Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD481(Hyd.)
..... business also even for a day. the business was continued as a going concern by shri p.r. chellaram, the husband of the assessee under section 40a(7) of the income-tax act, 1961 ('the act') no provision for gratuity can be allowed unless the conditions prescribed therein are fulfilled. none of the conditions were fulfilled. thus, he rejected the ..... of the business.thus, it was held that the amount of rs. 1,41,506 cannot be regarded as properly admissible deduction either under section 10(1) or section 10(2)(xv) of the indian income-tax act, 1922. the above ratio squarely applies to the instant case. in the instant case also, the gratuity liability did not arise during ..... far as the assessee is concerned. similarly, there is no liability by the assessee for payment of gratuity or notice pay under the payment of gratuity act. under section 40a(7)(6)(i), only gratuity that has become payable during the previous year will be allowed. but in the instant case, no gratuity became payable during the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)12ITD563(Hyd.)
..... firstly, he held that inasmuch as the assessee itself returned its income as an aop, it cannot be heard while it had changed its version.secondly, under section 164(1) of the act, where its income is not specifically receivable on behalf of any one person or beneficiary, the status of the trust for the purposes of assessment should be determined ..... the case of trustees of h.e.h. nizam's family (remainder wealth) trust (supra) was fully considered and the difference between section 21(4) of the 1957 act vis-a-vis section 164(1) of the 1961 act was clearly brought home.therefore, it is the contention of shri santhanam that the question as to the status of the trustee under ..... as interest on securities, it did not return the said amount on the ground that the amount is not yet received. the ito held that under section 18 of the income-tax act, 1961 ('the act'), it is enough if the interest is due and it need not actually be received before being brought to tax. the assessee claimed relief under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)12ITD415(Hyd.)
..... to have been partitioned. this partition which was said to have taken place with effect from 11-3-1970, was also recognised by an order under section 171 of the income-tax act, 1961 ('the act'), dated 19-1-1972. the archakathvam which was received on this occasion, became taxable for the assessment years 1975-76 and 1976-77. the firm ..... aggregation of such minor's income, the assessee became liable in respect of their share incomes. it was in this context that the ito initiated action under section 147(a) of the act, inasmuch as no return had been filed by the assessee in that capacity. the assessee filed returns and revised returns in response to the same. the inclusion ..... s case prior to the issue of notice and the assessee was liable to tax in respect of the aggregate income of the minor children, the proceedings under section 148 of the act have to be upheld as not lacking in jurisdiction. the assessee's other objection is that there cannot be any assessment in the assessee's hands in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)12ITD55(Hyd.)
..... shri b. prahalad, rs. 3. the assessee appealed and contended before the aac that standard deduction should have been allowed under the provisions of section 16(i) of the income-tax act, 1961 ('the act'). the aac directed this allowance to be made following his appellate order in the case of another assessee, maleh pedda kistaiah. (in his ..... of cit v. r.m. chidambaram pillai [1977] 106 itr 292. the bench, therefore, referred the matter to the president under the provisions of section 255(3) of the act for constitution of a larger bench. the president has, accordingly, constituted this special bench for hearing the appeal.5. the learned departmental representative has referred ..... under the head 'salaries'." the income which was chargeable to income-tax under the head 'salaries', it is stated, was fully set out in section 15 of the act and the various criteria enunciated therein specified in each case that the amount should have been received from an employer or a former employer. since any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)17ITD109(Hyd.)
..... the main deployment of the funds are not on the processing of lint, nevertheless we have to consider the claim of the assessee under the explanation to section 2(8) (c) of the finance act. as per this explanation, if more than half of the income is from an activity of processing, then, the assessee would be considered as an industrial company .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)14ITD282(Hyd.)
..... order of the commissioner (appeals), visakhapatnam, dated 16-3-1984, disputing the grant of two reliefs, viz., the relief of investment allowance under sections 32a and 80j of the income-tax act, 1961 ('the act') on tug no. iv. the dredging corporation of india, which is the assessee, for the first time was incorporated with effect from 29-3 ..... from 1-4-1976 and in respect of ships acquired prior to that date, the iac felt that they were entitled only to initial depreciation under section 32(1)(vi) of the act. the iac held that inasmuch as tug no. iv was acquired and installed before 1-4-1976, the assessee-corporation was not entitled to ..... cannot be allowed to enter into capital computation.therefore, he withdrew the section 80j allowance of rs. 8,58,000 previously granted under section 80j to this corporation. thus, the iac had completed the reopened assessment under section 143(3) read with section 147 of the act by his reassessment order dated 23-3-1983 relating to the assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)14ITD409(Hyd.)
..... the said definition, 'individual' and a 'huf' were mentioned separately as two out of the seven categories coming under the definition of 'person'. the charging section, namely, section 4 of the act expects income-tax to be levied in respect of the total income of the previous year or previous years of every person. in view of the above, it ..... framed not only in the context of rule 15(1)(i) of part a of the fourth schedule but was framed mainly in the context of section 36(1)(iv) of the act, whereby any contribution made by an employer to a recognised provident fund is admissible 'subject to such limits as may be prescribed'. according to him, ..... conditions contained in part a of the fourth schedule apply to the schemes framed under the employees' provident funds and miscellaneous provisions act also section 10(1) of the employees' provident funds and miscellaneous provisions act states that the amount standing to the credit of any member in the fund shall not in anyway be capable of being .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)15ITD136(Hyd.)
..... follows: ... it is absurd to think that affirmation or reiteration of the same principle of law can furnish any subsequent knowledge or information within the meaning of section 147(6) of the act.... (p. 299) firstly, the above passage would reveal that some principle of law should have been affirmed or reiterated. the above ratio does not apply ..... the assessee to disclose more particulars. the authority for reopening the assessment, according to the ito was derived under the relaxed provision of time limit under section 150 of the act to give effect to the orders of the appellate authorities for the assessment years 1972-73 and 1973-74. he also stated that the assessment for ..... year 1974-75. there are three grounds in the appeal. the first ground questions the validity of the reopening made by the ito under section 147(z) of the income-tax act, 1961 ('the act').according to the assessee the reopening made by the ito and upheld by the commissioner (appeals) is invalid. the brief facts of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)15ITD209(Hyd.)
..... in holding that the total income for the purpose of the finance act also includes income under section 64. now, shri anandkumar had referred to the finance minister's speech. no doubt, finance minister's speech can be referred to where there is some ambiguity in ..... . 278) ...in the first place, the income although derived by his minor children is held to be 'his income' and an obligation is imposed on the assessee under section 139(1) of the act to declare such income in the return filed by him.... (p. 279) it will be apparent from the above that there is no manner of difficulty at all ..... 's wife is also a partner. in the assessment of the karta's wife, the income arising to the separated minor son has been included under section 64 of the income-tax act, 1961 ('the 1961 act').3. in deciding the rates to be applied in assessing the assessee-huf the ito was of opinion that since one of the members, i.e .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)15ITD300(Hyd.)
..... noun 'thing'. in other words, 'article' and 'thing' are really synonymous.in support of this interpretation, we would make a reference to section 5 of the excess profits tax act, 1943. section 5 usss the expression 'accrue or arise'. the courts have always used these two expressions as synonymous to contradistinguish the word 'receive'. [see ..... isolation, we should understand the implication of the entire clause. for this purpose, we may have to refer to the history of section 32a. this section was brought into the statute by the finance act, 1976, with effect from 1-4-1976. the requirement as it stood in 1976 was that industrial undertaking had a business of ..... is an appeal by the assessee, a firm, against the order of the commissioner under section 263 of the income-tax act, 1961 ('the act').the commissioner has held that the assessee is not entitled to investment allowance under section 32a of the act.2. the assessee is a registered firm having two cinema theatres at visakhapatnam. in the .....
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