Court : Rajasthan
Reported in : 1993(3)WLC27
..... with his visit to austria ?' 2. question no. 1 has been referred on the application of the commissioner of income-tax while questions nos. 2 and 3 have been referred on the application of the assessee filed under section 256(1) of the income-tax act, 1961.3. no one has appeared on behalf of the assessee in spite of due service of notice. it ..... assessee claimed these expenses as revenue expenditure. the income-tax officer came to the conclusion that the bank charges cannot be allowed as it has nothing to do with the assessee's previous business and the claim in respect of legal fee was disallowed on the ground that the expenditure related to agricultural land income from which is not taxable and cannot be allowed .....
Tag this Judgment!Court : Rajasthan
Reported in : [1994]207ITR608(Raj)
..... not liable to deduction under section 80p(2) of the income-tax act. it was not disputed that the income from the trucks and tractors was not exempt and other activity which was the main source of income, i.e., supply of fertilizers and agricultural implements to its members and marketing of agricultural produce was exempted. the staff which was employed by the ..... indivisible one or separate businesses are being carried on by the assessee.3. section 80p of the income-tax act reads as under :'80p.(1) where, in the case of an assessee being a co-operative society, the gross total income includes any income referred to in sub-section (2), there shall be deducted, in accordance with and subject to ..... order dated march 28, 1981, in respect of the assessment year 1976-77 under section 256(1) of the income-tax act, 1961 :'1. whether the tribunal was correct in law in allowing the deduction under section 80p(2) of the act at rs. 1,50,132 only out of deduction claimed for rs. 4,60,385 ? 2. whether the .....
Tag this Judgment!Court : Rajasthan
Reported in : [1994]95STC463(Raj)
..... by the assessee. the sale price remained undisturbed in the contract between the parties. this judgment of the apex court was relied in the case of deputy commissioner of agricultural income-tax and sales tax v. aluminium industries ltd. [1980] 45 stc 251 (sc) where the assessee effected sales of goods to its dealers and allowed a trade discount on the ..... ltd. v. state of orissa [1975] 35 stc 84 (orissa) it was held that the cash discount as referred in section 2(h) of the central sales tax act is different from the trade discount. as the trade discount was to be deducted from the catalogue price in accordance with the terms of the agreement and it was only ..... 45 stc 32 it was held by the apex court that the cash discount and the trade discount are two separate and distinct concepts and under the central sales tax act cash discount is allowed when the purchaser makes the payment promptly or within the period of credit allowed and it is granted in consideration of expeditious payment. a trade .....
Tag this Judgment!Court : Rajasthan
Reported in : (1994)120CTR(Raj)1; [1994]210ITR906(Raj)
..... income-tax act. the assessee is deriving its income mainly from letting out the warehouses, interest, trading in agricultural products on behalf of the food corporation of india and the state government. it was claimed before the income-tax officer that the entire income of the corporation is exempted under section 10(29) of the act. the income-tax ..... officer came to the conclusion that the income other than the ..... 176itr117(sc) the apex court while interpreting the provisions of section 14(5)(iv) of the indian income-tax act, 1922, which were analogous to the provisions of section 80p(2)(e) of the income-tax act, 1961, observed that the provision for exemption was intended to encourage co-operative societies to construct warehouses .....
Tag this Judgment!Court : Rajasthan
Reported in : 1996ACJ186; 1994(2)WLC17
..... 5 members. the tribunal was not justified to reject the assessment order passed under section 143(1) of the income tax act, relating to the assessment year 1982-83 showing taxable income of rs. 45,680/-. according to it, his monthly income was rs. 3,800/-. one-third of this amount may be taken as the amount spent on himself. admittedly ..... insured with the insurance company, the deceased ram kishan mittal was development officer in lic, chandigarh, he was getting yearly emoluments of rs. 77,521/-, he was an income tax payer, at the time of the accident his age was 49 years, the claimants were fully dependent on him, rs. 5,000/- were spent on his treatment and ..... should follow the procedure set out in (i) above, but if lump sum payment is required for effecting purchases of any movable or immovable property, such as, agricultural implements, rickshaw, etc., to earn a living, the tribunal may consider such a request after making sure that the amount is actually spent for the purpose and the .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)121CTR(Raj)479; [1995]212ITR88(Raj)
..... capital gains made on the sale of land situate in india, which land is used for agricultural purposes would be revenue derived from such land, and, therefore, agricultural income within the meaning of section 2(1) of the income-tax act, 1961, and parliament would have no legislative competence to tax such agricultural income. it was observed by the tribunal that despite the retrospective amendment made in section 2 ..... (14), any profit arising from the sale of agricultural land cannot be subject to capital gains tax, because it is agricultural income being revenue within the meaning of section 2(1 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)128CTR(Raj)197; [1995]212ITR390(Raj)
..... at this stage it is impossible to verify the truth of these investments and as such the conclusion of the commissioner of income-tax (appeals) was upheld.we have considered the submissions made by the parties. section 68 of the income-tax act refers to cash credits which are found in the books of the assessee. if the explanation offered by the assessee is not ..... , confirmations from all the creditors were submitted. the affidavits of certain creditors were produced. in respect of income from agriculture, proof of ownership of the land of the assessees father and the affidavit of his father that the loan was given out of such agricultural income was also submitted.in second appeal before the tribunal, the tribunal observed that it is very difficult to .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)125CTR(Raj)261; [1995]211ITR597(Raj)
..... that it was authorised to carry on the business of advancing special and ordinary loans and, therefore, the income earned is business income. from the various decisions and on the interpretation of various provisions of the income-tax act, we are of the opinion that the following principles emerge :(i) interest on fixed deposits and other ..... the assessee-company was incorporated was execution of the projects relating to land development and with a view to preventing damage to land and loss in agriculture productivity and to secure optimum utilisation of land and water resources in rajasthan. under clause 17, the business which could be transacted by the corporation ..... development with a view to preventing damage to land and loss in agricultural productivity and to securing optimum utilisation of land and water resources in rajasthan and for other matters connected therewith or incidental thereto.5. chapter 4 of the act deals with the business and funds of the corporation. under section 17 .....
Tag this Judgment!Court : Rajasthan
Reported in : [1995]211ITR531(Raj)
..... of the case, the decision of the income-tax appellate tribunal is perverse inasmuch as the relevant material was not properly evaluated and wrong conclusions were drawn ?'2. the brief facts of the case are that h.d. rae was owning agricultural land measuring 14 bighas 11 biswas at jamuna dairy, ajmer road, jaipur. the value ..... has made the application under section 27(3) of the wealth-tax act, 1957 (hereinafter called as 'the act'), with the prayer that the following question which arises out of the order of the income-tax appellate tribunal is a question of law and, therefore, the tribunal should be directed to refer the same to this court :'whether, on the facts and in the circumstances .....
Tag this Judgment!Court : Rajasthan
Reported in : [1995]211ITR1001(Raj)
..... lands and accumulated income received at the time of partition of hindu ..... partition retains its character as such. in these circumstances, we are of the opinion that the income-tax appellate tribunal was justified in holding that the agricultural lands and accumulated income received at the time of partition ofthe hindu undivided family were the individual properties of shri ..... income-tax appellate tribunal has referred the following question of law arising out of its order dated november 17, 1980, in respect of the assessment years 1974-75 and 1975-76 under section 27(1) of the wealth-tax act, 1957 (hereinafter called 'the act') :'whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was right in holding that the agricultural .....
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