Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD125(Chd.)
..... '. however, the definition of capital asset underwent a change by section 3 of the finance act, 1970 with the substitution of clause (iii) which is as under : (a) in any area which is comprised within the jurisdiction of a municipality (whether known ..... to the rival submissions and we are of the opinion that the assessee is entitled to succeed. section 2 of the act deals with definitions. section 2(14) defines capital assets.before the substitution of sub-clause (iii) of clause (14) by the finance act, 1970 with effect from 1-4-1970 'capital assets' did not include 'agricultural lands in india ..... high court in the case of manubhai a. sheth (supra) and the court has held that sub-clause (iii) of clause (14) of section 2 with other relevant sections of the act does not operate to levy capital gains tax on profits or gains arising from the transfer of land which is used for agricultural purposes. the hon .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)17ITD982(Chd.)
..... become infructuous but a direction in this respect may kindly be given.3. the learned senior departmental representative, mr. r. k. bali, on the other hand, read out section 2(15) of the act, and mainly relying on the order of the controller, placed his reliance on the case of a.t. sahani (supra) and ultimately argued that it was on the ..... the deceased, because it is only the market value of such item which is to be included in the estate of the deceased, on the one hand, when we read section 2(16), with that, we cannot ignore the fact that only specified members were to be paid and the payment in question was ex gratia. on the issue of identical ..... ).5. this issues with the concurrence of the ministry of finance (defence) side their u. o. no. 108/s/pen of 1968." from the above order, it is clear that it is an ex gratia payment. ex gratia, as per oxford dictionary means as an act of grace - whereas, as per the shorter oxford english dictionary on historical principles, ex gratia means done .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD282(Chd.)
..... into consideration the rival submissions and looking to the facts on record, we are unable to interfere in the finding of the commissioner (appeals), section 10(2(16), which was inserted by the finance act, 1980 with retrospective effect from 1-4-1972, which reads as under : (26b) any income of a corporation established by a central, state ..... out, even the loans were raised by the assessee from the haryana government and the assessee as such having been financed by the government, exemption under section 10(26b) was rightly allowed. he read out the relevant section being inserted from 1-4-1972-[1980] 123 itr (st.) 9-and vehemently argued that on the basis of facts ..... assessee undoubtedly has not been established by an act but it is as per decision taken by the government initiated and incorporated by the government and wholly financed by the government and the intention of the act can clearly be cleared that the bodies as of the assessee's type were to be exempt under section 10(26 b). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)7ITD371(Chd.)
..... the assessee and allowed fully by the commissioner (appeals). the commissioner (appeals) held that section 37(3d) applies to the case of the assessee. section 37(3d) was inserted by the finance act, 1978, with effect from 1-4-1979 and was omitted by the finance (no. 2) act, 1980, with effect from 1-4-1981. it was, thus, applicable to the assessment ..... out the amount of rs. 3,59,676 (rs. 3,48,468+rs. 11,208) and considered its admissibility keeping in view the restrictions imposed in section 37(3a) of the act. according to the ito, it was pertinent to note that the assessee had not set up any industrial undertaking as it had merely taken a factory on lease ..... in focus the guidelines laid down by the hon'ble courts while dealing with such matters. in cit v. webbing & belting factory ltd. [1968] 68 itr 186, the supreme court of india held that section 80j, which is intended to encourage the setting up of new industrial undertakings, must be construed liberally. again in cit v. orient paper mills .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)9ITD76(Chd.)
..... loss or any part thereof should be carried forward under sub-section (1) of section 72 or sub-section (2) of section 73 or sub-section (1) of section 74 or sub-section (3) of section 74 a of the act. this return is to be furnished within the time allowed under sub-section (1) of section 139 or within such further time, which on an application made ..... did not file his return of income within 30-9-1963, under section 139(2) even though the assessee had the privilege of filing his return before completion of the assessment up to 31-3-1968, a notice issued to the assessee under section 147 before 31-3-1968, would be a valid notice. failure to file the return within the ..... time mentioned in section 139(2) attracts the provisions of section 147(2).25. the punjab and haryana high court in the case .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)17ITD1027(Chd.)
..... on 29-3-1979. for the assessment years 1972-73 to 1975-76 original assessments were completed on 31-3-1979. all these assessments were under section 16(3) of the wealth-tax act, 1957 (the act). however, the assessee filed appeals for all the abovementioned assessment years before the aac, on account of various additions made to the net wealth declared for ..... the wto that the said company neither allotted any plot of land to the assessee nor refunded the money. it was projected to the wto that the said delhi land & finance co. ltd. did not function and was ultimately closed down. the wto held that there was no documentary evidence for these contentions and as such they could not be accepted ..... , before any recovery could be effected. darshan singh chawla, died on 31-8-1972. the limitation for recovery of the loan in both the cases had expired on 10-12-1968.3. shri ardaman singh died on 25-12-1976. but during his lifetime in the year 1966-67, he had advanced a sum of rs. 15,970 to delhi land .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)17ITD619(Chd.)
..... gifted. therefore, he took the value of the gifted asset at rs. 49,340. after exemption of rs. 5,000 under section 5 of the act the taxable gift was determined at rs. 44,340. this was taxed and a demand of rs. 3,434 was created by ..... of the firm was recorded. the deed of reconstituion clearly shows that the new partners came in with capital to contribute to the finances of the firm. two of them had gained experience in the working and were well educated. the claim of the revenue that there ..... to the benefits of partnership. on the other hand, it is a clear case of reconstituting a firm with new blood and new finances brought into for the purpose and for the benefit of the business of the firm.9. on the other hand, the andhra ..... also brought in capital and started functioning as working partners. the reconstitution of the firm was for the induction of new blood and finance and it was in the interest of the business. the reconstitution was in course of carrying on the business of the assessee and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)10ITD264(Chd.)
..... to the tune of rs. 57,309 has escaped assessment in the individual capacity of the deceased. under the circumstances notice under section 59 be issued immediately.3. as a consequence, a notice under section 59 of the act was made by the assistant controller on 8-8-1979 which was despatched on 19-9-1979.as per this second reassessment, the ..... payments in respect of the remaining four policies were stated to have been financed by the huf and insurance proceeds in respect of these payments were shown as assets of the huf.the assistant controller sought all the evidence in respect of these details ..... payments were shown at rs. 1,27,195. in course of filing the details of estate left by shri beni parshad, four life insurance policies were stated to be financed by the deceased shri beni parshad from his individual funds and a sum of rs. 81,580 in respect of these four payments was shown as individual assets. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)15ITD42(Chd.)
..... statute, neither a word is to be ignored nor a comma is to be added, when one comes to interpretation. once we observe that introduction of section 171(9) which was inserted by finance (no. 2) act with effect from 1-4-1980, partition for the purpose of enquiry, recognition and order had to be 'complete partition', on the one hand, and ..... the relevant 'previous year' ended on 31-3-1981.4. the ito rejected the assessee's claim on the basis of section 171(9), which came on the statute with effect from 1-4-1980 inserted by the finance (no. 2) act, 1980, as per which no partial partition which had taken place after 31-12-1978 was capable of recognition. the ..... taken place and any finding recorded under sub-section (3) to that effect whether before or after the 18th day of june, 1980, being the date of introduction of the finance (no. 2) bill, 1980, shall be null and void ; (b) such family shall continue to be liable to be assessed under this act as if no such partial partition had taken .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)15ITD227(Chd.)
..... -79.5. after taking into consideration the rival submissions we are unable to interfere in the finding of the commissioner (appeals). provisions of section 37(3a) were introduced for the first time in the finance act, 1978, and were applicable for the assessment years 1979-80 and 1980-81. sub-section (3a) in its amended form is as under: notwithstanding anything contained in sub ..... -section (1) but without prejudice to the provisions of sub-section (3), where the aggregate expenditure incurred by an assessee on advertisement, publicity and sales promotion .....
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