AI Drafter 
TaxTMI 
TaxTMI 
2020 (3) TMI 582
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.... for respondent no. 1. 2. The Appellate Tribunal vide its order dated 25.07.1979 referred the following questions for the opinion of this Court in terms of Section 27(1) of the Wealth Tax Act, 1957 (said Act): 1) Whether on the facts and in the circumstances of the case, the Tribunal was right in upholding the valuation of the shares held by the assessee in Sociedade De Fomento Industrial Private Limited as made by the Appellate Assistant Commissioner ? 2) Whether on the facts and in the circumstances of the case, the Tribunal was justified in law in confirming the inclusion in the net wealth of the assessee the amount due to the assessee by certain parties in Portugal ? 3) Whether on the facts and in the circu....
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....eals for the assessment years 1967-68 and 1968-69. 5. Mr. Kantak, the learned Senior Advocate then pointed out that the Appellate Tribunal, in the present case, in its judgment and order dated 08.02.1977 had in fact relied upon the aforesaid decision of the Tribunal, Pune Bench and stated that it finds itself in complete agreement, both, with the view that the Tribunal, Pune Bench has expressed and with the decision that is given on this issue. Thereafter, however, by the impugned order, the Appellate Tribunal proceeded to dismiss all the Appeals. 6. Mr. Kantak, the learned Senior Advocate submits that once, the Appellate Tribunal had agreed with the view expressed by Tribunal, Pune Bench, there was no question of dismissal of all the....
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....3.1994 addressed by the Assistant Commissioner of Income Tax acting for the Commissioner of Income Tax, Karnataka-I, Bangalore to the Deputy Commissioner of Income Tax, Special Range, Panaji and the Assistant Commissioner of Income-Tax (Judl)-I, office of CCIT, Bangalore, on the precise issue of the Lisbon fund being business advance given for purchase of machinery prior to the liberation of Goa by the applicant no. 1 and his wife, Sushila Timblo. No doubt, this communication relates to the assessment years 1990-91, 1991-92, 1992-93, however, since, it refers to the very same Lisbon fund, according to us, the same is relevant. 12. For convenience of reference, we incorporate the contents of the communication dated 29.03.1994. I....
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....nt, the following salient points for taking a view, different from those of the earlier CIT (A). (1) The claim itself was barred by limitation (under article 309 of PCC), the claim cannot be enforced after 20 years in a court of law. (2) Govt. of India did not permit import as desired by the assessees. (3) Economic relations with Portugal had not revived even though the treaty of 1972 had provided for the same. (4) Ban on remittances were continuing. We had taken up the matter before the Tribunal. And the appeals are pending. The petitioners' request is that having regard to the circumstances of the case, the Department should withdraw the grounds (Ground Nos.13, 13, 2, 2, 8, 7, 8, 2, ....
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.... make any addition on this point. As for A.Y. 1990-91, the point may be conceded before the CIT (A), who at any rate is going to follow his earlier years orders." 13. Based upon the aforesaid communication dated 29.03.1994, the Appellate Tribunal, Pune Bench has disposed off 20 matters in respect of these very assessees for the assessment year 1969- 70 to 1979-80, on the issue of Lisbon fund. The Tribunal, allowed the Appeals where relief was denied to the assessee and dismissed the Appeals where relief was already granted to the assessee. 14. Ordinarily, therefore, we see no good reason as to why the same reasons are not prevailing when it comes to the assessment years 1964-65 to 1968-69. In fact, the Appellate Tribunal, Pun....
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....and order dated 30.11.1995 made by the Appellate Tribunal, Pune Bench, while disposing off almost 20 matters instituted by the applicant no. 1 and his wife in relation to this very fund. 18. Mr. Kantak, the learned Senior Advocate has correctly relied upon the order made by the Hon'ble Apex Court in M/s Shiv Shakti Flour Mills (P) Ltd. Vs. Commissioner of Income Tax (Civil Appeal Nos. 2899-2902/2011 decided on 30.01.2020), which reads as follows: 1. Heard counsel for the parties. 2. These appeals take exception to the judgment and order dated 15.09.2009 passed by the High Court of Gauhati at Gauhati in I.T.A. Nos. 8/2006, 6/2007, 7/2007 and 8/2007. The assessment years involved in these appeals are from 1997-1998 to....