Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1985)14ITD224(Coch.)
..... not also require him to do so. we, therefore, uphold the order of the commissioner (appeals) on this point.8. the assessee claimed deduction under section 80j of the income-tax act, 1961 ('the act') on the capital employed in its business.according to the ito, the assessee's business consisted of catching offish, maintaining a cold storage, processing of fish and export and sale ..... leave the same commodity as end product it is pointed out that the question for consideration under section 5(3) of the central sales tax act was entirely different from that coming up for consideration under the income-tax act. the sales tax act, according to the learned counsel, does not require in fact any elaborate enquiry into the process of manufacture or production. on the contrary .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)15ITD33(Coch.)
..... the commissioner, trivandrum, dated 22-4-1983 under section 263 of the income-tax act, 1961 ('the act') and it pertains to the assessment year 1979-80. the learned commissioner felt that the assessment completed by the ito on 30-4-1981 under section 143(3) of the act was erroneous as well as prejudicial to the interests of the revenue ..... set aside. the learned counsel for the assessee brought to our notice the commentary in sampath iyengar's law of income-tax, seventh edn., vol.2, where the learned author while discussing the law under section 28 of the act, states as follows: ... this clause also lays down that the profits of each and every business carried on ..... coming to the conclusion that the disallowance under section 37(3a) should be made for each of the businesses carried on and not from out of the total income or aggregate sums, all expenditures on advertisement, publicity and sales promotion expenses of all the businesses put together. in this regard, we uphold the argument of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1985)14ITD421(Coch.)
..... turned down the assessee's claim. thus, by means of his assessment orders dated 17-4-1982 passed under section 143(3), read with section 144b, of the income-tax act, 1961 ('the act') the amount of rs. 41,86,349 is taken as part of the total of receipts of the assessee.3. against the assessment, thus framed by the ito ..... matter is the income. if income does not result at all, there cannot be a tax, even though in book-keeping, ..... of the supreme court is relevant, i.e., cit v. shoorji vallabhdas & co. [1962] 46 itr 144 in which it is held as follows : income-tax is a levy on income. though the income-tax act takes into account two points of time at which the liability to tax is attracted, viz., the accrual of the income or its receipt, yet the substance of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)15ITD116(Coch.)
..... submissions. admittedly, in the partnership deed dated 28-7-1977 the sharing of the loss by the partners has not been specified. under section 184 of the income-tax act, 1961, an application for registration in the prescribed form should be made to the ito evidencing the instrument of partnership and specifying the individual shares of the partners in ..... that the decision of the supreme court in mandyala govindu & co.'s case (supra) does not help the assessee ; whereas the decision of the kerala high court in cit v. best automobiles [1979] 117 itr 877 is against the assessee. once the sharing of the losses is not specified the assessee is not entitled for registration. with ..... the assessee has preferred these appeals. the learned counsel for the assessee relying on the decision of the supreme court in the case of mandyala govindu & co. v. cit [1976] 102 itr 1 submitted that it should be presumed that the losses will be borne in the same ratio of sharing the profits. he also urged that in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)15ITD165(Coch.)
..... ,92,500. then out of that he deducted the value of the residential house purchased amounting to rs. 1,56,666. thereafter he allowed deduction under section sot of the income-tax act, 1961 ('the act') amounting to rs. 15,521. thus, he determined the capital gains at rs. 31,560.2. before the aac it was contended that deduction under section 80t should be ..... submission. sections 45(1) and 48 of the act which are relevant for our purpose read as under: 45.(1) any profits or gains arising from the transfer of a capital asset effected in the previous year shall, save as otherwise provided in sections 53, 54, 54b, 54d, 54e and 54f be chargeable to income-tax under the head 'capital gains', and shall .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)17ITD159(Coch.)
..... shri t. venkatappa, judicial member - the assessment for the assessment year was originally completed under section 143(1) of the income-tax act, 1961 (the act) on 19-2-1975 determining the total income at rs. 15,450. the income returned by the assessee in the original assessment proceedings included capital gains amounting to rs. 7,954. subsequently, the assessment was ..... to form the belief that income chargeable to tax had escaped assessment for the relevant assessment year. thus, it was held that there was no question of the case of the assessee falling within ..... wholly extraneous or irrelevant. under clause (b) of section 147, the information had to be such as would lead the ito to believe that income chargeable to tax had escaped assessment. the information relating to the acquisition of bonus shares subsequent to 1-1-1954 could not possibly furnish any reason to the ito .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)17ITD37(Coch.)
..... - this is an appeal against the order of the commissioner dated 20-3-1984 passed under section 263 of the income-tax act, 1961 (the act) directing the ito to recompute the deduction under section 80hh and 80j of the act after excluding the premia on import entitlements, exports house premia and drawbacks and revise the assessment.2. the assessee is ..... a legal concept but something which a practical man would regard as a real source of income. [the assessee may have separate sources of income - see section 3(3) of the act.] all taxable income must necessarily have a definite source [see the law and practice of income-tax by kanga and palkhivala, p. 162. ] if that is the concept of the ..... it then follows that the tribunal was right an assessees claim for rebate under section 2(5) (a) (i) of the finance act, 1966. ..." (p. 830) it has been held therein that the income, profit or gain cannot be said to have been derived from an activity merely by reason of fact that the said activity may have .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)16ITD188(Coch.)
..... account, depreciation schedule, etc., have been filed by the assessee. the assessment was completed under section 144 of the income-tax act, 1961 ('the act') on an income of rs. 6,36,700 on 23-3-1981. the assessee filed a petition under section 146 of the act.this was allowed. the assessment was again made on 19-2-1983. during the relevant accounting year, apart from ..... . swadeshi cotton and flour mills (p.) ltd. [1964] 53 itr 134, the assessee claimed that under section 10(2)(x) of the indian income-tax act, 1922, it was entitled to the allowance in respect of the sum of rs. 1,08,325 which it had paid as bonus for the year 1947 in the ..... and supply to electricity board my sales turnover for the years 1973-74 to 1976-77 have substantially increased and as a result of which 1 have to file revised income-tax return with relevant profit and loss account for the year which i am enclosing herewith.as stated by the assessee before the commissioner (appeals), the additional amount attributable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1987)23ITD289(Coch.)
..... the business of the firm. the full bench of the kerala high court held that there was a transfer involved within the meaning of section 2(47) of the income-tax act, 1961. in the head-note of the full bench decision, it is noted as follows : when the business in the manufacture and sale of confectionery owned by the assessee ..... business of the firm. this was sufficient to attract section 2(47) of the income-tax act, 1961. as there was a transfer of a capital asset within the meaning of section 2(47) of the income-tax act, attracting section 34(3)(6) and section 155(5) of the act, the appellate tribunal was right in holding that the withdrawal under section 155(5 ..... partner towards his share capital in a partnership firm in which he was a partner a transfer is involved within the meaning of section 2(47) of the income-tax act. their lordships of the gujarat high court exhaustively considered what type of rights a partner enjoys over the property which he had introduced into the firm and whether .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1986)16ITD428(Coch.)
..... further held that the amount of rs. 14,40,000 deposited on 2-1-1978 will not be available for giving exemption under section 54e(1) of the income-tax act, 1961 ('the act'). the only amount that was deposited during the stipulated time was rs. 2,50,000 deposited on 23-12-1977 and, therefore, the ito held that the ..... within the meaning of section 18(5) of the indian income-tax act, 1922 ('the 1922 act') notwithstanding his equitable right to the dividend on such shares and is not, therefore, entitled to have this dividend income grossed up under section 16(2) of the . 1922 act by the addition of the income-tax paid by the company in respect of those shares, and ..... claim credit for the tax deducted at source, under section 18(5) of the 1922 act corresponding to section 199 of the 1961 act.15. there is a decision of .....
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