Court : Supreme Court of India
Reported in : AIR1997SC3968; 1997LC787(SC); 228ITR253(SC); JT1997(8)SC173; 1997(6)SCALE175; (1997)7SCC764; Supp4SCR189
..... high court is erroneous.36. in view of the aforesaid, it is not necessary to discuss the point relating to applicability of section 41(1) of the income tax act, 1961 in this case.37. the appeal fails and is dismissed. there will be no order as to costs.c.a. nos. 10091/95, 5279/96 ..... the judgment of this court in meenakshi achi's case was not applicable in the facts of the case before it.31. in the case of commissioner of income tax v. udaya pictures (p) ltd. : 225itr394(ker) , subsidy was granted by the state government for producing new regional films. it was held ..... rubber trees cannot be included as a revenue receipt of the rubber company.28. our attention was drawn to the case of sadichha chitra v. commissioner of income tax : 189itr774(bom) . in that case, it was noted that in a given case subsidy may be granted with the object of supplementing trade ..... producing the rubber.24. a full bench of the kerala high court examined the question of subsidy received for replanting rubber trees in the case of commissioner of income tax v. ruby rubber works ltd. : 178itr181(ker) . it dealt with a scheme of subsidy framed by the rubber board in 1967 for replanting ..... . thereupon the revenue asked for and obtained the reference of the following question:whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the amount of rs. 14,665 received by the assessee from the government of andhra pradesh in the relevant .....Tag this Judgment!
Court : Delhi
Reported in : (1985)46CTR(Del)30; 157ITR187(Delhi)
..... ladies are partners in the assessed-firm. when this firm, m/s. jai and co., applied for registration under section 185 of the income-tax act, 1961, the income-tax officer came to the conclusion that the said firm was a benamidar of the assessed-firm and so registration was refused. the ..... appeals filed by m/s. jai and co. failed up to the tribunal. on account of alleged concealment of income for not including the income of m/s. jai and co. in its disclosed income, the income-tax officer initiated penalty proceedings, which were referred to the inspecting assistant commissioner on account of the minimum penalty being more ..... . however, it is good evidence.' 10. in the present case, if we consider the explanationn as being the set of facts before the income-tax officer in the case of m/s. jai & co., we could not treat it as positive evidence that there had been a concealment. on ..... partnership is a relationship between individuals which is treated as an entity for income-tax purposes. but the income is to be apportioned to the relevant partners. we fail to understand how the income of m/s. jai & co. can be treated as the benami income of the assessed-firm. at best, the partners can be treated benami ..... members of the family. 6. it was on the sum total of the above facts that the income-tax authorities came to the conclusion that the income of m/s. jai & co. should be included in the income of the assessed as a benamidar. now, the question is whether this establishes that there is concealment .....Tag this Judgment!
Court : Delhi
Reported in : (1987)63CTR(Del)1; 166ITR88(Delhi)
..... properly calculated the amount of interest which the assessed could be called unto to pay under the provisions of section 220(2) of the income-tax act. these demands in consequence of the appellate orders were raised by the income-tax officer, central circle, allahabad. 3. for the assessment years 1972-73 to 1974-75, the assessed submitted applications under section 154. relying on ..... rejected these applications both on merits and also by holding that the amendment sought by the petitioner did not fall within the preview of section 154 of the income-tax act, not being a mistake apparent from the record of the case. 4. counsel for the department has raised a preliminary objection to the maintainability of these petitions in this court. ..... new delhi and the petitioner is challenging the correctness of that circular, this court has jurisdiction to entertain these writ petitions. he also submits that the demands raised by the income-tax officer as a consequence of the appellate orders are being contested only in respect of interest and this contest cannot be raised in appeal against an order charging interest. so ..... far as the orders under section 154 are concerned, he submits that since the income-tax officer has pointed out that the grounds on which the assessed challenges the levy of interest raise a controversial question regarding the applicability of section 220(2), the provisions of .....Tag this Judgment!
Court : Delhi
Reported in : 189ITR62(Delhi)
..... briefly stated, the facts are that the premises of one shri r. k. aggarwal were searched pursuant to an authorisation issued under section 132 of the income-tax act. simultaneously a search was also conducted in the premises of his business concerns. at that time, it transpired that there were pay orders dated april ..... . aggarwal and the pay orders of rs. 50,40,000 included the aforesaid amount of rs. 49,03,000. the commissioner of income-tax, delhi ix, and the commissioner of income-tax, delhi x, by two separate orders, accepted the contention of the petitioners and vacated the restraint order. the money, however, was ..... which was paid in january was still available for being put to use in april, 1989. there is no investigation done by the commissioners of income-tax nor have they referred to this aspect. 6. in the instant case, a regular assessment has taken place. an assessment order has been passed ..... not refunded to the petitioners and subsequently, on march 1, 1990, the impugned order was passed by the commissioner of income-tax, delhi ix, in which it has been stated that a assessment had been made in the case of surrinder kumar and the amount in question has ..... were issued by one shri surrinder kumar totaling rs. 50,40,000. these pay orders were issued to hindustan copper ltd. the deputy commissioner of income-tax passed an order under the second proviso to section 132(1) effecting a deemed seizure of these pay orders. intimation was also sent to the manager .....Tag this Judgment!
Court : Delhi
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
Reported in : (1991)100CTR(Del)199; 46(1992)DLT399; 1991(1)DRJ(Suppl)76
..... kashi ram aggarwalla but the supreme court observed that 'this decision is not of any assistance to the revenue in the present case since that was transfer from one income-tax officer to another income tax officer in the same citv, or, as stated in the judgment itself, 'in the same locality' and the proviso to section 127(1). thereforee, applied. (10) it is ..... the petitioner before us. in view of this we need not go into the submissions of learned counsel for the respondent that the provisions of section 124(3) of the income tax actwere attracted in the present case and the petitioners did not raise the question of jurisdiction within the time prescribed by the said provisions. (14) we have no doubt in ..... that the impugned orders cannot be challenged on the ground that the board has not recorded reasons in directing the transfer of the cases pending against the assessed from one income-tax officer to another in the same locality.'(13) from the aforesaid it is clear that the order passed under section 127(3), as the said provision now exists, is merely ..... reaso's for the transfer should have been communicated. the section cantention is that the order dated 7th may 1990 was not served on the assessed by the commissioner of income tax and lastly, it is contended that the order of transfer is effective onlyfronv the date when it was communicated to the petitioners. intbisconriclionitis- submitted that any action taken prior to .....Tag this Judgment!
Court : Delhi
Reported in : (2007)207CTR(Del)333; 289ITR179(Delhi)
..... .1. this is an appeal under section 261a of the income tax act filed by the appellant against the itat, delhi order dated 23.9.2003 in respect of assessment year 1991-92. 2. the undisputed facts are that the assessed/ petitioner filed its income tax return for the assessment year 1990-91. by this return ..... . in the annexure to the lease itself the rate of depreciation is shown to be 100% and this certainly was meant for consumption of the income tax officer as it had nothing to do with the lessee.20. we find no substantial question of law arises. whether or not there was a ..... the lease agreement are contrary to what actually transpired between the parties. it is apparent that the lease agreement was merely meant for consumption of income tax department to claim depreciation. fact is that neither bottles were recalled by the assessed nor lease was renewed and the bottles became the property of ..... and disallowed the claim of depreciation of rs. 30,70,122/ -. 3. aggrieved by the order of the assessing officer, assessed filed appeal before cit (a). cit (a) observed that in order to allow depreciation in respect of soft drink bottles leased by the assessed to m/s coolade beverages pvt. ltd., ..... the assessed cannot be known only by a self serving statement made in return of income or from a self serving lease agreement. it is to be seen whether the lease agreement was a camouflage to evade tax. where the terms and conditions of a document are confusing, the surrounding circumstances and .....Tag this Judgment!
Court : Kerala
Reported in : 166ITR348(Ker)
..... discharged (see addanki narayanappa v. bhaskara krishnappa, : 3scr400 ).6. it is, therefore, clear that for the purpose of assessment of a dissolved firm under section 189 of the income-tax act, 1961, the income of the firm has to be computed with reference to the market value of the closing stock and not the book value of such stock. on the other hand ..... assessee-firm was rs. 1,04,770. this was on the basis that the closing stock was correctly valued at rs. 94,390.75. subsequently, the assessment was reopened. the income-tax officer held that on dissolution of the firm on june 30, 1971, the closing stock should have been taken not at the cost price as shown in the books, but ..... , he determined the value of the closing stock as on june 30, 1971, at rs. 1,17,987, and the taxable income was determined on that basis. on appeal, the appellate assistant commissioner affirmed the principle followed by the income-tax officer, but gave some reduction by determining the market value of the stock on the closing day by adding 20 per cent ..... t. kochu thommen, j.1. the following question has been, at the instance of the assessee, referred to us by the income-tax appellate tribunal, cochin bench :'whether, on the facts and in the circumstances of the case, the closing stock should be valued at the market value as claimed by the department .....Tag this Judgment!
Court : Kerala
Reported in : 121ITR433(Ker)
..... the following questions of law for our opinion, namely :'1. whether, on the facts and in the circumstances of the case, the reassessment proceedings under section 147(a) of the income-tax act, 1961, are legal and valid was the appellate tribunal justified in sustaining the addition of rs. 49,700 for all or any of the reasons stated in the appellate order ..... escaped assessment. one of them was certain credits to the capital account amounting to rs. 65,000. the assessment was reopened and additions to the income were made. the matter was taken in appeal to the income-tax appellate tribunal. the plea before the tribunal was that the intangible additions which had been made in the assessment year 1948-49 and the assessment ..... fall to be carefully considered by the assessing authority. while the fact of such an amount having accrued to the assessee as his income during the earlier year is undoubtedly a matter to be taken note of by the income-tax officer in considering the question whether the source of the cash credits has been satisfactorily explained by the assessee, the burden of ..... only the peak amount which fell in the accounting year, namely, rs. 49,700. this was added to the income. the ito's order was dated march 26, 1969. an appeal to the aac failed. the matter came up before the income-tax appellate tribunal. the tribunal rejected the objection of jurisdiction to reopen the assessment. on the merits, the tribunal relied on .....Tag this Judgment!
Court : Kerala
Reported in : 198ITR573(Ker)
..... is not expenditure. counsel argued that what is taxable under the income-tax act is only income and the income-tax officer cannot conjure up an income on the basis of the method of accounting kept by the assessee which is not the real income of the assessee. when the assesee receives the sale proceeds of tea ..... liabilities do not constitute expenditure and cannot be the subject-matter of deduction even under the mercantile system of accounting. expenditure which was deductible for income-tax purposes is towards a liability actually existing at the time but setting apart money which might become expenditure on the happening of an event is ..... is accrued, in view of the fact that the assessee maintained accounts on mercantile basis, deduction can be undoubtedly allowed. but the commissioner of income-tax (appeals) also found that the amount of rs. 3,40,000 sought to be deducted by the assessee is a contingent liability of a ..... interest for the period after december 31, 1979, on the amounts payable to the bank on account of discounting of export sale bills. the income-tax officer, therefore, found that the amount in question was not even an accrued interest as on december 31, 1979, and even though the assessee ..... of interest for the period after december 31, 1979, on amounts payable to the bank consequent on the discounting of the export sale bills. the income-tax officer found that there was no accrued interest as on december 31, 1979, and in that view of the matter, he rejected the claim .....Tag this Judgment!