Court : Delhi
Decided on : Aug-30-1999
Reported in : 1999VIAD(Delhi)509; ILR1999Delhi349; 240ITR127(Delhi)
..... impugn the validity of notices, all dated 30th march, 1989, issued by the assistant commissioner of income-tax, investigation circle-i(1), new delhi under section 148 of the income tax act, 1961 (for short 'the act'), pro-posing to re-assess the petitioner in respect of assessment years 1972-73 to 1983-84 ..... greater detail. 3. the petitioner, earlier known as m/s. delhi cattle breeding farm (p) ltd. till february 1983, is assessed to income-tax in the status of a company and its accounting period ended on 30th june of each of the relevant years. certain agricultural lands, in which ..... old section 147, as it existed prior to its amendment by direct taxes laws(amendment) act, 1987 would be applicable to the facts at hand. section 147 material for our purpose, reads as follows : '147. if - (a) the income-tax officer has reason to believe that, by reason of the omission or ..... failure on the part of an assessed to make a return under section 139 for any assessment year to the income- tax ..... on the interest income, which relates to several past years, no provision for tax has been made in the accounts for the year. extract of balance sheet notes - 1. the company has made reference petition under section 18 of the land acquisition act for enhancement of compensation which is still pending .....Tag this Judgment!
Court : Delhi
Decided on : Feb-19-1999
Reported in : (2000)161CTR(Del)472
..... referred at the behest of revenue deserve to be answered in favor of the revenue in view of the amendments incorporated in the income tax act, 1961 by the finance act, 1990. finance act, 1990 incorporated clause (iiib) to section 28 of the income tax act, 1961 with effect from 1.4.1967 to the effect that cash assistance (by whatever name called) received or receivable by any ..... been made retrospectively with effect from 1.4.1967. clause (vb) in sub-section (24) of section 2 of the income tax act, 1961 was also incorporated by the finance act, 1990 with effect from 1.4.1967 that income includes any sum chargeable to income tax under clause (iiib) of section 28. thus the c.c.s. receipts received from the government would be taxable receipts ..... 30.6.1974. related assessment under section 144 of the income tax act, 1961 was framed on 30.3.1978. the assessed preferred appeal, which was decided by commissioner of income tax (appeals)-viii on 31.1.1979. assessed as well as revenue filed appeals before the income tax appellate tribunal against the said order of commissioner of income tax (appeals) delhi on 30.3.1979 and 5.5 ..... gains within the meaning of section 28(1) or section 28(iv) of the income tax act, 1961 but constituted a receipt on capital account only? 4. whether the tribunal rightly upheld the commissioner of income tax (a) order that the assessed was entitled to weighted deduction under section 35b of the act on commission of rs.12,10,893/- as export sales? 5. whether the .....Tag this Judgment!
Court : Delhi
Decided on : Sep-17-1999
Reported in : 1999VIAD(Delhi)135; 81(1999)DLT874; 1999(51)DRJ580; 240ITR191(Delhi)
..... property to the exclusion of all others.'13. we are of the opinion that the assessed company was entitled to claim depreciation under the provisions of section 32 of the income tax act, 1961 in respect of the factory building belonging to it and used by it for its business. accordingly the question is answered in the affirmative, i.e. in favor of ..... to a building regarding which the assessed did not possess a conveyance deed. it was held:-'in our opinion, the term owned as occurring in sec. 32(1) of the income-tax act, 1961 must be assigned a wider meaning. any one in possession of property in his own title exercising such dominion over the property as would enable others being excluded there ..... question of law:-'whether on the facts and in the circumstances of the case the assessed company was entitled to claim depreciation under the provisions of section 32 of the income-tax act, 1961 in respect of factory building belonging to it and used by it for its business.'2. m/s. goverdhan kapoor and sons, a partnership firm owned certain assets including ..... in his favour, a person cannot be said to be owner of a property for purposes of sections 22 or 32(1) of 1961 act. as observed by the supreme court, the income tax act is concerned with provisions regarding taxing of income and, thereforee, the income or benefit derived from a property by an assessed should really be the concern for purposes of provisions of this .....Tag this Judgment!
Court : Delhi
Decided on : Sep-30-1999
Reported in : 1999VIAD(Delhi)144; (1999)157CTR(Del)179; 83(2000)DLT33; 241ITR9(Delhi)
..... orderd.k. jain, j.1. in these two sets of three references each, at the instance of the assessee, the income tax appellate tribunal has referred the following question under section 256(2) of the income-tax act, 1961 (for short 'the act') for the opinion of this court :'whether on the facts and in the circumstances of the case, the tribunal was right in holding ..... of business' is very wide and may include expenditure of diverse nature but as observed by the supreme court in cit, kerala vs . malayalam plantations ltd. : 53itr140(sc) , while construing the corresponding provisions of section 10(2)(xv) of the indian income tax act, 1922, howsoever wide the meaning of the expression 'for the purpose of the business' may be, its limits ..... said agreement, before the international chamber of commerce and incurred legal and traveling expenses during the previous years relevant to the assessment years 1967-68 to 1972-73.6. the income-tax officer did not allow the aforesaid expenditure on the ground that these expenses were incurred for realizing the capital on sale of the company's factories and the expenditure was ..... that any expenditure, not being in the nature of capital expenditure, laid out wholly and exclusively for the purpose of the business or profession shall be allowed in computing the income chargeable under the head profits and gains of business or profession. thus, in order to be deductible as a business expenditure, the amount in question must fulfill twin conditions, .....Tag this Judgment!
Court : Delhi
Decided on : Aug-30-1999
Reported in : 1999VIAD(Delhi)234; 81(1999)DLT889; 240ITR256(Delhi)
..... that in computing the capital under rule 19a of the i.t. rules, 1962 borrowed capital was not excludable for the purpose of relief u/s 80-j of the income tax act, 1961 ?' 2. since, indisputably, the issues, subject matter of question no. 1, on merits, and question no. 3 wholly stand covered by the decisions of the supreme court, we may ..... reference under section 256(1) of the income tax act, 1961 (for short 'the act'), at the instance of the revenue, in respect of the assessment year 1973-74, the income tax appellate tribunal, delhi has referred the following questions for the opinion of this court : '1. whether on the facts and in the circumstances of the case, the income tax appellate tribunal had erred in law in ..... first dispose of these two questions. 3. in smith kline and french (india) ltd. & ors. vs . commissioner of income tax : 219itr581(sc) , it has been held by the supreme court that surtax levied under the companies (profits) surtax act, 1964 squarely falls within the mischief of sub-clause (ii) of clause (a) of section 40 of the ..... under the provisions of the act. in view of this authoritative pronouncement, the first question is rendered academic and is, thereforee, returned unanswered. 4. similarly in lohia machines limited & anr. vs . union of india & ors. : 152itr308(sc) , the apex court has been pleased to hold that for computing the capital employed under rule 19a of the income tax rules, 1962, the borrowed .....Tag this Judgment!
Court : Delhi
Decided on : Sep-23-1999
Reported in : 1999VIAD(Delhi)238; (1999)157CTR(Del)286; 82(1999)DLT584; 240ITR556(Delhi)
..... orderd.k. jain, j.1. pursuant to the directions issued by this court under section 256(2) of the income tax act, 1961 (for short 'the act'), the income tax appellate tribunal (for short 'the tribunal') has referred the following question for the opinion of this court:'whether on the facts and in the circumstances of the case, ..... decisions on the point. we will notice a few decisions which we consider are relevant to answer the question referred. in cit, bombay vs . shapoor ji pallonji mistry : 44itr891(sc) , while construing the corresponding provisions of the indian income-tax act, 1922, relating to the jurisdiction of the appellate commissioner in such an appeal, the supreme court held that, in an ..... appeal filed by the assessee, the appellate assistant commissioner has no power to enhance the assessment by discovering a new source of income, not considered by the income-tax officer in the order appealed against. ..... question for consideration is whether the directions by the appellate assistant commissioner to the income-tax officer to conduct enquiry and furnish information on the aforenoted four points fell within the ambit of his powers under section 251(1)(a) of the act?.8. section 251 of the act prescribes the power of the appellate assistant commissioner, now commissioner (appeals). section 251 .....Tag this Judgment!
Court : Delhi
Decided on : Jul-29-1999
Reported in : 1999VAD(Delhi)36; 80(1999)DLT798; 1999(50)DRJ736; 239ITR237(Delhi)
..... , j.1.at the instance of the revenue, in respect of assessment year 1972-73, the following question has been referred by the income tax appellate tribunal, delhi bench, under section 256(1) of the income tax act, 1961 (for short 'the act'), for the opinion of this court : 'whether on the facts and in the circumstances of the case, the tribunal was right in law ..... bring into existence any a set or advantage of enduring nature to the assessed and, thereforee, such expenditure could not be treated as capital expenditure. accordingly, the tribunal directed the income tax officer to allow the admission fee paid as revenue expenditure. this decision of the tribunal has given rise to the question referred for opinion. 4. we have heard learned counsel ..... , endorsed the view taken by the income tax officer. the matter was carried by the assessed in further appeal to the tribunal. the tribunal was, however, of the view that the initial payment itself did not ensure any ..... ground that this gave the assessed an asset or advantage of an enduring nature. being aggrieved by the said disallowance, the assessed preferred appeal to the appellate assistant commissioner of income tax. the learned appellate assistant commissioner, while observing that the said fee was paid once for all for the advantage that the company derives by becoming a member of that organisation .....Tag this Judgment!
Court : Delhi
Decided on : Jul-05-1999
Reported in : 1999VAD(Delhi)511; (2000)161CTR(Del)501; 81(1999)DLT529; 239ITR343(Delhi)
..... . 1. at the instance of the revenue, the income tax appellate tribunal has referred under section 256(1) of the income tax act, 1961 (for short the act) the following questions for the opinion of this court: 1. whether on the facts and in the circumstances of the case, the tribunal is correct in law in directing the income-tax officer to assess the interest from securities on ..... by or on behalf of a local authority or a company or a corporation established by a central, state or provincial act. (2) nothing contained in sub-section (1) shall be construed as precluding an assessed from being charged to income tax in respect of any interest securities received by him in a previous year if such interest had not been charged to ..... income tax for any earlier previous year.' 5. on a bare reading of section 18 of the act, it is clear that income from interest on securities is chargeable to tax under sub-section (1) of the section only on due basis and the same can be charged ..... on securities was correctly declared by the assessed in the revised return which could be brought to tax in the relevant assessment year under section 18 of the act. support is lent to this view by a decision of the karnataka high court in commissioner of income tax vs . canara bank : 195itr66(kar) . 6. regarding question no. 2 as noticed above, the assessor .....Tag this Judgment!
Court : Delhi
Decided on : Sep-06-1999
Reported in : 1999VAD(Delhi)705; 1999(51)DRJ206; 240ITR324(Delhi)
..... . 98,396/- or in any other sum, under section 80j of the income tax act, 1961? 2. the assessed is a private limited company, incorporated on 28th july, 1978 with the object of carrying on the business of deep sea fishing ..... is entitled to export market development allowance in the sum of rs. 8,54,984/- or in any other sum, under section 35b of the income tax act, 1961? 2. whether, on the facts and in the circumstances of the case, the assessed company is entitled to deduction/relief in the sum of rs ..... tribunal delhi (for short 'the tribunal') has referred the following questions under section 256(1) of the income tax act, 1961 (for short 'the act,) for the opinion of this court':'1. whether on the facts and in the circumstances of the case, the assessed company ..... to be known as shrimps and prawns. following the said judgment, in a recent decision in commissioner of income tax vs . relish foods : 237itr59(sc) , the apex court has affirmed the decision of the bombay high court in cit vs . sterling foods (goa) : 213itr851(bom) , wherein it was held that activity of ..... xxxxxxxxxxxxx.' 13. from a bare reading of the above-noted provisions, it is evident that the benefit of exemption under section 80-j of the act, facetiously styled as 'tax holiday' is confined only to the profits derived by an assessed from an industrial undertaking which is engaged in the 'manufacture' or 'production' of .....Tag this Judgment!
Court : Delhi
Decided on : Mar-05-1999
Reported in : 1999IIAD(Delhi)405; ILR1999Delhi215; 238ITR901(Delhi)
..... orderarun kumar, j.1. by way of the present petition under section 256(2) of the income-tax act, 1961 (hereinafter referred to as the act), the petitioner has prayed that the income-tax appellate tribunal be directed to draw up a statement of case and refer the following questions for the opinion ..... weighted deduction. reliance was placed on a decision of the supreme court in commissioner of income-tax vs . stepwell industries limited : 228itr171(sc) . similarly expenses in connection with customs bonded warehouse do not fall in any of the ..... no need to seek opinion of this court. the learned counsel relied on gedore tools india private limited vs . commissioner of income-tax : 233itr712(delhi) to point out that freight and forwarding charges have been held to be not eligible for weighted deductions. similarly he ..... relied on commissioner of income-tax vs . international exporters (delhi) : 233itr23(delhi) wherein it was held that expenditure on insurance was not admissible as a ..... warehouse. the expenses incurred by the assessed under these heads and for which weighted deductions were claimed under section 35b(1)(b) of the act were totally disallowed. (ii) participation charges and construction/decoration. 3. the expenses claimed under these heads were held by the tribunal to partly .....Tag this Judgment!