Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)1ITD907(Chd.)
..... 40 per cent. however, the ito rejected this claim of the assessee on the ground that standard deduction provided under section 16(1) of the income-tax act, 1961 ("the act"), could only be allowed to the assessee because "the assessee is first and foremost a salaried person and all the relevant perks attached to his post are provided ..... corporation for earning the basic salary which he has himself shown as salary income but for earning the incentive bonus, which is neither covered by the payment of bonus act nor otherwise a part of salary as per conditions of employment, he has to put in efforts in propagating the virtues of insuring lives and securing business which ..... at 40 per cent claimed by the assessee.11. we have given very careful consideration to the rival submissions and the facts on record. chapter iv of the act deals with the computation of total income and in section 14 the heads of income are enumerated, salaries being the first. the connotation of salaries is provided in .....
Tag this Judgment!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 Cochin
Reported in : (1983)6ITD788(Coch.)
..... to section 2(1), the assessee-company cannot claim that the deposit made under the scheme is equivalent to payment of surcharge. even if the provisions of the finance act, 1976 are to be considered relevant, it is significant that the words 'in lieu of particularly emphasized by the assessee's learned counsel, appear only in clause (6 ..... on income-tax) scheme, 1976 ('the scheme') that the central government has framed in exercise of the powers conferred by clause (8) of section 2 of the finance act, where in paragraph 3 the expression 'in lieu of payment of surcharge' has been used. that section provided that a deposit in lieu of payment of surcharge on income- ..... is not equivalent to the other but one is in substitution of the other.therefore, he proceeded to amend the order by rectifying it under section 13 of the act. the assessee was, therefore, called upon to explain why the amount of surcharge allowed as a deduction in computing the chargeable profits, should not be withdrawn. the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)14ITD327(JP.)
..... . the value of the closing stock shown in this account is rs. 25,58,907. the ito has observed that proviso to section 145(1) of the income-tax act, 1961 ('the act') is applicable in the case of the assessee as held by the tribunal in the assessee's appeal [it appeal no. 946 (jp.) of 1979] for the assessment year ..... the expenses as relating to export instead of 50 per cent thereby directing the ito to modify the computation accordingly.the assessee claimed weighted deduction under section 35b of the act on expenditure aggregating to rs. 69,770 under various heads as detailed below :--------------------------------------------------------------------------------head of account amount of expenses amount in respect of debited under th which weighted deduc---------------------------------------------------------------------------------shop .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1982)2ITD600(Ahd.)
..... i.e., rs. 1,629, should be deducted under section 2(5), read with rule 2(i) of the first schedule, of the companies (profits) surtax act, 1964 ('the act'), for the purpose of computing the chargeable profits. the claim was that the deposit of rs. 22,100 under the aforesaid scheme was nothing but a payment of ..... during the financial year commencing on the 1st day of april, 1976, any deposit with the industrial development bank of india established under the industrial development bank of india act, 1964 (18 of 1964), under any such scheme as the central government may, by notification in the official gazette, frame in this behalf, then, the surcharge on ..... government under the companies deposits (surcharge of income-tax) scheme, 1976, clearly envisages deposits and not payments.as already pointed out, section 2(8) of the finance act, 1976, does not treat the amount of deposit as a payment towards the surcharge liability. it only provides for reduction of the surcharge liability to the extent of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1984)9ITD380(Ahd.)
..... thereto, will further the legislative intent in regard to the enlargement of the share of female heirs, qualitatively and quantitatively. the hindu law of inheritance (amendment) act, 1929, conferred heirship rights on the son's daughter, daughter's daughter and sister in all areas where the mitakshara law prevailed. section 3 of the ..... of section 171, members of the assessee-huf applied for recording a partial partition in respect of such properties which were already divided under the hindu succession act, but wanted recognition of such partition under section 171. he, therefore, submitted that once the properties of the assessee-huf were divided amongst its members by ..... for the assessee, the decision in the case of kalloomal tapeswari prasad (huf) (supra) shows that the claim for partition or partial partition under the act is quite different from such partition under the hindu law. a partition or partial partition even though valid one under the hindu law, would not automatically be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1984)9ITD600(Hyd.)
..... utensils, cattle farm house and agricultural land which were still held joint.the partial partition was recognised by the ito under section 171 of the income-tax act, 1961 ('the act') by his order dated 30-11-1974. the case of the assessee was that on 25-10-1971 there took place reconstitution in the firm of devatha ..... partition to females long became obsolete and the whole right of maintenance available to a hindu wife and unmarried daughters was codified under the hindu adoptions and maintenance act, 1956, according to the provisions of which, the maintenance right is personal right which can be enforced against the husband and it is within the discretion of ..... all such cases, when the partner represents as a trustee or karta or as a benamidar, either under express or implied agreement, section 64 of the income-tax act has no application. any contrary view will result in absurd results. therefore, where a person is a partner representing the hindu undivided family consisting of himself, his .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1985)13ITD219(Mum.)
..... .) where the tribunal held that the conversion of flat yarn into twisted yarn would amount to manufacture of a new article within the meaning of section 32 a of the act, in support of the contention that the assessee's business activity of converting the milk purchased from various sources into the brand product 'doodh amrut' amounted to manufacture or production ..... 1. this is an appeal filed by the assessee against the order of the commissioner, bombay, under section 263 of the income-tax act, 1961 ('the act').2. the assessee is a registered firm and the appeal relates to the assessment year 1978-79. we were given to understand at the time of hearing of the appeal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1985)14ITD208(Ahd.)
..... -tax returns for the year under appeal, the assessees claimed that on the aforesaid transaction, no capital gains was chargeable under section 45 of the income-tax act, 1961 ('the act') in the following terms : 2. i was having remainderman's interest in tulsidas hargovindas trust which i have sold to nishant trust on 29-12-1979 ..... time may have to be worked on a proper basis by cost accountants. (p. 434) it was further observed that unlike british and american taxation laws, indian act did not have in its contemplation that self-created assets like copyright, patents and goodwill should be subjected to capital gains arising on their transfer.this judgment was followed ..... element could be identified or envisaged. he further submitted that even assuming that the assessees had acquired the remainderman's interest under section 49(1)(iii)(d) of the act, since there was no 'last previous owner' of such an interest as contemplated in the explanation to sub-section (1) of section 49, its cost of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)15ITD312Indore
..... sharat chand jain and bipin chand jain. shri s.b. gupta also refers to us to an order dated 23-12-1983 under section 185 of the income-tax act, 1961 ('the act') in the case of devendra bros, to contend that the allocation of the shares having been made in the hands of the hufs, there was no point in ..... made no capital investment whatsoever in the partnership business which was to carry on the activity of buying and selling of real estate and flats in multistoreyed buildings and to act as commission and selling agents thereof. besides, we also significantly noticed that the huf of shri girdharilal jain continued to be intact and that when the partnership in question ..... returns filed having been accepted by the ito, even though on protective basis, had taken the assessments out of the scope of the provisions of section 246 of the act. according to him, a grievance could at the best be made by devendra chandra jain, sharat chand jain and bipin chand jain if the assessments of share incomes had .....
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