Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD774(Mum.)
..... it only to an organised business as distinguished from profession. even though some distinction is maintained by the legislature between business and profession especially in some section of the income-tax act as relied upon by shri v.h. patil, the supreme court nevertheless held in the case of barendra prasad ray (supra) that the expression ' ..... narrow and that the delhi high court preferred to adopt the narrow meaning as warranted by the facts of the case before it and while interpreting section 80-o of the act. he, therefore, contended that the word 'technical' did admit of a liberal meaning and that a liberal view should be adopted while interpreting the ..... ii) would help the assessee out as the job of a receptionist-cum-accountant could be treated as a vocation included in the term 'profession' under section 2(36) of the act. it was held by the tribunal that the word 'concern'would include a profession, that 'profits' would cover professional receipts and that the expression 'technical .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD848(Mum.)
..... . all the matters relating to the assessment year were disposed of by the above order excepting the claim of the assessee for weighted deduction under section 35b of the income-tax act, 1961, with regard to what may conveniently be referred to as the indirect exports. the claim of the assessee for weighted deduction was over ..... to rs. 79,542.these are the amounts involved in the present appeal. the commissioner (appeals) accepted the contention of the assessee that the relief under section 35b covers not only direct sales effected by the assessee but also the sales effected in association with others and that indirect exports effected through local parties rank ..... with the direct exports in the matter of weighted deduction under section 35b. he, therefore, allowed the claim of the assessee, both with regard to the commission paid to the selling agents and also with regard to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)4ITD41(Mum.)
..... the disallowance made by the ito. however, he directed the ito to adjust the written down value of the machinery in terms of section 43a of the income-tax act (hereinafter referred to as 'the act').4. shri s.e. dastur, the learned representative for the assessee, urged before us that the action of the revenue authorities was not ..... wherein, at page 190, it has been observed that the case of calico dyeing & printing works (supra) laid down the principle that interest under section 10(2)(iii) of the 1922 act is admissible as deduction if the capital was borrowed for the purpose of the assessee's business and not necessarily to acquire a revenue asset.18. he ..... appeal for the assessment year 1973-74 is that the commissioner (appeals) had erred in stating that no appeal lay against the charging of interest under section 214 of the act. it is pertinent that the commissioner (appeals) has given a rinding that by raising the ground the assessee was not denying its liability to interest under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD981(Mum.)
..... parties as well as the facts on record. in the case of lakshmisagar reddy (supra), it has been held that : in order to attract the provisions of section 5(1) of the act, the following ingredients must be satisfied : 1. the property must be in existence at any time before the death of the deceased. 2. the deceased must have ..... on the ground that they did not form part of the estate of the deceased. the assistant controller, however, held that the amounts were dutiable under sections 5 and 6 of the estate duty act, 1953 ("the act"). he relied on the decision in the case of ced v. a.t. sahani [1970] 78 itr 511 (delhi) 3. the accountable person ..... question which then arises is whether the two amounts should be treated as a separate estate individually or taken together. on a careful consideration of the language of the section, we are of the opinion, that the two amounts should be treated as separate estates individually and should not be aggregated not only with the other properties but also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)2ITD463(Mum.)
..... order of the commissioner (appeals), in appeal no. cit(a)-x/a-iii/28/1979-80 dated 2-6-1980 holding that the addition made under section 40a(3) of the income-tax act, ]961 ('the act') should be cancelled. the facts of the case are as follows. the assessee is an individual having business in export of frog legs. in the course ..... products of horticulture are also mainly for satisfying the needs of man for food. thus, the rule appears to demarcate such products from the operations of the stringent provisions of section 40a(3).8. if we understand the import of the rule, then any product which is akin to the four items shown in the sub-rule (i) will have to ..... payments in draft or cheque, the rest of the payments made for the purchases were in cash. the ito was of the opinion that these payments would be hit by section 40a(3). he added rs. 1,79,787 on this account.2. the commissioner (appeals) deleted the addition. according to him, the assessee's purchases would be saved from the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD244(Mum.)
..... to the business. !t also provides that those assets which are required to be excluded under rule 2g can be brought to charge under any provision of the act other than section 7(2) if it is so authorised. this provision in rule 2g, sub-rule (2), further reinforces our finding earlier that in the case of a business ..... apparently supports the stand of the learned standing counsel. it is, however, pertinent to note that the question arose in regard to the provisions of the wealth-tax act where section 7(2)(a) contemplates adjustments to book value as the circumstance of the case may require. the facts in that case were that the business of the assessee-huf ..... the three new taxes, 4th edn., vol. i, page 154, it is stated that in india it has been decided that by virtue of the legal practitioners (fees) act, 1926, sections 3 and 4, and by the rules of the high courts, fees due to "advocates" (which expression would include barristers enrolled as advocates and other legal practitioners) are .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD213(Mum.)
..... of adjustments contemplated under rule 2c of the wealth-tax rules and whether even otherwise it is an asset required to be included as an asset under section 7(1) of the act and our finding is in favour of the contentions of the assessee. in that order, after examining the cash system of accounting in some detail, we ..... is argued on behalf of the assessee, even if the right to receive the annuity can be regarded as an asset, it is specifically exempted under section 5(1)(v/) of the act, according to which the right or interest of the assessee in any policy of interest before the money covered by the policies become due and payable ..... he. however, slightly modified the basis of valuation. in a separate order passed under section 35 of the wealth-tax act ("the act")' he considered and accepted the alternative submission of the assessee based on the definition of "asset" in section 2(e) of the act according to which the right to an annuity where the terms and conditions relating thereto preclude .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD880(Mum.)
..... the shareholders did not result in any improvement of the cost of the shares. he also observed that the "cost of improvement" of the capital asset under section 48(a) of the act meant the "positive" cost and not the "negative" cost of improvement. he, therefore, upheld the order of the ito for each of the assessment years ..... the arguments advanced by the tribunal in support of its findings in that case. in order to appreciate the arguments of mr. palkhivala, we may reproduce sections 48 and 55 of the act. they read as follows : 48. the income chargeable under the head 'capital gains' shall be computed by deducting from the full value of the consideration ..... he would have been entitled to if he had not occupied the same himself, suffers expenditure in that regard and would be entitled to the benefit under section [0(13 a) of the act. the authority cited by the department, i.e., indian molasses (supra), is distinguishable inasmuch as, in that case, the arrangement for the expenditure was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD1108(Mum.)
..... . the assessee is a company established in the year ended 30-9-1968 for the manufacture and sale of knitted clothes. it did not claim relief under section 80j of the income tax act, 1961 ("the act"), during the first assessment year, namely, 1969-70, because the capital employed by the assessee out of its own funds during that year was a negative ..... cit v. bluemount ceramics ltd. [1980] 123 itr 385, wherein it has been held that unlike section 34(1) of the act, there is no statutory obligation on the part of the assessee under section 80j to furnish the necessary particulars for claiming relief under that section in the initial year in which the industrial undertaking was set up. it was further held in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1982)1ITD1031(Mum.)
..... :(a) ** ** **(b) ** ** ** (c) an order against the assessee, where the assessee denies his liability to be assessed under this act or any order of assessment under sub-section (3) of section 143 or section 144, where the assessee objects to the amount of income assessed, or to the amount of tax determined, or to the amount of loss computed ..... of objections and the ito allowed the time.however, no objections were filed by the assessee. the ito, therefore, completed the assessment under section 144b(3), read with section 143(3) of the act. the assessee filed an appeal before the commissioner (appeals) and inasmuch as objections against the assessment were accepted, the revenue has come up ..... it filed a return of income on 27-11-1976. a draft assessment order was served on the assessee on 30-3-1979 under section 144b of the income-tax act, 1961 ("the act"). since there was variation in the income returned and the income proposed to be assessed by more than a lakh of rupees, the assessee .....
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