Court : Allahabad
Decided on : Aug-27-2004
Reported in : (2006)203CTR(All)267; 274ITR553(All)
..... that the fact that the assessee is maintaining his accounts on cash basis and has not received the interest is not relevant. the analogy of the income-tax act cannot be extended to the wealth-tax act, because the wealth-tax act by means of section 2(m) read with section 2(e) defines what constitutes 'net wealth' and an 'asset'. the indicia of ownership is enough ..... laid down by the apex court in the case of a. krishnaswami mudaliar : 53itr122(sc) stands modified as a result of insertion of rule 9b as the wealth-tax act and the income-tax act are cognate enactments.6. we have heard sri shambhu chopra, learned standing counsel appearing for the revenue and sri p. k. jain, learned counsel appearing for the respondents.7 ..... item of expenditure is 100 per cent, allowable under the income-tax act while computing the income it does not automatically mean that such item ceases to be an asset or has no value. it will still remain an asset and will have some market value ..... that there is no right to compensation in the erstwhile holder and it constitutes an 'asset' within the meaning of section 2(e) of the act.12. it may be mentioned here that under the income-tax act various incentives, deductions and expenditures are allowed in order to encourage a particular industry or to safeguard interest of a class of persons. merely because an .....Tag this Judgment!
Court : Allahabad
Decided on : Nov-23-2004
Reported in : 278ITR354(All)
..... tribunal, allahabad has referred the following questions of law under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the opinion of this court :'1. whether, on the facts and in the circumstances of the case the tribunal was legally correct in reviewing its own finding recorded in ..... the tribunal to rs. 55,250. while doing so the unexplained investment in the business was taken by the tribunal at rs. 38,000. the income-tax officer initiated proceedings under section 271(1)(c) of the act and imposed penalty of rs. 42,500. the penalty was imposed on the ground of unexplained investment of rs. 38,000 and investment in the ..... assessment year in question in respect of penalty imposed under section 271(1)(c) of the act. the respondent is a money-lender and he derived income from the pawning business. the income-tax department conducted a search on december 10, 1974. the respondent filed a return of income declaring an income of rs. 7,500 which was subsequently revised on march 25, 1976, disclosing an ..... money-lending business of rs. 4,500. the penalty was also confirmed by the commissioner of income-tax (appeals). in further appeal the tribunal has deleted the amount .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Nov-01-2004
Reported in : 275ITR280(MP)
..... the tribunal has exercised its second appellate jurisdiction as also reference jurisdiction under section 256(1) of the act.9. the jurisdiction of the high court under section 256(1) of the income-tax act is well defined by a series of judicial authorities rendered by the supreme court and the high courts. ..... 256(1) of the income-tax act, 1961 at the instance of the revenue (commissioner of income-tax) by the tribunal (the itat) by sending a statement of case in ra. no. 101/ind./95, dated january 31, 2000 which arises out of an order dated january 23, 1990, passed by the income-tax appellate tribunal in i. ..... the order itself which is made a part of the statement of case.7. that apart, even the order of the assessing officer, commissioner of income-tax (appeals) and the tribunal passed in first and second appeal (annexures a to d) enclosed as part of the statement do not refer much less ..... of law said to arise out of the order, dated january 23, 1990 :'whether on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that the amount of rs. 4,48,819 received by the assessee as subsidy was receipt of capital nature?'2. ..... the rules framed for this purpose under the act and also keeping in view the observations made by this court supra. the tribunal will also ensure that all relevant documents which are referred to in the orders of the assessing officer, the commissioner of income-tax (appeals) and the tribunal including those unreported .....Tag this Judgment!
Court : Madhya Pradesh
Decided on : Nov-02-2004
Reported in : 276ITR664(MP)
..... they relate to the same assessee.2. this is an appeal filed under section 260a of the income-tax act, 1961, by the revenue (commissioner of income-tax) against a common order dated february 24, 1999, passed by the income-tax appellate tribunal in i. t. a. nos. 301/ind./94, 624, 625, 916 and ..... in the circumstances of the case and in law the income-tax appellate tribunal was justified in holding that the deduction under section 80i is allowable on the gross total income unreduced therefrom the deduction allowed under section 80hh of the income-tax act even though the decision of the hon'ble madhya pradesh high ..... court in the case of j.p. tobacco products (p.) ltd. v. cit : 229itr123(mp) deciding the issue ..... based on the peculiar facts of the case. the assessing officer bifurcated the claim of depreciation in two units. however, the commissioner of income-tax (appeals) and the tribunal accepted the factual version of the assessee on the question as to how and in what way they used the ..... substantial questions of law by this court :'1. whether, on the facts and in the circumstances of the case and in law the income-tax appellate tribunal was justified in holding that no proportionate deduction on account of depreciation expenses of vehicles, ginning charges received from others and interest .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Apr-16-2004
Reported in : AIR2004SC2345; (2004)188CTR(SC)289; 267ITR1(SC); JT2004(1)SC132; 2004(4)SCALE774; (2004)4SCC597
..... any moneys or other assets which have not been or which ought to be disclosed by the transferee for the purposes of the indian income-tax act, 1922 (11 of 1922), or this act or the wealth-tax act, 1957 (27 of 1957), the competent authority may, subject to the provisions of this chapter, initiate proceedings for the acquisition of such property under this chapter;provided ..... and order dated 21.7.1999 of the high court of punjab & haryana by which the appeal preferred by the appellant under section 269h of income tax act, 1961 against the order dated 16.8.1992 of the income tax appellate tribunal, chandigarh, was dismissed. 2. the respondent m/s pearl mechanical engineering & foundry works (p) ltd., ludhiana executed a sale deed of plot no ..... the fair market value of the property at rs.18,31,000/-. proceedings for acquisition of the property were then initiated in accordance with chapter xxa of income tax act, 1961 (hereinafter referred to as 'the act') and notice under section 269d(1) of the act was published in the official gazette on 15.11.1980. the notices issued under section 269d(2) of the ..... 269d(2) had been served prior to the publication of the notice in the official gazette. feeling aggrieved by the order of tribunal the commissioner of income tax, preferred an appeal under section 269h of the act but the same was dismissed by the high court on 21.7.1999. the high court has held that by the publication of the notice in .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Nov-23-2004
Reported in : (2004)192CTR(SC)481; 271ITR322(SC); 2004(9)SCALE647; (2005)1SCC289
..... been drawn between mineral fuels, mineral oils and mineral products. however a classification which is relevant for the purpose of determination of rate of duty cannot be imported into the income tax act which makes no such distinction.20. consequently, even if the concession of the appellant before the high court is ignored, the benefit of section 80 hhc cannot be granted to ..... , the export of cut and polished diamonds and gem stones will not amount to export of 'minerals and ores' and hence will qualify for relief under section 80hhc of the income-tax act, 1961'.[source: circular letter f.no. 178/2g6/83-it (a-i) dated 22 nd may, 1984.]17. it is clear from the language used that the cbdt gave its ..... that the export of cut and polished diamonds and gems would not amount to export of minerals and ores and hence would qualify for relief under section 80-hhc of income tax act 1961. it is further submitted that in 1991 the position was clarified by an amendment to section 80-hhc. the amended section in so far as it is relevant reads ..... .1. the appellant exports granite. according to the appellant the granite is cut and polished before export. the appellant claims deduction under section 80-hhc of the income tax act 1961 (hereinafter referred as 'the act') in respect of profits from its export business.2. the assessment year in question is 1987-1988. section 80-hhc as it then stood read as follows:80hhc .....Tag this Judgment!
Court : Supreme Court of India
Decided on : Feb-04-2004
Reported in : AIR2004SC1619; 2004(2)ALD108(SC); 2004(5)ALLMR(SC)386; 2004(2)AWC998(SC); (SCSuppl)2004(2)CHN184; 2004(1)CTC619; [2004(2)JCR98(SC)]; JT2004(2)SC114; 2004(4)KarLJ355; 2004(2
..... question had arisen before this court while hearing an appeal arising out of order passed by punjab high court on a reference made under section 66(1) of the indian income tax act, 1922. in that case, one adishwar lal was treasurer of a bank who had two sons and they were members of hindu undivided family. one of his sons, namely, sheel ..... as the emoluments could not be said to have been earned without detriment to the family property, the same could be taxed as income in the hands of hindu undivided family. the decision of the assessing authority was upheld by the income-tax appellate tribunal as well as the high court on a reference. on appeal being preferred before this court, the decision was ..... year 1950-51, he received from the bank a sum of rs. 23,286/- as a treasurer. the income-tax authorities considered that this sum was not the individual income of sheel chandra as salary but was part of income of the hindu undivided family and taxed it as such on account of the fact that he was appointed as a treasurer because his father ..... family property in the said case, as the act of furnishing security was not found to be detrimental to the family property, the court held that the income received by sheel chandra was not income of the hindu undivided family but was his individual income.9. on the case of v.d. dhanwatey v. the commissioner of income tax, m.p. nagpur : 68itr365(sc) , a .....Tag this Judgment!
Court : Delhi
Decided on : Feb-17-2004
Reported in : (2004)189CTR(Del)173; 110(2004)DLT74; 2004(73)DRJ206
..... their lordships have held while interpreting section 147 as it stood in the assessment year 1963-64:'an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income tax act, 1961, only if on the basis of specific reliable and relevant information coming to his possession subsequently ..... opinion, which did not provide jurisdiction to the assessing officer to initiate proceedings under section 147 of the income tax act. the court pointed out as under:-'the power of reopen an assessment was conferred by the legislature not with the intention to enable the ..... change of opinion or the drawing of a different inference from the same facts as were earlier available but acting on fresh information. since the belief is that of the income tax officer, the sufficiency of reasons for forming the belief is not for the court to judge but it is ..... learned counsel for the petitioner also relied upon the decision in the case of oil and natural gas corporation ltd. v. deputy commissioner of income tax and others reported as and submitted that there was no failure on the part of the assessed to disclose material facts necessary for assessment. ..... . the division bench pointed out that the power to reopen an assessment was conferred by the legislature not with the intention to enable the income tax officer to reopen the final decision made against the revenue in respect of questions that directly arose for decision in earlier proceedings. if that .....Tag this Judgment!
Court : Delhi
Decided on : Sep-14-2004
Reported in : (2004)192CTR(Del)414; 114(2004)DLT227; 2004(77)DRJ196; 274ITR168(Delhi)
..... -b may be allowed to the assessed in respect of the sum of rs.6,99,489/- incurred under the head export consultancy charges?' 2. section 35-b of the income-tax act, 1961 relates to export markets development allowances and by virtue of the provisions of this section, inter alia, any expenditure referred to in clause (b) of section 35-b(1 ..... eligible activities for the promotion of the sale outside india of such goods, services or facilities are to be prescribed. they are so prescribed by rule 6-aa of the income tax rules, 1962 which, to the extent relevant, reads as under:'6aa. for the purposes of sub-clause (ix) of clause (b) of sub-section (1) of section 35b, other activities .....Tag this Judgment!
Court : Delhi
Decided on : Oct-05-2004
Reported in : (2004)192CTR(Del)607; 272ITR75(Delhi)
..... is required to detect concealment'. it is further said 'keeping in view the above observations and preliminary examination of the seized record, proceedings under section 158bd of the income-tax act are hereby initiated against the assesseds company, to carry out detailed investigation'.9. the satisfaction is required to be preceded by the investigation and not that the investigation is ..... not been scrutinized in the last five years. keeping in view the above observations and preliminary examination of the seized record, proceedings under section 158bd of the income-tax act are hereby initiated against the assesseds company, to carry out detailed investigation.' 8. before us, the appreciation report prepared by the search party under section 132 of the ..... these petitions are preferred by different assesseds questioning the issuance of notices by the assessing officer under section 158bd of the income-tax act, 1961 (hereinafter referred to as 'the act'). it transpires that in accordance with the provisions contained in the act, namely, under section 131, the search and seizure operation was carried out in respect of m/s bharat lottery agency ..... 158bd was, thereforee, called for.'10. a similar view is taken in a subsequent decision in the case of priya blue industries p. ltd. v. joint commissioner of income-tax : 251itr615(guj) which has followed the decision which we have discussed hereinabove.11. in the present case, there is nothing to indicate that the assessing officer could .....Tag this Judgment!