Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)10ITD357(Delhi)
..... there is no reference to processing as used in the definition of 'industrial company' under section 2(7)(d) of the finance act, 1966 and the finance (no. ..... section 2(7)(d) of the finance act, 1966 and the finance (no. ..... he also relied upon the definition of 'manufacturing process' in section 2(k) of the factories act, 1948 and particularly drew our attention to the factories (amendment) act, 1976, by which a new sub-clause (vi) was added to section 2(k) in the following terms : '(vi) preserving or storing any article in cold storage'. ..... that is how the definition of 'manufacturing process' under the factories act, as amended by the factories (amendment) act, 1976 does not assist the assessee on the facts of the present case. ..... he pointed out that in section 80j(4) of the act since a specific reference was made to cold storage plant, which did not find mention in section 32a or 80hh, it was a clear indication that relief under section 32a or section 80hh was not intended to be given in cases of cold storage. ..... viewed in this context, we are of the view that the income-tax authorities were quite justified in not upholding the claims of the assessee under sections 32a and 80hh as the assessee did not satisfy the requirements of these provisions.5 to 10. ..... there is force in the submission made on behalf of the department that unlike section 80j(4)(iii), reference is not made in section 32a or 80hh regarding the 'operation of the cold storage plant'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)10ITD552(Delhi)
..... we are now concerned with the definition of actual cost for the purpose of depreciation under chapter iv-d under the head 'profits and gains of business or profession'.section 43(7) defines actual cost as meaning the actual cost of the assets of the assessee, reduced by that portion of the cost thereof, if any, as has been met directly or indirectly by any other person or authority. ..... even, in any case, the aac was of the view that the action taken by the ito was justified in view of the provisions to explanation 3 to section 43(7), the revaluation being done with a view to reduce tax liability by claiming depreciation with reference to the enhanced cost of the assets.5. ..... 3 regarding levy of interestunder section 2(1)(vii) (sic) of the act being consequential to ground no. ..... the ito in the instant case applied explanation 3 to section 43(1) on the reasoning that the old firm was dissolved and was succeeded by a new firm. ..... it is necessary for the ito to come to a specific finding that the transfer, to attract the provisions of section 43(1), was for the purpose of reduction of tax liability. ..... since the ito was not convinced about the genuineness of the claim, he took recourse to section 43(7) of the income-tax act, 1961 ('the act'). ..... 1973 tax lr 1336 for the proposition that the objective satisfaction of the ito cannot be inferred from the mere fact that the ito had obtained approval of the iac to have recourse to the proviso to section 10(5)(a) of the indian income-tax act, 1922. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)10ITD838(Delhi)
..... das [1966] 59 itr 699 (sc) that whether the loss in any year may be carried forward to the following year and set off against the profits and gains of the subsequent year under section 24(2) of the 1922 act has to be determined by the ito who deals with the assessment of the subsequent year and that a decision recorded by the ito who computes the loss in the previous year that the loss ..... carefully considered the submissions of both the parties and case laws discussed above and not finding any material difference in comparable provision of section 22(2a) of the 1922 act and section 139(3) of the 1961 act, we would follow the view held by the majority of the high courts and hold that the assessee is entitled to carry ..... bohra film finance [1983] 4 itd 247, while holding that return filed under section 139(4) could not be treated as filed under section 139(1) or 139(2), did observe at page 257 that the scheme of the 1922 act in regard to filing of the return was somewhat different from the scheme of the 1961 act.however, the special bench was not concerned with ..... 114 itr 687 (ap) and held that a loss return though not filed within the time allowed under section 139(3) and filed under section 139(4), still entitled the assessee to carry forward of loss for set off against its future year's income ..... on 26-9-1977 while it was due on 30-6-1977 and the loss return though not filed within the time allowed under section 139(3) was filed within the time allowed under section 139(4). ..... cit [1977] 108 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)11ITD569(Delhi)
..... insertion of the explanation to section 9(1)(ii) by the finance act, 1983, with retrospective effect from 1-4-1979, being applicable to the assessment year beginning with the said date, i.e. ..... other maritime zone of india, means the limit of such waters, shelf or zone with reference to the mainland of india as well as the individual or composite group or groups of islands constituting part of the territory of india.according to section 3 of the said act, sovereignty of india stands extended as under : (1) the sovereignty of india extends and has always extended to the territorial waters of india (hereinafter referred to as the territorial waters) and to the seabed and subsoil underlying, and ..... letter dated 26-9-1973 (reproduced hereunder), has notified the ongc, that activities attributable to the drilling operations and the resultant income therefrom shall be regarded as income accruing or arising out of india within the meaning of section 5(l)(a) of the act, since, according to the cbdt, those areas were not part of india : subject : income arising to foreign contractors from off-shore drilling about 80 miles off the indian shores - whether income will be liable ..... pgnatale (supra) and respectfully following the ratio of the above case uphold the impugned orders for the assessment years 1976-77, 1977-78 and 1978-79. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)11ITD165(Delhi)
..... (supra) is misplaced, as that was a case for deciding the scope of section 80e of the act, as it stood prior to 1967, and their lordships held that when the legislature uses the words 'attributable to', it has a wider import than the expression 'derived from'. ..... however, the assessee claimed before the commissioner (appeals) that the deduction to be allowed under section 80p(2)(a)(iii) should be on the whole of gross profit attributable to the marketing of agricultural produce of its members. ..... for the purpose of levying income-tax, these provisions have to be taken into consideration and the taxable income or loss has to be determined.besides what is provided in the various sections, there can be certain allowances under section 28 itself which may be in the nature of a business loss or a trading loss.7. ..... that was a case for deciding the scope of section 80m of the act and their lordships considered the meaning of 'any income by way of dividends'. ..... the learned counsel for the assessee submitted before us that the provision of section 80p(2) refers to the deduction of the whole of the amount of profits and gains of business attributable to the marketing of agricultural produce of the members of the co-operative society. ..... this provision was inserted by the finance (no. ..... the assessee is an apex co-operative society engaged mainly in marketing of agricultural produce of its members and some other activities as well.the accounting year ended on 30-6-1977.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)11ITD40(Delhi)
..... the law enunciated in these decisions on the simple ground that those were the cases decided before the insertion of section 2(24)(iia) and section 12 by the finance act, 1972, with effect from 1-4-1973. ..... ) 25-6-1979 3,30,000(iv) 13-12-1979 1,00,000 the assessee claimed exemption from tax on these donations on the ground that they did not partake the character of income under the provisions of section 2(24)(iia) and also under section 12 of the act.the ito allowed exemption only in respect of the donation of 20,000 received on 25-1-1980 and levied tax on the equivalent of the balance.the reasons given by the ito for the ..... or religious purposes or by an institution established wholly or partly for such purposes, not being contributions made with a specific direction that they shall form part of the corpus of the trust or institution.an analysis of this section shows that (a) there must be a trust created wholly or partly for charitable or religious purposes, or (b) by an institution established wholly or partly for such purposes, (c) such a trust must receive voluntary contributions, and ..... section 12 be suitably amended to provide that the benefit of tax exemption in respect of income received by way of voluntary contribution will be available only to charitable and religious trusts which enure wholly for the benefit of the public, that the voluntary contributions received by religious and charitable trusts will be treated as income of such trusts for the purposes of sections .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)13ITD478(Delhi)
..... it invited persons who may wish to procure such flats for such purposes as units of self-contained accommodation in the proposed multi-storeyed buildings to provide for finances for the same as the builder did not have such huge resources.though the plots of land on which the said multi-storeyed buildings were to stand were owned by the assessee-company, the prospective ..... 579) about the principle to be adopted for the purpose of section 9 of the indian income-tax act, 1922 (analogous to section 22 of the 1961 act) it was held as follows: ...as mentioned earlier that section seeks to bring to tax income of the property in the hands of the owner. ..... the order of the learned commissioner (appeals) is a common one in relation to the assessment years 1974-75, 1975-76 and 1977-78 while in relation to the assessment year 1978-79 he has followed his earlier order and in this view of the matter, we are reproducing the facts as also the reasoning of the lower authorities from the file relating to ..... in relation to the assessment years 1974-75, 1975-76 and 1977-78, there is an additional grievance of the revenue which reads, 'on the facts and in the circumstances of the case, the commissioner (appeals) was not justified in holding the company as an industrial company'.5. ..... 1306 (delhi) of 1982 in relation to assessment year 1977-78, succeed in part, for statistics, since on one issue we have restored the subject-matter to the file of the learned first appellate authority. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)11ITD268(Delhi)
..... by the finance act, 1972, certain amendments were made to the income-tax act, 1961, as a result of which the winnings from lotteries, and certain other games, gambling or betting also became ..... it was submitted by him that sub-clause (ix) which was inserted in section 2(24), with effect from the assessment year 1972-73 enacts that income includes any income from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature whatsoever, while the amended section 10(3) of the act provides that winnings from lotteries are not exempt from tax as being of a casual ..... the use of a dictionary ad lib without an analysis of the entire act, its purpose and its intent, for ascertaining the meaning in which the legislature could have used the word or expression may not lead us to the right conclusion....in view of the amendments made in sections 2(24) and 10(3) discussed above, all the winnings from lotteries, crossword puzzles, ..... clauses shall not be included-- (3) any receipts which are of a casual and non-recurring nature, not being winnings from lotteries, to the extent such receipts do not exceed one thousand rupees in the aggregate: section 56(2) provides as to what income shall be chargeable to income-tax under the head 'income from other sources'.10. ..... 50,000 as the third prize on 24-9-1977 and a certificate of the bank of madurai was filed before the ..... ito [1977] 106 itr 73 (ap) and bhola nath kesari .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)11ITD404(Delhi)
..... however, we assure you that we shall make payments and meanwhile please keep the raw materials till our further advice in the matter.ultimately, on 4/5-12-1977, obs wrote a letter to ita terminating the agreement as follows: we acknowledge your letter dated 13-11-1977 vide which you have asked us to keep the materials with us till further advice from you; and asked us to allow you some more time for payment of ..... liable to be assessed under section 68 of the income-tax act, 1961 ('the act'), as income from undisclosed sources ..... as laid down by the hon'ble supreme court in the case of k.m.s.lakshmanier & sons (supra) and by the hon'ble delhi high court in the case of motor & general finance ltd. ..... by him on the famous decision in the case of morley (inspector of taxes) v.tattersall [1939] 7 itr 316 (ca) and on the decision of the hon'ble delhi high court in the case of motor & general finance ltd. ..... departmental representative stated that the commissioner (appeals) had erred in holding that the case stood covered by the decision of the hon'ble delhi high court in motor & general finance ltd. ..... deposited as per clause 6, was not an agreement for any loan or borrowing to be made by obs from ita and, therefore, the question of applying the ratio of decision in the case of motor & general finance ltd. ..... been stated above that it was a capital receipt and that it was not liable to assessment in accordance with the decision of the hon'ble delhi high court in cit v.motor & general finance ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)16ITD233(Delhi)
..... provide that if the owner or charterer of any ship or aircraft carrying persons from any place in the territory of india to any place outside india allows any person to whom the provisions of sub-section (1) of section 230 apply to leave india without satisfying that such person is in possession of a clearance certificate, he shall be personally liable to pay the whole or any part of the amount of tax payable by such person as the ito may, ..... these are that any assessee can appeal firstly where he denies his liability to be assessed under the act, or where the assessee objects to any order of assessment under sub-section (3) of section 143 or section 144 or where he objects to the amount of income assessed or to the amount of tax determined or to the amount of loss computed or to the status under which he is assessed ..... ultimately, shri chakraborty concludes is arguments by saying that the process of recovery and the process of assessment are different and that since an order under section 230(2) was not an order of assessment and was merely an executive direction issued to panam, the commissioner (appeals) was justified in holding that the appeal filed before him by panam was not ..... secretary, government of india, ministry of finance [1984] 148 itr 316. ..... teja was allowed to leave india on 14-5-1977 on a panam flight to america en route to sanjose in costarica ..... dharma teja had been assessed on large amounts of income-tax and wealth-tax during the assessment years 1963-64 to 1977-78. .....
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