Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)18ITD146(Coch.)
..... acquisition officer on 3-2-1971. the question arose as to in which year the transfer of the property is effected for the purpose of section 45 of the income-tax act, 1961. the gujarat high court held that the transfer is effected when possession is taken over pursuant to the award under the provisions of the land acquisition ..... the assessee has all the rights in the property. thus, during this year the agricultural land was owned by the assessee and it is exempt under the wealth-tax act, 1957 ('the act')- the right to receive compensation accrues or arises on the passing of the award on 16-10-1976. hence, during this year the compensation amount cannot be included ..... 1. this is a wealth-tax appeal for the assessment year 1976-77. the valuation date is 31-3-1976. the assessee owned 1 hectare 64 acres of agricultural land. the government of kerala acquired this land under the kerala land acquisition act, 1961. the possession of the land was taken over on 28-11-1975. the award was passed by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)18ITD335(Coch.)
..... return of late dr. a.o. mathew under some implied or explicit authority of a dead person. such a return is not regular or valid in law or under the income-tax act, 1961. the gto failed to enquire inquisitively into the legality of the return but chose to proceed to assess the return of late dr. a.o. mathew filed by mrs. ..... kerala high court in the case of ito v. miyya pillai [1955] 55 itr 84 held as under : the liability imposed by section 24b(2) of the indian income-tax act, 1922, on the legal representatives of a deceased person attaches itself to all the legal representatives. all the legal representatives are liable to be served with notice under section 24b ..... court for not annulling the assessment. the facts in that case were as under : having issued a notice to the assessee under section 28(1)(a) of the indian income-tax act, 1922 to show cause why penalty should not be imposed for failure to file a return in time, the ito proceeded to impose penalty without affording a hearing. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1990)32ITD769(Coch.)
..... of bhukailash debutter estates case (supra) wherein it is held that - "there is a difference in the language between the indian income-tax act, 1922, and the later enactment - the wealth-tax act, 1957. under section 4(3) (i) of the income-tax act, to earn exemption, income should have been derived from property held under trust wholly or in part for religious or charitable purposes. if property is ..... member - these appeals by the revenue and the cross - objections by the assessee are directed against the consolidated order of the appellate assistant commissioner of wealth-tax dated 10-3-1986. the assessment years involved are 1961-62, 1962-63, 1963-64 and 1964-65. since common disputes are involved in these appeals, they were heard together and are being disposed of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)43ITD63(Coch.)
..... occasion to discuss this aspect of the matter. but the punjab and haryana high court was construing the meaning of the expression 'owner' under section 22 of the income-tax act, 1961. therefore, the division bench of the punjab and haryana high court held that the assessee occupied the property after the execution of the agreement of sale deed in ..... to describe the assessee's right as owner of the property would be a complete misnomer. therefore, the court was construing a will and section 22 of the income-tax act, 1961, as to who were the owners of the will. in all these cases, as was reiterated by the calcutta high court in s.b. (house & land)(p ..... circumstances, it was held that the assessee must be deemed to be the owner of the property within the meaning of section 22 of the income-tax act, 1961, and was assessable as such on the income from the property. this is only an illustrative point, where in certain circumstances, without any registered conveyance in favour of a purchaser, a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)44ITD604(Coch.)
..... account the submissions made before him.1. these two appeals are by the assessee. the former is against the order of the commissioner of income tax under section 263 of the income-tax act, 1961. the latter is against the order of the cit (appeals) arising out of the proceedings consequent to the order under section 263.2. the appellant is an individual. the previous year relevant ..... though he was involved in the smuggling operations. there is no material before the assessing officer or before the cit (appeals) to hold otherwise.the authorities erred in drawing an adverse inference.11. the learned commissioner of income-tax under section 263 of the income-tax act, 1961, had opined that the assessing officer has not examined whether the appellant had made any investment in transporting the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1993)45ITD70(Coch.)
..... the learned chartered accountant shri kg. nair emphasised the word "may" occurring in that section and also contended that the section should be read with section 273b of the income-tax act, wherein "reasonable cause" was not excluded. we uphold the contention of the learned chartered accountant. section 271b has to be read with section 273b.section 273b, as inserted ..... it was within the competence of the assessing officer to levy penalty once the specified date was not adhered to, thus contravening the provisions of section 44ab of the income-tax act. the assessee is on second appeal.3. we have heard the rival submissions and perused the records. section 271b as it stood then was as follows: if any ..... 44ab of the act in regard to tax audit are also attracted in its case and the assessee ought to have got its accounts audited on or before 31-7-1987. this was not done and the assessee obtained the audit report only on 30-10-1987, on which date it filed its return of income involving a delay .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1994)50ITD1(Coch.)
..... and the interest thereon have been determined in accordance with section 143(1) of the income tax act, 1961, as under : rs. taxesreturned total income/loss 79,66,386(-) tax on total incometotal income/loss after surchargeadjustment under section 143(1)(a)net agricultural income additional tax under section 143(1)(a)chargeable of special rates of total taxsection amount (rs.) rated ..... 1958] 34 itr 143 and contended that in view of the retrospective amendment to section 143(1a) of the income-tax act, 1961, as inserted by the finance act, 1993, there was a mistake apparent from record in that the additional tax was not levied on the amount of loss disallowed by the assessing officer and, therefore, the same was ..... 1990-91 ended on 31-3-1990. the appeal is against the order of the cit (appeals) sustaining action under section 154 of the income-tax act, 1961.2. the facts of the case in brief are : the appellant filed its return of income on 31-12-1990 admitting a total loss of rs. 2,79,43,720 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1995)53ITD79(Coch.)
..... were taken on its face value it would appear that there was no deemed dividend assessable under section 2(22)(e) of the income-tax act, 1961. in this view of the matter, he rejected the appellant's contention regarding the nature of the transactions relating to the first ..... course of the year but then it would not make any difference to invoke the provisions of section 2(22)(e) of the income-tax act, 1961. in other words notwithstanding the fact that the advances totalling in a sum of rs. 6,70,000 have also been repaid ..... with the company. in this view of the matter, we uphold the order of the cit(a) in bringing to tax a sum of rs. 6,70,000 as deemed dividend under the provisions of section 2(22)(e) of the income-tax act, 1961. ..... by the company to a shareholder cannot be regarded as accumulated profit for the purpose of section 2(6a)(e) of the indian income-tax act, 1922. thus, while rejecting the argument of the learned counsel for the assessee, we hold that in order to compute the quantum .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (2003)84ITD582(Coch.)
..... (2). the implication is that the legislature cannot be accused of redundancy. he also mentioned, though not very seriously, that if at all section 187 of the income-tax act has any application, it is only in the year of change in the constitution and does not have any application for earlier years. for the proposition that the block ..... 10. the view of the officer that there cannot be different block assessments for the same period is incorrect in law and against the provisions contained in the it act, 1961. 1. the officer erred in completing the assessment on the firm without giving an opportunity to the appellant to explain her position. the assessment order and the notice ..... to the appellant without giving her an opportunity is against the principles of natural justice. it is also against the provisions of section 158bd of the i.t. act, 1961. 2. the officer also erred in holding that the appellant is jointly and severally liable especially in view of the fact and his finding that there can .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1985)14ITD212(Coch.)
..... occurring in the clause should not be given the same meaning as in the income-tax act, 1961 ('the 1961 act'). it was pointed out that the definition of the terms 'resident', 'non-resident' and 'not ordinarily resident' occurring in the 1961 act is not attracted to the 1957 act. in support of this argument, it was pointed out that where any ..... section would indicate that the meaning given to the term in the 1961 act will generally apply to the present controversy because explanation i occurs in section 6 which relates to the exclusion of assets and debts outside india. for the purpose of income-tax assessment, the assessee was a non-resident prior to his return to ..... assessee relied upon a letter received from the canara bank enclosing a copy of the letter dated 14-1-1983 received from the public relations officer (pro), income-tax department, bombay. in that letter, the pro had stated that the balance outstanding to the credit of nonresident (external) savings bank f.d. and foreign .....
Tag this Judgment!