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Judgment Search Results Home > Cases Phrase: income tax act Sorted by: recent Year: 1988 Page 1 of about 1,730 results (0.096 seconds)

Dec 30 1988 (TRI)

Nava Bharat Ferro Alloys Vs. Income-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Decided on : Dec-30-1988

Reported in : (1990)32ITD342(Hyd.)

..... marine product undergoes a processing and therefore the operations would amount to manufacturing or processing of goods. they had also pointed out that item 30 in schedule 5 of the income-tax act, the entry covers processed including the processing fish and fish products. in view of this entry a person owns machinery or plant connected the manufacture or production of processed fish ..... the purpose of storing the marine products before export, the assessee had erected the cold storage plant. they have claimed investment allowance in respect of this cold storage plant. the income-tax officer has disallowed it since it did not partake the character of either plant or machinery.the commissioner (appeals) pointed out that equipment is used only to keep in the ..... to be fed into the furnace could be found. thus the computer was directly connected with the manufacturing process. the assessee claimed investment allowance in respect of this computer. the income-tax officer did not a admit the claim and his reasoning was that it was not involved with the manufacturing activity and it was more for the convenience of the office ..... deep freeze the products of the sea i.e. maintaining the temperature at a constant level. she therefore agreed with the income-tax officer.6. shri prabhakar, appearing for the assessee placed strong reliance on the decision of the calcutta high court in the case of .....

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Dec 30 1988 (TRI)

income-tax Officer Vs. Emco Transformers Ltd.

Court : Income Tax Appellate Tribunal ITAT Mumbai

Decided on : Dec-30-1988

Reported in : (1990)32ITD260(Mum.)

..... the central government had not approved the amalgamation for the purpose of carrying forward of unabsorbed loss and depreciation of the amalgamated company.21. in the income-tax act, 1961, besides section 72a, there is no other specific provision under which such loss could be allowed to be carried forward or unabsorbed depreciation to ..... 18. we have heard the parties at length and have considered the entire facts on record s/shri kanga and palkhivala, in their 'commentary on income-tax act while elaborating section 72, have discussed it as follows: the loss can be carried for ward and set off only against the profits of the ..... said court in another case of bengal flour mills co. ltd., in re [1941] 9 itr 568 in which it was held that the income-tax authorities were correct in law in refusing to allow carry forward the sum of unabsorbed depreciation. the same principle was also upheld by the hon'ble ..... deductible and not the latter. the expenditure which becomes an expenditure on the happening of an event is not an expenditure in the eyes of the income-tax law. in the present case, no doubt, on the basis of the warranty and guarantee, there is a liability on the assessee to repair the ..... might become expenditure on the happening of an event and, therefore, such putting aside of money could not be treated to be an expenditure.the income-tax law makes a distinction between actual liability in praesenti and the liability de futuro which, for the time being, is only contingent but it is .....

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Dec 29 1988 (TRI)

Kusum Products Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-29-1988

Reported in : (1989)29ITD293(Kol.)

..... . in the notice of demand dated 25-2-1972 for the assessment year 1967-68, the ito has granted interest of rs. 1,15,145 under section 214 of the income-tax act, 1961. the said demand notice can be seen at pages 17 and 18 of the paper book. the assessment for the assessment year 1967-68 was the subject of appeal ..... claiming as a deduction a sum of rs. 1,14,212 to arrive at the returned income and that the assessee was, therefore, liable to penalty under section 271(1)(c) of the income-tax act, 1961. considering the facts and circumstances of the case, he imposed a penalty of rs. 2,00,000 after obtaining the previous approval of the iac. aggrieved by ..... the order of the ito the assessee preferred an appeal to the cit(a).3. before the cit(a) it was contended that the assistant of ..... . 65,957. (iii) the assessee's contention that interest under section 214 is exempt from tax is not tenable. interest received under section 214 is an income chargeable to tax under the it act and there is no question of granting any deduction for the said amount while determining the total income of the assessee. (iv) the assessee's contention that rs. 1,14,212 was .....

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Dec 28 1988 (HC)

Himalaya Co. Ltd. Vs. Income-tax Officer.

Court : Kolkata

Decided on : Dec-28-1988

Reported in : [1989]30ITD139(Cal)

..... of banking or the granting of loans and advances. he was of the opinion that the assessee-company was squarely hit by the explanation to section 73 of the income-tax act, 1961. he also noted that in the assessment year 1977-78 and the following assessment years the business losses of the assessee arose out of its business of purchase ..... rs. 78,400. according to section 109(ii) of the income-tax act, 1961 investment company means a company whose gross total income consist mainly of income which is chargeable under the heads, 'interest on securities', 'income from house property', 'capital gains' and 'income income means total income computed in accordance with the provisions of this act before making any deduction under' chapter vi-a as the dividend ..... charged as business income and rs. 78,400 being dividend income charged as 'income from other sources', of a company whose gross total income consists mainly of income which is chargeable under the heads 'interest on securities ..... virtue of section 109(iv). section 109(iv) defines gross total income as total income computed in accordance with the provisions of the act before making any deduction under chapter vi-a. the provisions for giving deduction under section 80m is contained in chapter vi-a of the income-tax act, 1961. so the cit (a) should have compared the figures of rs. 65,079 .....

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Dec 28 1988 (TRI)

Anand Woollen Mills (P) Ltd. Vs. Collector of Customs

Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi

Decided on : Dec-28-1988

Reported in : (1989)(21)LC200Tri(Delhi)

..... the appeal by the tribunal. there is a provision in the income-tax act, 1961 that set off of refunds should be given against tax remaining payable. section 245 of the income-tax act, 1961 is reproduced below: where under any of the provisions of this act, a refund is found to be due to any person, the income-tax officer, appellate assistant commissioner or commissioner, as the case may ..... be, in lieu of payment of the refund, set off the amount, against the sum, if any, remaining payable under this act by the person .....

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Dec 26 1988 (TRI)

Smt. Chanda Devi Saraf Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Kolkata

Decided on : Dec-26-1988

Reported in : (1990)32ITD518(Kol.)

..... those decisions, we hold that there is no valid sanction of the c.b.d.t. as laid down in section 151(1) of the income-tax act, 1961, and so the consequent initiation of the proceedings by the ito are without jurisdiction. ..... held that there was no valid sanction as laid down in section 151(2) and that the consequent initiation of proceedings by the income-tax officer would be without jurisdiction. while coming to that conclusion, the hon'ble orissa high court had referred to and followed a decision of the hon'ble ..... space provided in the rubber stamp. in the case of govinda choudhury & sons v. ito [1977] 109 itr 370 (ori.) wherein the proposals sent by the income-tax officer for initiating reassessment proceedings the commissioner did not write in his own hand writing 'yes', but the word was affixed by means of a rubber stamp, it was ..... mechanically. in the circumstances, the reassessment made on 7-3-83 should be cancelled.5. the departmental representative filed photostat copies of the order sheet of the income-tax assessment file of the assessee and photostat copy of the telegram from the c.b.d.t. received on 24-3-79 and photostat copy of affidavit of ..... bringing of jewellery from pakistan was mentioned in the declarations of trust and that the fact of gifts was known to the ito when he made the original income-tax assessment for the assessment year 1963-64. from this, it is clear that there was no new information to the ito for reopening of the assessment. further .....

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Dec 23 1988 (HC)

Commissioner of Income-tax Vs. Benarashilal Kataruka

Court : Kolkata

Decided on : Dec-23-1988

Reported in : [1990]185ITR493(Cal)

..... 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.'a similar ..... assessee belongs and as such, according to the appellate assistant commissioner, those are not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961.6. being aggrieved, the revenue filed an appeal before the tribunal against the said order of the appellate assistant commissioner. the tribunal held that ..... 1977-78.'1. whether, on the facts and in the circumstances of the case and on a correct interpretation of section 2(14)(ii) of the income-tax act, 1961, silver utensils are personal effects of the assessee ? 2. whether, on the facts and in the circumstances of the case, the surplus on the ..... were for personal use and that they were not capital assets within the meaning of section 2(14)(ii) of the income-tax act, 1961. so he claimed that the profit of rs. 52,879 on the sale of the silver utensils was not liable to be ..... such affluence as to use silver utensils weighing more than 200 kgs. as common utensils of the kitchen or dining table. the income-tax officer observed that the income-tax and wealth-tax records of the assessee clearly indicated that these utensils were owned by him as items of decoration to give pride of possession. .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. Gokuldas Haridas and Others

Court : Mumbai

Decided on : Dec-22-1988

Reported in : [1990]181ITR84(Bom); 1989MhLJ501

..... the department, that the tribunal did not appreciate the purport and the scope of section 91(1) of the income-tax act, 1961, correctly. the plain meaning of the provision was stated to be that the double income-tax relief was in respect of the foreign income and the provisions for not treating the assessees as in default under section 220(7) were also in respect ..... as exclusively pertaining to the tax due in respect of the foreign income so that the provision for not treating the assessee as in default under section 220(7) would ..... of portuguese east africa prohibited the remittance of money to india and that the income-tax officer was bound not to treat the assessee as in default under section 220(7) of the income-tax act, 1961, in respect of that part of the tax which was due in respect of the income earned there until such a prohibition was removed. the question that arose for ..... consideration before the departmental authorities as well as the tribunal was whether the double income-tax relief allowed to the assessees under section 91 of the income-tax act was to be treated .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. G. Basu and Co.

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]182ITR472(Cal)

..... of the applicants (appellants) before the tribunal was that the partnership continued with regard to 336 bales and, therefore, section 26(1) of the income-tax act was applicable. in other words, it submitted that though the partners had retired in 1942, it must be taken that with regard to this forward contract ..... these facts, the following question of law has been referred to this court at the instance of the commissioner under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the amount of rs. 1 ..... 1938, of 2,389 representing, after deduction of income-tax, 1/14th of the net profits of the business for the year to 31st december 1937.25. the respondent claimed his share of the gross sum ..... equal to one-fourteenth part of the net profits of the business for the three years ending 31st december, 1937, 1938 and 1939, under deduction of income-tax.24. the retiring partner died on 12th february, 1937. certain payments were made to his representatives under the agreement, including an item, paid in may, ..... being given.'13. it may be mentioned that the amount payable to the retiring partners as computed in the said agreement was considered by the income-tax officer. apart from the aforesaid amount, other payments in terms of the deed payable to the retiring partners were also allowed. it may be .....

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Dec 22 1988 (HC)

Commissioner of Income-tax Vs. Soorajmal Nagarmull

Court : Kolkata

Decided on : Dec-22-1988

Reported in : [1990]181ITR340(Cal)

..... expenditure incurred in purchase of loom-hours is revenue expenditure allowable as deduction and whether such expenditure can be disallowed in the assessment reopened under section 147(a) of the income-tax act, 1961 ?' 3. the facts relating to the first question are that the original assessment for the assessment year 1957-58 was completed on june 22, 1962. premises nos. 61, 57 ..... the circumstances of the case, and having regard to the fact that the appellate assistant commissioner had upheld the validity of the proceedings initiated under section 147(a) of the income-tax act, 1961, and the assessee did not challenge before the tribunal such finding of the appellate assistant commissioner, the tribunal misdirected itself in law in holding that the expenditure incurred in ..... ajit kumar sengupta, j.1. at the instance of the commissioner, the following two questions have been referred to this court under section 256(2) of the income-tax act, 1961 ('the act'), for the assessment year 1957-58 :'(1) whether, on the facts and in the circumstances of the case, the tribunal ignored relevant evidence and relied on irrelevant materials in holding ..... ). during the search of the premises, no. 61, m. g. road, a large quantity of jewellery was found therein. the assessment was reopened under section 147(a) of the act on the ground that income had escaped assessment.4. the income-tax officer wrote a letter to the assessee to show cause why the value of the jewellery should not be treated as the .....

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