Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)91TTJ(Chd.)1044
..... akhara nirmal (1991) 190 itr 121 (ad), the allahabad high court has held that agricultural income is exempt under section 10(l) of the income tax act. the high court has held that where agricultural and non-agricultural properties are held under trust for charitable purposes and no separate accounts are maintained, the income tax officer has no option but to allocate the amount spent on charitable/religious purposes ..... aggrieved by the order of the commissioner (appeals).the learned departmental representative, shri girish sharma, submitted that carrying on agricultural operation was not incidental to attainment of objectives of the assessee-trust. in any case, agricultural income was exempt under section 10 of the income tax act.reliance was placed on the judgment of the madhya pradesh high court in the case of nabhinandan digamber jain .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2001)78ITD189(Chd.)
..... deduction claimed of its income under section 80p(2)(a)(iii) of income-tax act.2. the brief facts are that sugarcane growers are members of the assessee-society. the assessee claimed deduction under section 80p(2)(a)(iii), which specifies that in case of a cooperative society engaged in 'the marketing of agricultural produce grown by its ..... a deduction and one of the sums specified in sub-section (2) was the profits and gains derived from marketing of agricultural produce of its members'.ld. dr referred to page 2663 of vol. 2, income-tax law, 5th edn., by chaturvedi and pithisaria, where it is noted that term 'manufacturing' has been interpreted in several ..... he, therefore, held that the produce marketed by the assessee-society was not agricultural produce of the members of the society. cit thus cancelled assessment order passed by assessing officer on 31-1-1996 to be made de novo and directed that income may be computed after allowing a reasonable opportunity of being heard to the assessee .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1986)17ITD576(Chd.)
..... in the end of paragraph 3 of her order making the following observations, confirmed the action of the ito : ".... this income cannot be categorised as agricultural income within the meaning of section 2 of the income-tax act. this income is part and parcel of rental income." 4. while disputing this finding of the aac, the learned counsel for the assessee s. s. rikhy submitted that three requirements ..... -1976 in that regard. his submission was that after the substitution of section 2(1) (a) of the income-tax act, 1961 (the act) with retrospective effect from 1-4-1962, as per the taxation laws (amendment) act, 1970, it was apparent that the income in question was agricultural income by mere reading of the definition given in the said section.5. the learned senior departmental representative r .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95TTJ(Chd.)915
..... case, we state the following point of difference and refer the same to the hon'ble president for further necessary action as envisaged under section 255(4) of the income tax act :- "whether, on the facts and in the circumstances of the case, the assessing officer was justified in making the addition of rs. 20,200/- on account of ..... , of the considered view hat there is no merit in the appeal of the assessee." 8. the ld. counsel for the assessee submitted that the donor had agricultural income as submitted by the assessee and noted by the ao at page 2 in para 3 of the assessment order. he argued that there was no justification to reject ..... has not been discharged by the assessee in spite of opportunities provided to him.the assessee merely asserted that shri om parkash narwania had agricultural income but placed no evidence to show agricultural or other income from any source of shri om parkash narwania from which gifts could be made. this was necessary as shri om parkash narwania had denied .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)95ITD103(Chd.)
..... case, we state the following point of difference and refer the same to the honble president for further necessary action as envisaged under section 255(4) of the income tax act: "whether, on the facts and in the circumstances of the case, the assessing officer was justified in making the addition of rs. 20,200 on account ..... therefore, of the considered view that there is no merit in the appeal of the assessee." the learned counsel for the assessee submitted that the donor had agricultural income as submitted by the assessee and noted by the assessing officer at page 2 in para 3 of the assessment order. he argued that there was no justification ..... has not been discharged by the assessee in spite of opportunities provided to him.the assessee merely asserted that shri om parkash narwania had agricultural income but placed no evidence to show agricultural or other income from any source of shri om parkash narwania from which gifts could be made. this was necessary as shri om parkash narwarria had .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD569(Chd.)
..... 190 itr 121, the allahabad high court has held that agricultural income is exempt under section 10(1) of the income-tax act. the high court has held that where agricultural and non-agricultural properties are held under trust for charitable purposes and no separate accounts are maintained, the income-tax officer has no option but to allocate the amount spent ..... the same for the purpose of allowing exemption under section 11 of the income-tax act.reliance is also placed on the decision of madhya pradesh high court in the case of cit v. nabhinandan digamber jain, 257 itr 91. thus income/loss from agricultural properties held under a trust is to be separately computed and cannot ..... digamber jain, 257 itr 91, where the high court has held that agricultural income will not form part of total income for the purpose of computing the accumulation of income in excess of 25% of the total income as laid down under section 11 of the income-tax act.22. the ld. counsel for the assessee, shri b.m. khanna, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)104ITD408(Chd.)
..... its members should be allowed as deduction under section 80p(2)(a) of the income-tax act, and not rs. 73,720 with reference to the proportionate net profit referable to those ..... society, engaged in the business of purchase of agricultural implements, seeds, livestock and other articles, intended for supply to members as well as to non-members. for assessment year 64-65, 65-66 and 66-67, the assessee claimed exemption from income tax under section 80(i)(d) of the income-tax act, 1961 on the gross profits and gains of ..... andhra pradesh high court under section 256(1) of the income-tax act was (at page 585): whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that the entire amount of rs. 3,72,038 relating to marketing of agricultural produce of its members and interest on loans given to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD551(Chd.)
..... are district wholesale societies and other co-operative unions who did not possess any agricultural land of their own. in the return of income filed for the assessment year under reference, the assessee had claimed deduction in respect of its entire income under section 80(2)(a)(iii) of the income-tax act. the ao completed the original assessment under section 143(3) on 16.3 ..... warehouses, interest from banks, trading in agricultural products on behalf of the fci and the state govt., procurement of grain for the state govt. and the fci, supervision charges, fumigation charges and miscellaneous income. though the assessee had claimed its entire income exempt from tax under section 10(29) of the income-tax act, the high court held that only income derived from warehousing activities was exempt. he .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)87TTJ(Chd.)1
..... than the assessment order in question. thus on a fair and reasonable reading of the assessment order, i hold that no addition under section 68/69a of income tax act, 1961 act was made in the assessment order. there are contradictions in the assessment order and the same cannot be said to have been passed in accordance with law. ..... regards the yield of rice, rice bran, phuk and rice husk, heavy additions have been made by the assessee in comparison to the yield fixed by the punjab agricultural university, ludhiana and the other concerned departments. in making the estimate this aspect has also to be taken into consideration which is estimated at rs. 3,50,000. ..... was actually milled by the assessee. the yield shown in the books was less than the yield fixed by the punjab agricultural university., therefore, by taking the higher rate of yield, the assessing officer worked out the suppressed income on account of low yield at rs. 18,66,940. this, according to the assessing officer, was liable to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1992)41ITD482(Chd.)
..... in law and facts in upholding the view of the income-tax officer in bringing the sale proceeds of the agricultural land to tax under the head 'capital gains' relying simply upon an explanation appended in section 1(a) of the income-tax act by the finance act, 1989. 2. that the learned cit (appeals) was also not justified in rejecting ground ..... as on 1 -4-1970 when the agriculture lands have been alleged to have become capital assets within the meaning of section 2(14) of the income-tax act. 3. that the cit (appeals) was totally unjustified in confirming the order of the income-tax officer in assessing the compensation received by the sons of the ..... no. 3 wherein it was contended before him that the cost of acquisition of agriculture land for the purposes of alleged capital gains should have been taken .....
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