Court : Delhi
Reported in : (1986)57CTR(Del)40; [1987]166ITR497(Delhi)
..... in certain cases of transfer. the circular reads as under : 'with a view to achieve early finalisation of proceedings under the existing chapter xxa of the income-tax act, 1961, acquisition proceedings under section 269c will not be initiated in respect of an immovable property for which the apparent consideration is rs. 5 lakhs or less and ..... in respect of the first of the above sales, viz, the one dated february 28, 1973, a notice under section 269d(1) of the income-tax act, 1961, (hereinafter referred to as the act) was published in the official gazette on july 28, 1973. subsequently, notices were also served on the transferee (namely, om prakash) as well as ..... was not a fit case for passing an acquisition order under section 269f(6) of the income-tax act, 1961. she, thereforee, declared under section 269f(7) that 'the property in question shall not be acquired under chapter xxa of the income-tax act, 1961'. shri madan submitted that the transfer of the property in favor of his wife could .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)19ITD468(Delhi)
..... charges, foreign allowance and expenses on staff as stipulated in the three agreements. these agreements had been approved by the board for the purposes of section 80-o of the income-tax act, 1961 ('the act'). the assessee-company had received rs. 14,66,103 in convertible foreign exchange and the balance had been received in indian rupees.2. before the ito, the assessee claimed ..... force for regulating payment and dealings in foreign exchange. 4. the grant of deduction from the total income will be subject to your fulfilling the other conditions laid down in the act in this behalf. the amount eligible for deduction will be determined by the income-tax officer at the time of assessment.3. the ito found that in this work for which a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)19ITD780(Delhi)
..... debt v.ito [1964] 53 itr 100. he also referred to the provisions of annuity deposit scheme introduced by the finance act, 1964 with effect from 1-4-1964 vide chapter xxiia of the income-tax act, 1961 ('the 1961 act') and submitted that the nature of the compulsory deposit was the same as that of the annuity deposit and the said annuity ..... a depositor shall carry simple interest at a rate equal to the bank deposit rate. (3) for the purposes of the deduction under section sol of the income-tax act, interest received on a compulsory deposit shall be deemed to be interest received on a deposit with a banking company to which the banking regulation ..... be, part of the amount of the compulsory deposit which has remained upaid.to the above sub-section (1)a proviso was added by the compulsory deposit scheme (income-tax payers) (amendment) act, 1985 to the following effect : provided that no depositor shall be entitled to withdraw before the expiry of the financial year 1985-86 any amount which, in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)19ITD566(Delhi)
..... application by the assessee under section 256(1) of the income-tax act, 1961 ('the act'), praying that certain questions be referred for the opinion of the high court.2. during the course of the proceedings, the assessee filed a declaration purporting to be under section 158a(1) of the act stating that an identical question of law is pending before ..... of law is pending before high court or supreme court-"(1) notwithstanding anything contained in this act, where an assessee claims that any question of law arising in his case for an assessment year which is pending before the income-tax officer or any appellate authority (such case being hereafter in this section referred to as the ..... court under section 261. (5) when the decision on the question of law in the other case becomes final, it shall be applied to the relevant case and the income-tax officer or the appellate authority, as the case may be, shall, if necessary, amend the order referred to in clause (a) of sub-section (4) conformably .....
Tag this Judgment!Court : Delhi
Reported in : 1987(1)Crimes374; ILR1986Delhi280
..... , without reasonable cause or excuse failed to deduct income tax at the rates in force and, or failed to pay the tax as required under law. (3) on these allegations, i. d. manchanda, income tax officer concerned, having been authorised and directed by the commissioner of income tax, filed six complaints under section ' 276b of the income tax act 1961 (for short 'the act') against the said firm and its partners. five ..... the aforesaid cases was without any reasonable or sufficient cause and excuse and thereby you committed an offence punishable under section 276b of the income tax act 1961 within my cognizance and i hereby direct you to stand trial by this court.' (23) in this charge, all the details namely, the amount of interest credited paid, name of .....
Tag this Judgment!Court : Delhi
Reported in : [1987]167ITR49(Delhi); [1987]34TAXMAN305(Delhi)
..... , however, without reasonable cause or excuse failed to deduct income-tax at the rates and/or failed to pay the tax as required under law.on these allegations, i. d. manchanda, income-tax officer concerned, having been authorised and directed by the commissioner of income-tax filed six complaints under section 276b of the income-tax act, 1961 (for short 'the act') against the said firm and its partners. five complaints were ..... the aforesaid cases was without any reasonable or sufficient cause or excuse and thereby you committed an offence punishable under section 276b of the income-tax act, 1961, within my congnizance and i hereby direct you to stand trial by this court.'in this charge, all the details, namely, the amount of interest credited/paid, name of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)19ITD734(Delhi)
..... pleased to modify its order of 4-3-1978 in the manner prayed for in this petition as well as in the petition under section 254(2) of the income-tax act, 1961, dated 3-12-1980 and allow the appeals of the petitioner ; (c) that in the alternative the hon'ble tribunal be pleased to recall its earlier ..... firm carrying on business at tumsar, tehsil and district bhandara (maharashtra). the assessee-firm was reassessed under section 147 read with section 144 of the income-tax act, 1961 ('the act') for the assessment years 1950-51 to 1958-59 by the ito. for these assessment years penalties were also levied under section 271(1 )(c) of the ..... contentions. the case of s.b. singar singh & sons (supra) was under the excess profits tax act, 1940. section 21 of that act enumerated the provisions of the indian income-tax act, 1922 which were made applicable. however, section 35 of the indian income-tax act (dealing with the rectification of errors apparent from the record) was not included in section 21 of .....
Tag this Judgment!Court : Delhi
Reported in : (1987)59CTR(Del)54; [1987]167ITR478(Delhi)
s. ranganathan j.1. these are two appeals under section 269h of the income-tax act, 1961, challenges the validity of an acquisition under section 269f(5) of the said act of a plot of land situated in greater kailash. we are of the opinion that no question of law arises out of the order of the tribunal ..... 50,000. it is in these circumstances that the acquisition order has been passed. the order has been confirmed by a very detailed and closely reasoned order of the income-tax appellate tribunal dated may 19, 1986. 3. counsel for the appellants contended that proceedings cannot be initiated unless the competent authority has reason to believe that the property ..... been agreed to be sold to sushil ratan gupta. in regard to the valuation report, the tribunal has rightly pointed out that, unlike the position under the wealth-tax act, the valuation officer's report is not conclusive but only one piece of evidence to be considered and they have considered it. they have also taken into account other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD384(Delhi)
..... vimlaben bhagwandas patel [1979] 118 itr 134, in which in determining the market value of a property (certain industrial sheds) acquired under section 269f of the income-tax act, 1961 ('the 1961 act') a multiplier of 81 1/3 was approved. as is evident that was a case of acquisition of property while we have before us a case in which ..... different purposes. this was recognised by the hon'ble gujarat high court itself in the aforesaid case. it was observed that for determining the fair market value of immovable property for the purposes of acquisition under the 1961 act, it would not ..... the fair market value of a property is to be determined for the purpose of wealth-tax. there are different considerations for determining the fair market value for .....
Tag this Judgment!Court : Delhi
Reported in : (1987)59CTR(Del)127; [1987]168ITR222(Delhi)
..... , new delhi, against the present petitioner, dr. (mrs.) geeta gupta, and her accountant, atma singh under sections 276-c 277 and 278 of the income-tax act, 1961 (for short 'the act'), read with sections 193 and 196 of the indian penal code (ipc), in respect of the assessment year 1980-81 on the allegations that dr. geeta ..... the part of the applicant or perpetration of fraud by him for evading any tax or other sum chargeable or imposable under the indian income-tax act, 1922, or under this act, has been established or is likely to be established by any income-tax authority, in relation to the case : provided that where the settlement commission is not satisfied ..... been allowed to be proceeded with under section 245d, the settlement commission shall have exclusive jurisdiction to exercise the powers and perform the functions of any income-tax authority under the act in relation to the case till such time a final order under sub-section (4) of section 245d is passed. an exception to this .....
Tag this Judgment!