Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)77ITD385(Pune.)
1. The only issue arising out of this appeal relates to the levy of penalty under Section 271(1)(c) pertaining to A.Y. 1982-83.2. The brief facts giving rise to this appeal are these: The assessee is a partnership firm carrying on the profession of auditing and taxation since 1956. As per the partnership deed dated 16-7-1973, the firm comprised of three partners viz. Shri N.T. Kirtane, Shri B.R.Pandit and Shri S.B. Pandit. There was a change in constitution of the firm w.e.f. 1-9-1980. Shri N.T. Kirtane retired from the partnership on 31-8-1980 and a new partnership deed was executed on 4-9-1980, comprising of two partners, Shri B.R. Pandit and Shri S.B. Pandit having 60% and 40% share of profit and loss respectively. These two partners decided to form another partnership firm for carrying on the profession of Consultancy in finance and management. The deed of partnership was executed on 10-4-1980. Their shares of profit and loss in the firm were...S.B. Pandit - 75% and B.R. Pandit-25...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)77ITD517(Pune.)
1. This appeal by the assessee is directed against the order of the CIT, Nasik under section 263 of the Income-tax Act, 1961.2. For the assessment year 1992-93, the ITO, Ward 2(6), Jalgaon, completed the assessment of the assessee under section 143(3) of the Act by accepting the claim of the assessee as "HUF (smaller)". Later on, the CIT, Nasik, called for the records and noted that the assessment order passed by the Assessing Officer was erroneous, insofar as it was prejudicial to the interests of Revenue for the following reasons : "The assessee has claimed status as HUF. Record indicates that there was complete partition of HUF as on 30-9-1991. Partition has also been recognised by the Assessing Officer, ITO, Ward 2(5), Jalgaon, on 17-1-1995 as per provisions of section 171 of the Income-tax Act, 1961. Although partition has been recognised by the Assessing Officer, still assessee claimed his status as HUF consisting of the assessee himself, Shri Ravindra V. Patil and three unmarri...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)77ITD212(Pune.)
1. The only grievance projected in this appeal by the assessee is that the learned CIT (Appeals) is not justified in holding that the Exchange Gain of Rs. 2,29,042 was chargeable to tax as casual and non-recurring income under section 10(3) of the Income-tax Act, 1961.2. The assessce-company was incorporated on 6-5-1992. During the previous year, the company allotted 51,00,000 shares of Rs. 10 each aggregating to Rs. 5,10 crores to M/s. Lavrids Knudsen Maskinfabrik, Denmark (hereinafter referred to as LKM). The Reserve Bank of India granted the company permission to open Foreign Currency Account (FCA) in Denmark subject to certain conditions mentioned below : (a) Credits to the accounts shall be subscriptions received from the above-mentioned shareholders and interest, if any, paid by the Bank on the balance held in the account. (b) Debits to the account shall be payments for import of capital goods subject to compliance of import regulations.3. In accordance with the RBI approval, th...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2000)77ITD212(Pune.)
The only grievance projected in this appeal by the assessee is that the learned Commissioner (Appeals) is not justified in holding that the Exchange Gain of Rs. 2,29,042 was chargeable to tax as casual and non-recurring income under section 10(3) of the Income Tax Act, 1961.The assessee-company was incorporated on 6-5-1992. During the previous year, the company allotted 51,00,000 shares of Rs. 10 each aggregating to Rs. 5,10 crores to M/s. Lavrids Knudsen Maskinfabrik, Denmark (hereinafter referred to as LKM). The Reserve Bank of India granted the company permission to open Foreign Currency Account (FCA) in Denmark subject to certain conditions mentioned below: (a) Credits to the accounts shall be subscriptions received from the above-mentioned shareholders and interest, if any, paid by the bank on the balance held in the account.(b) Debits to the account shall be payments for import of capital goods subject to compliance of import regulations.In accordance with the RBI approval, the ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)77ITD210(Pune.)
1. The only grievance projected in this appeal by the assessce is that the learned CIT (Appeals) is not justified in confirming penalty of Rs. 29,315 levied by the Assessing Officer under section 271B of the Income-tax Act.2. The asscssee is a civil contractor. From the return filed, the Assessing Officer noted that the gross receipts from contracts exceeded Rs. 40 iakhs. As such, the assessee was required to get his accounts audited as per the provisions of section 44AB. As the assessee failed to get his accounts audited, the Assessing Officer initialed penalty proceedings under section 271B and, after giving an opportunity of being heard to the assessee, levied the impugned penalty.3. The assessce appealed before the CIT (Appeals) and submitted that he had not maintained any books of account and for non-maintenance of account she had suffered a penalty of Rs. 2,000 under section 271 A.Since no books of account were maintained, the assessce was not required to get the books audited. ...
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