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Showing 81 to 100 of 194 Records
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1982 (9) TMI 115 - ITAT CHANDIGARH
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... ... ..... the assessee had filed the return late and penalty proceedings by the ITO were dropped on 26th June 1981. The explanation of the assessee for late filing of return for 1977-78 assessment year as well as the same which was ailment of most of the partners. Under the circumstances, according to us, there cannot be more sufficient cause than the one explained by the assessee. The revenue was, therefore, not justified in levying the penalty for late filing of the return for 1976-77 assessment year. 6. Before we part with the matter, we may observe that the revenue must have consistent view as far as possible and what was found to be a sufficient cause for late filing of return for 1977-78 assessment year was actually the same cause for late filing of return for 1976-77 assessment year and the same as well should have been considered and no penalty ought to have been levied for the year under consideration. 7. Since we have cancelled the penalty, the assessee s appeal is allowed.
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1982 (9) TMI 114 - ITAT CHANDIGARH
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... ... ..... mself that there being a difference in the backward areas covered in respect of Kandi Forests, even according to the principles laid down by the Tribunal, the assessee is entitled to 1.5 per cent instead of 2.5 per cent, though he did not concede as per cross-objection of the assessee be claimed that the assessee s claim should be granted in toto. The ld. departmental representative mainly relied on the order of the CIT(A) but was fair enough not to controvert the distance mentioned by the CIT(A) in para 3 of his order. 7. After taking into consideration the rival submissions and following in principle and the ratio of our own earlier decision in proceeding years, we restrict the relief to be granted to 1/5th of the total relief admissible under s. 80HH. 8. In the result, revenue s appeal for both the years 1977-78 and 1978-79 and the assessee s cross-objection for asst. yr. 1977-78 are dismissed whereas the assessee s cross-objection for asst. yr. 1978-79 is partly allowed.
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1982 (9) TMI 113 - ITAT CHANDIGARH
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... ... ..... not make a speaking order and his order is erroneous. We reverse his order. 6. Now coming to the valuation of this house, we find that for the asst. yr. 1975-76 for which the valuation date was 31st March 1975, the value was taken at Rs. 1,41,300 on the basis of VO s report. As on 31st March 1977, 31st March 1978, and 31st March 1979, the value adopted by the WTO is Rs. 1,60,000, Rs. 1,70,000 and Rs. 1,80,000. In our opinion, considering the location of the property, the city in which it is located, the prevalent prices of the real estate and the value of the property, the city in which it is located, the prevalent prices of the real estate and the value of the property earlier taken, the value on each of the valuation dates adopted by the WTO is reasonable and fair. Hence we reverse the orders of the ACCOUNT on the valuation as well, we set aside the orders of the AAC for each of the assessment years under appeal and restore in its place that of the WTO. 7. Appeals allowed.
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1982 (9) TMI 112 - ITAT CHANDIGARH
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... ... ..... interpretation of the words remission or cessation of liability. The facts of the case clearly indicate that the refunds allowed to the assessee had been challenged within the previous year relevant to the assessment year under appeal. On these facts the sums in dispute could not be added to the total income of the assessee. These are deleted. In coming to this view, we are supported by the judgment of the Punjab and Haryana High Court in case of CIT vs. Punjab Oil Mills 1975 CTR (P and H) 97 (1976) 102 ITR 332 (P and H). 16. Before we close, we would like to add that the reliance upon the judgment of this Bench in the case of Des Raj Chiranji Lal Steel Rolling Mills in ITA No. 4428 of 1980 dt.24th February 1982 by the Ld. counsel for the assessee is fully justified and in addition to the reasons that we have given above, we adopt the reasons given in the said case to allow the claim of the assessee. In view of this, s. 215 interest will not be leviable. 17. Appeal allowed.
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1982 (9) TMI 111 - ITAT CHANDIGARH
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... ... ..... tly similar set of facts. He, however, dropped the reassessment proceedings for these years for the reasons best known to him. Even otherwise on merits, there was no case for reopening of the assessments because at the time of original assessment proceedings the assessee had shown the value of the property by capitalising the net rental at Rs. 915 p.a. by ten time. When the property was let out and the assessee had applied a multiplier for capitalising the value, it was for the WTO to see whether the valuation shown by the assessee in this manner was justified or not. He failed to do so at the time of original assessment proceedings and merely because in a subsequent assessment year the V.O. gave a higher valuation, tried to reopen the assessments by using the pretext that in the insurance of the house the value was shown at a higher figure. This was not a justification for reopening the assessments. The assessment are, therefore, cancelled as bad in law. 9. Appeals allowed.
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1982 (9) TMI 110 - ITAT CHANDIGARH
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... ... ..... registration benefit to the firm upto 5th March, 1976. 6. Being consistent with the view which we have taken in the two noted cases, we direct the ITO to grant registration to the assessee firm in r o the return filed for the period 1st April, 1975 to 5th Aug., 1976, there being no dispute or agitation that the necessary formalities were not complied with. The revenue s argument is completely misplaced that the assessee s inability to comply with the provisions of s. 184(8) of the Act disentitle it to get benefit of registration for the whole year even when there was no deed executed after 5th March, 1976 to 31st March, 1976. 7. Before parting, we like to observe that our decisions both in ITA Nos. 325 and 396 have been accepted and no reference is sought. That, however, is not being made, the basis for accepting the assessee s appeal in the present case. For the very same reasons given in ITA No 532, the contentions of the assessee are accepted and its appeal is disallowed.
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1982 (9) TMI 109 - ITAT CHANDIGARH
Backward Area, Industrial Undertaking, Mining Business, Profits And Gains ... ... ... ... ..... ch rock minerals are employed, the operation being in most cases, conducted in open workings. 6. It is thus clear that extraction of slates by the assessee from the earth could not be termed as mining. The conclusion drawn by the ITO that because the assessee was extracting slates from the earth, the assessee was engaged in mining was, therefore, erroneous. In our considered view on the reasons given above, the learned Commissioner (Appeals) was fully justified in coming to the conclusion that the assessee was not engaged in mining and, therefore, there was no prohibition of allowing deduction to the assessee under section 80HH in respect of profits and gains from newly established industrial undertaking. It is not in dispute that the industrial undertaking is new and it is in the backward area. 7. The result would be that the appeal of the revenue with regard to the deduction under section 80HH allowed by the Commissioner (Appeals) is to be dismissed. 8. Ordered accordingly.
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1982 (9) TMI 108 - ITAT CHANDIGARH
Assessment Year, Minor Child, Set Off, Total Income ... ... ... ... ..... ed Commissioner, that the changes made in the income-tax law through the Finance Bill which were of minor significance were largely in the nature of clarification and rationalisation of the existing provisions. Therefore, the intent of Parliament in the introduction of Explanation 2 to section 64 was ostensibly putting at rest the controversy whether income includes loss. Since this Explanation had come on the statute book when the assessment/appeal was decided, the learned Commissioner was fully justified in coming to the conclusion that this Explanation being of clarificatory nature is applicable to the assessment year under appeal. This clearly sets the matter at rest because the statute itself under this Explanation provides that income includes a loss. When this is so, there is no reason why the loss apportioned to the wife could not be included in the hands of the husband. The order of the Commissioner (Appeals) is, therefore, upheld. 9. Appeal of the revenue dismissed.
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1982 (9) TMI 107 - ITAT CHANDIGARH
Assessment Year, Financial Year, Let Out ... ... ... ... ..... re not applicable for any of the assessment years under appeal. Insofar as this issue is concerned, the AAC did not make a speaking order and his order is erroneous. We reverse his order. 6. Now coming to the valuation of this house, we find that for the assessment year 1975-76 for which the valuation date was 31-3-1975, the value was taken at Rs. 1,41,300 on the basis of Valuation Officer s report. As on 31-3-1977, 31-3-1978 and 31-3-1979, the value adopted by the WTO is Rs. 1,60,000, Rs. 1,70,000 and Rs. 1,80,000. In our opinion, considering the location of the property, the city in which it is located, the prevalent prices of the real estate and the value of the property earlier taken, the value on each of the valuation dates adopted by the WTO is reasonable and fair. Hence, we reverse the orders of the AAC on the valuation as well. We set aside the orders of the AAC for each of the assessment years under appeal and restore in its place that of the WTO. 7. Appeals allowed.
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1982 (9) TMI 106 - ITAT CALCUTTA-D
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... ... ..... me of its formation. What is, however, pointed out by him is that the value of such assets is hardly Rs. 24,70,962 out of the total assets of the company at Rs. 1,20,76,733. The above arguments of the assessee might have had some meaning for the purpose of Explanation 2 to sub-s. (4) of s. 80J of the IT Act, 1961, but it has no relevance to the language of cl. (d) of s. 45 of the WT Act, 1957. This being an admitted position, that the assessee-company has been formed by the transfer to a new business of building, machinery and plant used in the business of M/s Grand Smithy Works, which was being previously carried on, the relief contemplated by cl. (xx) of sub-s. (1) of s. 5 would not, in our opinion, be available to the assessee-company. Accordingly, we reject the assessee s claim on this account. 11. In the result, the assessee s appeals for the asst. yrs. 1964-65 to 1967-78 are allowed in full, whereas the appeals for the asst. yrs. 1968-69 to 1974-75 are allowed in part.
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1982 (9) TMI 105 - ITAT CALCUTTA-D
Equity Shares, Income Tax Act ... ... ... ... ..... out by him is that the value of such assets is hardly Rs. 24,70,962, out of the total assets of the company at Rs. 1,20,76,733 (see page 35 of the paper book). The above arguments of the assessee might have had some meaning for the purpose of Explanation 2 to sub-section (4) of section 80J but it has no relevance to the language of clause (d) of section 45 of the Act. This being an admitted position, viz., that the assessee-company has been formed by the transfer to a new business of building, machinery and plant used in the business of Grand Smithy Works, which was being previously carried on, the relief contemplated by clause (xx) of sub-section (1) of section 5 would not, in our opinion, be available to the assessee-company. Accordingly, we reject the assessee s claim on this account. 12. In the result, the assessee s appeals for the assessment years 1964-65 to 1967-68 are allowed in full, whereas the appeals for the assessment years 1968-69 to 1974-75 are allowed in part
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1982 (9) TMI 104 - ITAT CALCUTTA-A
Advance Tax, Assessed Tax, Interest Payable By Assessee ... ... ... ... ..... ime of making regular assessment was not that of the assessee not having filed the estimate of advance tax under sub-section (3A) of section 212 nor was it one where an assessee might have paid tax in accordance with the estimate filed by him but such tax was less than 75 per cent of the assessed tax but with the one which is directly contemplated by sub-section (2) of section 218, namely, where the assessee had filed an estimate of advance tax under sub-section (3A) of section 212, but had not paid tax, accordingly, to the said estimate. The ITO had no power to charge interest under section 215 in the above circumstances and, as such, the learned Commissioner (Appeals) could not correlate the power of the ITO to charge interest for the alleged default in the present case to section 215. His order being erroneous in law cannot be supported by us and, accordingly, we reverse it and delete the interest charged from the assessee. 7. In the result, the assessee s appeal succeeds.
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1982 (9) TMI 103 - ITAT CALCUTTA-A
Intercorporate Dividends ... ... ... ... ..... d in fact have been earned in the accounting year as a result of that expenditure. Interest on moneys borrowed to purchase shares should be allowed as a deduction even if the shares have yielded no dividend in the relevant accounting year, and even if there is no income at all under the head Other sources . Similarly, interest on delayed payment of call money in respect of partly paid shares is deductible. From the commentary of the learned authors, it is clear that deduction under section 57(iii) is in respect of income which is assessable under the head Income from other sources and the income from dividend is not excluded and, therefore, if section 80AA, which had been amended retrospectively with effect from 1-4-1968, is taken into consideration, the direction given by the Commissioner (Appeals) is not correct. Consequently, the finding of the Commissioner (Appeals) is reversed and the deduction allowed by the ITO under section 80M is maintained. 9. The appeal is allowed.
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1982 (9) TMI 102 - ITAT BOMBAY-E
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... ... ..... cussions and totality of the facts and circumstances of the case, we hold that the AAC is justified in hearing the appeal of the assessee ex parte and thereby sustaining the agreed additions referred to above. Hence, we confirm his order. 9. In the result, the assessee s appeal is dismissed. .S. Viswanathan, Judicial Member - 10. I agree with the findings of my learned Brother At the time of hearing, Shri Daruwala for the assessee, submitted that the decision given by the Tribunal in this case should not be considered as a precedent by the ITO and that it should be made clear that the disallowance was being upheld only on the ground that the Representative of the assessee has agreed to such an addition. A reading of my learned Brother s order would make it abundantly clear that our decision is based only on the confession before the ITO. If the assessee has a case on facts that no such addition could be made in a subsequent year, it is open for him to prove it before the ITO.
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1982 (9) TMI 101 - ITAT BOMBAY-E
Manufacture Or Production ... ... ... ... ..... into existence a new and different article, i.e., an automobile which had its own entity. In the present case, the position is different. The component parts, i.e., pipes remain pipes even after being joined together. Thus, the authority cited by the assessee does not help the assessee. Similarly, the decision of the Tribunal in the case of ABC is of no avail to the assessee. In that case, the process of making sweet-meats from raw materials was held to be manufacture of goods. There too, the new article which came into existence had its own identity, different from its components. As stated above, this is not so in the present case. I am, therefore, of the opinion that the authorities cited on behalf of the assessee do not advance its case. 7. In view of the above discussion, I conclude that the authorities below have rightly disallowed the claim of the assessee under section 32(1)(vi). The impugned order is, accordingly, confirmed. 8. In the result, the appeal is dismissed.
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1982 (9) TMI 100 - ITAT BOMBAY-E
Capital Asset ... ... ... ... ..... ed representatives of the parties, I am inclined to agree with the learned representative of the assessee. According to the Concise Oxford Dictionary, the expression physical means bodily . Now, it can hardly be disputed that the brain is a part and parcel of a human body. In fact nervous system of a person is the moving force behind each and every activity of his body and the mal-functioning of the brain can result in paralysis and various other physical disabilities and deformities. That being so, the mental disability of a man cannot be isolated from his physical disability and as such, the mental disability reducing substantially the capacity of a man to engage in a gainful employment or occupation must be considered to be covered by section 80U. In this view of the matter, I am of the opinion that the assessee is entitled to the deduction claimed by her under this section. The claim under consideration is, accordingly, accepted. 7. In the result, the appeals are allowed.
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1982 (9) TMI 99 - ITAT BOMBAY-D
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... ... ..... the parties as well as the facts on record. It is true that the different Benches of the Tribunal have been taking the view similar to the one taken by the CIT(A) in this case. As the validity of the retrospective amendment is under the consideration of the Supreme Court, it cannot be said that the law has become settled as yet. We, therefore, do not see anything improper or irregular in the order of the CIT(A). In the recent judgement dt. 9th Sep., 1981 in IT Reference No. 67 following 1972 in the case of M/s Shoorji Vallabhdas Pvt. Ltd., the Bombay High Court has repelled an argument raised by the revenue similar to the one now raised before us by the ld. departmental representative. The Bombay High Court, in that case, has directed that the matter should be decided in accordance with the final decision of the Supreme Court. Respectfully following the aforesaid judgement of the Bombay High Court, we uphold the order of the CIT(A). 7. In the result, the appeal is dismissed.
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1982 (9) TMI 98 - ITAT BOMBAY-D
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... ... ..... 1978 asking Shri Nadkarni to go abroad for export promotion would not automatically entitle the assessee to claim weighted deduction under s. 35B in respect of the expenditure incurred by him on his foreign tours. Thus, after appraising the entire material on record, I am of the opinion that the ITO and the CIT(A) have given valid and convincing reasons for disallowing the claim of the assessee for weighted deduction under s. 35B. The decision of the ITAT, Jaipur in ITA No. 168/JP/1971 (M/s A.M. Ltd. vs. ITO) referred to by the ld. representative of the assessee, holds good on the peculiar facts of that case and has no bearing on the present case. Since, on the material on record the assessee has not incurred the expenditure of Rs. 21,597 connection with any export business, the claim of the assessee for weighted deduction under s. 35B is not acceptable. The impugned order of the CIT(A) is, accordingly, confirmed on this point. 8. In the result, the appeal is partly allowed.
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1982 (9) TMI 97 - ITAT BOMBAY-D
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... ... ..... . similarly, he is paying to the skilled employee or non-skilled employee monthly or weekly wages while he charges from his customers as settled for doing the work for them under the contract. When this is so then there is no doubt in our mind that the assessee s income for the previous year under consideration is from rendering services to the customers who get their goods manufactured by the assessee on contract on supplying the material for the goods to be manufactured and paid the money for rendering the services. Accordingly, we hold that neither the assessee is manufacturing goods in the previous year relevant for the assessment year under consideration and as such the status of the assessee cannot be taken as an industrial company. Since the authorities below have acted accordingly on assigning cogent and relevant reasons with which we agree and therefore, we uphold the respective orders and thereby confirm the impugned order. 6. In the result the appeal is dismissed.
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1982 (9) TMI 95 - ITAT BOMBAY-D
Industrial Undertaking, Profits And Gains, Retrospective Amendment, Supreme Court ... ... ... ... ..... ecord. It is true that the different Benches of the Tribunal have been taking the view similar to the one taken by the Commissioner (Appeals) in this case. As the validity of the retrospective amendment is under the consideration of the Supreme Court, it cannot be said that the said law has become settled as yet. We, therefore, do not see anything improper or irregular in the order of the Commissioner (Appeals). In the recent judgment dated 9-9-1981 in the case of Shoorji Vallabhdas (P.) Ltd. IT Reference No. 67 of 1972 , the Bombay High Court has repelled an argument raised by the revenue similar to the one now raised before us by the learned departmental representative. The Bombay High Court, in that case, has directed that the matter should be decided in accordance with the final decision of the Supreme Court. Respectfully following the aforesaid judgment of the Bombay High Court, we uphold the order of the Commissioner (Appeals). 7. In the result, the appeal is dismissed.
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