Court : Delhi
Decided on : Dec-18-1981
Reported in : (1982)29CTR(Del)199; 141ITR806(Delhi)
..... it, and obtains a greater price for it than he originally acquired it at, the enhanced price is not profit in the sense of schedule d of the income-tax. act of 1842 assessable to income tax. but, it is equally well established that enhanced values obtained from realisation or conversion of securities may be so assessable, where what is done is not merely a ..... ) whether, on the facts and in the circumstances of the case, the aforesaid surplus of 47,085 from acquisition of agricultural land was exempt from tax as agricultural income within the meaning of section 2(1) of the income-tax act, 1961 ?' 3. the facts germane to dispose of these references succinctly are that the assessed m/s. d.l.f. housing & construction (p.) ltd ..... singh v. province of bihar : 9itr386(patna) as follows (p. 396) : 'the world 'revenue' is section 2(1) of the income-tax act is used to denote income or a revenue receipt as opposed to a capital receipt and covers all income from agricultural land other than rent.' 37. this observation was made by harris c.j., while comparing the definition of the phrase ..... 'agricultural income' in s. 2(1) of the act with that given in the bihar agricultural income-tax act in s. 2(a) in which the words 'any rent or income derived from land' appear instead of the words 'rent or revenue derived from land' as is the case .....Tag this Judgment!
Court : Delhi
Decided on : Feb-10-1981
Reported in : (1981)23CTR(Del)73; 137ITR851(Delhi)
..... are : '1. whether, on the facts and in the circumstances of the case, the assessed-company is entitled to the exemption under section 84 of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the assessed-company satisfied all the conditions laid down in sub-section (2) ..... of section 84 of the income-tax act, 1961 and is entitled to the exemption as contemplated in section 84(1) of the income-tax act, 1961 ?' 2. it will be clear that though two questions have been set out there is really one ..... in order to appreciate the precise scope of the section, it is better to mention that sub-s (1) of s. 84 grants an exemption from income-tax in respect of so much of the profits and gains derived from the industrial undertaking as does not exceed 6per cent. per annum on the capital employed ..... question at issue, namely, as to whether the assessed-company satisfies the conditions for the exemption laid down in sub-s. (2) of s. 84 of the act. in fact, the ..... being the years which ended on 30th june, immediately preceding. the commissioner of income-tax is aggrieved by the decision of the tribunal that the respondent-assessed is entitled to the exemption provided for in s. 84(1) of the i.t. act, 1961, for the assessment years above-mentioned. it is common ground that .....Tag this Judgment!
Court : Delhi
Decided on : Mar-20-1981
Reported in : 141ITR723(Delhi)
..... of rs. 1,60,000 retained by the buyer-society was an admissible deduction in the assessment of the assessed for the assessment year 1962-63, under the income-tax act, 1961 ?' 16. the tribunal, however, declined a reference regarding the commission claimed by the assessed but subsequently by the order in i.t.c. no. ..... ) was distinguished by pointing out that in that case the liability under the contract was contingent and not actual and after quoting a passage from simon's income tax, the court as follows (p.6 of 37 itr) : there is no doubt that the undertaking to carry out the developments within six months from ..... determination in this appeal is whether having regard to the fact that the appellant's method of accounting viz., the mercantile method, was accepted by the income-tax officer and the receipt appearing in the books of account included the unpaid balance of the sale price of the plots in question, the amount of ..... filed by the assessed and by the department before it, while submitting the statement of the case and that is how two numbers have been given to the income-tax reference before us on this point. 2. before setting out the questions which have been referred to this court under s. 256(1) and (2), ..... sum of rs. 4,00,000, which was the consideration for the transfer of the lands in favor of the society by the assessed, has been taxed as income in the hands of the assessed. it is common ground that the assessed had received in cash only a sum of about rs. 60,000 during .....Tag this Judgment!
Court : Delhi
Decided on : Dec-10-1981
Reported in : (1982)29CTR(Del)185; 140ITR532(Delhi)
..... of rs. 6,64,387 being general administration expenditure in india qualified for weighted deduction under section 35b of the income-tax act, 1961 (3) whether, on the facts and in the circumstances of the case, the weighted deduction under section 35b of the income-tax act,1961, is allowable in respect of the assessed claim of rs. 6,05,935 and (4) whether, on the ..... to describe another type of expenditure-viz., expenditure on carriage and insurance, - which (wherever incurred) would be allowable under sub-clause (iii). we find that a special bench of the income-tax appellate tribunal has rejected this contention (by its order dated june 17, 1978, in i.t. as. nos. 3255 and 3330 (bom.) - 76-77 placed before us), we think, rightly ..... clause (b) of the section but also an additional 33-1/3% of that expenditure. in fact by a proviso to sub-s. (1)(a) inserted by the direct taxes (amendment) act, 1974, with effect from april 1, 1973, the deduction under this section in the case of a domestic company in which the public are substantially interest has been raised to ..... of the assessed and it was only recouping the losses incurred by the assessed and the amounts so give could not be treated as income. by out judgment in i.t.rs. nos. 17 & 94/74 (addl. cit v. handicrafts & handloom export corps : 133itr590(delhi) ), referred to earlier, we have confirmed that finding of the tribunal. 8. in the course of .....Tag this Judgment!
Court : Delhi
Decided on : May-15-1981
Reported in : 132ITR790(Delhi)
..... property owned by the firm, a portion of which was occupied by its partners for their personal residence, a deduction was permissible under section 23(2) of the income-tax act, 1961?'whereas, the question in income-tax reference no. 11 of 1974 reads : 'whether on the facts and in the circumstances of the case the tribunal was right in holding that the assessed firm ..... was only an expression for the persons who had agreed to carry on business in partnership. krishna iyer, j. speaking for the court observed that though for the purposes of income-tax act a firm had certain attributes simulative of personality yet it was not a person but a plurality of persons. after quoting from the case of dulichand laxmi-narayan v. commissioner ..... would be deemed to be the occupation of the owner firm. (15) however, on a closer examination, taking into consideration the scheme and other relevant provisions of the income-tax act, 1961 and the partnership act, we feel that the expression 'occupation of the owner for the purposes of his own residence' would only refer to a human owner and not a fictional entity ..... profit or gain derived by a firm in pursuance to the sale of a capital asset owned or held by the firm is, thereforee, exigible to tax in accordance with the relevant provisions of the income-tax act.'as one of the partners thereafter bought a residential house, within the time limit specified in section 54, he claimed a deduction with regard to the .....Tag this Judgment!
Court : Delhi
Decided on : Aug-26-1981
Reported in : (1982)27CTR(Del)63; 134ITR592(Delhi)
..... for our present purposes provided that income tax was not payable by an assessed on so much of the profits and gains derived ..... the controversy in the reference raises a question of the interpretation of rule 19 of the income-tax rules, 1962. it may be convenient before setting out the facts to refer to the statutory provisions. section 84 of the income-tax act, 1961 as it stood at the relevant time and in so far as it is relevant ..... before the appellate assistant commissioner and was not raised by the department even in the fresh ground of appeal raised before vs. (6) the commissioner of income-tax is aggrieved by the order of the tribunal and on his application the two following questions have been referred to us: '1. whether the tribunal ..... 25,606 due to the assessed company. the average of the two figures mentioned above was rs. 14,40,998 and it is this figure that the income-tax officer substituted, for the figure of rs. 18,25,606 taken into account earlier. (5) on appeal, the appellate assistant commissioner was of opinion that ..... such undertaking computed in the prescribed manner. the computation of the capital for the purposes' of this section was provided for by rule 19 of the income-tax rules. 1962. this rule has. six sub-clauses but for our purposes it is sufficient if the first subclause is set out. rule 19(1) .....Tag this Judgment!
Court : Delhi
Decided on : Sep-11-1981
Reported in : (1982)28CTR(Del)92; 137ITR195(Delhi)
..... ., : 84itr37(delhi) (9), this court while dealing with a question whether an assessed was entitled to a deduction of a balancing allowance under section 10(2)(vii) of the income-tax act for the assessment year 1957-58, held that there was no sale of the mills during the accounting period as the conveyance deed had not been registered. it observed, that ..... had only a residual beneficial interest. that residual beneficial interest was in a sense ownership but could not be considered ownership for the purpose of section 9 of the indian income-tax act, 1922. hegde, j. speaking for the court opined : 'the property having vested in the custodian, who had all the powers of the owner, he was the legal owner of the ..... persons' from the area now comprising pakistan continued to be the owners of the properties left behind by them in pakistan within the meaning of section 9 of the indian income-tax act, 1922, notwithstanding the evacuee legislation in force in pakistan. the .supreme court held in view of the provisions of the pakistan (administration of evacuee property) ordinance, 1949 that the property ..... took the view that the assessed continued to be the legal owner of the property. he, thereforee, computed the income under section 9 of the indian income-tax act, 1922 and taxed it in his hands. the income-tax officer observed that the sales of the immovable properties to m/s. raj enamel works ltd. and m/s. hans raj gupta & co. ltd. were not supported by .....Tag this Judgment!
Court : Delhi
Decided on : Sep-22-1981
Reported in : (1982)26CTR(Del)394; 137ITR245(Delhi)
..... corresponding to such entries. this is well entitled and is borne out by several decisions among which are e. m. v. muthappa chettiar v. commissioner of income tax : 13itr311(mad) (2), commissioner of income tax v. smt. shyama bibi : 59itr1(all) (3) and sukhlal sheco narain v. cwt (4). in such cases. there should be something ..... as the interest earned by the assessed on the ground that there had been no valid or genuine gifts made by the assessed to his grandsons. the income-tax officer and the appellate assistant commissioner held that more entries in the account books were not sufficient evidence for a valid gift and that, in any event, ..... came to rs. 6,000 in each of the accounting years relevant for the assessment years 1972-73 and 1973-74. these amounts were disallowed by the income-tax officer for the same reasons as had been given in the earlier assessment year. when the matter went up in appeal to the appellate assistant commissioner, he ..... supreme court in ramaratnam's case : 91itr1(sc) . the appellate assistant commisioner, however, did not accept this contention and confirmed the disallowance made by the income-tax officer. (5) the assessed preferred an appeal to the appellate tribunal. it was urged that, on 14-5-1970,the assessed firm had, in addition to the ..... s. ranganathan, j. (1) all these references under the income-tax act raise the same question. they relate to the assessments of the firm known as indian glass agency for the assessment years 1971-72 to .....Tag this Judgment!
Court : Delhi
Decided on : Oct-05-1981
Reported in : 141ITR740(Delhi)
..... ,370 (which was reduced by the appellate assistant commissioner to rs. 13,95,256) and eventually the tax payable -by the assessed, after deducting the tax payments at source, came to rs. 1,34,068. the income-tax officer initiated proceedings under section 273(a) of the income-tax act, 1961 and imposed a penalty of rs. 22,500. the appellate assistant commissioner gave some reduction in ..... case of all income-except income chargeable under head capital gains' and casual income in the nature of lottery winnings etc. this tax payment during the previous year itself is regulated by two sets of provisions one relating ..... the case the tribunal was justified in directing that the penalty under section 273(a) of income-tax act, 1961 at 10 per cent be calculated on the footing that shortfall be determined by first reducing the gross tax by 25 per cent and then deducting there from the tax paid at source ?'(3) the question referred to us has to be decided on the ..... language of the two provisions earlier referred to. but, before setting out these sections, a brief background of the statute in this regard maybe helpful. the income-tax act, 1961 contemplates the payment of tax even during the previous year in the .....Tag this Judgment!
Court : Delhi
Decided on : Feb-10-1981
Reported in : ILR1981Delhi763
..... , 1960 relevant for 'the-assessment year 1961-62. for that year, the assessed's claim had to be considered under section 15c of the income-tax act, 1922. under that act the benefit of section 15c was not available to an assessed if any assets, namely, buildings, machinery or plant used in an existing business were ..... are: '1. whether on the facts and in the circumstances of the case the assessed company is entitled to the exemption under section 84 of the income-tax act.1961? 2.whether on the facts and in the circumstances of the case the assessed company satisfied all the conditions laid down in sub-section (2 ..... ) of section 84 of the income-tax act, 1961 and is entitled to tho exemption as contemplated in section 84(1) of the income-tax act, 1961 ?' (2) it will be clear that though two questions have been set out there is really ..... that the assessed company satisfied all the conditions laid down in subsection ( 2) of section 84 of the income-tax act, 1961 and is thereforee, entitled to the exemption contemplated in section 84(1) of the act. the same answer is given to the questions referred to us in the other two matters as well. ..... by the decision of the tribunal that the respondent-assessed is entitled to the exemption provided for in section 84(1) of the income-tax act, 1961 for the assessment years above-mentioned. it is common ground that the facts relevant for the decision of the questions are common .....Tag this Judgment!