Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)292ITR268(Chd.)
..... of any expenditure or allowance in connection with such income shall be allowed under any provision of this act in computing the income by way of any winnings from lotteries, crossword puzzles, races including horse races, card games and other games of any sort or from gambling or betting of any form or nature, whatsoever: provided that nothing contained in this sub-section shall apply in computing the income of an assessee, being the owner of horses maintained by him for running in horse races, from ..... the said principle was approved by the privy council in pondicherry rly. co. ..... 1964-65, 1965-66 and 1966-67 the appellant claimed exemption from income-tax under section 81(i)(d) of the it act, 1961, on the gross profits and gains of the business with its members. ..... three steps being taken for computing the special deduction permissible thereunder and arriving at the net income exigible to tax and the first two steps read together contain the legislative mandate as to how the total incomeof which the profits and gains attributable to the business of the specified industry forms a partof the concerned assessee is to be computed and according to the parenthetical clause, which contains the key words, the same is to be computed in accordance with the provisions of the act except section 80e and since in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2008)297ITR1(Chd.)
..... the hon'ble supreme court on the analysis of the above provisions of the act, held as under: reading the provisions of section 74(1)(b) and section 80 together, we agree with the submission advanced on behalf of the assessee that the benefit conferred under section 24 of the 1922 act continued to be given effect to under the 1961 act and notwithstanding the wording of section 80 of the later act, the high court was right in holding that the claim of set off was admissible. ..... it was held by the hon'ble supreme court that the assessee had complied with the provisions of the act for filing the return for assessment year 1957-58 and the failure to determine the loss was on the part of the assessing officer and, therefore, the assessee could not be penalized for inaction of the assessing officer.in the present case, the loss had been determined in respect of which there is no dispute. ..... for assessment year 1965-66, the assessee sought set off of the capital loss of rs. ..... on special leave, the hon'ble supreme court held that since set off was claimed in assessment year 1965-66, it was necessary to consider the provisions of sections 74 and 80. ..... in this case, the assessee had filed the return of income for assessment year 1965-66 corresponding to the previous year ending on 31.12.1964. ..... 3,10,200/- earned in assessment year 1965-66. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1993)45ITD85(Chd.)
..... sen [1965] 56 itr 198, that a circular issued by the board would be binding on all officers and persons employed in the execution of the act. ..... referred to me under section 255(4) of the income-tax act, 1961, for my opinion as the learned members of the chandigarh bench, who heard this appeal, could not agree on the conclusion and they referred the following point of difference of opinion to me : " whether, on the facts and in the circumstances of the case, depreciation should be allowed from the total income as computed by the income-tax officer in the assessment order for the assessment year 1988:89 made under section 143(3) on january 16, 1989, as held by the accountant member or should not ..... be allowed as a deduction therefrom as held by the judicial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)107ITD343(Chd.)
..... sethani mukand kanwar and ors.air 1965 sc 934, the dispute was whether transfer in favour of an auction purchaser for a consideration without notice of charge was protected under second part of section 100 of transfer of property act.it was held that in the light of provisions of section 2(d) of transfer of property act, providing that nothing herein contained shall be deemed to affect save as otherwise provided by section 57 and chapter iv of this act, auction purchase is "transfer" by operation of law or by any execution of a decree or order of a court ..... some gap is left which is relevant for the purpose of the explanation, in order to suppress the mischief and advance the object of the act, it can help or assist the court in interpreting the true purport or intendment of the enactment; (e) it cannot, however, take away a statutory right with which any person under a statute has been clothed or set at naught the working of an act by becoming a hindrance in the interpretation of the same.the contention advanced on behalf of the assessee that it is not necessary for the assessee to establish that any payment made by him .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1999)70ITD62(Chd.)
..... money, bullion, jewellery or other valuable article or thing and such money, bullion, jewellery or other valuable article or thing represents either wholly or partly income or property which has not been, or would not be, disclosed for the purpose of the act (referred to as the undisclosed income or property), then the dg/dd may conduct search and seize such money, bullion; jewellery or other valuable article or thing found as a result of such search. ..... cit (1993) 204 itr 580 (cal) for the proposition that the violation of principles of natural justice in the completion of an assessment will not lead to nullity of the entire proceedings and that such violation merely results in illegality or irregularity supervening the course of proceedings under the law but does not destroy the jurisdiction of the authority, if he had seisin at the initial stage when the proceedings arose and if the authority while acting had lawfully assumed jurisdiction to proceed to act.20. ..... he submitted that the decisions relied upon by learned counsel reported in (1965) 58 itr 100 (guj) and (1973) 89 itr 150 (all) (supra) are distinguishable on facts. ..... bai vina (1965) 58 itr 100 (guj) wherein it was observed that 'legal fictions are created only for a definite purpose and they are limited to the purpose for which they are created and should not be extended beyond their legitimate field'. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1999)71ITD73(Chd.)
..... court held that there was nothing in the language of section 2 of the government grants act, 1895, to restrict the meaning of the term 'other transfers' only to grant~ and other transfer akin to grants made by the government and for holding that the expression 'other transfers' will not cover other forms of transfer by the government for consideration it, therefore, held that the tribunal was right in holding that the assessees was entitled to deprecation on the assets transferred by the government; (ii) cit v. agarwal gudaku ..... of convenience: (i)in respect of any previous year relevant to the assessment year commencing on the ist day of april, 1988, the aggregate of the written down value of all the assets falling within the block of assets at the beginning of the previous year and adjusted,- (a) by the increase by the actual cost of any asset falling within that block, acquired during the previous year; and (b) by the reduction of the moneys payable in respect of any asset falling within that block, which is sold or discarded or demolished or destroyed during that previous ..... . cit (1965) 56 itr 1, while dealing with a loss resulting from embezzlement by an employee of a bank, observed as under:- "it is wrong to say that irrespective of other considerations, as soon as an embezzlement of the employer's funds takes place, whether the employer is aware or not of the embezzlement, there results a trading loss .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1984)9ITD76(Chd.)
..... under sub-section (2) of this section, the ito, if he is of the opinion that in the case of any person, his income is assessable under the act, the ito may, before the end of the relevant assessment year, issue a notice to him and serve the same upon him requiring him to furnish, within thirty days from the date of service of the notices, a return of his income, etc ..... he also held that the ito was justified in disallowing the carry forward of loss, as he did.thus, whereas the assessee-corporation laboured under the impression that the return filed by it on 12-3-1979 was in response to notice under section 148, dated 20-3-1978 and the ito did not say which of the two notices issued by him under section 148, he was availing of for raising the assessment, the commissioner (appeals) upheld the assessment on the strength of the notice under section 148 issued by the ito on 11-7-1977.10 ..... raman chettiar (1965) 55 itr 630 held that a return showing income below the taxable limit can be filed at any time before assessment and for this there is no limit of time ..... in this case, the assessee could have filed returns for the assessment years 1964-65 and 1965-66 at any time before 31-3-1969 and 31-3-1970, respectively, under section 139(4) ..... firm (1965) 56 itr 67.this doctrine will be applicable to find out whether when there was no provision of a statute, either party could bind itself or the other in any manner ..... (1965) 55 itr 741 that "in a taxing act one has to look merely at what is clearly .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2000)242ITR1(Chd.)
..... on a difference of opinion between the members constituting the division bench, the following point of difference has been referred to me by the hon'ble president acting under section 255(4) of the income-tax act, 1961 :- "whether, on the facts and in the circumstances of the case, the amounts of rs. ..... the assessee is a mechanical engineer by profession and he was working an assistant director with the council of scientific & industrial research (hereinafter referred to as csir), government of india, during the period april, 1965 to may, 1970 at their central mechanical engineering research institute (cmeri), durgapur. ..... briefly the facts relating to these two appeals are that the assessee shri chander mohan, who is a mechanical engineer by profession, was working as an assistant director with the council of scientific industrial research (csir), government of india, during april, 1965 to may, 1970 at their central mechanical engineering research institute (cmeri), durgapur. ..... the assessee was employed with cmeri, durgapur from 1965-70. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2002)80ITD591(Chd.)
..... that the notice issued under the 1922 act was clashed by the hon'ble supreme court on the ground that same was barred by limitation but still their lordships of the hon'ble high court held that as on the date of the coming into effect of the 1961 act and the issue of the notice under section 148 of the said act, the earlier proceedings initiated under the 1922 act were ..... aside and it was not a case of one notice after the other being issued for reassessing escaped income, (ii) in the judgment reported in (1967) 63 itr 278 (sc) (supra), the notice issued under section 34 once again under the 1922 act was challenged on the ground that the earlier proceedings were pending but their lordships on the facts of the case held that the earlier proceedings had actually been terminated and did not continue ..... , 1965, of the ito on the note sheet was an order of disposal of the tax return filed by the trustees, it held that the return filed by the trustees on 2nd april, 1964, along with the refund application was one filed under section 139 of the act and was a valid return and as the refund ..... , settled law that unless and until one set of proceedings is disposed of or given the colour of finality, the ao is precluded in law from commencing further proceedings under section 148 where the earlier proceedings are with reference to a return pending and which has not been acted upon and applying the same to the present case, a notice already issued under section 148 which is still to be concluded .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88ITD557(Chd.)
..... be dealt with in accordance with the following provisions of this section, that is to say,- a) if the cost of the new asset is not less than the net consideration in respect of the original asset, the whole of such capital gain shall not be charged under section 45; b) if the cost of the new asset is less than the net consideration in respect of the original asset, so much of the capital gain as bears to the whole of the capital gain the same proportion as the cost of the new asset bears to the net consideration, shall not be charged ..... under section 45: provided that nothing contained in this sub-section shall apply where the assessee owns on the date of the transfer of the original asset, or purchases, within the period of one year after such date ..... is this income that is to say, the sum as reduced, or 10% of the owner's income, whichever is less, that can be taken in for assessment under section 16(3) of the act, for, according to the learned counsel, the sum so reduced or 10% of the total income of the owner, is, by virtue of the provisions contained in section 9, regarded as the annual value of the property, that is to say, the income that can be brought to tax. ..... case (1965) 58 .....
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