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Showing 301 to 312 of 312 Records

• 1998 (5) TMI 12 - GUJARAT HIGH COURT
  

  Net Wealth, Signature, Initials, Limitation

  
  
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  ... ... ..... ealth-tax Reference No. 43 of 1983 and question No. 4 of the other matter which have a bearing on the question of application of rule 1BB of the said Rules. The Tribunal has held that rule 1BB applied to pending assessments. The Supreme Court in a decision of CWT v. Sharvan Kumar Swarup and Sons 1994 210 ITR 886 has in the context of the said provisions of rule 1BB held that the said rule partakes of the character of a rule of evidence. The rule is procedural and not substantive and is applicable to all proceedings pending on April 1, 1979, when the rule came into force. The Supreme Court confirmed the view taken by this court in CWT v. Kasturbhai Mayabhai 1987 164 ITR 107. In this view of the matter question No. 2 of Wealth-tax Reference No. 43 of 1983 and question No. 4 of Wealth-tax Reference No. 58 of 1983 are both answered in the affirmative, against the Revenue and in favour of the assessee. Both these references stand disposed of accordingly with no order as to costs.

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• 1998 (5) TMI 11 - RAJASTHAN HIGH COURT
  

  Interest, Waiver Of Interest, Powers Of CIT

  
  
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  ... ... ..... impugned order in S. B. Civil Writ Petition No. 1186 of 1993 the merits of waiver were not considered at all, but had been dismissed because of noncompliance with certain provisions of section 273A of the Income-tax Act. In any case, if those provisions of section 273A have been complied with fully or partially, it was a fit case where the Commissioner ought to have decided the matter on the merits. For the abovesaid discussions, in my opinion, the Commissioner has not exercised his jurisdiction rightly. I quash the impugned orders in both the writ petitions, i.e., order dated November 25, 1992, in Writ Petition No. 1186 of 1993 and annexures 11 and 12 dated February 18, 1994, and February 25, 1994 in Writ Petition No. 3450 of 1994 with a direction that the Commissioner shall decide the waiver application afresh as if the provisions of section 273A in regard to the arrangement stood complied with because of subsequent deposit of amount by the assessee. No orders as to costs.

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• 1998 (5) TMI 10 - BOMBAY HIGH COURT
  

  Salary, Perquisite

  
  
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  ... ... ..... tax on the amount spent by him for medical treatment. It is contended that an employee who suffers because of natural calamity is further penalised by the said proviso and, therefore, should be struck down. Considering the aforesaid submissions and the sufferings of the employees, the Central Board of Direct Taxes (the CBDT) is directed to issue appropriate directions or clarifications under section 119 of the income-tax Act, 1961, for removing the hardship caused to the employees who are suffering genuinely. Further, the Registrar of this court is directed to send a copy of this order to the Finance Ministry for taking appropriate action and in any set of circumstances for filing necessary affidavit in reply to these petitions. It would also be open to the petitioners to send a copy of this order to the Finance Ministry. Issue notice to Attorney General of India, returnable on June 22, 1998. Stand over to June 22, 1998. Issuance of certified copy of this order Is expedited.

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• 1998 (5) TMI 9 - SC ORDER
  

  Allowability of payments by an assessee made towards Trade Mark and Goodwill - Capital or Revenue Expenditure - it is a question of law - High Court should call for a reference

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• 1998 (5) TMI 8 - SUPREME COURT
  

  Penalty - assessee had voluntarily filed the wealth-tax returns before the issuance of any notice under section 14(2) - moreover, total tax involved in all these assessment years was only about Rs. 7,000 - fit case where penalty should have been reduced to 50 per cent

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• 1998 (5) TMI 7 - SUPREME COURT
  

  Deductibility of a sum of Rs. 20 lakhs out of the assessee's profits as sum was given as advance for modernisation of its plants - business of running a cotton mill was not assessee's own, but was only operating the said mill under leave and licence agreement - impugned advance was given not for its own purpose by way of business expenditure, but as capital to the lessor - thus the loss suffered by the assessee was a capital loss and hence, the amount could not be deducted

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• 1998 (5) TMI 6 - SUPREME COURT
  

  Charitable Trust - claim for exemption u/s 80P(2)(a)(iii) in respect of profits earned by it out of the purchases made from the member societies - held that assessee is entitled to deduction

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• 1998 (5) TMI 5 - SUPREME COURT
  

  Whether, on the facts and in the circumstances of the case, the heirloom jewellery constituted 'personal effects' within the meaning of section 2(14) of the Income-tax Act, 1961, therefore, the sale thereof did not give rise to any taxable capital gains - Held, yes

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• 1998 (5) TMI 4 - SUPREME COURT
  

  Assessee had made the disclosure prior to the detection of the same by the Department and prior to the coming into force of the voluntary disclosure scheme - Inspecting Assistant Commissioner issued notices to the appellants to initiate proceedings under section 271(1)(c) - CBDT is not justified in making speaking order against assessee

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• 1998 (5) TMI 3 - SUPREME COURT
  

  Residential building purchased was used as commercial building after construction and after paying sum of RS. 36,96,516 - assessee added that amount to the cost of the building constructed by it and claimed depreciation - held that assessee is entitled to depreciation in respect of that sum which it claimed as part of the actual cost of construction of a building constructed by it for business purposes

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• 1998 (5) TMI 2 - CEGAT, NEW DELHI
  

  Service Tax – Appellant was not an active member, under impression of that he was not required to furnish a return or even to obtain registration .

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• 1998 (5) TMI 1 - COMMISSIONER APPEAL
  

  Service Tax (1) Interest on delayed payment (2) Service tax being a new concept (3) Party having a number of offices all over the country (4) Penalty not imposable

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