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Judgment Search Results Home > Cases Phrase: income tax act Year: 1992 Page 1 of about 2,871 results (0.093 seconds)

Feb 11 1992 (HC)

Seth Banarsi Dass Gupta (Huf) Vs. Commissioner of Income-tax

Court : Allahabad

Decided on : Feb-11-1992

Reported in : [1993]202ITR428(All)

..... for disposal of the assessee's appeal on merits.12. in our opinion, the initiation of the proceedings for reopening the assessment under section 147(a) of the income-tax act by the income-tax officer was perfectly valid and justified. the discrepancy arising between the assessment of sri banarsi dass gupta recorded on august 4, 1962, that the full consideration of a ..... the significance of the discrepancy between the two statements. judged in the light of those facts, we have no hesitation in holding that the initiation of reassessment proceedings by the income-tax officer was legitimate and proper.14. sri bharatji agarwal, learned counsel for the applicant, attempted to demonstrate that the statement of the assessee made in 1962 was wrong and, ..... truly the material facts necessary for the assessment. the third member was clearly right.13. as mentioned earlier, the question before us is a limited one, namely, whether the income-tax officer could legitimately have reasons to believe that the assessee had failed or omitted to disclose fully and truly all the material facts necessary for the assessment year 1949-50 ..... -50.8. aggrieved by the aforesaid order, the assessee appealed to the appellate assistant commissioner. the appellate assistant commissioner allowed the appeal and came to the conclusion that the income-tax officer had no jurisdiction to reopen the assessment. he pointed out that the question whether the assessee had received the 'on money' or not had been the subject-matter .....

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Aug 12 1992 (HC)

Commissioner of Income-tax Vs. Mahendra Kumar Bansal

Court : Allahabad

Decided on : Aug-12-1992

Reported in : [1993]200ITR335(All)

1. these are three applications made by the revenue under section 256(2) of the income-tax act, 1961, requiring us to direct the income-tax appellate tribunal to draw up a statement of the case in all the matters and refer the following common questions to this court for its opinion :'1. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is correct in law in setting aside the order of the commissioner of income tax passed under section 263 holding that it was based on mere suspicion and surmises ? 2. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is legally correct in holding that the order of the income-tax officer was not erroneous and prejudicial to the interests of the revenue ? 3. whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal is legally correct in drawing a conclusionthat the commissioner of income-tax has failed to establish nexus between the stock found at the time of search and the assessment under appeal ?' 2. inasmuch as, in our opinion, all the aforesaid questions are mixed questions of law and fact, we direct the income-tax appellate tribunal, delhi bench 'b', new delhi, to draw up a statement of the case for each assessment year and refer the aforementioned questions to this court for its opinion.3. the applications are allowed. there shall be no order as to costs.

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Sep 24 1992 (HC)

Commissioner of Income Tax Vs. Bhagwati Jewels Ltd.

Court : Delhi

Decided on : Sep-24-1992

Reported in : [1993]201ITR461(Delhi)

..... reference of the following question to this court : 'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was correct in law in cancelling the order passed by the commissioner of income-tax under section 263 of the income-tax act by holding that there is nothing in the aforesaid order to show that the assessment order passed by the assessing ..... received by the company was rs. 49,70,000 by the issuance of the shares. 3. the income-tax officer accepted the revised return and, without making any addition whatsoever, made the assessment. 4. the commissioner of income-tax issued notice under section 263 of the income-tax act and, after an opportunity was given to the assessed, she came to the conclusion that the assessment order ..... passed by the income-tax officer was prejudicial to the interests of the revenue and she set aside the order and .....

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Oct 14 1992 (HC)

Manoj Dyeing Co. Vs. Commissioner of Income-tax

Court : Rajasthan

Decided on : Oct-14-1992

Reported in : 1992(3)WLC67; 1992(2)WLN110

..... tribunal has referred the following question of law under section 256(1) of the income-tax act, 1961, for the assessment year 1982-83 :'whether, on the facts and in the circumstances of the case, the development charges ..... of limited duration. the nature of the advantage in the commercial sense is in the capital field. therefore, we are of the view that the income-tax appellate tribunal was justified in coming to the conclusion that the development charges paid by the assessee is an expenditure of capital nature and is not allowable ..... and the development charges in respect of the land allotted. it is also possible that the development may be made by the intrepreneur himself. the income-tax appellate tribunal came to the conclusion that the development charges are clearly capital in nature.4. the full bench of the lahore high court in benarsidas ..... certainly acquired an advantage and an asset of enduring nature. the said expenditure was considered as capital in nature and held not admissible. the commissioner of income-tax (appeals) allowed the appeal and held it to be revenue expenditure. the matter was taken up before the tribunal and the appeal was allowed following ..... profit and loss account and rs. 1,975 has been debited under the head 'discount' which has ultimately been adjusted in the processing account. the income-tax officer came to the conclusion that the said amount is the consideration for acquisition of leasehold rights in the plot allotted to the assessee by the riico .....

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Oct 13 1992 (HC)

Commissioner of Income-tax Vs. Chandra Shekhar Pawan Kumar

Court : Rajasthan

Decided on : Oct-13-1992

Reported in : [1993]203ITR435(Raj)

..... referred the following question of law under section 256(1) of the income-tax act, 1961, arising out of the order of the tribunal dated april 10, 1986 :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified legally in upholding the decision of the appellate assistant ..... he being the only person, the firm cannot be registered as a partnership firm. in these circumstances, we are of the view that the income-tax appellate tribunal was not justified in granting registration when the genuineness of the firm was not established and one of the partners was held to ..... refusal of registration for 1968-69 was held not justified in these circumstances. in the present matter, the finding which has been recorded by the income-tax appellate tribunal was that smt. shanti devi, whose statements were recorded, had stated that she does not look after the business and is not ..... been assessed before making the assessment of the firm, then the firm has to be treated as a registered one. in these circumstances, the income-tax appellate tribunal came to the conclusion that the firm has to be treated as a registered one.4. in the aforesaid case, there were ..... was benamidar of her son, shri chandra shekhar. an appeal was preferred to the appellate assistant commissioner who agreed with the finding of the income-tax officer that the assessee has failed to prove the genuineness of the firm, but allowed the claim of registration on the ground that the assessment .....

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Jul 29 1992 (HC)

Commissioner of Income-tax Vs. Instrumentation Ltd.

Court : Rajasthan

Decided on : Jul-29-1992

Reported in : (1992)106CTR(Raj)158; [1993]201ITR117(Raj); 1992WLN(UC)429

..... e., in the case of the depreciable asset there is a provision for allowance of terminal allowance under section 32(1)(iii) of the income-tax act, 1961. however, no depreciation was claimed in respect of the assets in the earlier year obviously because the expenditure was considered to pertain to ..... it to say that this point is covered by the judgment of this court in cit v. plastic dela footwear , wherein this court has held that special deduction is allowable under section 80j of the income-tax act, 1961, for the full year although the industrial unit ran only for a portion ..... thereof. in view of the judgment of this court, we are of the view that the view taken by the income-tax appellate tribunal is in accordance with law ..... that the tribunal has proceeded on an altogether different ground, which was not before the inspecting assistant commissioner (assessment) or before the commissioner of income-tax (appeals) and it was never the claim of the assessee that the amount pertains to replacement.6. mr. ranka, appearing on behalf of ..... capital nature and now it cannot be allowed as revenue expenditure and the expenditure does not pertain to the year under dispute. the commissioner of income-tax (appeals ) held that capital expenditure cannot become admissible revenue expenditure or admissible loss subsequently when assets get destroyed. this is subject to the .....

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Jan 27 1992 (HC)

Commissioner of Income-tax Vs. Bhandara Zilla Sahakari Kharedi Vikri S ...

Court : Mumbai

Decided on : Jan-27-1992

Reported in : [1995]212ITR124(Bom)

..... state co-operative marketing federation limited ('the paddy agreement' for short). the assessee claimed exemption in respect of those commissions under section 80p(2)(e) of the income-tax act. the income-tax officer disallowed the claim on the ground that no part claim fell under section 80p(2)(e). the appellate assistant commissioner and the tribunal allowed the full deduction applying ..... this reference under section 256(1) of the income-tax act, 1961 ('the i. t. act'), at the behest of the commissioner of income-tax, nagpur : 'whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that the provisions of section 80p(2)(e) of the income-tax were applicable to the case and the assessee was ..... right in the view adopted by them. as was observed by the gujarat high court in cit v. ahmedabad maskati cloth dealers co-operative warehouses society ltd. : [1986]162itr142(guj) , while considering the analogous provision of section 80p(2)(e) of the income-tax act, 1961, the provision for exemption was intended to encourage co-operative societies to construct warehouses ..... which were likely to be useful in the development of rural economy and exemption was granted from income-tax in respect of income derived from the letting of such warehouse for the storage of fertilisers .....

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Nov 03 1992 (HC)

Commissioner of Income-tax Vs. Ideal Trading Co.

Court : Mumbai

Decided on : Nov-03-1992

Reported in : [1994]207ITR705(Bom)

..... condonation of the delay, of which it was guilty in the matter of seeking registration under section 185 of the income-tax act, 1961, for the assessment year 1973-74 ?' 2. the reference pertains to the assessment year 1973-74. the assessee is a partnership firm constituted under added of partnership dated april ..... during the previous year for grant of registration under section 185, but filed an application in form no. 11-a on august 13, 1973, along with the return of income. the income-tax officer refused to grant registration to the assessee-firm and competed the assessment proceedings on the basis that the assessee was an unregistered firm. he also refused to take notice ..... commissioner are, to say the least, hyper-technical and rigid. we wholly endorse the approach of the tribunal in the matter that the issue had to be reconsidered by the income-tax officer after giving a fresh opportunity to the assessee for hearing his explanation, if any. 4. in the result, the question referred for our opinion is answered in the affirmative ..... opinion of this court is as under : 'whether, on the facts and in the circumstances of the case, the tribunal was in law or no facts justified in directing the income-tax officer to consider the assessee firm's claim for registration afresh on the merits and according to law, after allowing it a reasonable opportunity to make an application for the .....

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Nov 09 1992 (HC)

Commissioner of Income-tax Vs. P.M. Shah

Court : Mumbai

Decided on : Nov-09-1992

Reported in : [1993]203ITR792(Bom)

..... levy of penalty under the explanation to section 271(1)(c). 6. from the above findings, the following question has been referred to us under section 256(1) of the income-tax act, 1961 : 'whether, on the facts and in the circumstances of the case and in law, the tribunal was justified in holding that the inspecting assistant commissioner was not ..... assessee a notice dated march 17, 1972, under section 274(2) read with section 271 of the income-tax act, 1961. this notice also stated as follows : 'whereas the income-tax officer, section xvi (cent.) bombay, has, under sub-section (2) of section 274 of the income-tax act, 1961, referred your case to me in connection with the penalty proceedings under clause (c) of sub ..... ,000amounting in all to rs. 2,14,510. since the minimum penalty imposable for such concealed income exceeded rs. 1,000, the income-tax officer the proceedings to the inspecting assistant commissioner under section 274(2) of the income-tax act, 1961. the notice which was given by the income-tax officer to the assessee under section 274 read with section 271 was as follows : 'whereas, ..... -68, it appears to me that you have concealed the particulars of your income or deliberately furnished inaccurate particulars of such income and whereas the penalty proceedings have to be referred to the inspecting assistant commissioner of income-tax according to sub-section (2) of section 274 of the income-tax act, 1961, you are hereby informed that the case for levy of penalty under .....

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Jan 16 1992 (HC)

Hindustan Machine Tools Ltd. Vs. Commissioner of Income-tax

Court : Karnataka

Decided on : Jan-16-1992

Reported in : (1993)109CTR(Kar)297; [1992]197ITR18(KAR); [1992]197ITR18(Karn)

..... item of machinery had been put to use and not on the number of days the concern had worked in the previous year in view of section 32 of the income-tax act, 1961, and the rules thereunder ?' 9. having regard to the manner in which the question posed to us has been framed, this judgment can give us no ..... s.p. bharucha, c.j. 1. this is a reference under section 256(1) of the income-tax act, 1961, made at the instance of the assessee. the assessment year with which we are concerned is the assessment year 1978-79. the question that we ..... that the departmental circular gave any kind of 'global allowance' on all the machinery purchased by the assessee and set up in its business. the income-tax officer, the court held, was required to apply this mind to examine which machinery owned by the assessee had been used in the extra shift. so long as ..... the allowance is in addition to the normal allowance of depreciation. (2) it can be allowed only when the assessee has claimed and proved to the satisfaction of the income-tax officer that a concern, for which the allowance is claimed, has actually worked double or triple shift, as the case may be. (3) no such extra allowance for ..... 206, where this departmental circular was referred to and it was held that the word 'concern' had been used in the circular only to show that the income-tax officer was obliged to allow extra shift depreciation allowance if the assessee made a claim therefor; except for the use of this word, the court did not find .....

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