Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD621(Delhi)
..... the relevant provisions of section 54(1) as existed prior to the amendment made by the finance act, 1983 read as follows : (1) where a capital gain arises from the transfer of a capital asset to which the provisions of section 53 are not applicable, being buildings or lands appurtenant thereto the income of which is chargeable under the head 'income from house property', which in the two years immediately preceding the date on which the ..... its purchase or construction, as the case may be, the cost shall benil ; or (ii) if the amount of the capital gain is equal to or less than the cost of the new asset, the capital gain shall not be charged under section 45 ; and for the purpose of computing in respect of the new asset any capital gain arising from its transfer within a period of three years of its purchase or construction, as the case may be, the cost shall be reduced ..... transfer took place, was being used by the assessee or a parent of his mainly for the purposes of his own or the parent's own residence (hereafter in this section referred to as the original asset) and the assessee has within a period of one year before or after that date purchased, or has within a period of two years after that date constructed, a house property for ..... the above facts, the assessee claimed that the capital gains arising on the transfer of the house is not liable to be taxed in view of section 54(1) of the income-tax act, 1961 ('the act'). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD188(Delhi)
..... as in those cases, in the present case the finance act of 1980 was passed with retrospective effect from 1-4-1972 and in view of the incorporation of section 80j (1a) the present case became a case of mistake apparent from the record in the background of the amending act.we hold likewise.7. ..... he, accordingly, issued show cause notices to the assessee as to why the assessments of the assessee for the years under consideration be not rectified under section 154 of the act so as to exclude from the capital computation of the assessee for each of the years under consideration the respective amounts of the borrowed capital of the assessee in each of those years. ..... {supra) is distinguishable as is clear from the observations of their lordships of the calcutta high court at page 256 because both the assessment order which was sought to be rectified under section 154 as also the order of rectification which was sought to be challenged had been made before the passing of the amending act involved over there, though the amending act was retrospective in operation. ..... the years of assessments involved are 1975-76 to 1977-78 for which the respective previous years ended on 31-3-1975, 31-3-1976 and 31-3-1977. ..... it may be added, however, here that the assessment orders for the years under consideration were passed on 25-1-1978 (assessment year 1975-76), 3-2-1979 (assessment year 1976-77) and 30-6-1979 (assessment year 1977-78).3. ..... 25,938 in the assessment year 1977-78. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD289(Delhi)
..... it was also submitted that the provisions of section 294a have been introduced by the companies (amendment) act, 1965 and had prohibited the payment of compensation to sole selling agents for the loss of office in ..... mico for its own reasons and benefit recently expressed a desire to gec to establish its own sale house in new delhi with a view to replace gec totally as from the 10-2-1977 for the distribution of mico bosch products in the territories assigned to it as aforesaid instead of waiting till february 1982 as stipulated and agreed upon in the aforesaid letters dated 1-9-1973 and 11-6- ..... gec initially expressed serious objection to the aforesaid proposal of mico mainly on the ground of loss of profits for five years from 10-2-1977 but has after extensive discussion and negotiations finally accepted the said proposal of mico on condition that mico shall pay due compensation to gec for the premature loss of office and the ..... mico to the managing director of the assessee-company on 7-12-1972 stated that though the assessee-company were only sole distributors and not sole selling agents of mico, the provisions of the companies act relating to sole selling agents were attracted and for that purpose the appointment was to be rectified for the sake of abundant caution. ..... when in 1972 mico wanted to raise some finances and had to keep the name of sole selling agents, mico had written to the managing director of the assessee-company that they did not consider the assessee as their sole .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD367(Delhi)
..... is fulfilled but the ito declined to allow the relief on the ground that the 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. ..... , the assessee brought the matter by way of appeal before the commissioner (appeals) who after going through the provisions of section 80-o has agreed with the assessee by observing as under : it is clear from a bare reading of the above section that for the appellant to succeed in its claim it has to fulfil two essential requirements, namely, it should have received ..... 's plea that in the face of the approval of the central government, the ito is debarred from satisfying himself about the other requirements of section 80-o for if that were the intention, the only requirement of section 80-o would have been about fees received under an agreement approved by the central government and the section need not have referred to, as it does, other condition of the fees being received from a foreign company. ..... not and whether indian or non-indian, which is or was assessable or was assessed under the indian income-tax act, 1922 (11 of 1922), as a company for the assessment year commencing on the 1st day of april, 1947, or which is declared by general or special order of the board to be a company for the purposes of this act.since either of bbc or roper public opinion research centre is not an indian company or an association, whether incorporated ..... 1977 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD575(Delhi)
..... the points were decided by the commissioner (appeals) in favour of the assessee, in later assessment years, namely, 1977-78 and 1978-79, the commissioner (appeals) has held that the assessee was not an industrial company for the purposes of concession in the rate of tax under the finance act.however, the assessee's claim for being treated as an industrial undertaking under sections 80j and 80hh of the act was accepted by the commissioner (appeals) in both the years. ..... (appeals) has directed that the computation should be made in accordance with the provisions of section 80j as amended retrospectively by the finance (no. ..... assessee's appeal also there is a ground regarding relief under section 80j and it relates to the direction of the commissioner (appeals) that the deduction under section 80j should be worked out in accordance with the provisions of the amended law in this regard with retrospective effect.34. ..... in case, the relief under section 80j is to be worked out, the provisions of section 80j as in force in the relevant assessment years should be taken into consideration having regard to the retrospective amendment of that section as well as any decision which may be pronounced by the supreme court on this question ..... the learned counsel further submitted that the amendment in 1983 including construction activities also specifically should be considered as merely clariflcatory and intended to remedy the result of certain decisions by which construction activities were sought to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)8ITD835(Delhi)
..... and in the circumstances of the case, the explanation inserted by the finance act, 1964, which was substituted by other explanation with effect from 1-4-1976 would be applied to these proceedings which had been initiated by issue of notice under section 271(1)(c) on 28-9-1978 2. ..... since there was a wide gulf between the income returned and the income assessed, he initiated the penalty proceedings and caused notice under section 271(1)(c) to be served on the assessee.not being satisfied, the assessee appealed to the commissioner (appeals), who reduced the estimate of income derived from ..... against these views we have got the decision of more than one high court, which has taken the view that explanation to section 271(1)(c) introduced with effect from 1-4-1964 could be applicable to cases where return of income was filed after 1-4-1964 irrespective ..... in fact none of the authorities pointed out that there was any factual concealment.reliance was placed only on the explanation to section 271(1)(c) and that too as a rule of evidence and procedural law not only to levy high quantum of penalty on the assessee but also to make him ..... if anyone files an incorrect return after 1-4-1964 it is liable to be dealt with according to the amended provisions regardless of the year to which the return relates. ..... ram sewak [1977] 106 itr ..... shah [1977] 109 ..... devendra singh [1977] 108 itr 314 where it was held that the material date with reference to which the law applicable should be determined is the date of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)9ITD224(Delhi)
..... ) held that section 40(c) of the income-tax act, 1961 ('the act') was applicable in the case of directors and, therefore, only the overall limits of ..... section 40(a)(v) was omitted by the finance ..... [1981] 128 itr 633 held that section 40a had an overriding effect in the computation of income under the head 'profits and gains of business or profession' and that the function of the first proviso to section 40a(5)(a) was to carve out a separate field for its operation and, that the headwise upper limit of permissible expenditure on salary and perquisites was not applicable to employee ..... (supra) dealt with the limit specified under section 40(a)(v) and section 40a(5) and did not deal with the provisions of section 40(c) in contradistinction to section 40a(5). ..... the kerala high court held that section 40a(5) was applicable after 1-4-1972.there is no discussion regarding ceiling ..... 2) act, 1971, with effect from 1-4-1972 and section 40a(5) covered the same subject-matter as it came into effect from 1-4-1972, when section 40(a)(v) ..... there is no discussion regarding the overall ceiling under first proviso to section 40a(5) and individual ceiling of salary and perquisites under section 40a(5)(c) as mentioned above. ..... court rejected the special leave petition against the said judgment on the question whether the managing director as an employee and whether the salary paid to him was subject to limits imposed under section 40a(5)--[1982] 137 itr 13 (st.).9. ..... later section was omitted by the finance (no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)9ITD655(Delhi)
..... substitution by the finance act, 1972, with effect from 1-4-1973, section 12 had a different purpose altogether and the decisions interpreting the said section will have no bearing whatsoever on the interpretation of the section as it now stands ..... to such purposes in india, to the extent to which the income so accumulated or set apart is not in excess of twenty-five per cent of the income from such property ; the language of the sections quoted above is clear as to its contents.section 12 provides that voluntary contributions received by a trust with a specific direction that they shall form part of the corpus of the trust will not be treated as deemed income of the trust. ..... such income or property shall, for the purposes of that clause, be deemed to have been used or applied for the benefit of a person referred to in sub-section (3),-- (a) if any part of the income or property of the trust or institution is, or continues to be, lent to any person referred to in sub-section (3), for any period during the previous year without either adequate security or adequate interest or both ; there is no dispute that the interest charged is adequate and ..... thing that the amendments have not been ..... also taken us through the interim report of december, 1977, of direct tax laws committee (chokshi committee) and ..... 's paper book at pages 40 and 41, respectively) for the purpose of showing that the chokshi committee had taken note of the likely abuse of these provisions and suggested some amendments. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)13ITD108(Delhi)
..... on the facts and in the circumstances of the case, the assessment completed on 1-3-1978 was one made beyond the time prescribed in section 153 of the income-tax act and, therefore, liable to be quashed the case having been assigned by the president to himself for disposal as third member, it has ..... he has dismissed it with a cryptic sentence at the end of the last sub-para of para 7 of his order which reads, 'it is necessary to point out here that summons under section 131 were issued to shri sita ram surekha and in fact these records were examined by me with the assistance of shri sita ram surekha and his authorised representative, shri p. ..... a revised return at any time before the assessment is made.it is pertinent to mention that the expression 'before the assessment is made' has also been used in sub-section (4) of section 139 but in that sub-section the legislature has provided that a return can be filed by an assessee under sub-section (4) before the assessment is made or before the end of the period specified in clause (b) thereof.there is obviously no such provision in sub ..... return has been filed under section 139(5), the original return is supplanted by the revised return, as a result of the amendment made in the original return ..... the dispute between the industry and the government ended only in october 1977 when hsl informed the assessee that the provisional invoices raised by them for the goods supplied during the period 15-10-1973 to 1-8-1974 (the date of the second ..... finance .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)9ITD824(Delhi)
..... the income-tax law is generally said to be real complex in nature and an assessee cannot be said to be well conversant with the provisions of the law, more so, when each year, with every finance act there are amendments and amendments and perhaps it is for this reason that as early as in the year 1942 [1955] the board vide circular no. ..... section 18(3), (3a), (3b) and (3d) [sections 193 and 197(1), 195(1), 195(2) and 194 of the 1961 act] - the officer should in every appropriate case bring to the assessee's notice the possibility of obtaining a certificate authorising deduction of income-tax at a rate less than the maximum or deduction of super-tax at a rate lower than the ..... authorities to have charged a rate of 65 per cent on the total income of the assessee for the assessment year under appeal since the assessment as also the charge of tax, in the case of the assessee, under the act, has to be in accordance with and subject to the provisions of that act and for ready reference, we reproduce hereunder the charging section, i.e. ..... his request was negatived and on appeal, the learned first appellate authority upheld the assessing officer's order, inter alia, on the ground that there was no mistake apparent from record within the meaning of section 154 of the income-tax act, 1961 ('the act'). ..... section 60(2) [sections 89(1) and 103 of the 1961 act] - cases where relief can properly be given under this sub-section should be reported to the board. 5. .....
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