Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1986)17ITD425Indore
Per Shri M. C. Agarwal, Judicial Member - There are two appeals, by the assessee against the levy of penalty under section 18(1) (a) of the Wealth-tax Act, 1957 (the Act) for the delayed filing of wealth-tax returns for the assessment years 1976-77 and 1977-78.2. The wealth-tax return for the assessment year 1976-77 was due on 30-7-1976 but was actually filed on 27-10-1979 and, there was thus, a delay of 38 months. The wealth-tax return for the assessment year 1977-78 was due on 30-7-1977 and was filed on 27-10-1979 and there was a delaty of 26 months. The WTO initiated penalty proceedings and in his reply the assessee stated that the return could not be filed in time as the assesse was sick being a chronic patient of heart trouble. This contention was not accepted by the learned WTO as the assessee did not produce any evidence to substantiate the allegation. The WTO levied a penalty of Rs. 2,560 and Rs. 1,110 respectively for the two years.Aggrieved, the assessee preferred appeals to...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1985)13ITD26Indore
1. This is an assessee's appeal for the assessment year 1978-79 and concerns the assessee's claim of exemption under Section 5(1)(iv) of the Wealth-tax Act, 1957 ('the Act'), in respect of a house. The assessee's claim for exemption has been negatived by the authorities below on the ground that the assessee is not the owner of the house in respect of which the claim is made.2. We have heard the learned counsel for the assessee and the learned departmental representative. The assessee purchased a house from the Madhya Pradesh Housing Board under an agreement dated 27-6-1977. The agreement is titled as a hire-purchase agreement. The Housing Board is described as the owner and the assessee as a hirer. Under the said agreement, the assessee made an initial deposit of Rs. 35,385.35 described as tenancy deposit and the balance of the price of the house was to be paid in monthly equated instalments during a period of 10 years commencing from 27-6-1977. For appreciation of the true nature of ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD886Indore
1. This is an assessee's appeal in respect of the assessment year 1977-78. The assessee-firm was carrying on business in the name of Ramsahai Nathulal. Its accounting year used to end on Diwali every year. It had three partners as under : According to the assessee, the firm was dissolved on 14-8-1976, i.e., in the middle of the accounting year, and a new firm came into existence with effect from 15-8-1976. By the dissolution, two partners, namely, Nathulal and Vimal Chand retired from the firm leaving the business exclusively to Ramsahai. However, from the very next day the two outgoing partners along with two new partners, namely, Paryagdutt and Thapubai joined Ramsahai and formed a new partnership that continued the business of the old firm. The old firm was being assessed as a registered firm and the assessee filed a declaration in Form No.12 for the continuation of registration. No fresh application for registration of the new firm was made. The deed of partnership in respect of t...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD735Indore
1. All these appeals raise a common question and will, therefore, be decided by this common order. The assessees in both these sets of appeals were represented by the same counsel, viz., Shri A.L. Jain, chartered accountant, and Shri B.B. Khare, advocate.2. Ghasiram Kaluram, the appellant in the first set of appeals, is a registered firm and was carrying on 'arhat' business at Daulatganj, Ujjain, for long before the assessment year 1976-77. The Madhya Pradesh Krishi Upaj Mandi Adhiniyam, 1972, provided the establishment of market areas and the constitution of mandi committees for their management.One of the objects of this legislation, as it was contended before us, was to protect the interests of the farmers by creating a machinery through which they got fair price for their produce without unauthorised deductions. In pursuance of the provisions of that Act, a mandi committee was constituted at Daulatganj, Ujjain, as well. It was contended that in order to give effect to the provisio...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD729Indore
1. This is an assessee's appeal arising out of the assessment for the assessment year 1978-79, the accounting year for which ended on 31-3-1978. Though in the memorandum of appeal grounds were taken challenging the ad hoc addition out of vehicle expenses and charging of interest under Sections 215 and 217(1A) of the Income-tax Act, 1961 ('the Act'), they were not pressed before us at the time of the hearing. The only ground remaining for our decision was that the assessment was barred by limitation.2. The return of income was filed by the assessee on 31-7-1978 declaring a total income of Rs. 3,23,904. The ITO wanted to make an addition exceeding Rs. 1,00,000 and, therefore, on 30-3-1981, he forwarded a draft of the assessment order to the assessee by registered post, which was served on the assessee on 1-4-1981. The assessee raised certain objections and after referring the matter to the IAC in terms of Section 144B of the Act, the assessment was finally completed on 25-8-1981 on a to...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1984)9ITD300Indore
1. This is an assessee's appeal against imposition of penalty under Section 271(1)(a) of the Income-tax Act, 1961 ('the Act'). The assessee is a registered firm and the assessment year in question is 1978-79.The assessee was bound to file its return on 30-6-1978, which it actually filed on 30-9-1978. The ITO levied a penalty of Rs. 1,300 for three months' default in the submission of the return as he was satisfied that the assessee had, without reasonable cause, failed to furnish the return within time. The assessee had actually not shown any cause for not filing the return in time and it had merely submitted that no penalty can be imposed on it as no tax was payable.2. The assessee appealed to the AAC. The only contention raised before the AAC was that, after adjusting the advance tax and the tax deducted at source, no tax was due from the assessee. On the other hand, the assessment resulted in refund and, therefore, no penalty could be levied. The learned AAC negatived this contenti...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)5ITD526Indore
1. The assessee is the owner of certain immovable properties and for the purpose of wealth-tax for the assessment year 1973-74, he had declared the value thereof at Rs. 1,40,000 based on an approved valuer's report. The WTO, however, took the value of Rs. 1,89,000. The property is rented out. The AAC has confirmed this valuation.2. Before us the assessee's counsel has argued that on the basis of calculation of net income at Rs. 8,008 the value shown by him, i.e., Rs. 1,40,000 is 17 1/2 times net income which is much more than multiple mentioned in the case of CIT v. Smt. Vimlaben Bhagwandas Patel [1979] 118 ITR 134 (Guj.), i.e., 8 1/3 times. Therefore, this value should be accepted. According to him the value taken by the WTO comes to 24 times the net income which is very high and unjustified. He has also relied upon the following authorities : (1) Jaswant Rai v. CWT [1977] 107 ITR 477 (Punj. & Har.). In this case relying on the Supreme Court judgment in the case of State of Keral...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)5ITD326Indore
1. This appeal has been filed by the department against the order dated 21-4-1982 of the AAC. The assessee is an individual. His status is resident and ordinarily resident. The assessment year with which we are concerned is 1976-77. The relevant previous year ended on 31-3-1977.2. The only ground in this appeal states that the ACC erred in holding that the salary income earned by the assessee in France could not even be included for rate purposes in his total income computed under the Income-tax Act. 1961 ('the Act').3. There is an agreement dated 26-3-1969 [See Taxmann"s Direct Taxes Circulars, Vol. 1, pp. 460-71] between India and France for the Avoidance of Double Taxation within the meaning of Section 90(b) of the Act. In accordance with article XIV thereof, the salary earned by the assessee in France cannot be taxed in India because he did not render the services in India. The question was as to whether his salary income earned in France could be included in his total income for ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)4ITD317Indore
1. This is an appeal by the assessee relating to the assessment year 1978-79. The assessee is an individual. For this year, return was filed declaring income of Rs. 9,490. The assessee derives income from salary.He has claimed deduction of Rs. 5,000 under Section 80U of the Tncome-tax Act, 1961 ('the Act'). A certificate in support of the claim from the registered Doctor was also filed. The learned ITO was of the view that permanent physical disability of the assessee has no effect of reducing substantially his capacity to engage him in gainful employment or occupation. Consequently, he disallowed the claim under Section 80U.2. The learned AAC was also of the view that the claim under Section 80U is not allowable. According to him, the assessee is serving with the Oriental Fire & General Insurance Co. for a number of years. His career was almost fixed with the organisation and he was getting his benefits from the company without any restrictions. The learned AAC also pointed out t...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1983)5ITD552Indore
1. These appeals relate to the assessment years 1978-79 and 1979-80. In both the matters the points in question are similar. So, all the appeals are being disposed of by a common consolidated order.2. Shri Vardhman Pukhraj filed returns declaring a total income of Rs. 10,090 and Rs. 10,440 in respect of the assessment years 1978-79 and 1979-80 respectively. The assessee is said to derive income from dalali in cloth textiles. He was also getting interest on deposits. The ITO required the assessee to produce evidence in support of his claim. The statement of the assessee was also recorded. The ITO, after considering all the evidence produced before him, was of the view that the evidence produced by the assessee was in the nature of self-serving document. He was of the view that the returned income really did not belong to the assessee in both the years. The ITO further pointed out that the assessments will not confer any rights on the assessee to utilise the income so assessed protectiv...
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