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Showing 81 to 100 of 175 Records
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1984 (10) TMI 96 - ITAT DELHI-A
Retrenchment Compensation ... ... ... ... ..... ployees. He does not even supervise the work of other senior officers and even the clerical staff. He was to be the friend, philosopher and guide of the various machinery, equipments and vehicles in various projects. He had no administrative control in the office where he was employed. Other employees were not subordinate to him. As a matter of fact, he has no subordinate staff working under him. 10. Looking to the aforesaid facts and the entirety of the circumstances, it is clear that a consultant (as the assessee was) cannot, by any stretch of imagination, be said to be engaged in any administrative or managerial work. So the assessee is a workman within the meaning of section 2(s). The finding of the AAC to the contrary is not correct. Since the assessee is a workman under the Industrial Disputes Act, compensation of Rs. 21,908.20 received by the assessee is exempt from tax under section 10(10B). 11 to 1 3. These paras are not reproduced here as they involve minor issues.
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1984 (10) TMI 95 - ITAT DELHI-A
Advance Tax, Assessment Year, Interest Payable By Assessee, Previous Year, Regular Assessment
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1984 (10) TMI 94 - ITAT COCHIN
Rules of assessee ... ... ... ... ..... hat the income of the assessee is entitled to exemption under the doctrine of mutuality. 9. Before the Commissioner (Appeals) the assessee had raised alternative contentions that in case the income is found to be assessable, certain items are to be deducted like bad debts and receipts from members under the club amenity fund. Similarly, the assessee had also contended that it is entitled to deduction under section 80L of the Act in respect of the interest income. The Commissioner (Appeals) did not consider these grounds as he accepted the main contention of the assessee that the income is totally exempt. The cross-objection is filed only by way of abundant caution so that the alternative claims of the assessee could be considered in case the appeal by the department is allowed. As the appeal by the department is being dismissed, the cross-objection has become infructuous and has only to be dismissed as such. 10. In the result, the appeal and the cross-objection are dismissed.
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1984 (10) TMI 93 - ITAT COCHIN
Business Income, Previous Year ... ... ... ... ..... ovisions in favour of the retiring partners for sharing the amount of refund of sales tax on the other. The firm was actually contesting in a litigation, the liability to sales tax and the anticipation of a refund was clearly there. Even then, no provision was made for securing the rights of the retiring partners as regards the sales tax if ever refunded. This decision does not help the revenue in the present case. Section 41(1) refers to the assessment to tax following certain allowances previously made and where there is a clear charge on the receipts. In the present case, the receipts, if at all, belonged to an earlier year when the conditions necessary for getting the subsidy were satisfied. Even for that year it cannot be held that there was a clear charge. For the year under appeal, therefore, this cannot be held taxable on the analogy of the Andhra Pradesh High Court case. 18. In the result, we hold that the subsidy received is not taxable in the hands of the assessee.
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1984 (10) TMI 92 - ITAT COCHIN
Advance Tax, Assessment Year, Interest Payable By Assessee, Previous Year, Regular Assessment
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1984 (10) TMI 91 - ITAT COCHIN
Assessment Order, Mistake Apparent From Record, Original Assessment, Purchase Price, Written Down Value
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1984 (10) TMI 90 - ITAT COCHIN
Agricultural Land, Assessment Year ... ... ... ... ..... Legislature intended to tax the stems of trees, the fruits of which are exempt under clause (viiia). In the light of this, the suggestion of the learned counsel for the assessee that the trees which are sought to be excluded from the exemption in clause (viiib) are shade trees and similar trees in an orchard or plantation, seems to be reasonable. In this context, the fact that the Legislature by a subsequent amendment specifically mentioned tea, coffee, rubber or cardamom plantation seems to be significant and relevant. 10. Thus, on a consideration of the above aspects, we are of the view that coconut trees and arecanut trees, even if they are standing in coconut gardens and arecanut gardens, cannot be said to be trees standing in a plantation. As such there is no scope for claiming that coconut and arecanut trees standing in house compounds or other compounds or on the bounds in paddy fields will constitute plantation. The appeals by the department have, therefore, to fail.
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1984 (10) TMI 89 - ITAT CHANDIGARH
Balancing Charge ... ... ... ... ..... e light of the Gujarat High Court decision in Artex Mfg. Co. s case, in which the Supreme Court decision in Mugneeram Bangur and Co. s case was followed, was rightly held to be not taxable by the Commissioner (Appeals). His action, therefore, in this regard is confirmed. 26. For substitution of value as on 1-1-1954 as well for the purpose of computation of capital gains, since the undertaking as a whole has been sold out on which no depreciation as such has been allowed and, if depreciation on certain assets has been allowed, the same are not itemised, therefore, special provisions made under section 55 shall be applicable. The assessee is entitled to substitute the value as on 1-1-1954 of the undertaking as a whole for computation of capital gains. The ITO will, therefore, after granting an opportunity to the assessee to substitute its value as on 1-1-1954, recompute the capital gains. 27. In the result, the assessee s appeal is allowed and the revenue s appeal is dismissed.
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1984 (10) TMI 88 - ITAT CALCUTTA-E
Additional Tax, Legal Representative, Penalty For Concealment, Wealth Tax Act ... ... ... ... ..... ve by Salmond on Jurisprudence (referred to above). This representative bears the person of the deceased... Inheritance is in some short a legal and fictitious continuation of the personality of the dead man... The rights which the dead man can no longer own or exercise in propria persona and the obligations which he can no longer in propria persona fulfil, he owns exercises and fulfils in the person of a living substitute . The imposition of penalty on the legal representative is, in fact, on the dead person through him and his liability to pay, it is to the extent of the estate of the deceased and no more. There is, therefore, no personal loss to the legal representative on account of determination of tax (including penalty), which would have been payable by him under this Act if he had not died , and asking him to pay it to the extent of his estate. 21. In view of what I have said above, I reverse the order of the learned Commissioner (Appeals) and restore that of the ITO.
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1984 (10) TMI 87 - ITAT CALCUTTA-C
High Court, The Contract ... ... ... ... ..... amount along with interest. The assessee itself included the interest of Rs. 1,807 as interest realised by the bank from the assessee. Therefore, there is no ambiguity in the order of the High Court. The High Court plainly awarded the principal with interest. The High Court order cannot be read otherwise. The assessee only received interest for the delayed payment and the additional amount awarded by the High Court was not in the nature of compensation. Under the above circumstances, after considering the facts, the decision of the High Court in Suit Nos. 710 and 722 of 1967, the decisions in Govinda Choudhury and Sons case and T.N.K. Govindaraju Chetty s case, the order of the Chandigarh Bench of the Tribunal in IT Appeal Nos. 929 and 933 of 1976-77 and the paper book, it is concluded that the sum of Rs. 1,52,470 received by the assessee was income from interest and it was rightly taxed by the ITO. 10 and 11. These paras are not reproduced here as they involve minor issues.
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1984 (10) TMI 86 - ITAT CALCUTTA-C
Assessment Order ... ... ... ... ..... 29. But when the effective and substantive opportunity was given by the IAC, Range III, the assessee s counsel refused to tender any evidence, etc, relating to the assessee s objections to the draft assessment order, as noted in the order of the IAC itself. From the papers before us, it is seen that the assessee has not chosen to rely on any additional evidence or material, as apparently it was satisfied with the written objections filed earlier. 25. In view of what we have discussed and dealt with in the preceding paragraphs, we are of the opinion that there was no non-compliance with the provisions of section 129 by the income-tax authority nor in respect of the provisions under section 144B. In this view of the matter, we agree with the findings of the Commissioner (Appeals) on this point that the proviso to section 129 stood complied with. This point of appeal by the assessee cannot be accepted. 26. to 34. These paras are not reproduced here as they involve minor issues.
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1984 (10) TMI 85 - ITAT CALCUTTA-B
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... ... ..... examine the statement and to see that the assessee was having sufficient allocable surplus on the basis of which the claim of the assessee could have been allowed. consequently the order of the CIT(A) on this issue is set aside and the matter is referred back to the ITO for consideration afresh after allowing an opportunity of being heard to the assessee. The assessee is directed to file a statement showing an allocable surplus before the ITO. The assessee through its cross objection has stated that the CIT(A) erred in treating Rs. 2,83,000 as revenue receipt. The finding of the CIT(A) has been maintained that the income received by the assessee was assessable as income from business. Under the above circumstances the finding of the CIT(A) on this issue is maintained. 14. In the result, the appeal for the asst. yr. 1977-78 is allowed for statistical purpose and the appeals for the asst. yrs. 1978-79 and 1979-80 are dismissed. The cross objection of the assessee is dismissed.
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1984 (10) TMI 84 - ITAT CALCUTTA-A
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... ... ..... with approval. In particular, it was held by the Calcutta High Court that the essential question is whether a commodity which, in a commercial sense, is different from the raw-material, has resulted. If so, the activity amounts to manufacture. Applying the above tests laid down by the aforesaid authorities, we hold that the activity in which the firm in question was engaged was indeed engaged in the processing of goods and so the assessee was entitled to the relief under s. 5(1) (xxxii) of the Act. We, therefore, direct that the assessee s claim be accepted. 10. However, at the time of hearing of this appeal, Shri K. Subbarao, urged before us, as an alternative argument, that in the event of the assessee s claim being accepted, it should be subject to the limit under s. 5(1A) of the Act. We agree. The relief to be given to the assessee under s. 5(1)(xxxii) of the Act should be limited to the ceiling specified in s. 5(1A) of the Act. 11. In the result, the appeal is allowed.
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1984 (10) TMI 83 - ITAT CALCUTTA-A
Computing Value, Income Tax, Quoted Equity Shares ... ... ... ... ..... sions in this regard and direct that the liability for taxation on book profit should be worked out by the WTO and should be deducted from the aggregate value of the assets in respect of the two valuation dates referred to above, namely, 31-3-1973 and 31-3-1974, and after deducting the said liability, the value of the shares should be recomputed. 10. It was conceded by the assessee s learned counsel that the aforementioned controversy does not arise in respect of the assessment years 1975-76, 1976-77 and 1977-78, because in the balance sheet for 1975-76, the liability for taxation on book profits, which had not been provided for earlier in the accounting period ended on 31-3-1973 and 31-3-1974, was provided for and that the WTO had taken that into account. In view of this the appeals for the assessment years 1975-76 to 1977-78 have no merit and are hereby dismissed, whereas the appeals for the assessment years 1973-74 and 1974-75 have merit and are, therefore, hereby allowed.
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1984 (10) TMI 82 - ITAT CALCUTTA-A
A Firm, A Partner, Industrial Undertaking, Interest In Firm, Processing Of Goods ... ... ... ... ..... n in Casino (P.) Ltd. s case with approval. In particular, it was held by the Calcutta High Court that the essential question is whether a commodity which in a commercial sense is different from the raw materials has resulted. If so, the activity amounts to manufacture. Applying the above tests laid down by the aforesaid authorities, we hold that the activity in which the firm in question was engaged was indeed engaged in the processing of goods and so the assessee was entitled to the relief under section 5(1)(xxxii). We, therefore, direct that the assessee s claim be accepted. 10. However, at the time of hearing of this appeal, Shri K. Subbarao urged before us, as an alternative argument that in the event of the assessee s claim being accepted, it should be subjected to the limit under section 5(1A). We agree, the relief to be given to the assessee under section 5(1)(xxxii) should be limited to the ceiling specified in section 5(1A). 11. In the result, the appeal is allowed.
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1984 (10) TMI 81 - ITAT CALCUTTA
A Partner, Carrying On Business, Central Excise, Minor Child, Partnership Firm, Share Income
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1984 (10) TMI 80 - ITAT BOMBAY-E
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... ... ..... a that the rules made under the WT and IT Act are directory and not mandatory. Apart from the above, that fact that nobody ever bought the distribution rights relating to the territory of Andhra Pradesh and the fact that the assessee got nothing more than Rs. 1,35,000 in respect of the territories of Tamil Nadu and Kerala have not been controverted before us. It is also true that the method of valuation of closing stock is done at the option of the assessee. If the assessee has chosen to value the closing stock at the market value, it is not open to the ITO to challenge that mode of valuation and adopt a different method without assigning adequate reasons. The principle that the true and fair view of the financial position of the business concerned should be reported at the time of closing the accounts is quite well settled. Considering all the facts and circumstances of the case, we agree with the CIT(A) and so we uphold his order. 7. In the result, the appeal is dismissed.
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1984 (10) TMI 79 - ITAT BOMBAY-E
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... ... ..... n regarding entertainment expenditure. 5. It was nest contended that only the provision of beverages would have made the expenditure an entertainment expenditure. It was submitted that beverages would normally mean alcoholic refreshments. We are unable to accept this submission either. We have quoted above Expln. 2. Expln. 2 has made it clear that provision of food or beverage in whatsoever form would amount to entertainment expenditure. We have already noted that the ambit of the Explanation is indeed very wide. It is not necessary that alcoholic refreshments should be served in order to caught under Expln. 2. 6. The third point made out is that part of the expenses had been on employees themselves. This is a new case being made out which is not found as a fact in any of the orders of the authorities below. 7. Under these circumstances, having considered all the points, we allow the Department s miscellaneous application. The order of the ITO on this point will be restored.
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1984 (10) TMI 78 - ITAT BOMBAY-E
Business Income, Initial Depreciation ... ... ... ... ..... ompany written on 12-3-1954 and that it was a distribution arrangement, which was terminated on 31-12-1972. Though there is a reference to the goodwill in these letters, the calculation and the basis for arriving at this amount of goodwill has not been disclosed. Further, the mere fact that the parties have used the term goodwill , would not be decisive of the nature of the receipt in the hands of the appellant particularly in the light of the facts brought out by these letters. On the contrary, they do establish that this amount was received only for the termination of agency of the distributorship in favour of Blue Star with effect from 31-12-1972. Therefore, this amount would squarely fall within the scope of section 28(ii)(c). 32. Looked at from any point of view, we find ourselves unable to accept the contentions of the learned counsel for the appellant. Accordingly, we confirm the orders of the authorities below on this point. 33. In the result, the appeal is dismissed.
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1984 (10) TMI 77 - ITAT BOMBAY-E
Acquisition Proceedings, Assessment Order, Assessment Year, Business Income, Business Loss, Ground Rent, In The Nature, Income From Other Sources, Investment Company, Municipal Corporation, Reference To IAC, Sale Proceeds, Time Limit For Completion
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