Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD242(Hyd.)
..... first.therefore, there was an imperative need to tackle the problem of prosperous zero-tax companies by suitably modifying section 80wa.accordingly, finance act, 1987, deleted section 80wa and introduced new section 115j in its place. section 115j, therefore, came into force from assessment year 1988-89 onwards.27. the new provision was made applicable ..... despite substantial profits. the latter phenomenon was largely due to the fact that the companies were availing of depreciation in full under the income-tax act. thus, despite section 80wa, the phenomenon of'prosperous zero-tax companies' continued. astudy was also carried out by an economic journal in regard to the performance of ..... to be set off against the profit of the relevant previous year as ifthe provisions of clause (b) of the first proviso to sub-section (1) of section 205 of the companies act, 1956 (1 of 1956), are applicable.the learned counsel emphasizes that clause (iv) of the explanation uses a mandatory phrase - "as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD90(Hyd.)
..... daughter by incurring reasonable expenses therefor under hindu law was elevated to a statutory obligation under the hindu adoptions and maintenance act, 1956 (hereinafter called the maintenance act). section 20 of the maintenance act mandates that a person is under a legal obligation to maintain his wife, minor sons, unmarried daughters and old parents. ..... a hindu father is under legal obligation to maintain his unmarried daughter under the provisions of hindu adoptions and maintenance act. the expression 'maintenance' occurring in section 20 of the maintenance act includes not only the daily necessities of providing food and clothing to the dependent daughter but also performing the ..... tax. none appeared for the assessee.5. we have considered the submissions of the learned departmental representative and perused the records. section 2(xii) of the gift-tax act defines a gift to mean the transfer by one person to another of any existing or immovable property made voluntarily and without .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD631(Hyd.)
..... case where income is derived from letting out of plant and machinery, furniture etc., the depreciation can be claimed to be carried forward for later years under section 32(2) of the it act. in view of the correct position in law, the orders of the ito that the sum of rs. 47,280 cannot be carried forward from assessment year ..... it is not "actually allowed" depreciation, it should not be taken to be part of written down value for purpose of computing the terminal allowance under section 32(1)(iii) of the it act.8. in not ordering the ascertained depreciation amount of rs. 47,280 to be carried forward for the later years, is a mistake apparent on record and ..... it should be taken to be the actual cost of that plant and machinery to the assessee less all depreciation actually allowed to him, under this act. what is meant by 'actually allowed' occurring in section 43(6) came for interpretation before the hon'ble supreme court in maharana mills (p.) ltd. 's case (supra) in which the supreme court .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)43ITD124(Hyd.)
..... the credits thus given from the members. there is no scope at all for the assessee being governed by the banking companies act, 1949. thus, the protection of section 6(1)(k) of the banking companies act is not available to the assessee. purchasing a building or owning a building cannot be considered to be part of business activity ..... held that the rental income can be considered to be business income and that the activity of letting out is held to be permitted activity under section 6(1)(k) of the banking companies act, 1949. in this case before us, the assessee is not carrying on banking activity. its business is only to provide credit facilities to its ..... for investing in immovable property except for purposes of carrying on its own business. the learned members of the tribunal relied upon the provisions of section 6(l)(k) of the banking regulation act, 1949 which is extracted in their orders. it is stated in that provision that in addition to the banking business, a banking company may .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)45TTJ(Hyd.)193
..... on securities can be considered to be the business income and if it is not income derived from business whether exemption under s. 81(i)(a)(v) of the it act, 1961 is available. sec. 81(i)(a) which their lordships considered in that case is quite analagous to s.80p(2)(a)(i) under which the exemption is sought. it was ..... or the whole of the amount of profits and gains of business attributable to any one or more of such activities." therefore, from the above reading of the section it would be clear that the amount claimed as exempt should form part of the profits and gains of the business and that business should be attributable to one or ..... co-operative society, the gross total income includes any income referred to in sub-s. (2), there shall be deducted, in accordance with and subject to the provisions of this section, the sums specified in sub-s. (2), in computing the total income of the assessee.(i) carrying on the business of banking or providing credit facilities to its members, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD570(Hyd.)
..... the rest of the amounts for which permission is sought are allowed to be sent by nmdc to the nr. as a representative assessee to the nr under section 163 of the income-tax act, the nmdc contended that the amounts sought to be sent for assessment years 1985-86 and 1986-87 to the nr viz., 72,522 dm and 17 ..... very clear in the head note of the decision itself which is as follows : when once an appeal has been filed under section 248 of the income-tax act, 1961, against an order of the income-tax officer under section 195(2) on an application for determining the chargeable proportion of the sum to be remitted to a non-resident for the purpose ..... of the amount on which tax is to be deducted or to revise the proportion of the amount chargeable under the provisions of the act as determined by the income-tax officer. the right to appeal under section 248 is not restricted to total denial but covers even a partial denial with reference to a part of the payment subjected to deduction .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)42ITD473(Hyd.)
..... for residence" should be understood as a dwelling place where the assessee uses the said place for the purpose of his residence. while examining the provisions of the wealth-tax act under section 5(1)(iv), the orissa high court in the case of cwt v. kb.pradhan [1981] 130 itr 393, has examined the meaning of the word "house". ..... property but without deductions allowable under chapter via, the excess is to be disregarded. however, as a result of substitution with effect from 1-4-1987 of section 23(2) by finance act, 1986, the method of determining the annual value of a self-occupied house property has been modified for and from assessment year 1987-88.though it is ..... a debatable issue and, therefore, it cannot be called a mistake apparent from record or an obvious error and, therefore, cannot be rectified under section 154 of the income-tax act. the provisions of section 154 can be applied only in a case where the mistake of fact or mistake of law is obvious glaring and apparent from the face of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)43ITD204(Hyd.)
..... nevertheless omitted to disclose the receipt in the original return, the second return filed by the assessee cannot be regarded as a 'revised return filed under section 139(5) of the act,' because there was no discovery by the assessee of any omission or wrong statement having been made by him by inadvertence in the original return.8. ..... return in other cases. in this view, there cannot be any subsequent or revised return in a case where the original return is filed under section 139(4) of the act.it is unnecessary to multiply decisions on this point. therefore we hold that since the original return filed by the assessee should be considered to have ..... an assessment made in one capacity is different from an assessment made in a different capacity. in law, as per the definition of the word "person" under section 2(31) of the it act, individual and huf, are two different capacities. our attention is drawn to the following discussion on the law of status found at page 3273 in chaturvedi and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46TTJ(Hyd.)33
..... applies only in a case where a person, having furnished a return under sub-s. (1) or (2), (since omitted), discovers any omission or wrong statement therein. the sub-section does not refer to sub-s. (4) and therefore does not entitle an assessee to rectify or revise a return filed under sub-s. (4)." this view was the view ..... omitted to disclose the receipt in the original return, the second return filed by the assessee cannot be regarded as "revised return" filed under s. 139(5) of the act, because there was no discovery by the assessee of any omission or wrong statement having been made by him by inadvertence in the original return." 8. on considering the ..... one capacity is different from an assessment made in a different capacity. in law, as per the definition of the word "person" under s. 2(31) of the it act, individual and huf, are two different capacities. our attention is drawn to the following discussion on the law of status found at page-3273 in chaturvedi and pithisarias income-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)45TTJ(Hyd.)1
..... receiving a copy of the judgment of the high court, is duty-bound to pass such orders as are necessary to dispose of the case conformably to such judgment. the section clearly imposes an obligation upon the tribunal to dispose of the appeal in the light of and conformably with the judgment of the high court. if the high court concurs ..... the reference to any other high court is, therefore, invalid, incompetent and irrelevant. he draws our attention to s. 256(1) of the it act and points out that the words used by the legislature in the said section are "the high court" and "a high court". the decision of the madras high court on an invalid reference under s. 256(1) is ..... question of law : "whether, on the facts and in the circumstances of the case, it has been rightly held that the provisions of s. 64(1) (ii) of the it act, 1961 would not be applicable and, therefore, the share incomes arising to the minor sons of the assessee have to be deleted." the tribunal referred the said question of law .....
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