Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)21ITD581(Hyd.)
1. This is an appeal by the assessee. Shri Ramkaran, karta of a Hindu undivided family consisting' of himself and his sons Shri Mohan Karan, Shri Dharamvanth Karan and Shri Raj Karan entered into an agreement on 6-8-1975 with Umakaran and Tejkaran, a registered firm carrying on business of real estate developers and builders, whereby the assessee gave possession of about 2310 sq. yards of land with property bearing MOH Nos. 1-2-257 and 1-2-261 (except the property bearing Nos.1-2-261/2 to 6), in exchange for which the firm agreed to allot two flats in block No. 1 valued at Rs. 60,000 each totalling Rs. 1,20,000 and in' addition to pay Rs. 40,000 in cash. Clause 4 of the agreement dated 6-8-1975 provided that the firm will deliver to the owner two flats in block No. 1 as per the owner's specification and pay the amount as agreed above. The owner agreed to execute all deeds of sale for proper conveyance of the properties built on the said land by the firm in favour of the firm, or their...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)22ITD89(Hyd.)
1. The only point argued in this appeal is whether the amount of Rs. 83,000 falls for assessment in the assessment year 1983-84 or 1984-85.2. The assessee is a registered firm consisting of three partners. One Veerchand Pokarchand was one of them. They had an employee by name Phoolchand. On 14-12-1982 Shri Phoolchand was apprehended at Madras Airport with cash of Rs. 83,000. When questioned about the source of this amount he stated that the partner of the assessee, Shri Veerchand had given this amount to him. He further stated that the money was given for buying tailoring materials. We may mention here that the assessee firm is a dealer in tailoring materials.3. The Assistant Director of Inspection, Hyderabad on intimation from Madras visited the business premises of the assessee on 14-12-1982 itself and recorded a statement from Veerchand. Veerchand admitted that he had given the sum of Rs. 83,000 as stated by Phoolchand. The Assistant Director of Inspection on an inspection of the b...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)22ITD78(Hyd.)
1. These are appeals by the assessee and as they involve similar points, a consolidated order is passed for the sake of convenience.2. The assessee is assessed in the status of individual. Original return of income was filed for the assessment year 1981-82 admitting income from house property amounting to Rs. 191 and income from medical business at Rs. 8,980 along with other sources of income. Subsequently, the assessee filed a revised return excluding the first two items and a separate return was filed in the status of Hindu undivided family disclosing these items. It is the case of the assessee that the income from house property and income from medical shop are rightly assessable in the hands of the Hindu undivided family notwithstanding the fact that in the past years these were assessed in the status of individual.3. The Income-tax Officer also found certain investments in fixed deposits in the name of the assessee's wife on two dates amounting to Rs. 30,000. Rejecting the assess...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1988)24ITD329(Hyd.)
Per Shri T. Venkatappa, Judicial Member - These departmental appeals relate to assessment years 1981-82 and 1982-83 and they are being disposed of together as a common issue is involved.2. The assessee is a HUF consisting of Kishandas, Karta, his wife Smt.Iswara Devi, two major sons Shri Damodar Das Agarwal and Prabhudas Agarwal. Shri Damodar Das Agarwal died on 8-11-1980 leaving behind his wife Smt. Urmila Agarwal and two minor sons. The assessee filed the return claiming deduction of 1/4th share in the value of the properties due to the deceaseds widow and her children. The Wealth-tax Officer disallowed the claim of the assessee. On appeal the Appellate Assistant Commissioner accepted the assessees claim and directed the Wealth-tax Officer to exclude the share of the deceased from the total wealth of the assessee for these two years. He followed the decisions of the Mysore High Court in CIT v. Smt. Nagarathnamma [1970] 76 ITR 352 and of the Gujarat High Court in CWT v. Kantilal Mani...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)22ITD374(Hyd.)
1. On the facts and in the circumstances of the case and in law, the learned CIT (Appeals) erred in allowing the foreign tour expenses of Rs. 98,946 as revenue expenditure. 2. The learned CIT (Appeals) erred in holding that the book value of Research and Development capital assets, should be included in capital employed for the purpose of Section 80J.2. In this case, the assessment was completed Under Section 143(9) read with Section 144B of the IT Act. The relevant facts and the decision of the IAC as stated in the instructions Under Section 1 44B are reproduced here-below-- The ITO has proposed to disallow the following foreign tour expenses--5. Shri O.K. Mehta, Mg. Director 37,5491 25,625 He has held that these persons had visited foreign countries (Australia & U.S.A.) for ascertaining the suitability of the plant to manufacture ammonia/methanol. As the expenses were incurred for the purpose of a new product and for installation of a new plant, the ITO held it to be capital exp...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)21ITD482(Hyd.)
1. This is a departmental appeal against the order of the Appellate Assistant Commissioner, 'B' Range, Hyderabad, dated 20-3-1985 and it relates to assessment year 1980-81.2. The assessee is an individual. He had participated in Amru-thanjan Slogan Contest which announced a Premier Padmini car or Rs. 40,000 as first prize for the best entry. The conditions of the contest were that the contestant had to fill the entry form mentioning the effect of Amritanjan on the body when it is applied and also to coin a slogan on Amritanjan. The decision of the company was final and binding. The assessee won the first prize in the contest and opted for Premier Padmini car in preference to a cash of Rs. 40,000. In his first return dated 19-8-1980 he declared the income of Rs. 40,000 as winnings from lottery and claimed deduction under Section 80T. However, vide revised return dated 25-11-1981 the assessee claimed that the income received from the prize winning from Amritanjan company was totally exe...
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