Court : Delhi
Decided on : May-03-1985
Reported in : 156ITR179(Delhi)
..... circumstances of the case, the tribunal was right in holding that the receipt of rs. 8,19,495 was not a causal receipt exempt under section 10(3) of the income-tax act 1961 2. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that the unabsorbed depreciation relating to indian business amounting to rs ..... . on the other hand, it was held that the loss sustained by the assessed could only be set off against the income which was assessable to tax and not income which was not assessable to tax. the court, thereforee, held that the pakistan income, i.e., the dividends in pakistan, was not to be set off against the business loss. this was the interpretation arrived ..... india. the whole purpose of the agreement was to treat the two incomes as separate for the purposes of taxation. in other words, the pakistan income was to be assessed in pakistan without taking the indian income into consideration and the indian income was to be taxed in india without taking the pakistan income in consideration. that is the interpretation of the agreement accepted by this ..... in abeyance under the d.i.t. agreement between india and pakistan, the assessed was not actually required to pay tax in india. the second question turns on whether there was a set-off of the unabsorbed depreciation against the pakistan income by reason of this order. 3. if we take the first question first, it can at once be said that .....Tag this Judgment!
Court : Delhi
Decided on : May-29-1985
Reported in : (1986)53CTR(Del)356; 159ITR339(Delhi)
..... 30 of 1973 : (1) whether, on the facts and in the circumstances of the case, the levy of penalty under section 271(1)(c) of the income-tax act, 1961, was justified ? (2) if the answer to the aforesaid question is in the affirmative, whether, on the facts and in the circumstances of the case ..... j.1. these two, references (nos. 217 and 218 of 1975) have been made under the orders of this high court under section 256(2) of the income-tax act, 1961. the questions directed to be referred are in two sets :(a) in i.t.c. no. 29 of 1973 : '1. whether there was any ..... three parties, viz., shri sham singh, shri surjit singh and shri rajinder singh, in the above series of transactions.18. the case of the income-tax authorities throughout had been that the assessed company was manipulating matters in such a way as to show the purchase price as rs. 7,95,930. ..... profits had been suppressed by siphoning the same to m/s. raisina cold storage and ice co. ltd. the transactions were elaborately discussed by the income-tax officer, the appellate assistant commissioner as well as by the tribunal. but, it is not necessary to go into complete details for the purposes of ..... , balabgarh taluk, gurgaon district, haryana. the second transaction was also in relation to some other land situated in majeshwar village.6. according to the income-tax officer, the appellate assistant commissioner and also the tribunal, the transactions relating to the purchase of this land in majeshwar village had been so organized by .....Tag this Judgment!
Court : Delhi
Decided on : May-23-1985
Reported in : (1985)49CTR(Del)107; 157ITR639(Delhi)
..... was exempt under section 4(3) of the indian income-tax act, 1922, and the remaining one-eighth belonged to the private beneficiaries.4. when the new income-tax act, 1961, came into application, the income-tax officer took the view that neither the qaumi income nor the reserve fund was entitled to exemption from tax under section 11(1) of the income-tax act, 1961. an appeal was taken to the appellate ..... to be a charitable trust for a number of years under the indian income-tax act, 1922. there is a full bench judgment of this court under the 1922 act pointing out that the income-tax officer had granted exemption under section 4(3) (i) of the indian income-tax act 1922, in respect of the income set apart for being spent for charities. there, it is pointed out that ..... d.k. kapur, j.1. these are six references (nos. 40 to 45 of 1976) before this court made under section 256(1) of the income-tax act, 1961, which have been referred by a common statement of case. the assessment years involved are 1962-63, 1963-64 and 1964-65. the following two questions have been referred ..... the khandani income was assessed in the personal hands of hakim abdul hamid. the following .....Tag this Judgment!
Court : Delhi
Decided on : Jan-29-1985
Reported in : 158ITR64(Delhi)
..... and 1969-70, to the indian national congress and the swatantra party, were allowable deductions under the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal had erred in holding that the two units of the assessed company, viz., m/s. ..... years 1968-69 and 1969-70 (3) whether the income-tax appellate tribunal had erred in holding that rule 19a of the income-tax rules, 1962, did not, in any manner, take away the benefit ..... section 256(1) of the income-tax act, 1961, referring the following questions to this court. they are raised by the assessed, d.c.m. company limited, and the commissioner of income-tax, delhi, and arise out of the consolidated order dated november 28, 1974, passed by the income-tax appellate tribunal, delhi bench. ..... dcm ginning factory, malout, and the dcm ginning factory, hissar, were entitled to the benefits of deduction under section 80j of the income-tax act, 1961, for the assessment ..... an expenditure of rs. 42,118 for attending meetings of the international chamber of commerce of which dr. bharat ram was the president. the income-tax officer disallowed a sum of rs. 22,118 out of the said amount. the appellate assistant commissioner upheld it. the tribunal reversed the said .....Tag this Judgment!
Court : Delhi
Decided on : May-10-1985
Reported in : 157ITR241(Delhi)
..... the tribunal was justified in holding that reopening of the assessment for the year 1964-65 under section 147(a) of the income-tax act, 1961, was valid ?' 2. it is useful to summarise the fact set out the statement of case. for this assessment year, the assessed ..... revised to rs. 7,41,017, and the assessment was completed in the ordinary course on a total income of rs. 7,42,978. the assessment was reopened under section 147(a) of the income-tax act, 1961, on march 23, 1973, on the ground that the assessed had transferred its profit to others. ..... various aspects of the case. the material question : can the income of m/s. cosmos traders and m/s. rengo farms (p) ltd. be considered to be ..... there was an escapement of income because the assessed had not fully and truly disclosed all the material facts necessary for making the assessment.6. before us, learned counsel cited numerous judgments regarding the jurisdiction to reopen the assessment proceedings under section 147(a) of the income-tax act, 1961. we have considered ..... the tribunal, was the fact that these two concerns were intimately connected with the managing director of the assessed-company. in the original proceedings, the income-tax officer had considered the assessed's agreements with m/s. cosmos traders and m/s. rengo farms (p) ltd. as genuine and accepted the .....Tag this Judgment!
Court : Delhi
Decided on : Mar-10-1985
Reported in : (1986)50CTR(Del)57; 159ITR528(Delhi)
..... the facts and in the circumstances of the case, the tribunal was right in holding that no appeal lies against an order under section 184(7) of the income-tax act, 1961 ?' 2. it may be mentioned that the facts given in the statement of the case are far from clear, but we think the referred question ..... either because it was furnished within the period prescribed by section 139(1) or (2) as fixed by the act, or by the notice of the income-tax officer or, within the time granted by the income-tax officer under section 139. the record before us does not show when this period expired. it also does not ..... . if the declaration is within the time prescribed by the proviso, then the declaration is to be continued. even if it is filed late, the income-tax officer has jurisdiction to extend the time. a refusal to extend the time amounts to a cancellation of the registration. the cancellation of the registration or ..... lies under section 246(j) because in effect the order is under section 185(3) of the act as amended. 10. it is necessary to refer here to section 185(3) as it stands : '(3) where the income-tax officer considers that the declaration furnished by a firm in pursuance of sub-section (7) of ..... under section 5 of the limitation act or any other provision that may be applicable. if no such application for extension is filed, then the court may reject the appeal. 15. there is a similarity, we think, in regard to the procedure to be followed by the income-tax officer under section 184(7). if .....Tag this Judgment!
Court : Delhi
Decided on : Apr-29-1985
Reported in : (1985)49CTR(Del)115; 158ITR174(Delhi)
..... the only two questions which have been referred to us are pure questions of law. 7. the first is whether the income-tax officer validly assumed jurisdiction in initiating proceedings for reopening the assessment under section 147 of the income-tax act, 1961. learned counsel for the assessed explained that the objection on behalf of the assessed was that the assessments could have been ..... sohan singh : '1. whether, on the facts and in the circumstances of the case, the tribunal erred in holding that the income-tax officer validly assumed jurisdiction in initiating proceedings for reopening the assessment, under section 147 of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that a registered ..... of which are not relevant for our present purposes. these assessments have since been reopened under section 147(a) of the income-tax act, 1961, and reassessments have been made by including in the total income of the above assessed, the income ostensibly earned by a firm known as preetpal singh and company. it is the correctness of these reassessments that is being challenged ..... claimed. however, he also proceeded to frame a protective assessment on the firm in respect of the income shown by it and in the light of this, he also passed an order granting registration to the firm under section 185 of the income-tax act, 1961. similar assessments of a protective nature on the firm as a registered firm were apparently made .....Tag this Judgment!
Court : Delhi
Decided on : Oct-09-1985
Reported in : 162ITR235(Delhi)
..... outright grant or subsidy scheme, 1971', was not to be reduced from the cost of the assets owned by the assessed-company under section 43 of the income-tax act, 1961 (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in adjudicating upon the nature of the subsidy without ..... the appropriate authority within a period of one year of the date of the receipt of the last installment/full amount. 4. according to section 43 of the income-tax act, 'actual cost' means the actual cost of the assets to the assessed, reduced by that portion of the cost thereof, if any, 'as has been ..... central outright grant or subsidy scheme, 1971' was not to be reduced from the cost of the assets owned by the assessed-company under section 43 of the income-tax act, 1961 ?' 2. the petitions were field in the following circumstances. the assessed, in both the petitions, ravindra tube limited, had set up an industrial unit ..... h.l. anand, j.1. these are two petitions by the commissioner of income-tax under section 256(2) of the income-tax act, 1961, for a direction to the tribunal to state a case and to refer to this court the following question of law for its opinion ..... the claims and the tribunal upheld the orders of the commissioners (appeals). the tribunal also turned down the application of the commissioner of income-tax under section 256(1) of the act for a reference of the question to this court on the ground that another bench of the tribunal had turned down a plea for a .....Tag this Judgment!
Court : Delhi
Decided on : May-22-1985
Reported in : 157ITR492(Delhi)
..... . the tribunal affirmed this view in appeal by the department. the view of the tribunal was based on an elaborate examination of the scheme of the rules framed under the income-tax act relating to exemptions to be granted under section 80k. it was held that once the deduction had been allowed under section 80k, it could not be amended. it was further ..... of dividends, paid or deemed to be paid by the company in respect of the said preceding previous years, on which tax was not payable under section 85 of the act or under sub-section (4) of section 15c of the indian income-tax act, 1922 (xi of 1922), or, as the case may be, in respect of which a deduction is allowable under section ..... the company of the relevant previous year and of the previous years preceding the relevant previous year, on which no tax was payable by it under section 84 of the act or under sub-section (1) of section 15c of the indian income-tax act, 1922 (xi of 1922), or, as the case may be, in respect of which a deduction is allowable under section ..... . the common point in these references is concerned with the manner in which a deduction has to be made under section 80k of the income-tax act, 1961. the question is differently framed in the case of m/s. c. p. modi & sons and m/s. o. p. modi & sons from that in seth vinay kumar modi' .....Tag this Judgment!
Court : Delhi
Decided on : Aug-09-1985
Reported in : (1986)52CTR(Del)346; 160ITR134(Delhi)
..... decision of the court must necessarily turn on the particular statutory provision which is under examination. in a case falling under section 15c of the indian income-tax act, 1922, or section 84 or section 80j of the income-tax act, 1961, the principal question to be examined by the court is whether the company in question is an 'industrial undertaking'. for this purpose, it has ..... madras high court that quarrying was a manufacturing process and hence being an industrial undertaking was entitled to exemption under section 15c of the indian income-tax act, 1922. for the purpose of section 23a of the indian income-tax act, 1922, a firm printing balance-sheets, profit and loss accounts, dividend warrants, pamphlets, share certificates, etc., was held to be a manufacturer of goods in ..... . most of the other judgments cited before us relate to the concessions which are a available to industrial undertakings under the provisions which correspond to section 80j of the present income-tax act. one of these judgments has to be referred to by us as it is the main judgment relied upon by the assessed. this is the case of national projects construction ..... 1969 and 1970. if we look at some other definition like the definition of 'industrial undertaking' in section 80j of the income-tax act, 1961, or the equivalent section 15c of the act of 1922, we might get a different result. in the context of the section now being examined, we agree with the view of the bombay high court. 14. we would .....Tag this Judgment!