Court : Rajasthan
Decided on : May-06-1988
Reported in : 179ITR416(Raj); 1988(2)WLN67
..... section 80g of the income-tax act, 1961, on charity and donations amounting to rs. 22,557 ?' 2. the relevant assessment year is 1972-73.3. the assessee claimed certain deductions as business ..... 2,000 and rs. 7,000 incurred by the assessee was not in the nature of entertainment and was, therefore, not hit by section 37(2b) of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the assessee is entitled to deduction under ..... j.s. verma, c.j. 1. this reference under section 256(1) of the income-tax act, 1961, at the instance of the revenue is to answer the following questions of law, namely : --'1. whether, on the facts and in the ..... attracted since the assessee had declared a loss for that year. the appellate. assistant commissioner affirmed the view of the income-tax officer. however, the tribunal held in favour of the assessee on both these points. hence, this reference at the instance of the revenue.4. the point ..... as charity and donation to a charitable trust under section 80g of the act. it may be mentioned that, according to the return filed by the assessee, it had incurred loss during that year and there was no taxable income earned by it. the income-tax officer repelled both the contentions. he held that section 80g was not .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-08-1988
Reported in : 175ITR24(Raj)
..... the supreme court decision in ganesh dass sreeram v. ito : 169itr221(sc) . it was held by the supreme court that whore the advance tax covers the entire amount of tax assessed by the income-tax: officer under the income-tax act, there is no question of charging the registered firm with interest even though the return is filed by it beyond the time allowed. following this ..... relevant, assessment year is 1977-78. the assessee i.s a registered firm. after taking into account the advance tax paid by the assesses and the tax deducted at source, no tax was payable. however, the income-tax officer charged interest under section 139(8) of the income-tax act, 1961, for late submission of the return. the assessee disputed its liability for payment of interest. in the ..... appeal filed before the commissioner of income-tax (appeals), the assessee's contention was accepted by the commissioner of income-tax. the tribunal has upheld .....Tag this Judgment!
Court : Rajasthan
Decided on : Sep-01-1988
Reported in : 175ITR273(Raj)
..... that the impounding of the account books and other documents was not in accordance with the provisions contained in the proviso to sub-section (3) of section 131 of the income-tax act, we allow two months' time as prayed for by mr. singhal, learned counsel for the respondents, to complete the assessment. the account books/documents in question shall be returned to ..... counsel for the respondents, from which it can be said that the reasons as required under clause (a) of the proviso to sub-section (3) of section 131 of the income-tax act had been recorded. learned counsel for the respondents contends that there are two lists 'a' and 'b' prepared at the time of survey and it was in those lists themselves ..... (1a) may impound and retain in its custody for such period as it thinks fit any books of account or other documents produced before it in any proceeding under the income-tax act. but the proviso to the aforesaid provision of section 131(3) makes two conditions for the exercise of the aforesaid discretion and the twin conditions are (a) that the reasons ..... , respondent no. 2 in his return has come out with the case that only lists 'a' and 'b' were prepared and thereafter, a notice under section 131(3) of the income-tax act was given and it was in pursuance of that notice that the account books were presented and impounded. we will not like to enter into the controversy whether the account .....Tag this Judgment!
Court : Rajasthan
Decided on : Aug-12-1988
Reported in : (1988)73CTR(Raj)230; 175ITR317(Raj); 1988(2)WLN330
..... in this case on the assessee, a registered firm, because it has no tax liability within the meaning of sub-clause (b) read with the explanation to clause (i) of section 271( ..... 1)(a) of the income-tax act, 1961 ?'2. the relevant assessment year is 1978 79. the assessee was a registered firm which was required to file the return on or ..... 256(1) of the income-tax act, 1961 ('the act'), at the instance of the revenue to decide the following question of law, namely :'whether, on the facts and in the circumstances of the case, the tribunal was right in law in holding that no penalty under section 271(1)(a) of the income-tax act, 1961, is leviable ..... ground of late filing of the return under section 271(1)(a)(i)(b) read with section 139(1) of the act. the income-tax officer rejected the assessee's contention that since there was no 'assessed tax' according to its meaning given in the explanation to sub-clause (i)(b) of clause (a) of sub-section ..... section 271(1)(a)(i)(b) is as under :'271. failure to furnish returns, comply with notices, concealment of income, etc.--if the income-tax officer or the appellate assistant commissioner, in the course of any proceedings under this act, is satisfied that any person- (a) has without reasonable cause failed to furnish the return of total .....Tag this Judgment!
Court : Chennai
Decided on : Feb-22-1988
Reported in : 173ITR112(Mad)
..... indirectly from such transferred assets and hence has to be included in the assessment of the assessee for the assessment year 1965-66 under section 64(1)(iii) of the income-tax act, 1961 2. whether, on the facts and in the circumstances of the case, the entirety of the amount disallowed in the assessment of m/s. sri hari mills private ltd ..... tribunal approved of the reasoning of the appellate assistant commissioner and upheld his conclusion in that regard. 5. at the instance of the revenue, under section 256(1) of the income-tax act, the tribunal forwarded a statement of the case and referred the following questions for consideration by this court : '1. whether, on the facts and in the circumstances of the case ..... an asset transferred by the assessee to his wife and, therefore, it was liable to be assessed in the hands of the assessee under section 64(1)(iii) of the income-tax act, 1961. 2. in the assessment of m/s. sri hari mills private limited, for the assessment years 1965-66 and 1967-68 to 1971-72, certain amounts were disallowed as ..... assessed the capital gain of rs. 58,000 derived from the sale of the house in the hands of the assessee invoking section 64(1)(iv) of the income-tax act. while the appellate assistant commissioner confirmed the assessment, the tribunal reversed it holding that there was no proximate connection between the cash gift and the capital gain derived by the .....Tag this Judgment!
Court : Chennai
Decided on : Jun-22-1988
Reported in : (1988)72CTR(Mad)99; 174ITR697(Mad)
..... sub-clause (ii), in the case of assets acquired by purchase not entitled to depreciation, their actual cost to the assessee is to be taken. under section 32 of the income-tax act, before an assessee can become entitled to claim depreciation, it must be shown that the building, machinery, plant or furniture owned by the assessee has been used for the purpose ..... holding that the value of work-in-progress, stores and raw materials in transit should be taken as capital for the grant of relief under section 80j of the income-tax act, 1961 ?' 4. in cit v. indian oxygen ltd. : 113itr109(cal) , the calcutta high court has observed as follows (p. 119) : 'only in the computation of the value of the assets, ..... ltd. : 115itr879(guj) , the assessee purchased machinery in the previous year relevant to the assessment year 1969-70, which was not installed. the income-tax officer disallowed the claim for relief under section 80j of the income-tax act, 1961, on the ground that the machinery was not yet installed and, therefore, was not in use and the amount of capital was not employed ..... . ratnavel pandian, offg. c.j. 1. the assessee, viz., m/s. southern agrifurane industries limited, madras, in its computation of income for the assessment year 1976-77, claimed relief under section 80j of the income-tax act, 1961 (hereinafter referred to as 'the act'). the income-tax officer, however, while accepting the claim of the assessee, did not accept the quantum of relief claimed by the assessee .....Tag this Judgment!
Court : Chennai
Decided on : Feb-15-1988
Reported in : (1988)68CTR(Mad)125; 171ITR366(Mad)
..... as follows (p. 966) : 'now, the question is whether orders levying interest under sub-section (8) of section 139 and under section 215 are applicable under section 246 of the income-tax act. clause (c) of section 246 provides an appeal against an order where the assessee denies his liability to be assessed under the ..... to a direction by this court under section 256(2) of the income-tax act. 2. in an appeal against the assessment, the assessee who is a registered firm contended that the income derived from the production of salt should be exempted under section 10(1) as it would amount to agricultural income. that contention was negatived by all the authorities including the tribunal. 3 ..... the date extended by the income-tax officer under sub-section (1) or sub-section (2) of section 139 of act, does not file the return within the extended date, but files the same before the end of the four assessment years concerned; and (2) the ..... sub-section (4) of section 139 is not confined only to the extension of time granted by the income-tax officer, but also to the time originally fixed for the filing of returns under sub-sections (1) and (2) of section 139 of the act. there may be two types of cases in the late filing of returns, namely, (1) the assessee, after .....Tag this Judgment!
Court : Chennai
Decided on : Mar-11-1988
Reported in : (1988)69CTR(Mad)49; 174ITR11(Mad)
..... and only the balance of rs. 1,050 could be considered as deemed dividend under section 2(6a)(e) of the indian income-tax act of 1922. rejecting that contention, the income-tax officer assessed the whole amount of rs. 25,107 as deemed dividend under section 2(6a)(e) by taking into consideration also ..... of learned counsel for the revenue that it is an 'exchange' and, therefore, a 'transfer' within the meaning of section 2(47) of the income-tax act cannot be accepted. 20. in the result, we hold that the surplus amount obtained by the assessee on account of devaluation of the rupee is not a ..... connected with any business. such a conversion, in our opinion, can never be considered as exchange within the meaning of section 2(47) of the income-tax act, 1961.' 18. we are entirely in agreement with the above reasoning of the karnataka high court. learned counsel for the revenue draws our attention to ..... aggrieved thereby. in this case, the revenue did not apply for a reference in the prescribed form as required by section 256(1) of the income-tax act. as pointed out by learned counsel for the assessee, there was not even an oral request at the time when the application for reference filed ..... the tribunal was right in holding that the accumulated profits will not include the current profits for the purpose of section 2(6a)(e) of the income-tax act. at the assessee's request, the tribunal included in the same reference the further question whether the tribunal was right in holding that rs. .....Tag this Judgment!
Court : Chennai
Decided on : Sep-09-1988
Reported in : (1988)74CTR(Mad)115
..... other than interest on securities, etc., and not otherwise. he would further submit that the case on hand would be secqarly covered by the provisions of section 278b of the income-tax act, 1961, about which i have discussed earlier. even at the risk or repetition, it may be stated here that in respect of an offence by a company, the company ..... this decision is applicable on all fours to the case on hand. according to the decision, the pendency either of assessment proceedings or penalty proceedings in forums contemplated under the income-tax act, is not a ground at all for the launching of simultaneous prosecution before the appropriate forum. in the face of the decision, the argument of learned counsel for the ..... an application for reference against the order of the inspecting assistant commissioner imposing penalty which was pending. thereafter, the department launched prosecution against the assessee under section 277 of the income tax act, 1961. the assessee filed a petition in the high court under section 482 of the criminal procedure code, 1973, for quashing the criminal complaint against it on the ground that the ..... the offenses under sections 120b read with sections 193, 196, 420 read with section 511 of the indian penal code ('ipc') and sections 276c(1), 277 and 278b of the income tax act, 1961. the first petitioner is a limited company, a spinning mill manufacturing cotton yarn. the second petitioner is its managing director. petitioners nos. 3 to 6 are its directors .....Tag this Judgment!
Court : Chennai
Decided on : Dec-09-1988
Reported in : (1989)75CTR(Mad)209; 177ITR88(Mad)
..... pointed out that the petitioner is seeking revision of assessments under section 154 of the income-tax act for the year 1966-67 to 1971-72. the time limit specified under section 154 is four years from the date of the order sought to be revised. 13. therefore ..... commissioner's finding. it was stated that the assessments for 1970-71 and 1971-72 could not be rectified under section 154 of the income-tax act earlier, in view of the fact that until the appellate tribunal passed the order on july 31, 1978 there was no loss to be carried forward. learned standing counsel further ..... assessments for the years 1970-71 and 1971-72 could not be revised. the carry forward of the loss can be made only through action under section 154 of the income-tax act which is barred by limitation in this case. according to learned standing counsel, there is no failure on the part of the department to give affect to the appellate assistant ..... assessment year 1963-64 up to the assessment year 1971-72 and that it was the statutory duty of the respondent to make suitable rectification under section 154 of the income-tax act. the respondent, in his letter dated february 26, 1979, informed the petitioner that the revision of the assessment for the assessment years 1970-71 and 1971-72 could not be .....Tag this Judgment!