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!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1990)34ITD241(Delhi)
..... the business interests of the assessee company and its share holders would have been adversely affected. therefore, if by the arrangement in question, which has been actually acted upon, the assessee has taken over expenditure which it could incur in its own rights as well and thereby reducing the losses of the sister concerns and the ..... was contended by shri rajendra, the learned counsel for the revenue that this resolution was not registered with the registrar of companies under section 192 of the companies act. such a contention has never been raised by the authorities below and was raised for the first time during the course of arguments in the present appeal.whether ..... material when such evidence has been produced at this belated stage. it was also contended that the bottlers were independent companies and separate legal entities and the act of taking over their expenditure by the assessee so as to reduce their losses and to reduce the income of the assessee is a clear device to transfer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Madras
Reported in : (1990)35ITD61(Mad.)
..... in this connection, he further submitted that shri thanaseelan was the managing partner while the lady partners were dormant partners and had contributed the capital. as the act of the managing partner would be binding on all the partners, it does not lie in the mouth of the lady partners to express their total ignorance about ..... which imposes an obligation on partner thanaseelan to invididual partner smt. thangam and consult her about the business of the firm. section 11(2) of the partnership act provides that while mutual rights and duties of the partners may be determined by contract among themselves, such contract may also provide that a partner shall not ..... with reference to the conduct of other partners since such conduct may also amount to a contract to the contrary as envisaged in section 16 of the partnership act. moreover, the concept of mutual agency and implied authority of the partner cannot be extended to illicit transactions unless ratified by the other partners. the revenue .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1990)35ITD402(Hyd.)
..... therefore, the provisions of section 21(1a) are inapplicable. (ii) the valuation reports of the valuers appointed by the department under section 16a of the act are binding on the department and the same are not contested by the trustees. (iii) the matter of allowing appropriate discounts considering the nature of uncertainties ..... the ultimate beneficiaries assuming the death of the immediate beneficiary. it was submitted by sri palkhivala that the provisions of section 21(1) of the act are applicable for assessment of the ultimate beneficial interest 10. the settlor specified the names of their beneficiaries, their respective shares and also indicated the ..... filed the returns distributing the corpus amongst the ultimate beneficiaries assuming the death of the immediate beneficiaries. the provisions of section 21(1) of the act are, according to the learned counsel, applicable for assessment of the remaindermen interest of the ultimate beneficiaries. these 3 units of the principal fund were .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1990)35ITD172(JP.)
..... are closely related to each other and the transactions of purchases and sale of shares otherwise than for adequate consideration attracted the provisions of section 52(1) of the act. the ito's action in not applying these provisions and consequently allowing short-term capital loss to the extent of rs. 4,50,000 without working out the ..... he submitted that nowhere in these provisions or anywhere-else the ito was given powers to substitute fair market value at lower price than shown although according to the it act, a higher price could be substituted.he further submitted that in the instant case the seller of the shares are assessed to income-tax and wealth-tax and ..... the learned d/r is rejected.10. the objection regarding section 263 not being applicable in cases where assessment order was passed after directions under section 144b of the it act was not seriously pressed by the ld. counsel for the assessee and hence it is rejected. even otherwise we have, no doubt, in our mind that after .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1990)35ITD220(Ahd.)
..... no scope for dissecting the electrical system into different component part for each of the rooms and working out depreciation under the proviso to section 32 (1) (ii) of the act accordingly. obviously such are not the facts in the case before us. as has been pointed out above each and every chair in a cinema theatre make an independent unit ..... rate of depreciation as contemplated under the act.6. coming to the merits of assessee's case the undisputed facts are that each of the 421 chairs cost less than rs. 750 to the assessee. the question is ..... is very essential. the chairs may thus be claimed to be in fact the tools of the assessee engaged in such business. the definition of plant as given under the act would, therefore, include the chairs used in a cinema theatre for carrying on the business of exhibition of films. that being so, the chairs would be entitled to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD443(Hyd.)
..... income under section 64(1) amounted to concealment. he accordingly initiated penalty proceedings under section 271(1)(c) of the act for the relevant assessment years. in response to the said notices the assessee stated that there was no concealment of income as he was labouring under a bona ..... included. the original assessments were completed on the basis of returns filed by the assessee without inclusion of wife's share income under section 64(1) of the act. subsequently the assessment was re-opened and in re-assessment, the income was included under section 64(1). according to income-tax officer, non-inclusion of ..... assessee, was partner in the firm shri mahalakshmi boiled rice & groundnut oil mill co., machilipatnam along with the assessee. vide prescription of section 64(1) of the act, the share income of the assessee's wife was includible in the assessment of the assessee. for the relevant asst. years income includible under section 64 was not .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1991)36ITD346(All.)
..... entire dealings were nothing but an adventure in the nature of trade. a little careful scrutiny of the entire facts will show that the whole argument is nothing but fallacious. act of an individual cannot be tagged with the action of the other individual. for the purpose of income-tax the individual assessees are independent and even if they belong to ..... wrong. he has further pointed out that it was nothing but an investment in gold bond and any profit out of the said transaction was exempt under the income-tax act and thereby the said amount could not be brought to tax. he has also pointed out various decisions of the tribunal of allahabad benches in which in similar circumstances the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1991)37ITD48(Hyd.)
..... legislature deems it to be retrospective in effect. no such provisions found in the explanation to section 132(4) as inserted by the direct taxes (amendment) act, 1987, with effect from 1-4-1989. therefore, the explanation cannot come to the rescue of the revenue, notwithstanding the preface "for the removal of doubts ..... itself, in its superior wisdom, has not used such an expression. addressing himself to the explanation to section 132(4) introduced by direct tax laws (amendment) act, 1987, sri ratnakar submitted that doubts were removed only prospectively but not retrospectively. whenever the legislature wanted to have a retrospective intendment, it always chose to ..... were filed, did not object to the payment of commission (brokerage and discount) on grounds of violation of the provisions of section 294 of the companies act. (e) there is trade practice of leading companies procuring orders for consumer products in the country through dealers and such dealers are never considered as sole- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Mumbai
Reported in : (1991)38ITD370(Mum.)
..... that the moneys were lent to the two debtor companies purely as a business proposition and that the same had become totally irrecoverable consequent upon the passing of the nationalisation act in the year 1974. he drew our specific attention to the position of law, as explained through cited decisions on pages 454 and 455 of the kanga & ..... the assessee, as per the assessee's books of accounts at the end of the relevant previous year. those two mills were nationalised by the sick textile undertakings (nationalisation) act, 1974. during the previous year relevant to this appeal. assessee, therefore, claimed that the said sum of rs. 37,11,433 due from these two mills was deductible ..... terms- ... the...it can afford no assistance to us in determining whether an amount which an assessee had to pay by virtue of the provisions of the act could be regarded as an expense incurred wholly and exclusively for the purpose of the business. the assessee was presumed to know the relevant provisions of the .....
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