Court : Delhi
Decided on : Dec-18-1980
Reported in : (1981)22CTR(Del)144; 129ITR462(Delhi)
..... must be deemed to have exercised his discretion and waived levy of penal interest and that the commissioner had no jurisdiction under section 33b of the indian income-tax act, 1922, or revise the order of the income-tax office ?' 12. there are two possibilities. either the appellate tribunal was right in holding that the ito must be deemed to have exercised his discretion and ..... is not so because the order of the commissioner is as follows : 'the said order is, thereforee, set aside and the income-tax officer is directed to make a fresh assessment after charging interest under section 18a (8) of the indian income-tax act, 1922, in accordance with law.' 15. the order, thereforee, left no discretion with the ito. the assessed will get costs of ..... 1961-d and a tax demand of rs. 38,939.60 was raised. the commissioner, on examining the records of the case, was ..... circumstances of the case, the appellate tribunal was right in holding that the income-tax officer must be deemed to have exercised his discretion and waived levy of penal interest and that the commissioner had no jurisdiction under section 33b of the indian income-tax act, 1922, to revise the order of the income-tax office ?' 2. the question referred to us relates to the assessment year .....Tag this Judgment!
Court : Delhi
Decided on : Dec-14-1980
Reported in : 20(1981)DLT255
..... by the learned single judge and in our opinion correctly. the learned judge had held that clause (w) of section 2 of the act is to be construed by itself and not by relying upon the companies act or income tax act, particularly when the legislature has in unambiguous phraseology laid down how the 'value of assets' has to be computed. this finding has our ..... of assets has to be calculated with reference to a particular date. if on that particular date any amount of advance tax had been paid the same is naturally deductable. as section 211 of the income tax act makes it clear the advance tax is payable in three equal installments during the financial year i.e. by 15th jume and 15th september and 15th december ..... , for which the previous year is to be 31st of december and in other cases 15th of september and 15th of december and 15th of march. the scheme of the advance tax only ..... company for being used in its commerce or trade but what is seriously disputed by mr. jaggi is the further finding of the learned judge that even a provision for tax whether of advance or income tax cannot be regarded as an asset of the company if accepted the result will be that even a provision for advance .....Tag this Judgment!
Court : Delhi
Decided on : Dec-08-1980
Reported in : 137ITR91(Delhi)
..... and in the circumstances of the case, the tribunal was right in not converting provisions of section 147(a) into provisions of section 147(b) of the income-tax act, 1961 ?' 2. the assessed is a limited company. it owned a building known as radha krishan bhawan, darya ganj, delhi. the building was let ..... the rent, the excess shall be included or the deficiency shall be allowed by revising the assessment order u/s. 35 of the income-tax act or else the full amount of deficiency shall be allowed as irrecoverable rent in the year of actual receipt and similarly excess received, if any, ..... on the facts and in the circumstances of the case, the appellate tribunal was right in cancelling the assessments made by the income-tax officer in pursuance of proceedings under section 147(a) of the income-tax act, 1961, against the assessed 2. if the answer to the first question is in the affirmative, whether, on the facts ..... 147(a) were not validly invoked against the assessed as the assessed had disclosed fully and truly all material facts necessary for assessments in the income-tax return itself. it was contended that the primary facts having been disclosed by the assessed, it was for the ito to draw the correct and ..... material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year.' 7. the scope and extent of this expression in s. 147(a) which is similar to s. 34(1)(a) of the 1922 act has been the subject-matter of pronouncement by the supreme .....Tag this Judgment!
Court : Delhi
Decided on : Dec-05-1980
Reported in : 53CompCas926(Delhi)
..... the manner of payment due regard may be had not only to the value of the assets sought e transferred but also the projected income of the telesound unit of the transferee-company. according to the figures made available on behalf of the transferee-company, the telesound unit ..... any other company which may be able to take advantage of s. 72a. of the i.t. act, introduced in the year 1977, in that act, so as to reduce the latter's tax liability. the efforts apparently bore fruit with the willingness of dalmia cement (bharat) limited, for short, ..... such a tenant died before or after the determination of the contractual tenancy. damadi lal : air1976sc2229 , remedied the situation that led to the amending act and made all tenancies heritable irrespective of the fact whether a tenant died before or after the determination of the contractual tenancy. the amendment of the ..... economical management of the corporate sector to ensure continued production, increased employment avenues and generation of revenues. section 72a of the i.t. act is one of the incentives for this kind of absorption of one company into another. on amalgamation the transferor-company merges into the transferee- ..... by the shareholders, the secured creditors and the unsecured creditors subject, however, to the modification of the scheme of amalgamation that the amount of tax benefits actually received shall be utilised, firstly, for payment to the secured creditors pro rata and, thereafter, to the unsecured creditors prorate and .....Tag this Judgment!
Court : Delhi
Decided on : Dec-03-1980
Reported in : 20(1981)DLT29; ILR1981Delhi74; 128ITR445(Delhi)
..... given to the assessed to be heard. (5) every direction issued by the inspecting assistant commissioner under sub-section (4) shall be binding on the income-tax officer. (6) for the purposes of sub-section (1), the board may, having regard to the proper and efficient management of the work of ..... the draft order, issue, in respect of the matters covered by the objections, such directions as he thinks fit for the guidance of the income-tax officer to enable him to complete the assessment : provided that no directions which are prejudicial to the assessed shall be issued under this sub-section ..... 144b read as follows : '144b. (1) notwithstanding anything contained in this act, where, in an assessment to be made under sub-section (3) of section 143, the income-tax officer proposes to make any variation in the income or loss returned which is prejudicial to the assessed and the amount of such ..... an inspecting assistant commissioner exercises the powers or performs the functions of an income-tax officer in pursuance of an order made under section 125 or section 125a.' 3. the said section was inserted by the t. l. (amend.) act, 1975, which took effect from january 1, 1976. the notes on ..... clause in the amending bill do not throw much light on the need for enacting s. 144b. however, in the counter-affidavit filed, the object is stated as follows : 'the purposes of this section is to reduce the area of dispute between the income-tax .....Tag this Judgment!
Court : Delhi
Decided on : Nov-26-1980
Reported in : 137ITR108(Delhi)
..... tax the business income of the assessed derived from running the cottage industries emporium handed over to it by the central government ..... cottage industries emporium handed over to it by government under an agreement dated october 13, 1952 was income derived by the society engaged in a cottage industry within the meaning of section 14(3)(i)(b) of the indian income-tax act, 1922, or section 81(i)(b) of the income-tax act, 1961, as the case may be 2. was the tribunal right in exempting from ..... as they arise out of a common order and common questions of law have been referred to this court. 2. the income-tax appellate tribunal has referred the following questions for opinion of this court at the instance of the additional commissioner, income-tax, delhi: '1. whether, on the facts and in the circumstances of the case, the tribunal was right in holding that ..... ?' 3. the assessed, the indian co-operative union ltd. (hereinafter referred to as 'the society'), was registered with the registrar of co-operative societies, delhi, under the provisions of the bombay co-operative societies act 1912, as extended .....Tag this Judgment!
Court : Delhi
Decided on : Nov-17-1980
Reported in : ILR1981Delhi102; 137ITR97(Delhi)
..... purchase of structural steel and additional spares and accessories raised/debt incurred abroad by renusagar power co. ltd. under section 10(15))(iv)(c) of the income tax act, 1961. factsnecessary for the appreciation of the points raised are these. in october and november, 1963 negotiations took place and a preliminary agreement was entered into between birla gwalior private ..... of purchase of plant and machinery raised/debt incurred abroad by renusagar power co. ltd., renukoot, accorded earlier in the exemption orders under section 10(15)(iv)(c) of the income tax act, 1961 issued on september 3, 1965 and june 7, 1967 and the other order refuses to accord approval of the rate of interest on the long- term loans for the ..... finance (department of revenue) on january 21, 1965 for determining the rate of interest which would be exempt from income-tax under section 10(15)(iv)(c) of the income tax act, 1961 (hereinafter called the act). the application was acknowledged by the central board of direct taxes of the government of india in the letter february 27, 1965 when it was pointed out that the application ..... of interest would be 61/2 per cent per annum and i.g.e. would itself be responsible for the payment of indian income tax on the interest income. the exemption orders under section 10(15)(iv)(c) of the act issued on september 3, 1965 and june 7, 1967 were pronounced as incorrect and were cancelled retrospectively. by the second impugned order of .....Tag this Judgment!
Court : Delhi
Decided on : Nov-10-1980
Reported in : 128ITR543(Delhi)
..... avadh behari rohatgi, j. (1) the single question in this appeal is whether the provisions of section 288(4) of the income tax act, 1961, (act of 1961) which empower the commissioner of income tax to disqualify a practitioner are retrospective in operation. has the power of disbarment been validity exercised in the case of respondent to this appeal the material facts on which the ..... . s. malhotra v. union of india). from his decision the central board of direct taxes appeals to this court. (4) it is quite plain that the respondent filed his return of income when the indian income tax act of 1922 was in force. but his assessment was completed after the act of 1961 had come into force on april 1, 1962. his case was thereforee governed ..... by section 297(2)(g) of the act. accordingly the penalty of rs, 3,000 was imposed on him ..... imposed on him by order dated march 12, 1965. this was eventually confirmed by the income tax appellate tribunal. (3) the additional income tax commissioner. bhopal made an order -under section 288(4) of the act on february 26, 1971, disqualifying the respondent from representing an assesses before the income-tax authorities for a period of two years. the respondent appealed to the central board of direct .....Tag this Judgment!
Court : Delhi
Decided on : Nov-10-1980
Reported in : ILR1981Delhi428
..... penalty of rs. 3,000 was imposed on him by order dated march 12, 1965. this was eventually confirmed by the income-tax appellate tribunal. 2. the additional income-tax commissioner, bhopal, made an order under s. 288(4) of the act on february 26, 1971, disqualifying the respondent from representing an assessed before the i.t. authorities for a period of two years. the ..... avadh behari rohatgi, j. 1. the single question in this appeal is whether the provisions of s. 288(4) of the i.t. act, 1961 (43 of 1961), which empower the commissioner of income-tax to disqualify a practitioner are retrospective in operation. has the power disbarment been validly exercised in the case of the respondent to this appeal the material facts on which ..... respondent appealed to the central board of direct taxes. his appeal was dismissed. he brought a writ petition for setting aside his disbarment ..... . s. malhotra v. union of india). from his decision the central board of direct taxes appeals to this court : it is quite plain that the respondent filed his return of income when the indian i.t. act of 1922 was in force. but his assessment was completed after the act of 1961 had come into force on april 1, 1962. his case was, thereforee .....Tag this Judgment!
Court : Delhi
Decided on : Nov-06-1980
Reported in : 128ITR210(Delhi)
..... announced our decision. we dismissed those appeals. now we give our reasons. 2. the appellant, shrimati krishna devi dalmia, is the assessed. she filed income-tax returns for the assessment years 1957-58 to 1961-62. she had acquired a large number of shares in certain companies. she sold these shares and ..... this amount would be liable to tax as capital gains as capital gains tax levy had been introduced from 1st april, 1956, in the income-tax law. a provisional assessment under s. 23b of the indian i.t. act, 1922, was made and she paid the amount of capital gains tax. 3. in due course the ito ..... made the regular assessment and taxed this amount as business profits. from this order, she ..... appealed to the aac. her appeal was dismissed. then she took the matter in appeal to the income-tax appellate tribunal. ..... the tribunal under s. 35 of the indian i.t. act, 1922 ('the act') seeking a direction that he be ordered to tax the amount in question as capital gains in view of the tribunal's positive finding that this was not business income. it was submitted that a direction to this effect should be .....Tag this Judgment!