Court : Income Tax Appellate Tribunal ITAT Allahabad
Decided on : Dec-23-1993
Reported in : (1994)51ITD628(All.)
..... case. 6. the learned cit(a) also erred in holding that reasonable rate of interest payable to depositors/creditors covered by section 40a(2)(b) of the income-tax act, 1961 could be estimated at 20% per annum ignoring the following facts:- (a) that the other depositors/creditors were also paid interest @ 24% per annum which according ..... face value in order to give a fair and correct view of the appellanfs balance sheet as required for the purposes of report under section 44ab of the income-tax act, 1961; (d) that similarly the appellant also revalued its machinery to bring these assets to their correct valuation; (e) that since, the appellant commanded good reputation, ..... orders for all the years from assessment years 1984-85 to 1989-90 lay set aside either by cit (appeals) or by cit under section 263 of income-tax act, 1961. 3. without prejudice to above grounds, the learned cit (appeals) erred in holding that the credit entries of goodwill, revaluation of machinery and on account of .....
Tag this Judgment!Court : Customs Excise and Service Tax Appellate Tribunal CESTAT Delhi
Decided on : Sep-01-1993
Reported in : (1994)(71)ELT923TriDel
..... -1990 (48) e.l.t. 543 are as follows : "the words 'charged to nil rate of duty' appear to have a special significance. section 3 of the central excises & salt act is the charging section. thereunder, it is laid down that duty of such excise on all excisable goods shall be levied and collected at the rates set forth in the ..... show cause notice in so far as it relates to recovery of deemed credit beyond 9-8-1986 is barred by limitation under section 11a of the central excises & salt act. the adjudicating authority has rejected the plea of time bar on the ground that a show cause notice has been issued not under section 11a but under rule 57-1 ..... s.k. sharma, dr for the collector. the appellants who are engaged in the manufacture of steel castings/ingots falling under heading 73.07/72.06 of central excise tariff act, 1985 on 11-4-1986 filed a declaration as required under rule 57g of central excise rules, 1944 in which they declared inputs namely cast iron duplex, ferro manganese, ferro .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Jul-30-1993
Reported in : (1994)48ITD11(JP.)
..... produced the vouchers bearing the signatures of the depositors and the books of account having been maintained in the regular course of business, section 34 of the indian evidence act supported the genuineness of these entries. he submitted that so far as the assessee was concerned, since he had received the money through chiranjilal choudhary, who had informed ..... the hon'ble high court.6. the id. counsel also advanced an alternate argument to the effect that since additions had been made under section 68 of the it act, according to the language of that section that amount could be treated as income of the assessee for quantum purposes but not for imposition of penalty as held in ..... the creditor which the revenue could not prove to be false. hence the penalty cannot be sustained either under the main provisions of section 271 (1)(c) of the it act nor under explanation to section 271(1)(c) as it existed at the relevant time.17. the penalty under section 271(1)(c) sustained by the dc (appeals) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Aug-23-1993
Reported in : (1994)48ITD292(Hyd.)
..... that the provisions of section 35ab were intended to give special deduction as special incentive to persons who are already in business. this provision was introduced under finance act, 1985. memorandum explaining the provisions of the finance bill, 1985 are found given in 152 itr, and the relevant provision, namely section 35ab were explained at ..... the contracts themselves with the foreign buyers. the entire documentation thus established that this export business was done only by the assessee and the sister concern acted as an agent of the assessee. the other objection that the deduction under section 80hhc is not available where there is no profit from the export ..... evidence on record there also, the tribunal held that the entire documentation establish that the export business was done by the assessee and the sister concern acted as an agent of the assessee.another contention taken was that deduction under section 80hhc cannot be allowed when there are no profits earned in export business .....
Tag this Judgment!Court : Gujarat
Decided on : Jun-24-1993
Reported in : (1994)1GLR812
..... racket in arms and gun running to which, prima facie evidence shows that vedprakash is a party. according to respondent no. 2, the investigation of the offences under the arms act and sale of arms resorted to with a view to facilitating terrorist activities is on way. therefore, it was absolutely necessary to resort to extensive interrogation of vedprakash and, therefore ..... taken away by the police and as it was not known where he had been taken away and as the efforts to trace him proved futile, his wife smt. jayamala, acting on his behalf, filed an application for issuance of a writ to direct the respondents to produce shri bhim singh before the court and to declare his detention illegal, and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Decided on : Aug-24-1993
Reported in : (1993)47ITD476(Delhi)
..... parties for payment of interest, commission and other charges, assessee would have normally reflected such charges separately in its books of account. had the five parties acted as mere agents to effect the purchase and sale on behalf of the assessee, the latter would have provided for purchase price and paid commission and other ..... purpose of explanation 2 to section 24(1) [corresponding provision section 43(5)]. the definition of "delivery" under section 2(2) of the sales of goods act which includes both actual and constructive or symbolic delivery has no bearing on the definition of speculative transaction in the nature. according to their lordships the words 'actual ..... the time of sale and as such the transactions would not fall within the meaning of definition of speculative transaction under section 43(5) of the income-tax act, 1961. in order to examine this claim of the assessee, assessing officer had required the former to establish the claim. in this connection, assessee relied .....
Tag this Judgment!Court : Company Law Board CLB
Decided on : Nov-30-1993
Reported in : (1995)83CompCas699
..... of a succession certificate does cover the impuged shares. in this connection; the petitioner has drawn our attention to the provisions of section 387 of the indian succession act which specifically states that even the decision of the succession court is no bar to the trial of the same question in any other court.in view of ..... clarified that the succession certificate was needed to facilitate establishment of petitioner's rights in various other claims. according to the advocate, under section 387 of the indian succession act, this will not be a bar to the transmission of shares.14. the advocate also drew our attention to the provisions of article 8(b) of the articles ..... that in relation to dealings in shares whether in respect of transfers or transmissions or in respect of sales in exercise of the lien the provisions of the companies act, 1956, and those in the memorandum and articles of association of the company should govern the matter. he also refuted the charge of pledge of shares as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Decided on : Jun-30-1993
Reported in : (1994)48ITD501(Hyd.)
..... filed for assessment year 1986-87.8. now let us consider what is meant by business. the definition of it is given under section 2(13) of the income-tax act. the definition is as follows: 'business' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.as per law discussed ..... be several factors justifying raising of such new plea in appeal, and each ease has to be considered on its own facts. if the aac is satisfied he would be acting within his jurisdiction in considering the question so raised in all its aspects. of course, while permitting the assessee to raise an additional ground, the aac should exercise his ..... in the absence of any claim made by the assessee before the ito regarding relief, he is not entitled to raise the question of exemption under section 84 of the act before the aac hearing appeal against the order of the ito. in that case the assessee had made no claim before the ito for exemption under section 84, no .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Dec-30-1993
Reported in : (1994)50ITD66(Ahd.)
..... and that the provisions of section 21(4) are applicable and the assessees are not entitled to any exemption/deductions as provided under section 5(1a) of the wt act is confirmed. ground no. 3 taken in all these appeals is, therefore, rejected.8. the learned counsel for the assessee, however, vehemently argued that the alternative ..... be separately computed and considered for deciding the question as to whether each one of them exceeds the taxable limits prescribed in the rate schedule of the wt act cannot be accepted as the provisions of section 21(4) clearly provides that in the case of a private discretionary trust where the shares of the beneficiaries ..... valuation can be taken into consideration for arriving at the conclusion as to whether the same exceeds the taxable limits prescribed in the rate schedule of the wt act of the respective years.13.9 the assessees have furnished various charts showing the computation of market value of entire trust property, value of the life interest .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Decided on : Oct-19-1993
Reported in : (1994)49ITD330(Ahd.)
..... (1)(c). according to the assessee's counsel, the replies given by the chief cit, new delhi constituted instructions as envisaged under section 119 of the act and binding on the assessing officer. arguing further, the assessee's representative submitted that the provisions of section 139(5) give liberty to any assessee/taxpayer ..... income. approval of the dy. cit central range, baroda was also obtained by the assessing officer as required under the relevant provisions of the income-tax act.4. being aggrieved with this imposition of penalty, first appeal was preferred before the appellate commissioner (a/c). in the first appeal, it was contended ..... assessing officer (ao) in order to find out truth or otherwise of the declared income commenced enquiry in accordance with the relevant provisions of the income-tax act. the assessing officer scrutinised cloth manufacturing account which showed huge losses as compared to the earlier years' result and, therefore, called upon the assessee to furnish .....
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