Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD476(Kol.)
..... lending business of the assessee. he further pointed out that this decision of the appellate tribunal was taken up in reference to the high court by the commissioner of income-tax and that the said reference has also been decided in favour of the assessee as could be seen from the solicitor's letter dated 2-2-89 at page 16 ..... rightly contended by the assessee's learned chartered accountant the assessee had to show the shares under the head "investment" in the form of balance sheet prescribed under the companies act, but it is not decisive nor conclusive of the issue regarding its true nature and character.10. in pandit narain dutt chhimwal's case (supra) the assessee had ..... the mere fact that the shares in question were shown under the head "investment" in the balance sheet of the appellant as required by the provisions of the companies act, could not in any way affect or alter the true nature of character of the shares as stock-in-trade of the assessee's money lending business and would .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1997)62ITD225(Kol.)
..... of the assessee doubted by ao.17. let me consider the issue from another angle. for the purpose of obtaining audit report, either under company law or (tax audit) under it act, the bank statements should be made available to the auditors failing which, it may not be possible to complete the audit.admittedly, audit commenced before the 'specified ..... in getting the accounts audited would constitute reasonable cause for the delay in filing the return of income and it was this decision that was followed by the tribunal (supra). in the present case the statutory audit under the companies act was completed on 20th september, 1986. the audit report under s. 44ab was signed by the ..... in time apart from the fact that voluminous work is involved. though there is considerable delay in filing the return of income, the ao has not initiated penalty proceedings under s. 271(1)(a) of the act. the contention of the learned counsel for the assessee that the audit, as per the time available under the companies .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)18ITD318(Kol.)
..... of the assessee that at the relevant time, the assessee entertained a bonafide belief that it was not obliged to file the estimate under section 212(3a) of the income-tax act, 1961 ('the act') and that constituted a reasonable cause for failure to furnish the estimate under section 212(3a) and thereby the commissioner (appeals) erred in cancelling the penalty levied by the ..... ito under section 273(c) of the act.2. the ito in his order mentioned that under section 210, the ito asked the assessee to pay advance tax of rs. 1,85,044 which was calculated by him on the basis of the total income (rs. 2,87,480) assessed for the assessment year 1967-68 which ..... rs. 4,14,313 and as the tax under section 140a was paid on 3-4-1970 the demand for the financial year 1970-71 should have been based on the returned income for the assessment year 1969-70 in accordance with the provisions of section 209(d)(i)of the act.6. it was also contended that the assessee was under a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1991)38ITD620(Kol.)
..... orders were invalid. he construed the additional ground raised by the assessee as "challenging the validity of the assessments". section 23(3) of the indian income-tax act, 1922 corresponds to section 143(3) of the income-tax act, 1961. the bombay high court in the case of n.n. kotak (supra) held that a notice of demand can only be served under ..... high court in the case of kailasho devi burman (supra).15. we have considered the rival submissions, papers filed and the case law cited. section 143(3)(a) of the income-tax act, 1961 reads as under: 143. assessment- (3) on the day specified in the notice issued under sub-section (2), or as soon afterwards as may be, after ..... got time-barred by 31-3-1984 and the assessment for the assessment year 1982-1983 got time-barred by 31-3-85.14. the departmental representative urged that income-tax act does not provide for the service of the assessment orders on the assessee but provide for service of notice of demand on the assessee, as laid down by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1988)26ITD1a(Kol.)
..... consideration had been utilised for "acquiring another capital asset" or not. reference was made to the definition of "capital asset" in section 2(14) of the income-tax act, 1961 as meaning property of any kind held by an assessee, whether or not connected with his business or profession save certain exceptions. he submitted that the fixed ..... 6 months or above would be regarded as utilisation of the net consideration for acquiring another capital asset within the meaning of section 11(1a) of the income-tax act, 1961.he stated that the board itself should be considered as having accepted the legal position that investments of net consideration on the transfer of a ..... applied for charitable purposes since the assessee had acquired "another capital asset" within the meaning of the said term as occurring in section 11(1a) of the income-tax act, 1961.2. the assessee had given particulars of the utilisation of the net consideration of rs. 63.52 lakhs which have been reproduced in the assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)284ITR104(Kol.)
..... penalty under section 158bfa(2) amounting to rs. 15,37,980 equivalent to the amount of tax so leviable in respect of undisclosed income determined under section 158bc(c)/143(3) of the it act. the assessee preferred first appeal before the learned cit(a).the learned cit(a) while sustaining the penalty under section 158bfa(2) considered the amount of undisclosed ..... the assessee is agitating the sustenance of the amount of penalty by the learned cit(a).5. the learned departmental representative while relying on the order of the ao submits that as a result of search undisclosed income was computed under chapter xiv-b of the act at rs. 75,63,300 as against rs. 50 lakhs disclosed by the ..... high court in the case of dr. (mrs.) alaka goswami v. cit (2004) 268 itr 178 (gau). in this view of the matter, the income disclosed in the returns filed after the date of search is not liable for penalty under section 158bfa(2) of the it act and accordingly, we are inclined to uphold the order of the learned .....
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