Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jul-31-1989
Reported in : (1989)31ITD29(Delhi)
..... institution mentioned below has been approved by the indian council of agricultural research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the income-tax act, 1961. this notification is effective for a period of 2 years from 27-4-1979 to 26-4-1981.the notification is clear that though ..... varieties of various export-oriented agricultural produce etc. and prayed that the necessary approval may be granted so as to enable the foundation to claim exemption under section 10(21) of the act.13. vide communication no. f. no. 203/54/77. ii.ii dated 13th april, 1977 the nafed was informed that its application for approval of ..... the corpus or capital received and thus beyond the ambit of taxation; and (c) whether the levy of interest under section 217 of the act as also initiation of proceedings under section 271(1)(c) and section 273 of the act were proper or the directions in the assessment in that regard were void ab initio and should be expunged.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-04-1989
Reported in : (1989)31ITD67(Delhi)
..... this view we are fortified by the decisions cited by the assessee on the point. in trikamlal maneklal's case (supra), the assessee claimed under section 12(2) of the income-tax act, 1922 a deduction from 'income from other sources' of interest paid on capital borrowed for payment of tax on the ground that the deduction was ..... 's case for the assessment years 1977-78 and 1978-79 has held that the royalty income is assessable on accrual basis in terms of section 5(2)(b) of the income-tax act, 1961. the learned sr.departmental representative solely relied upon the order of the tribunal dated 26-5-1984 in support of the contention that ..... generally speaking, unless it falls within section 5, it is not necessarily be taxed because it falls within this section. any other section may operate to save from taxation income which is within the purview of this section say, for example, section 10 of the income-tax act. the definition of "total income" as given in section 2(45) shows that it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Apr-27-1989
Reported in : (1989)31ITD549(Delhi)
..... the customers was not even in contemplation.23. the argument of the learned counsel for the assessee is based on section 64a of the sale of goods act and section 72 of the contract act. section 64a of the sale of goods act reads as under: 64-a. in contracts of sale, amount of increased or decreased taxes to be added or deducted ..... has any fiduciary relation with respect to its customers.26. even if any liability may arise against the assessee by virtue of section 64a of the sale of goods act or section 72 of the indian contract act, that would not be a statutory liability. such a liability would be merely contractual liability and, as shown above, a person ..... dispute regarding liability for loss in forward transaction the loss was allowable in the year in which the dispute was settled.27. section 72 of the indian contract act and section 64a of the sale of goods act do not automatically raise an enforceable demand against the assessee. at the most, they give a right to a purchaser to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Feb-17-1989
Reported in : (1989)29ITD449(Delhi)
..... payment of any interest, salary, bonus, commission or remuneration made by the firm to any partner has to be disallowed by virtue of the provisions of section 40(6) of the act.this is a special provision made by the legislature and, therefore, on the principle of generalia specialibus non derogant, it must be accordingly applied to the ..... income from profits and gains of business or profession that has to be computed in accordance with the law laid down in sections 28 to 44 of the act.thus, in this fascicle of sections, it is section 40 that enumerates amounts, which shall not be deducted in computing the income chargeable under the head "profits and gains of business ..... include any person who, being a minor, has been admitted to the benefits of partnership.8. we also find that in the indian partnership act, 1932 partnership is defined in section 4. as per section 4 partnership is the relation between persons, who have agreed to share the profits of a business carried on by all or any of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-05-1989
Reported in : (1989)31ITD198(Delhi)
..... to the allottee certainly creates some valuable rights in favour of the allottee so as to amount to an asset within the meaning of the wealth-tax act and section 2(14) of the income-tax act, 1961. that was an asset held by the assessee up to 30-1-1979, the date on which the assessee got a deed of conveyance executed ..... waqf-alalaulad created by a muslim governed by the hanafi school of mahomedan law was held to be property and covered by the definition of asset in section 2(e) of the wealth-tax act, 1957. reliance was also placed on yet another judgment of the hon'ble supreme court in the case of pandit lakshmi kant jha v. cwt [1973] 90 ..... , therefore, they continue to belong to the assessee and could be included in his net wealth. the hon'ble supreme court took into account the provisions of section 53a of the transfer of property act relating to the effect of part performance of contract and held that in spite of the receipt of sale consideration and delivery of possession, the legal title .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-06-1989
Reported in : (1990)32ITD445(Delhi)
..... question of valuing it at rs. 4,54,000.8. we have carefully considered the rival submissions and examined the facts on record. gift is defined in section 2(xii) of the gift-tax act as under:- 'gift' means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or money ..... firm shall belong to all the parties in proportion to their shares fixed in this deed.5. the gift-tax officer, a-ward, panipat, issued a notice under section 16 of the gift-tax act, 1958 in the name of shri g.d. mahajan, legal heir of smt. raj devi, on 22-10-1982. the gift-tax proceedings were initiated against the ..... manner without subterfuge or concealment of any kind or in an attempt to make the transaction appear other than what it was in reality. the language of section 4(l)(c) of the gift-tax act has been so cast as to throw the onus on the assessee for establishing that the transaction in question was bona fide. when the assessee became .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jul-24-1989
Reported in : (1989)31ITD105(Delhi)
..... partner. according to narayanappa krishnappa (supra), the amount due to a partner on account of capital becomes relevant only at the stage of settlement of accounts under section 48, partnership act after the dissolution of the firm. it clearly implies that the amount of a partner's capital has no relevance during continuance of partnership.12. after the ..... of partition of capital invested in the firm should be inferred. there are two aspects. firstly such a position would be in violation of the provision of section 171. it act in the sense that without obtaining a recording of the fact of partition of the said right to a share of profit from the firm claim based on ..... (delhi) of 1982 dated 26-7-1983] and that has given rise to the cause of action for referring of these cases to a special bench under section 255(3) of the act.13. shri d.c. aggarwal, learned departmental representative, appearing for the revenue, very strenuously argued and relying upon the income-tax officer's order in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Apr-11-1989
Reported in : (1990)32ITD616(Delhi)
..... commission paid to miss molijit singh and miss erajit singh, daughters of dr.jagjit singh for services rendered to the society were also disallowable under the provisions of section 13 of the act.12. the cit(a) in the first appeal vide his order dated 24-3-1988 though agreed with the conclusion arrived at by the iac(a),namely, ..... the cit(a) that, (a) the activities carried on by the assessee trust were business activities yielding profits and gains within the meaning of the provisions of section 11 (4a) of the act and that consequently a sum of rs. 13,46,203 was income chargeable to tax, rejecting the assessee's claim that it was not carrying on any activity ..... contention in ground no. 1 is that the learned cit(a) erred in holding that the assessee was not entitled to total exemption under the provision of section 11 of the income-tax act, 1961 in respect of its total income derived during the accounting period ending 30-9-1983. the alternative contentions are that it has been wrongly held .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-08-1989
Reported in : (1990)32ITD694(Delhi)
..... cit (appeals), who vide identical orders dated 20-10-1986 upheld the reopening of the assessments but held that under the provisions of section 32a(2)(b)(iii) of the income-tax act, 1961 the assessee was an industrial undertaking being engaged in the business of construction and was entitled to investment allowance. the revenue is ..... . [1983] 6 itd 575 (delhi), in which the definition of an industrial company within the meaning of section 2(9)(c) of the finance act, 1976 came up for consideration. an industrial company was under the aforesaid act defined to include one engaged in the business of manufacture or processing of goods or in mining. it was ..... the learned counsel for the assessee stressed that the requirements of an "industrial company" under the finance act and of an "industrial undertaking" under section 32a are different it is true that slightly different words have been used in section 32a which uses the words "manufacture or production of any article or thing" in sub-clause (ii .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jan-04-1989
Reported in : (1992)40ITD152(Delhi)
..... the learned commissioner of income-tax (appeals) no doubt, has noted the facts and relation, but did not comment upon the operation of section 40a(2) of the act. this 'section was specifically applied by the income-tax officer and thus absence of this aspect by the learned commissioner of income-tax (appeals) is not ..... 1986] 157 itr 253, wherein it was said to have been held that stitching of readymade garments amounted to processing of goods within the meaning of section 2, sub-section (6)(d), of the finance act, 1968. the learned commissioner of income-tax (appeals) confirmed the assessment order on the point with the following observation : " similarly, in cit ..... that the payment was made due to business expediency. the learned income-tax officer, taking note of the situation and keeping in view the provisions of section 40a(2) of the act, made a disallowance of rs. 75,000, with the following observations ; "there appears discrimination between the sales made to messrs. navin bharat co. .....
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