Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1996)57ITD439(Coch.)
2. The appellant is a manufacturing company owned by the Kerala Government. For the assessment year 1991 -92, it filed a return admitting loss of Rs. 1,44,97,339. The return was processed under Section 143(1)(a) of the Income-tax Act, 1961 and an intimation was issued to the appellant determining the loss at Rs. 69,34,787. The reduction in loss was on account of the following adjustments made by the Assessing Officer :Net loss as per profit and loss account 1,44,97,339Add: (1) Depreciation debited in Rs.accounts. 27,50,752As per audit report lopment Bank 45,61,824 96,25,616 Balance loss 48,71,723Depreciation as per rules (admissible75% as per Amendmend Act, 91) 20,63,064 Total loss 69,34,787 Consequent to the adjustments made, an additional tax of Rs. 6,95,755 was levied under Section 143(1)(a) of the Income-tax Act. On receipt of the intimation, the appellant filed a petition under Section 154 seeking rectification of the adjustments made in the intimation sent to it and requesting f...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1997)60ITD306(Coch.)
1. The appellant is a company in which public are substantially interested. It has income from growing and manufacturing of tea besides trading activities. The Assessing Officer invoked the provisions of Section 40A(5) of the Income-tax Act, 1961, to disallow part of the expenditure on building maintenance, depreciation on buildings, repairs to furniture and fittings etc. The disallowance was confirmed in appeal.2. Shri Ananthanarayanan, learned Chartered Accountant, very fairly brought to our notice that the disallowance was to be confirmed in the light of the decision of the Kerala High Court reported in 138 ITR 1 as affirmed by the Supreme Court in 208 ITR 649. Accordingly, the ground against the disallowance under Section 40A(5) in respect of the expenditure on building, deprecation thereon and repairs to furniture are decided against the assessee.3. The assessing authorities disallowed the expenditure on motor cars together with the depreciation thereon at 1/3rd of such expenditu...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cochin
Reported in : (1996)54TTJ(Coch.)489
These appeals are by the assessee. The appellant is a registered firm consisting of 8 partners, which came into existence as per the deed of partnership executed on 1st April, 1984. The previous year relevant to the asst. yr. 1985-86 ended on 31st March, 1985. The assessee carried on the business of sale of arrack by taking abkari contract. The original assessment was completed under s. 143(1) of the IT Act, 1961.2. Since the case was selected for scrutiny, it was posted for hearing on 25th Jan., 1988. There was no response. Thereupon the Assessing Officer (AO) issued a letter on the same day to the assessee proposing to complete the assessment ex parte estimating the income at 10-1/2% of the kist amount and also to treat the amount of capital introduced by the partners as income from other sources of the firm. The assessee produced five partners from whom statements were recorded by the AO.However, as neither the books nor the remaining partners were produced and in the absence of ex...
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