Court : Rajasthan
Reported in : (2008)217CTR(Raj)345; [2008]306ITR243(Raj)
..... also issued. the assessee appeared, and explained, that he purchased the plot from his agricultural income, and also submitted the requisite return, showing the agricultural income. then his statements were also recorded, wherein he deposed, that he carries on agriculture and animal husbandry. however, the assessing officer summoned the books of accounts of the ..... in holding that the proceedings for re-assessment under section 148/147 of the income tax act were initiated by the assessing officer on non-existing facts because ultimately, the assessee has been able to explain that the income which was believed to have escape assessment was explainable but some other additions were ..... the assessing officer was, with respect to the assessee having purchased a plot of land from undisclosed source of income, while it has been found, that the source of income was clearly established to be agricultural income, which were lying deposited with m/s. barar & sons, wherefrom it was withdrawn by cheque, and .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)216CTR(Raj)277
..... trust or institution is registered under section 12aa;(b) where the total income of the trust or institution as computed under this act without giving effect to the provisions of section 11 and section 12 exceeds the maximum amount which is not chargeable to income-tax in any previous year, the accounts of the trust or institution for ..... is entitled to be registered under section 12a. in our above view, we are fortified by the judgments of punjab & haryana high court in cit v. market committee (2007) 294 itr 563 , and cit v. agricultural produce and market committee (2007) 36 sitc 278.6. learned counsel for the revenue cited the judgment of delhi high court in ..... present case viz. registration rather that case dealt with the provisions of section 10(20) which provides for chargeability of income in the hands of local authority, and it was held in the said judgment that agricultural produce market committee is not a local authority. in that view of the matter, that judgment is of no .....
Tag this Judgment!Court : Rajasthan
Reported in : AIR2008Raj90; RLW2008(2)Raj1627
..... , unless the context otherwise requires, (a) ...(b) ...(c) land shall not include the land held or used exclusively for agricultural or residential purposes or an urban land as defined in the rajasthan land and building tax act, 1964 (act no. 18 of 1964) or an abadi land as defined in clause (b) of section 103 of the rajasthan land revenue ..... bearing lands, inasmuch as, all other types of lands, like agricultural, residential and the urban lands have been excluded and by virtue of the aforesaid provisions, so far as the definition of the land is concerned, it remains same as was existing in the land tax act of 1985. hence,it is that except a superficial change in ..... must be construed to extend to all ancillary or subsidiary matters which can fairly and reasonable be held to be included in it, vide, navinchandra mafatlal, bombay v. commissioner of income tax (s) : [1954]26itr758(sc) , and united provinces v. mt. atiqua begum, air 194 fc 16 at p.25. if this principle is borne in mind, it .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)215CTR(Raj)176
..... , when the reopening was clearly barred by limitation. a look at the amending provision being the finance act 2 of 1998, section 46 thereof does show, that the words used are 'in section 158be of the income tax act, after sub section (2), the existing explanation shall be renumbered as explanation 1 and after explanation 1 ..... grounds taken on merits, have become academic.6. assailing the impugned judgment, it is contended by the learned counsel for the revenue, that the judgment in national agricultural cooperative marketing federation ltd.'s case (supra) is not applicable to the present case, inasmuch as, there, the amendment was examined, on the question, as to ..... cannot validate an order, which is already barred by time, and, for that purpose, it relied upon a judgment of the hon'ble supreme court, in national agricultural cooperative marketing federation ltd. v. union of india reported in : [2003]260itr548(sc) . then, regarding the authorization, it was contended by the revenue, that the .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)217CTR(Raj)191; [2008]299ITR253(Raj)
..... (sc) , principally because the assessee in that case had not challenged the provisions of sub-section (1a).11. constitutional validity of section 143(1a)(a)(b) of the income-tax act was challenged in sanctus drugs pharmaceuticals p. ltd. v. union of india : [1997]225itr252(mp) . the division bench (headed by the hon'ble chief justice a. ..... filed by the assessee was correct by reason of the law as it stood when the return was filed. a retrospective amendment of section 28 of the income-tax act rendered that return incorrect. an adjustment in the return was made under sub-section (1) of section 143 and, therefore, the provisions of sub-section ..... account of fiscal statute, being given retrospective effect will be unfair and unjust (vide cit v. hindustan electrographite ltd. : [1998]229itr16(mp) .(iii) reliance is also placed on star india p. ltd. v. cce : [2006]280itr321(sc) ; national agricultural co-operative marketing federation of india ltd. v. union of india : [2003]260itr548(sc) ; rai .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)213CTR(Raj)184
..... (1)(viii) of the act w.e.f. 1st april, 1985. the object of the said amendment is set out in the memorandum explaining the provisions in the finance bill under 'income-tax, at para 106, thus [see (1985) 45 ctr (tlt) 52 : (1985) 152 itr 175]106. financial corporation 'engaged in providing long-term finance for industrial or agricultural development in india or ..... in the case of rajasthan financial corporation (supra) lays down the correct law.17. our answer to the question referred to by the tribunal under section 256(1) of the it act is in the affirmative. we dispose of the income-tax reference, accordingly, with no order as to costs. ..... ) held that the assessee was entitled/to deduction under section 36(1)(viii) of the act on the basis of total income arrived at before making any deduction under section 36(1)(viii) of the act. aggrieved by the order passed by the cit(a), the revenue preferred an appeal before the tribunal. the tribunal dismissed the appeal. aggrieved by the order passed by .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)215CTR(Raj)36; [2009]315ITR197(Raj)
..... munishwar nath bhandari, j.1. revenue has preferred this reference application under the provisions of section 256(2) of the it act, 1961 (hereinafter referred to as 'the act of 1961'). the income- tax appellate tribunal (hereinafter referred to as 'the tribunal') refused to make reference under the order dt. 17th feb., 1999.2. a reference application was earlier ..... , was not found to be referable.5.8. the eleventh question was pertaining to benefit of telescoping of the assessment in respect of the sale of the agricultural land. it is settled law that telescoping should be allowed, hence no illegality was found in the order of the tribunal.6. the last question was pertaining ..... and in the circumstances of the case, the tribunal was justified in law in allowing the benefit of telescoping to the assessee in respect of consideration of agricultural land sold in the past with reference to purchase of land at pali road even though the assessee had failed to establish the nexus between the two?(12 .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)212CTR(Raj)1; [2008]302ITR26(Raj)
..... yr. 1996-97, he disclosed his professional receipts at rs. 1,40,78,129 for the previous year. besides professional receipts, the assessee also derived income from house property, dividend, interest, agricultural income, etc. in all, for the relevant previous year, the assessee claimed an expenditure of rs. 12,43,902 under the head 'office repairs and ..... 29th aug., 2003, dismissed the said appeal by holding that the expenditure in question is revenue expenditure and deductible under section 37 of the act. the tribunal, accordingly, confirmed the decision of the cit(a). being aggrieved by the aforesaid decision of the tribunal, the revenue has preferred this it appeal under section 260a of the ..... of rs. 7,07,018 as capital expenditure and disallowed the same under section 37 of the act. against the decision of ao, dt. 30th dec, 1998, the respondent-assessee preferred an appeal before the cit(a), jodhpur. the cit(a) vide its order dt. 28th april, 1999 allowed the said appeal bearing no. 652/1998 .....
Tag this Judgment!Court : Rajasthan
Reported in : (2008)217CTR(Raj)472; RLW2007(4)Raj3127
..... of the petitioner vide the impugned attachment order dated 17.04.2007 passed under section 281b of the income tax act, 1961 (for brevity, hereinafter to be referred as 'the act'), though the demand on the capital gains on the sale of the agricultural land made by the petitioner assessee was only to the extent of rs. 30,97,103/- vide ..... asset)), and the assessee has, within a period of two years after that date, purchased any other land for being used for agricultural purposes, then, instead of the capital gain being charged to income-tax as income of the previous year in which the transfer took place, it shall be dealt with in accordance with the following provisions of this ..... unutilised portion of the capital gain on the sale of property used for residence should be deposited before the date of furnishing the return of the income-tax under section 139 of the it act. section 139 of the it act, 1961, cannot be meant only as section 139(1) but it means all sub-sections of section 139 of the .....
Tag this Judgment!Court : Rajasthan
Reported in : (2007)210CTR(Raj)553; RLW2007(4)Raj3133
..... 13 partners in the year 1979 which number fell down to 12 in the year 1984, but this partnership was meant only for the purpose of saving income-tax. none of these partners except 1 and 2 had any title in the land. the vendor agreed to sell part of her share to the intending buyer ..... provision of civic amenities like roads, parks, open spaces, electricity, water, sewerage, drainage, would essentially exclude the element of the land area being a large size agricultural chunk of land, which is the alternative argument made by the respondents and this would then also exclude the element of the land being less developed/underdeveloped. in ..... accepting the rates notified by the government for registration of the conveyance deeds which have since received legislative recognition in newly inserted provision of section 50c of the it act. the learned single judge has thus proceeded to pass his judgment on the basis of presumptions and surmises, the impugned judgment is therefore suffering from error .....
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