1986 (3) TMI 67

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....oceedings of the first respondent dated July 3, 1979, which in turn had confirmed the other impugned orders of the second respondent dated November 24, 1977. Petitioner is an assessee under the Tamil Nadu Agricultural Income-tax Act, 1955. For the assessment year 1975-76, it was subjected to tax by a final assessment order dated November 24, 1977. Its net agricultural income was fixed at Rs. 3,79,....

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....vision similar to section 40A(7) of the Income-tax Act, the second respondent cannot rely upon what was done by the Income-tax Department, in respect of the income derived from tea and furthermore, the power under section 36 cannot be invoked in contentious matters. Second respondent having proceeded to hold as proposed, petitioner preferred a revision to the first respondent which was also reject....

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....nce to what happens with regard to tea under the Indian Income-tax Act. This plea deserves acceptance. Hence, what is required to be considered is whether in respect of the coffee income, under section 5(e), expenditure incurrable towards gratuity payable under the Gratuity Act is allowable or not. Section 5(e) reads as follows: " any expenditure incurred in the previous year (not being in the ....

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....the Income-tax Act in CIT v. High Land Produce Co. Ltd. [1976] 102 ITR 803, a Division Bench of the Kerala High Court held that the correct principle of valuation of this continent liability -is to ascertain the present value of the contingent liability which had arisen during the accounting period on actuarial valuation. It was also pointed out that " it is necessary to take into account in ascer....