Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD961(Hyd.)
1. This appeal by the assessee relates to the assessment year 1978-79.The assessee is a registered firm. The accounting period ended on 31-3-1978. The assessee-firm came into existence by an instrument of partnership executed on 21-2-1973. The partners were R.N. Kandaswamy, R.M. Subramanian and R.M. Srinivasan, all sons of one R. Manickavsa Chetty. It has been stated in the partnership deed that they had formed a sub-partnership in respect of interest in capital, profit, etc., of a firm known as Bharat Sandal Oil Distilleries. Formerly, the partners of the assessee-firm were members of a HUF and were represented by Sri R.M. Kandaswamy in the firm of Bharat Sandal Oil Distilleries (hereinafter referred to as the "larger firm"). Subsequently, there was a partition and Kandaswamy continued to be partner in the larger firm which was constituted by a deed dated 11-6-1965.2. In the case of the assessee, the share income from the larger firm was taken at Rs. 1,65,906 on a provisional basis. ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD479(Hyd.)
1. These appeals are preferred by the revenue against the assessments made for 1973-74 to 1976-77.2. For all the above years the common contention that is raised is that the Commissioner (Appeals) has erred in deleting the following amounts from the assessments of the respective years :1973-74 1,84,7391974-75 4,31,1711975-76 99,3121976-77 46,335 The assessee, a private limited company, had a credit balance of the above amounts in the respective assessment years in the account styled as 'deposit sales tax account'. They were shown as liability under current liabilities. The ITO noticed that the assessee had effected collections under 'deposit sales-tax' in the sale bills in respect of sales made by it on permits to various parties nominated by the Government. The assessee had explained before the ITO that the above amounts collected from the customers were, according to them, not liable to income-tax, that in case the sales were held to sales tax the above amounts would be paid to the ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD118(Hyd.)
1. The assessee is a company in which the public are not substantially interested. The company had a paid-up capital of Rs. 10,000. In the year ending 31-3-1972, relevant to the assessment year 1972-73, 900 fresh shares were issued at Rs. 100 each to a group of persons belonging to the family of Shri L.N. Gokuldas, 12 French Bridge, Chowpathy, Bombay-7. The GTO called upon the assessee-company to file a return of the gift. The assessee filed a return showing the taxable gift as nil along with a covering letter in which it was stated that no gift was involved in the issue of new shares by the company and that there was no taxable gift. The GTO, however, observed that the assessee during the previous year had issued 900 shares at par value, that the value of the assets shown in the balance sheet was Rs. 2,79,762, that the total value of the assets held by the assessee-company worked out to Rs. 15,58,362, that deducting from this the liabilities shown in the balance sheet of Rs. 12,87,43...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1983)3ITD105(Hyd.)
1. The WT appeals in the present case relate to the assessment years 1974-75 to 1976-77. The IT appeals relate to the assessment years 1974-75 and 1975-76. All the appeals which are by the revenue, arise out of reassessment proceedings and are, hence, considered together and disposed of by this common order.2. We briefly set out the background of the case. A deed of trust was executed on 28-10-1965 by Smt. Radhabai Gopaldas and Sri Raja Kishandas Gopaldas. By this deed, five persons were appointed as trustees of whom the authors of the trust, referred to above, were two of the trustees.The objects of the trust included worship, puja, utsav and observance of other festivals of Sri Mahaprabhuji and Sri Girirajji, the two deities. The trust also provided for the maintenance and residence for family people of the founders in certain circumstances.3. For the assessment year 1966-67, an assessment was made to wealth-tax in the status of an individual on 23-7-1975. The WTO did not accept the...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)8ITD410(Hyd.)
1. These two appeals are by the revenue and relate to the assessment years 1976-77 and 1977-78. The appeals are against the orders of the AAC directing grant of registration to the assessee-firm.2. The orders which were passed by the ITO under Section 185(1)(b) of the Income-tax Act, 1961 ('the Act') which are subject of appeal, were dated 27-3-1979 for the assessment year 1976-77 and 14-3-1980 for the assessment year 1977-78. For the assessment year 1976-77, the ITO merely wrote that the assessee-firm had entered into business for maintenance of the administration of Parvati Combines, Visakhapatnam, and as a matter of fact the firm had entered into a sham transaction and there was no real business. As it was a firm without real business activity, the ITO held that registration could not be granted. For the assessment year 1977-78, on the same basis registration was refused.3. The matter went up in appeal. the AAC stated that the firm came into existence under a deed dated 1-4-1975 wi...
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