Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1987)22ITD62(Mad.)
..... of the wealth-tax officer. the supreme court in the case of volkart bros. (supra) observed that a mistake apparent on the record must be an obvious and patent mistake and not something which could be established by a long-drawn process of reasoning on points on which there may be conceivably two opinions. it also observed that ..... commissioner dated 10-1-1985. the common issue is whether the rectificatory orders passed by the wealth-tax officer under section 35 of the wealth-tax act, 1957 for the assessment years 1970-71 to 1978-79 excluding1 the estate duty liability completely from the net wealth already computed are justified in law or not.2. the facts of ..... shall be jointly and severally liable for whole of the estate duty. further the valuation of interest in coparcenary property ceasing on death is governed by provisions of section 39 and sub-section (3) thereof. the total value of all the properties must first be determined as if they belonged to the deceased and after allowing the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)40ITD390(Mad.)
..... all the other partners and mr. p.v. subba rao hereby releases any and for all claims, over m/s. dollar food corporation, its assets including goodwill, trade mark, patents, quotas, benefits of all contracts and all other rights on all licences including factories licences. shri p.v. subba rao hereby agrees and accepts to sign all the necessary documents ..... that in the interest of the firm the other partners were forced to get rid of the said venkata subba rao by paying him a "massive" compensation of rs. 1,39,900; and that, consequently, the said expenditure was incurred exclusively for the purpose of the assessee's business; and that by the same token the sum in question was ..... , tenth edition).as has been pointed out by the madras high court in the case of r.m.chidambaram pillai v. cit[1970] 771tr 494 (fb) that precisely is the legal position of a firm under the indian partnership act as well.23. in the case before us the assessee claims revenue deduction in respect of a sum of rs. 1 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1998)67ITD573(Chennai)
..... ao as well as the senior departmental representative regarding the understanding of the provisions of s. 158bg is wholly fallacious and erroneous.31. it is patently obvious that in order to enable the cit to grant his previous approval, the ao has to forward to the cit the entire record containing ..... content content1. 2. 3. 4. 5.----------------------------------------------------------------------- gms. cts.71. diamond necklace-double lined 1 no.47.0. 5.0. ----------------- ----------- purchased in april-may 1995 405.8 39.75. ----------------- -----------89. diamond watch with gold chain 1 65.0. 25.0. ----------------- -----------purchased in july-august, 1995 497.0. 25.0. ----------------- -----------grand total 902.8 ..... vs. dr. (miss) binapani dei air 1967 sc 1269 and later on again in the year 1970 in the case of a. k. kraipak (supra) as an essential part of any enquiry, function, act or process irrespective of its nature. this trend was further fortified by the supreme court in its .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1985)14ITD151(Mad.)
..... from the decision of the madras high court in cit v. k. rathnam nadar [1969]71 itr 433 and of the calcutta high court in cit v. chmilal prabhudas & co. [1970] 76 itr 566. in k. rathnam nadar's case (supra) (being a madras high court decision, the ratio is binding on us) dealing with the question of goodwill, the madras ..... documents to the individual purchasers. the transfer that was effected by the appellant was transfer of a capital asset as defined under section 2(47) of the income-tax act, 1961 ('the act') and not a piece of agricultural land. the property purchased on 11-2-1959 for rs. 30,000, when sold seven years later and that too only a ..... earlier, the general nature or character of the land is such that it can be regarded as agricultural land.... (p. 619) 7. in cwt v. narandas motilal [1971] 80 itr 39, the gujarat high court considered the question in the context of its earlier decision in rasiklal chimanlal nagri's case (supra) and held that the land was agricultural land. they .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1986)18ITD114(Mad.)
..... occasions. the first was the insertion of sub- section (1a) in section 32 by section 5 of the taxation laws (amendment) act, 1970. this provision authorises depreciation allowance on construction made after a particular date, viz., 31-3-1970. the second was the insertion of clause (vi) in sub- section (1) of section 32 by section 3 of the direct ..... prospective that otherwise they would have been retrospective. it could equally well be argued that apart from the specification of the periods, the taxation laws (amendment) act, 1970 and the finance (no. 2) act, 1980 also specified the dates on which they came into force, namely, 1-4-1971 and 1-4-1981 (by the finance ..... be retrospective in operation. it is clear from the ratio of this decision that this was clearly a procedural provision evolving a more convenient mode of collection of tax.39. the third case cited by shri swaminathan is the decision of the gujarat high court in the case of motilal ambaidas (supra). he has drawn our attention to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1992)43ITD550(Mad.)
..... on the footing that certain properties of the joint family including the temple properties were not included in the plaint schedules relating to the earlier partition suit -os 134 of 1970. the material prayers in the plaint were: (i) partition of a-schedule properties by metes and bounds as per the preliminary decree passed in os 134/70; (ii) ..... cannot lead to the conclusion that the assessee did not collect the advance rent for and on behalf of the members of the joint family who are tenants-in-common.39. mr. kalliath's arguments, as we see it, beg the question and hence do not advance the case of the assessee. let us look at the matter this way. ..... hearing the petitioners. the respondent will take into account the two decrees for partition in o.s. nos. 134 of 1970 and 284 of 1974, sub-court, ernakulam as also the impact of the kerala joint family system (abolition) act, 1975 in regard to the rights claimed by the petitioners. the respondent will also keep in mind that any action of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1997)63ITD336(Mad.)
..... in, nothing is to be implied. one can only look fairly at the language used in the statute.karnataka state financial corpn. v. cit [1988] 174 itr 206/39 taxman 117 (kar.), cit v. bharani pictures [1981] 129 itr 244/[1980] 3 taxman 478 (mad.) and smt. radhadevi mohatta v. cwt [1981] 129 itr 229 ..... not by mere notional quantification of depreciation, not supported by adjustments with the profit and loss account. according to the ld. counsel, no provision of the act authorises the assumption that depreciation not allowed shall be deemed to have been actually allowed, especially when the omission is significant in the light of legislative practice as ..... the regulation, promulgated the taxation laws (extension to union territories) (removal of difficulties) order no. 2 of 1970, clause 2 of which provided in the main part that in making any assessment under the income-tax act, 1961, all depreciation actually allowed under the local laws shall be taken into account in computing the written down .....
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