Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)106TTJ(Pune.)137
..... arises.46. in the case of khan carpets v. cit it was held by the allahabad high court that 'reasonableness' within the meaning of sub-section (2) of section 40a of the act was to be determined after taking into account the legitimate needs of the business or profession of the assessee and the 'fair market value of the services ..... films only in godowns constructed strictly in conformity with the specifications laid down in the said rules and in a place to be approved by the chief inspector of explosives, government of india. a place at mahim in mumbai was approved and the assessee company, after purchasing a plot of land there, constructed 13 units thereon, 12 ..... 4, is whether the lease rent and the warehousing charges received by the assessee are to be assessed under the head 'income from house property' under section 22 of the act. the annual value of property consisting of any buildings or land appurtenant thereto of which the assessee is the owner, other than such portions of such property .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1982)1ITD1056(Pune.)
..... account books by the assessee-firm would not make the assessee-firm a non-genuine firm and the fact that the ito in his order under section 185 of the act, had divided the assessee's profits among the five partners would show that profits were divided in the profit-sharing ratio between the partners as ..... of the partners, and that there was no need for declaration regarding the distribution of profits between the partners in contradistinction to the requirement under 1922 act. it was emphasised that section 184(1) was silent on the distribution of profits though under form no. 11 (in the application for registration) a certificate regarding distribution of ..... -firm and the assessee agreed to the said addition. income was assessed at rs. 77,070. the ito, further, noted that a declaration under section 184(7) of the act for the continuation of registration to the assessee-firm had been filed. he, accordingly, allowed continuation of registration to the assessee and allocated the said assessed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1983)4ITD62(Pune.)
..... the total income of the husband or the father, as the case may be, for the purpose of assessment. the words 'any individual' and 'such individual' occurring in section 16(3) of the act, are restricted in their connotation to mean only the male of the species, and do not include the female of the species. (p. 615) this case, however, ..... that benefit of relief in respect of self-occupied property is available only to individuals.16. shri sathe argued that regarding the taxability of a person, section 6(2) of the act is relevant because that section has made a distinction between an individual and a huf. he stated that there is a board circular no. 1081 which has clarified that the ..... artificial person or society." the high court further held that the company could not be said to be a resident having regard to definition of term 'residence' in section 6 of the act.10. shri gadgil's point was that the house is used by the assessee for residence as a huf which has been admitted by the ito in his .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)8ITD1(Pune.)
..... this reason too. the above view will not render the provisions nugatory since situation can be found where the ito and the other authorities can act under the section.15. explanation 2 was brought on the statute book with effect from 1-4-1976. the return was filed on 7-12-1974. on ..... (bom.), the learned counsel has pointed out that we are dealing here with matters of procedure. in j.s. parkar's case (supra) section 69a of the act was held to be a rule of evidence and held to apply even for earlier years. being matters of procedure the provisions in the present case ..... of additions made for the assessment year 1971-72.3. on 10-3-1978 the ito started the penalty proceedings under section 271(1)(c) of the income-tax act, 1961 ('the act') on the following: in view of the aac's decision for the year under consideration and the provisions of the ..... 1. the assessee doing business in explosive materials and detonators filed a return for the assessment year 1971-72 on 7-12-1974 showing an income of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1983)5ITD449(Pune.)
..... case of a loss a payment has to be made which indicates that the payment related to the provisions of the rules which in fact went beyond the sections of the act. in fact this is a voluntary payment in connection with the business. the comparison with a payment to the chambers of commerce, according to the learned ..... movement which stands as a bulwark against the capitalistic aim of accumulation of wealth inevitably followed by economic distress at particular levels of society. many of the sections of the societies act including those relating to the property and funds of the societies have this aim in view. it would not, therefore, be proper to cull out any ..... under rural societies and urban societies. the manner of accumulating property and funds of the society and distributing them is all provided for extensively in the societies act. the relevant provisions are sections 64, 65, 66, 67, 68 and 69 which are reproduced below : 64. funds not to be divided.-no part of the funds, other than .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1983)6ITD200(Pune.)
..... clear that a circular of the kind which was issued by the board would be binding on all officers and persons employed in the execution of the act under section 5(8) of the act. this circular pointed out to all the officers that it was likely that some of the companies might have advanced loans to their shareholders as a ..... thus, the learned departmental representative further contended that the directions given by the board from time to time are binding on the income-tax authorities as provided in section 119 of the act. in support of this contention the reliance was placed on the ratio of the decision in the case of navnit lai c. javeri v. k.k. sen ..... opinion. the learned counsel also contended that really there was no information in the eye of law on the basis of which completed assessments could be reopened under section 147(6) of the act.8. the learned commissioner (appeals), after considering the contention of the assessee and the material on record, was of the view that there was no new .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)7ITD864(Pune.)
..... elapsed by 31-3-1975, the valuation date for the assessment year 1975-76, during which period the gifted properties were in adverse possession, provisions of section 27 of the limitation act, 1908 would operate to exclude these amounts from the net wealth of the assessee for these two years. we find no substance in the first contention ..... the real question, however, for decision in this case is whether this obligation or liability amounted to a 'debt' within the meaning of section 2(m) of the wealth-tax act, 1957 ('the act') for it is only if that condition is satisfied that the assessee would be entitled to its deduction in the computation of its net wealth ..... gold and silver till such inclusion was brought about by addition of the explanation appended to the definition of jewellery in terms of explanation 1 to section 5(1)(viii) of the act. the commissioner (appeals) had accepted the assessee's contention that since the aforesaid explanation took effect only from 1-4-1972, ornaments of gold .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)8ITD273(Pune.)
..... have the clear authority of the supreme court in the case of cit v. b.c. srinivasa setty [1981] 128 itr 294.dealing with section 45 of the act, which is a charging section, the supreme court was pleased to observe: ... for the purpose of imposing the charge, parliament has enacted detailed provisions in order to compute the ..... disjunctively and the qualifying clause should be applied only to a boi. the supreme court in the cited case was concerned with the interpretation of section 2(15) of the act and was pleased to hold that the adjectival clause in the definition of charitable purpose did not apply to the other objects stated therein but governed ..... by this common order. the question which arises for determination in these appeals is whether the assessees are entitled to the deduction claimed under section 80l of the income-tax act, 1961 ('the act') in computing the total income. the facts which are relevant for deciding this question lie within a narrow compass. the assessment in each .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)9ITD338(Pune.)
..... -78 and 1978-79 with corresponding cross-objections by the assessee and two appeals filed by the assessee against the orders of the commissioner under section 263 of the income-tax act, 1961 ('the act') for the years 1979-80 and 1980-81. since common points are involved in the appeals and the cross-objections, they are taken up ..... clear authorities for the proposition that in determining whether the shares of beneficiaries are determinate and known, so that assessment should be made under sub-section (1) of section 41 of the income-tax act, what the revenue authorities have to see is whether such shares are known, and specific during the accounting period. if these facts are known ..... and the first proviso thereof, there is no reason why the same interpretation should not apply to the provisions of sub-sections (1) and (4) of the wealth-tax act." (p. 575)--these decisions are--khan bahadur m. habi-bur rahman v. cit [1945] 13 itr 189 (pat.) and cwt v. puthiya pon-manichintakam wakf [1961] 63 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)9ITD352(Pune.)
..... 's jurisdiction and, therefore, legally invalid. the aac, however, rejected this contention upholding the validity of the assessment on the strength of the provisions of section 150 of the act against which the assessee is in appeal before us.4. the learned counsel for the assessee contends that the authorities below were in error to hold that ..... 2. the facts relevant for the determination of the question arising in this case relate to assessment of the profit which arose to the assessee under section 41(2) of the act on the sale of his truck used in his transport business. the assessee had disclosed this profit in the return which he filed for the ..... direction which the authority or court is empowered to give while deciding the case before it. the expressions 'finding' and 'direction' in section 153(3)(ii) of the act must be accordingly confined. section 153(3)(ii) is not a provision enlarging the jurisdiction of the authority or court. it is a provision which merely raises the bar .....
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