Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD8(Coch.)
1. These appeals by the revenue are directed against the order of the CIT (Appeals) dated 18-3-1994, for the assessment years 1989-90 and 1990-91.2. The assessee is a firm of tobacco merchants at Quilon. The assessee purchased beedi tendu leaves from M/s. Orissa Forest Corporation Ltd. The contention of the assessee is that processed tendu leaves should not be treated as forest produce. In this case, the Orissa Forest Department is the planter of tendu leaves. They plant tendu saplings every year. The plants are cut, retaining the roots. The leaves are then collected and made into bundles of 50 each. These are then left for drying in fields or river beds for 7 to 14 days (without exposure to direct sunlight). Later these bundles are removed to the godown of the Forest Department for binding. Thereafter water is sprayed into bundles and after a time gap of 24 hours, the tags are removed and bundles are sorted/graded into different varieties. These are then bundled into 5 kg. lots and p...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)53TTJ(Coch.)29
This is an appeal by the assessee . The appellant is a company in which the public are not substantially interested. The previous year relevant to the asst. yr. 1977-78 ended on 31st March, 1977.2. The original assessment in this case was completed by an order dt.27th September, 1980, on a total income of Rs. 42,87,880 for the asst.yr. 1977-78. Subsequently, the assessment was reopened under s. 147(a) by issue of notice dt. 19th August, 1983 with the approval of the learned CIT. The assessment was reopened in the circumstances narrated by the Assessing Officer at para 2 of his order as follows : "The assessee-company took over the Indian business of M/s Travancore Tea Estate Ltd., a foreign company, as a running concern by a document of conveyance and assignment dt. 17th September, 1976. The income of the Indian business upto 31st August, 1976, was assessed in the hands of M/s Travancore Tea Estate Ltd. The income that arose after 1st September, 1976 to 31st March, 1977, was assessed ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD135(Coch.)
1. This is an appeal by the assessee which is a firm consisting of two partners with previous year ending on 31-12-1984 relevant to the assessment year 1985-86. The appellant claimed a deduction of Rs. 14,96,000 as amortisation in respect of the film 'Arande Mulla Kochu Mulla'. The assessee has stated that it had entered into an agreement with M/s. Gajaraja Films, Trippunithara on 1-10-1984 for acquiring the distribution rights of the film by way of perpetual lease for a period of 99 years for a consideration of Rs. 14,96,000 and therefore the entire cost has to be amortised and allowed as deduction. The Assessing Officer went into the agreement dated 1-10 1984 and noticed that the assessee was required to pay only a sum of Rs. 6,95,799 at the time of granting the distribution rights and the balance amounts are to be paid in four instalments on the dates specified in the agreement. He also noticed that the film was released in Kerala on 31-8-1984 and the assessee had exhibited the fil...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)52ITD122(Coch.)
1. Of these appeals, one is by the assessee and the other two are by the revenue.2. The assessee is a private limited company. It constructed a multi-storeyed building known as "Chandralok Apartments" and allotted the apartments to its shareholders. The shareholders continued to occupy the apartments constructed by the company. At least one of them has sold the flat allotted to him. However, the Assessing Officer was of the view that as the construction of the multi-storeyed building was done by the company with its own funds on the site purchased by it, the ownership of the building was with the company; even though the company did not derive any rental income from the shareholders who occupied the flats on allotment of such flats to them, the company could be assessed notionally under the head "Income from house property". In this view of the matter, he determined the income from house property as under and brought the same to tax:towards maintenance Rs. 72,228 --------------Less : ...
Tag this Judgment!