Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)32ITD628(Hyd.)
..... in the meanwhile, the government had passed an act called the levy sugar price equalisation fund act, 1976. ..... to this act a fund is to be established called the levy sugar price equalisation fund. ..... assessee-society was, for the purpose of levy sugar control order, placed in a particular zone under which the assessee could charge the minimum price fixed for that zone. ..... is claimed as a deduction because the fund act came into effect during the accounting year and according to the assessee there is a liability to transfer the excess collections made in the earlier sugar seasons and such transfer must be effected within one month of the fund act coming into force. ..... against the order of the high court holding that the levy sugar order would not be applicable for the seasons prior to 1972, the government had appealed to the supreme ..... high court had upheld the validity of the fund act by their decision delivered on 11-10-1976. ..... sugar mills which had collected price over and above what was fixed in the respective zones have to make over such excess collections to the fund within 30 days of the commencement of the act. ..... 238 representing the excess collections of the 1976 sugar season.the high court has upheld the validity of this levy. ..... , appearing for the assessee, that the government had appealed against this part of the order to the supreme court and, therefore, the question whether the act would apply to the sugar seasons of 1968 to 1972 is very much alive. ..... srinivasa iyer [1984] 146 itr 526 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD1a(Hyd.)
..... above article, the government has got a right to issue directives and the corporation is bound to act upon them and in the case of 2% contribution to the price stabilisation/equalisation fund, the corporation has complied with the government directive and has in fact transferred the amount to the credit of the fund in its accounts from the year ending on 30-.6-1980 onwards up to and including the year ending on 30-6-1984 relevant to the assessment year 1985-86 which is under appeal before us. ..... with the approach and the conclusions arrived at by him on the following two aspects: (a) that the activities of the corporation are 'charitable' in nature within the meaning of section 2(15) of the income-tax act, 1961 (referred to as 'act' for brief) and (b) the amendment of clause 28 of the memorandum of association takes effect from 16-11-1981, the date of passing of special resolution de hors its approval by the company law board and registration with the registrar of companies on 2-1-1989 ..... 4,99,750, but at the annual general body meeting held on 28-6-1976, the consideration of the accounts by the shareholders was adjourned sine die and no dividend was declared. ..... inlndian sugar mills association's case (supra). ..... indian sugar mills association [1974] 97 itr 486. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)47ITD610(Hyd.)
..... provisions of the levy sugar price equalisation fund act, 1976, clearly imposed an obligation on the assessee to repay the money to the constituents whether the excess price was collected before or after the commencement of the act. ..... 34/84 promulgated on 20-11-1984 amending section 3 of the mrt act by substitution of the words "at such rate not exceeding 10 times" for the words "at such ..... of 1984 was replaced by andhra pradesh (mineral rights) tax (amendment) act, 1985 (act no. ..... supra) no particular purpose would be served by taking the said provision in assessment year 1984-85 while the assessee itself reversed the provision in assessment year 1985-86.48. ..... pending the decision of the supreme court for the assessment year 1984-85, the assessee claimed deduction in respect of the aforesaid liability as a statutory ..... the said amendment act also repealed the ..... writ petition was finally disposed of by the high court on 19-10-1984 allowing the assessee's writ as also the other batch of cases ..... for assessment year 1985-86, the assessee's accounting period ended on 30-6-1984 and for the said period, the assessee had collected the following amounts which were not remitted by it to government ..... therefore, during the year of account relevant to assessment year 1984-85, the excess realisation was not an amount which could be said to have come to the common till of ..... eligibility certificate was revised in proceedings no.2391/b/81, dated 16-3-1984 and the effective period was 3 years from 1-11-1981 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1998)65ITD17(Hyd.)
..... income, profits and gains chargeable to tax in the relevant year, could properly be deduced from the method of accounting followed by the assessee; (iii) the term "accrual" of income used in the companies act, as explained in the various accounting standards and as understood for the purposes of taxation laws in certain circumstances may have different meanings depending on the purpose of legislation, the context in which such expression has ..... in this regard the following accounting entries/disclosures should be made : (a) a separate lease equalisation account should be opened with a corresponding debit or credit to lease adjustment account, ..... it is just a formula and nothing more than that and it has no place within the scheme of it act.the learned cit(a) then examined the principle that tax can be levied only on the real income and not on hypothetical or notional income, although a book-keeping entry recognising such a hypothetical income has been made ..... uniform rate of interest charged not with reference to original amount of funds made available but in proportion to the outstanding balance from time ..... contract 8 years 96 months(from august, 1984, to july, 1992)monthly lease rental ..... ., are as under : rs.basic price of the machine 5,67,000customs duty 3,11,850total value of the machinery 8,78,850less : initial payment by the hirer to the owner 1,28,850amount financed by the owner 7,50,000add; finance charges @ 14 per cent for 4 years ..... by the company even after amendment of s. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)45ITD149(Hyd.)
..... low and the amount was part of the remuneration and not as ex gratia payment for services rendered, the amount of commission would have to be much in order to equalise the total amount and ensure fairly higher remuneration for its employees.the tribunal also found that in the light of business undertaken by the assessee-firm namely trade of dye stuffs ..... have been wrongly made and the income-tax officer may recompute the total income of the assessee for the previous year in which such liability was incurred and make the necessary amendment and the provisions of section 154 shall, so far as may be, apply thereto, the period o, lour years specified in sub-section (7) of that section being reckoned ..... are of the opinion that the ito was quite reasonable in coming to a conclusion from the material placed before him before issue of notice on 5-7-1984 that there is material which reasonably disclosed violation of section 40a(3) provisions.even otherwise we are thoroughly convinced that it is reasonable to expect that the ..... duly shown in the invoices and it was deducted from the price of the article sold and the sale account as well as the ..... had it been 154 proceedings there would have been no scope for the ito to levy penalty under section 271(1)(c) and the ito would not have got a leeway to go through the ..... was incorporated on 15-9-1976 under the companies act, 1956 and ..... made contributions to the ap welfare fund, west godavari district in return whereof, they ..... in diamond sugar mills ltd. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)32ITD342(Hyd.)
..... in respect of such accounts the assessee was obliged by another statute called the levy sugar price equalisation fund act, 1976 to deposit it with the government. ..... 3,50,591 was in respect of the earlier years to be credited to the levy sugar price equalisation fund in case the assessee lost the legal battle. ..... in the year 1969-70, the government had fixed the price of levy sugar at a level lower than what they had fixed for the prior year and against this order that company had filed appeals. ..... interim orders were passed by the high court allowing the assessee to sell levy sugar at a higher price but later the writ petition was dismissed. ..... they had also pointed out that item 30 in schedule 5 of the income-tax act, the entry covers processed including the processing fish and fish products. ..... this case arose from the attempt of the state government to levy central sales tax on the sale of sea food.under s. ..... the next ground is the claim for setting of the loss relation to the deccan sugar and abkari company limited under s. ..... the assessee-company has taken over the assets and liabilities of another limited company by name deccan sugar and abkari company limited. ..... 5(1) of the central sales tax act, sale or purchase of goods should be deemed to take place in the course of the export of the goods out of the territory of india only if the sale or purchase either occasions such export or is effected by a transfer of documents of title to the .....
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