Court : Guwahati
Decided on : Mar-21-2001
..... has been paid by the assessee exclusively and for the purpose of business of the assessee and hence such expenditure is permissible to be considered under section 37 of the income tax act, 1961. 7. dr. ashok saraf, learned counsel appearing for the assessee submits that the issue are no more res integra. counsel has referred to the following decisions- (a) in itr ..... of settlement wholly and exclusively for the purpose of business and was, therefore, allowable as a business deduction under section 36(l)(ii) of the income tax act, 1961. (b) in itr (1997) 227 p.211 (commissioner of income tax v. d mohamed ismail,) the madras high court had held that the customary bonus paid to the employees as a matter of practice satisfied the ..... , the ex-gratia payment made by the assessee company to the labourers and staffs for the period under reference does not come within the mischief of payment of bonus act, 1965. section 37 of the income tax act, allowed deductions expenses wholly and exclusively for the purpose of the business or provision other than the expenditure prescribed in sections 30 to 36 of the ..... court was examining as to whether the payment made over and above the statutory maximum made by the employers to the labourers pursuant to an agreement under the industrial dispute act was deductible under section 37 of the income tax act, 1961 and held that such payment for the purpose of commercial expediency and business or profession is allowable under section 37 of the .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Apr-11-2001
Reported in : (2001)169CTR(MP)351; 249ITR719(MP); 2001(5)MPHT72
..... the assessee. the assessee claimed depreciation at 40 per cent. on the trucks which was allowed by the income-tax officer, but subsequently the commissioner of income-tax exercising his power under section 263 of the income-tax act came to the conclusion thatthe rate of depreciation at 40 per cent. is allowable only when the assessee was ..... that mainly the truck is used for the assessee's own business. the decision of this court in the case of income-tax commissioner v. anupchnnd and co. : 239itr466(mp) where this court considered the question as under (page 469) : 'we have to interpret the ..... this finding has not been assailed before us that the truck is used for the assessee's own business. also the finding recorded by the income-tax appellate tribunal is that the truck is mainly used for the assessee's own business and from the statement filed by the appellant it is clear ..... business of running them on hire to be 40 per cent. it isalso urged in the appeal that the decision of this court in the case of income-tax commissioner v. anupchand and co. : 239itr466(mp) is not applicable and is distinguishable on the facts. 2. on the facts it has ..... that the truck was used mainly for his own business. aggrieved by the order of the assessing officer, an appeal was preferred before the commissioner of income-tax, jabalpur, assailing the disallowance. the appeal was on the ground that the truck has been used by the appellant by giving it on hire and .....Tag this Judgment!
Court : Delhi
Decided on : Dec-21-2001
Reported in : 96(2002)DLT322; 256ITR42(Delhi)
s.b. sinha, c.j. 1. the following questions have been referred to this court for its opinion by theincome tax appellate tribunal in terms of section 256(1) of the income tax act, 1961: '1. whether on the facts and in the circumstances ofthe case, the tribunal is correct in law in holdingthat the sum of rs. 2.50 lakhs is not taxable ..... matter would have been different had,in consideration of the afore-mentioned transfer of technical know-how, the assessed wouldhave acquired equity shares in a new company. in commissioner of income-tax, bombaycity-i v. ciba of india ltd. (supra), what is know-how, has been considered by the apex courtin the following terms: 'counsel for the commissioner strongly pressed foracceptance ..... the first question was rightly answered infavor of the assessed. 9. the said decision was considered in some details by a division bench of thebombay high court in commissioner of income-tax, bombay city-i v. ralliwolf ltd. (supra). therein also, shares had been given in return for the drawings etc and confidentialtechnical information for the establishment of the factory and ..... for consideration as to whether a businessexpenditure would be a capital or revenue expenditure in jonas woodhead & sons (india)ltd. v. commissioner of income-tax : 224itr342(sc) wherein, upon consideration of empire jute co. ltd. v. cit and commissioner of income-tax,bombay city-i v. ciba of india ltd. (supra), it was held: 'it would thus appear that the courts have applieddifferent tests .....Tag this Judgment!
Court : Kerala
Decided on : Dec-21-2001
Reported in : 255ITR174(Ker)
..... referred to me to the provisions of section 132 as also sections 269a, 269b, 269c and 269f, etc., contained in chapter xxa of the income-tax act and submitted that the second respondent and his subordinates have not taken any action to find out the real undisclosed wealth of the petitioner. senior ..... . 2 to 4 pointing out the said facts, but the respondents have not taken any action against the fifth respondent under the provisions of the income-tax act.2. a counter affidavit is filed by the fifth respondent. it is stated therein that the petitioner was also having a jewellery shop by name ..... in various representations were enquired into and it was not found to be a fit case for action under section 132 of the income-tax act, 1961. it is also stated that the power to search and survey vested with the department cannot be misused simply on receipt of petition ..... his sons, sri o.k. pavithran, sri o.k. rajeevan and sri o.k. sumithran, are income-tax assessees and are filing their income-tax returns regularly, that the fifth respondent is an income-tax payer since 1983-84 onwards and the source of funds for starting the business and source of investment in ..... n. sukumaran nair, learned senior counsel appearing for the fifth respondent, submitted that the petitioner had been making representations before various authorities of the income-tax department only out of jealousy of the fifth respondent, who is none other than his first cousin. he also submits that the fifth respondent and .....Tag this Judgment!
Court : Kerala
Decided on : Oct-31-2001
Reported in : 256ITR252(Ker)
..... receipt of the appellate order of the tribunal by the commissioner of income-tax, madras, on january 17, 1994, who had ceased to have jurisdiction in the matter. under the proviso to section 256(1) of the income-tax act, the income-tax appellate tribunal does not have the power to condone delay of more ..... than 30 days in filing the reference application. therefore, the reference application filed by the commissioner of income-tax, cochin, was rejected by the tribunal by order dated ..... dated may 22, 1995, was only a mistake and the same was pointed out by the commissioner of income-tax, cochin, who wrongly conceded delay. the proviso to section 256(1) of the act does not empower the tribunal to condone the delay beyond 30 days. therefore, once the delay is beyond ..... by making addition of these two amounts as unexplained expenditure of the assessee. though an appeal was filed by the assessee before the commissioner of income-tax (appeals) the same was dismissed in so far as addition of these two amounts was concerned. in the further appeal before the tribunal, the ..... order dated may 22, 1995, either under section 254(2) of the act, or under its inherent power. on the other hand, the department's counsel contended that it was a mistake for the commissioner of income-tax, cochin, to have conceded that the date of receipt of the appellate order .....Tag this Judgment!
Court : Gujarat
Decided on : Sep-26-2001
Reported in : 254ITR625(Guj)
..... has held that the property cannot be owned by two persons, each one having independent and exclusive right over it. hence, for the purpose of secttion 9 of the indian income-tax act, 1922, the owner must be 'that person who can exercise the rights of the owner, not on behalf of the owner but in his own right'. therefore, in light of ..... , 1977. immovable properties which were part and parcel of the industrial undertaking were transferred under a duly executed registered document on february 2, 1978. in view of these facts, the income-tax officer was of the view that as the assessee was the legal owner of the property in question, till conveyance was duly registered, proportionate property ..... part of the industrial undertaking whose control and management vested with the vendee, there was no question of assessing the proportionate income from property in the hands of the assessee. the tribunal confirmed the view taken by the commissioner of income-tax (appeals) in the appeal of the revenue and, hence this reference.4. we have heard mr. akil qureshi, learned standing counsel ..... july 1, 1977 to february 2, 1978, should be assessed in the hands of the assessee. he accordingly brought to tax a sum of rs. 2,69,194 being the proportionate annual letting value for seven months.3. the commissioner of income-tax (appeals) came to the conclusion that the assessee-company was left with merely a technical or formal ownership of the .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-22-2001
Reported in : (2001)168CTR(AP)476; 249ITR391(AP)
..... detail. the claim before the tribunal was that the provisions of section 40(a)(ii) of the income-tax act, 1961 (hereinafter referred to 'the act'), are not applicable as the said expenditure is not an income-tax liability of the assessee, but that of its predecessor and, therefore, it should be allowed as ..... the circumstances of the case, the appellate tribunal is correct in law in holding; that the income-tax liability of rs. 28,413 relating to the assessee's predecessor is an allowable expenditure under the income-tax act, 1961 ?'2. the brief facts of the case are that the assessee-company succeeded to ..... not be allowed as a revenue deduction. even assuming that the same would be treated as the assessee's liability, as it is an income-tax liability, it would be treated as a personal liability and, therefore, it is not allowable as deduction. even otherwise also, if it is ..... that the tribunal was not justified in allowing a sum of rs. 28,413 as a revenue deduction. admittedly, the said amount represents the income-tax liability of the predecessor of the assessee. it is also a fact that the assessee-company took over ail the assets and liabilities of ..... a deduction. the tribunal accepted the assessee's contention, relying upon a judgment of the punjab and haryana high court in the case of dashmesh transport co. p. ltd. v. cit .....Tag this Judgment!
Court : Andhra Pradesh
Decided on : Feb-09-2001
Reported in : (2001)169CTR(AP)130; 250ITR39(AP)
..... bilal nazki, j.1. the assessee is a trust registered under section 12a of the income-tax act, 1961, as a charitable trust. the assessee filed a return of income barring the income after claiming exemption under sections 11 and 12. the return was processed under section 143(1)(a). the case was selected for scrutiny. notice under section 143(2) was issued. ..... of the resolution and certificate from the registrar of societies. the assessing officer rejected the contentions of the assessee and denied exemption under sections 11 and 12 in respect of income applied or deemed to have been applied for religious purposes. an appeal was filed challenging the order of the assessing officer. the commissioner (appeals) dismissed the appeal and upheld ..... purpose would not prevent the trust or institution from being a valid charity. this principle had been laid down by the supreme court in cit v. andhra chamber of commerce : 55itr722(sc) , then it was reiterated in cit v. bar council of maharashtra : 130itr28(sc) . considering these judgments we are of the view that the tribunal was right. therefore, ..... purposes because the words used are 'charitable or religious'.'11. income from property held for charitable or religious purposes.-(1) subject to the provisions of sections 60 - 63, the following income shall not be included in the total income of the previous year of the person in receipt of the income-(a) income derived from property held under trust wholly for charitable or religious .....Tag this Judgment!
Court : Delhi
Decided on : Aug-16-2001
Reported in : 252ITR213(Delhi)
..... . 1. pursuant to the directions given by this court, the following questions have been referred at the instance of the assessed under section 256(2) of the income-tax act, 1961 (in short 'the act'), by the income-tax appellate tribunal (in short 'the tribunal'), for the opinion of this court : '1. whether, on the facts and in the circumstances of the case, the tribunal was ..... heard learned counsel for the revenue. there has been no appearance on behalf of the assessed despite service of notice. learned counsel for the revenue submitted that the income-tax officer, the commissioner of income-tax (appeals) and the tribunal have analysed the factual position to hold that there was no goodwill. the conclusions arefactual giving rise to no question of law. the tribunal ..... the tribunal. after considering the relevant submissions, the tribunal came to hold that there was no goodwill generated and no fault was found in the action of the income-tax officer and the commissioner of income-tax (appeals) in holding that there was no goodwill. the appeal of the assessed was dismissed. a prayer for reference under section 256(1) was also rejected. however ..... that if those two amounts were considered, the net result would be a loss and hence there was no super profit earned by the firm. on the aforesaid basis, the income-tax officer negatived the claim of the assessed and subjected the difference between the book value of the assets and the sale price realised to capital gains. the matter was carried .....Tag this Judgment!
Court : Kerala
Decided on : Oct-03-2001
Reported in : (2002)172CTR(Ker)312; 252ITR735(Ker)
..... of the view that the ratio of the decision of the madhya pradesh high court as affirmed by the supreme court cannot have application.7. under section 145 of the income-tax act, the income has to be computed in accordance with either the cash or mercantile system of accounting, regularly employed by the assessee. here, going by either system, it must be held ..... p.k. balasubramanyan, j. 1. this appeal at the instance of the commissioner of income-tax, cochin, filed under section 260a of the income-tax act, 1961, was admitted by this court on the following substantial questions of law :'1. whether, on the facts and in the circumstances of the case, the tribunal is right in ..... bench of the tribunal and dismissed the appeal by the revenue. it is challenging the decision thus rendered by the tribunal that this appeal is filed by the commissioner of income-tax.5. there is no dispute about the fact that the assessee exercised an option to receive interest for the entire three-year period of the bond at the discounted rate ..... to receive the entire interest on the day the bonds were taken at a discounted rate, the tribunal is right in law in affirming the order of the commissioner of income-tax (appeals) who had directed the assessing officer to assess only a sum of rs. 32,965 ? 3. whether, on the facts and in the circumstances of the case did the .....Tag this Judgment!