Court : Income Tax Appellate Tribunal ITAT IT
Decided on : Mar-25-1992
..... rate of interest and terms of payment would differ, from person to person and transaction to transaction. in the case of certain transactions where the applicant merely acted as a mediator in linking the borrower and the lender, the applicant earned some brokerage as a one time payment. however, in certain other transactions where the borrower and the lender transacted through .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Jun-15-1992
Reported in : (1992)42ITD415(Mad.)
1. these three departmental appeals and the cross-objection by the assessee were heard together and are disposed of by a common order.2. the assessee is a co-operative society. it is engaged in the business of printingbooks, registers and forms, which are used by municipalities and town panchayats. at the time of the hearing the assessee had produced before us a compilation containing the price lists (as on 1-6-1991) of the books, registers and forms printed by it as well as model printed forms. from the above compilation it is clear that the assessee was printing- - books, such as service books, bill books, measurement books, order books, cash books and the like; - registers, such as revision petition registers, registers of appeals, professional tax demand registers, water meter reading registers, mutation registers and the like; - licence books, such as vehicle licence books licence for elephants, camel, asses, dogs and the like; and - forms, such as property tax assessment list, establishment bills, forms for ta bills, bills for contingent charges, dcb statement, annual account, budget estimate etc.obviously the policy of the state government in this regard was that municipalities, town panchayats and such like establishments must place their indents for books, registers and forms on the assessee-society.the price lists referred to above, besides indicating the rates at which the various items could be obtained, indicate the packing and forwarding charges, sales-tax and .....Tag this Judgment!
Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Jul-14-1992
Reported in : (1993)46ITD230(Mum.)
1. this appeal by the assessee is directed against the order of the cit(a)-xv, bombay and relates to the assessment year 1981-82.2. the solitary ground taken in this appeal projects the following grievance: on the facts and in the circumstances of the case the cit (a) erred in confirming the addition of rs. 2,07,000 made by the ito by way of long-term capital gains. the cit (a) erred in not accepting the appellant's claim for exemption under secton 54 of the act. the cit (a) should have held that the appellant was not liable for any payment or long-term capital gain after giving exemption to the appellant under secton 54 of the act.3. the assessee is an individual. her accounting year corresponding to the relevant assessment year ended on 30-4-1980. on 30-1-1980, the assessee entered into an agreement to sell 3/4th share of property situated at bharatiya friends housing co-op. society for a consideration of rs. 2,62,500. the capital gains arising out of the sale of the said property claimed to be exempt under secton 54 of the income-tax act, 1961 (hereinafter called the act). the assessee stated to have acquired another flat during the year. this flat bearing no.132 in maker towers was occupied on 10-12-1979. the agreement for purchase of this flat was entered into on 12-3-1974. the purchase consideration was paid under the instalment scheme agreed upon with the builder. all the instalments were paid before occupation of the flat in december 1979.4. the assessing officer .....Tag this Judgment!