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Case Laws
Showing 221 to 229 of 229 Records
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1990 (4) TMI 9 - CALCUTTA HIGH COURT
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... ... ..... uestion of the Supreme Court, that question could not be decided by us. In the case of State Bank of Travancore 1986 158 ITR 102, the Supreme Court clearly pointed out that these circulars in question were executive in character and were in the nature of concessions and, as such, the same could not alter the provisions of the law. The principle of contemporaneous exposition could not be applicable on the basis of the circulars which were issued for the purpose of giving certain concessions. The Supreme Court, after considering the scope and effect of the said circulars, had laid down the law on the question of taxability of interest on sticky loans and advances by the bank and, as such, it is not open to us to take a contrary view. We are not inclined to accept the submissions made by learned counsel on behalf of the assessee. Accordingly, the question is answered in the negative and in favour of the Revenue. There will be no order as to costs. SUHAS CHANDRA SEN. J. -I agree.
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1990 (4) TMI 8 - MADRAS HIGH COURT
Companies Engaged Mainly In Manufacturing, Exemption From Additional Tax ... ... ... ... ..... luded in its gross total income was not less than fifty-one per cent. of such total income. Such a situation does not at all arise on the facts of this case, as it had been accepted before all the authorities below and also before us that the only line of business activity pursued by the assessee had been and continues to be the manufacture of tiles and the processing of clay products, and, therefore, the decision relied on by learned counsel for the Revenue cannot at all have any application in this case. Thus, on a careful consideration of the facts and the relevant statutory provisions, we uphold the conclusion of the Tribunal that the case of the assessee would fall tinder section 104(4)(a) of the Act and, therefore, no additional income-tax could at all be levied on the assessee. We, therefore, answer the common question referred to us in the negative and against the Revenue. The assessee will be entitled to the costs of these references. Counsel s fee Rs. 500 (one set).
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1990 (4) TMI 7 - ORISSA HIGH COURT
Firm, Offences And Prosecution, Partners ... ... ... ... ..... Supreme Court in Girdhari Lal Gupta 39 s case, AIR 1971 SC 2162, Sham Sunder 39 s case 1990 67 Comp Cas I and Smt. Manibai 39 s case, AIR 1974 SC 434 and the decision of the Punjab and Haryana High Court in Jasbir Singh 39 s case 1987 168 ITR 770, no criminal liability can be fixed on them. Hence, continuing the prosecution against petitioners Nos. 3 to 7, namely, Sarbasri Khageswar Behura, Babooram Sahoo, Sanjib Kumar Behura, Ramavatar Agarwala and Sanwarmal Agarwala under sections 277 and 278B of the Act would amount to an abuse of the process of the court and, therefore, the charges framed against them under sections 277 and 278B of the Act by the trial court are hereby quashed. However, the prosecution should continue against petitioner No. 1 firm and petitioner No. 2, Sri Jagabandhu Behura. In the result, while the revision petition preferred on behalf of petitioners Nos. 3 to 7 is allowed, the revision petition filed on behalf of petitioners Nos. 1 and 2 is dismissed.
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1990 (4) TMI 6 - MADRAS HIGH COURT
Sugar Industry ... ... ... ... ..... version, which is a matter to be enquired into in the proceedings. The above dispute cannot be resolved here as it is oath against oath and the writ petition cannot be dismissed on the ground that the writ petitioner has come forward with false allegations. As rightly observed by the Division Bench of this court in Padma s case 1990 185 ITR 269, cited above, the third respondent is at liberty to take such proceedings which are available under law as against the writ petitioner for rescinding the agreement to recover the loss incurred by him and other remedies before the competent civil court. Applying the ratio laid down in the Division Bench decision of this court in Padma s case 1990 185 ITR 269, I am of the view that the interim stay already granted is to be made absolute and the petition to vacate the stay is to be dismissed. Accordingly, W. M. P. No. 1920 of 1989 is allowed, while W. M. P. No. 5041 of 1989 is hereby dismissed. However, there will be no order as to costs.
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1990 (4) TMI 5 - CALCUTTA HIGH COURT
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... ... ..... as fairly stated that the Tribunal has taken a correct view of the matter on the basis of the materials before him. Accordingly, the second question has to be answered in the affirmative and in favour of the Revenue. The question that has been referred at the instance of the Revenue is now concluded by the decision of the Supreme Court in the case of Rama Bai v. CIT 1990 181 ITR 400. In view of that decision, this question has to be answered in the negative (sic) and in favour of the assessee. Accordingly, the questions are answered in the following manner Question No. 1, referred at the instance of the assessee, is answered in the negative and in favour of the assessee. Question No. 2, referred at the instance of the assessee, is answered in the affirmative and in favour of the Revenue. Question No. 1, referred at the instance of the Department, is answered in the negative (sic) and in favour of the assessee. There will be no order as to costs. SUHAS CHANDRA SEN J.-I agree.
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1990 (4) TMI 4 - CALCUTTA HIGH COURT
Non-resident, Shipping Business ... ... ... ... ..... ties on this point. The next ground is that the Commissioner of Income-tax (Appeals) erred in upholding the Income-tax Officer s order that the special rebate allowed to Government and semi-Government shippers was not deductible in computing the freight earnings for the purpose of determining the appellant s income. The Commissioner of Income-tax (Appeals) has not accepted the claim of the assessee on the ground that a special rebate like the deterred rebate is allowed only subsequent to the accrual of the freight earnings. Before us, learned counsel for the assessee has not placed any material to show/throw light on the nature of the special rebate and, on the basis of what has been stated by the Commissioner of Income-tax (Appeals) in his order, we uphold his order. We are of the View that the Tribunal has come to the correct conclusion on the facts of this case. The questions are answered in the affirmative and in favour of the Revenue. There will be no order as to costs.
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1990 (4) TMI 3 - BOMBAY HIGH COURT
Deduction U/S 80-O, Royalties From Foreign Enterprises, Writ ... ... ... ... ..... e word any to my mind, therefore, means any and every assessment year covered by section 80HHB for the purpose of granting relief to the assessees covered by that section. Coming back to the impugned order/letter of the Board, though the approval of the agreement is refused ostensibly on the ground that the services envisaged under the agreement are of the type covered by section 80HHB, it is not safe to assume that the Board had found the petitioner s services under the agreement as covered under section 80-0 in the absence of a specific finding. In the circumstances, it is considered fair and in the interest of justice that the impugned order/letter is set aside and the Board is directed to examine the petitioner s application dated August 24, 1982, in the context of the provisions of section 80-0 only. Since the matter is old, the Board is further directed to dispose of the application within six months hereof. The petition is disposed of accordingly. No order as to costs.
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1990 (4) TMI 2 - CALCUTTA HIGH COURT
Sugar Industry ... ... ... ... ..... ucture of the assesseecompany in any way. On behalf of the Revenue, it was contended that the assessee has not made any contribution under this statute but has merely created reserve in this account. This argument appears to be misconceived. The only question raised in this reference is whether the contribution made by the assessee to the Molasses Storage Reserve Fund was allowable as revenue expenditure. If the case of the Revenue is that the assessee had not made any contribution at all, then this question should have been raised before the Tribunal where the facts could have been examined. The point was neither raised before the Tribunal nor has any question on that point been referred to this court. The Revenue cannot be permitted at this stage to raise this question which is basically one of fact. In that view of the matter, the question is answered in the affirmative and in favour of the assessee. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.-I agree.
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1990 (4) TMI 1 - CALCUTTA HIGH COURT
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... ... ..... mpulsory acquisition of land will have to be treated as capital receipt. There are cases where it was held that for delayed payment of compensation, if any sum of money is paid by way of interest, such payment may be of capital nature. But this is a case of requisition of property. In the instant case, the assessee was to receive monthly compensation. The amount of monthly compensation fixed by the Land Acquisition Collector has been enhanced by the High Court. The High Court also directed payment of interest. If the principal amount that was given by way of monthly compensation is of revenue nature, the interest awarded by the High Court cannot be of a different character. There is no finding that the interest paid was by way of damages. Nothing has been shown to this court to come to a contrary decision. Under these circumstances, the question is answered in the negative and in favour of the Revenue. There will be no order as to costs. BHAGABATI PRASAD BANERJEE J.--I agree.
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