Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1986)19ITD1(Hyd.)
..... to capital gains. he held that these facts would show that there was a transfer within the meaning of section 2(47), read with section 45 of the income-tax act, 1961 ('the act'). he further pointed out that the interest of a partner in a firm is property. that property was transferred by the assessee when his interest in the ..... or right in the partnership and its assets in favour of the continuing partners, the transaction would amount to a transfer within the meaning of section 2(47) of the income-tax act. . . .(p. 116) in the course of the judgment of the andhra pradesh high court in l.raghu kumar's case (supra) at page 680 it is ..... only a readjustment of accounts which does not involve transfer and that in a case where a partner receives certain money in consideration of his retirement, no capital gains tax was leviable. the commissioner (appeals) distinguished this andhra pradesh high court decision from the decision of the bombay high court in tribhuvandas g. patel's case (supra), .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)20ITD596(Hyd.)
..... than 31 per cent of the latter. in view of this, the statutory presumptions under section 269c(2) read with section 269c(1)(a) and (b) of the income-tax act, 1961, are squarely attracted.21. firstly, we have to state that the inspector who had submitted his report in june 1983 is not a qualified engineer. we do not know ..... 1. these are three appeals preferred against the order of the competent authority dated 31-3-1986 passed under section 269f(6) of the income-tax act, 1961 ('the act'), ordering acquisition of residential house property bearing d. no. 8-2-583/2 at road no. 7, banjara hills, hyderabad. the total area of the site was 2509 sq ..... made by dr. zahir ahmed would go against his version that the real consideration was rs. 12 lakhs.27. further, no doubt, the provisions of the indian evidence act, 1872 cannot be strictly applied to the income-tax proceedings. but, in our opinion, they can be applied as rules of justice, equity and good conscience. section 92 of the indian evidence .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1987)23ITD188(Hyd.)
..... sub-section (3) of section 153 to pass consequential orders as the proceedings now pending before the supreme court do not arise by way of appeal or reference under the income-tax act. thus, the interests of the revenue will not be jeopardised or prejudiced. in this view of the matter, we delete the addition of rs. 7,26,250 being ..... submitted that the assessse would have claimed all the expenses in relation to this contract work in the preceding assessment years and such expenses would have been allowed by the income-tax officer in the preceding years and, therefore, there was no justification for estimating only 10% of the sum of rs. 16 lakhs received by the assessee towards loss ..... the advocate-general for the state. the assessee had taken up the matter on further appeal to the supreme court where the matter is pending.4. the income-tax officer estimated the income at 10% of rs. 83 lakhs arising out of the award in relation to matters contained in items i to iv above. the assessee is not in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD25(Hyd.)
..... the life insurance corporation as incentive bonus is fully taxable or whether any deduction could be allowed there out under the provisions of section 10(14) of the income-tax act, 1961.2. as far as the aforesaid two points are concerned, the division bench was of the view that there was, to some extent, a conflict between the ..... to the provisions of section 10(14) does not stand ruled out.7. we have already set out the provisions of section 10(14) of the income-tax act, 1961. the additional conveyance allowance in the instant case is not in the nature of entertainment allowance nor is it a perquisite within the definition of section 17(2 ..... was no warrant for reading into the provision any prohibition for considering as an exclusion from the total income, conveyance allowance received by an assessee, as long as it fell within the purview of section 10(14) of the income-tax act, 1961.6. we have considered the rival submissions. adverting first to the contentions put forth on behalf of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)40ITD89(Hyd.)
..... certain circumstances and put up a claim for its acceptance under section 171 of the income-tax act, 1961, and also under section 20 of the wealth-tax act, 1957. this claim was rejected in income-tax proceedings by an order passed under section 171 of the income-tax act on january 31, 1983. the reason that prevailed with the department to refuse to ..... 133 itr 690. in that case, the supreme court held (as per headnote) : "'partition referred to in sub-section (1) of section 171 of the income-tax act, 1961, includes a partial partition also, either as regards the persons constituting the undivided family or the properties belonging to it or both, in view of the provisions contained in ..... r. krishanamurthy is a valid partition and not a sham or fictitious partition which alone could be refused to be recognised by the income-tax authorities under section 171 of the income-tax act.23. a point arose during the course of hearing of this case as to whether there is any difference in the language of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)44ITD192(Hyd.)
..... is enough if the delay in filing the application is condoned. accordingly under the powers vested in me under section 119(2)(b) of the income-tax act, 1961, vide central board of direct taxes order f.no. 180/57/80/it.ai, dated 3-6-1980, i hereby condone the delay in filing the notice under section 11 ( ..... application for condonation of delay in filing notice under section 11(2)(a) of the income-tax act, 1961 seeking permission to accumulate the income earned for that year.the income-tax officer found that the learned commissioner of income-tax, a. p. permitted the assessee to accumulate its income pertaining to financial years 1972-73 to 1982-83 i.e., up to 31- ..... is either erroneous or prejudicial to the interest of the revenue and if so liable for revisionary jurisdiction under section 263 of the income-tax act, 1961 as also whether the revisionary order of the commissioner of income-tax, a.p.-i, hyderabad dated 22-3-1988 is just, legal and valid.2. for the assessment year 1983-84, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)44ITD743(Hyd.)
..... executive authorities but in our humble opinion it should not be meant applicable to quasi judicial authorities. there are decisions rendered under the indian income-tax act, 1922 as well as the income-tax act, 1961 taking the position that delay in serving the assessment order does not affect the validity of the assessment order itself. the learned departmental representative ..... bank (southern bank ltd.) was taken over by u.i. bank. the income-tax officer made the assessments for 1964-65 and 1965-66 and closed the assessments for 1961-62, 1962-63 and 1963-64 on the ground ..... the assessments against southern bank limited for assessment years 1961-62, 1962-63, 1963-64, 1964-65 and 1965-66 were pending with the income-tax officer.the southern bank ltd. was amalgamated with u.i. bank limited on 22-4-1964 under section 44 of the banking companies act 1949 and the entire business of the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD561(Hyd.)
..... , therefore, it is an obvious case which is liable to be allowed as deduction under section 57(iii) of the income-tax act.however, the case on hand is not similar. there is no corresponding income which can be brought to tax under the head other sources. the allegation that the assessee had received rs. 8,400 towards hire charges was never proved and ..... the car loan taken by him. he seeks to claim both depreciation as well as interest paid on the car loan as deductible expenditure under section 57(3) of the income-tax act and according to the assessee it is his case that in the accounting year relevant to assesseement year 1988-89 the ultimate ..... this tribunal. the assessee relied upon the following two decisions to buttress his case: while the income-tax officer, ward 4(5), hyderabad had completed the assessment under section 143(3) of the income-tax act by his order dated 21-12 1988 whereunder he had arrived at the total income of the assessee at rs. 36,370. he had taken only rs. 13,195 as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1995)53ITD142(Hyd.)
..... and the public at large. from this he concluded that the supreme court has acknowledged the fact that the government or public sector undertakings are otherwise liable to tax under the income-tax act in respect of profits earned by them and that being so, how the assessee-company, cast in the same mould as the genre of government or public sector ..... to the assessee's contention that it has been formed for the advancement of an object of general public utility as laid down under section 2(15) of the income-tax act, it may be mentioned that all the activities of the assessee as detailed above are commercial in nature and with a view to earn profit. in fact, it ..... income-tax officer by observing as under : as regards the claim of exemption under section 11 of the act, the assessee relied on the decision of the supreme court in the case of andhra pradesh road transport corporation. the supreme court in the case of a.p.s.r.t.c. have held that the income is exempt under section 11 of the act, 1961 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)57ITD361(Hyd.)
..... properly explained and the assessment can be made in the previous year basis and not on the basis of financial year. it is further stated that section 68 of income-tax act, 1961 does not contain any deeming provision, but, it is stated that sections 69,69a, 69b and 69c contain the deeming provisions. in this connection, the ar of ..... left open to evade tax and there will be further proliferation of black money in the country.17. in view of the facts and ..... document specially when the man is of a meagre resources. strangely enough the cit(appeals) believed and accepted the fantastic story of the assessee and wrongly put the onus on revenue by not properly appreciating or understanding the provisions of section 68 of income-tax act, 1961. if the story of the parties is believed then the door will be .....
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