Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)4ITD475(Delhi)
..... justified between the learned members who heard the appeals originally, the points of difference were initially referred by the president to himself under section 255(4) of the income-tax act, 1961 ('the act'), for hearing on the aforesaid points.2. at the time of hearing, however, the assessee's counsel as well as the senior departmental representative raised preliminary ..... doubt, the bombay high court has, in the case of pokhraj hirachand v. cit [1963] 49 itr 293, held that though the powers of the tribunal in dealing with an appeal under section 33 of the 1922 act, corresponding to section 254 of the 1961 act, are very wide, they are not absolute and have further held in that case ..... is a distinct assessable entity. section 3 of the indian it act, 1922, treats it as such, and the entire process of computation of the income of a firm proceeds on the basis that it is a distinct assessable entity. in that respect it is distinct even from its partners: cit v. a.w. figgies & co. [1953] 24 itr .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD440(Delhi)
..... under consideration, the stand of the assessee was that its income was exempt under section 10 (20 a) of the income-tax act, 1961 ('the act'), inasmuch as the assessec-udyog was an authority constituted by or under the up panchayat raj act, 1947 ('the 1947 act') and its income being for the purposes of planning and development of gaon ..... book filed by the assessee. on the strength of the aforesaid provisions, it was urged that the income in question of the assessee-udyog, which was constituted by or under the 1947 act enacted for the purpose of planned development of the villages of the gaon sabhas who are the members thereof ..... , was exempt under section 10(20a). these arguments are controverted by the departmental representative, who has relied on the orders of the tax authorities.4. we have given consideration to the above arguments. section 10(20a) lays down that any income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD375(Delhi)
..... 1. this appeal relates to levy of additional tax under section 104 of the income-tax act, 1961 ('the act').2. the assessee is a private limited company. there is no dispute that the assessee has not declared the required percentage of dividend. the ito worked out the distributable income at rs. 2,48,222. this figure was disputed before the ..... expenditure is abrogated. accordingly we hold that the orders passed by the authorities below are unsustainable. it may be mentioned here that the supreme court in the case of cit v .gangadhar banerjee & co. (p.) ltd. [1965] 57 itr 176 has laid down the following dictum : ...the reasonableness or unreasonableness of the amount ..... factors while dealing with the provisions of section 104 as laid down by the judicial pronouncements. he particularly relied on the decision of the allahabad high court in cit v. jananamandal ltd. [1977] 106 itr 976.the learned departmental representative, on the other hand, pointed out that in view of the language of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)4ITD694(Delhi)
..... of an asset on which no depreciation is admissible, its book value; (c) in the case of closing stock, its value adopted for the purposes of assessment under the income-tax act, 1961, for the previous year relevant to the corresponding assessment year. (2) notwithstanding anything contained in sub-rule (1) where the market value of an asset exceeds its written ..... down value or its book value or the value adopted for purposes of assessment under the income-tax act, 1961, as the case may be, by more than 20 per cent, the value of that asset shall, for the purposes of rule 2a, be taken to be its ..... part thereof has been allowed as a deduction under clause (vii) of sub-section (1) of section 36 of the income-tax act, 1961, in computing the total income of the assessee for the relevant year for the purposes of assessment under that act, the amount of the debt as reduced by the deduction to be allowed; (b) in the case of goodwill .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD361(Delhi)
..... to the carry forward of unabsorbed depreciation in view of the provisions of section 43 4. the question whether the provisions of companies act should prevail or that the scheme under the income-tax act, 1961 ('the act'), in regard to carry forward of business loss and depreciation should prevail, is a matter on which there can be no easy ..... this light also we feel that the revenue was not right in disallowing the claim of the assessee.there were situations where the provisions of the companies act vis-a-vis, the income-tax act had been considered by the courts and we need refer only two decisions. in union of india v. india fisheries (p.) ltd. [1965] ..... advanced the following broad issues arise for consideration before us : 1. whether the provisions of the companies act, read with the order issued under section 396, is a special provision and, therefore, overrides the provisions of the income-tax act 2. whether the corporate veil should be pierced in order to find out the real person who is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD656(Delhi)
..... following question was referred to the hon'ble high court : whether, on the facts and in the circumstances of the case, the income-tax appellate tribunal was justified in holding that rules 1c and 1d introduced by the wealth-tax (amendment) rules, 1967, by notification dated 6-10-1967, do not have any retrospective effect and could not be applied for the ..... is right in holding that even if a debt has become barred by limitation, it is still permissible as a liability as per section 2(m) of the wealth-tax act especially when such a debt is not legally enforceable against the assessee and the creditors have no right to recover the money due through due progress of law 2. we ..... [1980] 125 itr 301, 320 (guj.), air 1975 sc 2260, 2262 (sic), shah bhojraj kuverji oil mills & ginning factory v. subhash chandra yograj sinha air 1961 sc 1596, air 1967 sc 996 (sic), air 1961 sc 1550 (sic), sadhu singh v. dharam dev air 1980 sc 1654, bal dosabi v. mathurdas govinddas air 1980 sc 1334 and air 1981 sc 998 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD521(Delhi)
..... [1956] 29 itr 717, 723 (sc).3. in our view, the objection raised by mr. wazir singh is devoid of any substance. section 255 of the income-tax act, 1961 ('the act') deals with the procedure to be followed by the tribunal. sub-section (1) of section 255 states that the powers and functions of the tribunal would be discharged by ..... restrain the respondent from taking any steps and/or giving effect to the provisions of section 17 of the finance (no. 2) act, 1980, insofar as the same purports to amend section 80j of the income-tax act with retrospective effect from 1st april, 1972; (b) to restrain respondent no. 7 while deciding appeals for the assessment years 1972-73 ..... respondent no. 6 while deciding appeals for the assessment year 1975-76 from acting in pursuant to or from giving effect to the provisions of section 17 of the finance (no. 2) act, 1980, insofar as the same purports to amend section 80j of the income-tax act with effect from 1st april, 1972, and from completing the said appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD492(Delhi)
..... completion of the assessment, the ito had issued notice to the assessee as to why penalty be not levied against it under section 271(1)(c) of the income-tax act, 1961 ('the act').3. after the cause was shown and the assessee was heard, the ito, vide his order dated 23-3-1979, was satisfied that the assessee had ..... should have been related to the income concealed. since at the original stage itself the penalty has been levied ..... the quantum of penalty was related to the income concealed. therefore, the contention of the appellant appears to be right. neither in the original order nor in the amended order the income-tax officer seems to have followed the provisions of law as they stood prior to the taxation laws (amendment) act, 1975. in appellant's case the penalty .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)5ITD572(Delhi)
..... pandit lila ram (huf) stands accepted by the ito assessing the said huf vide his order under section 171(3) of the income-tax act, 1961 dated 21-1-1975 and also by the wto assessing the said bigger huf in his assessment order for the assessment year 1971 ..... have been given in the fourth schedule. each one of the seven members has equal rights therein subject to the payment of income-tax, wealth-tax, penalty and interest liabilities of rs. 10,50,000 mentioned in para 8 above. it is expressly provided and declared, also ..... the assessment made by the wto was null and void in view of the provisions of section 20(1) of the wealth-tax act, 1957 ('the act'). the aac, however, held that the wto was not justified in adding back the said sum of rs. 2,74 ..... for the assessee, mr. mittal, who in support of his cross-objections urged that, in view of section 20(1), the wealth-tax assessment of the assessee-huf was void ab initio.5. we have given consideration to the above arguments. the existence of the bigger .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)6ITD150(Delhi)
..... a certain period, this can be considered as a perquisite in the hands of the assessee under the definition of perquisite in section 17(2)(iv) of the income-tax act, 1961 ('the act'). it says that the perquisite includes any sum paid by the employer in respect of any obligation which, but for such payment, would have been payable by the ..... the assessee that the foreign allowance and the project allowance paid to him was in the nature of dearness allowance as given in explanation 1 to rule 3 of the income-tax rules, 1962. under this rule, if the accommodation is furnished, 10 per cent of the salary due to a person during the period when the accommodation was ..... accommodation in iraq. the details of the furnishing were also determined in advance. one of the conditions of the service was that the income-tax payable in iraq was to be borne by the employee, while the indian income-tax, if any, accruing on and payable by him in india, during his tenure abroad, would be borne by ongc. after his .....
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