Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Feb-28-1986
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
Decided on : Nov-10-1986
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
Decided on : Dec-18-1986
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
Decided on : Mar-20-1986
Reported in : (1986)18ITD1a(Delhi)
..... affairs of the firm was situated wholly outside india. it has failed to discharge this onus. the normal presumption of section 6(2) of the income-tax act, 1961 ('the act') will, therefore, prevail and the assessee-firm will be assessable as 'resident'.9. the next controversy is with regard to the addition of rs. 75, ..... original assessments of the assessee were completed in the residential status of a non-resident. subsequently, the ito reopened the assessments under section 147(b) of the act on the ground that subharay mudaliar 's' the managing partner of the assessee, was in india during the relevant accounting period and had exercised de facto control ..... 'firm' and 'firm name'.-'partnership' is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all. persons who have entered into partnership with one another are called individually 'partners' and collectively 'a firm' and the name under which their business is carried .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : May-12-1986
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 .....
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