Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD113(Pat.)
..... on business in food grains which are stored in its own godown constructed for that purpose.the value of such godowns, in our view will not be regarded as assets for the purpose of section 40(3)(vi) of finance act, 1983 as the godowns are used by the assessee for its own business the business being purchase and sale of food grains and not as a means of earning income by letting out the godown as we find in ..... being aggrieved with the conclusion of the appellate commissioner of wealth-tax (a/c) in first appeal that the assessee is liable to wealth-tax as per section 40(3)(vi) of the finance act, 1983 in respect of the value of the immovable property which are godowns let out to food corporation of india (fci), and tdc the present second appeal to this tribunal is ..... the opinion that the assessee-company was liable to wealth-tax as per the provisions of section 40(3)(vi) of the finance act, 1983 and, therefore, issued notices for all the three years under section 17 of the wealth-tax act in compliance whereto returns were filed by the assessee-company declaring the value of car as its net wealth. ..... view i have taken.point for reference under section 24(11) of the wealth-tax act - whether in law the godowns owned by the assessee-company and leased out by it for earning income therefrom can be considered as godowns used for the purpose of business as laid down in section 40(3)(vi) of the finance act, 1983 and, therefore, their value is assessable for the purpose of levying wealth-tax .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... . the provisions of chapter xii-a which related to the incomes of non-residents were introduced by finance act, 1983 w.e.f.1-6-1983 and part-ii of the finance act, 1983 stipulated that in the case of a non-resident indian the tax should be deducted @ 20% on investment income and long-term capital gains and on ..... by including the short-term capital gains within the scope of the expression "investment income" used in section 115e such an approach would overlook the distinction consistently made in the act between the short-term capital gains and long-term capital gains and also, as already observed, render the expression "long-term capital gains or both redundant". in other words ..... dealer responsible for remitting such sum to the non-resident indian or for crediting such sum to his non-resident (external) account maintained in accordance with the foreign exchange regulation act, 1973 (46 of 1973) and any rules made thereunder; (a) "non-resident indian" and "foreign exchange asset" shall have the meanings assigned to them in chapter xii-a;" clause ( ..... for exemption of encashment of leave on retirement from service from inclusion in the assessee's total income, was inserted into section 10 to be effective from april 1, 1978, by the finance act, 1982, no consequential amendment of section 17(3)(ii) was made ..... finance act stipulates the rates at which the tax is to be deducted at source from income subject to such deduction under the provisions of sections 193 to 195 of the it ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD1(Pat.)
..... counsel for the assessee conceded fairly that section 43b had been inserted by the finance act, 1983 with effect from 1-4-1984, but since section 29 was amended only with effect from 1-4-1989 to include section 43b, the only conclusion to be drawn was that section 43b ..... been provided in the act itself that the amendment, although made by the finance act, 1989, will take ..... jamshedpur motor accessories stores (supra) that the first proviso below section 43b is clarificatory and operative from assessment year 1984-85 retrospectively although the proviso was inserted by the finance act, 1987 w.e.f. ..... the due date for filing the return of income under section 139(1) of the income-tax act, 1961 was 30-6-1986 and it is an admitted position that the above outstanding amounts were paid after 30-6-1986.the assessee is, therefore, not saved by the first proviso below section 43b of the act, even if the first proviso is treated as clarificatory and operative from 1-4-1984, as held by the patna high court ..... the object of insertion of section 43b of the act as stated by the finance minister in his budget speech was noted by the patna high court in the case of jamshedpur motor accessories stores (supra) at page 74 and may be reproduced usefully as under : several cases have ..... ) : i am unable to hold that the principles of logic are inapplicable to the indian income-tax act or where two constructions are open, then the preference for the better one may not be enforced by the anomalous consequences .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)45ITD101(Pat.)
..... this provision which has now been omitted by the finance act, 1983, read as under: "in the case of a charitable trust or institution for the relief of the poor, education or medical relief, which carries on any business, any income derived from such business, unless the business is carried on in the ..... this sub-section was introduced by the taxation laws (amendment) act, 1975, with effect from april 1, 1977 and was omitted by the finance act, 1983, with effect from april 1, 1984. ..... the provisions of section 13(1)(c)(ii) are quoted below : " (c) in the case of a trust for charitable or religious purposes or a charitable or religious institution, any income therefrom - (i) if such trust or institution has been created or established after the commencement of this act and under the terms of the trust or the rules governing the institution, any part of such income enures, or (ii) if any part of such income or any property of the trust or institution (whenever created or established ) is during the ..... he further took into consideration the newly inserted section 13(1)(bb) of the act inserted by the taxation laws (amendment) act, 1975, with effect from april 1, 1977, and which remained operative till march 31, 1983.section 13(1)(bb), as it stood at the relevant time, reads as under : "(bb) in the case of a charitable trust or institution for the relief of the poor, education or medical relief, which carries on any business, any income derived from such business, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)46ITD90(Pat.)
..... , relying on the orders of the assessing officer has argued that the amnesty scheme declared by the government as per the finance act, 1985 cannot be applicable to the assessment years 1978-79, 1979-80 & 1980-81. ..... it appears from the paper book filed by the assessee's counsel that assessment order under section 143(1) of the act was passed on 14-9-1987 for the assessment years 1979-80 and 1980-81 on the basis of returns of income filed ..... 423 dated 26-6-1985 and circular nos.432, 439, 440 & 441 dated 15-11-1985 on finance minister's assurance on the disclosure of income and wealth, immunity from roving enquiry, penalty and prosecution, it has been stated ..... merely, because the assessee filed original returns of income in february 1982 and march 1983, it is not correct to hold that amnesty scheme, 1985 cannot be applied to the appellant's case in view of the board's circulars reproduced above where an assessee could file returns for the past ..... common arguments were advanced against the penalty orders under sections 271(1)(a) and 273(1)(b) of the act stating that subsequent to the filing of the original returns of income for the three assessment years, the assessee filed fresh returns of income under the amnesty scheme on 2-3-1987 ..... submitted returns of income on 19-2-1982 and 28-3-1983 in respect of three assessment years under consideration ..... 1980-81, original return was filed on 28-3-1983 showing total income at rs. ..... 1980-81 original return was filed on 28-3-1983 declaring income of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD257(Pat.)
..... provided in section 139 declaring or disclosing the loan amount until and unless income results from such borrowing and further such income exceeds the chargeable limit prescribed from year to year as per finance act of each year passed by the legislature... ..... reopen the assessments for assessment years 1981-82 and 1982-83, recorded the following reasons on 18-3-1986 for reopening the assessment for assessment year 1981-82 : "from the assessment records of the assessment year 1983-84, it appears that the assessee invested in the construction of hotel building during the financial year relevant to the assessment year 1981-82 ..... by the assessing officer which are contained in the file pertaining to assessee for the assessment year 1981-82 on 17-3-1986 read as under : "from the assessment records of the assessment year 1983-84, it appears that the assessee invested in the construction of hotel building during the financial year relevant to the assessment year 1981-82. ..... accounting year is the financial year.while processing the income-tax return filed by the assessee-firm for assessment year 1983-84, the assessing officer made a reference to the dvo under section 131(1)(d) of the income-tax act, and requested him to determine the cost of construction of the hotel building ..... while finalising the assessment for the assessment year 1983-84, the assessing officer asked the dvo in terms of section 131(1)(d) of the act to determine the cost of construction from 1-1-1981 to 31-3-1982 of the building under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD237(Pat.)
..... relating thereto had to be adjusted from the gross commission received and the deduction could be allowable @ 50 per cent of such net income on account of commission received as per provision of section 80-o read with section 80ab of the it act.8.13 aggrieved, the assessee has come up in the first appeal before this tribunal as provided in section 253(1)(b).8.14 the learned counsel for the assessee reiterated the various submissions made in course of the assessment proceedings before ..... and requirement received from the principal companies.thereafter it negotiated commercial terms under despatch arrangements.it was further submitted that the words 'technical services' had been substituted by 'technical or professional services' in section 80-o vide finance act (2) of 1991. ..... it was, therefore, contended that the assessee fulfilled all the requisite conditions for allowance under section 80-o of the it act.8.9 the assessing officer examined the assessee's explanations; submissions, replies and letters of tisco and rashtriya ispat nigam limited. ..... foreign enterprises would also fall in the category of technical or professional services.8.28 in the above view of the matter we hold that the assessee had rendered technical or professional services to the foreign enterprises as provided in section 80-o of the it act.8.29 however, the crucial issue in this case is whether these technical or professional services were rendered outside india. ..... cbdt [1984] 145 itr 673/[1983] 12 taxman 300 (bom. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD63(Pat.)
..... but is very much of an unusual practice' ignores the prevalent malpractice that was noticed by the direct taxes enquiry committee and the recommendation made by the said committee which led to the amendment of the act by the finance act of 1972, whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles, races, etc. ..... the addition is, therefore-confirmed and the disallowance of corresponding interest is also confirmed.reference for 3rd member case under section 255(4) of the it act, 1961, in the above matter : as we differ in our views in the above case, we request the hon'ble president to kindly refer the matter to the 3rd member on the following point : "whether, in the facts and ..... has a bank account in allahabad bank, hinoo, and also an account in a village bank, kanchi.he opened account in allahabad bank in 1983 and village bank 4 or 5 years before his deposition. ..... 34,000 approximately in financial part 1983-84 and this money was paid back in 2 or 3 ..... he was married in 1983 and he had two children aged 4 and 2 ..... was unable to explain the transfer entry on 25-10-1983 amounting to rs. ..... before march, 1983, and rs. ..... 000 in 1983 and rs ..... could not explain the deposit in the bank a/c of 25-10-1983 amounting to rs. ..... kumar jain was figuring as creditor of the assessee firm even from 31-3-1983. ..... married in 1983. ..... which entry appeared in his pass book as the amount deposited on 25-10-1983. ..... was formed under the deed dated 21-3-1983. ..... married in 1983. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... of the act cast an obligation upon a person to file a return of his income or the income of any other person for which he is assessable as deemed assessee if the total income during the previous year exceeds the income chargeable to tax which varies from year to year as per the finance act ..... the act, inserted by the finance act, 1992 ..... the finance ..... upheld. since i am holding on the preliminary legal issue, that the assessee was unlawfully penalised under s.271(1)(c) of the act i am not going into the merits or demerits of the case as has been done by my learned brother.as we have differed in our views in the above mentioned it appeal, we refer the below given point ..... sunshine. it, therefore, did not support the assessee's case, so did certain other cases become legally incapable of acting as an effective precedent for the same reason.reference was thereafter made by him to several other decisions which ..... genesis. since a need was felt for major amendments in respect of certain provisions of the it act, particularly those relating to avoidance of direct taxes, the government of india had appointed a committee of experts in ..... a little greater detail certain salient features and aspects of this case with reference to the relevant provisions of the act backed up by few decisions of courts discussed by me at appropriate places in this ..... .9. there is not a single provision under the entire scheme of the it act casting an obligation upon a person to file a return where he has incurred or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)45ITD63(Pat.)
..... any such undertaking shall not be included in the total income of the persons in receipt thereof, the income-tax officer shall have power to determine the income of such undertaking in accordance with the provisions of this act relating to assessment; and where any income so determined is in excess of the income as shown in the accounts of the undertaking, such excess shall be deemed to be applied to purposes other than charitable or religious ..... not open to an assessee to raise a ground concerning the validity of making of the assessment ex parte under section 144 without availing of the remedy provided under section 146 of the act.it was further held that section 251 of the act sets out the powers of the first appellate authority while disposing of an appeal, but such powers will not extend to going into the validity of the assessment made by the assessing ..... and in the circumstances of the case, any excess income estimated by the ito for any of the years could be or could not be considered for applying provision contained in section 11(4) of the act (b) whether the excess income on the facts and in the circumstances of the case would affect the claim of the assessee-trust for allowing exemption from tax under section 11(4) for any of the four ..... deleted by the finance act, 1970 ..... ) of 1983 for assessment years 1969-70, 1970-71, 1971-72 and 1972-73 in the case of karimia trust, refer the following questions to the president under section 255(4): whether in the facts of the case .....
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