Court : Gujarat
Decided on : Apr-11-1988
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 : Mumbai
Decided on : Dec-14-1988
Reported in : 186ITR412(Bom)
..... the grounds that the same did not fall under the provisions of any section, viz. section 28 and/or section 36 and/ or section 37 of the income-tax act, 1961 ?'2. the assessee-company is a non-resident company. it is engaged in the business of manufacture of accounting and computing machines which are sold or ..... clause (2) of the agreement dated october 23, 1962, clearly indicated, was being acquired for its existing business. moreover, as pointed out by shri dastur, the income-tax appellate tribunal has rejected the claim of the assessee for a reason other than this reason. accordingly, we proceed on the assumption that the factory premises were being acquired ..... off by the assessee-company.3. the assessee claimed the aforesaid amount of rs. 1,08,088 as a business loss. the claim was disallowed by the income-tax officer and the disallowance was confirmed by the appellate assistant commissioner who, inter alia, observed that the agreement had nothing to do with the current business of ..... decisions, according to him, were distinguishable as in those decisions, the connection between the expenditure and the business was very proximate. for instance, in the allahabad case cit v. jwala pd. radha kishan : 107itr540(all) , the assessee was a sole selling agent and was earning huge profits from the persons from whom he ..... t.d. sugla, j.1. the income-tax appellate tribunal has referred only one question of law to us for opinion in this case at the instance of the assessee. the question reads .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-29-1988
Reported in : 188ITR511(Bom)
..... , therefore, claimed that it was entitled to a refund of rs. 1,95,479 on which interest was payable to it under the provisions of section 214 of the income-tax act, 1961. the income-tax officer deducted from the gross demand of rs. 2,46,31,614 the aforesaid amount of rs. 2,08,34,995, arrived at the net demand of rs. 37 ..... of double taxation between india and pakistan  16 itr 4. this agreement was entered into, inter alia, in exercise of the powers conferred by section 49aa of the indian income-tax act, 1922. by a notification issued by the government of india on december 10, 1947, the agreement was required to be given effect to in india. what is relevant therein for ..... the period of one year or any longer period allowed by the income-tax officer, the uncollected portion of the demand will be adjusted against the abatement allowable under this agreement; if no such certificate is produced, the abatement shall cease to be operative ..... dominion shall make a demand without allowing the abatement, but shall hold in abeyance for a period of one year (or such longer period as may be allowed by the income-tax officer in his discretion) the collection of a portion of the demand equal to the estimated abatement. if the assessee produces a certificate of assessment in the other dominion within .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-30-1988
Reported in : (1989)75CTR(Bom)124; 177ITR222(Bom)
..... purpose of making payment of income-tax. however, this provision remained on the statute book only for a period of ten years and was deleted with effect ..... the case, the tribunal was right in law in holding that interest of rs. 15,237 for delayed payment of income-tax is a deductible expenditure in computing the profits and gains within the meaning of sections 28 and 37 of the income-tax act, 1961 ?'2. the assessee is a private limited company. the proceedings relate to the assessment year 1972-73. the business ..... of commercial practice and accountancy principle and if those were applied, the assessee would be entitled to the deduction under section 28 and if not, under section 37 of the income-tax act, 1961. the tribunal also held that the two decisions relied upon by the appellate assistant commissioner, viz., bai bhuriben lallubhai v ..... requested the department itself to allow it to pay the taxes in installments and pay interest to the department for allowing it to do so. having regard to the hardship sometimes caused to assessees in this regard, he pointed out that section 80v was introduced in the income-tax act in the year 1976, providing for allowance of interest on sums borrowed for the .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-22-1988
Reported in : 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 .....Tag this Judgment!
Court : Mumbai
Decided on : Nov-16-1988
Reported in : (1989)75CTR(Bom)88; 185ITR532(Bom)
..... the case, the tribunal was right in holding that the excess over 25% of the gross income or rs. 10,000, whichever was higher, was to be invested in government securities in view of section 11 of the income-tax act, 1961, and not the entire amount of accumulation ?'2. we are concerned with the assessment ..... years 1966-67 and 1967-68. for the assessment year 1967-68, the assessees claimed refund to tax deducted at source. the income-tax officer did not dispute that the assessees, as ..... s.p. bharucha, j.1. this reference under section 256(1) of the income-tax act, 1961, calls for an interpretation of section 11 thereof as it read at the relevant time. the question that is referred reads thus ..... construction of clause (a) of sub-section (1) of section 11 and clause (b) of sub-section (2) thereof, came to the conclusion that the income-tax officer and the appellate assistant commissioner were in error and allowed the appeals.5. the relevant portion of section 11, as they read at the relevant time, are ..... that there was a similar shortfall of investment in government securities in the assessment year 1966-67 also, the income-tax officer subjected to tax the sum of rs. 22,985, being the difference between the unspent income and the permissible accumulation of rs. 10,000.4. the assessees' appeals to the appellate assistant commissioner were rejected .....Tag this Judgment!
Court : Mumbai
Decided on : Jun-08-1988
Reported in : (1988)72CTR(Bom)44; 176ITR253(Bom)
..... harassment and severe hardship to the petitioners and this is a fit case where intervention is called for under article 226.15. it was submitted by mr. bhatia that the income-tax act is a complete code by itself. no intervention, therefore, is warranted under article 226. he has relied upon a decision of the karnataka high court in the case of ..... ]168itr96(kar) . this decision, however, does not support his contention. in that case, the petitioner had claimed exemption under section 10(20a) of the income-tax act, 1961. the claim for exemption was rejected by the commissioner. the petitioners contended that having regard to the view expressed by the commissioner, it would be futile to appear ..... to give these particulars which would require them to re-examine their accounts for the last several years. ultimately, the income-tax officer, by his letter dated january 25, 1988, made a reference to the inspecting assistant commissioner under section 144a of the income-tax act, 1961, regarding the taxability of clients' deposits. by his order dated march 23, 1988, the inspecting assistant commissioner ..... determine correctly all facts relating to such deposits he may make a fair estimate of income. these directions are challenged in the present writ petition.5. under section 145 of the income-tax act, 1961, income chargeable under the head 'profits and gains of business or profession' or 'income from other sources' shall be computed in accordance with the method of accounting regularly employed .....Tag this Judgment!
Court : Karnataka
Decided on : Aug-02-1988
Reported in : (1988)73CTR(Kar)81; 174ITR616(KAR); 174ITR616(Karn); 1988(3)KarLJ146; 41TAXMAN161(Kar)
..... this lesser amount alone was taxable. 12. income-tax is a levy on income. though the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt, yet the substance of the matter is the income if income does not result at all, there cannot be a tax, even though in book-keeping, an entry ..... s.a. hakeem, j.1. in these references under section 256(1) of the income-tax act, 1961, the income-tax appellate tribunal, has referred the following common questions of law for the opinion of this court : '1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in law in holding that the interest of rs. 4,15,343 ..... is made about a 'hypothetical income', which does not ..... materialise. where income has, in .....Tag this Judgment!
Court : Chennai
Decided on : Nov-16-1988
Reported in : 176ITR393(Mad)
..... c.j.1. at the instance of the revenue, the following question of law has been referred to this court under section 256(1) of the income-tax act, 1961, for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the transaction of the assessee of purchasing ..... his own family or to rent it out to third parties. on the basis of the materials before him, the income-tax officer concluded that the assessee's conduct of demolishing the building, converting the entire area into house sites leaving space for roads and subsequently selling ..... the condition of the building was not habitable and the assessee also could not have realised any rent from letting out the building. the income-tax officer further noticed that the assessee did not take any step to renovate the building to make it suitable for living by the members of ..... the advertisement also offered the property for lease. before the income-tax officer, the assessee contended that the property was purchased as an investment either to be used by his family members who were in india or, ..... stand and contended that the entire realisation from the sale of plots represented capital receipt assessable to capital gains in the respective assessment years. the income-tax officer, while examining the claim of the assessee, found that the assessee had advertised for the sale of the property in the year 1964, though .....Tag this Judgment!
Court : Chennai
Decided on : Feb-10-1988
Reported in : (1988)69CTR(Mad)18; 171ITR447(Mad)
..... m.n. chandurkar, c.j.1. the question which has been referred under section 256(1) of the income-tax act, 1961, at the instance of the revenue, reads as follows : 'whether, on the facts and in the circumstances of the case, the ..... by him for his residence, he received presents from his relatives, friends and well-wishers amounting to rs. 19,244. this amount was assessed as income by the income-tax officer. the amount was, however, deleted by the appellate assistant commissioner and the order of the appellate assistant commissioner was confirmed by the tribunal. ..... 400, ranging between rs. 5 to rs. 500 and the contributions came from different strata of society, castes and individuals. the assessment made by the income-tax officer was confirmed by the appellate assistant commissioner and by the tribunal. this court held that as the assessee was being remunerated separately for his discourses ..... cricketer was a donation or a gift and was not an employment or profit arising from the assessee's employment and was consequently not assessable to income-tax. the commissioners took the view that the amount was a donation or gift. the view of the commissioners was affirmed by rowlatt j. but his ..... as professional income and brought it to tax. 4. the appellate assistant commissioner held the payment to be by way of a testimonial and personal gift and not taxable. he recorded an alternative finding that even if it is regarded as income, it would be exempt under section 10(3) of the act being casual .....Tag this Judgment!