Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)6ITD65(Mad.)
..... the deletion by the aac of the addition of rs. 65,000 made by the ito under the head 'income from other sources' by resort to section 69d of the income-tax act, 1961 ('the act'). during the accounting year relevant to the assessment year 1979-80 involved in this appeal, the assessee borrowed certain amounts on documents alleged to be hundi, the ..... with reference to the facts and circumstances of each case so as to determine whether or not there is a borrowal on such hundis, in which case the provisions of section 69d would apply.the learned counsel for the assessee besides relaying on the order of the tribunal in it appeal no. 1162 of 1979, dated 24-10-1980, also referred ..... is an order on a person to pay a certain amount, but on a promissory note, it is not a borrowal on hundi and, therefore, will not be hit by section 69d. we also agree with the other considerations stated in the various orders of the tribunal for coming to a similar conclusion. in these circumstances, we find no merit in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1983)5ITD644(Mad.)
..... of a registered firm. the ito did not accept the claim of the assessee above and assessed it for the assessment year under consideration under section 143(1) of the income-tax act, 1961 ('the act') as he assessed the assessee, in the status of an unregistered firm. in so doing, he rejected the assessee's explanation that it failed ..... delay for late filing of form no. 12, and, therefore, he observed that in the circumstances, the continuation of registration sought for was refused under section 184(7) of the act as the time for filing the return expired on 31-7-1978 and the assessee should have furnished form no. 12 before the expiry of the time ..... the aac erred in holding that no appeal lies against the order of refusing renewal of registration to the assessee, being an order under section 185(3) which is appealable according to section 246 of the act.8. on the other hand, shri s. ranganathan, learned departmental representative, contends that if the ito has refused the application of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)7ITD785(Mad.)
..... 28 considered that the tax paid before the end of the financial year should be given credit for purposes of computing penal interest, though under a different section under the act. this view has since received the support in some other decisons. but the assessee need not depend upon the rationale of these decisions, as its facts are ..... extent of rs. 2,98,800 in his order dated 31-3-1983. however, this order of waiver was again the subject-matter of proceedings under section 263 of the act and the order of waiver was cancelled. the subsequent waiver and cancellation of such waiver are, however, subsequent developments which are not relevant for determination of ..... the case of shri balasubramania mills ltd., uppilipalayam, coimbatore, for the assessment year 1980-81.2. the ito charged the assessee to interest under section 139(8) of the income-tax act, 1961 ('the act') by holding that there was a short payment of advance tax after ignoring a payment of rs. 12,99,417 paid by the assessee as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)14ITD295(Mad.)
..... assessment year 1970-71 was originally completed on 24-3-1972 on a total income of rs. 1,241. however, the assessment was reopened under section 147 of the act and a notice under section 148 of the act was issued on 25-1-1975. the assessee filed a return on 16-2-1979 showing the same income of rs. 1,241. the assessment ..... the income-tax manual and the prescribed form of the notice under section 34 of the indian income-tax act, 1922 ('the 1922 act') requiring the filing of a return. it may be pertinent to note that under the act, there is no prescribed form for notice under section 139(2) or under section 148 and the issue may well be arguable. for instance, it ..... containing all or any of the requirements which may be included in a notice under sub-section (2) of section 139 and the provisions of this act shall, so far as may be, apply accordingly, as if the notice were a notice issued under that sub-section. this has given rise to a view that an assessment proceeding being only one made with .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)9ITD820(Mad.)
..... government regarding date of installation and use of machinery by the assessee.1. this appeal is directed against the order of the commissioner made under section 263 of the income-tax act, 1961 ('the act').2. the assessee is a company. the assessment for the assessment year 1978-79 was originally completed on 3-8-1981 on a total ..... expenditure was incurred for considerations other than that of business, it is to be allowed either under section 36(1)(ii) of the act as bonus other than bonus under the payment of bonus act or under section 37 of the 1965 act as expenditure laid out for the purpose of business. the assessee has rightly placed reliance on circular ..... 1980 edn., p. 201--of the board, which stated that in respect of employees earning salary of more than rs. 1,600 per month, the second proviso to section 36(1) would continue to apply and unless the amount is excessive or unreasonable, it cannot be disallowed. similarly, with reference to the computation of the extra shift allowance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)12ITD49(Mad.)
..... securities an amount slightly exceeding rs. 4 lakhs. thus, in respect of the sale consideration of rs. 4 lakhs, full exemption became available under section 54e of the income-tax act, 1961 ('the act'), in the case of each of the brothers.2. shri chandrakant sold his one-third share in the residential property by document no. 3962 of 1978 ..... 'hawarden bungalow' in coimbatore shortly thereafter and the value of purchase price of each brother came to about rs. 4 lakhs. thus, under the provisions of section 54 of the act, they claimed that no capital gain was exigible in respect of the residential household.4. we have elaborately set out the facts which is reflected in a ..... subsequent to 1-4-1977 is taken in isolation, the asset would be a short-term capital asset in their hands. but the provisions of explanation to section 2(42a) of the act, which define 'short-term capital asset', states that in the case of a capital asset, which became the property of the assessee in the circumstances .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)13ITD865(Mad.)
..... addition of more than rs. 1 lakh and in view of the extent of variation he issued a draft assessment order to the assessee under section 144b(1) of the income-tax act, 1961 ('the act') as required therein on 29-3-1982. this draft assessment order was served on the assessee on 1-4-1982. in the said draft ..... the statute. in any event, that cannot be an argument for supporting the case that the assessment should be annulled.order under section 255(4) of the income-tax act, 1961 as required by section 255(4) of the act, we hereby state the following point of difference between us in this case for the president for necessary action : whether the assessment ..... ito to make a proper assessment according to law.7. an objection has been taken by the learned counsel for the assessee that the taxation laws (amendment) act, 1984 has deleted the provisions of section 144b from the act and, therefore, if the assessment is set aside, the assessee would not have the benefit of the procedure contemplated in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)18ITD200(Mad.)
..... by the assessee is allowed on this point.as there is a difference of opinion between the members we refer the following two questions to the president under section 255(4) of the act: 1. whether the transaction of purchase and sale of gold bond no. 602045 is or is not an adventure in the nature of trade and consequently ..... rs. 5,210, the assessee also admitted income of rs. 35,000 being the surplus from sale of gold bond, but claimed exemption under section 2(14)(iv) of the income-tax act, 1961 ('the act'), treating the bond as not a capital asset. the ito rejected the claim of the assessee and treated the surplus as trading results.thus, he ..... within the exception, it is not a capital asset. otherwise a property would be a capital asset and the provisions of section 45 of the act would apply to the surplus arising from the transfer of the capital asset. section 2(14)(iv) expressly excludes from the concept of capital asset the national defence gold bond.therefore, the present asset in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)19ITD272(Mad.)
..... suffers from partial paralysis. in the course of assessment proceedings for the assessment years 1980-81 and 1981-82, he claimed relief under section 80u of the income-tax act, 1961 ('the act'). the ito held that the assessee was employed as a senior medical representative in a reputed concern dealing in pharmaceutical goods and so ..... he does not suffer from a permanent physical disability which has the effect of reducing substantially his capacity to engage in a gainful employment as envisaged under section 80u ..... that the assessee suffers from a physical disability which has the effect of reducing substantially his capacity to engage in a gainful employment or occupation as contemplated under section 80u(ii). my view derives support from the cbdt circular no. 246, dated 20-9-1978 [see taxmann's direct taxes circulars vol. 1, 1985 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)23ITD197(Mad.)
..... value as has been done in this case.first and foremost, this is not a case where the market value is to be determined in terms of section 7(1) of the wealth-tax act and, therefore, it cannot be said, assuming that rule 1b is mandatory, that the rule has to be applied as such. we can, therefore, apply the ..... not only not justified but was beyond the jurisdiction of the ito.11. the learned departmental representative, on the other hand, took us through the provisions of section 7 of the wealth-tax act. he submitted that the valuation of any asset had to be the market value as determined subject to rules made in this regard. the relevant rule for determining ..... the income-tax and gift-tax appeals and dismissed the same.10. before us, it is contended that the aac erred in confirming the re-assessment under section 147(b) of the income-tax act. the learned counsel stated that the re-opening itself was invalid having been based on an audit objection. on merits also, it was stated that the .....
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