Judgment Search Results Home > Cases Phrase: agricultural income tax act 1957 section 17 income tax authotities Court: income tax appellate tribunal itat chandigarh Page 5 of about 71 results (0.279 seconds)

Punjab Gas Cylinders Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)56ITD139(Chd.)

..... the accounting period on december 31; whereas it had not to be changed to june 30, without seeking permission, as required under section 3(4) of the income-tax act. the assessee's plea, however, was that the production had commenced only on december 1, 1983 and the assessee had a right to exercise option in respect ..... the decision of the punjab and haryana high court in the case of cit v. ravinder kumar [1989] 180 itr 203. that was a case where the assessee was already in business and made certain additions thereto. the assessee was already having agricultural income and was maintaining his books of account.the assessee made a change in ..... respect of the previous year relating to the agricultural income. it was held that the assessee did not have any right to exercise his option for adoption .....

Punjab Gas Cylinders Ltd. Vs. Income Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1996)55TTJ(Chd.)649

..... placed on the decision of the punjab & haryana high court in the case of cit vs. ravinder kumar (1989) 180 itr 203 (p&h).that was a case where the assessee was already in business and made certain additions thereto. the assessee was already having agricultural income and was maintaining his books of account. the assessee made a change in respect of ..... itr 135 (all). that was a case where no application had been filed by the assessee and the return filed for the changed period of previous year had been acted upon by the ao. it was held that the consent of the ito was implied and there was no requirement to sign any application in a particular form. in the ..... the closing date of the accounting period on 31st december; whereas it had been changed to 30th june, without seeking permission, as required under s. 3(4) of the it act. the assessees plea, however, was that the production had commenced only on 1st dec., 1993 and the assessee had a right to exercise option in respect of the previous year .....

S. Paramjit Singh Vs. Wealth-tax Officer.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1995)55ITD331(Chd.)

..... as procedural and covering the pending assessments. all this depends upon the nature of provisions brought on the statute book.to give an example, provisos of section 43b of the income-tax act were brought on the statute book w.e.f. 1-4-1988 and 1-4-1989 but patna, orissa, karnataka and gujarat high courts in their decisions respectively reported ..... and building method and the profit method. it is not understood as to how he has discarded the value arrived at on profit method basis. in the case of rai agriculture farm & cold storage, we notice that the valuation has been worked out on profit method which is also a well-recognised method. the punjab and haryana high court in ..... cold storage where the use was restricted, the profit method was a preferable method for valuing such property. it was also submitted that in the case of m/s. rai agriculture farm & cold storage, nurpur, the valuation officer worked out the value of the cold storage as on 31-3-1989 at rs. 9,20,000 on profit method. .....

Paramjit Singh Vs. Wealth Tax Officer.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1995)52TTJ(Chd.)612

..... it was submitted that the valuation officer was not justified in discarding the value arrived at by the profit method. it was also submitted that in the case of rai agricultural farm & cold storage, nurpur, the valuation officer worked out the value of the cold storage as on 31st march, 1989 at rs. 9,20,000 on profit method ..... assessments. it was, therefore, submitted that the assessing officer may be directed to value the cold storage as per the provisions contained in sch. iii of the wt act.14. the learned departmental representative submitted that each year was independent and since there was no valuation report in the earlier years, the valuation had been accepted at a ..... but patna, orissa, karnataka and gujarat high courts in their decisions respectively reported in jamshedpur motor accessories stores vs. union of india (1991) 189 itr 70 (pat), cit vs. pyarilal kasam manji & co. (1992) 196 itr 110 (ori), chief commr.(administration) vs. sanjay sales syndicate (1992) 197 itr 155 (kar) and .....

Vijay Kumar Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)101TTJ(Chd.)1062

..... facts of the case are that in this case return had been filed on 21st sept., 1997 declaring total income of rs. 43,270 plus agricultural income of rs. 8,000. the assessee declared income from various sources like salary, business income and interest from bank deposits. during assessment proceedings, the ao found that the assessee owned a jeep and total ..... ao observed that this transaction was not genuine, therefore, invoking the provisions of section 44ae(2) of the it act, he made an addition of rs. 26,845 to the total income declared by the assessee. in first appeal, the cit(a) confirmed the action of the ao.3. before us, learned authorised representative for the assessee submitted that ..... are lower than the profits and gains specified in sub-sections (1) and (2), and thereupon the ao shall proceed to make an assessment of the total income or loss of the assessee and determine the sum payable by the assessee on the basis of assessment made under sub-section (3) of section 143.from the .....

income-tax Officer Vs. Rajendera Trading Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1994)48ITD210(Chd.)

..... or accepted and the person by whom the loan or deposit is taken or accepted are both having agricultural income and neither of them has any income chargeable to tax under this act. (i) 'banking company' means a company to which the banking regulation act, 1949 (10 of 1949) applies and includes any bank or banking institution referred to in section ..... the registration under section 26a of the indian income-tax act of a partnership purporting to be one between three firms, a hindu undivided family business and an individual". the hon'ble supreme court further held that even ..... the karta of the joint family and by one partner each of the three firms. registration was sought for by the assessee under section 26a of the indian income-tax act, 1922. the application for the purpose was also signed by the same five individuals. the hon'ble supreme court held, "that no question could arise of .....

Ronaq Ram Nand Lal Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)92ITD514(Chd.)

..... c.j., speaking for the full bench, observed that the object and intent of the legislature in omitting the word "deliberately" from clause (c) of section 271(1) of the income-tax act, 1961, was to bring about a change in the existing law regarding the levy of penalty so as to shift the burden of proof from the department on to the ..... ao.in his statement, shri amarjit singh stated that the amount of rs. 35,000/- cash deposited on 2.5.89 in the bank account was out of savings from agricultural income and that he had also sold one cow for rs. 6700 or rs. 7700 before depositing the amount in the bank. the evidence in regard to the landholdings had ..... of the creditor shri boota singh had stated in his statement that the amount of rs. 25000/- was given by him to his wife out of past savings out of agricultural income. the assessing officer did not accept the explanation of the assessee as satisfactory and accordingly made an addition of rs. 23,000/-. it was observed that the explanation in regard .....

Sanjay Kumar Goyal (Huf) Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... patwari contending that the figure mentioned therein did represent an accurate working of the assessee's agricultural income. the further submission was to the effect that the department could not tamper with the figure of agricultural income shown as this would amount to taxing the agricultural income itself which the central government could not do as it was a state subject.5. on ..... assessments prior to the present block assessment no doubt under s. 143(1). on a query from the bench the learned counsel stated that other than agricultural income the assessee had interest income from bank and other sources.8. we have considered the rival submissions and also perused the material on record to which our attention was invited during ..... 1. this appeal is directed against the order passed by the ao in a block assessment completed under s. 158bc(c) of the it act, 1961.2. as many as 8 grounds have been preferred but at the time of hearing, the learned counsel for the assessee stated that ground nos. .....

Dy. Cit Vs. Harjas (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)90TTJ(Chd.)663

..... legislature has amended clause (iii) under section 271(l)(c) and explanation 4 thereto through the finance act, 2002, with effect from 1-4-2003. the amendment has been made specifically with effect from the date referred to above.national agricultural co-op. marketing federation of india ltd. v. union of india (2003) 260 itr 548 (sc ..... ) cancelling penalty levied on the assessee.the assessee had shown loss of rs. 17,82,178. the assessing officer completed assessment under section 143(3) at nil income. the loss claimed was disallowed. the assessing officer also initiated penalty proceedings under section 271(l)(c) and ultimately levied penalty of rs. 3,30,640 for ..... it is held that under these facts and circumstances, no penalty could have been levied as per the decision of punjab and haryana high court in the case of cit v. prithipal singh".the revenue has brought the issue in appeal. the learned -counsel for the assessee produced below noted two decisions of tribunal, chandigarh benches, .....

income-tax Officer Vs. Raj Kumar Soni

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (1990)32ITD636(Chd.)

..... wife smt. pushpa soni is holding a substantial interest in m/s. murari woollen mills (p) ltd. within the meaning of explanation 2 of section 64 of the income-tax act, 1961 during the assessment year in question. since he received salary amounting to rs. 21,600 and director's fee amounting to rs. 1,000 from the said ..... this case is an individual deriving income from various sources including salary, director's fee, dividend and agriculture. his method of accounting was mercantile and the accounting period was the year ending 31-3-1977. return in this case was originally filed on 31-3-1977, declaring income of rs. 1,09,290 including agricultural income of rs. 6,900. the ..... said return was subsequently revised on 10-2-78, showing income at rs. 86,690. the reason for filing the revised return was explained in the forwarding letter .....