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Income Tax - Case Laws
Showing 21 to 40 of 192 Records
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2005 (2) TMI 838
... ... ... ... ..... language as well as in paramedical and training courses. It is not necessary to spend any surplus money in the same year. The requirement of section 10(22) is fulfilled if the Appellant carried on educational activities for educational purposes. 3. From the above recorded findings, which are primarily based upon the appreciation of the record and are primarily finding of fact, it was found that the assessee was carrying on the educational activities in learning of the language and as such there is nothing for this Court to....... + More
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2005 (2) TMI 837
... ... ... ... ..... mits and were agricultural land was not exigible to capital gains. 4. Feeling aggrieved the Revenue filed appeal before the Tribunal and the Tribunal has considered the report dated 19-6-1987 filed by the Income-tax Officer and upheld the conclusion drawn by the Appellate Assistant Commissioner that the land in question was situate beyond the municipal limits and agricultural operations were carried on till the date of transfer of the land. Therefore there was no capital gains. 5. Heard learned counsel for the parties. 6. ....... + More
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2005 (2) TMI 830
... ... ... ... ..... s or things, an issue which presently is not in dispute before us. It is also noteworthy that the assessing authority in the earlier assessment year i.e., 1995-96 has allowed the claim of the assessed for deduction under Section 80-IA. Therefore, having regard to the parity of reasoning initiated in the case of CIT v. J.B. Kharwar Sons (1987) 163 ITR 394 (Guj) and Nu-look (P) Ltd. (supra), in our view, the assessed could not be denied the benefit of deduction under Section 80-IA on the incomes represented by processing cha....... + More
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2005 (2) TMI 818
... ... ... ... ..... l Representative carries no weight. In view of the facts mentioned by the authorities below, I agree with the AAC that the assessee-firm is an industrial undertaking and accordingly relief under section 80J was rightly allowed following the ratio of the decision mentioned in para 1 of the impugned order. His finding is accordingly upheld. This Court in CIT v. Sultan Sons Rice Mill 2005 272 ITR 18111 had held that various processes starting from purchase of raw material and till sale of finished goods formed the integral pa....... + More
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2005 (2) TMI 772
... ... ... ... ..... e. Therefore, the issue would fall outside the purview of the powers of the Tribunal vested under section 254(2) of the Income-tax Act, 1961. Exercise of powers by the Tribunal under section 254(2) in allowing such applications would amount to review of the orders which is not permitted under the law. Therefore, these applications deserve to be rejected on this count. Thus, in the light of these detailed discussions and legal position discussed above, we are of the considered opinion that the Tribunal did not commit any er....... + More
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2005 (2) TMI 771
... ... ... ... ..... T v. Vegetable Products Ltd. 1973 88 ITR 192 wherein their Lordships have observed that (page 195) ldquo if two reasonable constructions of a taxing provision are possible, that construction which favours the assessee must be adopted rdquo . In the light of these reasons, as also for the detailed reasons set out above, we see no reasons to deviate from conclusions arrived at to the effect that the limitation on deduction of expenses, for the purpose of computing profits attributable to the permanent establishment in India,....... + More
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2005 (2) TMI 769
Rejection of accounts ... ... ... ... ..... same has been considered by learned CIT(A), reduction was allowed. He also relied upon the decision of Tribunal, Jaipur Bench, in Triveni Pharma v. ITO 2004 92 ITD 125 (JP)(TM). 6. We have carefully considered the relevant facts and argument advanced, we are inclined to accept the finding of learned CIT(A). The fall in GP is not a criteria to reject the books of account. There is no provision in the Act which suggest that day-to-day stock register has to be maintained or in absence thereof the books ....... + More
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2005 (2) TMI 766
Income escaping assessment ... ... ... ... ..... present case, and the case law relied upon by the ld. counsel of the assessee we are of the opinion that the ld. CIT(A) has rightly held that reassessment proceedings were not validly initiated as the same were not within the prescribed time as per the proviso to section 147. We are also in agreement with the findings of CIT (A) that the decision of Hon rsquo ble Supreme Court in the case of Sterling Foods (supra) was rendered on 15-4-1999 and there was ample time available with the department t....... + More
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2005 (2) TMI 765
Preliminary expenses ... ... ... ... ..... rein by Parliament. The deductions allowable under the Act have necessarily to be allowed in accordance with the provisions of the Act as it exists. 10. In view of the decision of the Hon rsquo ble High Court, the scope of section 35D cannot be extended beyond its true limits. The word being as is used in the section is not illustrative. It connotes some meaning. Only those expenses which are specified in the statute can be allowed. Nothing further. We, therefore, direct the Assessing Office to recomp....... + More
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2005 (2) TMI 764
Business expenditure, Deductions ... ... ... ... ..... the assessee on the ground that the receipt reduced the cost of the capital asset. Therefore, it was a revenue receipt. The first Appellate authority found that the balance amount left after incurring the expenditure, was capital receipt, therefore, it could not be a taxable income. This view of the first Appellate authority was confirmed by the Tribunal. In those factual circumstances the Supreme Court held that the balance amount of Rs. 7,03,207 represented capital receipt in the hands o....... + More
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2005 (2) TMI 763
... ... ... ... ..... cts, the Hon rsquo ble Supreme Court held that the assessee-company could not claim any relief under sections 70 and 71 since its business had not started and there could not be any computation of income or loss incurred by the assessee in the relevant accounting years. As rightly contended by the learned counsel for assessee, the decisions relied on by the authorities below are factually distinguishable. In the case of the assessee neither setting up factory or erection of machinery is required. The moment the assessee-co....... + More
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2005 (2) TMI 762
Depreciation, Business expenditure, Assessment - Prima facie adjustment ... ... ... ... ..... the total income of the assessee for assessment year 1992-93, in our opinion, the matter requires a detailed investigation. In other words, the issue arises for consideration is a debatable one. Therefore, the Assessing Officer cannot disallow the same behind the back of the assessee in the guise of making a prima facie adjustment under section 143(1)(a). In our considered opinion, the matter ought to have been taken up for scrutiny under section 143 ....... + More
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2005 (2) TMI 761
Cash credits, Unexplained investment ... ... ... ... ..... t of the business. Moreover, according to the decision in the case of Shiv Shakti Timbers (supra), the onus is on the person in whose books of account the credit entries stand and in case of unsatisfactory explanation, the amount can be added to the income of said partner. 13. The said view is also supported by the decision of Allahabad High Court in the case of CIT v. Kapur Bros. 1979 118 ITR 741 (All.), the case mentioned in the grounds of appeal filed by the revenue. 14. In view of ....... + More
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2005 (2) TMI 760
Transfer of assets ... ... ... ... ..... , therefore, Explanation 1 cannot be applicable. Considering the circumstances above, I am of the view that issuance of notice under section 148 was not proper in the facts of the case. Accordingly, the consequential addition in the hands of the assessee cannot be sustained. 8. For the assessment year 1992-93 assessment under section 144 was framed by the Assessing Officer by clubbing the income of the wife in the hands of the assessee. Admittedly in that year also both the assessee and his wife was hav....... + More
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2005 (2) TMI 759
Capital gains ... ... ... ... ..... n to the value of the asset) will still be capital gain and not income from business. It may be pointed out that in case the assessee had received money in kind from the landlord of Rs. 7 lakhs and spent the same in purchasing part of the land, it would have become a capital asset. In this case, the landlord was probably not in a position to spend and decided to give land in lieu of the compensation to the assessee for developing this property. Besides, the business activity was conducted before getting poss....... + More
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2005 (2) TMI 758
Unexplained expenditure, Survey ... ... ... ... ..... examine the assessee in this regard. 17. From the perusal of the assessment order, we find that the Assessing Officer has rejected the contention of the assessee that out of marriage expenses of Rs. 5,01,100 jewellery worth Rs. 2,25,000 was purchased. The detailed discussion regarding this contention in para 6 on page 6 of the assessment order, wherein, the Assessing Officer has stated that withdrawal shown by the bridegroom side is Rs. 5,01,100 is just sufficient to take care of many other....... + More
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2005 (2) TMI 757
Estimation of profits ... ... ... ... ..... the ITO and set aside the orders of the Commissioner. On reference, the orders of the Tribunal were approved by the Hon rsquo ble High Court. While coming to a conclusion, the case of Chhabildas Tribhuvandas Shah v. CIT 1966 59 ITR 733 (SC) was referred and considered by the Hon rsquo ble Court. The Hon rsquo ble Court, in nutshell, held that assessee should be subjected to assessment on two different methods though the contract was one and parts of the contractual receipts were received in different....... + More
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2005 (2) TMI 756
Block assessment in search cases ... ... ... ... ..... d by virtue of its inherent defect is to be vacated and proceedings are required to be left open. Therefore, we set aside this order and restore this issue to the file of Assessing Officer for fresh adjudication with a direction that he shall give opportunity to cross examine the three persons namely, S/Shri Suresh Patel, Manoj Vadodaria and Vijay Shah. The Assessing Officer shall further supply all the relevant documents required to be used against the assessee and invite the assessee rsq....... + More
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2005 (2) TMI 752
Deductions - Profits and gains from infrastructure undertaking ... ... ... ... ..... statute. Merely on the basis of accounting entry, the assessee cannot claim a deduction which is not available to him under the Act. Similarly on the basis of book entry department cannot restrain or deny a claim of deduction which is otherwise available as per provisions of law. From the order of the Assessing Officer, we find that the case laws discussed by him pertain to sections 80-I and 80HH. We have already discussed above the insertion of lsquo any busi....... + More
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2005 (2) TMI 751
Rejection of accounts ... ... ... ... ..... may determine. Still, there must be a basis and a manner, which is subject to scrutiny by the higher authorities or even by the Court. On the other hand, if the finding on any of the question No. (1), (3) or (4) is in the negative (no), section 145(2) applies and the Assessing Officer may make a best judgment assessment in the manner provided in section 144. Even, there the books may not be disregarded altogether. The assessment may be adjusted to cure the extent of the infirmity found, so as to make....... + More
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