Court : Guwahati
..... cent with effect from 1-4-1972 and to 15per cent with effect from 1-10-1984. the changes in the rate of interest made by the parliament in the income tax act from time to time can be taken as index of the prevailing rates of interest during the relevant periods. it can, therefore, be held that between 1-4-1972 ..... more authentic. in this connection, reference may be made to the rates of interest specified under the income tax ac 1961. this act provides for charging of interest from the tax payers on delayed payment of tax and also for payment of interest by the government to the tax payers on delayed refunds. the rate of interest originally was 4%, which was raised to 6 per ..... awarded between the corporation and the claimants in the ratio of 2 : 1. so far as the amount of claim is concerned, except the claim on account of loss of income for rs. 2,000/- the tribunal held the claim as proved. accordingly, compensation of rs. 17,646/- was awarded. interest at the rate of 6% per annum was .....
Tag this Judgment!Court : Guwahati
..... also more authentic. in this connection, reference may be made to the rates of interest specified under the income tax act, 1961. this act provides for charging of interest from the tax payers on delayed payment of tax and also for payment of interest by the government to the tax payers on delayed refunds. the rate of interest originally was 4 per cent, which was raised to ..... with effect from 1.4.1972 and to 15 per cent with effect from 1.10.1984. the changes in the rate of interest made by the parliament in the income tax act from time to time can be taken as index of the prevailing rates of interest during the relevant periods. it can, therefore, be held that between 1.4.1972 ..... awarded between the corporation and the claimants in the ratio of 2: 1. so far as the amount of claim is concerned, except the claim on account of loss of income for rs. 2,000/- the tribunal held the claim as proved. accordingly, compensation of rs. 17,646/- was awarded. interest at the rate of 6 per cent per .....
Tag this Judgment!Court : Guwahati
Reported in : [1990]185ITR535(Gauhati)
..... the case, the tribunal was justified in law in holding that the assessee was not entitled to current depreciation allowance under section 32(1) of the income-tax act, 1961?(iv) whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the assessee was not entitled ..... the case, the tribunal was justified in law in holding that the assessee was not entitled to current depreciation allowance under section 32(1) of the income-tax act, 1961?(4) whether, on the facts and in the circumstances of the case, the tribunal was justified in law in holding that the assessee was not entitled ..... calcutta case reported in chitpore galabari co. p. ltd. v. cit : [1971]82itr753(cal) wherein the severability beginning from the indian income-tax act, 1922, under section 12 was considered alongside the amendments to that act the opinion expressed therein holds the field even under the 1961 act, we adopt the reasoning and conclusion reached in that case and .....
Tag this Judgment!Court : Guwahati
..... through a director fulfills the character of principal employer as defined in section 2 of the act. the court also took note of the ratio laid down by the apex court in ram prasad v. commissioner of income tax (air) 1973 sc 637 which was an income tax case and wherein it was held that a managing director may have a dual capacity, ..... appellant company comes within the purview of the act provided they were employing 20 or more persons on any day of the preceding 12 months. 4. the only dispute in this appeal is that the appellant company was ..... procedure laid down in the said sub-section. in exercise of the aforesaid powers, the government of assam issued a notification on july 26, 1975 applying provisions of the act from mid-night of august 16, 1975 to the classes of establishments mentioned in the schedule. there is no dispute that in view of the above notification, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Guwahati
Reported in : (1990)34ITD316(Gau.)
..... belonging' to the assessee.16. in a slightly different context in the case of r.b. jodha mal kuthiala v. cit [1971] 82 itr 570 the hon'ble supreme court dealing with section 9 of the indian income-tax act, 1922, on the facts and in the context of that case held that the ownership must be the person who can ..... true that equitable considerations are irrelevant in interpreting tax laws. but those laws, like all other laws, are to be interpreted reasonably and in consonance ..... of the owner but in his own right. that decision was for the purpose of assessing income from the property. it was also held that residual beneficial right cannot be considered to be ownership for the purposes section 9 of the indian income-tax act, 1922. in that very judgment, the hon'ble supreme court has observed that it is .....
Tag this Judgment!Court : Guwahati
..... that chapter, i. e., chapter iv; whereas the addition made by the ito in the present case was done under section 69 of the i. t. act, which falls under another chapter vi of the income tax act 1961. besides, in the present case, the ito did not refer the matter for valuation to the valuation officer under section 55a of the ..... income-tax act, as there was no capital gains involved in the present case. apparently, the ito in the same capacity as wto might have referred the point of valuation ..... the view which would favour the assessee would have to be adopted which is a settled principle of law. it is true that section 55a of the income-tax act was introduced in the income-tax act with effect from 1-1-1973 by which reference to a valuation officer can be made by the ito with a view to ascertain the fair market .....
Tag this Judgment!Court : Guwahati
..... by an earlier tribunal as it was considered desirable that there should be mality and certainty in all litigations even under the income-tax act.9. we may also refer to a decision of the honble supreme court in the case of cit v. rao thakur narayan singh : [1965]56itr234(sc) in which on the facts of that case it was held that as ..... was observed by the honble supreme court that if that were not the legal position it would result in placing an unrestricted power of review in the hands of the income-tax officer to go behalf the findings given by a hierarchy of tribunals and even those of the high court and the supreme court, with his changing moods. it was ..... observed at page 239 bottom, that the income-tax officer was bound by the finding given by the appellate tribunal earlier on the point and he cannot on the same facts reopen the proceedings on the ground that he .....
Tag this Judgment!Court : Guwahati
..... oppressive, article 14 will be attracted.22. in this connection, we may refer to a decision of the supreme court in k.t. moopil nair v. state of kerala air 1961 sc 552, wherein the provisions of the travancore-cochin land tax act (15 of 1955) were struck down on the ground that it was ' confiscatory in character and effect'. the aforesaid ..... to rs. 54,000 whereas his annual income for the time being is only rs. 3,100............it may be assumed that he will not be in a position to pay the deficit of about rs. 51, ..... by the order of assessment. dealing with the consequences, it was observed : 'that the provisions aforesaid of the impugned act are in their effect confiscatory is clear on their face. taking the extreme case............ the petitioner is making an income of rs. 3,100 per year out of the forests..........his liability for taxation in respect of his forest land amounts .....
Tag this Judgment!Court : Guwahati
Reported in : (1991)93CTR(Gau)294
..... does not relate to the aacs order or that of the order of the appellate tribunal.the cit found exercising power under s. 263 of the it act that in the order of the ito on 30th october, 1978 two items relating to interest were excluded from income. the exclusion of the two items prejudicially affected the interest of the revenue. he enumerated one ..... of the items as rs. 2,880. this amount was received by the assessee but it was excluded from income. as to the ..... second item of interest said to have been paid to the relatives of the partners and sister concerns in contravention is not clear from the order of the ito as this aspect is not even referred to in the order on 30th october, 1978.3. the cit on 7th august, 1980 held .....
Tag this Judgment!Court : Guwahati
..... does not relate to the aacs order or that of the order of the appellate tribunal.the cit found exercising power under s. 263 of the it act that in the order of the ito on 30th october, 1978 two items relating to interest were excluded from income. the exclusion of the two items prejudicially affected the interest of the revenue. he enumerated one ..... of the items as rs. 2,880. this amount was received by the assessee but it was excluded from income. as to the ..... second item of interest said to have been paid to the relatives of the partners and sister concerns in contravention is not clear from the order of the ito as this aspect is not even referred to in the order on 30th october, 1978.3. the cit on 7th august, 1980 held .....
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