Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1987)20ITD544(All.)
..... voluntary disclosure, the statement was accepted without enquiry or satisfaction that disclosed amount represented income of the assessee and, therefore, the certificate granted by section 215 of the finance act, 1965, would not preclude an examination of the explanation, although such declaration may be admissible piece of evidence, but not conclusive. this is the view of ..... valuation date for the assessment years 1972-73 to 1977-78 and, therefore, the assessee would not be liable to pay wealth-tax for the assessment year 1978-79 onwards because having regard to the inadequacy of the withdrawals and also the style of living by the assessee, it can reasonably be presumed that the ..... spent away, but was available with the assessee till the assessment year 1982-83, which means that the same amount was still available as on 31-3-1978 being the valuation date for the year under consideration. he, therefore, concluded that the said mistake of non-inclusion of the above sum was a mistake apparent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)16ITD243(All.)
..... stated that it cannot be said that an endowment of property for religious or charitable purpose is a gift within the meaning of the transfer of property act. paragraph 3.3a of the above chapter further states that for a valid dedication, under hindu law, neither the form of gift nor the form of trust is necessary. it is undoubtedly possible for ..... proved from the decree of the court in the declaratory suit. the value of the property was also included in the balance sheet of the trust as on 31-3-1978 which was duly signed by the trustees and was also audited. it also could not be denied that the assessee had made a dedication or renunciation or endowment of the ..... . he next submitted that the acceptance of the property on behalf of the trust was indicated through its inclusion in the balance sheet of the trust as on 31-3-1978 which was signed by all the trustees. its mutation in the name of the trust was also done through an application submitted by the trustees. the ownership of the trust .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)16ITD210(All.)
..... of accounting regarding charge of interest and it had actually done so, change being from mercantile system to cash system.he also referred to the following authorities-cit v. ferozepur finance (p.) ltd [1980] 124 itr 619 (punj. and har.), cit v. motor credit co.(p.) ltd. [1981] 127 itr 572 (mad.), cit v. cosmopolitan trading ..... chargeable from bhadohi cold storage.4. against the above findings of the commissioner (appeals), there were appeals to the tribunal. in the appeal for the assessment year 1978-79, the tribunal observed that the facts of the case were not clear and, therefore, it was not possible to come to any conclusion. the tribunal also ..... case of cosmopolitan trading co. {supra), in one of the years, it was found that the financial position of the debtor had become bad and the assessee acted in response to the call of commercial expediency and sound business methods in changing over to the mercantile system of accounting insofar as the commission and interest receivable were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)19ITD360(All.)
..... that it could not be allowed as a deduction in terms of section 43b of the act inserted by the finance act, 1983, with effect from 1-4-1984. this section states that notwithstanding anything contained in any other provision of the ..... was of the view that the above amount represented the assessee's income under section 41(1) of the income-tax act, 1961 ('the act') as it was in the nature of a revenue receipt. according to him, the amount was also taxable as business income ..... another person, who thereafter carries it on. unless otherwise stated, the same word has to be given similar meaning in an act. according to this principle, therefore, the discontinuance means a complete cessation of the business and not the transfer of the business by ..... company. it was incorporated on 2-1-1979. before its incorporation, a memorandum of association was drawn up on 25-12-1978. as per this memorandum it was decided that the newly constituted company will take over the business or businesses earlier carried on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)15ITD490(All.)
..... at a particular place and that it was exempt under section 10(74).16. the counsel pointed out that subsequently an explanation to the above section was inserted by the finance act, 1975, with retrospective effect from 1-4-1962. this explanation reads as under : explanation : for the removal of doubts, it is hereby declared that any allowance granted ..... notice. we are, therefore, bound by that decision in view of the principle laid down by the bombay high court in the case of cit v. smt.godavaridevi saraf [1978] 113 itr 589. as held by the commissioner (appeals) the facts of the present cases are almost similar to the facts of the gujarat high court case. in ..... for the consideration of the ito in these appeals was regarding the taxability of salary payable to the above employees.this question is relevant only for the assessment year 1978-79.subsequently, the agreement dated 23-3-1976 was terminated vide a new agreement dated 27-12-1977. the termination took place with effect from 31-7-1977. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1984)9ITD206(All.)
..... of article 289 of the constitution of india.besides referring to the provisions of the 1974 act, reference was also made by him to the provisions of the damodar valley corporation act, 1948, the road transport corporation act, 1950. the state finance corporations act, 1951 and the food corporation act, 1964, and on their basis he submitted that the corporation was not an agency ..... order passed by the ito for the assessment year in question, the directions dated 22-9-1979 given by the iac (assessments) to the ito order dated 27-1-1978 and of the hon'ble high court in the corporation's writ petition supra and para 2 of the order dated 21-2-1980 of the learned commissioner (appeals) ..... clearly provides that the corporation shall, for all purposes, be a local authority. in view of this specific provision and in view of the decision dated 27-1-1978 of the lucknow bench of the hon'ble high court in the writ petition filed by the assessee and referred to above, it is clear that the corporation is a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1983)6ITD407(All.)
..... board of wakfs, u.p., lucknow, is also to the effect that the wakf in question is an immemorial wakf by user. the original order dated 27-1-1978 of the aac mentions that the assessee had filed before him extracts from a bombay journal published in 1916, wherein reference regarding the wakf in question was available. in ..... that the wto had not given to the assessee an adequate opportunity to establish his claim, he restored the matter to the wto {vide his order dated 27-1-1978) for framing the assessment afresh after looking into the matter thoroughly and after giving to the assessee an adequate opportunity for the production of evidence.4. the wto, however ..... 1970 when the registered deed of wakf was executed ; (iv) that no information as required under section 3 of the mussalman wakf act, 1923, was furnished by the assessee ; (v) that no registration of the wakf was obtained under chapter 4 of the wakf act, 1954; (vi) that no registration of the wakf was obtained under the u.p. muslim wakfs .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1983)6ITD750(All.)
..... dated 29-6-1981 issued by the cbdt giving explanatory note on provisions relating to direct taxes in the finance act, 1981. in this circular also, the board have emphasised the underlying idea for introducing section 21aa in the act as pointed out by the finance minister in his budget speech. the counsel relying on the decision of the supreme court in k.p ..... aop in respect of that property. this was also the view taken by the tribunal in, the case of s.k. gupta [it appeal nos. 760 to 762 (all.) of 1978-79, dated 24-1-1981] a copy of which was placed before us. the supreme court in the case of cit v. indira balkrishna, [1960] 39 itr 546 had held ..... wto for fresh consideration in the light of the above observations. there will, however, be no relief due to the assessees in respect of the assessment years 1974-75 to 1978-79 as in those years their declared values had been accepted by the wto and there could not have been any dispute about such valuations before the aac.6. we .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1982)2ITD654(All.)
..... of tax at source on payments made to any undertaking or body including a society registered under the societies registration act, 1860, financed wholly by the government. in these circumstances, according to dr. vaish, considering the purpose of chapter xvii under which section 194a appears, it is obvious that there was no liability on the assessee to deduct tax ..... apply even though with lesser force to the penalties for the subsequent assessment years where also the penalties were imposed after the lapse of several years on 23-10-1978. in the alternative, dr. vaish vehemently argued before us that the penalties sustained in appeal by the commissioner (appeals), equal to 50 per cent of the tax ..... -70 relating to the payments made on or about 1968 from which no tax was deducted at source at that time after about 10 years on 23-10-1978 amounted to abuse of power for imposition of penalty and, therefore, on this ground also the penalties for the assessment year 1969-70 should be quashed and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1982)1ITD1003(All.)
..... reference application and, therefore, in this sense the assessee had established prima facie case. he also submitted that in view of the financing position of the assessee (for which he relied upon the certificate from the state bank of india, the assessee was not in ..... kunhi [1969] 71 itr 815. next he referred to the decision of the delhi high court in l.bans dhar & sons v. cit [1978] 111 itr 330. lastly, he referred to the decision of the andhra pradesh high court in director d.r. & d.laboratories v. c. ..... penalty of rs. 8,99,673 was levied on the assessee-company under section 271(1)(c) of the income-tax act, 1961 ("the act"), by the ito vide his order dated 22-8-1979 for the assessment year 1973-74. the penalty was confirmed by the ..... powers, is different. we need not digress any further. there can be no manner of doubt that by provisions of the act or the income-tax appellate tribunal rules, 1963, powers have not been expressly conferred upon the appellate tribunal to stay the proceedings .....
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