Court : Rajasthan
Reported in : [1997]223ITR55(Raj)
..... tribunal has referred the following three questions of law arising out of its order dated june 3, 1986, in respect of the assessment years 1978-79 and 1981-82 under section 256(1) of the income-tax act, 1961 :'1. whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that the investment ..... rule (1) shall be utilised in the following manner and subject to the following conditions, namely :- (a) in the case of a co-operative society, other than a financing bank : (i) the surplus funds shall be applied to such object of public utility as may be selected by the general body of the dissolved society at a meeting ..... working in such area, the registrar shall invest the amount in the state government bank, until a new financing bank is formed in such area in which case the funds shall be credited to the reserve fund of such financing bank.' 18. the above provisions can be compared with the madhya pradesh government instruction dated october 7, 1960, which .....
Tag this Judgment!Court : Rajasthan
Reported in : [1995]214ITR364(Raj)
..... the hindu undivided family.4. with regard to the second question, the tribunal found that the return was not filed in time. the amendment was introduced by the finance (no. 2) act, 1980, by which the liability of the assessee in respect of the above income arose. since the matter related to the assessment year 1980-81, the return ..... assessed, as such there is no question of charging any section in the matter (sic). the provisions of sub-section (9) of section 171 of the finance (no. 2) act, 1980, are as under :' notwithstanding anything contained in the foregoing provisions of this section, where a partial partition has taken place after the 31st day of december ..... on that basis, the addition was made. the amendment to section 171 was made by the finance (no. 2) act, 1980, with effect from april 1, 1980, and it was mentioned that the partial partition which has taken place after december 31, 1978, and would not be recognised. the contention of the assessee was that the funds already ceased to .....
Tag this Judgment!Court : Rajasthan
Reported in : [1986]160ITR833(Raj); 1985(2)WLN5
..... partners for the duration of their partnership, or the determination of their partnership, the partnership is a 'partnership at will'.' 6. chapter vi of the partnership act deals with dissolution of a firms. section 42 which occurs in chapter vi relates to the dissolution on the happening of certain contingencies. the relevant portion of section 42 of the partnership ..... . in these circumstances, the reference is before us. 4. before we proceed further in the matter, we may usefully extract the following from the order dated june 17, 1978, of the tribunal; ' after the death of shri surajhhan on july 1, 1974, the old firm was dissolved. after that a new firm was constituted. so there ..... bench, jaipur (the ' tribunal ' herein), has referred the following questions for the opinion of this court which are said to arise out of its order dated june 17, 1978, passed in ita no. 21/jp/77-78 : ' 1. whether, on the facts and in the circumstances of the case, the tribunal was justified holding that on the .....
Tag this Judgment!Court : Rajasthan
Reported in : (1986)53CTR(Raj)380; [1986]159ITR534(Raj); 1985(2)WLN401
..... rs. 35,140. alisher and bhanwar singh took excise contract of country liquor for bhadra for the period may 1, 1972, to march 31, 1973. alisher had not sufficient finances and as such he entered into a sub-partnership agreement with one shafi mohd., contractor. the partnership agreementdated october 12, 1972, has been submitted as annexure a. relevant portion ..... profit which came to the share of alisher from his main partnership, there was an overriding obligation on the part of alisher. in these circumstances, section 182 of the act is applicable.20. for the reasons aforesaid, in our opinion, the tribunal was not right in holding that the assessee-firm is not liable to pay any tax on ..... of some other person. if it is the real income of another firm, it is that firm which is liable to be assessed under section 23(5)(a) of the act.'17. to a great extent, the observations made in ratilal b. daftari's case : [1959]36itr18(bom) were approved in murlidhar himatsingka's case : [1966]62itr323(sc) .18 .....
Tag this Judgment!Court : Rajasthan
Reported in : (1985)53CTR(Raj)327; [1986]160ITR170(Raj); 1985(2)WLN783
..... or profit is liable to tax. such representative assessees may be trustees, beneficiaries, receivers, etc. a perusal of sections 160 and 161 in part b of chapter xv of the act shows that they are merely enabling provisions which empower the income-tax authorities if they so like to make assessment in respect of the income or to recover ..... on behalf of the five beneficiaries in the hands of the receiver. 5. the tribunal accepted the application of the assessee, vide its order dated august 31, 1978. it observed as under:'we are of the view that in the matter before us also even though one assessment may be called for being made on the assessee ..... against the representative assessee or the person represented by him. in this background, let us examine the order dated august 31, 1978, passed by the tribunal. after considering the provisions of section 41 of the old act and section 161 of the act and n. v. shanmugham & co. v. cit : [1971]81itr310(sc) and cwt v. kripashankar dayashankar worah : [1971 .....
Tag this Judgment!Court : Rajasthan
Reported in : [1997]227ITR43(Raj)
..... commissioner of income-tax (appeals) has allowed it on the sole ground that the penalty has later been cancelled in revision by the secretary to the government, ministry of finance and, therefore, it should be allowed as a deduction for this year and section 41(2) would apply in the year in which the liability ceased. as a ..... the imports made by the applicant during the accounting year relevant to the assessment year 1979-80 were contraband in view of the collector of customs order dated april 13, 1978, and the appellate authority (cbr) order dated . . . and so the applicant shall be said to have made the payment of rs. 4 lakhs, as a penalty under ..... permission from the government were also placed by public notice no. 20 of 1978 of february 22, 1978. on the goods, shipped on march 6, 1978, reaching bombay, the collector of customs at bombay, by his order dated april 13, 1978, made under section 111(d) of the customs act, 1962, confiscated the same but by passing an order under section 125 of .....
Tag this Judgment!Court : Rajasthan
Reported in : (1987)66CTR(Raj)246; [1988]171ITR47(Raj)
..... the owner of the cinema theatre styled 'maratha mandir' and the machinery, plant, furniture, etc., installed in the said building by the assessee with its own finances and no depreciation and development rebate is available to it in respect thereof and (ii) whether, on the facts and in the circumstances of the case, the ..... during the hearing, we pointed out to learned counsel for the assessee the decision in ito v. official liquidator, swaraj motors (p) ltd. (in liquidation) : [1978]111itr77(ker) , which negatives the assessee's contention. learned counsel for the assessee made no attempt to show how that decision is inapplicable. the questionarose in that case ..... then deduction on account of interest payable to the creditors should also be allowed. there can be no doubt that in computing the taxable income under the act, all permissible deductions have to be allowed while making the final regular assessment. however, at present, the question is only hypothetical, since even the possibility .....
Tag this Judgment!Court : Rajasthan
Reported in : [1986]158ITR47(Raj)
..... of the supreme court in c.w.t. v. arundhati balkrishna : [1970]77itr505(sc) . subsequently, section 5(1)(viii) of the wealth-tax act was amended by the finance (no. 2) act of 1971 with retrospective effect from april 1, 1963. the effect of the amendment was that exemption in regard to jewellery and ornaments for personal use ceased ..... . bhatia. aac : [1974]94itr519(bom) . in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. 4,15,942 being the value of jewellery and ..... taxable. consequently, the same was includible in the net wealth of the assessee from april 1, 1963. after the amendment, a notice under section 35 of the act was issued in respect of both the assessment years to the assessee and thereafter the wealth-tax officer revised the original assessment in respect of the three years on .....
Tag this Judgment!Court : Rajasthan
Reported in : (1995)127CTR(Raj)386
..... the date of the payment to the date of the regular assessment. sub-section (2) of section 214 provides that on any portion of such amount which is refunded under chapter xvii, interest shall be payable only up to the date on which the refund was made. this court in the case of cit v. m.l sanghi held that ..... income-tax appellate tribunal has referred the following question of law arising out of its order dated december 9, 1985, in respect of the assessment year 1978-79 under section 256(1) of the income-tax act, 1961 :'whether, on the facts and in the circumstances of the case, the tribunal was legally justified in allowing interest on the entire refund of ..... tax once under section 214 and then again under section 244(1a) of the income-tax act, 1961, whereas granting of interest under section 244(1a) is a debatable point and the provisions of section 154 were not applicable ?'2. the brief facts of the case .....
Tag this Judgment!Court : Rajasthan
Reported in : [1987]163ITR385(Raj)
..... decision of their lordships of the supreme court in cwt v. arundhati balkrishna : [1970]77itr505(sc) . subsequently, section 5 of the wealth-tax act was amended by the finance (no. 2) act of 1971, with retrospective effect from april 1, 1963. the effect of the amendment was that exemption in regard to jewellery and ornaments for personal ..... taxable. consequently, the same wasincludible in the net wealth of the assessee from april 1, 1963. after the amendment, a notice under section 35 of the act was issued in respect of both the assessment years to the assessee and thereafter the wealth-tax officer revised . the original assessment in respect of the two years ..... bhatia, aac : [1974]94itr519(bom) . in that case as well, the appellate assistant commissioner passed an order of rectification under section 35 of the wealth-tax act, 1957, withdrawing the exemption granted to the petitioner in respect of jewellery and ornaments and included an amount of rs. 4,15,942 being the value of the jewellery .....
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