6) TMI 138
... ... ... ... ..... he Department to appeal against the order of 3rd May, 1999, of the Hon ble High Court in ITA No. 5 of 1996 reported in CIT vs. D and H Secheron Electrodes (P) Ltd. (1997) 141 CTR (MP) 335 (1998) 233 ITR 473 (MP) sic-decision in ITA No. 5 is not reported in D and H Secheron, IT Ref. No. is 7 of 1996, decision is dt. 17th Oct., 1996-Ed. whereby the High Court answered in favour of the assessee and against the Revenue the question whether on the facts and in the circumstances of the case, the Tribunal was justified in law in ....... + More
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2000 (6) TMI 137
Deduction, Exporters ... ... ... ... ..... ed by the CIT, Jaipur on 22-3-1999 whereas the order under section 154 was passed on a later date but it is strange to note that the Assessing Officer has even ignored the order passed by the CIT, Jaipur. The Audit Report specifying the amount of rebate allowable at Rs. 6,00,410 was on the basis of the amount received in the country in convertible foreign exchange when the Auditor audited the accounts. The Auditor, therefore, justifiably issued the certificate only to this extent but after the order o....... + More
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