Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)15ITD374(Coch.)
..... of the tribunal in the case of international computers indian mfr. ltd. v. ito [1983] 5 itd 60 wherein it is stated that section 33 of the income-tax act, 1961 laid down that in order to be entitled for a higher rate of development rebate the machinery should be installed for the purpose of business of production of the ..... immovable properties of rs. 1,49,960, claimed exemption of rs. 1,03,910 under section 5(1)(xxxii) of the wealth-tax act, 1957 ('the act') and offered the balance of rs. 46,050 as assessable to wealth-tax as under : building leased out to perinthalmanna rice & oil rs. mills, perinthalmanna 40,000.00 state warehousing corporation 35,000. ..... articles specified in the fifth schedule of the 1961 act and that no further condition that the assessee itself should own the business of producing the specified articles has been stipulated. it was held in that case that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)16ITD1a(Coch.)
..... on 20-1-1984 is illegal inasmuch as when the matter was restored to the ito to comply with the procedure under section 144b of the income-tax act, 1961 ('the act'), the ito should have assumed jurisdiction and forwarded a draft assessment order to the iac, instead of the iac assuming jurisdiction presuming that the old ..... at issue before the high court was whether the amount of rs. 75,073 represents income, profits and gains received in the relevant accounting year. the assessee relied upon a portion of the commentary on the indian income-tax act by a.c.sampath lyengar quoted in the judgment. the andhra pradesh high court held that ..... to be rejected. firstly, section 129 is as follows : whenever in respect of any proceeding under this act an income-tax authority ceases to exercise jurisdiction and is succeeded by another who has and exercises jurisdiction, the income-tax authority so succeeding may continue the proceeding from the stage at which the proceeding was left by his predecessor .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)19ITD552(Coch.)
..... be fulfilled, viz., (b) that the same must not have been allowed in computing the company's profits for the purposes of the indian income-tax act, 1922 or the income-tax act, 1961.4. in the impugned order of the commissioner (appeals) it was the definite contention of the assessee that the provision for gratuity should be taken ..... that in computing the chargeable profits of a previous year, the total income computed for that year under the income-tax act shall be adjusted as follows : 1. income, profits and gains and other sums falling within the following clauses shall be excluded from such total income, namely :- (a) any sum which during the previous year is ..... was already made. section 14 of the companies (profits) surtax act, clearly states that where as a result of any order made under section 154 of the income-tax act, it is necessary to recompute the chargeable profits determined in any assessment under this act, the ito may proceed to recompute the chargeable profits, and determine .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)16ITD677(Coch.)
..... 1. these are appeals against the orders of the commissioner made under section 263 of the income-tax act, 1961 ('the act') for the assessment years 1979-80 and 1980-81. the assessee claimed investment allowance under section 32a of the act which was allowed by the i to in the assessments made for the assessment years 1979-80 and 1980-81 ..... or produced by the assessee. hence, no investment allowance could be allowed. it only carries out repair work. he placed reliance on the decision in cit v. n.u.c. (p.) ltd. [1980] 126 itr 377 (bom.).3. we have considered the rival submissions. the assessee is engaged in running an automobile ..... of an article or thing. thus, the assessee is entitled to investment allowance. he placed reliance on the decisions in cit v. perfect liners [1983] 142 itr 654 (mad.) and singh engg. works (p.) ltd. v. cit [1979] 119 itr 891 (all.). the learned departmental representative strongly urged that no new article or thing is either manufactured .....
Tag this Judgment!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 : (1988)24ITD243(Coch.)
..... the reasons for the delay in registering the shares of the company. the income-tax officer examined him. thus the assessee has discharged the onus of proving the gift. in the revised return filed under the income-tax act as well as the wealth-tax act the income and wealth relating to the transferred shares were excluded. since the dividend warrants ..... on 25-10-1980 the board of directors resolved to register the shares in the names of the minors. the above evidence was placed before the income-tax officer. the income-tax officer did not accept the above evidence. he held that the assessee was the owner of 40,600 shares till the shares were actually registered in ..... companies act is a rule of evidence. he submitted that after the transfer application is filed it takes sufficient time for the company to register the shares. on account of the delay the genuineness of the transfer cannot be doubted. he also submitted that before any enquiry was made by the income-tax officer the gift-tax return .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)18ITD341(Coch.)
..... cent miss shobha had attained majority on 18-1-1975. form no.12, i.e., declaration under section 84(7) of the income-tax act, 1961 ('the act') for continuation of registration dated 1-6-1975 was filed in the income-tax office on 27-6-1975 for the assessment year 1975-76. a fresh deed of partnership was drawn up on 2-5-1975 wherein ..... in the absence of a fresh deed of partnership, registration cannot be granted is opposed to the decision of the allahabad high court in badri narain kashi prasad v. addl. cit [1978] 115 itr 858 (fb).5. the arguments of the departmental representative were to the following effect : clause 2 of the fresh deed of partnership dated 2-5- ..... 1975 and her rights as a minor continued up to that date.6. we have considered the rival submissions. sub-section (7) of section 30 of the indian partnership act, 1932 provides that if a minor admitted to the benefits of partnership, elects to become a partner after attaining majority, his share in the property and profits of 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 : (1986)19ITD9(Coch.)
..... appeals). the third ground taken by the assessee is regarding disallowance of a portion of the claim made by the assessee under section 35b of the income-tax act, 1961 ('the act'). the ground taken by the revenue in its appeal is that on the facts and in the circumstances of the case, the commissioner (appeals) erred ..... he contended that foreign awards have practically no value prior to the passing of the arbitration (protocol and convention) act, 1937. but after passing of the aforesaid act and the foreign awards (recognition and enforcement) act, 1961 the position has completely changed as, according to him, under section 4 of the foreign awards (recognition and ..... enforcement) act, a foreign award is enforceable in india as if an award made on a matter referred to arbitration .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)18ITD556(Coch.)
..... by the joint receivers is assessable at all for the assessment year 1979-80, (ii) whether proper machinery was provided in the income-tax act, 1961 ('the act') to bring to tax the income earned on the post-dissolution period of a firm, more particularly between the date of dissolution and the date of winding up of the firm. in any view of the ..... penalty.in kanga and palkhivala's law and practice of income-tax, seventh edn., vol. 1, the difference between section 44 of the 1922 act and section 189(3) of the 1961 act is explained as under : however, the tax payable referred to in sub-section (3) means the tax payable by the firm and not the tax assessed on the partners personally. if the dissolved firm is .....
Tag this Judgment!