Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD156(Coch.)
..... the same, namely, whether the assessee is a trading company as defined in section 109(iia) of the income-tax act, 1961 ('the act'). for the purpose of levy of additional tax on the undistributed income of certain companies under section 104 of the act, the rate of levy is 37 per cent in the case of a trading company and only 25 ..... in should be a trader in the sense that he buys and sells the commodities in question. it is also pointed out that under the kerala general sales tax act the auctioneer is also included in the definition of a tea dealer. on behalf of the assessce, reliance is placed on the appellate orders for the assessment ..... years 1976-77 and 1977-78. it is submitted that the definition of the term 'dealer' given under the kerala general sales tax act and similar definitions contained in other sales tax enactments cannot be taken into account here because those definitions are specifically made for the purpose of those enactments.6. we have carefully considered those .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD759(Coch.)
..... passing this order, the aac was disposing of an appeal filed by the assessee against an order passed by the ito under section 154/155(10a) of the income-tax act, 1961 ('the act,), dated 14-6-1979.2. the assessee had sold certain immovable properties. this consisted of two pieces of lands and one residential house. we are not concerned ..... the lands are not used for agricultural purposes and as the appellant's lands are used for agricultural purposes, the appellant's capital gains are to be totally exempted from income-tax.reliance is placed in this regard in the ease of manubhai a. sheth v.n.d. nirgudkar, [1981] 128 itr 87 (bom.). we are, however, unable ..... were lands situated in the tirur municipality and used for agricultural purposes, the capital gains resulting from their sale would constitute agricultural income in the light of the supreme court decision in shantilal maneklal shah v. cit [1968] 68 itr 503. the assessment has been made on the strength of sub-clause (iii) of clause 14 of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)3ITD652(Coch.)
..... in respect of the assessment year 1979-80. the ground of appeal relates to the disallowance under section 37(3a) of the income-tax act, 1961 ('the act'). the question that falls for consideration is whether the assessee is entitled to a basic allowance of rs. 40,000 in the computation of the ..... ,000. this is how the provision in sub-section (3a) has to be understood.10. this position is also clear from the following illustration furnished in chaturvedi & pithisaria's income-tax rulings, vol. iii : 'a', a trader, spends an aggregate amount of rs. 1,00,000 on advertisement, etc., in the accounting year relevant to the assessment year ..... further appeal before the tribunal reiterating the claim. there is no controversy on the determination of the adjusted expenditure.sub-section (3a), inserted in section 37 by the finance act, 1978 with effect from 1-4-1979 provided thus : (3a) notwithstanding anything contained in sub-section (1) but without prejudice to the provisions of sub-section (3 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)4ITD381(Coch.)
..... admission of the minors to the benefits of partnership and the receipt of interest. therefore, according to the aac, the provisions of section 64(1)(iii) of the income-tax act, 1961 ('the act'), were applicable and he dismissed the appeal.3. before us, the assessee submitted that clause 7 of the partnership-deed dated 15-6-1970, which we have ..... of section 64(1)(iii).4. the learned departmental representative relied on the commentary in relation to the provisions of section 64(1)(iii) in chaturvedi and pithisaria's income-tax law, third edition, vol. 2 at pp. 1845 and 1846, where there is a full narration of the case law for supporting aggregation. he also submitted that ..... individual from the admission of the minor to the benefits of partnership in a firm ; the prerequisite for aggregation under section 64(1)(iii) is that the income should have arisen consequent on the admission of the minor to the benefits of partnership in the firm. interest received on loans given by a minor as contra .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD330(Coch.)
..... year 1980-81) is filed by the assessee submitting that the commissioner (appeals) was not justified in holding that the levy of interest under sections 139 and 215 of the income-tax act, 1961 ('the act'), could not be contested. similar is the plea in co. no. 75 (coch.) of 1982 which relates to the assessment year 1981-82. in co. no. 74 (coch ..... down in the board's circular f. no. 26/12/67-it(a-i), dated 15-11-1967, which is reproduced below, applied. (extract from chaturvedi and pithisaria's income-tax law, 2nd edition, vol. 3) : a question has been raised whether registration to a firm should be allowed in a case where minors have been admitted to the benefits ..... such subsequent assessment year, a declaration to that effect, in the prescribed form and verified in the prescribed manner, so, however, that where the income-tax officer is satisfied that the firm was prevented by sufficient cause from furnishing the declaration within the time so allowed, he may allow the firm to furnish the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD14(Coch.)
..... 17-11-1980 arises for the assessment year 1974-75. the grounds of appeal relate to the computation of capital gains and relief under section 80e of the income tax act, 1961 ('the act').2. the assessee is a partner of varma & varma, a registered firm of chartered accountants. during the accounting period relevant for the assessment year 1974- ..... , the high court held that the tribunal was correct in holding that the amount could not be subjected to capital gains tax. the high court observed thus : ...what is charged under section 45 of the income-tax act, 1961, is the 'profits or gains arising from the transfer of a capital asset'. in computing the 'profit and gain' in ..... accordance with the provisions of section 48 of the act, the cost of the acquisition of the capital asset and the cost of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)4ITD401(Coch.)
..... for securing advice regarding the dilution of the capital holdings. the assessee was a non-resident company and, therefore, the provisions of suction 29 of the foreign exchange regulation act, 1973 were applicable to it. the relevant provisions of this section, sub-sections (1) and (2) read as under : 29. restrictions on establishment of place of ..... the factual information has been obtained from the directors' report in the case of the commonwealth trust (india) ltd. for the period 1979-80.) in the case of cit v. gemini cashew sales corporation [1967] 65 itr 643, the supreme court has observed as under: ... a deduction which is proper and necessary for ascertaining the ..... account as a revenue outgoing....further, there are the observations of the supreme court relating to legal expenses in the case of dalmia jain & co. ltd. v. cit [1971] 81 itr 754 as under : the question for decision is whether the litigation expenses incurred by the assessee were for the purpose of creating, curing or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1983)5ITD343(Coch.)
..... agricultural purposes during the relevant accounting years. the income derived from the land by agricultural operations on it is agricultural income and not profits or gains of business or profession. agricultural income is defined in the income-tax act, 1961 ('the 1961 act') and is exempt from assessment under that act. agriculture is not thus an activity capable of ..... producing a profit which can be taxed in the hands of the owner ..... period which would be the previous year if an assessment of the profits and gains of such business or profession were to be made under the income-tax act for the assessment year; 4. shri venugopal c. govind, on behalf of the assessee, contended before us that the kaloor property of 5.40 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1984)9ITD529(Coch.)
..... the order of the wto rejecting the claim of the assessee for exemption under section 5(1)(iv) of the wealth-tax act, 1957 ('the act'). therefore, the common issue involved in these appeals is whether the assessee is entitled to exemption under section 5(1)(iv ..... section 2(e) equates assets with property which is left undefined in the wealth-tax act as well as in the transfer of property act, 1882. in the case of j.k. trust v. cit [1957] 32 itr 535, the supreme court observed that the word 'property' ..... assessee. in this connection it is to be considered whether life-interest is an asset in terms of section 2(e) of the act. according to section 2(e), " 'assets' includes property of every description, movable or immovable, but does not include the exempted ..... where the property transferred by an assessee to his wife was included in the wealth-tax assessment of the husband by reason of section 4(1)(a) of the act. similarly the karnataka high court has held that where the value of a house transferred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1984)9ITD112(Coch.)
..... are taken up together.2. in these appeals the question raised is whether the assessee is liable to penalties under section 271(1) (c) of the income-tax act, 1961 (the act) for the three assessment years in question. the assessee carries on the business of manufacture of handlooms. for these three assessment years, the assessee had filed the ..... by him was not correct and complete. relying on the decision of kerala high court in the case of cit v. haji p.mohammed [1981] 132 itr 623, the departmental representative submitted that even though the income is assessed on an estimate basis, the fact that certain receipts had been shown by that assessee, who was ..... a contractor, establishes concealment of income. it is also submitted that the calcutta high court confirmed a penalty in the case of rahmat development & engg. corpn. v. cit [1981] 130 itr 602 where the question was regarding a discrepancy in the cost of construction of .....
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