Court : Mumbai
Decided on : Nov-28-1988
Reported in : 177ITR207(Bom)
..... not, produce or cause to be produced, any books of account or other documents which will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act, or (c) any person is in possession of any money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other valuable ..... summons under sub-section (1) of section 37 of the indian income-tax act, 1922 (11 of 1922), or under sub-section (1) of section 131 of this act, or a notice under sub-section (4) of section 22 of the indian income-tax act. 1922, or under sub-section (1) of section 142 of this act was issued to produce, or cause to be produced, any bows ..... notice dated january 16, 1986, in exercise of the power under rule 112a of the income-tax rules. 1962, to bandekar and his wife calling upon them to show cause why an order contemplated under section 132(5) of the income-tax act, 1961 (hereinafter referred to as "the act"), should not be passed, after the bandekars showed cause and were heard the order dated april ..... article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act (hereinafter in this section referred to as the undisclosed income or property). then, - (a) the directors of inspection or the commissioner, as the case .....Tag this Judgment!
Court : Mumbai
Decided on : Dec-06-1988
Reported in : 185ITR126(Bom)
..... linking several factory buildings within the factory premises should be regarded as building within the meaning of section 10(2) (vi) of the indian income-tax act, 1922. the facts in cit v. borosil glass works ltd. : 161itr286(bom) are also similar to those in colour-chem ltd.'s case : 106itr323(bom ..... that the expenditure thereon was, therefore, not of enduring nature. accordingly, he held that the expenditure was of revenue nature and that the income-tax officer was not justified in disallowing the expenses. the matter was carried to the tribunal by the department. having regard to the departmental representative' ..... rs. 20,246. these expenses were incurred for putting up a barbed wire fencing at the assesee's factory premises at khopoli. the income-tax officer disallowed the claim observing that it was of capital nature. the appellate assistant commissioner accepted the assessee's claim and held that the ..... gone through the judgments relied upon by dr. balasubramaniam. in our view, these judgments are not applicable to the facts of the case before us. in cit v. caltex oil refining (i.) ltd. : 102itr260(bom) , the question was not whether a expenditure was of capital or revenue nature. ..... .3. shri toprani, learned counsel for the assessee, relied on the supreme court decision in the case of empire jute co. ltd. v. cit : 124itr1(sc) and stated that it was not every advantage of enduring which brought an expenditure within the meaning of capital expenditure. the .....Tag this Judgment!
Court : Karnataka
Decided on : Jun-24-1988
Reported in : (1988)72CTR(Kar)234; 174ITR435(KAR); 174ITR435(Karn); 1988(2)KarLJ301; 41TAXMAN1(Kar)
..... , bangalore, has referred at the instance of the department, the following question under section 256(1) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the opinion of this court : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is right in holding that the provisions of section 64(1)(vii) do not apply in ..... arising directly or indirectly to the minors from the assets transferred to them. this sum was also not assessed by the income-tax officer. but the commissioner of income-tax, in exercise of his suo motu powers of revision under section 263 of the act, set aside the assessments and directed the assessing officer to add the said sums of money. the commissioner was of ..... the view that even the deferred payment to the minors would be income arising indirectly to the assessee and therefore, should be added ..... in the income. he submitted that while in the 1922 act in the analogous section 16(3) the expression used is 'benefit', in section 64(1)(vii), the presence of the words 'immediate or deferred' before the word 'benefit' are significant. he further submitted that these words were added to overcome the effect of the decision in manilal dhanji v. cit : 35itr467 .....Tag this Judgment!
Court : Karnataka
Decided on : Aug-12-1988
Reported in : 175ITR1(KAR); 175ITR1(Karn); 1988(3)KarLJ404
..... , not taxable in the hands of the firm. 6. at the instance of the revenue, the following question has been referred to this court under section 256(1) of the income-tax act, 1961 ('the act' for short) : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was right in law in upholding the commissioner of ..... all, but was diverted by an overriding title or charge. the assessing authority rejected the said claim. on appeal to the commissioner of income-tax he accepted the contention of the assessee that there was an overriding charge on the assets of the firm as well as the shares of the partners and hence the ..... court and high courts which set out what are the two tests for determining whether there is diversion by overriding charge on the income. the leading case on the point is the decision of the supreme court in cit v. sitaldas tirathdas : 41itr367(sc) , wherein it is observed (p. 374) : '... the true test is whether the amount sought to be deducted ..... income-tax (appeals)'s order who held that 25% of the share of profit paid to the ex-partner and to her estate has to be deducted in computing the total income of the assessee ?' 7. sri .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jun-07-1988
Reported in : 175ITR243(AP)
..... income accruing to the non-resident company at pounds 2,000 and held 'in the instant case, ..... the assessment year 1968-69, the assessee-company remitted certain amounts to the foreign company. no tax was deducted at source by the assessee-company as required under section 195 of the income-tax act. for that reason, the income-tax officer added the tax component and worked out the total taxable income at a particular figure. on appeal, the appellate assistant commissioner determined the ..... tribunal, hyderabad has referred the following question under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the question of assessing the tax perquisite in the hands of the indian company in its capacity as the agent of the non-resident ..... remit to the foreign company certain amounts 'without any deductions for taxes or otherwise'. this contract is clearly in the teeth of section 195 of the income-tax act, which obligates every person paying any sum, chargeable under the provisions of the act to a non-resident (foreign company) to deduct the tax on such amount at the prevailing rates. 6. now, the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-11-1988
Reported in : (1988)73CTR(AP)97; 174ITR640(AP)
..... on business in drilling borewells, is an industrial undertaking engaged in manufacturing or producing articles or things and is entitled to relief under section 32a of the income-tax act ?' 2. the assessee is a partnership firm carrying on business in drilling borewells (tube-wells). for the purpose of drilling borewells, the assessee, inter ..... tribunal, hyderabad bench, makes this reference under section 256(1) of the income-tax act, 1961, for the income-tax assessment year 1979-80. two questions are referred for the consideration of this court and they are extracted below : '(1) whether, ..... covered by item d (4). in that view of the matter, the tribunal accepted the assessee's claim for depreciation at 30%. the commissioner of income-tax was aggrieved by the decision of the tribunal and carried the matter by way of reference to this court. 4. the tribunal applied its mind ..... the rig and compressor at 30% relying on the depreciation rate specified against item d(7) of the depreciation schedule (appendix i, part i to the income-tax rules). the assessee's claim was that the rig used for the purpose of drilling answered the description specified against item d(7) which is as ..... justified in allowing 30% depreciation on rig and compressor used in boring of wells in accordance with entry d(4) of the depreciation schedule under the income-tax rules, 1962 (2) whether, on the facts and in the circumstances of the case, the appellate tribunal is correct in holding that the assessee-firm .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jun-14-1988
Reported in : (1988)73CTR(AP)243; 173ITR597(AP)
..... to rs. 65,33,655. finally, the order says : 'the assessee filed the return under section 139(4). as the return is not filed under section 139(3) of the income-tax act, the loss determined is not allowed to be carried forward as per the supreme court decision in the case of manmohan das : 59itr699(sc) . ..' 2. the purport of this ..... petition is directed against the judgment and order of the commissioner of income-tax, andhra pradesh-i, hyderabad, on a revision petition filed by the petitioner under section 264 of the income-tax act. the facts leading up to the present stage, as found recorded in the orders of the authorities under the act, are as follows : the petitioner, 'hmt bearings ltd. ', is a corporation owned ..... june 16, 1984, in so far as it rejected the petitioner's plea to carry forward the loss, the petitioner filed a revision under section 264 of the act before the commissioner of income-tax. two contentions were urged by the petitioner before the commissioner, viz., (i) that, having accepted the return in pursuance of the order dated july 9, 1981, under section ..... forward the loss is not sustainable in law. 4. having entertained the revision, the commissioner issued a notice to the petitioner under section 263 of the act to show cause why the order of the income-tax officer, in so far as it allowed the petitioner to carry forward the unabsorbed depreciation should not be revised. the petitioner filed its objections after considering .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Jan-27-1988
Reported in : 179ITR287(AP)
..... raghuvir, j.1. the three writ petitions arise under the income-tax act, 1961. tallam rama rao is the assessee in all the three cases. he averred earlier to the impugned proceedings, that the income-tax officer, rajahmundry, was ordered not to reopen assessment orders by the income-tax appellate tribunal on march 22, 1983, in i.t.a. nos. 718 to 721/hyd/1982. the assessment ..... , the 'former proceedings' were concluded. 4. the tribunal, in the former proceeding, held : 'the allahabad high court held that the information that has come to the possession of the income-tax officer from the assessment of the firm cannot be regarded as information from a formal source. it would only amount to a fresh look on the facts already on record ..... construed the audit report as 'information' within the meaning of clause (b) of section 147 of the act and reopened the assessments for the three years. the order of the income-tax officer was reversed on appeal. the income-tax appellate tribunal, on march 22, 1983, dismissed the appeal. the application under section 256(1) made by the revenue was dismissed. thus, by the ..... of the constitution of india. the issue raised is whether the assessee 'failed' to disclose the income of his minor daughter in the earlier three returns, and, therefore, under clause (a) of section 147 of the act, the impugned proceedings are initiated, and whether the income-tax officer has jurisdiction to reopen the assessment order concluded earlier. we see, in the former proceedings, .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Apr-13-1988
Reported in : 175ITR203(AP)
..... in a capital gain of rs. 58,000. the dispute was whether this amount could be included in the hands of the assessee under section 64(1) of the income-tax act, 1961. the income-tax officer as well as the appellate assistant commissioner rejected the assessee's plea that it was not so includible, while the tribunal held that there was no proximate connection ..... letting value referable to the total amount of rs. 36,516 is to be included in the assessment of the assessee-husband.6. the provisions of section 64 of the income-tax act, as it stood then and in so far as they are relevant for the present purpose, read as follows :'section 64. in computing the total ..... tribunal in relation to the assessment years 1974-75 and 1976-77, a common question arose regarding the income from the property to be added in the assessment of the assessee, nawab hashim jah, under section 64 of the income-tax act (hereinafter referred to as 'the act'). the assessee had transferred the house purchased by him from the housing accommodation trust in favour of ..... of the assessee-husband under section 16(3)(a)(iii) of the indian income-tax act, 1922, corresponding to the provisions of section 64(i) of the present act of 1961. the supreme court held that the transfers in question were direct transfers and the income realised by the wife was income indirectly received in respect of the transfer of cash directly made by the assessee .....Tag this Judgment!
Court : Punjab and Haryana
Decided on : Nov-15-1988
Reported in : 178ITR388(P& H)
..... in view the findings recorded by the tribunal which have been quoted above, we are of the opinion that the provisions of section 79(a) of the income-tax act, 1961, are clearly attracted. we are of the view that the tribunal placed a correct interpretation on the provisions of the aforesaid section. as a result, ..... case, the tribunal was justified in holding that the provisions of section 79(a) of the income-tax act, 1961, are attracted in the case ? 2. whether the tribunal was correct in interpreting section 79(a) of the income-tax act to mean that the change in the shareholding which was contemplated in the section was one which ..... we have already pointed out above that that loss could be carried forward and set off in both the assessment years 1974-75 and 1976-77. the income-tax officer will bear in mind these observations while disposing of this issue for the assessment years 1974-75 and 1976-77. it is not clear to ..... of set off of the loss of the assessment year 1970-71 will also be relevant for the year 1976-77, if it is found by the income-tax officer that the loss for the assessment year 1970-71 is admissible on further enquiring about the applicability of clause (b) of section 79 andsuch loss ..... of section 79 will be attracted in this case. as far as the assessment year 1974-75 is concerned, there is a further consideration that the income-tax officer has not applied his mind to clause (b) of section 79 before withdrawing the set off of the loss of the assessment year 1970-71. .....Tag this Judgment!