Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-08-1989
Reported in : (1990)32ITD694(Delhi)
..... cit (appeals), who vide identical orders dated 20-10-1986 upheld the reopening of the assessments but held that under the provisions of section 32a(2)(b)(iii) of the income-tax act, 1961 the assessee was an industrial undertaking being engaged in the business of construction and was entitled to investment allowance. the revenue is ..... . [1983] 6 itd 575 (delhi), in which the definition of an industrial company within the meaning of section 2(9)(c) of the finance act, 1976 came up for consideration. an industrial company was under the aforesaid act defined to include one engaged in the business of manufacture or processing of goods or in mining. it was ..... the learned counsel for the assessee stressed that the requirements of an "industrial company" under the finance act and of an "industrial undertaking" under section 32a are different it is true that slightly different words have been used in section 32a which uses the words "manufacture or production of any article or thing" in sub-clause (ii .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Dec-06-1989
Reported in : (1990)32ITD445(Delhi)
..... question of valuing it at rs. 4,54,000.8. we have carefully considered the rival submissions and examined the facts on record. gift is defined in section 2(xii) of the gift-tax act as under:- 'gift' means the transfer by one person to another of any existing movable or immovable property made voluntarily and without consideration in money or money ..... firm shall belong to all the parties in proportion to their shares fixed in this deed.5. the gift-tax officer, a-ward, panipat, issued a notice under section 16 of the gift-tax act, 1958 in the name of shri g.d. mahajan, legal heir of smt. raj devi, on 22-10-1982. the gift-tax proceedings were initiated against the ..... manner without subterfuge or concealment of any kind or in an attempt to make the transaction appear other than what it was in reality. the language of section 4(l)(c) of the gift-tax act has been so cast as to throw the onus on the assessee for establishing that the transaction in question was bona fide. when the assessee became .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Nov-30-1989
Reported in : (1991)36ITD497(Delhi)
..... contended before us on behalf of the assessee. the expression "produce of plantations" used in sub-clause (i) of sub-clause (b) of sub-section (2) of section 80hhc has not been defined under the act. so we have to turn to the dictionary meaning of the word "plantation" to find out the meaning of this word in the context of ..... (bom.) (sb) and shree arbuda mills ltd v. ito [1983] 3 sot 311 (ahd.). it was next contended by shri srivastava that the explanation to section 263(1) substituted by the finance act, 1988 with effect from 1-6-1988 would not make any difference for the reason that the explanation was substituted with effect from 1-6-1988 and ..... behalf of the assessee in support of the theory of total merger no longer hold good in view of the explanation, clause (c) to section 263(1) which has been retrospectively amended by the finance act, 1989. the commissioner, therefore, in this case had the jurisdiction to revise the assessment on the issues which were not considered and decided in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-27-1989
Reported in : (1989)31ITD426(Delhi)
..... while considering the charitable character of the present society and, in our view, the larned counsel is right in contending so. charitable purpose has been defined in section 2(75) of the act as under : - "charitable purpose" includes relief of the poor, education, medical relief, and the advancement of any other object of general public utility not ..... two appeals is as under: - on the facts and in the circumstances of the case, the learned cit(a) erred in allowing the exemption under section 11 of the act to the assessee as the object of the assessee are political.as is evident from the ground raised by the revenue the revenue's contention merely is that ..... we are in agreement with this view. therefore, we hold that the assessee is a charitable institution existing for a charitable purpose, as defined in section 2(75) of the income-tax act, 1961.13. the newspaper the foundry and the press are the properties held by the assessee under trust and, therefore, the income therefrom would be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-05-1989
Reported in : (1989)31ITD198(Delhi)
..... to the allottee certainly creates some valuable rights in favour of the allottee so as to amount to an asset within the meaning of the wealth-tax act and section 2(14) of the income-tax act, 1961. that was an asset held by the assessee up to 30-1-1979, the date on which the assessee got a deed of conveyance executed ..... waqf-alalaulad created by a muslim governed by the hanafi school of mahomedan law was held to be property and covered by the definition of asset in section 2(e) of the wealth-tax act, 1957. reliance was also placed on yet another judgment of the hon'ble supreme court in the case of pandit lakshmi kant jha v. cwt [1973] 90 ..... , therefore, they continue to belong to the assessee and could be included in his net wealth. the hon'ble supreme court took into account the provisions of section 53a of the transfer of property act relating to the effect of part performance of contract and held that in spite of the receipt of sale consideration and delivery of possession, the legal title .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Sep-04-1989
Reported in : (1989)31ITD67(Delhi)
..... this view we are fortified by the decisions cited by the assessee on the point. in trikamlal maneklal's case (supra), the assessee claimed under section 12(2) of the income-tax act, 1922 a deduction from 'income from other sources' of interest paid on capital borrowed for payment of tax on the ground that the deduction was ..... 's case for the assessment years 1977-78 and 1978-79 has held that the royalty income is assessable on accrual basis in terms of section 5(2)(b) of the income-tax act, 1961. the learned sr.departmental representative solely relied upon the order of the tribunal dated 26-5-1984 in support of the contention that ..... generally speaking, unless it falls within section 5, it is not necessarily be taxed because it falls within this section. any other section may operate to save from taxation income which is within the purview of this section say, for example, section 10 of the income-tax act. the definition of "total income" as given in section 2(45) shows that it is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jul-31-1989
Reported in : (1989)31ITD29(Delhi)
..... institution mentioned below has been approved by the indian council of agricultural research, the prescribed authority for the purposes of clause (ii) of sub-section (1) of section 35 of the income-tax act, 1961. this notification is effective for a period of 2 years from 27-4-1979 to 26-4-1981.the notification is clear that though ..... varieties of various export-oriented agricultural produce etc. and prayed that the necessary approval may be granted so as to enable the foundation to claim exemption under section 10(21) of the act.13. vide communication no. f. no. 203/54/77. ii.ii dated 13th april, 1977 the nafed was informed that its application for approval of ..... the corpus or capital received and thus beyond the ambit of taxation; and (c) whether the levy of interest under section 217 of the act as also initiation of proceedings under section 271(1)(c) and section 273 of the act were proper or the directions in the assessment in that regard were void ab initio and should be expunged.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jul-24-1989
Reported in : (1989)31ITD105(Delhi)
..... partner. according to narayanappa krishnappa (supra), the amount due to a partner on account of capital becomes relevant only at the stage of settlement of accounts under section 48, partnership act after the dissolution of the firm. it clearly implies that the amount of a partner's capital has no relevance during continuance of partnership.12. after the ..... of partition of capital invested in the firm should be inferred. there are two aspects. firstly such a position would be in violation of the provision of section 171. it act in the sense that without obtaining a recording of the fact of partition of the said right to a share of profit from the firm claim based on ..... (delhi) of 1982 dated 26-7-1983] and that has given rise to the cause of action for referring of these cases to a special bench under section 255(3) of the act.13. shri d.c. aggarwal, learned departmental representative, appearing for the revenue, very strenuously argued and relying upon the income-tax officer's order in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jun-26-1989
Reported in : (1989)31ITD86(Delhi)
..... or betting of any form or nature what-so-ever will be regarded as income for purposes of the income-tax act [section 3(b)(ii) of the finance act]. it should, however, be noted that receipts, which arc of a casual and non-recurring nature, will be liable to income-tax only if they ..... it to any extent. it is not a receipt by way of addition to the remuneration of an employee, within the meaning of that expression in section 10(3) of the income-tax act, 1961. we are in agreement with the contention of the learned counsel for the assessee that the receipt in question was purely casual and nonrecurring, but ..... termed as casual income. we cannot do anything better, than to extract a few lines from the said explanatory notes: -- (1) the definition of "income" in section 2(24) of the income-tax act has been amended to specifically provide that winnings from lotteries, crossword puzzles, races including horse races, car games and other games of any sort or from gambling .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Jun-07-1989
Reported in : (1989)31ITD62(Delhi)
..... kumar jain is a partner in kishan flour mills as a representative of the persons constituting m/s sumat prasad jain & co. exemption under section 5(1)(xxxii) of the wealth-tax act is available to a person in respect of the value of the interest of the assessee in the assets forming part of an industrial undertaking ..... on which the aforesaid exemption was available and the assessee appealed to the aac.3. the aac thought that the assessee was not entitled to any exemption under section 5(1)(xxxii) and, he, therefore, issued enhancement notices to the assessee proposing to withdraw the exemption and he ultimately withdrew the exemption. as a result ..... jain & co., of which the assessee is a partner. we, therefore, agree with the authorities below that the assessee was not entitled to exemption under section 5( 1)(xxxii) of the wealth-tax act.9. the assessee having failed on the main issue, the consequential contention regarding the quantification of the amount of exemption becomes redundant. .....
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