Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1989)31ITD287(Delhi)
1. This is a misc. application filed by the assesses on 14-10-1988 bringing to the notice of the Tribunal that the allowance of an earlier misc. application filed by the I.T.O. Co. Cir., Rohtak on 28-1-1981, in his favour was out of time and was barred by limitation, was therefore wrong and should be cancelled.2. The assessee claimed, inter alia, relief Under Section 80J of the Income-tax Act, stating that in computing the capital employed for the purpose of the business, the borrowed capital also should be included as capital. The Tribunal by its order in I.T.A. Nos. 361 to 364/1978-79 dated 27-8-1980 allowed the assessee's claim, following the law as then decided, understood and applied. Subsequently by Finance Act No. 2 of 1980, Section 80J was amended with retrospective effect, providing that in computing the capital employed for the purpose of Section 80J, the borrowed capital should be excluded. This amendment was made with retrospective effect which covered the years under appe...
Tag this Judgment!Court : Madhya Pradesh
Reported in : (1980)15CTR(MP)142; [1980]124ITR680(MP)
G.P. Singh, C.J.1 . This is a reference under Section 256(1) of the I.T. Act, 1961, referring for our answer the following questions of law :'(1) Whether, on the facts and in the circumstances of the case, the minimum penalty imposable for assessment year 1965-66 for which a return was filed after April 1, 1968, was equal to the concealed income in accordance with the amendment of Section 271(1)(c)(iii) with effect from April 1, 1968? (2) Whether, on the facts and in the circumstances of the case, the order of the Inspecting Assistant Commissioner imposing penalty was bad in law for want of jurisdiction ' 2. The relevant assessment year is 1965-66. According to the assessee, he was an employee of the firm, U.P. Saw Mills, whereas, according to the department, the assessee was a partner in that firm. The assessee filed a return on 9th August, 1968, declaring an income by way of salary of Rs. 600 from the above firm. He filed another return on 12th August, 1968, declaring therein 'nil' i...
Tag this Judgment!Court : Gujarat
Reported in : [1994]210ITR358(Guj)
G.T. Nanavati, J.1. The question which arises for consideration in these reference is whether in a case where the assessee is a discretionary trust, it is entitled to deductions under section 80L of the Act. In all these cases the Income-tax Officer rejected the claim made under section 80L on the ground that the said section was available only to individuals and/or Hindu undivided families as they are the only assessees contemplated by that section for the purpose of the benefit conferred by it. The Appellate Assistant Commissioner held that the trust should be treated as an individual and, thus, it would be entitled to the reliefs under section 80L. The Tribunal held that section 161 and not section 164 is the basis for assessment of the representative assessee and as the trustee is only victoriously liable as a representative assessee and as the tax has to be levied upon and recovered from him in the like manner and to the same extent as it would be leviable upon and recoverable fro...
Tag this Judgment!Court : Gujarat
Reported in : (1995)119CTR(Guj)150; [1995]211ITR575(Guj)
G. T. NANAVATI J. - The question which arises for consideration in these reference is whether in a case where the assessee is a discretionary trust, it is entitled to deductions under section 80L of the Act. In all these cases the Income-tax Officer rejected the claim made under section 80L on the ground that the said section was available only to individuals and/or Hindu undivided families as they are the only assessees contemplated by that section for the purpose of the benefit conferred by it. The Appellate Assistant Commissioner held that the trust should be treated as an individual and, thus, it would be entitled to the reliefs under section 80L. The Tribunal held that section 161 and not section 164 is the basis for assessment of the representative assessee and as the trustee is only victoriously liable as a representative assessee and as the tax has to be levied upon and recovered from him in the like manner and to the same extent as it would be leviable upon and recoverable fro...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1984)8ITD930(Mad.)
1. The assessee has preferred these appeals against the consolidated order dated 29-12-1981 of Shri M.S.M. Maraikayar, the Commissioner, who dismissed the appeals against the even date orders--23-3-1981--of Shri K.V. Madan Babu, ITO, passed in the assessment years 1967-68 to 1971-72, respectively.2. We are disposing of these appeals on consolidating these together and thereby passing a consolidated order for the sake of convenience; since the issue involved in these appeals are common, so much so, that the contention and submissions of the parties are also common.3. The relevant facts, in brief, are that the assessee filed the returns of income for the assessment years under consideration and the assessments were completed. Appeals were made thereafter before the AAC and the ITO gave effect to the orders of the AAC in each assessment year. However, the assessee made rectification applications under Section 154 of the Income-tax Act, 1961 ('the Act'), stating therein that the ITO shoul...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1985)12ITD21(Delhi)
1. This appeal filed by Madan Mohan Lall Shriram (P.) Ltd. raises three objections against the order of the Commissioner (Appeals). The appeal relates to the assessment year 1971-72, the previous year of which ended on 30-6-1970. The asses-see, a private limited company, has income from business, dividends, rent and also managing agency remuneration from limited company called Bengal Potteries.2. The first objection in this appeal relates to determination of the relief under Section 80M of the Income-tax Act, 1961 ('the Act'). The income by way of dividend was Rs. 26,27,907. The assessee claimed relief under Section 80M on this entire amount but the ITO deducted from this dividend a sum by way of interest of Rs. 5,99,340, said to have been paid on the money borrowed for investment in shares and allowing 60 per cent on the balance, allowed relief of Rs. 12,15,244.The question, thus, was whether the relief should be allowed with reference to the gross dividend received by the assessee o...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1985)14ITD320(Ahd.)
1. These two appeals are directed against the order dated 16-3-1984 passed by the Commissioner (Appeals). Various grounds are taken by the assessee and against the same order, the revenue has also objected to the allowance in respect of expenses pertaining to the earlier years.Both the appeals are disposed of together for the sake of convenience.2 and 3. [These paras are not reproduced here as they involve minor issues.] 4. The third ground also pertains to quantification of relief under Section 80J of the Income-tax Act, 1961 ('the Act'). The assessee is a company wherein the investment is made by the State Government as also by the Central Government. The company is engaged in various activities comprising trading and manufacturing activities and is also having various subsidiaries. The company claimed relief under Section 80J in respect of the pesticides unit for which separate books of account in respect of this unit are maintained. Separate balance sheet was extracted for. the pu...
Tag this Judgment!Court : Karnataka
Reported in : (1987)64CTR(Kar)288; [1987]166ITR723(KAR); [1987]166ITR723(Karn); [1986]29TAXMAN1(Kar)
M.M. Venkatachaliah, J. 1. In this petition by the assessee, Mysore Breweries Limited, under section 256(2) of the Income-tax Act, 1961, ('Act' for short), the assessee contents that a question of law does arise out of the appellate order of the Income-tax Appellate Tribunal, Bangalore Bench, Bangalore, in ITA No. 320/Bom/1978-79 on its file and that accordingly the Tribunal be directed to state a case and refer the following question, said to be one of law, for the opinion of this court : 'Whether, on the facts and in the circumstances of the case, the Appellate Tribunal was right in law in the holding that secured and unsecured loans have to be deducted from the assets in the computation of capital base for the purpose of reckoning the relief due under section 80J of the Income-tax Act, 1961, for 1975-76 assessment?' 2. The proceedings relate to the assessment year 1975-76. The point for consideration is whether for purposes of computation of the capital bases under section 80J of th...
Tag this Judgment!Court : Kerala
Reported in : [1990]181ITR396(Ker)
K.A. Nayar, J.1. At the instance of the assessee, the Income-tax Appellate Tribunal, Cochin Bench, has referred the following questions of law as directed by this court and arising out of the order of the Tribunal dated March 18, 1981 in I. T. A. No. 544 (Coch) of 1978-79 :'(1) Whether, on the facts and in the circumstances of the case, the Tribunal was right in holding that only a part of the expenses during construction, namely, 1,65,707 out of Rs. 2,79,847, was eligible for capitalisation and formed part of the actual cost of the assets eligible for depreciation, development rebate, etc., and that the full amount as allowed by the Appellate Assistant Commissioner was not available for capitalisation ? (2) Whether, on the facts and in the circumstances of the case, and on a true interpretation of the provisions and the scope of the relevant rule and the retrospective amendment made to Section 80J by the Finance (No. 2) Act, 1980, the Tribunal was right in restoring the assessment to ...
Tag this Judgment!Court : Gujarat
Reported in : [1992]194ITR497(Guj)
R.C. Mankad, J.1. The Income-tax Appellate Tribunal ('the Tribunal' for short) has referred to us, for our opinion, the following questions under section 256(1) of the Income-tax Act, 1961 : 'For the assessment year 1972-73 : Whether, on the facts and in the circumstance of the case, for the purpose of working out the capital gains out of the sale of original shares and right shares and a coupon of Jyoti Ltd., the cost of the shares sold to be deducted from the sale proceeds should be worked out by spreading the cost at which the original shares were purchased and the right shares For the assessment years 1972-73, 1973-74 and 1974-75 : Whether, on the facts and in the circumstance of the case depreciation on plant and machinery used for scientific research was not available ?' 2. Assessment years under reference are 1972-73 to 1974-75, the previous years being calendar years 1971 to 1973. The Tribunal ought to have made there separate references instead of one common reference. In othe...
Tag this Judgment!