Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Dec-31-1993
Reported in : (1994)49ITD552(Hyd.)
..... of the total income and by this provision, it cannot be concluded that the agricultural income forms part of the total income as such.the provisions of section 2(2) of the finance act, 1993, make it clear and provide that where the assessee has in the previous year any net agricultural income exceeding rs. 600 in addition to the ..... not to be included while computing the total income of an assessee and that is provided in sub-section (1) of section 10 of the it act. the inclusion of agricultural income for determining the tax payable by the assessee is under the finance act but that is only for the purpose of charging income-tax in respect of the total income and ..... and deductions under chapter via. if the assessee had unabsorbed depreciation of earlier years, it has to be allowed set off as per the provisions of section 32(2) of the act in determining the subsequent year's income wherein such unabsorbed depreciation is to be added to the amount of allowance of depreciation and deemed to be .....
Tag this Judgment!Court : Andhra Pradesh
Decided on : Dec-31-1993
Reported in : 1994(2)ALT87; (1994)119CTR(AP)184; [1994]207ITR508(AP)
..... be set off and deducted from income under any other head. 53. the next aspect to be considered is the concept of 'loss' under the income-tax act. section 70 of the act provides that where the net result for any assessment year in respect of any source falling under any head of income is a loss, the assessee shall be ..... could not be carried forward. therefore, he added back the sum of rs. 5,08,423 to the returned income for determining the total income for the assessment year 1968-69. the matter went up to the supreme court. the question that arose for consideration before the supreme court was whether rejection of the claim of the assessee to ..... that arises for consideration is, whether the court is bound to answer the reference on the facts and circumstances of the case. 26. in anusuya devi's case : [1968]68itr750(sc) , the supreme court referred to the circumstances under which the high court referred to the circumstances under which the high court is not bound to answer the reference .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Decided on : Dec-30-1993
Reported in : (1994)49ITD484(Mum.)
..... of the cbdt circular reproduced above.12. in the case of jamshedpur motor accessories stores (supra), the patna high court was considering the amendment to section 43b, by the finance act, 1987, with effect from 1-4-1988. in this connection, it was held that the rule of reasonable construction should be followed and literal construction ..... freight or insurance. it was essentially the same as the definition with effect from 1 -4-1986 which has been extracted above. thereafter, section 80hhc was substituted by the finance act, 1985 with effect from 1-4-1986 and a different scheme of deduction was introduced. this deduction was allowed in respect of profits retained ..... could not be made retrospective from 1-4-1986 and, therefore, the order under section 263 of the act, should be confirmed.9. we have considered the rival submissions carefully. if we look at the original section 80hhc, introduced by the finance act, 1983 with effect from 1-4-1983, the scheme for deduction in respect of export .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Decided on : Dec-30-1993
Reported in : (1994)49ITD611(Mad.)
..... would partake the characteristics of borrowed fund. and with the deletion of clauses (iv) and (v) of rule 1 by the finance act, 1976 w.e.f. 1-4-1977 borrowed funds do not at all enter into the computation of capital base for the ..... to the fund could, with equal justification, be displayed under the head "current liabilities and provisions a. liability for other finances". in that event also the sums in question cannot be regarded as part and parcel of the shareholders' fund for the simple ..... cannot enter into the computation of the capital base for purposes of surtax.under the scheme of the companies (profits) sur-tax act, 1964, capital base is essentially what in corporate accounting phraseology is called "shareholders' fund". now, when pursuant to the provisions ..... in the relevant income-tax assessment the assessee had been allowed the benefit of deduction under section 80-g of the act. the assessing officer took the line that the provisions of rule 4 of the second schedule to the companies ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Dec-30-1993
Reported in : (1994)50ITD66(Ahd.)
..... property would escape liability towards wealth-tax. with a view to countering attempts at tax avoidance through the creation of a specific trust, a new sub-section (1a) in section 21 of wealth-tax act was inserted to bring to tax the balance of the amount of net wealth after deduction of the value of life interest and interest of the ..... (1a) in relation to the cases of private" discretionary trusts which are governed by the provisions of section 21(4). the provisions of section 21(1a) which has been inserted by the finance (no. 2) act, 1980 w.e.f.1-4-1980 also provides that where the value of aggregate value of the interest or interest of the person or persons ..... on whose behalf or for whose benefit such assets are held falls short of the value of any such assets, then, in addition to the wealth-tax leviable and recoverable under sub-section .....
Tag this Judgment!Court : Chennai
Decided on : Dec-29-1993
Reported in : (1994)49TTJ(Mad)500
..... expedient of making inadequate provision or no provision at all for taxation/dividends. it was, therefore, the parliament inserted r. (1a) into the second schedule through the finance act, 1976 w.r.e.f. 1st april, 1975. if it was the intent of parliament that the differential should go to reduce the capital base pro tanto, ..... 1992]196itr269(sc) , the supreme court has held that it is necessary to avoid an interpretation of the section which leads to anomalies and which will make it invalid. we have to adopt such a construction which will make the section valid and certain. in our considered opinion, the interpretation that we have placed on the provisions of r ..... . 1(iii) of the second schedule of the companies (profits) surtax act, 1964 - an interpretation based on first principles - avoids anomalies and makes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Dec-27-1993
Reported in : (1994)51ITD417(Hyd.)
..... to be definite and ascertainable and the only income derived by the association was the lease income of the office complex, then provisions of section 26 of the income-tax act, automatically follow.section 26 states as follows : where property consisting of buildings or buildings and lands appurtenant thereto is owned by two or more persons and their ..... payment of rent whereas another agreement with m/s.ramaiah & co. for payment of service charges. agreement for service charges were entered into with m/s. harita finance pvt. ltd. and m/s.sundaram clayton limited as well as other tenants. while rent for accommodation is paid according to floor space provided for service charges are ..... persons till the conveyance was executed and registered.regarding the construction it was found that a sum of rs. 59,760 was spent from october 1967 to september 1968. it was also found that it was the firm which made the payment to the contractor noor mohd. from time to time and subsequently the same was .....
Tag this Judgment!Court : Chennai
Decided on : Dec-24-1993
Reported in : (1994)IMLJ500
..... emphasised by referring to the adjective form of the word 'satisfactory' prefixing the word 'evidence'. further, the power of the appellate authority under sub-sec. (2) of sec. 41 of the act cannot at all be deemed to be so restricted as to permit him to consider only the evidence recorded by the employer of the dismissed employee ..... binding on both the employer and the person employed.' 20. from what has been extracted above, it is abundantly clear that for purpose of sub-sec. (1) of sec. 41 of the act, the employer could dispense with the services of an employee, who has been continuously in service for a period not less than six months, without ..... respondent made a visit to their office representing the interests of m/s. continental business and finance, 248, poona malliee high road, madras-29 and enquired for prices of honda generating sets for purchases directing from them. as such an act of the second respondent was directly in conflict with the interest of the petitioner-company, it .....
Tag this Judgment!Court : Orissa
Decided on : Dec-24-1993
Reported in : 1994(I)OLR108
..... to such instigation by the plaintiff no. 1, the plaintiffs abused and rushed to assault him and, therefore, the complaint case was filed alleging commission of offences under section 504 and 3&2, ipc. the criminal case ended in acquittat and the defendant preferred an appeal. the order of acquittal was confirmed by the high court on 18 ..... high court,however, takes the contrary view in the case of bhaskar narhar deshmuk v. kisanlal sadasukhdas and anr. (air 1968 bombay 21). the division bench of bombay high court considered art. 74 of the limitation act, 1963 and dissenting from the madras view expressed in the full bench decision of the madras high court referred to supra came ..... the period of limitation. the bombay high court proceeded on the theory that the scheme of the limitation act suggests that once the period begins to run, there is nothing which could suspend the running of the time and under section 4i7(3)ot the code of criminal procedure an appeal by a private party is not as a .....
Tag this Judgment!Court : Orissa
Decided on : Dec-24-1993
Reported in : 1994(I)OLR121
..... to make any presumption under section 114 of the said act, the burden shifts according to the nature of presumption made. if a presumption arises at all, several questions arise, such as in what direction or rather in favour ..... property, or separate property the question upon whom the onus or burden of proof lies naturally arises. the onus is regulated by the general principles embodied in sections 101 to 104 of the indian evidence act, 1872, viz, the proof of any particular fact lies on the party who alleges it, not on him who denies it. where however, the court ought .....
Tag this Judgment!