Court : Mumbai
Decided on : Aug-29-1985
Reported in : (1986)50CTR(Bom)271; 161ITR42(Bom); 24TAXMAN293(Bom)
..... as follows :question no. 1 : in the affirmative. question no. 2 : this question is unnecessary, and we decline to answer the same, as, even on the assumption that the indian income-tax act, 1922, is applicable as contended by mr. khatri, learned counsel for the assessee, the assessee cannot succeed. question no. 3; as we have pointed out, we must proceed on the ..... in the circumstances of the case, the appellate assistant commissioner was right in law in invoking the provisions of the income-tax act, 1961, when the assessment was completed under the provisions of the indian income-tax act, 1922, and the appeal was filed under that act ? (3) whether, on the facts and in the circumstances of the case, the levy of penalty on a disrupted hindu ..... , according to the assessee, that the provisions of the indian income-tax act, 1922 (for brevity's sake referred to as 'the act of 1922'), were applicable to the case and the penalty proceedings levied under the income-tax act, 1961 (for brevity's sake referred to as 'the act of 1961'), were invalid in law, as the act of 1922 did not permit the levy of any such ..... kania, j.1. this is a reference under section 256(1) of the income-tax act, 1961. the questions referred to us for our determination are as follows :'(1) whether, on the facts and in the circumstances of the case, it was competent to the appellate .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-27-1985
Reported in : (1986)52CTR(Bom)82; 159ITR775(Bom); 24TAXMAN474(Bom)
..... pratap, j.1. this petition under article 226 of the constitution arises out of proceedings under the income-tax act, 1961 (hereinafter 'the act').2. one dhanvantrai keshavlal shah and his wife prabhavati, petitioner no. 3, were members of the keshavlal ratanji hindu undivided family (hereinafter 'the k. r. huf') which owned agricultural land ..... /b/22 which had been allotted to him on partition of his own hindu undivided family. this resulted in capital gains. under section 45 of the act, transfer of any capital asset is subject to income-tax if the said transfer results in any capital gains. however, up to the assessment year 1969-70, agricultural land was excluded from the definition of 'capital ..... of the sub-plots sold, as the same were agricultural lands. by its order dated may 10, 1974, the income-tax appellate tribunal upheld this contention. department's application under section 256(1) of the act for reference on the question whether the lands were agricultural lands was rejected by the income-tax appellate tribunal. application to this court under section 256(1) of the ..... act suffered the same fate. a petition was filed for leave to appeal to the supreme court, but the same was .....Tag this Judgment!
Court : Mumbai
Decided on : Sep-12-1985
Reported in : (1986)51CTR(Bom)181; 161ITR492(Bom); 27TAXMAN72(Bom)
..... the assessee's claim in respect of penalty was not one which could be allowed under section 28 of the income-tax act, 1961. the assessee then preferred a second appeal to the income-tax appellate tribunal. the tribunal came to the conclusion that the assessee had contravened some of the conditions or specifications of ..... amount of penalty paid by the assessee as a deduction in the computation of profits under section 28 of the income-tax act, 1961. she placed strong reliance on the decision of a division bench of this court in cit v. pannalal narottamdas & co. : 67itr667(bom) . we shall deal with this case after setting ..... a reference under section 256(1) of the income-tax act, 1961, made at the instance of the assessee. the question referred to us for our determination in the reference is as follows :'whether, on the facts and in the circumstances of the case, in computing the income of the assessee, the sum of rs. 4 ..... with the conclusion of the appellate assistant commissioner that the amount of penalty could not be allowed as a deduction and upheld the order passed by the income-tax officer. the question set out above has been referred to us from the decision of the tribunal.3. the submission of mrs. jagtiani, learned ..... m/s. bipin automobiles took place. the penalty was paid in the accounting year relevant to the assessment year. the income-tax officer concerned disallowed the claim of the assessee for deduction of the amount of penalty and added back the amount of penalty. the .....Tag this Judgment!
Court : Karnataka
Decided on : Mar-11-1985
Reported in : (1986)53CTR(Kar)308; 156ITR275(KAR); 156ITR275(Karn)
..... ) : 'this being an investment company, if it borrowed money and utilised the same for its investment on which it earned income, the interest paid by it on the loans will clearly be a permissible deduction under section 12(2) of the income-tax act. whether the loan is taken on an overdraft, or on a fixed deposit or on a debenture makes no difference ..... be admissible as a deduction.' 10. in assailing this, to borrow the very language of the petitioner omitting reference to s. 57 of the act, it has urged thus : 'the petitioner's income liable to central income-tax is the interest from short-term fixed deposits. the second respondent erroneously held that the interest paid to the banks cannot be allowed as a deduction ..... . office and establishment expenses unconnected with the earning of the company or keeping the company alive are not permissible deductions under section 57 of the act : vide the decision of the calcutta high court in commissioner of income-tax v. bihar spinning & weaving mills ltd. : 24itr108(cal) .'23. with great respect to their lordships, i am in complete agreement with these ..... c and c1), respectively, allowing a deduction of 10 per cent. as expenditure has brought the said amounts to tax under the act. without challenging those assessments in appeals, the petitioner moved the commissioner of income-tax, karnataka, bangalore (commissioner), under s. 264 of the act in revision petitions nos. 139 and 140 of 1978, for relief, who on february 24, 1979 (exhibit-e), .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-26-1985
Reported in : 165ITR720(AP)
anjaneyulu, j. 1. this reference made at the instance of the commissioner of income-tax under section 256(1) of the income-tax act, 1961 (for short 'the act'), was disposed of by us, by our judgment dated october 22, 1984. learned standing counsel for the income-tax department brought to our notice through a letter dated january 30, 1985, that the reference was answered on the basis that ..... by death of any of the partners is governed by section 42(c) of the partnership act. the contention that by introducing the proviso after sub-section (2) to section 187 of the act by the amendment act of 1984, the income-tax act sought to recognise only a dissolution brought bout by death of any of the partners within the meaning of section 42(c ..... ) of the partnership act and derecognise all other forms of dissolution envisaged by sections 40 to 44 of the ..... ceases to be in existence for all statutory purposes unless expressly saved by any provision in the income-tax act. we have already held that the proviso inserted by section 33 of the amendment act of 1984 does not have such an effect. we, therefore, hold that the tribunal is justified in coming to the conclusion that there was a dissolution of partnership on .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Apr-22-1985
Reported in : 153ITR521(AP)
..... under section 11 of the income-tax act, 1961 ?' r.c. no. 291 of 1982 : 'whether the income of the assessee, a company registered under the companies act, 1956, and licensed under section 25 of the said act by the central government for the assessment year 1976-77 is not exempt under section 11 ..... the income of the assessee, a company registered under the companies act, 1956, and licensed under section 25 of the said act by the central government for the assessment years 1974-75 and 1975-76 is not exempt ..... -72 is not exempt under section 11 of the income-tax act, 1961 2. whether the income of the assessee, a company registered under the companies act, 1956, and licensed under section 25 of the said act by the central government for the assessment years 1972-73 and 1973-74 is not exempt under section 11 of the income-tax act, 1961 ?' r.c. no. 187 of 1982 : 'whether ..... of the income-tax act, 1961 ?' 2. we may notice a few facts relevant for the purpose of these references. initially, the assessee was a society registered under the societies registration act in the year 1951. on april 15, 1971, the society was wound up and its assets and .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-28-1985
Reported in : 164ITR675(AP)
..... and sold the same jointly. as we have already held, the purpose of purchase and sale was for making profit. theirs is not a partnership for the purpose of the income-tax act. if four strangers unite and produce profit by a joint venture otherwise than as partners, it would hardly be possible to say that they would not acquire the status of ..... supreme court, therefore, cannot be understood as laying down that tenants-in-common can never qualify themselves to be members of an association of persons within the meaning of the income-tax act. we, therefore, find it not possible to agree with the contention of mr. rathnakar that the four persons in this case who had purchased the land and traded in it ..... logically be possible to lay down that tenants-in-common can never constitute an association of persons within the meaning of either of the gift-tax act or of the income-tax act with which we are now presently concerned. in cit v. indira balkrishna : 39itr546(sc) the supreme court interpreted the word 'association of persons' as meaning an association in which two or more ..... ]82itr828(sc) . in (sic) our high court ruled that a group of individuals can be a body of individuals though not an association of persons within the meaning of the income-tax act. in so holding, a division bench of this court held that valsala amma's case : 82itr828(sc) should be confined only to gift .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Mar-19-1985
Reported in : (1986)50CTR(AP)39; 158ITR420(AP)
..... beyond dispute that the salary which the assessee had received from his polish employer during the stay of the assessee in india is liable to be taxed under the income-tax act. however, the assessee claims exemption from the income-tax act of the amounts of allowances which he had received from the polish employer during the period of his stay in india. that claim to succeed ..... entire amount of allowances paid to the assessee by the foreign company during his sojourn in india ought to have been allowed exemption under section 10(14) of the income-tax act. the income-tax appellate tribunal held that the polish firm was the employer of the assessee and that the assessee was not an employee of the hindustan shipyard limited. having held so ..... order dated march 14, 1974, directed that 'the appeals relating to original assessment orders are to be modified by deleting the amounts exempt under section 10(14) of the income-tax act including the 'tax perquisite', as discussed above, and the appeals relating to orders under section 154 are anulled'. 4. against those orders of the appellate assistant commissioner, both the assessee and ..... had no jurisdiction to exercise his power of rectification, because the matter does not fall within the purview of section 154(1) of the income-tax act. section 154(1) of the act provides that the income-tax officer may amend any order of assessment, etc., passed by him with a view to rectifying any mistake apparent from the record. the argument of the learned .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Mar-13-1985
Reported in : 63STC156(AP)
..... january, 1952. on getting information that the assessee did not fully disclose the correct particulars, with the approval of the commissioner, the income-tax officer issued a notice on 27th march, 1956, under the amended section 34(1)(a) of the income-tax act, 1922. it was objected to but yet an order dated 29th march, 1959, was made. it was assailed in a writ ..... petition contending that the notice was barred by limitation. the high court took the view that the amendment act does not empower to reopen the assessment when the right to ..... to assess the members individually .... the appellate assistant commissioner had, under the act, plenary powers in disposing of an appeal, the scope of his powers being conterminous with that of the income-tax officer, he can do what the income-tax officer can do and can also direct the income-tax officer to do what he has failed to do. 20. in j. p. jani's case ..... retrospectively. when we thus broached, it not merely advances the curative effect but also effectuates the object of the amendment act. angulated from this perspective, we have no hesitation to hold that the reassessment is within limitation. 19. in commissioner of income-tax v. ambala flour mills : 78itr256(sc) , similar question arose and shah, j., speaking for the court held that where .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-12-1985
Reported in : (1986)57CTR(AP)110; 165ITR685(AP)
..... their individual status for the assessment year 1973-74 also has become final. in those circumstances, the directions which have been issued by the commissioner of income-tax under section 263 of the income-tax act, directing the reopening of the assessments made against sri arif mehdi khan and khalid mehdi khan alone cannot be effective against the other three assessees. the ..... khan for the years 1971-72 and 1972-73 had become final. however, the commissioner of income-tax invoking his powers under section 263 of the income-tax act, set aside the assessment made against arif mehdi khan and khalid mehdi khan, and directed the income-tax officer to make a fresh assessment in the status of an association of persons consisting of the ..... later on. but in support of this argument, no statutory provision has been shown to us. the provisions of the income-tax act would only permit the levying of assessment within the period of limitation. the assessment so made by the income-tax officer cannot be contingent. it must be final and definite. in the absence of any statutory provision authorising the ..... is to be ascribed to the heading of 'income from other sources'. section 14 of the income-tax act classifies all income for the purpose of charging of income-tax in the computation of total income into six heads, namely, salaries, interest on securities, income from house property, profits and gains of business or profession, capital gains and income from other sources. there would have been no .....Tag this Judgment!