Madhya Pradesh Court March 1988 Judgments
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H. H. Maharaja Martand Singh Ju Deo Vs. Commissioner of Income-tax.
Court: Madhya Pradesh
Decided on: Mar-07-1988
Reported in: (1988)74CTR(MP)147; [1988]174ITR515(MP)
G. G. SOHANI, ACTG. C.J. - By this reference under section 256 (1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal has referred the following question of law to this court for its opinion :'Whether, on the facts and in the circumstances of the case, the interest payment of Rs. 93,837 on bank overdrafts was an allowable deduction in computing the income of the assessee ?'The material facts giving rise to this reference briefly are as follows : The assessee is assessed in the status of a Hindu undivided family and the assessment year in question is 1977-78. While framing assessment, the Income-tax Officer rejected the claim of the assessee for deduction of Rs. 93,837 on account of interest paid on overdrafts taken for payment of income-tax and wealth-tax. The contention of the assessee was that as the capital of the assessee was locked up, the assessee was required to take overdrafts for payment of taxes and hence the interest payment...
V. C. Gupta Vs. Commissioner of Income-tax.
Court: Madhya Pradesh
Decided on: Mar-02-1988
Reported in: (1988)74CTR(MP)136; [1988]174ITR513(MP)
G. G. SOHANI, ACTG. C.J. - By this reference under section 256 (1) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act'), the Income-tax Appellate Tribunal, Indore Bench, has referred the following questions of law to this court for its opinion :'(1) Whether, on the facts and in the circumstances of the case, the Tribunal was correct in law in its finding that the Income-tax Officer rightly invoked the provisions of section 144B of the Income-tax Act, 1961 ?(2) And if the answer to question No. (1) above is in the negative, whether the assessment order is passed after the expiry of the period of limitation making it void ab initio and liable to be annulled ?'The material facts giving rise to this reference, briefly, are as follows : The assessee is a Hindu undivided family and the assessment year in question is 1975-76. The assessee filed a return on September 30, 1977. The Income-tax Officer forwarded a draft order for the approval of the Inspecting Assistant Commissioner...
Commissioner of Income-tax Vs. Anwarkhan Mehboob Co.
Court: Madhya Pradesh
Decided on: Mar-01-1988
Reported in: (1988)74CTR(MP)135; [1988]174ITR568(MP)
G. G. SOHANI, ACTG. C.J. - The order in this case will also govern the disposal of Miscellaneous Civil Case No. 327 of 1982.These are applications under section 256 (2) of the Income-tax Act, 1961 (hereinafter referred to as 'the Act').The material facts giving rise to these applications briefly are as follows : As there was a delay by the assessee in filing the returns for the assessment years 1972-73 and 1974-75, the Income-tax Officer initiated penalty proceedings under section 271(1)(a) of the Act. After taking into consideration the explanation of the assessee, the Income-tax Officer held that the assessee was liable to pay penalty for the entire period of delay. The Income-tax Officer accordingly imposed penalty under section 271(1)(a) of the Act. Aggrieved by these orders, the assessee preferred appeals before the Commissioner of Income-tax (Appeals). These appeals were dismissed. On further appeals before the Tribunal, the Tribunal held that though there was reasonable cause fo...
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