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M.S. Gnanasoundari Vs. Chief Commissioner of Income Tax and ors.

Court : Chennai

Reported in : [1998]232ITR711(Mad)

..... i have already filed a detailed counter-affidavit in the writ petition and the present additional counter-affidavit is filed only to submit that notwithstanding the setting aside of the assessments for certain assessment years by the cit(a), there is still tax arrear of rs. ..... the break-up details for this amount are given below : assessment year tax and interest (rs. ..... as far as the decision cited by learned counsel for the petitioner is concerned, in the said case, the entire order of assessment was set aside in appeal and the demand had fallen to the ground and there were no arrears to be paid. ..... she has also stated that the assessment order has been passed even for the years 1973 to 1977 which was time-barred. ..... here, in the present case, the assessments for the years 1973-74 to 1979-80 and 1982-83 have been set aside. ..... the main contentions raised in this writ petition were that the entire assessment proceedings initiated by the respondents treating the petitioner as benami holder of the property was vitiated by an error apparent. ..... 13,65,778 which is the assessment amount for the year 1981-82, since the authorities have to issue a separate notice following the procedure prescribed in the it act. ..... but, the assessment for the year 1981-82 for a sum of rs. ..... 13,65,778 which is an assessment for the year 1981-82 which has not been set aside in the appeal, instead of rs. .....

income-tax Officer Vs. Wilson Press Tools.

Court : Chennai

Reported in : [1989]30ITD409(Mad)

..... the assessment year involved in this appeal is 1982-83 and the previous year relevant to the same was 1-4-81 to 30-9-81, on which ..... , there was no transfer when a dissolution took place between the partners and they shared the assets and liabilities of the partnership; thus when there was no transfer, no profit was assessable on the value of the closing stock transferred to any one of the partners as per the terms of the dissolution deed. ..... of the madras high court would squarely apply to the assessees case and the ito was justified in re-valuing the closing stock of finished goods as on 30-9-81 at market rate and bringing to assessment the difference between the book value and market value. ..... was thus an adjustment of accounts between the partners on the retirement of three of them, there was no question of any transfer of any assets including closing stock and hence assessment of anything by way of profit with reference to stock as on 30-9- 81 would not be correct. ..... that in so far as the deed of retirement was drawn and the settlement of accounts between the partners took place as per that deed, the ito was not justified in bringing to assessment any profit with reference to the closing stock of finished goods. ..... cost or market value whichever is lower is available to the firm even at the point of termination of the business, the re-valuation of the properties at the prevailing market value was justified and the assessment of the profit arising on such revaluation was justified. .....

Ramalakshmi Spinners (P.) Ltd. Vs. Income-tax Officer.

Court : Chennai

Reported in : [1990]33ITD327(Mad); (1990)37TTJ(Mad)315

..... perusal of these two letters would show that the appellant had purchased these four items of machinery in the year ended 31-3-1980 relevant for the assessment year 1980-81 and had accounted for the same in its books of accounts. ..... ramamani, the learned counsel for the appellant took us through the assessment order dated 11-1-1983 for the assessment year 1980-81 to explain the circumstances in which the disallowances of the assessees claim for investment allowance and depreciation came to be made ..... from the papers placed before us we find that in the next assessment year 1981-82 the assessees claim for depreciation and investment allowance in respect of this very same machinery has been fully allowed by the ito ..... apparently, two of the item of machineries were erected in the year under appeal, while the other two were erected in the next year, but all the four items of machinery were put to use only in the accounting year ended 31-3-1981 relevant for the assessment year 1981-82. ..... in the next assessment year 1981-82 and in fact the assessee became entitled to additional depreciation of 50% in respect of these machineries, as could be seen from the assessment order and the depreciation statement for the assessment year 1981-82. ..... shows that the assessees claim was a bona fide one, but was made in the wrong assessment year under an erroneous impression of the legal position.17. ..... are concerned in this appeal with the assessment year 1980-81, for which the previous year ended on 31-3-1980. .....

Saraswati Industrial Syndicate Ltd. Vs. State of Bihar and ors.

Court : Patna

..... 3 under section 17 (5) of the bihar finance act for the assessment year 1.4.1984 to 30.4.1990 as well as for quashing the notice making demand of rs. ..... 19,27,000/- which the assessee authority has treated as work contract and on that basis assessed the amount and imposed penalty that the firm was not registered under the provisions of bihar finance act.4. ..... this apart, this court has already quashed the assessment order with regard to the works contract on the ground that the aforesaid provisions are not workable and directed that the assessment will survive after the provision is made workable. ..... coming to the merits of the case, it appears that the assessment order does not show that the authorities have gone into the question regarding the commissioning of boiler. ..... in that view of the matter, the impugned assessment order so far the work contract is concerned is set aside and the matter is remitted to the authority concerned to consider afresh in the light of the observation made above.8. ..... the court quashed the assessment order but held that the liability of dealer will survive and continue and he would be liable to be taxed after the provisions are made workable.5. ..... learned counsel appearing for the state on the other hand submitted that the authorities have rightly assessed and imposed penalty. ..... 2,51,084.24 on the basis of the assessment order.2. .....

Noorbari Tea Company (P.) Limited Vs. Income-tax Officer, A-ward and a ...

Court : Guwahati

..... the next question is whether for the assessment year 1972-73, it could be said that income has escaped assessment because of the failure of the assessee to disclose fully and truly all material ..... if the land be held to be non-agricultural, it is apparent that the assessee-company had earned no capital gains on it in so far as assessment years 1965-66 to 1971-72 are concerned.5. ..... so far as this assessment year is concerned, we find that a notice had been issued to the petitioner-company on march 6, 1973, as at annexure-v of the affidavit-in-reply in civil rule ..... therefore, in so far as assessment years 1965-66 to 1971-72 are concerned, it cannot be said that there was any capital gain on the transfer of ..... has been further stated in this connection that this material fact leading to the earning of the aforesaid capital gain was not disclosed by the assessee at the time of making assessments for the relevant assessment years.3. ..... applications under article 226 of the constitution have challenged the validity of the notices issued to the petitioner-company under section 148 of the income-tax act, 1961, hereinafter 'the act ' concerning the assessment years 1965-66 to 1972-73. ..... fact the land was agricultural and whether it qualified to get exemption under section 47(viii) are matters on which the income-tax officer, while passing the assessment order could have taken a view against the assessee but he did not. ..... ofissuing the notices is to reopen the assessments made for the years in question. .....

Commissioner of Income-tax Vs. Darbhanga Investment (P.) Ltd.

Court : Patna

..... 256(1) of the income-tax act, 1961 (for short, 'the act' only), the appellate tribunal, patna bench, patna, has referred to this court the following questions of law for its opinion for the assessment years 1977-78 and 1978-79 : ' (i) whether, on the facts and in the circumstances of the case, the tribunal was justified in setting aside the order of the commissioner, who had only remanded the case back ..... for the assessment year 1978-79 as well against the order of the commissioner of income-tax under section 263 of the act, the appeal of the assessee was ..... for the assessment year 1977-78, the assessee filed its return of income showing ..... so the provisions of section 144b of the act were applicable and as per the provisions of that section the income-tax officer in the first instance had to forward a draft of the proposed order of assessment to the assessee, who, on receipt of the same is to send his objections, if any, to such variation to the income-tax officer. ..... the action of the income-tax officer in not preparing the draft of the assessment order was apparently erroneous and it was prejudicial to the interests of the revenue ..... , the commissioner of income-tax, in exercise of his powers under section 263 of the act, set aside the order of assessment as rectified by the income-tax officer under section 154 of the act. ..... the assessee filed two appeals--one against the assessment made under sub-section (3) of section 143 of the act and the other against the order made under section .....

Commissioner of Income-tax, Bombay City-iii Vs. Phoenix Chemical Works ...

Court : Mumbai

Reported in : [1982]138ITR321(Bom); [1982]10TAXMAN191(Bom)

..... in an appeal by the revenue against the aac's consolidated order for the said assessment years the tribunal, following the reasoning in its said earlier order for the assessment years 1960-61 and 1961-62, dismissed the appeal and confirmed the aac's order on that point ..... in appeal to the aac against the orders of the ito in respect of the concerned assessment years 1962-63, 1963-64 and 1964-65, the aac by his consolidated order, relying on the said earlier order of the tribunal for the assessment years 1960-61 and 1961-62, set aside the orders of the ito in respect of the commission to the directors and allowed the said amounts.10 ..... however, even if they were to be answered, we find that the tribunal in both its orders namely, for the assessment years 1960-61 and 1961-62, dated 21st september, 1967, and for the subsequent assessment years 1962-63 to 1964-65 dated 8th october, 1969 (annexs. ..... we are concerned in this case with the assessment years 1962-63, 1963-64 and 1964-65, with the relevant accounting years ending on 31st december, 1961, 31st december, 1962, and 31st december, 1963, ..... for the concerned assessment years, salaries and commission based on profits paid to the six directors were as follows : assessment years-------------------------------------------------------------------------------- 1962-63 1963-64 1964-65-------------------------------------------------------------------------------- salary com- salary com- salary com- mission mission mission rs. rs. rs. rs. rs. .....

Commissioner of Income-tax, Bombay City-ii Vs. Usha D. Shah

Court : Mumbai

Reported in : [1981]127ITR850(Bom); [1979]2TAXMAN154(Bom)

..... at the instance of the revenue, the following question has now been referred to this court for opinion : 'whether the assessee was liable to income-tax assessment for the assessment years 1961-62 to 1963-64, in respect of any income arising from the undistributed personal estate of her deceased husband and in respect of any income arising from the undistributed share of the interest of the deceased in the ..... in respect of the assessment year 1961-62, was thus disposed of by the consolidated order dealing with the wealth-tax appeals also, the appeals in respect of the assessment years 1962-63 and 1963-64 were disposed of by a short order in terms of the order in appeal in respect of the assessment year 1961-62. ..... the appeal filed by the ito in respect of the assessment year 1961-62 was disposed of by the tribunal by a consolidated order by which the tribunal also disposed of the appeals filed by the ito, a reference out of which ..... income as follows : rs.assessment year 1961-62 3,589assessment year 1962-63 5,423assessment year 1963-64 6,070 2. ..... the assessee in the relevant assessment years 1961-62, 1962-63 and 1963-64, filed returns in response to ..... 1961, in respect of assessment years 1961-62, 1962-63 and ..... the orders of the aac in respect of the three assessment years were upheld. 5. ..... both the tribunal and the aac have taken the view and have found as a fact that during the relevant years, the assessee was not in any way concerned with or was not in possession of any part of the estate of .....

Star Chemicals Pvt. Ltd. Vs. Commissioner of Income-tax

Court : Mumbai

Reported in : [1993]203ITR11(Bom)

..... the next submission of the assessee is to the effect that while calculating the accumulated profits of the subsidiary company, the appropriations made to the development rebate reserve account in the relevant assessment year should not be taken into account as, according to the assessee, the development rebate reserve does not form a part of the accumulated profits of the company. ..... the tribunal held that only the loan received by the assessee during the assessment year 1971-72 should be taken into account for the purposes of section 2(22)(e). ..... whether, on the facts and in the circumstances of the case, the accumulated profits of the subsidiary company up to the end of the assessment year 1970-71 have to be ignored for determining the amount taxable as divided in the hands of the assessee for the assessment year 1971-72 under section 2(22)(e) ?' 8. ..... the tribunal while applying the provisions of section 2(22)(e) of the income-tax act upheld the contention of the assessee that for the assessment year 1971-72 the entire accumulated loan of rs. ..... 26,64,856 over the assessment years 1969-70, 1970-71 and 1971-72 could not be taken into account for applying the provisions of section 2(22)(e). ..... the assessee-company had borrowed loans from its subsidiary company as follows : ------------------------------------------------------------------- assessment year loan interest ------------------------------------------------------------------- rs. rs. .....

T. Mohamed Bapu Vs. Eighth Income-tax Officer.

Court : Mumbai

Reported in : [1986]17ITD634(Mum)

..... , of that business of any other business carried on by him and assessable for that assessment year; and(b) if the loss cannot be wholly so set off, the amount of loss not so set off shall, in ..... to the other provisions of this chapter, be carried forward to the following assessment year, and -(i) it shall be set off against the profits and gains, if any, of any business or profession carried on by him and assessable for that assessment year :provided that the business or profession for which the loss was originally computed contented to be carried on by him in the previous year relevant for that assessment year; and(ii) if the loss cannot be wholly so set off, the amount ..... 33b which is discontinued in the circumstances specified in that section, and, thereafter, at any time before the expire of the period of three years referred to in that section such business is re-established, reconstructed or revived by the assessee, so much of the loss as is attributable to such business shall be carried forward to the assessment year relevant to the previous year in which the business is so re-established, reconstructed or revived, and -(a) it shall be set off against the profits and gains, if any .....