Allahabad Court March 1983 Judgments
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Commissioner of Income-tax Vs. Smt. Phoolmati Devi
Court: Allahabad
Decided on: Mar-03-1983
Reported in: (1983)35CTR(All)331; [1983]144ITR954(All); [1983]15TAXMAN126(All)
K.C. Agarwal, J. 1. This appeal under Section 269H has been filed by the Commissioner of Income-tax against the judgment of the Income-tax Appellate Tribunal, Allahabad Bench. The dispute is in respect of house No. D-48/136, Misri Pokhra, Varanasi. This property belonged to Smt. Kumud Kumari, resident of Deleep Nagar, Deoria. She sold it to Smt. Phoolmati Devi, respondent No. 1, and her son, Jagdish Mohan. At the time of the execution of the sale deed, admittedly, Jagdish Mohan was a minor.2. After receipt of Form No. 37G in respect of transfer of the aforesaid property, inquiry was made regarding its fair market value through an inspector of the I.T. Dept. The inspector estimated the market value on the relevant date to be Rs. 80,000 which was much higher than the purchase price of Rs. 45,000. On receipt of the report, proceedings for acquisition were initiated by issue of notices and by publication in Official Gazette. The notice was issued on December 5, 1973, and the same was publi...
income-tax Officer Vs. Metal Decorators (P.) Ltd.
Court: Income Tax Appellate Tribunal ITAT Allahabad
Decided on: Mar-02-1983
Reported in: (1983)4ITD595(All.)
1. Since the above appeals relate to the same assessee and also involve common contentions, they are disposed of by this consolidated order for the sake of convenience.2. The assessee had installed a generator at its factory for which it had to incur an expenditure of Rs. 1,05,542. The ITO found that the assessee had received a subsidy of Rs. 37,905 from U.P. Financial Corporation towards the cost of the generator. He was of the view that for determining 'actual cost' for the purpose of allowing depreciation and development rebate in terms of Section 43(1) of the Income-tax Act, 1961 ('the Act') subsidy had to be deducted. This section lays down that 'actual cost' means the actual cost of the assets to the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority. The ITO, therefore, held that the assessee was entitled to depreciation and development rebate only on the balance of Rs. 67,637.3. The assessee ca...
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