|
Advanced Search Options
Case Laws
Showing 21 to 40 of 64 Records
-
1977 (5) TMI 66 - HIGH COURT OF DELHI
Oppression and Mismanagement ... ... ... ... ..... he arbitration by such a member on the grounds that the proposed arbitrator is interested in any of the parties or is hostile to the member, who complains of it, or is otherwise interested in the subject-matter of the dispute. If any party to the dispute expresses a desire in writing that the matter in dispute be referred to the arbitration of a person, other than a member of the company, the executive committee shall refer the dispute to any member of the panel which is hereinafter being constituted. For the purpose of directions made above I would constitute a panel composed of 1.Mr. Purushottam Sarup, Advocate. 2.Mr. Harbans Singh Mac, Advocate. 3.Mr. Mehr Singh Chadha, Advocate. 4.Mr. Radha Krishen Mehra, Advocate. The terms of payment of remuneration to the members of the panel would be as may be determined from time to time by the President of the executive committee of the company in consultation with the member concerned. The application is disposed of in these terms.
-
1977 (5) TMI 49 - CEGAT, MUMBAI
Demand and Penalty - Interpretation of statute ... ... ... ... ..... mption from payment of duty by reason of Rule 14A. (See Tribunal decision 1988 (35) E.L.T. 597 - Siraj Sons v. C.C.E.). The contentions raised in this behalf are, therefore, unacceptable. 5. emsp For the same reasons as above, the duty demand has to be in terms of Rule 9A(3) on the whole of the disputed quantity as demanded by the Collector. 6. emsp We also do not see any force in the other contention of the appellants that penalty imposed on them under Rule 14A is bad in law as the Rule has not been invoked in the show cause notice. This is because the show cause notice brings out in clear terms the crux of the charge against the appellants of a pre-planned diversion of goods after clearance duty free under the garb of clearances for export. As already noted above, the Board of Directors of the appellants was also fully aware of the implications of their action under the Central Excise Rules. 7. emsp In the result, we uphold the Collector rsquo s order and reject the appeal.
-
1977 (5) TMI 48 - ITAT MADRAS-B
... ...
... ... ..... hna Menon levi was during the material time donations were made, a disciple which is not the position of the deponent in the present case. There is no material to show that any of the other donors had even any such connection. The use of the word help at the end of the affidavit does not lead to inference in the absence of other material that the object was to augment the income of the assessee for past services. Viewed in the light of all the circumstances it does not concept of the payment being a pure donation. The receipt in question, in our view, clearly exempt from tax being casual and non-recurring. 21. Taking into consideration all the facts and circumstances of the case and for the reasons and discussions stated above, we are of he opinion that AAC was justified in holding that the receipt of Rs. 30,000 by the assessee was not taxable at his hands. In that view of the matter, we sustain the findings of the AAC. 22. In the result, the Departmental appeal is dismissed.
-
1977 (5) TMI 47 - ITAT MADRAS-B
... ...
... ... ..... ssment according to law under the old Act . There Lordships of the Delhi High Court held that after the expiry of the period prescribed for making an assessment had run out the Tribunal could not direct the ITO to make a fresh assessment and confer jurisdiction on him to remove the bar of limitation. A decision to the effect that a direction cannot be given by the AAC in the exercise of his powers under s. 31 which goes to the extent of conferring jurisdiction on the ITO where he is not lawfully seized of jurisdiction obtains in the Madras High Court decision in N. Naganatha Iyer vs. CIT (1966 60 ITR 647 (Mad)). 6. So, I have no hesitation in holding that at the time the CIT passed the revision order the levy of penalty having become time barred, he could not have directed the ITO to levy penalty again even the provisions of s. 129 do not help the Department. The contention of the assessee that penalty order passed on 1st Aug., 1975 is barred by limitation has to be accepted.
-
1977 (5) TMI 42 - ITAT MADRAS-A
... ...
... ... ..... ellant is a partner, is a industrial undertaking and the appellant rsquo s interest in the assets forming part of the industrial undertaking and belonging to the partnership is exempt under s. 5(1)(xxxii) of the WT Act. 8. Similar view has been taken by the Tribunal by its order in Smt. K. Thangammal vs. Third WTO, Salem (WTA No. 533/75-76), Sri P. Shanmuga Mudaliar vs. WTO, Salem (WTA No. 47/76-77) and Smt. K. Thangammal vs. Third WTO., Salem (WTA No. 317 and 318 of 1975-76) and several other cases. 9. The method of valuing the interest of the partner in the assets forming part of an industrial undertaking and belonging to the partnership firm is provided under r. 2-I of the WT Rules. We, therefore, set aside the order of the AAC and direct the WTO to work out the value of the interest of the appellant in the aforesaid firm, after allowing exemption under s. 5(1)(xxxii) of the WT Act in the manner provided under r. 2-1 of the WT Rules. 10. The appeals are treated as allowed.
-
1977 (5) TMI 41 - ITAT MADRAS-A
... ...
... ... ..... nd January 1972 they were accepted only in February 1972 and May 1972 respectively. There is also the fact that the capital invested to the assessee was only about Rs. 10,000 and that the assessee had borrowed about Rs. 2,05,000 from State Bank of India and others. It is no doubt true that about a lakh of rupees out of the borrowings had been overdrawn by the three of the partners. But it is to be noticed that interest of Rs. 4,598 has been charged on two of the partners. In any event, a payment of interest of Rs. 10,000 out of Rs. 18,759 can be considered as on borrowings which have been utilised for the purpose of business. In view of these circumstances, we think that it will be reasonable to estimate the income adopting the rate of 10 per cent and deduct therefrom the interest payment of Rs. 10,000 and also depreciation of Rs. 554 as claimed. This amounts to Rs. 1,08,000 We direct that the assessment be modified accordingly. 6. In the result, the appeal is partly allowed.
-
1977 (5) TMI 38 - ITAT INDORE
... ...
... ... ..... ceeds of the cotton, which worked out to Rs. 13,500 on an average in the two year considered by him. Hence, the contention was that taking five times of the gross sale proceeds naturally resulted in estimating a higher valuation for one land. We find that this submission of the Accountable Persons counsel is well founded and gross sale proceeds cannot form the basis when the Asstt. Controller was aiming to adopt the five times of the net receipt to be the value of land. On the other hand, the Appellate Controller and considered the sale price of the adjoining land, the figures in respect of which were placed before him. According to those figures, the value ranged from about to Rs. 1500 to Rs. 2000 per acre. In these circumstances, the value placed by the Appellate Controller at Rs. 3,000 per acre appears to be quite reasonable and cannot be considered to be low. We do not find any substance in this Departmental appeal, which is accordingly dismissed. The appeal is dismissed.
-
1977 (5) TMI 37 - ITAT INDORE
... ...
... ... ..... ered by him. Hence, the contention was that taking five times of the goods sale proceeds naturally resulted in estimating a higher valuation for one land. We find that this submission of the Accountable Person rsquo s counsel is well founded and gross sale proceeds cannot form the basis when the Asstt. Controller was aiming to adopt the five times of the net receipts to be the value of land. On the other hand, the Appellate Controller has considered the sale price of the adjoining land, the Appellate Controller had considered the sale price of the adjoining land, the figures in respect of which were placed before him. According to those figures, the value ranged from about Rs. 1,500 to Rs. 2,000 per acre. In these circumstances, the value placed by the Appellate Controller at Rs. 3,000 per acre appears to be quite reasonable and cannot be considered to be low. We do not find any substance in this Departmental appeal, which is accordingly dismissed. 3. The appeal is dismissed.
-
1977 (5) TMI 36 - ITAT HYDERABAD-B
... ...
... ... ..... Assistant it would be difficult for them to explain their own sources. All that apart considering that the business of the assessee resulted in loss of nearly Rs. 5,00,000 even according to the revenue, and that the business was closed down immediately after one year thereby the assessee on its partners had lost the benefits of carry forward of loss for the purpose of setting off in future assessments, it looks highly improbable that the assessee had introduced some bogus credits of out of its own secret income when there was absolutely no benefit arising out of such an action. The facts and circumstances of the case, therefore, entirely rule out any fraud, or gross or wilful neglect on the part of the assessee is introducing the impugned cash credits. 11. For the above reasons, we hold that there is no case for penalty under s.271(1) (c) of the Act and we accordingly cancel the penalty levied by the Inspecting Assistant Commissioner. 12. In the result, the appeal is allowed.
-
1977 (5) TMI 35 - ITAT HYDERABAD-B
... ...
... ... ..... nt. There was also an argument raised as was noticed by the Appellate Assistant Commissioner in his order that the assessee did not include the fees received from Life Insurance Corporation. This aspect is unnecessary to be considered as levy of penalty is only on the basis of addition of Rs. 9,849. There is no charge against the assessee in regard to the sum of Rs. 2,000 which is said to have been received from Life Insurance Corporation and not included in the professional income. Now doubt the assessee has also explained that the professional income returned by him did include a sum of Rs. 2,000. Be that as it may, this aspect as we have already said need not detain us as it is not the subject mater of the charge. 4. In the result, we consider that the revenue has not been able to make out a case that there was a concealment to the extent of Rs. 9,849 by the assessee for the assessment year 1969-70. In these circumstances the penalty is cancelled and the appeal it allowed.
-
1977 (5) TMI 34 - ITAT HYDERABAD-A
... ...
... ... ..... e new firm of three partners took over the business as a going concern with all assets and liabilities. The assessee could have closed the books of account on that date itself in which case there was no question of the rebate of Rs. 52,619 being brought to tax for the assessment year 1972-73. It is not necessary in law to synchronise the closure of accounts with the dissolution of the firm. Accounts might be closed as soon as the business is wound up but the firm may linger on in law for some time for realisation of assets and payment of liabilities before it is finally dissolved. Thus, taking all facts and circumstances into account, we feel that this is not a fit case where the assessee can be held to be guilty of concealment of income or furnishing of inaccurate particulars of income, and, therefore, the provisions of s. 271 (1) (c) are not attracted. We accordingly cancel the penalty levied by the Inspecting Assistant Commissioner. 7. In the result, the appeal is allowed.
-
1977 (5) TMI 33 - ITAT GAUHATI
... ...
... ... ..... sis does not complete the manufacture of the Bus, it could not still be said that it is the assessee who has manufactured the Bus. Therefore, we are not satisfied that the claim of the assessee could be allowed with reference to item No. (10) of the Fifth Schedule. However, the alternative plea of the assessee with reference to item (20) appears to be sound. Automobile ancillaries are also not defined and in common parlance must be understood to include all component parts of automobile which make up the whole. In that sense the body of the Bus manufacture by the assessee is definitely an automobile ancillary as without it the Bus will not be complete. We are, therefore, satisfied that the claim of the assessee is allowable under item (20) of the Fifth Schedule. In the circumstances, though we differ from the reasoning given by the AAC, we agree with this conclusion that the assessee was entitled to rebate claimed. We, therefore, confirm his order. 6. The appeal is dismissed.
-
1977 (5) TMI 32 - ITAT DELHI-D
... ...
... ... ..... way of the assessee, when on facts, we note that the firm was never dissolved on the minor attaining majority, but that it has been carrying on business all along. The preamble to the deed also states that they have felt the need to execute the present partnership deed on account of party No. 4 becoming major. If we thus reconcile the facts of the case with the language used in the partnership deed and the correct legal position, as obtained after the expiry of 6 months of the minor attaining majority, if would be clear that the partnership deed dated 30th Aug., 1972 is doing nothing more than formally stating the relationship amongst the partners with regard to the profit sharing rations, which had existed all along from 22nd Jan., 1972 onwards. We are, therefore, of the opinion that the registration to the firm should have been granted by the Revenue. As it has not been done, we direct that the registration be granted to the firm now. 7. In the result, the appeal succeeds.
-
1977 (5) TMI 31 - ITAT DELHI-C
... ...
... ... ..... anarayana Shetty and Sons vs. CIT (4), of the Punjab and Haryanan High Court in Dharam Pal Sat Dev vs. CIT of the Andhra Pradesh High Court in Vishaka Flour Mills (6) and of Madras High Court in Kaithari Lungi Stores vs. CIT (7). 7. We have carefully gone through the submissions made from both sides. On an appreciation of the facts of the case, we have come to the conclusion that there has been a dissolution of the old partnership on 17th Aug., 1972 on the death of Mahinder Singh and the partnership which came into being w.e.f. 18th Aug., 1972, as evidenced by the deed dt.29th Aug., 1972, was entirely new a partnership. Accordingly, we are of the view that two separate assessments have to be made for the two periods from1st April, 1972to17th Aug., 1972and from18th Aug., 1972to31st March, 1973, though both those assessments have to b made on the assessee as constituted at the time of the assessment. 8. In the result, we direct accordingly and allow the assessee rsquo s appeal.
-
1977 (5) TMI 30 - ITAT DELHI-A
... ...
... ... ..... the allegation that the assessee did not use the imported paper in the manufacture of playing cards, we have perused the detailes, given at page 6 of the paperbook which indicates the account of the paper consumed in each of the years and the balance lapsed. If that is so, we do not think there could be any scope for holding that the assessee concealed certain information from the ITO at the time or original assessment. In this view of the matter we do not think that the ITO was justified in initiating proceedings under s. 147(a) of the Act and thereby enhancing the income of the assessee. In the result we hold that the initiation of proceedings under s. 147 and 148 of the ITO was not justified as on the same set of facts two opinion could be formed and the AAC was not justified in confirming the reassessment made by the ITO. In the result the orders of both the authorities below are reversed and both the appeals filed by the assessee are allowed. 8. The appeals are allowed.
-
1977 (5) TMI 29 - ITAT DELHI
... ...
... ... ..... ales effected through Bill No. 1409 and 1410 amounting to Rs. 1,536.00 and Rs. 8,776.00 respectively total Rs. 10,312 will be treated as sales under the Local Act and will be taxed according to that Act. (iii) Sales of goods of the value of Rs. 2,300.78p. Rs. 9931.83p. and Rs. 1.452.64p., will be treated as sales under the Local Act and taxed accordingly. (iv) Sales of foot and bones will be exempt from tax. (v) The cases are remanded to the assessing authority to determine whether the meat and becon were sold in sealed containers. If it is found that they were sold in sealed containers, the orders of the authorities below taxing the said sales shall remain, confirmed, otherwise no tax shall be levied in respect of such sales. (vi) Sales amounting to Rs. 27,80,122.34p., made to Ministry of Defence are held to be sales under the Local Act and exempt from levy of sales tax. 53. In other respects, the impugned orders are confirmed. 54. Let the tax be now calculated accordingly.
-
1977 (5) TMI 28 - CUTTACK
... ...
... ... ..... t one-third of the busy period was over. It is just expected that the dealer must not have continued in the matter of suppression after the detection. His entire returned turnover for the year is Rs. 79,338. Having regard to the facts found that there was suppression in the matter of purchase to the tune of Rs. 6,000 and odd, ends of justice will be met if the turnover escaped is estimated at Rs. 20,000 which is almost 3-1/2 times of the stock found excess on the date of survey. The same be distributed proportionately between tax-free goods and taxable goods dealt in by the appellant during the year. 13. In the result, the appeal is allowed in art. The estimate made by the first appellant Court is set aside. The AO do estimate the GTO by adding Rs. 20,000 and distribute the same addition of Rs. 20,000 proportionately between tax-free and taxable groups and recalculate tax. If after recalculation, it is found that the appellant has paid excess tax, the same be refunded by him.
-
1977 (5) TMI 27 - ITAT BANGALORE
... ...
... ... ..... s satisfaction, commences penalty proceedings and refers the matter under s. 274(2) to the IAC. The AAC has been given jurisdiction to levy penalty for concealment and if the AAC finds that the concealment is high than that found by the ITO, he has jurisdiction to levy penalty himself in respect of the enhancement made. we agree with the assessee that the IAC has no jurisdiction to consider the concealed income more than Rs. 67,233 in asst. yr. 1969-70 and Rs. 70,496 in 1970-71. We would point out again that the ITO has specifically referred in the assessment orders that these are the figures of concealed income and he commenced penalty proceedings in respect of these amounts only. The penalty levied by the IAC is more or less the minimum and, in our opinion, minimum penalty would meet the ends of justice. We would, however, round of the figures and uphold the penalty for asst. yr. 1969-70 at a sum of Rs. 67,300 and for 1970-71 at Rs. 70,500. The appeals are penalty allowed.
-
1977 (5) TMI 26 - ITAT AMRITSAR
... ...
... ... ..... r. 1972-73 and 1973-74 on 17th July, 1974. For these reasons, we hold that the assessee continued to hold the belief that his wealth did not exceed the taxable limit until the completion of the assessment for the asst. yr. 1970-71. The assessee is, therefore, required to explain the delay after 21st Jan., 1974. No satisfactory explanation has been given by the assessee to explain the delay after 21st Jan., 1974 and, therefore, we hold that the default in the case of the assessee remains unexplained from 21st Jan., 1974. The onus is on the Revenue to prove that there was delay without reasonable cause on the part of the assessee right from 26th July, 1973. This onus has not been discharged by the Revenue. The assessee has rather explained the delay up to 21st Jan., 1974. 5. For the reasons, we hold that the penalty shall be recomputed for completed months of defaulting period commencing from 21st Jan., 1974 to 17th July, 1974. 6. In the result, the appeals are partly allowed.
-
1977 (5) TMI 25 - ITAT AMRITSAR
... ...
... ... ..... operty in goods did not pass to the parties concerned, they were not pass to the parties concerned, they were not debtors of the assessee and hence the question of allowing the claim as a bad debt did not survive. We are unable to accept the above reasoning for the simple reason that the Department has itself treated these two items as genuine trading transactions and subjected the same to tax in the earlier accounting period. In the relevant accounting period, the outstanding sale proceeds could not be realised by the assessee in spite of its best efforts and hence, for the reasons discussed in the foregoing paragraphs, the amount in question was rightly claimed by the assessee as a bad debt. 7. Since we have already held that the amount of Rs. 29,916 is allowable as bad debt, we do not consider it necessary to go in to the alternative plea taken by the learned counsel that the said amount is also allowable as a treading loss. 8. It the result, the appeal is partly allowed.
|
