The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Decided On : Aug-31-2004

Court : Income Tax Appellate Tribunal ITAT Hyderabad

LAW: Section 271, Section 44AB, Section 273B. Brief, the Chit Funds Act 1982, the Chit Funds Act 1982, the Companies Act, the Companies Act, Section 44AB, Section 271B.3.3, Section 44AB, Section 44AB, Act, Section 271B, Circular No, Section 44AB, a Tax Audit Report, Section 44AB, Section 271B, Section 44AB, Section 119 of the Act, Section 271B, Section 273B, Section 271B of the Act, Section 44AB, Section 27IB, the Hyderabad Bench, the Sales Tax Act, the Chit Fund Act, ITD 99, Section 44AB, the Ahmedabad Bench 'B' of the Tribunal in the cases of, Section 271B, Section 139(9, Section 44AB, Section 143(1)(a, Section 143(2, Section 147, Section 44AB, Chit Funds Act, the Chit Funds Act, Section 76, the Chit Funds Act 1982, Section 56, Section 57, the Indian Evidence Act, the Chit Funds Act, Section 255 of the Act, Section 44AB, Section 44AB, the Companies Act 1956, Section 44 AB, Section 44AB, Section 44AB, Section 2(43, Section 156 of the Act, Section 2(43, the I.T. Act, Section 4, the I.T. Act, Section 46(1, Section 2(43, the Chit Funds Act, the Companies Act, the Chit Fund Act, Section 221, the Hyderabad Bench 'B' of the Tribunal, Circle 7(4, Chit Funds Act 1982, the Chit Funds Act 1982, Circular, the Banking Regulation Act, the Chit Funds Act 1982, the Chit Funds Act 1982, Section 23, the Chit Funds Act 1982, Section 16, the Chit Funds Act 1982, Section 56, Section 24, the Chit Funds Act 1982, the Companies Act, the Companies Act, the Companies Act, Section 44AB, Section 44AB, The Chit Fund Act, Chit Funds Act, the Chit Funds Act, Section 44AB, Section 44AB of the Act, Section 44AB, Section 44AB, Section 139(9, Section 139(9, Section 44 AB, Section 139 of the Income-tax Act, Section 143(1)(a, Section 44AB, The Chit Fund Act 1982, the Chit Fund Act 1982, A.P.Chit Fund Act, the Chit Funds Act, Section 44AB, the Companies Act, Section 44AB, the Chit Funds Act, Section 24, the Chit Funds Act, Section 271B, Section 271B, Section 44AB, Section 44AB, Section 271B, Section 271B, Section 271B., Section 44AB, Section 273B of the Act, Section 271B

CARDINAL: 1, 237, 634, 240, 545, more than 40, 83, 26, between two, 29.6.99, 4, 40, 452, 201/3/'85, 164, 10, 3.12.97, 7(4, 27.3.2000, 1, two, 1, 7, 23.7.2000, 254, 565, 226, 873, 30,000, 220, 149, 226, 873, 41, 725, 42, 123, 76, 696, 271B, 1,00,000/-.5.3, 169, 564, 254, 565, 189, 319, 8500/-, 83, 26, 347, 12.4.04, 452, 17.3.1996, 85, 452, 40, 40,00,000/-, 72, 34, 72, 83, 26, 23, 16, 83, 1, 110, 163, 1, 5, 164, 148, 3CA, 248, 41, 42, 57, 10.7.67, two, 84, 274, two, two, 909, 2, 858, 16.5.78, II, 1, 2, 3, 5, 6, Rs.7, 8, 16, 5, 57, 18, 25, 9.9, 3.9, 18, 3.13, 20, 2, 12, one, 452, 17, 3, 3, 5, 40,00,000, 236, 9, 10, 40,00,000, 58, 135, 136, 25, 25, 347, 12

PERSON: Shri Raghavendra Rao, Shri V. Prabhakar, Shri B.G. Reddy, Foreman, Foreman, Pacca Arahtias, Pacca Arahtias, Pacca Arahatias, Pacca Arahtias, Pacca Arahtias, Pacca Arahtias, Nizamabad, Bench, Lakshmi Maharaja, Nizamabad, Bench, judgment.4.4, Shri V. Raghavendra Rao, C.A. Abraham v. ITO, A.P. v. Bhikaji Dadabhai &amp, Anwar Ali, D. T. Udeshi, Apart, Levy, Shri Raghavendra Rao, Ahmedabad Bench, Foreman, Shri V. Prabhakar, Schedule, Loss Account, Bench, Gurnam Kaur, Soma Sundaram, P.B. Hathiramani, Joginder Singh v. ITO, Chapter XXI, CA Abraham's, Anwar Ali, Abraham, Chhotey Lal V. ITO, Anr, Loss Account, Balance Sheet, Sree Venkateswara Chits, Nizamabad, Hyderabad V. Lakshmi Maharaja, Nizamabad, Nizamabad, Mamleshwar Kanhaiyalal, John Donaldson M.R., Loss Account, Loss Account, Schedule, Balance Sheet, Loss Account, Loss Account, Gross Receipts, Guidance Note, Gayatri Traders, Levy

ORG: Shri Hari Agarwal, Finance, P) Ltd., ITA No, a Chit Fund Company, a Chit Fund Company, the Commissioner of Income-tax (Appeals, Chit Fund Companies, the A.P. Chit Funds Act, Chit Funds, the A.P. Chit Fund Act, a Chit Fund Company, the Institute of Chartered Accountants, the Hon'ble Supreme Court, Hindustan Steel Ltd., ITR, Departmental Representative, the Chit Fund Company, Mangal Dayak Chit Funds Pvt. Ltd., Chit Funds, Board's Circular, Kachha Arahtias, Board, the Board Circular, Chit Fund, the Chit Fund Company.4.3 Without, the Hon'ble Rajasthan High Court, Abhay Kumar &amp, Co. v.Union of India and Ors, Departmental, Hyderabad, Financiers, Tribunal, Tribunal, Hyderabad, Hyderabad, Bench, Tribunal, Hyderabad Bench ', Sri Venkateswara Chits &, Financiers, Bench, Departmental Representative, Board, Board's Circular, Board's Circular, Department, The Bombay High Court, CIT v. Camco Colour Co., Department, C.I.T., Lohia Trading Co., the High Court, Board, Department, Department, A.P. High Court, CIT, Om Trading Co., the Standing Counsel for, Department, High Court, Department, Court, the Bombay High Court, Department, the High Court, Tribunal, Board, Board, Board, Board, The Supreme Court, the Apex Court, C.I.T., Departmental Representative, the Apex Court, the Apex Court, Department, Supreme Court, Department, Department, Tribunal, Department, Department, A.P., ITR, High Court, the Bombay High Court, Tribunal, the Bombay High Court, the Bombay High Court, Board, Tribunal, Lakshmi Maharaja Chit Fund Pvt. Ltd., Hyderabad, Bench, Tribunal, The Institute of Chartered Accountants, the Supreme Court, Hindustan Steel Ltd., State of, ITR, Department, Tribunal, the Central Sales Tax, the A.P. Chit Funds Act, the Institute of Chartered Accountants, Chit Fund Company, Chit Fund, Department, R.Wadiwala &amp, Co., ACIT, TTJ, TTJ, Department, Department, the Judgment of the Hon'ble Supreme Court, Hindustan Steel Ltd., ITR, P) Ltd., a Chit Fund Company, Chit Fund, the A.P. Chit Funds Act, Sections 20 &amp, Sections 12 &amp, the AP Chit Funds Act, Profit &, Central, Tribunal, Sree Venkateswara Chits &, Financiers, the A.P. Chit Funds Act, Shriram Chit Funds P. Ltd., Bench, Financiers, Tribunal, Chit Funds, the Apex Court, Municipal Corporation, State, U.P. V. Synthetics &, Chemicals Ltd., Financiers, Laxmi Maharaja Chit Funds Pvt. Ltd., ITA No.347/Hyd/200, Department, the Judgment of the Rajasthan High Court, Abhay Kumar &amp, Co. v. Union of India and Ors, Lordships, Departmental Representative, the Board's Instruction No., Mangal Dayak Chit Fund, Neeladri Chit Fund, Kalpatharuvu Chit Fund, Katiyani Chits &amp, Finance, the Commissioner (Appeals, Shri Hari Agarwal, NES Chit Corporation Ltd., the Institute of Chartered Accountant of India, ICAI, Limited Company, CIT, Heros Publicity Services, Board's Circular, CIT Referring, the Bombay High Court, C.I.T., Departmental Representative, Bench, Soma Sundaram P. Ltd., Hon'ble High Court, the Supreme Court, Bhor Industries Ltd., CIT, C.I.T., the Apex Court, Court, the Board's Instruction, Departmental Representative, Board's Instruction 1979, Profit &, the Board's Instruction No.1979, Board, Board, Board Instruction No, I.T.O., Financiers, ITA No, Bench, Tribunal, the Tribunal in Sree Venkateswara Chits, Financiers, Tribunal, Tribunal, Reliance, the Judgment of the Hon'ble Supreme Court, C.I.T., Brijlal Lohia &, Mahabir Prasad Khemka, SC, Tribunal, Tribunal, Tribunal, Sree Venkateswara Chits &, Financiers, the A.P. Chit Funds Act, The Hon'ble Supreme Court, AIR 1975 SC 907, Court, Reliance System Ltd., Court, Court, Venkateswara Chits &amp, Finance, Bench, a Chit Fund Company, the A.P. Chit Funds Act, the Chit Fund Company, Profit &, the Chit Fund Company, P &amp, L, P &amp, L, P &amp, L, CBDT, Prized, Circular, Profit &, S.B., P &amp, L, Profit &, the Form of Profit &, P &amp, the Institute of Chartered Accountants, the Institute of Chartered Accountants, the "Technical Guide on Accounting and Auditing for Chit Fund Business, the Research Committee, the Institute of Chartered Accountants, Chit Fund, Chit Fund, Chit Fund, Chit Fund, Chit Fund, Chit Funds, the Ministry of Law, the Institute of Chartered Accountants, Board, A.P. Chit Funds Act, Technical Guide on Accounting of Institute of Chartered Accountants, the Institute of Chartered Accountants, Kerala State Bamboo Corporation Ltd., CIT, Assessing, Assessing, Assessing, Chit Fund Company, the Board Circular, Chit Fund Companies, the Chit Fund Companies, The Chit Fund Acts, the Institute of Chartered Accountants, AO, the Guide on Accounting, the Institute of Chartered Accountants, the assessee.9.15 The Special Bench, Appellate Tribunal, ACIT, ITD 121, DCIT, Lakshmi Maharaja Chit Funds, Hyderabad, Judgment of the Special Bench

GPE: I.T.A. Nos, India, India, assessee, Cir, India, Orissa, India, Asst, India, Delhi, India, New Delhi, India, India, India, Turnover, India, India, India, India, Apex, SB

DATE: 1971, 1971, the impugned assessment year, 17.3.1986, the assessment year 1990-91, 12.4.2004, 1979, 1961, 1979, 1979, 1979, year 1998-99, each month, 1971, earlier years, those years, 35, 1971, 1982, 1982, 1971, 1971, 1971, 1982, 1961, 1989, 12,4.2004, 1979, 1979, 1982, 1979, 12.4.2004, the subsequent years, 1971, 1987, 1971, 1175, 1971, two years, 1971, one year, 1956, 1971, 1961, Edition - January, 14, 11, 1982, 1175, 1982, 1971, 1971, 1961, fifteen days, the year, years, 1971, 1982, 1982, years, 1998-99, years

NORP: Rules, ITAT, ITA No.347, C.B.D.T., contra

WORK_OF_ART: The Assessing Officer, Issues on Tax Audit, 5.6 Considering, Turnover, Issues on Tax Audit, Chit Funds, Accounting Standards, Accounting for Amalgamations', 'The Effects of Changes in Foreign Exchange Rates', 3.13 In a Chit Fund, the organization.9.10 The Central Board of Direct Taxes, Turnover, May" the Hon'ble Kerala High Court, The Assessing Officer, Katcha Arhatia, Hyderabad Bench 'A' of the Tribunal

ORDINAL: first, first, third, first, first, first, second, first, first, first

MONEY: 3 &

PRODUCT: B-Bench, B-Bench, M/s. Sree Venkateswara Chits &amp, B-Bench, B-Bench, Bench, CA, A-Bench, Bench, Rs.2, AS 9