Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD675(Delhi)
..... of profit (adventure in the nature of trade) has arisen'. he, therefore, held that amount received by the assessee was a capital receipt not liable to tax under the provisions of the income-tax act, 1961. similarly, for the assessment year 1979-80 assessment made on 28-3-1983 the amount received in that year at rs. 2,55,556 was held as ..... not liable to tax.7. the assessee filed the returns of his net wealth for the assessment years 1975-76 to 1978-79. simultaneously on 27-10-1979 ..... accounting period relevant to the assessment year 1979-80 and rs. 6,26,110 were received in the previous year relevant to the assessment year 1980-81 insofar as income-tax assessments are concerned. as pointed out supra, the ito has held that these amounts are capital receipts and not taxable in those years. this has been clearly brought .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)21ITD228(Delhi)
..... the appeal of the revenue relates to the deletion of the addition of rs. 20,771 made under the first proviso to section 36(1)(ii) of the income-tax act, 1961 ('the act') on account of production incentive paid to employees. on 17-7-1978, the assessee formulated, what has been christened as 'production incentive scheme'.the assessee's previous ..... rama krishna steel rolling mills [1974] 95 itr 97 while considering the question of adrnissibility of a claim under section 10(2)(u) of the indian income-tax act, 1922 held that if the claim was not admissible under that clause the amount could be considered for deduction under section 10(2)(ot). arguing on this ..... no. 3988 of 1981, dated 30-12-1982], held that the amount was deductible while computing the total income of the assessee. the learned commissioner (appeals) reiterated that production incentive is not bonus under the payment of bonus act, and that it satisfies the conditions of the second proviso to section 36(1)(w). this is objected to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)21ITD214(Delhi)
..... vide their letter dated 3-3-1981 in terms of section 10(6)(viia) of the income-tax act, 1961 ('the act'). he performed stipulated services and received the recompense therefor. while leaving india he needed a tax clearance certificate under section 230 of the act. greaves cotton & co. ltd. guaranteed unconditionally and irrevocably due payment to the president of ..... bombay and the ito, foreign section, bombay, of all taxes which are or which may become due and payable by said mr. shrieves under the direct taxes acts. this guarantee was executed on 20-12-1980. it appears mr. shrieves left india thereafter after leaving a return of income signed with greaves cotton & co. ltd. 3. the ..... before us is concerned.6. section 249 of the act provides form of appeal and limitation.sub-section (1) ibid, requires that every appeal under this chapter shall be in the prescribed form and verified in the prescribed manner.rules 45 and 46 of the income-tax rules, 1962 have been framed for this purpose. sub .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)22ITD561(Delhi)
..... be attempted in march, 1986.1. the contentions in this second appeal are that the order dated 24-3-1986 passed by the learned commissioner of income-tax, delhi-ii, new delhi under section 263 of the income-tax act, 1961 in respect of assessment year 1975-76 be struck down as illegal, erroneous and against the facts.2. the return of ..... income was filed by the appellant on 18th march, 1976 declaring income of rs. 19,360 from salary and property. the ito vide his order dated 17th december, 1977 ..... :- 263. revision of orders prejudicial to revenue.-(1) the commissioner may call for and examine the record of any proceeding under this act, and if he considers that any order passed therein by the income-tax officer is erroneous in so far as it is prejudicial to the interests of the revenue, he may, after giving the assessee an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)23ITD11(Delhi)
..... sevugan (supra) all that the hon'ble madras high court decided was that the power of rectification under section 35 of the indian income-tax act, 1922 (which corresponds to section 154 and 254(2) of the income-tax act, 1961) does not enable an order to be reversed by revision or by review, but permits only some error, which is apparent on ..... fault of not having filed any return.3. against the said order the assessee came up in appeal before the learned appellate asstt. commissioner and submitted that the income-tax officer had. no jurisdiction to cancel the ex parte assessment under section 154. the learned aac however did not accept the assessee's submission and upheld the ..... .sm.sv. sevugan [1948] 16 itr 59. on the other hand shri t.r. talwar, the learned departmental representative, strongly relied upon the orders of the income-tax authorities.5. we have considered the rival submissions as also the decision relied upon on behalf of the assessee. there can be no manner of doubt that if an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)24ITD478(Delhi)
..... madras high court in the case of andhra prabha (p.) ltd. (supra) to urge that the provision was allowable as a deduction and that the income-tax officer misread the provisions of the income-tax act and mis-appreciated the madras high court decision. the commissioner (a) found force in the arguments of the assessee and following the decision of the madras ..... was superseded with effect from 1-4-1973 by enacting section 40a(7) of the income-tax act. the assessee relied upon a decision of the madras high court in the case of cit v. andhra prabha (p.) ltd. [1980] 123 itr 760 but the income-tax officer held that this decision was not applicable to the facts of the assessee's case ..... sajjan mills ltd.'s case (supra) may be noticed. quoting from the head-notes : on a plain construction of clause (a) of section 40a(7) of the it act, 1961, whatever is provided for future use by the assessee out of the gross profits of the year of account for payment of gratuity to employees on their retirement or on .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)24ITR310(Delhi)
..... that the maximum penalty is imposable. therefore, he imposed the penalty of rs. 1,460 by his order dated 30th january, 1984 under section 27l(1)(iii) of the income-tax act, 1961. this penalty order was challenged in appeal before the aac.4. after imposing the above penalty, the ito realised that he had not taken into consideration the provisions of ..... can be imposed". the ito considered this reply but rejected it. according to the ito, on account of rs. 10,800 being treated as part of the total income of the assessee, the tax sought to be evaded was rs. 730. according to him, the minimum and maximum penalty imposable worked out to rs. 730 and rs. 1,460 respectively. ..... interesting we record the same first.2. the assessee is a registered firm working under the name and style of m/s. goel book depot at saharanpur. it derives income from publication of books and their sale. while making the assessment for the year under appeal, the ito came across certain purchases out of which he picked up an .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)24ITD400(Delhi)
..... appeals by the assessee are directed against the consolidated order made under section 263 of the income-tax act, 1961 by the commissioner of income-tax, delhi-vi regarding the assessment years 1984-85 and 1985-86. by this order, the commissioner of income-tax set aside the assessments with the directions to the ito, "to examine the evidence afresh and ..... which have been examined and discussed. the ito has also taken note of the fact that the society is registered under the income-tax act with the commissioner of income-tax under section 12a(a) and the aims and objects of the society are charitable within the meaning of section 2(15) of the ..... 129 (raj.).he, therefore, concluded that the trust being registered under the societies registration act and also being registered with the commissioner of income-tax and the assessments having been made after proper enquiries and application of law, the order of the cit is without jurisdiction. it may be cancelled.4. the revenue, on the other hand, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)26ITD224(Delhi)
..... they are on record. he also find that the commissioner, new delhi-ii has registered the centre under section 12a(a) of the income-tax act, 1961 and the donations to the centre are exempt under section 80g as per certificate issued by the cit. on such facts, we do not find any justification for the action taken by the ito. the ..... after this inauguration the centre has been running for the objectives for which it was established. the parliament enacted the hotel receipts tax act, 1980, which will be referred to as 'the act' hereafter in this order. section 2 of this act defines various terms. sub-section (6) of section 2 defines a hotel. it is an inclusive definition and 'hotel' ..... new delhi dated 5-8-1985 relating to the assessment year 1982-83. by this order, the 1d. cit(a) 'quashed' the assessment made by the ito, trust circle-i, new delhi under section 10(2) of the h.r. tax act. we have heard the parties. we have perused the orders of the authorities below and considered the relevant .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)27ITD88(Delhi)
..... of recommendation of the specified authority the ministry of finance made a declaration to the following certificate under section 72a of the income-tax act: certificate under section 72a(2)(ii) of the income-tax act, 1961 (43 of 1961) the central government, on the recommendation of the specified authority, has made a declaration no. 208/15/82-ita-ii ..... clauses (a), (b) and (c) of sub-section (1) of the section have been fulfilled and notwithstanding anything mentioned in any other provision of income-tax act, 1961, the accumulated loss and the unabsorbed depreciation of the amalgamating company shall be deemed to be the loss or, as the case may be, allowance for ..... of the amalgamation of messrs aravali svachalit vahan limited with messrs kelvinator of india limited. 2. in terms of section 72a(2)(ii) of the income-tax act, 1961, the specified authority hereby certifies that in the previous year relevant to the assessment year 1984-85 messrs kelvina,tor of india limited has taken adequate .....
Tag this Judgment!