Array
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    [0] =>  ..... the same being 1-4-1982 to 31-3-1983. in its assessments for the assessment years earlier to the assessment year 1983-84, the income of the assessee-trust was held to be exempt under section 11 of the income-tax act, 1961. in the financial year 1982-83 relevant to the assessment year under consideration, the assessee had net .....  income of rs. 2,93,016, out of which rs. 47,404 being the tax deducted at source on dividends and interest had not actually been received with ..... same had been spent towards charitable purposes. in view of the above, the assessee claimed exemption under section 11 of the act as in earlier years. but the income-tax officer denied exemption under section 11 of the act because the funds of the assessee-trust invested or deposited before 1st march, 1983 otherwise than in any one or more ..... 
    [1] =>  ..... . it was, therefore, that parliament has introduced many provisions into the income-tax act, 1961, giving various incentives to industry. thus, even under the income-tax act, 1922, section 15c provided incentive in the form of tax holiday. the same incentive was continued under the new act also - see section 80j and section 80hh of the act. the act also provides incentives directed towards modernisation of plant and machinery - see section .....  for a reference on the question whether the tribunal correctly directed registration of the assessee-trust under section 11 of the income-tax act, 1961, even though the auditor's report in form no. 10b as required by section 12a(b) of the act was not filed along with the return but was filed only later. the supreme court dismissed the special leave petition filed ..... 
    [2] =>  ..... the revenue in this appeal is that the commissioner (appeals) was not justified in directing the ito to grant interest under section 214 of the income-tax act, 1961 ('the act') on the refund of excess tax paid by the assessee amounting to rs. 22,568. the commissioner (appeals) found from the assessment order that the ito determined a net refund  .....  the imposition of penal interest. we, therefore, hold that no appeal will lie against such imposition of penal interest alone under section 246{c) of the income-tax act....it would be noticed that in the said case before the madras high court the assessee had not filed any appeal against the assessment order as such, but ..... some assessment was already made on the assessee before 15-6-1979 when the first instalment of advance tax was due and thus though the assessee was required to file the statement of advance tax in form no. 28a prescribed by the income-tax rules, 1962, ('the rules') the assessee had filed an estimate in form no. 29 prescribed ..... 
    [3] =>  ..... transferred his shares to the partnership firm, he received no consideration within the meaning of section 48 of the income-tax act, 1961, nor did any profit or gain accrue to him for the purpose of section 45 of the income-tax act, 1961. these answers are given by us subject to the reservations made by us in the preceding paragraph.9. in ..... no real need for the partnership firm for such capital contribution from the assessee. all these and other pertinent considerations may be taken into regard when the income-tax officer enters upon a scrutiny of the transaction, for in the task of determining whether a transaction is a sham or illusory transaction or a device or  ..... , the provisions of section 45 did not apply, the question of the assessee omitting to furnish any relevant particulars even if no mention was made in income-tax proceedings could not factually arise.the learned counsel emphasised that the factual position alone at the material time when the return was filed had to be examined  ..... 
    [4] =>  ..... the revenue, that the expenses incurred in shifting the assessee's laboratories to the new premises was revenue expenditure allowable under section 37(1) of the income-tax act. it considered all the cases that were considered and relied upon by the learned accountant member in his order and also the decision of the supreme .....  would respectfully follow the decision in sitalpur sugar works ltd. referred to above and hold that the ito had correctly acted in treating this expenditure as a capital expenditure.4. the commissioner of income-tax (appeals) has dealt with this point in paragraphs 3 to 5 of his appellate order. after setting out the  .....  that the assessee did not derive any advantage of enduring nature and the expenditure was revenue in nature. accordingly, he deleted the disallowance made by the income-tax officer.23. the learned departmental representative reiterated the grounds taken and relied on the decisions cited therein. the learned counsel for the assessee supported the order  ..... 
    [5] =>  .....  assessee. but at the time of assessment for the assessment year 1985-86 the assessee claimed depreciation of 12/12 instead of 3/12.under section 32 of the income-tax act, 1961, depreciation is allowable to the assessee at the prescribed rate irrespective of the period of user of the asset. when such is the position of law, the point ..... provided by statute. it was further held that it was not within the competence of the ito to vary the rate of interest fixed under section 220(2) of the income-tax act, 1961. similar view was expressed by the supreme court in the case of m.j. kanakabai v. union of india [1968] 68 itr 192. the allahabad high court  ..... the ito that depreciation for assessment year 1985-86 would be 3/12 is an invalid condition and against the relevant provisions of law. under section 32 of the income-tax act, 1961, there is no provision for granting reduced depreciation for a previous year which is less than twelve months.thus, the said condition amounts to a contract between the  ..... 
    [6] =>  ..... of the tribunal in assessee's own case for the assessment year 1984-85.even in the direction given by the iac under section 144b(4) of the income-tax act for the assessment year 1980-81 he has specifically excluded the expenditure incurred on hand outs and booklets vide para-1.2 of his direction dated 2-9- .....  calendar. on the balance amount of rs. 3,39,625 representing expenditure on calendars 10% of the amount, which was disallowed earlier, was reduced from the total income as per original assessment order.in other words, the assessing officer has not disallowed under section 37(3a) expenditure on calendars. by inference he sustained the disallowances in  ..... a technical and narrow perspective of the directions, the assessing officer declined to deal with the claim of the assessee in respect of expenses other than calendars and the cit (a) has not properly appreciated the issue and he has confirmed the action of the assessing officer, which is not just. admittedly, on merits these three items ..... 
    [7] =>  ..... see ito v. m. govindachari [ 198 5] 12itd 415 (hyd.).shri srinivasan fairly stated that though the said case arose in a different context and under the income-tax act, 1961, yet he was referring to that case to emphasis the fact that the right in question is a personal right.15. shri srinivasan's next thesis was that the ..... charitable purposes. therefore, there is no question of exempting the right from taxation under sections 5(1) and 21a of the wealth-tax act read with the explanations to section 2(24)(iia) of the income-tax act, 1961. in support of the above propositions the assessing officer referred to and relied upon the following reported cases:j.k. trust v ..... . cit 10. having thus come to the conclusion that, in principle, wealth-tax is exigible on the value of the potu mirasi right, the ..... 
    [8] =>  ..... assessed thereafter. reliance was placed on the kerala high court's decision in the case of dr. david joseph (supra) and provisions of section 166 of the income-tax act, 1961.14. after considering the submissions of the learned counsel for the assessee we are of the opinion that provisions of section 161(1a) are charging section and  ..... was therefore, held that the trustees of a discretionary trust have to be assessed in the status of 'individual', and consequently deduction under section 80l of the income-tax act, is allowable to them.therefore, the ratio laid down by the hon'ble gujarat high court in the aforesaid case and the decision of the special bench of ..... by him. for the purpose of the new provision, the term "maximum marginal rate" shall have the same meaning as in explanation 2 to section 164 of the income-tax act. the proposed amendment will take effect from 1st april, 1985, and will, accordingly apply in relation to the assessment year 1985-86 and subsequent years ...." "taxation  ..... 
    [9] =>  .....  to be conferred specifically by the legislature and it cannot be inferred as ancillary or inherent to the appellate jurisdiction.10. this tribunal is a creature of the income-tax act, 1961, and it is well-settled legal proposition that this tribunal has no inherent power of reviewing its order on merits though it has incidental or ancillary powers which  ..... is only under rule 24 of the itat rules, 1963. there is no power to recall the order passed by this tribunal under any other provisions of the income-tax act or the rules made thereunder. no doubt the tribunal has inherent power to recall an order if there has been patent and glaring mistake of fact or law in ..... allahabad high court in the said case of laxmi electronic corpn. ltd. (supra) have further held that it is a well-settled proposition that an act of court (which means and includes a tribunal of the nature of the income-tax appellate tribunal) should not prejudice a party and drive the party to a reference under section 256 of the ..... 
    [10] =>  ..... allowed for statistical purposes only.as we differ in opinion after due deliberation on the point in adjudication in this appeal, we refer to the hon'ble president of the income-tax appellate tribunal for hearing by one or more of the other members of the tribunal to be constituted by him as tm, the point of difference stated below : 1 .....  the case before us, the possession of the land was delivered in 1978. the trust constructed the buildings on the said land and let out for rent and earned income. all these were possible on account of delivery of the possession of the land, which commenced by an agreement in 1981 and receipt of consideration in 1984. thus,  ..... made by the assessee before the ao or cit(a) or before the tribunal?" 1. on a difference of opinion between the two members constituting the division bench, the following points of difference are referred to me for my opinion as tm by the hon'ble president acting under section 255(4) of the it act, 1961 : 1. "whether, on the facts and ..... 
    [11] =>  ..... only issue in the assessee's appeal is against dismissal of appeal by cit(a) as "not maintainable", as admitted tax was not paid as per the provisions of section 249(4)(a) of the it act, 1961. before the cit(a), the ao reported that the assessee has not paid the admitted tax on income before the date of filing of the appeal. the assessee, in  ..... appeal memo, the details of payment of tax are shown as follows: the cit(a) has seen from the record that the assessee has  .....  orders of the cit(a), madurai, and pertain to asst. yrs.1986-87 and 1987-88.2. ita no. 452/mad/1993 is against the assessment framed under section 143(3) r/w section 144 of the it act, 1961. ita no. 303/mad/2000 is against the penalty order under section 271(1)(c) of the act, for concealment of income and ita no ..... 
    [12] =>  ..... sale price whereas the aggregate of the written down value as on 1-4-1974 was rs. 4,09,475. the ito in the income-tax assessment assessed the company after invocation of section 52(2) of the income-tax act, 1961 ('the 1961 act') to capital gains estimating the fair market value at rs. 5,23,000. but the aac, with whom the tribunal agreed, cancelled .....  that levy. later, one of the directors was assessed for the difference between the fair market value and the sale price of the buses sold to him under section 2(22) of the 1961 act (deemed  ..... if the purchaser is a new entrant to the business, or if put on road is likely to be taken away soon buses by the themselves do not yield any income unless they are plied on the routes. if that is not possible, no reasonable man will go to buy these buses. the fact that the government may pay  ..... 
    [13] =>  ..... , therefore, in the absence of non-production of these parties, added a sum of rs. 1,20,000 to the income of the assessee as unexplained investment under s. 69 of the it act, 1961.3. the matter went to the cit(a), who deleted an addition of rs. 10,000 in respect of the money advanced by one m. vijayaraghavan to the .....  be noticed before plunging into the provisions of s. 69 of the it act and the interpretation of the same. the assessee is an individual. for his failure to file the return of income, notice under s. 148 was issued and on the basis of which the assessee filed income-tax return showing a loss of rs. 8,980. there was a search .....  or the explanation for such investments. sec. 69 of the it act, 1961 reads as under : "69. where in the financial year immediately preceding the assessment year the assessee has made investments which are not recorded in the books of account, if any maintained by him for any source of income, and the assessee offers no explanation about the nature and the ..... 
    [14] =>  ..... be noted in this connection that the hon'ble vice-president simply set aside the impugned assessment order, without clearly specifying the purpose of his order in that regard. in income-tax parlance, the word "setting aside" means cancelling the order and allowing the ao to pass a fresh order in its place. in such a case, the appellate/revisionary  ..... by the assessee is against the order of the aac, special investigation circle, erode, dt. 28th february, 1997 passed under s. 143(3) r/w s. 158bc of the it act, 1961 for the block period "1st april, 1995 to 6th february, 1996".2. according to the ao, who passed the impugned assessment order dt.28th february, 1997, the status of  ..... and in the above view of the matter, i am of the considered opinion that as no valid returns were filed by the assessee under s. 139 of the act, the income declared in the belated returns cannot be considered by the ao. while i confirm the action of the ao on this point, with reference to the deductions claimed  ..... 
    [15] =>  ..... not. in this context, exempted income means, the income which does not form part of the total income under the it act, 1961.6. chapter iii deals with the income which does not form part of the total income containing in sections 10 to 13a of the act. these are incomes which do not form part of the total income and phraseology used in section  ..... under section 10(33) of the act, dividend income was totally exempt from tax for the asst, yr. 1998-99 in respect of any income by way of dividends referred to under section 115-o of the act. here, the expenditure incurred cannot be allowed against any other income. the provisions of section 14a of the act are introduced retrospectively w.e.f ..... net receipts by reducing the expenditure from the gross receipts in all these appeals. aggrieved, the assessee preferred an appeal before the cit(a). the cit(a) relying on the proviso to section 14a of the act and the circular no. 11 of 2001 dt. 23rd july, 2001, deleted the additions made by the ao and allowed  ..... 
    [16] =>  .....  assessee in all the assessment years under consideration are dismissed.reference under sub-section (11) of section 24 of the wealth-tax act, 1957 read with sub-section (4) of section 255 of the income-tax act, 1961 as there is a difference of opinion between the members we refer the following question to the president under sub-section (11 ..... ) of section 24 of the wealth-tax act : whether, on the facts and in the circumstances of the case, the rectificatory orders passed by the wealth-tax officer under section 35 of the wealth-tax act, .....  co. ltd. [1982] 134 itr 674, 677 (cal.). in ito v. asok textiles ltd. [1961] 41 itr 732, the supreme court recalled the view taken by it in the earlier case and held that, under these provisions, the income-tax officer could examine the record and, if he discovered any mistake, whether of fact or of law, he ..... 
    [17] =>  .....  1. these appeals have been referred to the special bench because the question whether section 20 of the wealth-tax act, 1957 ("the act"), is in pari materia with section 171 of the income-tax act, 1961 was raised and a decision on the point by the calcutta high court in the case of srilal bagri v. cwt [1970] 77 itr  .....  20, the qualifying words "hitherto assessed" are not to be found. apparently, the limitation present in the analogous provision of section 171 of the income-tax act, is absent in the wealth-tax act and, therefore, there is no reason why the machinery available for assessing a joint family after its disruption, should be confined to those joint families .....  to the assessment years 1966-67 to 1974-75 which are earlier to the date of partition. similar initiation of proceedings in the analogous provisions of the income-tax act have been held to be invalid by the tribunal following the decision of the calcutta high court in the case of rameshwar sirkar (supra). in that case ..... 
    [18] =>  .....  he further submitted that the decision of the supreme court in mammed kayi (supra) is distinguishable. it is also pointed out by him that the income of the assessee is exempt under section 10(24) of the income-tax act, 1961, as held by bench 'a' of the tribunal in it appeal nos. 1150 to 1156 (mad.) of 1978-79, dated 31-3-1980. .....  it was further contended that the decision of the andhra pradesh high court was concerned with the claim of exemption under section 5(1) of the wealth-tax act, 1957 ('the act') and not with .....  section 3 of the act, which is the charging section, and therefore, the decision cannot be said to support the department's case. lastly, it was argued that  ..... 
    [19] =>  .....  that the order passed by the aac on this point is in order. however, the learned departmental representative drawing our attention to section 2(15a) of the income-tax act, 1961 ('the 1961 act') submitted that 'child' in relation to an individual, includes a stepchild and an adopted child of that individual. according to him, the illegitimate child is not .....  invested those amounts in shares in companies floated by the assessee. the question was whether the dividend income in respect of those shares could be included in the total income of the assessee under section 16(3) of the indian income-tax act, 1922. on these facts, the kerala high court held that : (i) that as the  ..... each to his illegitimate daughters, n. bhuvaneswari and n.rukmani. before the gto, the assessee claimed exemption under section 5(1 )(xii) of the gift-tax act, 1958 'the act') with regard to the gifts made to his illegitimate daughters. he has not made any claim for exemption under section 5(1 )(viii) for the gift  ..... 
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