Court : Allahabad
Reported in : [2005]274ITR448(All)
..... tribunal, allahabad, has referred the following questions of law under section 256(1) of the income-tax act, 1961, hereinafter referred to as 'the act', for opinion to this court for the assessment year 1978-79 :'1. whether, on the facts of the case, there was material before the tribunal to hold that ..... very dim. if in these circumstances, it had not charged any interest from its debtors it cannot be said that it had not acted as a prudent businessman.11. recently, this court in income tax reference no. 196 of 1985 (cit v. dhampur sugar mills ltd. (no. 2) : [2005]274itr370(all) , decided on september 30, 2004, has held that where on ..... 10,500 in the assessment year 1979-80 was liable to be added on account of accrued interest in the account of carpet traders. in further appeal before the income-tax appellate tribunal, the tribunal deleted the additions on the ground that the financial position of the debtors had deteriorated and recovery even of the principal amount had become doubtful. .....
Tag this Judgment!Court : Allahabad
Reported in : [2005]278ITR213(All)
..... tribunal allahabad has referred the following question of law under section 256(1) of the income tax act 1961, hereinafter referred to as the act, for opinion to this court.'whether on the facts and in the circumstances of the case the income-tax appellate tribunal was correct in law in holding that the revaluation of the material and tanning charges ..... the closing stock of the same accounting year must necessarily be valued at one and the same basis.9. in the case of melmould corporation v. commissioner of income tax : [1993]202itr789(bom) the bombay high court has referred to a passage of the booklet titled 'valuation of stock and work-in-progress-normally accepted accounting ..... first day of the next year he cannot value it at a different figure. this principle was also recognized by the supreme court inchainrup sampatram v. commissioner of income tax : [1953]24itr481(sc) wherein the apex court has held that this is the theory underlying the rule that the closing stock is to be valued at .....
Tag this Judgment!Court : Allahabad
Reported in : [2006]287ITR165(All)
..... tribunal, allahabad, has referred the following questions of law under section 256(2) of the income-tax act, 1961 (hereinafter referred to as 'the act'), for the opinion of this court:1. whether the tribunal was justified in law in holding that the bank interest on fixed deposits representing the particular amount received ..... not returned by the applicant in all the three years.6. in appeal, the same objections were raised by the applicant but they were also rejected by the commissioner of income-tax (appeals) and the order of the assessing officer was confirmed. in the second appeal before the tribunal, again the same pleas were raised but were not accepted by ..... of the building along with its fixtures and furnishings used by the state bank of india. the said order of the assessing officer was also confirmed by the commissioner of income-tax (appeals) in the first appeal filed by the applicant. the same order was also confirmed in the second appeal by the tribunal.9. we have heard sri r. .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)200CTR(All)413
..... business of financing industrial projects and approved by the central government under section 36(1)(viii) of the income tax act, 1961 to the extent it relates to income from interest on loans and advances provided that such accrued income, which is not accounted for in the books of account, is disclosed by way of note in ..... approved by the central government under section 36(1)(viii) of the income-tax act, 1961.in our opinion, the words income 'from interest' appearing in the notification must necessarily refer to 'gross income otherwise the condition contained in the notification that the extra income on accrual basis should be disclosed by way of a notice to the ..... rajes kumar, j.1. at the instance of the revenue, the income tax appellate tribunal, allahabad has referred the following question of law under section 256(1) of the income tax act, 1961. (hereinafter referred to as 'the act') relating to the assessment year 990-91 for opinion to this court.'whether on the facts and in the .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)205CTR(All)176; [2005]278ITR516(All)
..... to the assessment year 1997-98 :'whether, on the facts and circumstances of the case, m/s. narain automobiles was entitled to registration under section 185 of the income-tax act, 1961 for the assessment year 1997-98 ?'2. the brief facts of the case are as follows :3. the applicant/assessee (hereinafter referred to as 'the assessee'), ..... of registration and treated the status of the firm as that of a body of individuals. the assessee filed an appeal before the commissioner of income-tax (appeals). the commissioner of income-tax (appeals) allowed the appeal and held that the application in form no. 11a should have been considered on the merits. he was of the ..... partnership in the accounting year. once such conditions are satisfied, it is the obligation of the income-tax officer under the act to extend the benefit of registration and to allow the firm to enjoy the benefits provided by the act. the hon'ble supreme court in the aforesaid case has followed its earlier decision in the case .....
Tag this Judgment!Court : Allahabad
Reported in : (2005)196CTR(All)416; [2006]280ITR396(All)
..... circumstances of the (case), the tribunal was right in law in holding that the notices issued under section 148 of the it act, 1961 addressed as m/s shri nath suresh chand ram naresh, karta shri nath, were valid notices to assess the income of the huf of m/s munnalal motilal or motilal shri nath or its successors ?'2. whether, on the facts ..... of the said letter are being reproduced here as has been quoted in the statement of the case, by the tribunal :'m/s munna lal moti lal was assessed to income-tax in the status of huf and you all are the coparceners of the above huf. in this connection please note that neither has there been any claim to the partition ..... singh (supra). it appears that the learned standing counsel has cited the above case even without caring to read it. the said judgment of the high court is on the income-tax application directing the tribunal to refer the question framed therein for the opinion of the court as the high court was of the opinion that a question of law arises .....
Tag this Judgment!Court : Allahabad
Reported in : (2006)200CTR(All)203; [2005]276ITR612(All)
..... owned by the assessee and provided free of rent to shri m. s. nathan could be considered for the purpose of disallowance under section 40a(5) of the income-tax act, 1961 for the assessment year 1977-78 ?'3. briefly stated the facts giving rise to the present reference are as follows :the applicant is a public limited company which ..... in holding that depreciation on assets provided to employees of the assessee free of charge required to be included in computing the disallowance under section 40a(5) of the income-tax act, 1961 ?4. whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the perquisite is the form of ..... opinion of this court :'1. whether, on the facts and in the circumstances of the case, the assessee is entitled to weighted deduction under section 35b of the income-tax act, 1961, in respect of expenses incurred on export levy and on carriage of goods, while on transit ?2. whether, on the facts and in the circumstances of the .....
Tag this Judgment!Court : Allahabad
Reported in : (1975)4CTR(All)66; [1982]133ITR632(All)
..... of the view that the trust was public charitable and exempt from income-tax, the trust did not file any returns. the ito issued a notice under section 34(1) of the indian i.t. act, 1922, and, subsequently, under section 148 of the i.t. act, 1961. the'trust filed returns of income under protest. the ito repelled the objections and held that the trust ..... was not public charitable in nature and brought its income to tax. the assessee-trust appealed. the aac elaborately dealt with the various .....
Tag this Judgment!Court : Allahabad
Reported in : [1992]197ITR230(All); [1992]60TAXMAN120(All)
..... by his order dated february 15, 1977, imposed a penalty of rs. 99,100 under section 271(1)(c) read with sub-section (2) of section 274 of the income-tax act, 1961, on the assessee's alleged default of concealment. the validity of this order was challenged by the assessee, inter alia, on the ground that the inspecting assistant commissioner had no ..... to impose the impugned penalty after april 1, 1976, with effect from which date the provisions of sub-section (2) of section 274 of the income-tax act, 1961, stood deleted by section 65 of the taxation laws (amendment) act, 1975. the tribunal accepted the plea relying upon the ratio of the decision of this court in citv. om sons : [1979]116itr215(all) . in ..... tribunal, allahabad, has referred the following question of law under section 256(1) of the income-tax act, 1961, at the instance of the revenue ;'whether, on the facts and in the circumstances of the case, the tribunal was correct in law in holding that the inspecting assistantcommissioner .....
Tag this Judgment!Court : Allahabad
Reported in : [1971]79ITR46(All)
..... the supreme court in an appeal from this court. the decision is reported in income-tax officer, kanpur v. mani ram, [1969] 72 i.t.r. 203 (s.c).in that case the assessee had been provisionally assessed under section 23b of the income-tax act, 1922, for the assessment year 1954-55. it filed returns for the years ..... 1955-56 to 1958-59, but had not sent any estimate of advance tax under section 18a or paid any advance tax. it was held by the supreme court that the word 'assessed ..... reference under section 66 of the indian income-tax act, 1922 (hereafter referred to as ' the act '). messrs. motor general sales (p.) ltd. is the assessee. the proceedings under consideration relate to the assessment year 1957-58. the assessee was provisionally assessed for the year 1956-57 under section 23b of the act on august 30, 1956. the assessee-company .....
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