Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD238(Chd.)
..... filing the necessary particulars. however, by virtue of the provisions of sub-section (6a) of section 80j, which is effective from 1-4-1976 having been inserted by the finance act, 1975, the deduction under sub-section (1) of section 80j from the profits and gains derived from an industrial undertaking shall not be admissible unless the accounts of the ..... we find that insofar as section 139(9) is concerned, it came on the statute book with effect from 1-9-1980 as it was inserted by the finance (no. 2) act, 1980. we find that the orders of the authorities below were made before this date. therefore, the grievance of the assessee that the authorities below did not ..... , his contention that the provisions of section 139(9) are procedural in character, has to be accepted as it pertains to procedure for the assessment contained in chapter xiv of the act. a reading of sub-section (9) shows that it contains only a rule of natural justice as it requires an opportunity being given to the assessee for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1983)6ITD612(Ahd.)
..... but shall not exceed one and a half times the amount on which interest is payable under section 217.the said clause (ii) was amended by the finance act, 1969, with effect from 1-4-1970, and such amended clause reads as follows : which, in the case referred to in clause (b), shall not be less than ten per cent but shall ..... section 212".no assistance can, therefore, be had from chandrakant damodardas's case (supra) either.13. sub-section (5) of section 215 of the act which was inserted by the finance act, 1969, with effect from 1-4-1970 reads as follows : in this section and sections 217 and 273, 'assessed tax' means the tax determined on the basis of the regular assessment [ ..... so far as such tax relates to income subject to advance tax and so far as it is not due to variations in the rates of tax made by the finance act enacted for the year for which the regular assessment is made.the above provisions define 'assessed tax' as tax determined on the basis of regular assessment reduced by tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD367(Delhi)
..... fees in question was not received from foreign companies if the definition of 'company' contained in section 2(17)(ii) [as it stood prior to amendment by the finance (no. 2) act, 1971] is kept in view. this being a primary condition, the fulfilment of which the appellant has failed to establish even before me, i am unable to agree ..... of the decision of the supreme court in the case of cit v. r.m. amin [1977] 106 itr 368.10. in fact, the section was amended by the finance (no. 2) act, 1971, with effect from 1-4-1972. by that amendment, the term 'foreign company' was replaced by 'government of a foreign state or a foreign enterprise', rendering ..... 1. the assessee in appeal is indian institute of public opinion (p.) ltd., new delhi, a company incorporated under the companies act, 1956.the year of assessment involved is 1970-71 for which the previous year ended on 31-12-1969. the assessee-company derived income from publication of magazines, survey and research services.2. admittedly, in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1984)8ITD288(Pune.)
..... 86 (pune) of 1975-76 for the assessment years 1970-71 to 1974-75, the tribunal accepted the assessee's claim that the income in his hands as well as the wealth arising from the ..... the tribunal and by its order dated 14-10-1976 in it appeal nos. 434 and 435 (pune) of 1974-75 for the assessment years 1970-71 and 1971-72 and wt appeal nos. 42 and 43 (pune) of 1972-73, 85 (pune) of 1973-74 and 85 and ..... married in the year 1968 (17-2-1968), was blessed with a daughter on 16-8-1969 and with a son on 14-7-1970. before the birth of his son he disclosed income from property he inherited from his father as his individual income. however, after the birth ..... separate property of his father who died intestate under section 8 of the hindu succession act which reads as under: 8. the property of a male hindu dying intestate shall devolve according to the provisions of this chapter:-- (a) firstly, upon the heirs, being the relatives specified in class i of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)8ITD124(Delhi)
..... if it was made in ignorance of the order of the aac. reliance is placed on the decisions in rajalakshmi mills ltd.'s case (supra) and cit v. premier auto finance (p.) ltd. [1981] 128 itr 540 (delhi). the decision in sarupchand & hukumchand v. union of india [1953] 23 itr 382 (mb) (fb), specially the observations at ..... the assessee, a private limited company, is in appeal for the assessment year 1975-76 against the ito's penalty order under section 273(c) of the income-tax act, 1961 ('the act'). the ito imposed a penalty of rs. 25,150. the commissioner (appeals) has confirmed the penalty and, hence, this appeal.2. the assessee's counsel, shri vimal ..... rajlakshmi mills ltd.'s case (supra) has clearly laid down that the rectification of the assessment order under section 154 of the act had the effect of making the original assessment order passed on 29-1-1970 the regular assessment order or the correct assessment order. it was further held that in other words, the original assessment was made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD35(Mum.)
..... in favour of lifo method.13. our attention was also drawn to the report of royal commission on taxation of profit and income (june 1955) which in chapter 18'stock and the computation of profits' referred to fifo in paragraph no. 461 which was the method adopted in uk. the inland revenue suggested that ..... part of cost incurred and which remains unabsorbed and has become irrecoverable, can be written off instead of being carried forward.this basis that was adopted since 1970 gave a fairly accurate figure of the year's profit, but its inherent defect becomes more prominently revealed if the cost of raw material goes on rising ..... the assessee challenges the validity and legality of the assessment. 3. disallowance of surtax liability and the expenses disallowed under section 40a(5) of the income-tax act, 1961 ('the act').2. the assessee-company manufactures various tungsten carbide products such as tips, dyes, nibs, drill steels, cutters, etc. the assessee-company follows previous year ending .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)11ITD577(Kol.)
..... unit has not been formed by the splitting up or reconstruction of the existing unit, the building or machinery for the unit are all new and the new unit is financed by additional capital, it would be entitled to relief under section 80j. the gujarat high court in the case of shree digvijay cement co. ltd. (supra) held ..... of aluminum ingots went up by double. on these facts the calcutta high court held that the assessee was entitled to deduction under section 15c of the indian income-tax act, 1922, and the supreme court affirmed that decision of the calcutta high court. then, again the calcutta high court in the case of indian aluminium co. ltd. ( ..... pertains to the allowability of the assessee's claim for relief under section 80j of the income-tax act, 1961 ('the act') in respect of new range relay department. the relay department was established in the year 1970 and production began in 1970-71. up to march 1976, very limited types of relays were manufactured to cover the requirement of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)16ITD233(Delhi)
..... therefore, there was no question of their being an appeal being permissible under the provisions of section 246(1)(c). after making an analysis of the different chapters of the act, laying down the procedure of assessment and the procedure of recovery, the learned departmental representative submits that the order passed under section 230(2) on dr. teja ..... placed reliance on a decision of the hon'ble andhra pradesh high court in the case of dr. jayanti dharma teja v. secretary, government of india, ministry of finance [1984] 148 itr 316. according to him, a valid direction under section 230(1) having been issued to panam not to allow dr. teja any travel facilities ..... assessment'. in these circumstances, we would agree with the point of view of the learned departmental representative that an order within the meaning of section 230(2) in chapter xvii-d dealing with recovery and collection of taxes would not be a part of assessment. in other words, when an order is passed under section 230(2), .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1986)17ITD691(Ahd.)
..... . he further relied upon by the decisions in the cases of shiv parkash janakraj & co. (p.) ltd. v.cit v. cit [1978] 112 itr 872 (punj. & har.), cit v. ferozepur finance co. (p.) ltd. v. cit [1980] 124 itr 619 (punj. & har.) at page 623 and cit v. motor credit co. (p.) ltd. [1981] 127 itr 572 (mad.). he also ..... that the said films had been proved to be flops and so there was hardly and security. the loans to smt. saraswati r. tanna and bhogilal tanna was given in 1970 and to shri v. k. shah and shri vinodchandra in 1972.all these three loans were given on securities of immovable properties.the suits were filed and preliminary decrees obtained ..... dixit, judicial member - both the above appeals arise out of the order of the commissioner passed in exercise of his revisional powers under section 263 of the income-tax act, 1961 (the act). the ito had not added the interest on certain loans advanced by the assessee, to the income of the assessee on accrual basis. the commissioner was of the view .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)12ITD652(Mad.)
..... the same away to a partner as his salary, bonus, commission, remuneration or interest. a partner is bound to find the necessary finances for the partnership and hence any interest on capital supplied by the partner is not deductible. a partner rendering services to the firm ..... , the tests laid down by their lordships of the supreme court in the case of raj kumar singh hukam chandji v. cit [1970] 78 itr 33 could not be applied in this case as the facts of that case were different from the facts of the ..... the hands of the huf in terms of section 40(b), read with section 67(1)(b), of the income-tax act, 1961 ('the act'), which prescribe the mode of computation of a partner's share in the income of the firm. when once the share ..... to it, was not includible in its income. later on, however, the ito reopened the assessments under section 147(b) of the act. in the reassessment proceedings, the ito observed that there was no material to prove that shri c.d. chidambaram had rendered any special .....
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