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Judgment Search Results Home > Cases Phrase: income tax act Court: delhi Year: 1985 Page 11 of about 154 results (0.211 seconds)

May 10 1985 (HC)

Commissioner of Gift-tax, Delhi-ii Vs. Harinder Singh and Virender Sin ...

Court : Delhi

Decided on : May-10-1985

Reported in : [1986]157ITR292(Delhi)

..... the present case. 21. now, the next question is whether a gift can be implied in the circumstances like the present because of the provisions of the gift-tax act. the first relevant provision is section 2(xii) which defines 'gift' to mean the transfer by one person to another of any existing movable or immovable property made ..... urged that the quantum of gift had been wrongly determined. 6. after a detailed analysis of the nature of the goodwill and the various provisions of the gift-tax act involved, the tribunal dealt with two separate questions. firstly, it was held that there was a gift involved in the taking of shri harinder kumar katyal as a ..... assistant commissioner, it was held that there was a transfer of goodwill by shri bhagwan dass which came within the mischief of section 2(xxiv)(d) of the gift-tax act and thus the appeal was dismissed. 5. in further appeal to the tribunal, which heard together two appeals for 1960-61 and 1963-64, it was urged ..... d.k. kapur j.1. the income-tax appellate tribunal has made this reference under section 26(1) of the gift-tax act, 1958. it relates to the assessment year 1963-64 and is concerned with the question whether any gift has been made in favor of minor, shri virender ..... to the minors in the goodwill and that, in view of section 30(2) of the partnership act, the goodwill could only be shared by the assessed and his major son and if at all there was a gift, gift-tax could be levied on] y on 50 per cent. of the value of the goodwill of the .....

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May 23 1985 (HC)

South Asia Industries (P.) Ltd. Vs. Commissioner of Income-tax, Delhi ...

Court : Delhi

Decided on : May-23-1985

Reported in : (1986)51CTR(Del)267; [1985]155ITR392(Delhi)

..... were that of aup. one of us was a party to that decision. the tribunal held that it was not possible to uphold the finding of the income-tax authorities that the transactions were sham. it, however, went on to hold that the loss claimed was a loss on capital account and should be considered as ..... there was a gain in one year and a loss in the other. 12. in reality, this case represents an example of what follows from discarding the income-tax officer's view that the transactions were sham. the shares were bought for rs. 3 per share and sold for practically nothing resulting in a huge loss. ..... various private companies of r. dalmia group according to the wishes of r. dalmia, who is 100% beneficial owner of this company, and acting according to an overall scheme of tax evasion. for these reasons and for reasons given in the earlier assessment orders, it has to be held that the assessed did not deal in ..... 1. the assessment year with which we are concerned is 1959-60. the reference made to this court is under s. 66(1) of the indian i.t. act, 1922, and the questions referred are : '(1) whether, on the facts and in the circumstances of the case, the loss of rs. 23,58,304 was ..... no genuine investor would invest in these shares on the same reasoning. later on, the ito continued : 'a genuine dealer in shares never acts in the manner the company has been acting. moreover, as i have brought out in this order in the very beginning, the company has acquired the shares of various private companies of .....

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Mar 18 1985 (HC)

Commissioner of Income-tax Vs. R. Dalmia

Court : Delhi

Decided on : Mar-18-1985

Reported in : [1987]163ITR517(Delhi)

..... 's claim of adjustments to the balance-sheet dated february 20, 1961, by reference to a sum of rs. 47.31 lakhs and on that basis directing the income-tax officer to allow the necessary relief to the assessed for the assessment years 1965-66 and l966-67 by adopting course no. (ii) pointed out by it in ..... has to be taken as the annual letting value. 3. as far as question no. 3 is concerned, it has been dealt with in another judgment of this court in cit v. j. dalmia : [1984]149itr215(delhi) . in accordance with that judgment, the right acquired by the assessed under the agreements to sell dated may 21, 1955, and ..... this court. as far as question no. 1 is concerned, it is covered by the decision dated 2nd november, 1983, in itr nos. 189 and 190 of 1975 (cit v. r. dalmia : [1987]163itr519(delhi) ). the answer to the question was that the overall financial position had to be considered with reference to the balance-sheet as ..... has been dealt with in several decisions of this court. they are : itr no. 6 of 1974 decided on 18th december, l981 (cit v. r. dalmia : [1987]163itr524(delhi) ); itr no. 103 of 1974 decided on 16th december, 1981 (cit v. r. dalmia : [1987]163itr525(delhi) and itr nos. 189 and 190 of 1975 decided on 2nd november, l983 ..... (cit v. r. dalmia : [1987]163itr519(delhi) ). the answers have been in the negative, in favor of the assessed and against the department with the result that .....

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Apr 29 1985 (HC)

Commissioner of Income-tax, Delhi Ii Vs. Delhi Gymkhana Club Ltd.

Court : Delhi

Decided on : Apr-29-1985

Reported in : (1985)48CTR(Del)208; [1985]155ITR373(Delhi)

..... in the premises of the club. it is common ground that the receipts derived by the club by providing refreshments to its members is exempt from income-tax on the basis of the doctrine of mutuality. however, the club had a number of rooms and these rooms were made available to members as ..... holding that the rent receipts from the members to whom the rooms were let out by the assesses-club along with other facilities were not assessable to income-tax on the doctrine of mutuality ?' 2. the undisputed facts are as follows : the assesses-club was formed in 1973, and was registered as a ..... in english and indian decisions and came to the conclusion that whether treated as income from other sources or as income from business, the surplus could not be assessed to tax because of the principle of mutuality. the commissioner of income-tax is aggrieved by the order of the tribunal and hence this reference. 3. ..... facilities provided by the club. applying the principle laid down by the supreme court in sultan bros. pvt. ltd. v. cit : [1964]51itr353(sc) , the tribunal came to the conclusion that the income received by the club by letting out the rooms would be assessable, if at all, under the head 'other sources' ..... so because of the statutory fiction contained in s. 22 of the act and the scheme of the i.t. act, that the income from house property will be assessable on notional basis. this was the principle of the decision of the allahabad high court in cit v. wheeler's club ltd. : [1963]49itr52(all) , .....

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Oct 24 1985 (TRI)

income-tax Officer Vs. Ram Kishore Ram Gopal

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Oct-24-1985

Reported in : (1985)14ITD355(Delhi)

..... tax, such dealer shall deposit the entire amount so realised into the government treasury within such period as may ..... appears as a surplus in the accounts did not really represent its income because it was either payable to the government of uttar pradesh on the assessments being finalised to sales tax and purchase tax or to be made over to the government of as per the provisions of up sales tax act as amended from time to time or to be refunded to the ..... in the books of account are not, in any way, determinative of an item of income or expenditure. the court had further observed that if the assessee gets any refund as a result of appeal action could be taken under section 41 of the up sales tax act.the high court had decided this case after considering the ratio of the decision in ..... if the surplus of rs. 74,180 is to be regarded as income, since a corresponding liability to pay the amount to the government arose, that amount should be allowed as a deduction with the result that no income results. the learned accountant member also noticed that under the up sales tax act if any amount is realised by a dealer purporting to be .....

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Aug 02 1985 (TRI)

Wealth-tax Officer Vs. Seth Sudhir Kumar Modi

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-02-1985

Reported in : (1985)14ITD194(Delhi)

..... provisions of section 2(m) of the act could not be relied upon for excluding the income-tax liabilities. it was also laid down that the net wealth of a firm had to be calculated under rule 2 in accordance with ..... purposes of computing his net wealth. in computing the net wealth of the firm, the ito ignored the arrears of income-tax due against the firm, in view of section 2(m) of the wealth-tax act. it was held that as the net wealth of the firm was being determined and not of the assessee, the ..... they ought to be taken at market value.the market value was determined in accordance with rule 1d and the notice under section 17 of the wealth-tax act, 1957 ('the act') was issued by the wto. when this notice was issued the high court referred to rule 2 of the rules, which provides for the valuation ..... commercial principles, and the special provision in the act for the computation of net wealth cannot be applied for purposes of computing the net ..... with commercial principles, the learned counsel argued that the definition of net wealth as given in the act could not be applied to rule 2 as the firm was not an 'assessee' under the act.he submitted that the wealth-tax was payable only by an individual, the huf or a company and, thus, a firm cannot .....

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Sep 29 1985 (TRI)

South India Alloy Industries Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Decided on : Sep-29-1985

Reported in : (1986)(6)LC256Tri(Delhi)

..... not taken earlier, does not bar the raising of plea at this stage. the hon'ble andhra pradesh high court in the case of commissioner of income tax, andhra pradesh v. gangappa cables reported in 116 i.t.r. 778 bad held that where all the details are on record, the ..... the fact that the said claim was neither raised before the income tax officer nor before the appellate commissioner of income tax. head note from the said judgment is reproduced as under :- "the appellate tribunal disposing of an appeal under the i.t. act has not the power to allow the assessee to put forward a ..... orders passed by the assistant collector of central excise. this could be done only by the collector. the board in issuing show cause notice and acting thereon acted without jurisdiction. the show cause notice issued by the board and the consequent order passed by it cannot be held legal and must therefore be ..... the learned jdr has pleaded that the amendment of section 35-a by the customs, central excises and salt and central boards of revenue (amendment act, 1978) (act no. 25 of 1978) does not affect the powers of the board as the power which could have been exercised by the collector could be ..... delhi. after coming into existence of the tribunal the said revision application stands transferred to this tribunal under section 35p of the central excises and salt act, 1944 to be disposed of.2. briefly the facts of the case are that the assessee had been manufacturing and clearing rock phosphate without taking .....

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Aug 28 1985 (HC)

Sharbati Devi Jhalani Vs. Commissioner of Wealth-tax, Delhi-vii, and O ...

Court : Delhi

Decided on : Aug-28-1985

Reported in : (1986)54CTR(Del)85; ILR1985Delhi651; [1986]159ITR549(Delhi); 1986RLR115

..... reads as under (see [1973] 91 itr (st.) 1, 20) : '35. a new section 16a has been inserted in the wealth-tax act enabling the wealth-tax officer to refer the valuation of any capital asset to the valuation officer with a view to ascertaining the market value of such asset. under this provision ..... regard to the manner of valuation of the unquoted equity shares of companies, other than investment companies and managing agency companies, for the purposes of the wealth-tax act, 1957. 2. the petitioner is one of the shareholders of m/s. gedore tools (i) p. ltd. (hereinafter referred to as 'the company'). ..... 12,97,517. 6. the petitioner then received show-cause notice dated may 18, 1984, issued by the commissioner of wealth-tax, delhi, under section 25(2) of the wealth-tax act. it was alleged in the said notice that in the assessment order, the valuation of the aforesaid shares held by the petitioner ..... petition is allowed. the impugned order dated september 29, 1984, passed under section 25(2) of the wealth-tax act, 1957, by the commissioner of wealth-tax, delhi-vii, is quashed. the commissioner of wealth-tax will be at liberty to pass a fresh order after notice to the petitioner, in the light of the ..... an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section), under this act, the wealth-tax officer may refer the valuation of any asset to a valuation officer - (a) in a case where the value of the asset as returned .....

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Sep 25 1985 (TRI)

Tata Iron and Steel Co. Ltd. Vs. Collector of Central Excise

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Decided on : Sep-25-1985

Reported in : (1986)(6)LC27Tri(Delhi)

..... economic offences which in conceivable cases may pose a grave threat to the economy and the security of the country. but every contravention of the customs act or the gold control rules cannot, without more, be assumed to be fraught with consequences of national dimensions. the broad principle that punishment must be ..... of power and had added that the same was excisable to duty under tariff item 68 of the first schedule to the central excises and salt act, 1944.regarding declaration of the coke oven gas in the classification lists, the appellant had claimed that they had always declared coke oven gas in ..... concerned as excisable. the revenue authorities took a view that as per definition of the word 'manufacture' under section 2(f) of the central excises and salt act, 1944, 'manufacture' includes "any process incidental or ancillary to the completion of the manufactured product". in the case of coke oven gas, starting from 1st ..... customs, new delhi. after coming into existence of tribunal, the said revision application was transferred to the tribunal under section 35p of the central excises and salt act, 1944 to be disposed of as an appeal.2. briefly the facts of the case are that m/s. tata iron & steel company, ltd., jamshedpur ..... the manner prescribed by the statute. he has also referred to another judgment of the hon'ble supreme court in the case of cit v.anwar ali reported in air 1970 supreme court 1782, where the hon'ble supreme court had held that the penalty proceedings .....

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Apr 30 1985 (TRI)

Parasmal Solanki Vs. Collector of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Decided on : Apr-30-1985

Reported in : (1985)(21)ELT704TriDel

..... refusing stay [reliance on 37 itr 267-aluminium corporation of india v. c. balakrishnan and ors., 147 itr 120-v.n. purushottaman v. agrl. income tax officer and anr.]; (d) accordingly, in a consideration of the question of "undue hardship" for dispensing with the deposit, in terms of the proviso to ..... convenience was certainly in favour of the government of india. governments are not run on mere bank guarantee. we notice that very often some courts act as if furnishing a bank guarantee would meet the ends of justice. no governmental business or for that matter no business of any kind can ..... contended by shri nankani, the learned counsel for the applicants, inter alia, that- (a) the powers conferred on the tribunal under section 129a of the act, with the widest amplitude, must, by necessary implication, carry with them all powers and duties incidental or ancillary to make the exercise of those powers fully ..... ", rather than one for dispensing with the mandatory requirement of a prior deposit in terms of section 129e of the act. obviously, a stay of the mandatory requirement of a prior deposit is not what was contemplated in the aforesaid provision. there is no question ..... 367, 368 and 369 of 1985, apart from the instant appeal], all heard together, purports to be one under section 129e of the customs act, 1962 (hereinafter, the act).2. the prayer in the application is "that the deposit of penalty of rs. 20,000/- be stayed pending final disposal of the appeal .....

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