Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1984)8ITD67(Delhi)
..... 1968, as on that valuation date, the assessee was owning agricultural land and since agricultural land was not an asset within the meaning of the wealth-tax act, 1957 ('the act') the said asset cannot be included as wealth in the hands of the assessee while computing the assessee's net wealth for the purposes of its charge ..... of a notification of the above section, the land does not vest in the government. the land vests absolutely in the government under section 16 of the land acquisition act and the vesting is free from all encumbrances.16. section 16 deals with the topic 'taking possession' and deals with the power to take possession. it reads, ..... 'declaration of intended acquisition' and reads as under: 6. declaration that land is required for a public purpose.--(1) subject to the provisions of part v (i of this act, when the appropriate government is satisfied, after considering the report, if any, made under section 5a, sub-section (2), that any particular land is needed for a public .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)16ITD615(Delhi)
..... his order dated 9-12-1983, that on the facts and in the circumstances of the case the provisions of section 49(1)(iii) of the income-tax act, 1961 ('the act') were applicable to the case of the assessee for the assessment year 1980-81 and as such the capital gains of rs. 91,723 worked out by the ..... the assessee came to acquire the jewellery and recorded the historical background as noted supra in his impugned order dated 19-3-1983 made under section 143(3) of the act. according to the ito the assets acquired by the assessee, including the jewellery sold, were by succession, inheritance or devolution and attracted the provisions of section 49(1)( ..... that the family settlement was a device or artifice envisaged with an intent to defraud the revenue.12. the learned counsel for the assessee submitted that the hindu succession act does not apply to testamentary disposition, in this case, the court has recognised existence of the will and it was on that basis that the assessee received properties .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1986)18ITD373(Delhi)
..... it is thus evident that the net wealth chargeable to tax has escaped assessment to the extent of rs. 1,75,464. issue notice under section 17 of the act as under : the assessee challenged the correctness of the initiation of proceedings and pointed out that the information received from the audit could not be regarded as information in ..... indicate separately moieties a and b of the trust fund. the totality of the trust fund has been returned and, therefrom, exemption under section 5(1a) of the act to the extent of rs. 1,50,000 has been claimed, with regard to the value of the shares. assessment as noted earlier was completed accepting the above returned ..... the case of parag dalmia family trust. subsequently these assessments were reopened by the wto in terms of clause (b) of sub- section (1) of section 17 of the act and reassessments were completed by the wto on the following wealth : by invoking the provisions of sub- section (4) of section 21. the assessee appealed against the aforesaid .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD273(Delhi)
..... smt. shashi goswami was having a share of more than 20 per cent, she would be having substantial interest and provisions of section 40a(2)of the income-tax act, 1961 ('the act') would be applicable. in this connection, he referred to the provisions of section 40a(2)(b)(iv) and (v). he pointed out that the trust from which the ..... the case of mehta parikh & co. ltd. v. cit [1980] 124 itr 448. that was a case where the question considered was the provisions of section 40(c) of the act. their lordships observed : ....however, it must be borne in mind that the whole approach of the revenue authorities should be from the point of view of commercial exigencies and commercial ..... trustee being a member of an aop is also not appropriate as the trustees cannot be considered as an aop within the meaning of that term as interpreted under the act. we have already referred to the decision of the supreme court in the case of indira balkrishna (supra). we cannot also ignore the provisions of the indian trust .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1987)20ITD643(Delhi)
..... plot no. 56, block no. 10, golf links, new delhi, which has been ordered to be acquired under section 269f of the income-tax act, 1961 ('the act').2. we have heard the learned counsel for the appellants and the learned departmental representative and have perused the material placed before us.3. shri ..... 63.2 per cent of the apparent consideration, the learned competent authority felt satisfied that the conditions for initiating proceedings for acquisition under section 269c of the act existed. he, therefore, recorded his reasons on 14-5-1985 and initiated proceedings for acquisition by getting the requisite notification published in extraordinary gazette dated ..... the inspector's report would show that his report is nothing but a mathematical exercise based on certain assumptions. although proceedings for acquisition under the act are of a quasi-criminal nature and expose the parties to very serious consequences, the learned competent authority has not bothered to improve upon the inspector .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)25ITD136(Delhi)
..... mm or must be deemed to have claimed some expenditure and, therefore, a portion of it would be disallowed by applying the restrictive provisions of the income-tax act all because the assessee-eompany received some reimburse - ment of the expenditure incurred. this, in my opinion, is not the correct appreciation of the situation. ..... a period not exceeding five years) any immovable property in india without obtaining prior permission of the reserve bank of india under section 31 of the foreign exchange regulation act, 1973. (vi) the liaison office in india will furnish to us (in duplicate on a yearly basis) the following particulars/documents : (a) a certificate ..... a period not exceeding five years) any immovable property in india without obtaining prior permission of the reserve bank of india under section 31 of the foreign exchange regulation act, 1973. (vi) the liaison office in india will furnish to us (in duplicate on a yearly basis) the following particulars/documents : (a) a certificate .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1988)27ITD519(Delhi)
..... would be governed by the aforesaid contract and not under the carriers act, 1865. that is what the arbitrator has also held. therefore, according to us, the liability of the assessee to pay compensation to m/s. green roadways ltd ..... owners. the owners themselves did not put in claims against the assessee-company. so there is, in fact, no claim against the assessee-company under the carriers act, 1865.9. so far as the assessee-company and green roadways ltd. are concerned, they were having their independent contract and, therefore, their relations inter se ..... assessee and that the claim in question was by green roadways ltd. the owners were claiming compensation from green roadways ltd. who were liable under the carriers act, 1865. the liability between the assessee and m/s. green roadways ltd. was by virtue of a contract and such contractual liability would crystallise only when .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1992)41ITD147(Delhi)
..... business purposes, the allowance of depreciation should also have been withdrawn by the commissioner of income-tax by invoking his powers under section 263 of the income-tax act. this was not attempted. it, therefore, follows that the building was used for business purposes, although the business conducted during the year was on a very ..... of passing the assessment order and that material could not be taken into consideration by the commissioner for invoking his jurisdiction under section 25 of the wealth-tax act. the income-tax assessment order having been passed on january 14, 1987, as against the wealth-tax assessment order made on march 31, 1986, the income ..... . the wealth-tax assessment order, in these circumstances, was considered erroneous and also prejudicial to the interests of the revenue. notice under section 25 of the act was served on the assessee and in reply it is seen to have been submitted that the two companies were having their offices earlier in hotel claridges, new .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)32ITD616(Delhi)
..... held that, (a) salary and remuneration paid to dr. jagjit singh and his relative employees were in excess of the limits prescribed in section 13 of the act; (b) that the commission paid to miss molijit singh and miss erajit singh, daughters of dr.jagjit singh for services rendered to the society were also disallowable ..... the assessee was allowed exemption under section 11 and total income computed at nil. subsequently, the cit, delhi-vi exercising his powers under section 263(1) of the act issued a notice by raising the following issues:- (i) applicability of section 13(l)(c) as regards payment of rs. 1,24,692 as remuneration and other ..... business.3. to understand and adjudicate the issues some history must necessarily be stated and which is, that the assessee is a society registered under the societies registration act, 1960 under registration no. 4237 dated 14-8-1969. the society took over the assets, properties and engagements of the then unregistered institute known as "the institute .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD58(Delhi)
..... way of deduction of tax at source. the explanation to section 194a as inserted by the finance act, 1987 with effect from 1-6-1987 is in the following terms:- explanation: for the purposes of this section, where any income by way of interest as aforesaid ..... of pnb finance & industries ltd. (supra) was slightly different. there the high court was considering the question of attractability of prosecution under section 276b of the income-tax act, and conviction under section 409 of the indian penal code (criminal breach of trust) on account of failure to deposit with the government the amount retained by a person by ..... however, the income-tax officer found that the assesseehad not deducted tax on the amount of interest credited on various dates in terms of section 194a of the income-tax act, 1961, the details thereof being as follows:- year due on the said loan1981-82 rs. 19,67,333 rs. 2,48,320 what the assessee did for all .....
Tag this Judgment!