Court : Punjab and Haryana
Decided on : Jan-02-2002
Reported in : [2002]121TAXMAN721(Punj& Har)
..... income tax act, 1961 (hereinafter referred to as the act). the tribunal has referred the following question for the opinion of this court :'whether, on the facts and in the circumstances of the case, the income tax appellate tribunal was right in law in holding that the capital gains arising from the sale of land actually put to agricultural ..... use wherever located are not liable to tax ..... cannot be sustained.4. mr. garg appearing for the assessee, does not controvert the position.5. income derived from sale of agricultural land is not agricultural income. thus, it would be exigible to the levy of tax under the head capital gains. respectfully following the view taken in the aforesaid two cases, we answer .....
Tag this Judgment!Court : Central Administrative Tribunal CAT Mumbai
Decided on : Jan-07-2002
Reported in : (2003)(1)SLJ164CAT
..... the value of the flat neither the purchase price nor the value's report, the respondents failed to take into consideration the actual receipt of house rent and agriculture income.10. he applicant failed to establish that the cost price of the flat at the time of his purchase was rs. 70,000/-. regarding ..... the appropriate authority. the applicant resubmitted the application under rule 29 as deemed application for review / revision through the appellate authority the respondent no. 2, the chief commissioner of income tax by letter dated 30.4.1999 for action/consideration. it was again returned by the respondent no. 2 with a letter no. pn/ cc/vig./rev. appln./kkd/l ..... are of the considered opinion that the applicant who was found guilty of indulging in business and benami transaction. the punishment awarded by the respondents is proportionate to the acts and ommission of the applicant.16. in the result we do not find any merit in the o.a. it is liable to be dismissed and is dismissed accordingly .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-07-2002
Reported in : (2002)76TTJ(Mumbai)31
..... assessment year 1988-89. the assessee agreed to the fact that the assessee's case falls within the scope of clause (v) of section 2(47) of the income tax act. the assessee was only disputing the period, i.e., assessment year and on the interpretation of applicability of section 2(47)(v). the assessing officer held that since ..... on completion of the formalities. since our client's transactions have taken place prior to 1-4-1987, clause (v), amended provisions of section 2(47) of the income tax act, 1961, is not applicable in our client's case.the amended provisions are applicable for transactions/ agreements for sale of property taken place after 1-4-1987.in ..... .3. the learned commissioner ought not to have set aside the assessment order.4. the relief claimed is to cancel the order passed under section 263 of the income tax act,' revenue'on the facts and circumstances of the case and in law the learned commissioner (appeals)(1) erred in holding that the transaction of sale was concluded on .....
Tag this Judgment!Court : Rajasthan
Decided on : Jan-08-2002
Reported in : AIR2002Raj231; 2002(2)WLC505
..... to isolated transactions.' the apex court in (4) barendra prasad ray and ors. v. the income-taxofficer and ors. reported in a.i.r. 1981 s.c. 1047 has considered the expression'business' in the back ground of the provisions of income-tax act andobserved as follows : 'it is an activity carried on continuously and systematically by a person by ..... individuals, who or which, - (a) carries on the business of money-lending in the state; or (b) supplies, as a trader or dealer, goods other than agricultural goods on credit on condition of payment of interest by the buyer at a rate higher than that prescribed in section 29 in case the payment of sale price is ..... ? 3. whether the plaintiff-appellant has complied with the provisions of section 22 & 23 of the act. if not what is its effect on the suit ? 4. whether the defendant is an agricultural labour and his livelihood is principally depending on agriculture hence the suit is not maintainable? 5. whether pronote is not properly stamped as per law and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Decided on : Jan-11-2002
Reported in : (2002)81ITD218(Pune.)
..... is or becomes a partner is merely a device or ruse for converting the asset into money which would substantially remain available for his benefit without liability to income-tax on a capital gain, it will be open to the it authorities to go behind the transaction and examine whether the transaction of creating the partnership is ..... v. state of bihar and anr. (1963) 49 itr 152 (sc). in this case, assessee was carrying on agricultural operations.certain farms were purchased jointly by two individuals who had appointed a common manager for the agricultural operations. it was claimed to be a co-ownership concern. ao assessed it as a partnership firm on the following grounds ..... with the claim of the assessee that it was a co-ownership concern, the common manager whereof was liable to assessment under section 13 of the agrl. it act. one of the principal differences between a co-ownership and a partnership was that co-ownership was not necessarily the result of an agreement whereas partnership was. .....
Tag this Judgment!Court : Mumbai
Decided on : Jan-11-2002
Reported in : 2002(3)ALLMR110; 2002(4)BomCR231; (2002)2BOMLR460; 2002(2)MhLj191
..... already noted from the memorandum of association that the funds of the association consist of entrance fees, annual subscription and contribution from members, contribution from other sources, income from investments besides the grants made by the government. the judgment of the apex court in indian statistical institute, therefore, has no application. in p.k. ..... by a report of the council upon the general state of the association and a report of the chartered accountants. 91. a printed copy of such income and expenditure account, balance sheet and report shall not less than fourteen clear days' previous to such meeting be served, on every member of the association ..... apex court that indian council of agricultural research (icar) was a department of the government and continued to be an attached office of the government even though it was registered as society under the societies registration act. the icar was found to be wholly financed by government and the taxing power of the state was .....
Tag this Judgment!Court : Delhi
Decided on : Jan-16-2002
Reported in : AIR2002Delhi227; 97(2002)DLT156
..... language used.' this view has been reiterated by this court time and again. thus, in state of bombay v. automobile and agricultural industries corporation, this court said: 'but the courts in interpreting a taxing statute will not be justified in adding words thereto so as to make out some presumed object of the legislature... if the legislature ..... thereof must go to the taxpayer. it is settled law that in case of doubt, that interpretation of a taxing statute which is beneficial to the taxpayer must be adopted.' 41. reference in this connection may be made to commissioner of income-tax, central calcutta v. national taj traders, : [1980]121itr535(sc) and tbwa anthem private ltd. v. ..... in terms of sub-section (5) of section 3, only those items of foods and drinks which come within the purview of the delhi sales tax act, would be excluded from computation of the tax. 33. so far as the exclusion clause is concerned, the same not only brings within its fold supply of food and drinks, but other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-17-2002
Reported in : (2004)269ITR1(Delhi)
..... difference of opinion amongst the members of the bench, therefore, we formulate the following points of difference and refer the same under section 255(4) of the income-tax act, 1961, to the hon'ble president income-tax appellate tribunal, for consideration and necessary action : "1. whether, on the facts and circumstances of this case, would it be reasonable and justified to assess the cash ..... lock parts like lever, locking bolts, keys, etc. apart from the above i am having income from interest, dividend and directors fee, etc. lic units and agriculture income of rs. 8,000 to rs. 9,000 per year. question no. 3 : please furnish the income-tax particulars. answer : my income-tax gir no. 479-r ward 11(5) and my file have been transferred to circle 11 .....
Tag this Judgment!Court : Chennai
Decided on : Jan-18-2002
Reported in : (2002)175CTR(Mad)640; [2002]256ITR64(Mad)
..... the patna high court held that the assessee is not entitled to claim deduction of printing and stationery charges from his gross agricultural income under section 7 of the bihar agricultural income tax act, 1948. but under section 5(e) of the tamil nadu agricultural income tax act :'any expenditure incurred in the previous year (not being in the nature of capital expenditure or personal expenses of the assessee) laid ..... expenses ought to have remanded the issue for ascertaining as to what portion of interest payments should be considered under sections 5(e) and 5(k) of the tamil nadu agricultural income tax act. the appellate authority has found that the 'company has not tried to establish the interest amount under section 5(e) or 5(k)' according to the ingredients stipulated therein, whether .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Jan-18-2002
Reported in : (2002)75TTJ(Ahd.)329
..... 1)(iv) scientific research has beendefined in section 43(4) of income tax act, 1961, the same is reproduced below for read reference : (i) "scientific research" means any activities for the extension of knowledge the fields of natural or applied science including agriculture, animal husbandry or fisheries; (ii) references to expenditure incurred ..... 43(4), it is held that the appellants claim for scientific research expenses has to be allowed under section 35(1)(iv) of the income tax act, 1961.the learned authorised representative reiterated before us the submissions which he has made before the revenue authorities. the important submissions are reproduced as below ..... the appellants contention that the appellants activity of scientific research falls within the term, scientific research as defined in section 43(4) of the income tax act, 1961, it is contended that the expenditure incurred by the appellant on scientific research falls into the description of scientific research as defined in .....
Tag this Judgment!