Court : Guwahati
..... the securities represented his trading assets, but nevertheless he found that since the petitioner was not a dealer in securities, it was not entitled to the exemption under section 81 of the act.the learned standing counsel for the department has submitted that although the test applied by the commissioner, namely, that the petitioner must be a dealer in government ..... securities in order to come within the scope of section 81 of the act, may be wrong, the commissioner was not incorrect in coming to the conclusion he did, inasmuch as there was nothing before the commissioner to indicate or to support the ..... question were not trading assets of the bank and that the income arising therefrom as interest was not business income and accordingly not exempt under section 81(i) of the income-tax act.the income-tax officer, a-ward, shillong, has passed assessment order and had also issued demand notices for assessment years 1954-55 and 1957-58 ..... business profits.it will be clear from the discussion above and from the order of the commissioner that he came to his finding on a complete misconception of the relevant provisions of law, that is, section 81(i)(a) of the act, which provided that income-tax shall not be payable by a co-operative society in respect of profits and gains of business carried on by it, if it is a society engaged in carrying on the .....
Tag this Judgment!Court : Guwahati
..... the question of law referred is : ' whether, on the facts and circumstances of the present case, and on a proper construction of the explanation in section 271 introduced by the finance act, 1964, the levy of a penalty on the assesses under section 271(1)(c) of the income-tax act, 1961, is justified '2. ..... of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such person shall, unless he ..... the tribunal was of the opinion that the explanation to section 271(1)(c) of the income-tax act, 1961, itself provided the assessee with an opportunity to rebut the presumption of concealment by showing that it was not guilty of any fraud or any gross or wilful neglect ..... resorting to the provisions of the explanation to section 271(1)(c) of the income-tax act, 1961, the inspecting assistant commissioner imposed a penalty of rs ..... this is a reference under section 256(1) of the income-tax act, 1961, at the instance of the commissioner of income-tax ..... the explanation to section 271(1)(c) may be quoted : ' ..... not arise from any fraud or any gross or wilful neglect on his part, be deemed to have concealed the particulars of his income or furnished inaccurate particulars of such income for the purposes of clause (c) of this sub-section.'6. .....
Tag this Judgment!Court : Guwahati
..... learned counsel appearing for the petitioner, submits that, after the petitioner has opted for the concessional rates, as granted under the aforesaid notification dated 23rd september, 1965, the petitioner finds that he has, in fact, to pay more duty thereunder than what was leviable in accordance with the provisions against item no. ..... we are only required here to examine whether the notification dated 23rd september, 1965, issued under rule 8 of the central excise rules is in contravention of any statutory rule or statutory authority, is discriminatory on any ground, or if the central board of revenue has exceeded powers ..... 15a in the first schedule to the central excise and salt act (hereinafter referred to as 'the said act'), thirty per cent ad valorem duty is liable to be paid on the synthetic resins in any form, whether solid, liquid, or pasty or as powder, granules or flakes or in the form of ..... however, by virtue of powers conferred under rule 8 of the act, the central government had exempted from excise duty any sum that may exceed 80 ..... the order of the government of india, ministry of finance (deptt. ..... 15a in the first schedule to the act, and that the petitioner, on his free will, had chosen the concessional rate under the notification, considering that it would be advantageous for him ..... 23rd september, 1965 (annexure-a, p ..... per its order dated, 23 september, 1965. 3. mr. s. k. ..... rule 8 of the central excise rules is ultra vires of said rules and the central excises and salt act. 2. .....
Tag this Judgment!Court : Guwahati
..... board may, if it considers it necessary or expedient so to do, for the purpose of proper and efficient management of the work of assessment and collection of revenue, issue, from time to time (whether by way of relaxation of any of the provisions of sections 143, 144, 147, 148, 154, 155, 210, 271 and 273 or otherwise), general or special orders in respect of any class of incomes or class of cases, setting forth directions or instructions (not being prejudicial to assessee) as to the guidelines ..... income-tax appellate tribunal in respect of the assessment years 1963-64, 1964-65 and 1965-66 have been referred by the tribunal under section 256(1) of the income-tax act, 3961 (hereinafter referred to as ' the act'): '(1) whether, on the facts and in the circumstances of the case, the tribunal was correct in holding that penalties under section 271(1)(c) of the income-tax act read with explanation to that section were justified in respect of the assessment years 1963-64, 1964-65 and ..... the above advertisement in the statesman, dated january 5, 1971, issued by the central board of direct taxes is a circular or instruction or direction as contemplated under sub-section (1) or subsection (2) of section 119 (as amended) and which may be binding on other tax authorities under section 119 as observed by the supreme court in the above mentioned cases, the assessee in the instant case cannot be benefited by it. ..... taxes (department of revenue & insurance) ministry of finance, government of india.'32. .....
Tag this Judgment!Court : Guwahati
..... ajitsaria and sitaram ajitsaria, made declarations under section 24 of the finance (no, 2) act of 1965, wherein they respectively stated that laduram ajitsaria received the interest paid to m/s. ..... the question that arises for determination is whether the assessee-firm is liable to penalty under section 271(1)(c) of the act because in its return it showed these interest amounts as paid to some other parties instead of the four partners mentioned hereinabove. ..... the following question of law has been referred by the income-tax appellate tribunal, gauhati bench, under section 256(1) of the income-tax act, 1961, hereinafter referred to as ' the act ' : 'whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that the assessee firm had furnished inaccurate particulars of income and, therefore, penalty levied under section 271(1)(c) is valid ' 2. ..... 2) act, 1965. ..... firm submitted that the credits appearing in the accounts in the name of the above parties were, in fact, the moneys belonging to some of the partners of the firm and these partners made voluntary disclosure under section 24 of the finance (no. ..... under section 2(31) of the act, 'person' has been defined as follows : ''(31) 'person' includes- (i) an individual, (ii) a hindu undivided family, (iii) a company, (iv) a firm, (v) an association of persons or a body of individuals, whether incorporated or not, (vi) a local authority, and (vii) every artificial juridical person, not .....
Tag this Judgment!Court : Guwahati
..... in the present case and as such the income-tax officer issued the impugned notice illegally and without jurisdiction ; (2) that since the notice is not under section 147(a) of the act and even if it is assumed that the notice is under section 147(b) it is clearly barred by limitation prescribed under section 149(1)(b); and (3) that the sanction purported to be given by the commissioner of income-tax is wholly mechanical and without any application of mind on the part of the ..... that being the position we are of the opinion that the conditions precedent for issuing the notice under section 148 of the act within the meaning of section 147(a) of the act are found to be absent in the instant case and, therefore, we hold that the impugned notice is illegal and without jurisdiction. 21 ..... 2) act of 1965, which reads as follows : '24 ..... 2) act of 1965 admitting that the credits standing in the names of the above parties were fictitious ones and these belonged to the partners of the firm ..... from the reasons recorded by the income-tax officer for issuing the notice under section 148, it is found that the income-tax officer assumed jurisdiction to issue the notice under section 148 on two grounds, namely, (1) that the assessee filed disclosure petition under the finance (no. ..... 2) act of 1965, admitting that the credits standing in the names of the said five parties mentioned in the grounds were fictitious and those belonged to the partners of the firm; and (2) secondly, that the assessee credited rs .....
Tag this Judgment!Court : Guwahati
..... prays to the appellate authority for exercising that discretion for dispensing with the deposit of duty demanded or penalty levied, it may reasonably be said that after rejection of that prayer made under the proviso to sub-section (1) of section 129, the appellant should be given some reasonable time to deposit the duty demanded or the penalty levied and if he fails to do that then the appellate authority will have the jurisdiction to dismiss the appeal ..... similarly the first proviso to section 19(1) of the assam finance (sales tax) act, 1956 is also different from the proviso to section 129(1) of the customs act, 1962.the first proviso to sub-section (1) of section 30 of the assam sales tax act, 1947 reads as follows :-'provided that no appeal shall be entertained by the said authority unless he is satisfied that the amount of tax assessed or the penalty levied, if not otherwise directed by him, has been ..... is correct that the appellate authority is competent to reject the appeal for non-compliance with section 129(1) of the customs act, 1962, but the language of sub-section (1) of section 129 does not fix any limit within what time the deposit is to be made. ..... sil/1581/cus/69, dated 10-10-69 the assistant collector, customs rejected the explanation of the petitioner and confiscated the seized cloth in question under section 111(p) of the customs (amendment) act, 1969 and made the confiscation absolute in terms of section 125(1) of customs act, 1962, and also imposed a penalty of rs. .....
Tag this Judgment!Court : Guwahati
..... , on the facts and in the circumstances of the case, the tribunal was legally correct in applying the provisions of the explanation to section 271(1)(c) of the income-tax act, 1961, as introduced by section 40 of the finance act, 1964 ?'2. ..... the assessed income and hence the default was covered by the new explanation inserted by section 40 of the finance act, 1964. ..... or wilful neglect in not showing the item of charity and the interest in the return, that such expenses claimed by the assessee without mentioning in the return itself came within the purview of the explanation to section 271(1)(c) of the income-tax act, 1961, and that even assuming that there were certain other items also, which could not form part of the subject-matter of penalty under the explanation ..... from the order of the tribunal in the penalty appeal it is found that, according to the tribunal, the explanation to section 271(1)(c) of the act is applicable to the facts and circumstances of the case and, therefore, the burden of proof is on the assessee-petitioner as provided under the explanation and that burden having not been discharged the assessee was deemed ..... question that requires consideration in the instant case is whether, on the facts and in the circumstances of the present case, the explanation to section 271(1)(c) of the income-tax act, 1961, hereinafter referred to as 'the act', is applicable.7. ..... this is a reference under section 256(1) of the income-tax act, 1961, and the following question of law has .....
Tag this Judgment!Court : Guwahati
..... first contention was that the satisfaction of the ito that the assessee had no reasonable cause for not filing the return within the time allowed, is a condition precedent to the imposition of penalty under section 271(1)(a) and, therefore, in disposing of the appeal it was incumbent on the tribunal to examine on the materials on record as to whether or not the assessee had such reasonable cause. ..... : [1970]77itr518(sc) , the questionas to whether the return filed under section 139(4) should be treated to havebeen filed within the time allowed under section 139(1) or section 139(2) of the act, toexonerate the assessee from penalty under section 271(1)(a), which is a question oflaw, does arise out of its order and, accordingly, it referred the question asmentioned above. ..... : [1974]93itr563(guj) held : 'the words 'within the time allowed.....by sub-section (1) of section 139' inthe second clause of section 271(1)(a), according to their plain natural meaning, must be taken to refer to the time specified in sub-section (1) of section 139 or extended by the ito under the proviso to that sub-section and not so as to include the time within which the return of income may be filed under sub-section (4) of section 139.' 15. ..... he made his submission giving his own interpretation on the relevant provisions of sections 139 and 271(1)(a) of the act and urged before us to consider the question without reference to the above decision in ..... relating to the assessment year 1962-63, on april 20, 1965. .....
Tag this Judgment!Court : Guwahati
..... the appellate assistant commissioner, by whcih the assessment orders of the income-tax officer were upheld, has been, in fact removed.it may be mentioned here that original section 81 of the act has subsequently been amended as section 80p of the act.in paragraph 3 of the tribunals order it has been observed as follows :"the appellate assistant commissioner has pointed out that the assessee is a co-operative society carrying on ..... four years from the date of the order, with a view to rectifying any mistake apparent from the record, amend any oder passed by it under sub-section (1), and shall make such amendment if the mistake is brought to its by the assessee or the income-tax officer :provided that an amendment which has the effect of enhancing an assessment or reducing a refund or otherwise increasing the liability of the ..... was not business income.secondly, it is found from the order of the income-tax officer that the particular assessee approached the commissioner of income-tax in revision under section 264 of the act against the assessment of tax on interest on securities for the earlier years and the commissioner rejected the revision petitions and upheld the order of the income-tax officer ..... that there are other securities, some trustee securities, shares in other co-operative institutions, some shares in industrial finance corporation, assam financial corporation, agricultural refinance corporation and central warehousing corporation and that some of these investments are .....
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