Income Tax Appellate Tribunal Itat Cochin Court November 2006 Judgments Home Cases Income Tax Appellate Tribunal Itat Cochin 2006 Page 1 of about 2 results (0.032 seconds)

Shri P. Soman Vs. the Income-tax Officer, Ward-3

Court : Income Tax Appellate Tribunal ITAT Cochin

Reported in : (2008)111ITD24(Coch.)

1. The assessee has filed this appeal challenging the order of the Commissioner of Income-tax(Appeals)-IV, Kochi dated 22-8-2005 for the Assessment Year 1989-90.2. The assessee has taken as many as eight grounds but the only issue which emerges for our consideration is whether the CIT(Appeals) was justified in confirming the action of the Assessing Officer disallowing the expenses incurred in payment of the redemption fine of Rs. 1.50 lacs under the Gold (Control) Act, 1968.3.1. The facts in brief can be stated as follows: The assessee is in jewellery business and he is also having Gold Dealers License under the Gold (Control) Act, i.e. G.D. License No. 5/G/79. On 28-4-1998, the business premises of the assessee, namely M/s. Mangalathu Jewellery at Vaikom was searched by the officials of the Central Excise Department.During the course of search, it was revealed that the assessee was maintaining the GS-12 Register under the Gold (Control) Act which was completed up to 26-4-1988. It was...

Smt. Meera Jacob Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Cochin

1. The assessee has filed these 11 appeals under the Wealth Tax Act challenging the orders of the Commissioner of Wealth-tax (Appeals)-IV, Kochi for the assessment years 1989-90 to 1999-2000. The facts pertaining to these appeals as well as most of the issues are common, hence these appeals were heard together and now are being disposed of by this common order for the sake of convenience.2. We will first take up the appeals relating to assessment years 1989-90, 1990-91, 1991-92 and 1992-93 as we will have to decide the issues considering the pre-amended Wealth Tax Act.WTA Nos. 31,32,33 and 34 (Coch.)/2006-assessment years 1989-90,1990-91, 1991-92 and 1992-93.3. The briefly stated facts pertaining to these appeals are as under : The assessee was an NRI. She stayed in Singapore from 1962 to 1993 and returned to India and settled in Kottayam. The assessee was owning 66.717 cents of land within the municipal limits of Kottayam and the said land was purchased by the assessee for the total ...