Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)12ITD577(Mum.)
..... would not justify the initiation of acquisition proceedings in the present case. the learned counsel submitted that the proceedings for acquisition of the property under chapter xx-a of the act was quasi-criminal proceeding, as has been held in cit v. smt. vimlaben bhagwandas patel [1979] 118 itr 134 (guj.)and cit v. amrit sports industries ..... furnish any worthwhile evidence in the matter.17. shri s.p. mehta, the learned counsel for the appellants, is justified in his submission that the iac has acted merely on suspicion and not on any valid material when he initiated the acquisition proceedings. he pointed out that the iac had relied on the location of the property ..... some material which would at least suggest or indicate a probable intention on the part of the appellants to evade their tax liabilities under the 1961 act or under the 1957 act. unfortunately, in the present case, the revenue has been unable to point out any such material to justify the initiation of action under section 269c .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)14ITD35(Mum.)
..... validity and legality of the assessment. 3. disallowance of surtax liability and the expenses disallowed under section 40a(5) of the income-tax act, 1961 ('the act').2. the assessee-company manufactures various tungsten carbide products such as tips, dyes, nibs, drill steels, cutters, etc. the assessee-company ..... that lifo method is not acceptable. however, this can be said to be an author's view but there is nothing in the act that lifo method is totally banned. j.batty has observed as under :--------------------------------------------------------------------------------method of pricing brief definition base of likely--------------------------------------------------------------------------------last in, first ..... could not be equated with completion of assessment. it was urged that sections 144a and 144b were introduced by the taxation laws (amendment) act, 1975, and they were not mutually exclusive and it was a common practice that both the said sections were resorted to simultaneously and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)4ITD409(Mum.)
..... nahar [1964] 51 itr 699 (cal.), rest house--ir v. trustees of roberts marine mansion 11 tc 425, feeding of persons and travellers--ilr 21 mad. 10, preservation of places of historical interest or natural beauty--in re. vierall [1916] 1 ch. 10077. in all these instances, we find that the beneficiary of the charity receives ..... supra). other instances coming under this head are those of gifts for rests houses--gordhan das v. chunilal ilr 30 all. 111, gifts for planting and rearing of trees for shade purpose--ramaswami v.aiyaswami air 1960 mad. 467, a stock exchange association to regulate and control trade in the interest of the community-- hyderabad stock exchange ..... decisions of the madras high court and various other cases. it was also claimed that the assessee was exempt under section 10(22) of the income-tax act, 1961 ('the act'), as the assessee ran an ashram where intensive training in education was imparted. the ito rejected the assessee's contentions. he held the trust as having .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1983)3ITD633(Mum.)
..... for prosecutions in a criminal court. a later amendment made it possible for the director of enforcement to deal with it. the respondent contended that since the act, as it stood at the time of alleged commission of offence, provided only for criminal prosecution in a criminal court, action of enforcement directorate is without ..... income-tax officer to reassess a person's income which has escaped assessment, though the time within which he could have so assessed had expired under the act before the amendment of 1959. it resuscitates barred claim. therefore, the same stringent rules of construction appropriate to a charging section shall also apply to such ..... the following important question which arises from the cross objection of the assessee: whether the provisions of section 144b which are introduced in the i.t. act, 1961 with effect from 1-1-1976 are applicable to all pending assessment proceedings or whether they are applicable only to the proceedings for assessment years 1976 .....
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