Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD67(Hyd.)
..... said order. even otherwise, we cannot possibly avoid the responsibility of deciding the issue on merits. 'business' has been defined in clause (13) of section 2 of the income-tax act, 1961 ('the act'), in an inclusive definition to include 'any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture'. the ..... the fact that 'income from other sources' cannot be treated as an independent source by itself. it comes into operation only after exhausting the earlier sources. section 56(1) of the act dealing with the 'income from other sources' clearly stipulates that it will be chargeable under this head 'if it is not chargeable to income-tax under ..... any of the heads specified in section 14, items a to e'. it is only a residuary head. where there is a specific head, the residuary head .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)10ITD896(Hyd.)
..... under section 8 of the act. this ground was, however, not pressed during the hearing and it is, accordingly, dismissed.3. the next common ground for all the years relates to the ..... we find that the amount represented by quarry land amortisation reserve is a reserve within the ordinary meaning of the word 'reserve' or the meaning assigned under the companies act and/or in the light of the guidelines provided by the supreme court in vazir sultan tobacco co. ltd.'s case (supra). it is certainly not a sinking fund ..... hyderabad, for the assessment years 1972-73 and 1975-76 to 1979-80.2. the assessee is a company liable to surtax under the companies (profits) surtax act, 1964 ('the surtax act'). the first common point for the assessment years 1972-73, 1975-76, 1976-77 and 1977-78 relates to the jurisdiction of the ito for redoing the assessments .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD84(Hyd.)
..... the unit-holders and the bank is out of its business of providing credit facilities to its members and, therefore, exempt under section 80p(2)(a)(i) of the income-tax act, 1961 ('the act').3. the facts stated in the immediately preceding paragraph are not in dispute. the ito was of the view that the assessee ..... object and classification ignoring the board's resolution, the loan transactions, the accounts and other realities.8. we have carefully considered the facts as well as the arguments.section 80p(2)(a)(i) exempts income of a co-operative society which carries on 'business of banking or providing credit facilities to its members'. admittedly, the assessee ..... any one or more of such activities' that are exempt. in other words, even -where a co-operative society engaged in a cottage industry is exempt under section 80p(2)(a)(ii), only income attributable to such cottage industry will be exempt. income from investments other than those specifically exempt and other categories of income may .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD1(Hyd.)
..... rate of tax because of the other incomes of the beneficiaries. in fact, the liability of a trustee on an assessment on him under section 161 of the income-tax act, 1961 ('the act'), is "in like manner and to the same extent" as on beneficiary and should not ordinarily make any difference especially in the light ..... thereto also provides that the provision of any alternative beneficiary does not make it a contingent one. illustration (vi), reproduced below [illustration (vi) to section 119 of the indian succession act, 1925] as pointed out by the learned departmental representative, is analogous to the facts of this case: a fund is bequeathed to a, b and ..... that the interest of the beneficiary in the trust on the relevant valuation dates was only 'contingent'. it was claimed that the decision overlooked section 19 of the transfer of property act, and estate duty decision in mahendra rambhai patel's case (supra). we have given our earnest consideration to these arguments and reviewed our earlier .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD97(Hyd.)
..... m/s hotel emerald (p.) ltd., abid road, hyderabad, has been on the approved list of the government of india for purposes of the following sections of the income-tax act, 1961: this communication, no doubt, authorises development rebate from 12-11-1979 and other reliefs from 13-8-1979. the assessee immediately took up ..... certificates approving the hotels, it was the intention of the department of tourism to approve the hotels also for the purposes of various sections of the income-tax act, 1961, although these sections are not specifically mentioned in the approval certificates. the cbdt has, therefore, authorised this department to clarify this position in respect of ..... of hyderabad.2. the assessee, which is a company, is engaged in the business of running a hotel. it had claimed relief under section 80j of the income-tax act, 1961 ('the act'), and extra depreciation admissible for approved hotels. this claim was declined on the ground that there is no specific approval for these purposes by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)10ITD913(Hyd.)
..... appeal is whether the compensatory allowance paid by the royal bhutan government to the government of india servants deputed to bhutan is entitled to exemption under section 10(7) of the income-tax act, 1961 ('the act').2. the facts are few and as far as they are relevant for the disposal of this appeal before us, are as follows. the ..... working on deputation from cpwd to royal government of bhutan, the salary income derived by you will be determined in accordance with the provisions contained under section 10(7) of the income-tax act, 1961, which speaks that any allowance or perquisite paid or allowed as such outside india by the government to a citizen of india for rendering ..... taxable income of the assessee for the assessment year 1980-81 at rs. 27,050.4. aggrieved against the assessment dated 23-3-1983 completed under section 143(3) of the act, the assessee went in appeal before the aac.it is contended on behalf of the assessee that the interpretation put by the ito on the provisions of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD194(Hyd.)
..... mentioned that no income was admitted since two returns were filed on behalf of the legal representatives of late a. radhakrishnamurthy. the ito completed the assessment under section 144, read with section 168, of the act by means of his assessment order dated 19-2-1982.5. according to him, the estate of late a. radhakrishnamurthy was sold for rs. 3, ..... 25-6-1981 purported to be on behalf of the two daughters who were the legal representatives of late a. radhakrishnamurthy. on 7-1-1982, notice under section 142(1) of the act was issued to the advocate-receiver, shri k. krishnamachari, posting the case on 15-1-1982. again the case was posted to 29-1-1982, on ..... assessment year 1980-81, for which the previous year ended on 31-3-1980, the income-tax return was due on 11-6-1980.notice under section 139(2) of the income-tax act, 1961 ('the act') was served on 12-8-1980 against shri m. narasimha rao, the advocate-receiver appointed by sub-court, khammam. unfortunately, shri narasimha rao died .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD251(Hyd.)
..... . we have carefully considered the rival submissions. at the outset, it would be necessary to point out that section 28 of the act speaks of profits and gains of business or profession. section 2(13) of the act defines business to include any trade, commerce or manufacture or any adventure or concern in the nature of trade, ..... expenditure laid out wholly and exclusively for the purposes of the business.viewed in this context, section 37 of the act reads as under: any expenditure (not being expenditure of the nature described in sections 30 to 36 and section 80vv and not being in the nature of capital expenditure or personal expenses of the assessee), ..... up in the present appeals.3. the learned departmental representative, shri subramanian, submitted to us that while sections 28, 30, 31, 32, etc., of the act, speak of both business or profession, clause (iii) of sub-section (1) of section 35 speaks of only business and since the assessee was not carrying on any business but was carrying .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD427(Hyd.)
..... family as divided members with all the incidents flowing therefrom and the property not so divided as members of an undivided family. the fiction enacted in section 171(1) of the act can, therefore, operate in such a case also because the family which has become divided as regards the property which is the subject-matter of partial ..... .the stand that the claim for partial partition could not be enquired into, was taken in view of the express provisions of section 171(9) of the income-tax act, 1961 ('the act'). thereafter, shri sanyasisetty passed away on 16-1-1980 and finally there was a claim made for total partition with effect from 31-3-1980 ..... total income of the assessee. the supreme court, specifically, observed as under: ...we have already held that, section 171 of the act applies to all partitions--total and partial--and that unless a finding is recorded under section 171 that a partial partition has taken place the income from the properties should be included in the total income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)17ITD771(Hyd.)
..... by the high court and the same was kept under a separate account called under the commission agents account. there is also a provision in the agricultural markets act (section 17a), according to which commission collected in excess of what is allowed by law, that commission many be asked to be refunded within a period of 11 years ..... year under consideration, the department was of the view that the refund so received would represent taxable profit for the year in question by reason of section 41(1) of the act. on these facts the high court held that the refund received by the assessee from the sales tax department was not a payment receivable by the ..... rice to kerala. the assessee submitted that the said amount was expenditure incurred wholly and exclusively in the course of business and, accordingly claimed deduction under section 37(1) of the act. the andhra pradesh high court was of the view that payments were made by the assessee only because they were told that they would not get .....
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