Court : Gujarat
Reported in : 55ITR68(Guj)
..... p.n. bhagwati, j. 1. this is a reference under section 66(1) of the income-tax act at the instance of the commissioner. the facts giving rise to this reference may be briefly stated as follows. the assessee is ..... and the same misconception also overtook the tribunal. from the statement of the case and particularly the following passages from the statement of the case : 'the income-tax officer, who made the assessment of the spunpipe and construction co. ltd., worked out the surplus or excess resulting from the purchase of the ahmedabad factory ..... the valuation of the closing stock was necessary. for the reasons we have given while rejecting a similar contention advanced in relation to the order of the income-tax officer, we also reject the present contention in relation to the order of the appellate assistant commissioner. 10. it is, therefore, clear that the appellate ..... resulting consequently in the increase of the profit of the assessee for the year ending 30th july, 1954. the learned advocate-general pointed out that the income-tax officer had disallowed a sum of rs. 69,746 as the excess value debited to the trading account in respect of trading assets whereas the appellate ..... of the order of the tribunal those questions were as follows : '(1) whether, on the facts and in the circumstances of the case, the income-tax officer is justified in making a fair and reasonable allocation of the coat of different assets for the purpose of ascertaining capital and revenue profit from the .....Tag this Judgment!
Court : Gujarat
Reported in : (1986)50CTR(Guj)242; 160ITR35(Guj)
..... tribunal was right in law in holding that the tea expenses were not in the nature of the entertainment expenditure which could be disallowed under section 37(2b) of the income-tax act, 1961 ?' 5. so far as the second question is concerned, since we are concerned with the assessment year 1972-73, the position is concluded by the decision of this ..... which brought into existence advantage of an enduring benefit and, therefore, rightly disallowed by the income-tax officer. on a reference, the division bench found the approach of the tribunal was legally erroneous, and the question of the improvements, in the opinion of the division bench, ..... capital nature. the appellate assistant commissioner, however, accepted the claim of the assessee that they should be treated as revenue expenses. he, therefore, deleted the addition made by the income-tax officer. on appeal to the tribunal by the department, it was held that the expenses were of capital nature since they were entailed for effecting a complete change of structure ..... assistant commissioner, however, in respect of the entertainment expenses, restricted the disallowance to rs. 2,000 only. 4. the assessee, therefore, carried the matter in further appeal to the income-tax appellate tribunal. before the tribunal, it was urged on behalf of the assessee that after obtaining the office premises in amir building, the same were required to be renovated and .....Tag this Judgment!
Court : Gujarat
Reported in : 173ITR666(Guj)
..... tribunal ('tribunal' for short), has referred to us for our opinion the following questions under section 256(1) of the income-tax act, 1961 : ' (1) whether, on the facts and in the circumstances of the case, the amount of rs. 66,066 received by the assessee-firm ..... this amount of rs. 66,066 was offered for taxation when the assessee filed its return for the assessment year under reference that is 1973-74. the income-tax officer while framing assessment for the assessment year under reference held that the amount of rs. 66,066 which the assessee had received in s. y. ..... 66,066 received in s. y. 2028, represented the assessee's income earned in s. y. 2028. the income-tax officer, therefore, brought to tax the entire amount of rs. 1,32,132 for the assessment year under reference. 6. the assessee carried the matter in appeal ..... 2027, was merely an advance towards expected profits and, therefore, it did not constitute the assessee's income in s. y. 2027. the income-tax officer was of the view that rs. 66,066 which the assessee had received in s. y. 2027 and the four amounts totaling rs. ..... assessee in its return for the assessment year 1972-73. the assessment for the assessment year 1972-73. was completed by the income-tax officer on september 25, 1973, assessing the assessee's total income at rs. 61,366 after allowing,, deduction of business expenses incurred during s. y. 2027. 5. the assessee received from .....Tag this Judgment!
Court : Gujarat
Reported in : 204ITR590(Guj)
..... .1. in this reference under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal has referred the following two questions to this court for its opinion : '1. whether, on the facts and in the circumstances of the case, the assessee was entitled to deduction of rs. 78,273 form its total income 2. whether, on the facts and in the circumstances ..... . 1,25,840 from the business of the dairy project, but filed a nil return in view of various deductions claimed by it. the income-tax officer did not accept all the claims for deduction and the assessable income was computed at rs. 94,000. the assessee preferred an appeal against the order. the appellate assistant commissioner found that the assessment was not ..... claimed deduction of rs. 78,273 paid by it to the gujarat government towards losses as per the terms and conditions of the leave licence agreement. the income-tax officer disallowed that claim treating that payment as the application of its income by the assessee and rejecting the contention that as the said contention that as the said payment amounted to diversion of ..... . therefore, this was a clear case of diversion of income by an overriding charge. he submitted that as held by this court in udayan chinubhai v. cit : 111itr584(guj) income taxable under the income-tax, 1961, is the real income of the assessee. in determining real income, the question is not of any physical receipt of income but of the concept of the receipt in law as .....Tag this Judgment!
Court : Chennai
Reported in : AIR1968Mad327; 67ITR735(Mad)
..... the accounting year ended february 1, 1955, he was assessed on a total income which included rs. 10253, as foreign income after deducting the statutory allowance under the third proviso to sec. 4(1) of the income-tax act 1922. the total foreign income consisted of rs. 2400 as salary and the balance, as working share of ..... the assessee's of profits. in the firm of v.t.v. dharmaperumal pillai, the income-tax officer noticed that a sum of rs. 15,000 had ..... was revised under sec. 35, is not clear. but we are of the view that so far as rs. 10253 that was brought to tax by the income-tax officer is concerned, there can be no doubt that the charge should in any case be sustained on the accrual basis. the controversy, therefore, ..... without actual cash being handled, may as much result in remittance as by the physical transfer of cash. this proposition is supported by authority. commissioner of income-tax v. subramaniam chettiar, ilr (1927) mad 765 = air 1927 mad 841, decided by a full bench of this court held that credit entries made on ..... be treated as payments though that interest was not actually paid in british india. this decision was approved by the supreme court in indermani jatia v. commissioner of income-tax, u. p. : 35itr298(sc) . in taking that view, the supreme court observed:'this decision ilr (1927) mad 765 = air 1927 mad 841 .....Tag this Judgment!
Court : Chennai
Reported in : 102ITR227(Mad)
..... , circle i, kancheepuram, the second respondent herein, and quashing the order dated january 28, 1972, made by him under section 132(5) of the income-tax act, 1961.2. armed with a warrant under section 132(1), the second respondent searched the premises of the petitioner at no. 36, kumarichetty street, kancheepuram, and seized out of a ..... petitioner's lands.5. it is seen from the statements and the supporting records produced by the petitioner that he was owning about 50 acres of garden lands, which the income-tax officer would call as 'dry lands' and another 30 acres of leasehold lands. it is also found that about 2,400 yielding coconut trees are in these lands. it was ..... such income is relatable. but the first proviso enables him to treat the entire estimated undisclosed income as the total income chargeable to tax in the financial year in which the assets ..... such an order to be made if the tax calculated on the amount of undisclosed income estimated by him under that provision or any amount that may be required to satisfy any existing liability of the petitioner under the act, exceeds the amount. it, therefore, becomes necessary for the income-tax officer to ascertain or estimate the undisclosed income and the particular previous year to which .....Tag this Judgment!
Court : Chennai
Reported in : 75ITR296(Mad)
..... 66(1) of the income--tax act, 1922, and relates to the assessment years 1949-1950 to 1953-1954 and 1955-1956 and 1956-1957.2. the assessee made returns for these years as an individual. but this status was not accepted by the income-tax officer who included the income of his brothers in his ..... by section 33(2). a commissioner may, if he objects to any order passed by the appellate assistant commissioner under section 31, direct an income-tax officer to appeal to the appellate tribunal against such order. there can be no question that the order appealed against by the commissioner was one ..... authority, as the case may be, was empowered to give under the^ sections mentioned in the proviso. east india corporation ltd. v. commissioner of income-tax was not concerned with section 34 or the second proviso, but had dealt with the question whether a direction under section 34(3) to reassess the ..... reassessment of any person other than the assessee beyond the period of limitation specified in section 34. the scope of the proviso was again. considered in income-tax officer, a ward, sitapur v. murlidhar bhagwan das. it was held that 'any person' in the second proviso must be confined to a ..... to 1953-54 and 1955-56 and 1956-57. but while setting aside the assessments, the appellate assistant commissioner was silent as to what the income-tax officer was to do further. the commissioner filed appeals before the tribunal objecting to the orders of the appellate assistant commissioner on the ground that .....Tag this Judgment!
Court : Chennai
..... (appeal) nos.148 to 155 of 2005 are filed under section 260a of the income tax act, 1961, against the order of the income tax appellate tribunal, chennai bench 'a', dated 13.07.2004 in ita nos.1623, 1624/mds/96, 319/mds/95, 1012, 1013/mds/97, ..... based on past experience, certainly, the figures would not have stayed as having a correlation to the sales, or for that matter, as the commissioner of income tax (appeals) observed, more than 60% of the provision would not have remained unpaid even after more than two years from the date of sale. 23. ..... that more than 60% of the provision remained unpaid even after more than two years since the date of sale. this aspect persuaded the commissioner of income tax (appeals) to come to the conclusion that the assessee had not made the provision after taking stock of the situation properly. the assessee pleaded before the ..... 60% of the provision made towards the service charges remained unpaid even after more than two years from the date of sale. thus the commissioner of income tax (appeals) came to a factual finding that the assessee had not made the provision after taking stock of the situation properly. the assessee had made provision ..... free service of machines was guaranteed for one year during the year of sale and the service was to be done for four quarters. the commissioner of income tax (appeals) also pointed out that even though the assessee assured free four quarterly services during the period of one year warranty, some purchasers had not .....Tag this Judgment!
Court : Patna
..... etc. on behalf of revenue, however, the matter was referred to this court under section 256(2) of the income tax act who have heard counsel for the parties and perused the order passed by the assessing officer, the appellate authority and the income tax tribunal.4. mr. l.n. rastogi, learned senior counsel appearing on behalf of applicant submitted that onus had ..... question of law which was referred to this court reads as follows:whether on the facts and in the circumstances of the case, the income tax appellate tribunal was justified in deleting the addition made by the income tax officer on account of 'auto-rickshow difference' as appearing from the documents seized from the premises of the assessee?3. the short facts ..... . 12 lacs and odd. accordingly, the assessment officer directed for addition. the matter went to the income tax appellate authority where also appeal filed by the assessee was dismissed. the matter ultimately went to the income tax tribunal at the behest of the assessee. income tax tribunal on appreciation of facts and submissions of the parties, held that the assessing authorities had not directed ..... references are as follows:the business premises of the assessee was searched on 18.7.2005 on the information received by the department that the assessee was not paying taxes commensurate with income derived from the business. in course of search and seizure, several documents were seized pertaining to dealing of auto-rickshaw and the authorities came to a conclusion .....Tag this Judgment!
Court : Mumbai
Reported in : 65ITR280(Bom)
..... at by the tribunal that the assessee had concealed the particulars of his income or deliberately furnished inaccurate particulars thereof so as to make himself liable for the imposition of a penalty under section 28 of the income-tax act. 5. in the result, therefore, we answer the question referred to ..... of the indian income-tax act, 1922, is : 'whether, there was any evidence on which the tribunal could come to the conclusion that the petitioner had concealed the particulars of his income or deliberately furnished inaccurate particulars for the purpose of section 28(1)(c) of the indian income-tax ac 2. the ..... urged that this conduct on his part clearly showed that he had no intention either to conceal or to deliberately furnish inaccurate particulars. the income-tax officer, however, was not satisfied with the explanation offered by the assessee because in his opinion the excuse which the assessee had put forward ..... constituted the dividend declared in the previous year corresponding to the said assessment year and liable to be included in the said assessment. the income-tax officer also issued a notice to the assessee under section 28(3) for penalty proceedings and in the said proceedings levied a penalty of ..... september, 1954. the inclusion of a big amount of dividend from the belvandi sugar farm ltd. in the assessment year 1955-56 led the income-tax officer to make enquiries with the assessee as to why no such dividends were included in the assessment year 1954-55. thereafter, on the .....Tag this Judgment!