Madhya Pradesh Court June 1984 Judgments
Browse smarter
Open an 18-section brief on any judgment
Structured AI Brief in seconds on any result - plus Semantic Search when you need meaning, not just keywords.
- AI Brief & Ask
- Semantic AI Search
- Devil's Bench
Credentials emailed - log in to pick up where you left off.
Shri Vishnu Kumar Soni Vs. Commissioner of Income-tax
Court: Madhya Pradesh
Decided on: Jun-21-1984
Reported in: (1985)46CTR(MP)280; [1985]155ITR34(MP)
Oza, Actg. C.J.1. This is a reference made by the Income-tax Appellate Tribunal on a direction from this court issued in M.C.C. No. 405 of 1974, decided on January 11, 1980, for answering the question 'Whether, in the facts and circumstances of the case, the Tribunal was right in disallowing Rs. 40,000 as business loss ?'2. The facts stated in the reference are that the assessee is an individual who is engaged in the manufacture of gold and silver ornaments and has also a small cloth trade. The relevant assessment year is 1966-67 for the year ending Diwali 1965. The applicant returned an income of Rs. 1,990 from his profession as a goldsmith and from his cloth trade. The ITO, however, estimated the applicant's income from his profession at Rs. 3,000 in the absence of any accounts. He further added a sum of Rs. 40,000 as the income of the applicant from undisclosed sources and in support of this he relied on the findings of the Additional Collector of Customs, Bombay. According to the I...
Anil Kumar Tody Vs. Commissioner of Wealth Tax.
Court: Madhya Pradesh
Decided on: Jun-19-1984
Reported in: (1985)44CTR(MP)85
ORDERBy the Court - The Tribunal, Indore Bench, has made this reference under section 27(1) of the WT Act, 1957 (the Act) to this court for its opinion on the following question of law :'1. Whether, on the facts and in the circumstances of the case the IAC had jurisdiction to impose penalty under s. 18(1)(c) on 24-3-1977 after the amendment of s. 18(3) of the WT Act by the Taxation Laws (Amendment) Act, 1975 and2. Whether, on the facts and in the circumstances of the case, once the IAC had imposed composite penalties for concealment detected by the WTO and enhanced by the ACC in the value of shares and jewellery on estimates, the order was bad even relating to the part which had been originally detected by the WTO and, therefore, could not be maintained qua that part ?'2. The material facts giving rise to this reference, in brief, thus : For the asst. yrs. 1973-74 and 1974-75, on reference by the WTO to the IAC under s. 18(3) of the Act, penalties at Rs. 1,80,000 and Rs. 5,000, respect...
- ‹ Prev
- 1
- Next ›