Whether, on the facts and in the circumstances of the case, the Appellate Tribunal is right in law in upholding the orders of the Commissioner of Income-tax (Appeals) deleting the addition of Rs. 1,08,644 made in the assessment for the assessment year 1980-81, being the amount transferred to the ‘molasses storage fund’ from the sale proceeds of the molasses ?
Whether, on the facts and in the circumstances of the case, the Income-tax Appellate Tribunal was right in law in holding that two courses were open to the assessee, one being to claim depreciation and the other being forgo the depreciation and any course which is beneficial to the assessee could be adopted and the incidence of tax can be legitimately reduced
Section 147(b)-Scope of-Assessment year 1961-62-Reassessment-Interpretation and meaning of the word information-Material coming to the notice of the Income Tax Officer subsequent to original assessment-Meaning of the word Escape. Dissolution of Firm-Valuation of closing stoc- Principles-In continuing business closing stock to be valued at cost or market price which ever is lower-Where business is discontinued, the closing stock to be valued at market price.
It is evident from a reading of these two clauses that clause (iii) which permitted any amount paid by way of interest on a mortgage or other capital charge was deleted and clause (iv) was amended in such a manner as to make only that annual charge which is not voluntary or which does not amount to a capital charge alone deductible.
The petitioner is in the service of the Bank of Baroda. He purchased a flat in Suvarnadeep Co-operative Housing Society Limited (for short “Surnadeep”), Santacruz, Bombay, on March 21, 1973, for a sum of Rs. 49,140 for the purpose of his residence. He was residing in that flat On October 24, 1979, he sold the flat for Rs. 1,25,000
The decision in this case arose out of an order passed by the Tribunal which had condoned the delay in filing the appeal by the respondent. The Tribunal had condoned the delay on the ground that there was a decision of the Supreme Court on the controversy raised and because of the said decision the Assessee had found that it had good reason to prefer an appeal
A retrospective operation is not to be given to a statute, so as the impair existing right or obligation otherwise than as regards matter of procedure unless that effect cannot be avoided without doing violence to the language of the enactment.
An appeal by the State. against a decision enhancing compensation in respect of acquisition of lands for a public purpose, raising important questions as regards principles of valuation, was dismissed by the High Court as time barred, being four days beyond time, by rejecting an application for condonation of dalay. The State appealed to this Court by special leave.Allowing the appeal,
1. By this petition filed under Article 226 of the Constitution of India, the petitioners are challenging the legality of the order dated June 1, 1985 passed by respondent No. 1. The petitioner No. 1 is a company carrying on business of manufacturing polyester filament yarn of the type known as Partially Oriented Yarn (“POY”)
Hon’ble Kerala High Court in the case of CIT v. M. George & Bros. [1986] 160 ITR 511 held that where the assessee for one reason or the other agrees or surrenders certain amounts for assessment, the imposition of penalty solely on the basis of the surrender will not be well-founded.
