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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1985 Page 1 of about 2,265 results (0.239 seconds)

Dec 31 1985 (TRI)

Eighth Income-tax Officer Vs. M.V. Gokarnam

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-31-1985

Reported in : (1986)16ITD506(Mum.)

..... mention about the receipt of the said amount of rs. 43,000 and in the explanatory note he claimed exemption under section 10(3) of the income-tax act, 1961 ('the act') on the ground that the receipt in question was casual and nonrecurring. however, by letter dated 19-2-1980, the assessee expressly gave up the ..... any profession in the relevant accounting year and as such, the amount could not be treated as gains of profession. it could possibly be treated as income from other sources if it is held that the project report was not a capital asset. however, in the present case, both the assessee as well ..... year 1977-78 for which the relevant accounting year ended on 31-3-1977. the assessee was an engineer and in the relevant accounting year he derived income by way of salary from 'trition valves ltd.' of which he was managing director. in that year he received rs. 43,000 from the said company ..... treated the amount of rs. 43,000 as capital gains and after giving deduction of rs. 20,200 under section 80t of the act brought the balance of rs. 25,590 to tax.4. the learned aac before whom the assessee had filed appeal against the assessment order accepted the contention of the assessee to the ..... plea that the said receipt was exempt from inclusion in the total income under section 10(3). he raised another ground in the said letter. that ground .....

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Dec 31 1985 (TRI)

Commissioner of Income-tax Vs. Motichand Virpal Shah.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Dec-31-1985

Reported in : (1986)15ITD123(Ahd.)

..... high court the compensation was raised to rs. 2,67,667 exclusive of interest of rs. 99,996. the ito passed an order under section 155(7a) of the income-tax act, 1961 (the act) to give effect to the order of the high court.2. the matter was carried in appeal before the aac and it was contended that provisions of section 155 ..... circumstances of the case, the tribunal was right in law in holding that the ito was not justified in revoking the provisions of section 155(7a) of the income-tax act, 1961 and thereby taxing the additional amount of compensation of rs. 67,667 on the basis of order of the district judge dated 19-11-1975 on following the decision of the honble ..... the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the income-tax officer was not justified in having recoked (sic) to section 155(7a) of the income-tax act, 1961 and taxed the additional amount of compensation in accordance with the decision of the district court ?" there was difference of opinion between the members ..... on the facts and in the circumstances of the case, the tribunal was right in law in coming to the conclusion that the income-tax officer was to justified in having revoked to section 155(7a) of the income-tax act, 1961 and taxed the additional amount of compensation in accordance with the decision of the district court 2. the relevant facts, in brief, are that .....

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Dec 31 1985 (TRI)

Sohan Nayyar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Decided on : Dec-31-1985

Reported in : (1986)19ITD687(Delhi)

..... immovable property qua the assessee in appeal before us and once it is so, within the meaning of section 5 read with section 2(14) of the income-tax act, 1961 there is no transfer of a capital asset, since the assessee cannot be said to have held any immovable property vis-a-vis arrangements made as ..... my learned brother, the judicial member. i agree with his conclusion that the amount in question, i.e., rs. 54,000 cannot be included in the total income of the assessee of the year under consideration. but my reasons to come to the above conclusion are different. i will, therefore, indicate the reasons for my ..... 2-9-1979 as between the owners of the property, the assessee-tenant and the new purchasers, namely, triloki nath dhingra and om prakash dhingra, is the income of the assessee 4. admittedly when the assessee agreed to purchase the property, the consideration was rs. 1,21,000 and when he agreed to part with ..... '. at the first appellate stage, the assessee met failure, but the learned aac held rs. 54,000 to be short-term capital gain, hence, assessable as income of the assessee. the action of the ito, as such, was upheld and the assessee met failure, hence, this appeal and we have heard at length the ..... a consideration paid by the third party to the assessee and it is not taxable as an income in view of the ratio laid down by the hon'ble delhi high court in the case of bawa shiv charan singh v. cit. we hold accordingly.swami motor transports (p.) ltd. v. sri sankaraswamigal mutt air 1963 .....

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Dec 31 1985 (TRI)

Hathising H. Shah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Dec-31-1985

Reported in : (1986)15ITD86(Ahd.)

..... ) on the basis of decision in the case of hind construction co. ltd. (supra), was rejected on the ground that the said decision was under the indian income-tax act, 1922 ('the 1922 act') and under the income-tax act, 1961 there was change in the definition of 'transfer' and the case of kartikey v. sambhai (supra) decided by the gujarat high court was directly applicable.2 ..... the property and, therefore, the transaction is not covered by the definition of 'transfer' in relation to capital assets as per the provisions of section 2(47) of the income-tax act, 1961 ('the act'). this issue is also covered by the decision of their lordships in the case of kartikey v. sarabhai (supra), and as such, we hold that this ground is also ..... assessee is a partner, was held by the assessee as stock-in-trade and not as capital asset so as to attract the provisions of section 2(47) of the income-tax act, 1961 2. the assessee in this case is a smaller huf, viz., hathising h. shah.it was a partner through the karta in the firm of shah enterprise which is ..... by the assessee as stock-in-trade and not as capital asset so as to attract the provisions of section 2(47) of the income-tax act, 1961 1. the point of difference referred under section 255(4) of the act in this case is as under: whether, in law and on the facts and in the circumstances of the case, the land transferred .....

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Dec 31 1985 (TRI)

T. Satyanarayana Murty Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-31-1985

Reported in : (1986)16ITD226(Hyd.)

..... asset into the firm, the transaction of the transfer would be complete within the meaning of section 2(47), read with section 45, of the income-tax act, 1961 ('the act'). it is unnecessary to look for the party to whom it is transferred and identify his personality from the perspective of a bilateral transaction. the tribunal ..... held tha even in the case of relinquishment of rights of the assessee in favour of the firm, no transfer is involved and no capital, gains tax can be exigible in such cases. following all the above, we hold that the impugned order should be set aside and we direct the ito to ..... as capital gains under section 45 inasmuch as there is no 'transfer' within the meaning of section 2(47) and such excess is not exigible to tax on capital gains. now in this case, no excess over the capital standing to the credit of the assessee is involved. the case dealt with by ..... or retirement by a partner then the andhra pradesh high court's decision is categorical in its assertion that merely because section 47(ii) of the act excludes the application of section 45 in cases of dissolution of the firms on the ground that no transfer is involved, it cannot be implied that a ..... (supra) was reversed by the hon'ble supreme court in a recent judgment in sunil siddharthbhai v. cit [1985] 156 itr 509.the hon'ble supreme court held that though a transfer is involved in the act of investing shares held by the assessee towards his capital in the firm, the consideration received by the .....

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Dec 31 1985 (TRI)

Tractor Engineers Ltd. Vs. First Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-31-1985

Reported in : (1986)19ITD369(Mum.)

..... ltd., who admittedly came in the category of 'person who has substantial interest in the company', as defined in section 2(32) of the income-tax act, 1961 ('the act'). the ito held that provisions of section 40(c) of the act, which are as under : notwithstanding anything to the contrary in sections 30 to 39, the following amount shall not be deducted in computing ..... members of the committee) would be held by them in trust for the company (l & t) and shall be made over by them to the said company. those three directors acted as trustees of larsen & toubro ltd., and received rs. 1,20,761 as commission from the assessee-company in the capacity of such trustees. in fact cheque for that amount ..... the income chargeable under the head 'profits and gains of business or profession',- (i) any expenditure which results directly or indirectly in the provision of any remuneration or .....

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Dec 30 1985 (TRI)

income-tax Officer Vs. Indo Gulf

Court : Income Tax Appellate Tribunal ITAT Jabalpur

Decided on : Dec-30-1985

Reported in : (1986)16ITD175Jab

..... assessee's income. reliance was placed on the ratio of the decision in ..... the case of raja bejoy singh dudhuria v. cit [1933j 1 itr 135 (pc). the learned counsel vehemently contended that ..... poona electric supply co.ltd. v. cit [1965] 57 itr 521 (sc). thus, it was contended that it is by now well settled that income which is susceptible to tax is the real income as is commercially understood. the learned counsel further contended that the income-tax act, 1961 ('the act') intends to tax only the real income of a taxpayer and not to tax what is a charge upon the .....

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Dec 30 1985 (TRI)

income-tax Officer Vs. Kanhaya Lal Rameshwar Dass and Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Decided on : Dec-30-1985

Reported in : (1986)16ITD320(Chd.)

..... the only dispute raised in this appeal, preferred by the revenue, is regarding disallowance of interest under section 40(6) of the income-tax act, 1961 ('the act').2. there is no controversy about the fact that shri yoginder mohan was partner in his representative capacity of the huf and there ..... of better work management, avoid inconvenience to taxpayers, reduce litigation, remove certain anomalies in and rationalise some of the provisions of these enactments and counteract tax avoidance and tax evasion. we consider that the present amendment to section 40(6) through explanations 2 and 3 above referred is to avoid inconvenience to taxpayers, ..... attention to the andhra pradesh high court decision in the case of n.t.r.'s estate v. cit [1985] 22 taxman 194, in which the explanation added to section 10 of the taxation laws (amendment) act, 1984, had been considered as procedural and retrospective.5. after taking into consideration the rival submissions and ..... the ap high court in its decision dated 8-10-1984 in r.c. no. 99 of 1979 (n.t.r. estate v. cit) reported in taxation march ..... . chandu lal surajpal [1985] tax. 77(3)-56 which reads as under : in this case, the amendment to section 40(b) made by the taxation laws (amendment) act, 1984 with effect from 1-10-1984 does not seem to have noticed, though the judgment was delivered on 12-10-1984. .....

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Dec 27 1985 (TRI)

Federal Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Cochin

Decided on : Dec-27-1985

Reported in : (1986)19ITD552(Coch.)

..... , two conditions are to be fulfilled, viz., (b) that the same must not have been allowed in computing the company's profits for the purposes of the indian income-tax act, 1922 or the income-tax act, 1961.4. in the impugned order of the commissioner (appeals) it was the definite contention of the assessee that the provision for gratuity should be taken as a reserve ..... in the first schedule that in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows : 1. income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely :- (a) any sum which during the previous year is transferred by it to a ..... order dated 21-8-1985 was already made. section 14 of the companies (profits) surtax act, clearly states that where as a result of any order made under section 154 of the income-tax act, it is necessary to recompute the chargeable profits determined in any assessment under this act, the ito may proceed to recompute the chargeable profits, and determine the surtax payable or ..... ' forming part of the capital. but, at the same time, he did not state whether any such provision has been allowed in the income-tax proceedings for any of these two assessment years. further, the payment of gratuity act, which purported to have come into effect from 10-12-1969 in kerala, was not produced before us. in highland produce co. ltd.'s .....

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Dec 27 1985 (TRI)

Bhupendra Rasiklal Shah Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Decided on : Dec-27-1985

Reported in : (1986)15ITD51(Ahd.)

..... must be shown to exist to render them 'personal effects' within the meaning of that expression used in clause (ii) of the exceptions in section 2(4a) of the indian income-tax act, 1922. the legislature intended only those articles to be included within the expression 'personal effects' which were intimately and commonly used by the assessee.(p. 61) that apart in the ..... of daily use, but represented wealth of the assessee. in the above view of the matter, the ito brought to tax a sum of rs. 40,813, as capital gains, after giving statutory deduction under section 80t of the income-tax act, 1961 ('the (act').3. being aggrieved the assessee carried the matter in appeal before the commissioner (appeals) and contended that the assessee had ..... . shri divetia contended that the assessee had held the silver utensils right from the assessment year 1961-62 and had made a disclosure thereof under the voluntary disclosure of income and wealth act. he next pointed out that the assessee had disclosed the fact that the silver utensils contained articles of day to day use like thalis, vatkas, etc., which were his ..... possession of these silver utensils, etc., during the periods relevant to the assessment years 1961-62 to 1967-68 as per the information disclosed under the voluntary disclosure of income and wealth act, 1976. secondly, the assessee's family consisted of himself, his wife and two minor children.therefore, the actual use of these articles by the family was very much restricted .....

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