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Indian National theatre Trust Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1985)13ITD588(Delhi)

..... assessee to the ito exercising the option which was in the following terms; which he describes as vague and indefinite : option is hereby exercised under the explanation to sub-section 1 of section 11 of the income-tax act, 1961, in respect of so much of the income applied for the purposes of the foundation in the subsequent year immediately following the accounting year ended june 30, 1979 as does not exceed the shortfall in application of ..... expiry of six months commencing from the end of each year, the amount so accumulated or set apart has been-- (i) invested in any government security as defined in clause (2) of section 2 of the public debt act, 1944, or in any other security which may be approved by the central government in this behalf; (ii) deposited in any account with the post office savings bank (including) deposits made under the post office ( ..... that this is impossible of performance and execution and it permits investment out of earlier years' income, there is no reason why an investment made not out of accumulation of income of that year but out of surplus income remaining as such without being earmarked for accumulation of that year be not available. ..... lastly, shri sharma submitted that since the remaining income is deemed to have been accumulated in respect of which a request was made to the ito by the exercise of this option, if ..... trust created on 15-2-1958 by the indian national theatre, a society registered under the societies registration act, 1860, through smt .....

Delhi Development Authority Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)53ITD19(Delhi)

..... delhi development authority (hereinafter referred to as "dda") was constituted by the delhi (control of building operations) ordinance, 1955 which was later on replaced by the delhi development act, 1957.the primary object was to promote and secure the development of delhi in accordance with the master plan as also the zonal development plans to be prepared by the "dda" and approved by the ..... come to the conclusion that where the regular assessment of an employee had been completed and tax fully paid by him, the income-tax officer had no jurisdiction under section 201 of the income-tax act, 1961, to demand further tax from the employer in respect of the tax short deducted at source in relation to such employee. ..... refer to the payment of ground rent by an allottee as also the "restrictions" on transfer of the flat by an allottee, the remaining clauses being of a routine nature and not relevant to decide the issue at hand.22. ..... rejected by the income-tax officer on the ground that dda was a body corporate set up under the delhi development act, 1957 and covered by the definition of the word "person" as appearing in section 2(31) which was an inclusive definition ..... the dda arriving at the ultimate conclusion that the amount adjusted/credited in the accounts of the allottees was covered under the definition of "interest" vis-a-vis section 2(28a) of the income-tax act and was not in the nature of a reduction or variation in the price of the dwelling unit.10. ..... rai hira lal [1958] 33 itr 245 .....

Pragati Construction Co. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (1995)54ITD153(Delhi)

..... bound to deduct from the payment made to the canada company under section 18(3b) and which it failed to recover from that company could not be regarded as a bad debt under section 10(2)(xi) of the act and that the payment made under a statutory obligation because the assessee was in default could not constitute expenditure laid out for the purpose of the assessee's business within the meaning of section 10(2)(xv).6.2-4 in ..... consideration owing to drought the sugarcane growers could not grow sugarcane and the advances remained unrecovered.a government committee recommended that the assessee should ex gratia forego some of its ..... ito treated the assessee-company as being in default under section 18(7) of the act in respect of the amount of tax liable to be deducted from the payments ..... was further mentioned therein that it was not possible for the company acting as promoters to negotiate with prospective purchasers of flats, shops and godowns ..... 24,000 and that the assessee-firm do not appear to have acted with business prudence as it did not take into consideration security and safety of the amount advanced for booking ..... certain sum remained outstanding against ..... that a loss might be deductible it must be a loss in the business of the assessee and not a payment relating to the business of somebody else which under the provisions of the act was deemed to be and became the liability of the assessee. ..... this amount as a bad debt in the years 1957-58 and 1958-59 was negatived by the department. .....

Munjal Showa Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... the company has been advised that under the provision of it act it is permissible to the company to consider depreciation in the accounts prepared for it purpose on the basis different from that considered in the accounts prepared for statutory purpose for the member of the company." ..... therefore, follows that decision on debatable point of law or fact or failure to apply the law to a set of facts which remained to be investigated cannot be corrected by way of rectification. ..... to these facts one thing is clear that the assessee has acted on the basis of guidelines issued by the institute of chartered accountants ..... both the p&l a/cs were prepared in accordance with parts ii and iii of the companies act, it was in consonance with the provisions of s. ..... however, for the purposes of companies act, the assessee continued to adopt its account as on 31st july, of each ..... vi of the companies act, 1956, and the basis of accounting followed is the same as followed in the accounts maintained for statutory purchase under the companies act, except in the case of depreciation where different basis has ..... xiv to the companies act are the minimum rates of depreciation as clarified by the department of company affairs vide circular ..... xiv of the companies act, had the depreciation been provided on the same basis as followed in the accounts for statutory purpose, the amount of depreciation would have been lower ..... (1958) 33 itr 228 (mad) has held that it is no doubt that a mistake capable of being rectified under .....

Deputy Commissioner of Income Tax Vs. Aggarwal and Modi Enterprises

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2003)86ITD214(Delhi)

..... another argument raised by the learned counsel which remains to be considered is based on the doctrine of res judiciata or estoppel of record. ..... , 1949, under the industrial disputes act.it debited the amount in its p&l a/c for the year 1948 but in fact paid it to the employees in the calendar year 1949. ..... cit (1958) 34 itr 863 (all), cit v. ..... , 1980, which it alleges to have been got signed under undue influence and coercion and on the other hand it urges the it department to act upon it because it is beneficiable to it. 8. .....

T.N. Vohra Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2006)7SOT642(Delhi)

..... in our opinion the loss claimed is allowable.in the course of the arguments, a question arose as to whether the loss can be considered to fall within the explanation below section 37(1) inserted by the finance act, 1998 with retrospective effect from 1-4-1962. ..... thereafter the activities remained suspended. ..... cit( 1958) 34 itr 10 (sc). ..... the assessee was acting as commission agent for m/s. ..... he secondly held that the assessee derived a benefit or perquisite in the course of his business and the value thereof shall be assessed under section 28(iv) of the act. .....

Jainsons Ss Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2001)76ITD51(Delhi)

..... counsel for the assessee, at the outset clarified that the property in question comprised seven parts, two of which were taken on lease from the landlord directly by the assessee and the remaining five by other members of the group with whom the assessee had entered into sub-lease agreements. ..... in view of our discussion in the succeeding paragraphs, we are inclined to take a view which is favourable to the assessce.6.2 section 29 of the income-tax act provides that income from "profits & gains of business or profession", referred to in section 28 shall be computed in accordance with the provisions contained in sections 30 to 43c/d. ..... this case deduction for rent in respect of premises at d-2, ndse-ii,new delhi is not allowable under section 30 of the income-lax act, 1961, for the three years under consideration, the claim is to be granted under section 37(1) of the income-tax ..... it was held that if an expenditure cannot be allowed under any of the specific clauses of subsection (2) of section 10 of the act, on the ground that the conditions prescribed in these specific provisions have not been satisfied, still the expenditure may be allowed under the general clause (xv).6.5 in view of the foregoing discussion, we hold that even though in ..... cit [1958] 34 itr 64. .....

Subhash Chand Goyal Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... 1986) 159 itr 91 (mad), wherein the hon'ble madras high court before whom a writ petition was filed, held that the remedy provided under the it act could not be held to be less efficacious and even on the question of mala fides, if the appellate authority can give the relief, the court should ..... plea of the learned counsel for opportunity to the assessee before invoking the provisions of expln.1(v), the learned departmental representative submitted that there was no provision in the it act, whereby the ao was bound to indicate to the assessee that he was going to invoke particular provisions more so, the provisions of expln. ..... in that context, the hon'ble delhi high court examined the provisions of the it act and observed that "we have examined the provisions of the act and do not find that there is any bar on the ito from proceeding with the assessment ..... (b), the time available with the ao is less than 60 days, such remaining period shall be extended to 60 days and the assessment order can be made ..... it has further been observed that the it act does not contemplate set off of assessment proceedings during the period when the settlement commission is deciding whether to proceed or not to proceed with ..... 18a of the indian it act, 1922, held that the assessment order was inconsistent with the proviso to s.18a and must be deemed to suffer from a mistake apparent from record and the ito was, therefore, justified ..... (1958) 34 itr 143 (sc), wherein the hon'ble supreme court while dealing with the .....