Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1992)42ITD427(Coch.)
..... whose domicile at the time of death is indian domicile. this section does not speak of the mode of acquisition of domicile or the losing domicile by the act of law. it speaks only about a person whose "domicile" is finally decided.12. the learned senior departmental representative also relied on the decision in rm. ..... senior departmental representative vehemently contended that a vital point was not considered by the learned first appellate authority in the proper perspective. section 15 of the indian succession act deals with "domicile acquired by a woman on her marriage" and section 16 deals with "wife's domicile during marriage".these relevant sections are reproduced below: 15 ..... negative the contention of the accountable person, in fact, support the case of the accountable person. in the above case, their lordships described the indian succession act as allowing a person to have his/her domicile at the time of death and succession to immovable property shall be regulated by the law of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1992)43ITD659(Nag.)
..... output generated from those assets. by the new scheme relating to investment deposit account along with the proposed high depreciation rates which were provided by the finance act, 1986 and brought in by the income-tax amendment rules of 1987, the retained earnings and international resources generation of the company would improve. the new ..... undertakings, other than a small scale industrial undertaking, engaged in the manufacture or production of articles or things listed in the eleventh schedule to the income-tax act. in other words, the deduction is admissible to all the assessee who carry on eligible business or profession which as per section 32ab(2) means business ..... undertaking for the purposes only of business of construction, manufacture or production of any article or thing not specified in the eleventh schedule to the income-tax act. in the case of small scale industrial undertaking, this benefit is not denied even if such an undertaking produces a non-priority item listed in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT
Reported in : (1993)46ITD349(Bang.)
..... the state incentive scheme explained above. in that case, the subsidy received was adjusted by revenue authorities from the cost of the fixed assets under section 43(j) of the it act, 1961 pertaining to actual cost. though several cases were in appeal, the case of godavari plywoods ltd. (supra) was taken as a representative case and therefore, the andhra ..... specifically ruled out the case of the department, namely, the subsidy goes to reduce the actual cost of the assets in terms of section 43(1) of the it act, 1961. it is also clear from the aforesaid judgment that the so-called investment subsidy as differentiated and distinguished by the ito was duly considered by the andhra pradesh ..... , direct or indirect, with meeting a portion of the actual cost of any specific capital asset, it cannot be brought within the purview of section 43(1) of the act.10. the bombay high court in the case of cit v. elys plastics (p.) ltd. [1991] 188 itr 11 considered the cash subsidy granted under the schemes of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
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 : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1994)49ITD606(Delhi)
..... with the reasoning of authorities below that the assessee concealed the particulars of his income to the extent of rs. 61,000. the basis of charging the assessee with the act of concealment or for that matter with furnishing of inaccurate particulars of his income is the return. in the return filed by the assessee, he disclosed an income of ..... 5 to sections 271(1)(c) while dealing with a case of survey under section 133a since the said explanation is applicable only in proceedings under section 132 of the act. while the assessing officer rightly restrained himself from invoking explanation 5 to sections 271(1)(c) the learned cit(a) was absolutely in the wrong in doing so.8. ..... dated 29th july, 1991 of the learned cit (appeals) sustaining penalty of rs. 27,270 levied by the assessing officer under sections 271(1)(c) of the i.t. act, 1961.2. the relevant facts are that the assessee is an individual, engaged in cloth business in the name and style of m/s. pardesi emporium, prop.shri amir chand .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
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 : Income Tax Appellate Tribunal ITAT Ahmedabad
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 Cochin
Reported in : (1994)50ITD280(Coch.)
..... assessee for weighted deduction in respect of the expenditure incurred in connection with its exports in view of the provisions of section 35b(1a) introduced by the finance act, 1978. the cit (appeals) upheld the claim of the assessee for weighted deduction on the ground that the assessee is a small scale unit in the light ..... has upheld the claim of the assessee for weighted deduction in respect of export agency inspection fees and certifying charges under section 35b(1)(b)(vi) of the it act.accordingly we hold that the assessee is entitled to weighted deduction on these two expenses for the assessment year 1979-80. however, for the assessment year 1981 - ..... compelling the assessee to have a change in the system of accounting regularly followed by the assessee which is not permissible under the provisions of the income-tax act.5. shri abraham, the learned departmental representative submitted that no doubt there was an obligation on the part of the assessee to refund the incentive received in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Ahmedabad
Reported in : (1994)51ITD7(Ahd.)
..... produced a letter dated 11-5-1981 before the assessing officer. the said firm has given their sales-tax registration number, permanent account number allotted under the it act and has also confirmed the correctness of the transactions made with the assessee-company. the firm is an existing assessee. the purchases made by the assessee have ..... draft and the purchasers business interest would suffer due to non-availability of goods otherwise than from this particular seller. the other illustration is that the seller, acting as a commission agent, is required to pay cash in turn to persons from whom he had purchased the goods. few more instances of exceptional circumstances ..... sources. these observations of the hon'ble supreme court provide a valuable guidance and guideline for all the authorities working under the provisions of the income-tax act as to how the facts and circumstances of each payment should be examined and considered for the purpose of invoking the provisions of section 40a(3) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (1995)54ITD241(Delhi)
..... res judicata in the light of section 13 of the code of civil procedure, 1908, on when foreign judgments are not conclusive, section 41 of the evidence act, 1872 on relevancy of certain judgments in probate etc., jurisdiction, and article 5 of the constitution of india on citizenship at the commencement of the constitution, ..... . the original return was filed on the basis of valuation report obtained from the approved valuer. later on, the property was acquired under the land acquisition act. hence it was revised according to the compensation awarded by the special land acquisition officer. the accountable persons informed the assistant controller of estate duty that no ..... the government-approved valuer pertaining to the civil lines property and in regard to the disallowance of exemption under section 33(1)(ii) of the estate duty act were confirmed by the appellate controller of estate duty. hence the instant second appeal by the accountable persons before us.3. the learned counsel for the .....
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