Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD646Indore
..... gujarati, relied upon the orders of the authorities below. he submitted that there was no specific provision in the act to justify such an exemption. on the other hand, the income-tax act, 1961 (the 1961 act) contained a specific provision in section 10(18a) exemption from tax any ex gratia payments made by the central government consequent upon the abolition of privy purse. this provision was introduced ..... by the rulers of indian states (abolition of privileges) act, 1972. with effect from 9-9-1972. this amendment was made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD545Indore
..... not find favour with the learned ito as well as with the learned commissioner (appeals) and the assessee is thus now before us.4. section 45 of the income-tax act, 1961 ('the act') provides that any profits or gains arising from the transfer of a capital asset effected in the previous year shall be chargeable to ..... income-tax under the head 'capital gains' and shall be deemed to be the income of the previous year in which the transfer took place. it was conceded on both sides that the joint stock shares held by ..... is a case of a family settlement. admittedly, the assessee was the exclusive owner of the shares in question. it was admitted that the assessee was being assessed to income-tax in the status of an individual. it, therefore, cannot be contended that the assessee's wife had any interest in these shares. the question of a family settlement comes .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD312Indore
..... devendra chandra jain, sharat chand jain and bipin chand jain. shri s.b. gupta also refers to us to an order dated 23-12-1983 under section 185 of the income-tax act, 1961 ('the act') in the case of devendra bros, to contend that the allocation of the shares having been made in the hands of the hufs, there was no point in the ..... seen as to (7) whether the income received had any real connection with the investment of the joint family funds ; (2) whether the ..... in their capacity of an huf. in order to determine as to whether an income received by an assessee is income of its huf or not, the four important tests as enumerated by the hon'ble supreme court in the case of raj kumar singh hukam chandji v. cit [1970] 78 itr 33 have to be taken into account. it has to be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD650Indore
..... with which to start the business.5. so far it has not been clarified under which section of the income-tax act, 1961 (the act) the sum for rs. 24,500 and the other sum of rs. 4,950 has been assessed. sections 69, 69a, 69b ..... at the close of the previous year for the assessment year 1970-71 he had gained two more years in age. the income-tax returns for the assessment years 1968-69 to 1972-73 were filed purporting to be on behalf of the assessee by his father ..... the ito was of the opinion that narsinghdas mittal was not a man of sufficient means, he added this amount to the assessees income. the assessee preferred appeals against the aforesaid assessment to the aac who accepted the assessees claim and deleted the additions. the matter ..... : thus, the money-lending business is said to have been started with those sum of rs. 12,500 and various amount of income were earned during the years preceding the assessment year 1968-69. according to the assessee, at the beginning of the accounting period for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)16ITD608Indore
..... is an appeal by the assessee against the order of the commissioner (appeals) upholding levy of penalty of rs. 68,638 under section 271(1)(c) of the income-tax act, 1961 ('the act').2. in brief, the facts are that the firm in its return for the assessment year 1972-73 claimed deduction of rs. 1,36,000 representing interest credited to ..... material except to the iac (sic). admittedly, no notice from the iac was received by the assessee. reference 'under sub-section (2) of section 274 of the income-tax act' means assumption of power by the iac to impose penalty.the ito cannot do it unilaterally. in these circumstances, it is not possible for us to hold that any ..... and was compelled to take loan from sister-concern, prabhudayal surajbhan. it was further argued that interest had been disallowed under section 40a(2) of the act as the income-tax authorities considered the rate to be excessive or unreasonable. but as to what is reasonable is a matter of subjective opinion and when the assessee on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD225Indore
..... revenue, the dispute is whether the aac was justified in annulling the assessment under section 155 of the income-tax act, 1961 ('the act') on the ground that the assessee having filed form no. 6a against the assessment made under section 143(1) of the act tantamounts to cancellation of the original assessment and, therefore, rectification could not have been carried out.2. ..... which clause (d) of sub-section (1) of section 153 was brought into statute with effect from 1-10-1984 : 18.1 under section 153(1) of the income-tax act, an order of assessment cannot, ordinarily, be made after the expiry of two years from the end of the assessment year in which the ..... a revised return, whichever is later. this provision has resulted in a practical difficulty in cases where an order of assessment is made by the income-tax officer under section 143(1) of the act without requiring the presence of the assessee or the production by him of any evidence in support of the return filed by him. in such cases .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1987)20ITD234Indore
..... [1979] 120 itr 279 (punj. & har.). there it has been held that the ratio of r.c. mitter & sons v. cit [1959] 36 itr 194 (sc) would not apply under the income-tax act, 1961 ('the act') against which the special leave petition filed by the department was dismissed by the supreme court which is contained in [1983] 142 itr ( ..... st.) 5 and, therefore, this bears the stamp or authority of the supreme court and, therefore, in the present year a different conclusion has to necessarily be taken. he also relied on cit ..... refuse the continuation of registration on the reasoning that in the earlier year the registration was refused. the board's circular is reproduced in sampath iyengar's law of income-tax, seventh edn., vol. 4, p. 3891. the proper course for the ito, as rightly submitted by the assessee's counsel, shri chaudhary, was to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)18ITD409Indore
..... of the wto by invoking his powers under section 2 of the wealth-tax act, 1957 ('the act').2. on behalf of the assessee, mr. m.c. mehta, the learned counsel for the assessee, submitted that the assessment order for wealth-tax was passed under section 16(3) of the act. in the assessment the value of the land and the building at manikbagh ..... room and the land appurtenant to the self-occupied building as valued by the departmental valuer was incorrectly exempted in the wealth-tax assessment. he then referred to page 19 where under section 25(2) of the act the commissioner had issued notice for the assessment year 1976-77 in respect of the same property in which year also the ..... , indore, which was a self-occupied property of the assessee was assessed as opted by the assessee under section 7(4) of the act at a figure of rs.3,27,968 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD488Indore
..... the firm in their returns for the assessment year 1980-81.the assessments were made under section 143(1) of the income-tax act, 1961 ('the act') on 14-1-1983. the assessees filed applications under section 143(2)(a) objecting to the above assessments vide their applications filed in march 1983. vide order dated 12-4- ..... the ito has done as is clear from the title of the order which says 'it is an order under section 143(2)(a) and 143(3)(b) of the income-tax act'. shri gupta referred to the provisions of section 153 and said that it bars passing of any order of assessment after two years from the end of the assessment year ..... . in the explanatory notes given along with the provision, it is stated as under : amendment of section 153 of the income-tax act relating to time limit for completion of assessments in certain cases- 18.1 under section 153(1) of the income-tax act, an order of assessment cannot, ordinarily, be made after the expiry of two years from the end of the assessment year .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)19ITD261Indore
..... the memorandum of partition dated 30-9-1975. the above partition was duly accepted by the revenue vide order dated 12-11-1976 passed under section 171 of the income-tax act, 1961 ('the 1961 act'). in the assessment year 1976-77 and some other assessment years claim of the assessee that only value of the share falling to the assessee and her wife ..... major sons on partition of the huf is to be assessed as 'converted property' in the hands of the assessee under section 4(1 a) of the wealth-tax act, 1957 ('the act'). facts in brief are that the assessee by means of declaration dated 23-5-1974 threw the house, in question, into the common hotchpotch of the family. partition ..... assets to the spouse or minor child or son's wife or son's minor children but not to major children. there is no provision in the act or for that matter in the 1961 act, discouraging transfer of assets to major sons or major children. we are, therefore, of the considered opinion that on fair reading of the above provision, .....
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