Skip to content


Judgment Search Results Home > Cases Phrase: income tax act Court: income tax appellate tribunal itat delhi Year: 1988 Page 1 of about 47 results (0.104 seconds)

Mar 25 1988 (TRI)

Godore Tools (India) (P.) Ltd. Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-25-1988

Reported in : (1988)25ITD193(Delhi)

..... the ccs could not be treated as a mere bounty or gift, it was not a revenue receipt taxable under section 28(iv) of the income-tax act, 1961 but only a capital receipt given to improve and build up its capital base and to remove the inadequacies in its export apparatus or ..... the ccs could not be treated as a mere bounty or gift, it was not a revenue receipt taxable under section 28(iv) of the income-tax act, 1961 taut only a capital receipt given to improve and build up its capital base and to remove the inadequacies in its export apparatus or ..... 'profits retained for export business' and 'profits derived by'. he also explained that what was a trading receipt was not defined anywhere and that the income-tax act did not use that expression. next, he submitted that profits and gains of business had to arise from a business transaction, i.e., of purchase ..... in a different state, in the absence of any contrary decision of any other high court. the appellate tribunal is not an income-tax authority as defined in section 116 of the income-tax act, 1961. both the parties are, therefore, free to canvass their respective viewpoints before the special bench regarding the ratio decidendi ..... benches of the tribunal that it was considered fit and proper by the president to constitute the present special bench under section 255(3) of the income-tax act, 1961.the position as clarified by the third member in the case of export house (supra) namely that when conflicting decisions are there, the decision .....

Tag this Judgment!

Mar 15 1988 (TRI)

P.S. Sarine Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-15-1988

Reported in : (1988)25ITD345(Delhi)

..... -owned, the assessee having 50 per cent share. as such the ownership of the assessee is fractional one. the net assessed income from both these properties under the provisions of the income-tax act, 1961, is stated to be rs. 71,439, i.e., these are the net rentals after allowing all deductions.2. ..... with the above facts as the background, the valuation has to be made under the provisions of the wealth-tax act, 1957 and for the said purpose section 7 of the act, ..... the two members, shri s.s. mehra and shri s.p. kapur, having differed on some points in this appeal, the president of the income-tax appellate tribunal has nominated me as the third member for deciding the point of difference. the point of difference as noted by the members is as under ..... matter in terms of the provisions of the above section read with section 255 of the it act, 1961. the point for opinion is as under: (b) whether, on ..... the provisions of the wealth-tax act, 1957, for the assessment year under appeal. orders of learned lower authorities stand modified accordingly.consequent upon the difference of opinion having occurred between us the file is being placed before the worthy president of the income-tax appellate tribunal for proceeding further in the .....

Tag this Judgment!

Mar 30 1988 (TRI)

D.D. Kochhar and Sons Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-30-1988

Reported in : (1988)25ITD317(Delhi)

..... discarded. even if it is discarded, section 145(2) of the income-tax act was attracted. when section 145(2) was attracted, the only course open to the department was to estimate the income and in so doing, the income-tax officer must have regard to the rate of gross profit shown and accepted ..... all as a fact found. there is no such thing as a ceiling of rate of gross profit in order to compute the income. if the income-tax officer finds on examination of accounts that some purchases were inflated, then it must be held that the method of accounting employed ..... vitiated the assessment. secondly the high gross profit syndrome, which according to him, proved that no addition was called for and thirdly the income-tax officer should have verified the consumption of materials along with the cost of consumption to ascertain whether they compared favourably with the figures in ..... five unvouched entries and, therefore, based on mis-appraisal of facts.he therefore vacated the findings of the authorities below and directed the income-tax officer to record a fresh finding after making proper appraisal of the facts.8. as i have already mentioned the learned accountant member was ..... 4. aggrieved by these additions, the assessee appealed to the commissioner (appeals) and repeated the same contentions. the commissioner (appeals) agreed with the income-tax officer and dismissed the appeal with the following observations : after going through the facts on record as well as the papers filed by the appellant .....

Tag this Judgment!

Jul 29 1988 (TRI)

inspecting Assistant Vs. Dhampur Sugar Mills Ltd.

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-29-1988

Reported in : (1989)28ITD57(Delhi)

..... independent authority. the quantification of an accrued liability did not postpone the accrual of liability. in support of this view, he placed reliance upon the scheme of the income-tax act, wealth-tax act, estate duty act to say that in all these enactments liability for payment accrued on the appointed date and it was never held that the accrual was postponed merely because some designated ..... ) has any application to the issue before us. there the question was about the meaning of the expression "provision made by the assessee" used in section 40a(7) of the income-tax act, 1961. that was in the context of allowing the provision made for payment of gratuity to the employees. that is nowhere near the issue before us. it is no doubt ..... designated authority, for the purpose of accounting the liability estimated by the assessee can be said to be an accrued liability. all that was needed for the purpose of the income-tax act was a scientific way of calculation. that was what was held by the supreme court in the leading case of metal box co. of india ltd. v.their workmen [1969 ..... . in this connection attention is invited to corresponding provisions in the income-tax act, wealth-tax act and the estate duty act, where a charge is created in favour of the state and simultaneously liability of the taxpayers also springs up. section 4 of the income-tax act, 1961, provides: 4. (1) where any central act enacts that income-tax shall be charged for any assessment year at any rate or rates .....

Tag this Judgment!

Mar 30 1988 (TRI)

D.S. Builders Vs. Inspecting Assistant

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-30-1988

Reported in : (1989)28ITD466(Delhi)

..... purposes of the income-tax act or the wealth-tax act.in our view the competent authority was not justified in taking the view that the presumptions mentioned in section 269c(2) could be availed of by him for this purpose ..... instrument of transfer with the object of-- (a) facilitating the reduction or evasion of the liability of the transferor to pay tax under the income-tax act, 1961 in respect of any income arising from the transfer ; or (b) facilitating the concealment of any income or any moneys or other assets which have not been or which ought to be disclosed by the transferee for the ..... or evasion of the liability of the transferor to pay tax under the income-tax act, 1961 in respect of the income arising out of the transfer. (ii) facilitating the concealment of the income or assets which have not been as which sought to be disclosed by the transferee for the purposes of income-tax act, 1961 or the wealth-tax act, 1958.after obtaining1 the prior approval dated 31-3 ..... the transferor or concealment of the assets which have not been or which ought to be disclosed by the transferee for the purposes of the income-tax act, 1961. he also held that the consideration of the transfer as agreed to between the parties had not been truly stated in the instrument of the transfer with the object .....

Tag this Judgment!

Aug 26 1988 (TRI)

Commissioner of Wealth-tax Vs. Krishan Kumar Agarwal

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Aug-26-1988

Reported in : (1989)28ITD530(Delhi)

..... of civil procedure relating to death of parties and substitution of the legal representatives etc. were not applicable to proceedings under the income-tax act and that there was no provision under the income-tax act governing the matter.7. we have given our careful consideration to the respective arguments.in git v. i.d. varshani ..... 1 rule 10 cannot in terms apply to the present proceedings because that has not been made applicable to tax proceeding's. under the provisions of the income-tax act as well as the wealth-tax act, there were no provisions specifying the manner and the time in which the legal representative should be brought ..... is, therefore, more apposite to the issue before us. as already stated in that case, it was an application under section 261 of the income-tax act for issue- of a certificate for leave to appeal to the supreme court that had been filed before the high court after the death of ..... not apply to the present case because it relates to an appeal against an order of acquisition for which a specific period is prescribed under the income-tax act. so far as the ruling in c.v. raghava, reddy's case (supra) is concerned, that was also with reference to an application ..... high court was also decided in the name of the deceased and it was during the pendency of an application under section 261 of the income-tax act, 1961 that the commissioner applied for substitution of the legal representative of the assessee. the hon'ble allahabad high court permitted the substitution .....

Tag this Judgment!

Mar 11 1988 (TRI)

Smt. Premla Vohra Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Mar-11-1988

Reported in : (1988)27ITD167(Delhi)

..... ) of sub-section (2) for the purposes of deduction of subscription thereto. in exercise of the powers conferred by clause (h) of sub-section (2) of section 80c of the income-tax act, 1961 (43 of 1961), the central government hereby specifies the national savings certificates (vi issue) and the national savings certificates (vii issue) as securities for the purposes of the said ..... -individual, involving assessment year 1985-86, with previous year ending on 31-3-1985, are: that at the assessment stage, the assessee claimed deduction under section 80c of the income-tax act, 1961 (hereinafter to be referred to as 'the act') on account of national savings certificates (hereinafter to be referred to as 'nsc') purchased. photostat copy of the nsc having been produced, the ..... to avail of the benefits under clause (4b) of section 10 of the income-tax act, 1961 (43 of 1961), or clause (xvic) of sub-section (1) of section 5 of the wealth-tax act, 1957 (27 of 1957), or clause (iid) of sub-section (1) of section 5 of the gift-tax act, 1958 (18 of 1958), as the case may be, make such payment only ..... " of the national savings organisation, she had satisfied the provisions of section 80c(1) read with sub-section (2)(h) of the act, inasmuch as she having paid sums in the previous year out of her income, chargeable to tax, as subscription to a security of the central government, in this case nsc-vii issue.14. now the only controversy that remains is .....

Tag this Judgment!

Jul 27 1988 (TRI)

Vinod Goel Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Jul-27-1988

Reported in : (1989)28ITD428(Delhi)

..... judgment cannot apply to the facts of the case before us because of the change in law by the insertion of section 43b into the income-tax act, 1961 with effect from 1-4-1984.moreever, the tribunal was very clear to point out that the method should reflect true profits of ..... constitutes part of the trading receipt of the assessee its separation by maintenance of a particular account cannot change its character and, therefore, the income-tax officer is under an obligation while performing his statutory duties to ^ook into this and see whether there is any effect of such an ..... the year under appeal.since the assessee had taken these amounts directly to balance sheet the income-tax officer was of the opinion that the assessee had by-passed the provisions of section 43b of the act. he, therefore, added these amounts.3. when the matter came up in appeal before ..... the learned commissioner, he considered the reasons given by the income-tax officer for making the impugned additions. he also considered the submissions made ..... act in respect of any sum payable by the assessee by way of tax or duty under any law for the time being in force, etc., shall be allowed (irrespective of the previous year in which the liability to pay such sum was incurred by the assessee according to the method of accounting regularly employed by him)' only in computing the income .....

Tag this Judgment!

Oct 06 1988 (TRI)

inspecting Assistant Vs. Punjab National Bank

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Oct-06-1988

Reported in : (1989)28ITD41(Delhi)

..... supreme court pointed out that circulars cannot override the provisions of the income-tax act and therefore if under the provisions of the income-tax act, interest had accrued and becomes taxable for that reason a circular issued by the board cannot take away the right conferred under the income-tax act on the income-tax officer to tax that income. the supreme court has also pointed out in this judgment that circulars ..... commissioner (a). it has been repeatedly held by the supreme court that the circulars issued by the board are binding upon all the officers employed in the execution of the income-tax act.it does not therefore lie in the mouth of the department to contend that interest had still accrued to the assessee when according to the circular issued by the board ..... the supreme court, the decision of the high court was affirmed. the argument based upon concept of real income was not approved. the supreme court pointed out: (i) for the content of taxable income, one has to refer to the substantive provisions of the income-tax act, 1961, mainly section 5 read with the other relevant sections. (ii) in some limited fields where something ..... it in suspense account was repugnant to section 36(1)(vii) read with section 36(2) of the income-tax act, 1961. an argument was raised before the supreme court that it is only the real income that should be brought to tax and in a case of this nature, the real income would be highly exaggerated if the interest on sticky advances was treated as .....

Tag this Judgment!

Feb 29 1988 (TRI)

Smt. Gopi Devi Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Feb-29-1988

Reported in : (1989)28ITD50(Delhi)

..... .) ltd.'s case (supra) is a decision of the hon'ble allahabad high court. the ratio laid down by the hon'ble high court is that, 'section 154 of the income-tax act is not meant for preferring a claim which the assessee has omitted to prefer in the assessment proceedings. the section can operate only on the facts which are already on ..... exists in our country, 'it is necessary for each lower tier' ... to accept loyally the decisions of the higher tiers.the income-tax appellate tribunal being a higher tier in the hierarchy of the appellate authorities under the provisions of the income-tax act, 1961, the learned first appellate authority was bound to accept loyally the decisions, and we will leave it at that.30 ..... may be, of every person: provided that where by virtue of any provision of this act, income-tax is to be charged in respect of the income of a period other than the previous year, income-tax shall be charged accordingly. (2) in respect of income chargeable under sub-section (1), income-tax shall be deducted at the source or paid in advance, where it is so deductible or ..... one but a glaring and floating on the surface.15. section 4 of the act which is a charging section speaks of, 'charge of income-tax' and reads as under: 4. (1) where any central 'act enacts that income-tax shall be charged for any assessment year at any rate or rates, income-tax at that rate or those rates shall be charged for that year in accordance .....

Tag this Judgment!


Save Judgments// Add Notes // Store Search Result sets // Organizer Client Files //