Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)58ITD225(Hyd.)
..... sale of the land in question was an income from adventure in the nature of trade, or was only a surplus on the realisation of capital. section 2 (13) of the income-tax act, gives an all-inclusive definition to the term business, and it includes any adventure in the nature of trade. the expression business is of wide ..... and smt. padmavathi purchased the sites from the assessee during the relevant accounting period. he also noted that the assessee applied for granting of the certificate under section 230a of the income-tax act for gifting of 5240 sq. mts.valued at rs. 10,48,000 to kakinada municipality for the purpose of approving of the layout plan. when questioned ..... assessee has not disclosed the capital gains on the sale of the above lands.though the assessment was originally completed on 27-3-1986 under section 143 (1), with the prior approval of the iac, a notice under section 143 (2) of the act was served on the assessee, and thereafter fresh assessment by the order dated 26-3-1987 under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56TTJ(Hyd.)38
..... the employees at moscow by way of salaries and allowances. it was submitted that if something was not chargeable under the provisions of the income-tax act, the question of applying section 195 would not arise. it was the contention of the assessee that since the services of the employees were rendered in moscow, there was no ..... supporting documents. this explanation of the assessee did not find favour with the assessing officer, who, observing that the proviso to clause (v) of section 17 (2) of the act states that any sum paid by the employees in respect of any expenditure actually incurred by him on his medical treatment or on treatment of any ..... could not be treated an expenditure incurred necessarily and exclusively for the purpose of business of the assessee. further, since standard deduction is allowed under section 16 (i) of the act to salaried tax payers, the expenditure of the nature noted above would come under the umbrella of standard deduction itself.he therefore, held that no .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)58ITD104(Hyd.)
..... could not be treated an expenditure incurred necessarily and exclusively for the purpose of business of the assessee. further, since standard deduction is allowed under section 16(i) of the act to salaried tax payers, the expenditure of the nature noted above would come under the umbrella of standard deduction itself. he therefore, held that ..... from the beginning that the conveyance allowance paid to employees for coming to office from residence and returning thereto does qualify for exemption under section 10(74) of the income-tax act. provisions of section 10(14) read as follows- (i) any such special allowance or benefit, not being in the nature of a perquisite within the ..... employees at moscow by way of salaries and allowances. it was submitted that if something was not chargeable under the provisions of the income-tax act, the question of applying section 195 would not arise. it was the contention of the assessee that since the services of the employees were rendered in moscow, there was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)59ITD282(Hyd.)
..... supreme court in sal narayana rao's case (supra) is a clear authority for the proposition that subsequent decision can validly form the basis for rectifying an order under section 154 of the act.21. again in the case of bahauram jawharimal v. cit [1980] 121 itr 487 at 490 (all.), it was held that where an order of assessment is based ..... and the assessee is not entitled to any other deduction except standard deduction as mentioned in section 16 of the act. special bench decision dated 23-3-1989 in the case of p. dayakar (supra) for the assessment years 1981-82 and 1982-83 has also held that the ..... by the employee but is determined at a fixed percentage of the turnover achieved by him and, therefore, it partakes of the character of salary within the ambit of section 17 of the act. in k.a. choudary's case, (supra), andhra pradesh high court by a judgment dated 10-12-1987, has held that the incentive bonus is part of salary .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)2ITD364(Hyd.)
..... been an exempt asset because of the ceiling prescribed of rs. 1,50,000, in view of the restriction under section 5(1a) of the act.7. the learned departmental representative also emphasised that the firm itself was not subject to wealth-tax and even if the ..... renewed with a further fresh addition of rs. 5,000. according to the aac, in view of the explanation to section 5(3) of the act, the deposit must have been owner by the assessee for at least 6 months find that is not the case here, ..... a matter of procedure. it is also true that the firm's property is recognized in more than one way (sections 14 and 15 of the partnership act) but only as that which is 'joint estate' of all the partners as distinguished from the 'separate estate' of ..... and contended before him that the wto was not justified in refusing to grant exemption under the provisions of section 5(1) (xxvi) of the wealth-tax act, 1957 ('the act'). the aac clarified that the firm in which the assessee was a partner had a deposit of rs .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1982)1ITD402(Hyd.)
..... individuals. in the instant case, it is common ground that the returns were filed voluntarily and not in response to notices issued by the ito under section 139(2) of the act. the said decision would not, therefore, support the assessee's claim that the ito is not competent to change the status in cases where returns were ..... subbalakshmaiah and the copy of the declaration made by shri sunku subbalakshmaiah and the copy of the order passed by the ito dated 27-2-1976 under section 171(3) of the act accepting the partial partition of the bigger family of shri sunku subbalakshmaiah.besides, he also cited a number of decisions in which of the terms "boi ..... in issue in these appeals. these appeals were, therefore, referred on 6-12-1979 by that bench to the president, appellate tribunal, under section 255(3) of the income-tax act, 1961 ("the act")' to constitute a special bench. these appeals have come up for hearing before us in pursuance of the direction of the president constituting the special .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)58ITD339(Hyd.)
..... all cases of escaped assessment whether within or without a prior assessment. the assessment there 'escapes' when once the assessment year expires. the cases under the income-tax act which expound section 34 are, thus, not in point." 14. in view of the decision in the case of narsee nagsee & co. (supra), the position insofar as income ..... as the notice calling upon the assessee to file the return was beyond the time limit prescribed under section 14 of that act which is equivalent to sections 147 to 149 of the income-tax act, 1961. section 14 of that act provided that if the income-tax officer in consequence of definite information which has come into his possession ..... not required to be served if the proceedings were pending on either the assessee filing the return suo moto or by issuance of notice under section 22 [equivalent to section 142 of income-tax act, 1961]. after the introduction of time limit for completing the assessment, in our opinion, the proceedings can be said to be pending .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1998)66ITD630(Hyd.)
..... the lower authorities, submitted that in order that an amount may be deemed to be income under s. 41(1) of the it act, there must be remission or cessation of liability. the benefit contemplated by the section must be by way of remission or cessation of liability.according to him, the transfer of an entry in the books of accounts ..... by way of write back of the liability to the p&l account is a unilateral act and does not bring out the cessation of liability of ..... the case of cit vs. bharat iron & steel industries (supra), the full bench of the gujarat high court, interpreting the provision of s. 41(1), held as follows : "........ sec. 41(1) introduces a fiction by which where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56TTJ(Hyd.)714
..... the lower authorities, submitted that in order that an amount may be deemed to be income under s. 41(1) of the it act, there must be remission or cessation of liability. the benefit contemplated by the section must be by way of remission or cessation of liability.according to him, the transfer of an entry in the books of accounts ..... by way of write back of the liability to the p&l account is a unilateral act and does not bring out the cessation of liability of ..... the case of cit vs. bharat iron & steel industries (supra), the full bench of the gujarat high court, interpreting the provision of s. 41(1), held as follows : "........ sec. 41(1) introduces a fiction by which where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56TTJ(Hyd.)303
..... -s. (2), discovers any omission or, wrong statement therein, may furnish a return or a revised return, as the case may be, at any time before the assessment is made. sec. 10 of the act provided for penalties for non-filing of returns. relevant portion of the same ran as follows : "if the ito in the course of any proceedings under this ..... provisions considered in the said cases are not in pari materia with the provisions of s. 271b.11. we have duly considered the rival submissions. sec. 44ab was introduced into the statute book by the finance act, 1984, w.e.f. 1st april, 1985. relevant portion of s. 44ab as it stood during the relevant period reads as follows : (a) carrying on ..... completes the assessment on the basis of such a return." even a return filed under s. 6(3) of the super profits tax act, 1963, before the assessment is made, is also a valid return under s. 6. sec.10 merely states that an assessee who fails to furnish the return required under s. 6, is liable for penalty. in that case .....
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