Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1982)1ITD615Indore
..... ratio, the liability is said to arise only when the finance act becomes operative on the first day of april of the assessment year either by enactment of the act or by virtue of section 294 of the income-tax act. ..... two requirements : one is that the amount of tax payable in consequence of any order passed under or in pursuance of any of the fiscal statutes there specified including the wealth-tax act must be outstanding on the relevant valuation date and the other is that it must be claimed by the assessee in appeal, revision or other proceeding as not being payable by him ..... (iii) the amount of the tax, penalty or interest payable in consequent of any order passed under or in pursuance of this act or any law relating to taxation of income or profits, or the estate duty act, 1953 (34 of 1953), the expenditure-tax act, 1957 (29 of 1957), or the gift-tax act, 1958 (18 of 1958)- (a) which is outstanding on the valuation date and is claimed by the assessee in appeal,- revision or other proceeding as not being payable by him ; or (b) which, although not ..... reproduced as below : (m) 'net wealth' means the amount by which the aggregate value computed in accordance with the provisions of this act of all the assets, wherever located, belonging to the assessee on the valuation date, including assets required to be included in his net wealth as on that date under this act, is in excess of the aggregate value of all the debts owed by the assessee on the valuation date other than- (ii) debts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD735Indore
..... discussion, it is clear that the findings of the authorities below that the same persons were beneficially interested in the two firms, that the same persons conducted and controlled the business, that the finances were common, that the business premises were the same and, the initial entries were made in common account books are based on cogent, direct and circumstantial evidence and the learned counsel for ..... as a kutcha arhatia and, therefore, in face of that situation the only option before the firm, ghasiram kaluram, was either to close down that line of business or to indulge in illegal transactions in contravention of the provisions of the act and that since it could not do either of the two things, a new firm was set up to work as kutcha arhatia, while that part of the business which related to pucca arhatia could be continued by ghasiram kaluram. ..... there is no separate quantum appeal against the assessment under section 143(3) of the act.however, in the grounds of appeal, the disallowance of salary paid to maneklal and rajendrakumar, the partners in ghasiram kaluram and the husbands of the two ladies, who purport to be partners in oswal trading ..... it was contended that in order to give effect to the provisions of the said act, the mandi committee had decided that a pucca arhatia would not carry on business of a kutcha arhatia and kutcha arhatia had to be separately ..... in pursuance of the provisions of that act, a mandi committee was constituted at daulatganj, ujjain, as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1985)14ITD132Indore
..... or as the karta of a joint family, the income belonged either to the beneficiary or to the joint family, and assessment of that income in the hands of the joint family or the beneficiary was never a bar under the act and in fact courts have recognised this principle of taxing the income in the hands of the person to whom it belonged even though it arises in the hands of some one else on the theory of representative capacity or overriding ..... and funds belonging to the joint family continues to exist and that distinction is not blurred or metamorphosed into treating the entire money as belonging to her all because she could have acted as a benamidar even assuming for the sake of argument that she did act as a benamidar.since the ownership of the money is traceable to the joint family, the partial partition having been held to be sham and now accepted to be so by ..... directly making the gifts to the minor children, nothing can turn upon the existence of those facts to prove the basic fact whether smt.badamibai acted as a benamidar, whether she had recourse to the funds of the joint family and whether the continuous gifts made beyond her stridhan money ..... the tribunal found that the partition was sham, the question of lady acting as benamidar for the joint family could never have arisen or ..... is not germane to the issue all because except for a contention raised that the lady could in law act as a benamidar, the factum that she acted as a benamidar was never investigated nor sought to be proved .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD225Indore
..... section 220 in respect of such disputed amount.we also reproduce the explanation by which clause (d) of sub-section (1) of section 153 was brought into statute with effect from 1-10-1984 : 18.1 under section 153(1) of the income-tax act, an order of assessment cannot, ordinarily, be made after the expiry of two years from the end of the assessment year in which the income was first assessable or the expiry of one year from the date of the ..... has resulted in a practical difficulty in cases where an order of assessment is made by the income-tax officer under section 143(1) of the act without requiring the presence of the assessee or the production by him of any evidence in support of the return filed by him. ..... we are unable to accept this proposition as to our mind except in section 146 of the act where it has been specifically provided that in cases of assessments made under section 144 of the act the assessee having made an application stating therein the reasons for his inability to attend to the notices issued on him if found to be of valid reasons, in that event the ito may cancel the order passed ..... 18.2 it had come to notice that, in certain cases, where order of assessment under section 143(1) of the act was made towards the expiry of the period of limitation laid down in section 153(1), the income-tax officer was not in a position to make afresh assessment because the period of limitation had expired by ..... act, 1980 with effect from 1-4-1980 ; (iii) omitted by the finance (no .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD699Indore
..... (v) other expressions used by the legislature in clauses (i), (ii), (i'm') and (xxxi) of sub-section (1) of section 5 and section 7(4) of the act, make it clear that exemption under section 5(1)(iv) is available only to a property which is residential in character or is basically meant for human habitation and the exemption under the above clause does not extend to office premises ..... therefore, unable to agree with the aac that the object of amending act was to restrict exemption to buildings residential in character. ..... (ii) the word 'house' is not defined in the act, but on the basis of decisions of the allahabad high court in the case of shiv narain ..... question involved in these appeals is whether the assessee is entitled to exemption under section 5(1)(iv) of the wealth-tax act, 1957 ('the act') in respect of non-residential building. ..... house or part of a house belonging to the assessee and exclusively used by him for residential purposes.by the finance (no. ..... the above exemption to the assessee the aac relied on several circumstances which chiefly are as under : (i) explanatory note amending section 5(1)(iv) by the finance (no. ..... under the compulsory purchase act, 1965 'house' has been extended to a building which is used for business purposes and is not restricted to mere dwelling houses (see ..... now well settled that circulars issued by the board under the act are binding on all officers and persons employed in the execution of the act even if they deviate from the provision of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1987)22ITD73Indore
..... as stated earlier, as per the rate schedule pf taxation annexed to finance acts, concessional treatment has been given to the registered firm "whose total income includes income derived from a profession carried on by it and the income so included is not less than 51% of such total income". ..... such concessional treatment for example is given under sub-paragraph ii of paragraph 'c' of first schedule annexed to finance act, 1982. ..... the terms "business" and "profession" are defined as per section 2(13) and (36) of the income-tax act as under :-- 2(13)-- "business" includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.the above inclusive definitions of expressions "business" and "profession" are not of much help nor they bring .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1989)29ITD368Indore
..... it is seen that section 80u of the act has been renumbered as sub-section (1) by the finance act, 1984 w.e. f. ..... we also find that the words 'being a permanent physical disability specified in the rules made in this behalf by the board' have been inserted by the finance act, 1984 w.e. f. ..... the claim of the assessee for deduction under section 80u of the act was negatived on the ground that the assessee's disease was not covered under the list of diseases as mentioned in the board's circular no. ..... he has given a reasoned order after examining the doctor and rejected the claim of the assessee for deduction under section 80u of the act by upholding the orders of the ito and dismissing the appeals.4. ..... he summoned the doctor under section 131 of the act at the back of the assessee and examined him as to the effect of the disease from which the assessee was suffering. ..... but, it appears, as indicated in the assessment orders, her main source of income is from her personal business of money-lending.for all the years under appeal, she claimed deduction under section 80u of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1990)34ITD347Indore
..... whether the sales-tax is payabe or not within the accounting year, the sales-tax acts and rules will not be relevant.in this back-ground of the changes brought in by the finance act, 1987 and the finance act, 1989, two different arguments have to be considered. ..... 154.the bench had considered the amendment by the finance act, 1989 and had held that the amendment will ..... any obscurity or vagueness in the main enactment, to clarify the same so as to make it consistent with the dominant object which it seems to subserve; (c) to provide, an additional support to the dominant...object of the act in order to make it meaningful and purposeful; (d) an explanation cannot in any way interfere with of change the enactment or any part thereof but where some gap is left which is relevant for the purpose of the explanation ..... first argument is that the proviso brought in by 1987 finance act is declaratory in character', and, therefore, it would ..... this explanation introduced by 1989 finance act which expresses the intention of the ..... mitigate this difficulty, the finance act, 1987 has introduced a ..... the finance act, 1987, inserted a proviso to section 43b to provide that any sum payable ..... refer to the intention of the parliament as expressed in the memorandum explaining the provisions in finance bill, 1989 : - under the existing provisions of section 43b of the income-tax act, a deduction for any sum payable by way of tax, duty, cess or fee, ..... was the introduction of the explanation by the finance act, 1989. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1993)46TTJIndore435
..... 263 of the it act.5. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1992)40ITD595Indore
..... prejudice to the provisions of sub-section (2), an intimation shall be sent to the assessee specifying the sum so payable, and such intimation shall be deemed to be a notice of demand issued under section 156 and all the provisions of this act shall apply accordingly; and (ii) if any refund is due on the basis of such return, it shall be granted to the assessee : provided that in computing the tax or interest payable by, or refundable to, the assessee, the following adjustments ..... thus, the finance act of 1980 on the one hand deleted sub-clauses (ii) and (iii) of section 143(1)(b) and on the other inserted section 139(9) providing that the return would be treated as defective unless the annexures, statements and ..... 15,750.further, the assessing officer observed that regarding the disallowance under section 43b of the act, amounting to rs.32,802 in respect of pf, ppf and professional tax the assessee had made payments to the ..... it is thus to be seen that the said clauses (ii) and (ii) which remained part of the income-tax act, for long nine years from 1-4-1971 to 31-3-1980, were found of no advantage and instead in order to achieve the prime requirement of filing correct and complete return sub-section (9) of section ..... 1990]: enactment of new provisions in the income-tax act instead of reducing more often than not, increases litigation ..... an amendment was, therefore, made by the taxation laws (amendment) act, 1970, with effect from april 1971, and the assessing officer was empowered to .....
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