|
Advanced Search Options
Case Laws
Showing 401 to 418 of 418 Records
-
1999 (4) TMI 18 - BOMBAY HIGH COURT
Business Expenditure, Deduction, Approved Gratuity Fund, Mercantile System Of Accounting ... ... ... ... ..... lant, states that the controversy in the above question is covered in favour of the assessee by the decision of this court in CIT v. Tata Hydro Electric Supply Co. Ltd. 1996 219 ITR 178. In view of the above statement and following the ratio of the above decision, the question referred to us is answered in the affirmative, i.e., in favour of the assessee and against the Revenue. Reference stands disposed of accordingly with no order as to costs. Certified copy expedited.
-
1999 (4) TMI 17 - GUJARAT HIGH COURT
Purchase Of Immovable Property By Central Government, Mortgage ... ... ... ... ..... rections issued to him in the guise of circular dated October 17, 1989, from the appropriate authority. Such direction is beyond the scope of section 269UL, which obviously has to be read in the context of the entire scheme of Chapter XX-C. We accordingly allow this petition and direct that respondent No. 3 and other registering officers of respondent No. 4 elsewhere in the State are not bound to act upon any instructions as to prohibiting registration of any document which does not fall within the definition of transfer given under section 269UA(f) and he has no jurisdiction to hold an inquiry into the real nature of the document ignoring the apparent nature of Document for the purpose of exercising his right under section 269UL. This is without prejudice to any inquiry in relation to the matters which the registering officer is otherwise entitled to make in law relating to registration or other laws regulating such enquiries. Rule is made absolute with no order as to costs.
-
1999 (4) TMI 16 - MADRAS HIGH COURT
Business Expenditure, Company, Depreciation, Investment Allowance, Actual Cost ... ... ... ... ..... ces of the case, interest paid under deferred payment schemes for the purchase of plant and machinery should be treated as part of the actual cost of assets for the purpose of allowing depreciation and investment allowance and additional depreciation? The above question has been referred to us at the instance of the Revenue. It is submitted before us by counsel that this question is similar to the one that was considered by this court in Tax Case No. 676 of 1989 (CIT v. India Pistons Ltd. 2000 242 ITR 672 (Mad)), dated November 9, 1998, in which the question was answered in favour of the Revenue and against the assessee. Following the judgment in Tax Case No. 676 of 1989 (CIT v. India Pistons Ltd. 2000 242 ITR 672 (Mad)), and for the reasons stated therein, we answer the question referred to us at the instance of the Revenue, in favour of the Revenue and against the assessee. Having regard to the equal success of the parties, the parties are directed to bear their own costs.
-
1999 (4) TMI 15 - BOMBAY HIGH COURT
Prosecution, Appeal Against Reassessment ... ... ... ... ..... tiation of the criminal proceedings under ss. 276C and 277 of the IT Act r/w ss. 193 and 196 of the IPC. The apex Court held that even though reassessment proceedings are pending, the Department is free to institute criminal proceedings. This cannot be attracted in the present case as the question is not of initiation. 6. Further judgment notice can be taken of the fact that the Courts of the Metropolitan Magistrates are flooded with work. In view of this, I pass the following order. Rule. Interim order in terms of prayer (c), Amendment to be carried out within one week. However, it is made clear that in case the appeals filed by the petitioners are dismissed, the criminal prosecutions to proceed. Further liberty to the respondents to move the Appellate Income tax Authority to hear the appeals as early as possible and expeditiously. Liberty to mention after the appeals are decided. The respondent s advocate prays for stay of this order. Stay refused. Certified copy expedited.
-
1999 (4) TMI 14 - ALLAHABAD HIGH COURT
Reference, Appeal To Appellate Tribunal ... ... ... ... ..... cts and in the circumstances of the case, the Income-tax Appellate Tribunal was legally justified in dismissing the Departmental appeal when the matter is sub judice before the High Court? In so far as question No. 1 mentioned in the application is concerned, it does not arise from the order of the Tribunal. No rule is issued on this question. The application stands disposed of.
-
1999 (4) TMI 13 - MADRAS HIGH COURT
Reference, Charitable Purposes, Charitable Trust, Question Of Law ... ... ... ... ..... w in holding that the entire income of the trust has hot been utilised for education activities and as such, the income from Kindergarten school and the ladies hostel is not exempt ? 3. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the income from the ladies hostel as it is not entitled for exemption as it is not a charitable object and involves an activity for profit ? 4. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in rendering such a finding without adverting to the evidence and findings recorded by the Commissioner of Income-tax (Appeals) ? 5. Whether, on the facts and in the circumstances of the case, the Tribunal is right in law in holding that the rectification made to the objects of the trust cannot have any retrospective operation ? The Tribunal is directed to submit a statement of case together with material as is relevant for the purpose of deciding the questions.
-
1999 (4) TMI 12 - GUJARAT HIGH COURT
Business Expenditure, Gratuity, Advertisement Expenditure ... ... ... ... ..... e test of advertisement or publicity. The function the items perform have to be taken into consideration. It cannot be said that the functional use of these items could be divorced from the element of publicity or an advertisement can be added therein. Having given our anxious and thoughtful consideration, we are of the opinion that on consideration of material whether a particular item is aimed to attract the consumer or is merely an aid to selling is a question of fact and does not give rise to a question of law. The Tribunal has definitely come to the conclusion that expenses on these items are primarily aimed to attract the consumer and is part of publicity expenditure. This conclusion is a conclusion of fact and does not give rise to any question of law. As the answer to question No. 2 depends on the conclusion of fact reached by the Tribunal we decline to answer this question, as in our opinion, it is not a question of law. The reference accordingly stands disposed of.
-
1999 (4) TMI 11 - GUJARAT HIGH COURT
Interest on Refund, Advance Tax, Interest Payable By Government ... ... ... ... ..... make the answer any the less self evident, unless the same requires a process of weighing pros and cons of evaluating different possible views. As we have come to the conclusion that the mistake in the computation of refund amount by first adjusting advance tax and thereafter adjusting tax deducted at source is apparent on the face of the record and contrary to the clear provisions of the Act on which two opinions are not possible, no further question suggested by learned counsel for the Revenue would arise for consideration, viz., whether any sum is payable by way of interest on account of refund becoming due because of the excess payment of tax deducted at source as the same will be academic in the present case. We are, therefore, of the opinion in the facts and circumstances of the present case, the answer being self-evident, the order declining to make reference cannot be said to be erroneous. We, therefore, decline to grant this application. The application is rejected.
-
1999 (4) TMI 10 - ALLAHABAD HIGH COURT
... ...
... ... ..... not a bar for reopening of the assessment under section 147(a) for voluntarily disclosed income which is made before the authority concerned, the said scheme is not a bar to issue notice under section 148 if the disclosure made was not total. If only part of the disclosure is made, in that event, the Income-tax Officer/authorities are entitled to issue notice under section 148 of the Act for making reassessment under section 147. In the facts and circumstances of the present case, it appears that the assessee had not disclosed fully and truly the entire escaped income and had made voluntary disclosure of part of the escaped income. In that view of the matter, we are of the opinion that the authorities concerned were very much entitled to apply the provisions of section 147 or 148 of the Act and make reassessment of the actual escaped income. As such both the questions referred to us are answered in the affirmative, i.e., in favour of the Department and against the assessee.
-
1999 (4) TMI 9 - PUNJAB AND HARYANA HIGH COURT
... ...
... ... ..... e a question of law. Learned counsel has also referred to certain decisions, viz., Hari Chand Virender Paul v. CIT 1983 140 ITR 148 (P and H) CIT v. Sarvodaya Furnishers and Electricals Pvt. Ltd. 1994 210 ITR 255 (All) CIT v. Smt. Usha Jain 1990 182 ITR 437 (Delhi) and Mehta Parikh and Co. v. CIT 1956 30 ITR 181 (SC). There is no quarrel with the proposition enunciated in these cases. However, so far as the present case is concerned, the assessee had initially produced the affidavits of four persons who had advanced loans but thereafter these persons had appeared before the authority. Their statements were recorded. They were duly questioned. It is only after perusing the evidence recorded by the appropriate authority that the Tribunal has taken the impugned view. The credits as claimed by the assessee were allowed. The decision of the Tribunal is based on a pure appreciation of evidence. We are satisfied that no question of law arises. Resultantly, the petition is dismissed.
-
1999 (4) TMI 8 - GUJARAT HIGH COURT
Undisclosed Income - "Whether the Appellate Tribunal is right in law and on facts in holding that only the net profit rate can be applied in respect of admitted sales of goods outside the books of account?" - unless there is a finding to the effect that investment by way of incurring the cost in acquiring the goods which have been sold has been made by the assessee and that has also not been disclosed. In the absence of such finding of fact the question whether the entire sum of undisclosed sale proceeds can be treated as income of the relevant assessment year answers by itself in the negative. The record goes to show that there is no finding nor any material has been referred about the suppression of investment in acquiring the goods which have been found subject of undisclosed sales. - We are, therefore, of the opinion that no question of law which requires to be referred to this court arises out of the Tribunal's appellate order. The order of the Tribunal under section 256(1) is not erroneous in reaching such conclusion.
-
1999 (4) TMI 7 - SC ORDER
Assessee had deposited money to open a letter of credit for the purchase of the machinery required for setting up its plant in terms of the assessee's agreement with the supplier - interest earned on that money - held that interest was a capital receipt
-
1999 (4) TMI 6 - SC ORDER
Salaries and allowances paid by the Italian concern to its technicians deputed to work with FCI Ltd. - claim for exemption u/s 10(14) - Tribunal and the High Court have held that this daily allowance was exempt from tax under s 10(14) of the Act and it appears to us that it cannot be argued to the contrary
-
1999 (4) TMI 5 - SUPREME COURT
Book Profits - Held that term "loss" as appearing in section 205(1), first proviso, clause (b), of the Companies Act, 1956, read with section 115J of the Income-tax Act, 1961, means "including depreciation" - held that the word "loss" signifies the amount arrived at after taking into account the amount of depreciation and it has to be so read and understood in the context of section 115J of the Income-tax Act, 1961.
-
1999 (4) TMI 4 - SUPREME COURT
Assessee the owner of two cement factories situated in Pakistan, by an agreement in writing dated July 24, 1962, agreed to sell and transfer to one M its properties and assets in Pakistan represented in the two cement factories - Whether the Tribunal was right in holding that the profit arising from the working of the two cement factories situated in Pakistan for the year October 1, 1962, to September 30, 1963, was taxable in the hands of the applicant-company - Held, no
-
1999 (4) TMI 3 - SUPREME COURT
Orissa State Warehousing Corporation being the assessee herein received a sum of ₹ 1,74,383 as interest on fixed deposits - interest received by the assessee from the banks on fixed deposits was not exempt under section 10(29)
-
1999 (4) TMI 2 - SUPREME COURT
Assessee manufactures an animal feed known as "AUROFAC" wherein rice husk is mainly used as raw material. The deductions claimed by the assessee were in respect of the expenditure incurred by it in disseminating literature, pamphlets, etc., containing information on modern techniques and methods of agriculture designed for increasing the yield of rice amongst the cultivators and farmers who grow rice - held that assessee-company was entitled to weighted deduction under section 35-C.
-
1999 (4) TMI 1 - SUPREME COURT
Assessee-firm is engaged in processing prawns and other sea food, which it exported - It also earned some import entitlements granted by the Central Government under an Export Promotion Scheme. The assessee was entitled to use the import entitlements itself or sell the same to others - Held that the receipt from the sale of import entitlements could not be included in the income of the assessee for the purpose of computing the relief under section 80HH
....
|
