Court : Mumbai
Decided on : Aug-23-1990
Reported in : (1990)90CTR(Bom)135; 189ITR774(Bom)
..... d.r. dhanuka j.1. this reference is made by the income-tax appellate tribunal, bombay bench 'b' bombay, under section 256(2) of the income-tax act, 1961, in pursuance of an order of this court dated july 18, 1985, in income-tax application no. 599 of 1982 at the instance of the assessee. the question for our consideration is as under :'whether, on the facts and ..... film and was thus a part of the capital outlay. the matter was carried in second appeal by the department before the income-tax appellate tribunal. on this aspect, the income-tax appellate tribunal held that the order of the commissioner of income-tax (appeals) was erroneous. the tribunal set aside the order of the commissioner and held that the receipt of the said subsidy in ..... dealt with the question as to whether the receipt of such subsidy would constitute a revenue receipt or capital receipt in the hands of the recipient for the purpose of income-tax. it was observed by the board in the said circular that the scheme under consideration was framed by the government for the growth of industries and not for supplementing the ..... the assessee from the government of maharashtra constituted a revenue receipt and was, therefore, taxable. being aggrieved by the said order, the assessee filed an appeal before the commissioner of income-tax (appeals)- ii, bombay. by this well-considered order dated january 25, 1980, the commissioner held that the said amount was not taxable. during the course of his order, the commissioner .....Tag this Judgment!
Court : Delhi
Decided on : Aug-28-1990
Reported in : 189ITR62(Delhi)
..... briefly stated, the facts are that the premises of one shri r. k. aggarwal were searched pursuant to an authorisation issued under section 132 of the income-tax act. simultaneously a search was also conducted in the premises of his business concerns. at that time, it transpired that there were pay orders dated april ..... . aggarwal and the pay orders of rs. 50,40,000 included the aforesaid amount of rs. 49,03,000. the commissioner of income-tax, delhi ix, and the commissioner of income-tax, delhi x, by two separate orders, accepted the contention of the petitioners and vacated the restraint order. the money, however, was ..... which was paid in january was still available for being put to use in april, 1989. there is no investigation done by the commissioners of income-tax nor have they referred to this aspect. 6. in the instant case, a regular assessment has taken place. an assessment order has been passed ..... not refunded to the petitioners and subsequently, on march 1, 1990, the impugned order was passed by the commissioner of income-tax, delhi ix, in which it has been stated that a assessment had been made in the case of surrinder kumar and the amount in question has ..... were issued by one shri surrinder kumar totaling rs. 50,40,000. these pay orders were issued to hindustan copper ltd. the deputy commissioner of income-tax passed an order under the second proviso to section 132(1) effecting a deemed seizure of these pay orders. intimation was also sent to the manager .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-17-1990
Reported in : 189ITR481(Bom)
..... t.d. sugla, j.1. this is an application under section 256(2) of the income-tax act, 1961. the department has sought to raise the following question as a question of law :'whether, on the facts and in the circumstances of the case, the tribunal was right ..... asset brought by way of capital contribution did not amount to transfer of a capital asset. the assessment was completed on that basis.3. in the subsequent assessment year, the income-tax officer took the view that the assessee's contributing his immovable property to the firm as capital amounted to transfer of a capital asset and the surplus computed was liable ..... under section 147(b) is fresh information which means information subsequent to the completion of the assessment in consequence of which the income-tax officer can reasonably form a belief that income had escaped assessment. the order of the commissioner of income-tax (appeals) could constitute such information but that is not the information recorded as a reason for reopening the assessment. the reason recorded ..... under section 148 read with section 147(b). the reopening was challenged by the assessee. reasons recorded by the income-tax officer are noted in paragraph 7 of the tribunal's appellate order. there is no reference to the order of the commissioner of income-tax (appeals) passed for the assessment year 1977-78 or to that of the tribunal for that year in .....Tag this Judgment!
Court : Mumbai
Decided on : Mar-26-1990
Reported in : (1990)92BOMLR340; 188ITR203(Bom)
..... , the petitioners, a registered partnership firm, have challenged the legality and validity of the notice dated march 21, 1984, issued under section 148 read with section 147(a) of the income-tax act. 1961. for the petitioners' assessment for the assessment year 1975-76. the assessment was originally completed under section 143(3) read with section 144b on december 30,1977. this assessment ..... escaped assessment. for the formation of that belief, you require something more than the mere fact of non-filing of return or non-disclosure of what is considered by the income-tax officer to be full particulars. indirect support for the view is available in the decisions of the supreme court in the case of ito v. lakhmani mewal das : 103itr437 ..... -------- ---------- ----------1,30,000 shares were sold at the rate of rs. 56.75 realising rs. 73,77,500 as against the cost price of rs. 4,67,842. subsequently, the income-tax officer felt that full details as to how the value of the bonus shares was computed by the assessees was not furnished at the time of the original assessment. he ..... was set aside by the commissioner of income-tax (appeals), bombay, by his order dated march 24,1979. fresh assessment was completed under section 143(3) read with section 144b on september 24, 1981. both in this and the .....Tag this Judgment!
Court : Delhi
Decided on : Feb-05-1990
Reported in : (1990)84CTR(Del)18; 184ITR121(Delhi)
..... setting aside the order or income-tax officer and directing the income-tax officer pass a fresh assessment. the view of the commissioner of income-tax officer to that the order of the income-tax officer was prejudicial to the interests of the ..... revenue as the income-tax officer had gone into the ..... order under section 263 of the income-tax act, 1961, passed by the commissioner of income-tax as a result of failure on the part of the income-tax officer to make any inquiries regarding genuineness of the alleged gifts ?' 2. there were some gifts from abroad which not taxed by the income-tax officer. the commissioner of income-tax issued notice under section 263 of the income-tax act, 1961, and passed an order .....Tag this Judgment!
Court : Kerala
Decided on : Oct-31-1990
Reported in : 196ITR755(Ker)
..... ? 3. whether, on the facts and in the circumstances of the case, rubber replantation subsidy received by the assessee is a revenue receipt under the income-tax act, 1961, for the assessment year 1979-80 ? 4. whether, on the facts and in the circumstances of the case, the assessee is entitled to claim ..... the full bench decision of this court, we hold that the rubber replantation subsidy received by the assessee is not a revenue receipt under the income-tax act, 1961, for the assessment year 1979-80. we answer question no. 3 in the affirmative, against the revenue and in favour of the assessee ..... by the assessee by way of selling rubber trees from the estate, sold for the purpose ofreplanting, did not constitute agricultural income within the meaning of section 2(1) of the income-tax act, 1961 ? 2. whether, on the facts and in the circumstances of the case, the tribunal was right in holding ..... the assessment year 1979-80, the assessee received a sum of rs. 35,899 by way of rubber replanting subsidy. the assessing authoritybrought this amount to tax. the income-tax appellate tribunal, following its earlier decision in i. t. a. nos. 593 and 594/(coch) of 1977-78, dated august 27, 1979, in ..... been found by the appellate tribunal specifically or precisely. it is true that, in paragraph 10 of the order, the appellate tribunal states that the income-tax officer has allowed in the assessment year under appeal the bonus for 1978 on payment basis. we are of the view that the appellate tribunal .....Tag this Judgment!
Court : Chennai
Decided on : Jun-14-1990
Reported in : (1990)85CTR(Mad)175; 192ITR50(Mad)
..... thanikkachalam, j. 1. in compliance with the directions under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), in t.c. nos. 433 of 1979 and 490 of 1977, the tribunal referred the following questions to this court for our opinion ..... chitralaya films, rs. 391 was claimed in respect of kaveri films and rs. 32 was claimed in respect of government of west bengal. according to the income-tax officer, these amounts also related to the discontinued business and, therefore, he refused to allow the same. on appeal, the appellate assistant commissioner confirmed the ..... as stated above, the assessee agreed to reduce the amount to rs. 21,682. this amount was written off on march 31, 1969. the income-tax officer did not allow this amount for the reason that during the previous year relevant to the assessment year under consideration, the assessee did not have ..... the colour laboratory hereunder the above discount was given. according to the income-tax officer, the colour laboratory and the printing department with plant and machinery were already sold to a firm, gemini pictures circuit private limited. therefore, ..... rebate written off in this year related to a discontinued business. on appeal, the appellate assistant commissioner confirmed the disallowance made by the income-tax officer. aggrieved, the assessee filed an appeal before the tribunal. the tribunal, on considering the facts appearing on this aspect, deleted the .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-03-1990
Reported in : 206ITR616(Bom)
..... considered as expenses incurred in connection with the company's 'business', looking to the nature of the company's activities during 1970.20. under section 28 of the income-tax act, 1961, the income chargeable to income-tax under the heading 'profits and gains of business or profession' includes the profits and gains of any business which was carried on by the assessee at any time ..... payment of commission or remuneration for realising the dividends.5. from this finding of the tribunal, the following questions have been referred to us under section 256(1) of the income-tax act, 1961, at the instance of the assessee :'1. whether, on the facts and in the circumstances of the case, there was any evidence on record for holding that the ..... deduction of expenses claimed by it as business expenditure under section 37 of the income-tax act, 1961.15. the next issue relates to deduction under section 57 of the income-tax act, 1961, on the basis that the income of the assessee-company in the form of interest and dividends is taxed as its income from other sources. the tribunal has disallowed any deduction on the expenditure incurred ..... to them with interest. it also retained its staff and establishment for certain purposes. in its assessment to income-tax for the years 1948-49 and 1949-50, the company claimed deduction of various amounts under section 10(2) (xv) of the indian income-tax act, 1922. the question was whether the company was carrying on any business in the accounting years to be .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-20-1990
Reported in : (1991)94CTR(Bom)82; 189ITR506(Bom)
..... one question of law. the question reads thus :'whether, on the facts and in the circumstances of the case, the tribunal was right in cancelling the income-tax officer's order under section 140a(3) of the income-tax act, 1961, imposing penalty of rs. 10,700 as ultra vires ?'2. the proceedings relate to the assessment year 1971-72. the tribunal held that the ..... tribunal was right in holding that the failure to pay the tax was not without reasonable cause and that the ratio of the supreme court's decision in hindusthan steel ..... . no order as to costs.notice of motion no. 345 of 1977.in income-tax reference no. 614 of 1976.t.d. sugla j.8. in a reference application filed by the department the assessee sought to raise the following question of law under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the ..... not applicable. since the tribunal was not competent to consider the vires of the act, the tribunal could not have ignored the provisions of section 140a(3), in support, shri jetley placed reliance on our high court's judgment in the case of cit v. shri udaybhan ladharam (income-tax reference no. 114 of 1976-dated january 27, 1987).4. shri mandoli, learned counsel .....Tag this Judgment!
Court : Mumbai
Decided on : Aug-03-1990
Reported in : 187ITR329(Bom)
..... t.d. sugla, j.1. by these petitions under article 226 of the constitution of india, the petitioners have challenged the jurisdiction of the income-tax officer to issue notices under section 148 read with section 147(a) of the income-tax act, 1961, dated march 26, 1987, march 22, 1988, and september 1, 1987, for assessment years 1978-79, 1979-89 and 1981-82, respectively ..... or might have escaped assessment is unwarrated in this case. accordingly, it has to be held that the income-tax officer had not acquired valide jurisdiction to reopen the assessments under section 148 of the income-tax act, 1961, for the three years involved herein. the notices are, accordingly, quashed. rule is made absoulte in terms of prayer clause (a) in each of the ..... copy of the loan acco unts and the confirmation letters were filed during the course of the orignial assessment proceedings. the petitioners had no further obligation. it was for the income-tax officer to investigate and determine whether such loans were genuine. it was admittedly not done during the orignial assessment proceedings. it cannot be held that the petitioners had failed to ..... noted by him in that red copy/dairy were bogus and that he was arranging havalas only for his clients. the said information eventually came to the notice of the income-tax officer who assessed the petitioners. on the basis aforesaid information, he formed a reason to believe that certain loans taken by the petitioners during the relevant previous years were not .....Tag this Judgment!