Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD463(Delhi)
..... 9,200 which had escaped assessment in the original assessments of the assessee. in order to assess the said interest income, proceedings were initiated under section 147 of the income-tax act, 1961 ('the act') and reassessments were completed including the income of rs. 920 in each of these three years. the assessee's appeals to the aac failed.accordingly, the assessee ..... gone through the order of the tribunal and also perused the evidence produced. the evidence that was now produced before us was the same as led before the income-tax officer for the earlier year considering which, the tribunal reached the conclusion to which it did. as there is no improvement in the evidence and as this ..... through the entire record. the point at issue in this case, at first, arose in the assessment year 1966-67. the tribunal upheld the action of the income-tax authorities in treating the speculative profit of rs. 9,200 as profit belonging to shri nar hari dalmia. the facts on which the tribunal came to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD346(Delhi)
..... been held by majority of the lordships of the allahabad high court in this case as follows : section 187 of the income-tax act, 1961, applies only where a firm is reconstituted in accordance with sections 31 and 32 of the indian partnership act namely, when a new partner is taken or an existing partner retires with the consent of all the partners or without ..... into existence on the dissolution of the old partnership and on the execution of a new deed of partnership dated 1-11-1973 and that section 187(2) of the income-tax act, 1961 ('the act') was not attracted as it was a case of succession of one firm by another and section 188 of the ..... after dissolution one or more partners continue, the same business as before by a fresh agreement with one or more new partners. there is no conflict between the partnership act and the income-tax act regarding this aspect. therefore, when a partner dies and the firm is dissolved, though it can be said that he ceases to be a partner, it cannot be said .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)8ITD414(Delhi)
..... of india as it came to be called after independence including the indian penal code and the taxation laws. that is why he filed his returns of income under the indian income-tax act, 1922, and, thereafter under income-tax act, 1961. therefore, the first question which arises for consideration is as to the nature of the status of the ruler after the merger. when the king became ..... their lordships of the federal court in the case of a.h.wadia (supra), he submitted that the trading activity of ruler of the gwalior was taxed only under the government trading taxation act and the indian income-tax act, 1922, was not applicable. in respect of a judgment of their lordships of the calcutta high court in the case of maharaja bikram kishore of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)3ITD693(Delhi)
..... appeals on the additional ground of appeal between different benches of the tribunal, the case was referred by the president under section 255(3) of the income-tax act, 1961, to the special bench consisting of three members for deciding the point at issue.2. there were five interveners who were represented by the counsel and ..... a property would fetch, if sold in the open market, on the valuation date.16. the learned departmental representative further contended that section 144b of the income-tax act was also a procedural section but it could not be given retrospective effect in all proceedings pending when the said section came into force so as to ..... rule 1bb was applicable to the valuation officer, the whole institution of the valuation officers in the income-tax department would become redundant.15. the learned departmental representative then contended that section 7(4) of the wealth-tax act applies to self-occupied properties and it excludes the operation of rule 1bb to such properties. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1982)1ITD132(Delhi)
..... not based on materials on record.the assessments in these cases were completed by the wto under section 16(3) of the act after full hearing and discussions. the details of the investment and the income from the property were all placed before the wto. he did not accept the returned net wealth and made enhancement accordingly for the ..... under section 25(2) and by applying the multiple suggested by the commissioner, the value of the property went down as compared to the value adopted by the wealth tax officer and therefore question of loss of revenue's interest did not arise.1. in these three appeals, the assessee challenged (he validity of the orders under section ..... proper inquiry and in accordance with law, the order is quite in order and liable to be sustained. reliance is placed on addl. cit v. mukur corporation [1978] 111 itr 312 and gee vee enterprises v. cit [1975] 99 itr 375.5. we have given our careful considerations to the rival submissions in the above cases, the main consideration .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)7ITD761(Delhi)
..... -third of the total value, i.e., rs. 27,500 and rs. 24,000 for 11 months under section 17(3) of the income-tax act, 1961 ('the act') read with rule 3 of the income-tax rules, 1962. the point made out by shri sharma was that the 'fair rental value' for determining the perquisite value of the rent-free ..... hands of an employee as 'salary' computed in the manner provided in sections 15, 16 and 17 of the act. section 15 mentions the income chargeable to income-tax under the head 'salaries'. section 16 allows certain deductions in computing the income from salaries. section 17(2)(i) provides that for the purposes of sections 15 and 16, 'perquisite' includes ..... accommodation in this case.14. an attempt was made by the learned departmental representative to distinguish these decisions of the supreme court by contending that tax under the act is on income, while the tax under the municipal laws is on property. in support of this submission, reliance was placed on the decision of the delhi bench 'a' in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1983)3ITD605(Delhi)
..... the assessee that once there is brought forward unabsorbed depreciation, such unabsorbed depreciation merges into the current year's depreciation in terms of section 32(2) of the income-tax act, 1961 ('the act') so much so that the entire depreciation whether brought forward or of current year is of one and the same quality. it is stated that if effect has ..... thus clearly distinguishable. 4. the last case cited is the gauhati high court decision in the case of cit v. singh transport co. [1980] 123 itr 698. the issue in ..... the other partners' income the court held that in such a situation the unset off depreciation revert back to the firm and becomes unabsorbed depreciation of the firm within the meaning of proviso (b) to section 10(2)(vi) of the 1922 act which is corresponding to the provisions of section 32(2) of the 1961 act. this case is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1982)1ITD757(Delhi)
..... government of india in the ministry of finance (department of revenue and insurance) no. so 2167 dated 28-5-1971 issued under sub-section (5) of section 33 of the income-tax act, 1961 ("the act"), development rebate will not be allowed in respect of ships acquired or machinery or plant installed after 31-5-1974. section 16 of the finance ..... act, 1974, however, provided that if the assessee furnishes evidence to the satisfaction of the ito that before 1-12-1973, he had purchased such machinery or plant or had entered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1982)1ITD977(Delhi)
..... me as third member, under section 255(4) of the income-tax act, 1961 ("the act"): whether, on the facts and in the circumstances of the case, the appellate assistant commissioner was justified in confirming the order of the income-tax officer reopening the case under section 147(a) of the income-tax act, 1961 for the assessment year 1958-59 2. the facts and material ..... was no omission or failure on the part of the asses-see to disclose fully and truly all material facts and that assumption that the assessee's income chargeable to tax for the assessment year 1958-59 has escaped assessment is wholly untenable on facts and on law. in support of these contentions, he submitted that what ..... the assessee received from the suppliers, as a result of the settlement dated 17-5-1961, was not a reduction in price of machinery, but was compensation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1982)1ITD771(Delhi)
..... opinion between the members of the delhi bench 'b' who heard this appeal, the following question has been referred to me as third member under section 255(4) of the income-tax act, 1961 ("the act"). whether, on the facts and in the circumstances of the case, the amount of rs. 900 received by the assessee as city compensatory allowance can be assessed as ..... at the time of original assessment, was allowable under section 16(v) of the income-tax act ; and b. accepting the assessee's claim that the said deduction/exemption was allowable under section 154 of the income-tax act and thereby directing the income-tax officer to exclude the same from the taxable income of the assessee.on behalf of the revenue, it was pointed out that non-allowance .....
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