Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1994)48ITD54(Nag.)
1. As all these appeals involve, more or less, common issues, they are disposed of by this common order for the sake of convenience.2. The assessee is a firm of contractors and engineers carrying on business mainly in the line of road constructions. Return showing an income of Rs. 3,87,140 was filed by the assessee on 20th of January, 1986. Along with the return, the assessee filed statement of total income, audit report under Section 44AB, balance-sheet, contract account, profit and loss account and various certificates of taxes deducted at source. The assessment was completed on 27-3-1986 after making some minor additions on the total income of Rs. 3,94,610.3. During the course of the assessment proceedings for the assessment year 1986-87, the Assessing Officer found that the assessee had shown cash credits totalling in all Rs. 9,50,000 from 104 persons who were stated to be agriculturists in the accounting period relevant to the assessment year 1985-86. According to the Assessing O...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1992)43ITD659(Nag.)
1. to 5. [These paras are not reproduced here as they involve minor issues.] 6. A return showing an income of Rs. 1,69,83,110 was filed on 31-1-1990. As per the law applicable, the case was initially processed under Section 143(1)(a) of the Act. Later on, as the case was selected for scrutiny, a notice under Section 143(2) was issued.7. For the assessment year 1990-91, a return showing an income of Rs. 1,58,93,980 was filed on 26-12-1990.8. After hearing the speech of the Finance Minister on 19-3-1990, the assessee filed a revised return for the assessment year 1989-90 proposing to withdraw the claim of investment allowance under Section 32A and pressing for the claim of investment deposit scheme allowance under Section 32AB of the Act. In the original return, the assessee had claimed deduction under Section 32A at Rs. 15,11,940, while in the revised return, the claim was raised to Rs. 48,71,332 on account of investment deposit scheme under Section 32AB of the Act. No such revised ret...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Nagpur
Reported in : (1993)44ITD466(Nag.)
1. As the facts and circumstances of all the appeals are more or less similar, the same are being decided together for the sake of convenience.2. For the assessment year 1974-75, the return showing an income of Rs. 2,59,000 was filed on 28-9-1974. The assessment was completed on a total income of Rs. 2,73,000. However, after passing two rectification orders and one appellate effect order, the income was finally computed at Rs. 2,71,074 on 19-10-1976. From the record, it is seen that the assessment was reopened under Section 147 and the income was computed at Rs. 2,76,574 on 19-9-1978. This was ultimately determined at Rs. 2,74,750 under Section 251 on 30-10-1980.3. During the proceedings under Section 263 of the Income-tax Act, 1961, for the assessment year 1977-78, the CIT found that the order of the Assessing Officer was erroneous in so far as the same was prejudicial to the interests of the revenue inasmuch as the Assessing Officer has not looked into the various credits appearing ...
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