Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD544(Hyd.)
..... of the representative-assessee is 'in like manner and to the same extent' even as statutorily provided under section 161 of the income-tax act, 1961 ('the act'). he also referred to sections 166 and 167 of the act in the same chapter relating to assessment on representative-assessees, to show that the assessment could be in either hands, and ..... on same terms. the result is that the assessee was the sole beneficiary during his lifetime of the income from certain properties in pursuance of the agreement, dated 6-5-1962. the income was also assessed for income-tax purpose in the assessee's personal assessments. but the capital loss on sale of property in trust on ..... as pointed out by the learned counsel for the assessee, were not dissimilar. this decision rendered for wealth-tax purposes was followed for income-tax purposes in smt. kamalini khatau's case (supra) where it not only held that the income can be assessed in trustee's hands, but also stated how (at what rate) it should be assessed .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1992)40ITD1(Hyd.)
..... to the assessing officers : assessment of representative assessee (trust) - status - instructions reg. the question whether trustees who are assessed in the capacity of representative assessees under section 160 of the income-tax act, 1961, can be assessed in the status of an association of persons where such trustees are authorised by the settlor to carry on business on behalf of and for the benefit ..... with other additions.7. according to the assessing officer, assessee paid interest and remuneration with the only view to get over the provisions of section 161(1a) of the income-tax act, 1961 (hereinafter called the act), which came into force from the asst. year 1985-86. there is no agreement between the beneficiaries and the trust for payment of this interest.the assessing officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)56ITD64(Hyd.)
..... relate to asst. year 1985-86. they are against the orders of the commissioner of income-tax (appeals). the assessee's appeal is against treating it as an agent of m/s south glory international pvt. ltd., singapore under section 163 of the i.t. act, 1961 while the revenue's appeal is against cancellation of order under section 143(3) on ..... . ltd v. cit [1953] 23 itr 152 (sc), and jadavji namshidas & co. ..... be assessed in respect of any taxable income which was receivable or received by him on behalf of the non-resident even if such income did not fall within the provisions of section 42(1) of the old act corresponding to section 9(1)(0 of the present act of 1961. the cases relied upon by the cit (appeals), viz., turner morrison & co .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1985)11ITD1(Hyd.)
..... the beneficiaries. in fact, the liability of a trustee on an assessment on him under section 161 of the income-tax act, 1961 ('the act'), is "in like manner and to the same extent" as on beneficiary and should not ordinarily make any difference especially in the light of clarification by the supreme court in ..... a discretionary trust to be accumulated till attainment of majority was includible in father's hand, under section 16(3)(b) of the indian income-tax act, 1922 ('the 1922 act'). he claimed that it is open to the beneficiary to enforce the claim during the year if the money is required for the purpose to which it has been settled. ..... , there has been considerable development of law after the said decision even as noticed in the preceding paragraphs. the learned authors kanga and palkhivala in the law and practice on income-tax, vol. 1, 7th edn., p. 603, would say that the decision is incorrect. this was also specifically dissented from by the bombay high court in the case of h.h .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)44ITD283(Hyd.)
..... stand. we had, therefore, to look on our own end examine the facts of the case in the light of various provisions of the indian trust act, 1882 and income-tax act, 1961 and drawing assistance and guidance from some decided case law and books written by eminent authors on the subject of trusts.10. the trust, emjak trust is ..... assessee for the purpose of resolving the controversy involved in this appeal or for that matter as an aid to interpret the provisions of section 161 of the income-tax act, 1961.27. the assessee also cannot support his case by saying that the assessing officer of the trust has determined and apportioned the loss of the trust's ..... in the case of the trust by the assessing officer determining the loss and apportioning it amongst the beneficiaries is also an assessment under section 161 of the income-tax act, 1961.9. we have given our anxious consideration to the submissions made before us by both the parties and perused the evidence on record. the representatives of both .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD84(Hyd.)
..... stood thus, the assessing officer passed orders dated 27-3-1991 under section 154 read with section 254 of income-tax act, 1961 to give effect to the order of the itat dated 15-11-1989. the assessing officer brought to tax the profits arising out of the sale of plots in question as `capital gains'. this order was challenged ..... therefore, i decline to interfere with the assessing officer's order passed under section 143(3) read with section 263 of the it act, 1961 dated 28-3-2001.11. the orders passed by the learned commissioner of income-tax (appeals) were challenged before us and they give rise to the second batch of appeals.12. all these appeals were taken ..... and quasi-judicial controversies as it must in other spheres of human activity. so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)100TTJ(Hyd.)236
..... occasion to deal with the claims of a number of clubs seeking benefits based on the principle of mutuality. in that case, this court held (headnote) under the income-tax act, what is taxed is the 'income, profits and gains' earned or 'arising', 'accruing' to a 'person'. where a number of persons combine together and contribute to a common fund for the financing of some ..... royal western india turf club ltd. , otherwise this court in that judgment had accepted that, in regard to the businesses governed by the doctrine of mutuality, the levy of tax under the income tax act did not arise.8.10 thus, going by the proposition laid down by the hon'ble supreme court, to hold that the assessee cannot claim exemption on principles of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... 10-1994. he worked out the relevant values on the relevant valuation dates by backward calculation applying the cost of inflation index relevant to capital gains under the income-tax act, 1961 to the said compensation. he rejected the claim of the assessee that the values of she jewellery have to be determined on the basis of the report ..... at this juncture, the only questions of material importance the present proceedings are i. how many items of jewellery qualify for exemption under section 47(ix) of the income-tax act, 1961? and ii. whether the amount received as interest by the trustees on 12-1-1995 is taxable or not? to qualify for exemption under section 47(ix), any ..... item has to be a work of art, archaeological, scientific or art collection etc. no definition is available in the income-tax act for the terms 'work of art'. the assessee did not produce any cogent evidence to prove all the items as works of art. therefore efforts were made to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)90ITD493(Hyd.)
..... 11 of the i.t.act.the assessing officer held that the assessee violated the provisions of section 13(1 ..... the assessee against the order of the commissioner of income-tax (appeals)-i, hyderabad, dated 12-11-2001, for asst. year 1997-98.2. the assessee is a society registered under section 12a of the income-tax act, 1961. the assessee had filed its return of income for the asst. year 1997-98 on 24-10-1997 declaring 'nil' income after claiming exemption under the provision of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)268ITR23(Hyd.)
..... the facts and in the circumstances of the case, the excise duty paid in advance for importing liquor can be allowed as a deduction under section 43b of the income-tax act, 1961, irrespective of whether the goods have been received during the year under consideration or not?" 2. facts of the case lie in a small compass, but the ..... stock. he further held that such payments were made towards the discharge of a statutory liability and so the deduction was allowable under s.37 of the income-tax act read with s.43b. the cit(a) framed the following issues as arising for consideration in these appeals - "(1) whether the countervailing duty is different from the excise duty (2) ..... not properly be deduced therefrom. it was therefore, not only the right but the duty of the income-tax officer to act in exercise of his statutory powers for determining what, in his opinion, would be the correct income." 39. the decision of the apex court in the case of hindustan sugar mills v/s. state of rajasthan and .....
Tag this Judgment!