Judgment Search Results Home > Cases Phrase: agriculturists loans act 1884 section 2 local extent Court: income tax appellate tribunal itat amritsar Page 1 of about 2 results (0.052 seconds)

Rajiana Kheti Store Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2006)99TTJ(Asr.)576

..... on appeal, the learned cit(a) upheld the penalty on the ground that the impugned loans were returned to agriculturists who were illiterate and did not have any bank account could not constitute a reasonable cause because the banking facilities are now available at all the places. ..... acceptance of cash loan necessitated due to urgent business requirement would constitute a reasonable cause for accepting the cash loans under section 273b and no penalty under section 271d is leviable. ..... it was also held that the immediate requirement of business for accepting the cash loan could constitute a reasonable cause for accepting the cash loans for which penalty under section 271d was not leviable.7. ..... , 1990, where it was stated that provisions of section 269s's shall be applicable only in case where loan or deposit accepted was in excess of rs. ..... anand, ito (supra), i am of the opinion that no penalty under section 271e was leviable because provisions of section 269t were not applicable to the repayment of loans. ..... cit (1997) 58 ttj (ahd) 611, where it was held that penalty under section 271d would be levied only if the amount of loan exceeded rs. ..... he submitted that it is precisely for this reason that the provisions of section 269t have been amended by the finance act, 2002, w.e.f. ..... 41,600 imposed under section 271e of the it act, 1961. ..... 40,000 under section 271d of the it act, 1961. ..... he, therefore, initiated penalty proceedings under section 271d of the it act. .....

Sadhu Ram and Sons Vs. Commissioner of Income Tax and

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)108TTJ(Asr.)373

..... the it authorities carried out survey operation under section 133a of the act where a large number of loose papers containing transactions of loans advanced to the agriculturists, interest received on such advances and sale of agricultural crop/produce of the farmers were found. ..... contention of the learned authorised representative that the issues have been subject-matter of appeal and decided by the cit(a), bhatinda, the learned cit (departmental representative) submitted that while completing the assessment under section 144, the ao had not taken into account all the entries for working out the peak amount of unexplained investment and had also not included the entire interest received/accrued on the unexplained ..... 27,09,100 representing loans advanced to various agriculturists require to be added under section 69 of the it act. ..... similarly, he had no jurisdiction to hold that the ao was not justified to make any enhancement of income in pursuance of order passed by the cit, bhatinda under section 263 of the act.10.4 the learned counsel did not advance any specific arguments except relying on the order of the cit(a).10.5 we have heard both the parties and carefully considered the rival submissions, examined the facts, evidence ..... accordingly, he cancelled the order of the ao to the extent addition was made as per revised order.the revenue is aggrieved by the order of cit(a). .....

income Tax Officer Vs. Devi Dayal Rice Mills

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... 26th march, 1998, held that : "where goods were hypothecated with banks and not pledged and stock statements submitted to the bank were on estimate basis, ao cannot make addition under section 69 on the basis of higher value shown in those statements than stock declared in books.it is also relevant to point out that one of the members of this constitution is also the author of the decision reported at (2000) 66 ttj ( ..... was further stated that the variation of stock reflected in the books of account and in the bank statements was due to the fact that in order to avail higher limit from the bank, the stocks of agriculturists lying in assessee's godowns had also been included while filing the statement in the bank. ..... the instant case, it is noticed that the contention of the assessee that the stock statement furnished to the bank was inflated and that statement also included the stock of the agriculturists lying in the godown of the assessee was not controverted by the ao. ..... the tribunal, however, referred to the practice of filing inflated lists for the purpose of getting a loan and also referred to the fact that for the purpose of a loan the stock would be valued at market price, whereas in the books it would be valued at cost ..... was explained that practice of declaring higher stock to the bank was purely for the purpose of getting higher loan and availing higher cash credit limit for the purpose of business. ..... there was no justification in making addition under section 69 of the it act. .....

ito Vs. Devi Dayal Rice Milis

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2002)75TTJ(Asr.)24

..... in the list filed with the bank was the undisclosed income of the assessee.the tribunal, however, referred to the practice of filing inflated lists for the purpose of getting a loan and also referred to the fact that for the purpose of a loan the stock would be valued at market price, whereas in the books it would be valued at cost.the tribunal also noted that the accounting period closed on 12-4-1977, whereas the ..... stated that the variation of stock reflected in the books of account and in the bank statements was due to the fact that in order to avail higher limit from the bank, the stocks of agriculturists lying in assessee's godowns had also been included while filing the statement in the bank. ..... case, it is noticed that the contention of the assessee that the stock statement furnished to the bank was inflated and that statement also included the stock of the agriculturists lying in the godown of the assessee was not controverted by the assessing officer. ..... brought to the notice of the assessee who vide its letter stated that number of agriculturists kept their paddy in their godown to be sold on the convenient date. ..... 26-3-1998, held that : "where goods were hypothecated with banks and not pledged and stock statements submitted to the bank were on estimate basis, assessing officer cannot make addition under section 69 on the basis of higher value shown in those statements than stock declared in books. ..... was no justification in making addition under section 69 of the income tax act. .....

Narotam Singh Mann Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2004)90TTJ(Asr.)683

..... rattan singh maan singh (1995) 127 taxation 97 (trib) has held that the penalty under section 271e was not leviable since the assessee was under a bona fide belief that the payments to the agriculturists were not covered by section 269t of the income tax act, 1961. ..... unaccounted cash or unaccounted deposits, the finance act, 1984, has inserted a new section 269ss in the income tax act debarring persons from taking or accepting, after 30-6-1984, from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or deposit or the aggregate amount of such loan and deposit is rs. ..... section 269ss of the act provides that no person shall, after the 30-6-1984, take or accept from any other person any loan or deposit otherwise than by an account payee cheque or account payee bank draft if the amount of such loan or deposit or the aggregate amount of such loan and deposit is twenty thousand rupees or more. ..... jagtaran kaur, although the amounts were routed through the bank account of the assessee.accordingly, it was submitted that the assessee had neither received a loan nor deposit and, therefore, penalty levied by the learned joint commissioner was against the provisions of law. .....

ito Vs. Tilak Rice Mills

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2002)75TTJ(Asr.)20

..... it was also submitted that the figures of the stocks of agriculturist lying in their godown had also been included while filings the stock statement submitted to the bank. ..... it was also submitted that the stock of agriculturists of nearby villages were also stored in the godown of the assessee because they had no storage facility with them and also at most of the times the assessee was the only buyer of those stocks lying in ..... the learned commissioner (appeals) further observed that even if there was difference in two stocks, the same could not be made a basis for the addition under section 69 of the income tax act. ..... even he had not mentioned the relevant section in which the addition had been made. ..... trading account filed along with the return.the relevant facts appearing from the assessment order in brief are that during the year relevant to the assessment year under consideration, the assessee obtained loan facility from the punjab national bank, r.s. ..... of my knowledge and belief and nothing have been concealed therefrom.it is also true that the assessing officer accepted the books of accounts maintained by the assessee and did not consider it appropriate to apply to the provisions of section 145(2). .....

The Faridkot Bathinda Kshetriya Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... cit was not correct while observing that "the plea regarding new passing officer and having no knowledge about section 269t of the act to that officer is not tenable as non-compliance of the provisions of law, which is duly on the statute, cannot be expected from the bank which is established one and is supported and manned by qualified and highly educated persons. ..... that in context to the above stated facts/conditions, the staff and officers of the bank worked hard to mobilise deposits from the various sections of the society, furthermore, it is stated that the staff of the assessee-bank was working in the area where their exposure to the banking and other laws, like income-tax was very limited. ..... the officers and staff of the bank primarily deal with illiterate agriculturists, farm labourers and other weaker section of the society.it was also brought to our notice that in 1995-96, at the time of banking reforms, 148 regional rural banks out of 196 in india were loss making and on the verge of closure. ..... section 18 of the said act provides that the main important operation of the bank is to provide loans and advances, particularly, to the weaker sections of the society by mobilising deposits from the same section. ..... it is immaterial that the deposits were made by government department, agriculturists or repayment was made on the request of the depositors. ..... the payments were made to agriculturists and other non-income-tax assessees. .....

income Tax Officer Vs. Tilak Rice Mills

Court : Income Tax Appellate Tribunal ITAT Amritsar

..... it was also submitted that the figures of the stocks of agriculturist lying in their godown had also been included while filings the stock statement submitted to the bank. ..... it was also submitted that the stock of agriculturists of nearby villages were also stored in the godown of the assessee because they had no storage facility with them and also at most of the times the assessee was the only buyer of those stocks lying in ..... the learned cit(a) further observed that even if there was difference in two stocks, the same could not be made a basis for the addition under section 69 of the it act. ..... ao had not given any reason for coming to the conclusion that there was difference in the two stocks and the difference represented the income of the assessee.even he had not mentioned the relevant section in which the addition had been made. ..... the relevant facts appearing from the assessment order in brief are that during the year relevant to the assessment year under consideration, the assessee obtained loan facility from the punjab national bank, r.s. ..... to the best of my knowledge and belief and nothing have been concealed therefrom.it is also true that the ao accepted the books of accounts maintained by the assessee and did not consider it appropriate to apply to the provisions of section 145(2). .....

Davinder Singh Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Amritsar

Reported in : (2007)104ITD325(Asr.)

..... it was held that where a partner did not maintain any books of account and a cash credit entry appeared in the books of the firm in the name of the partner, section 68 would apply and the amount of the cash credit would be liable to be assessed in the hands of the firm because the entry appeared in the books of account of the firm which was a separate ..... the amount payable to the various agriculturists by resorting to the provisions of section 28 of the it act, 1961. 2. ..... before the hon'ble high court was whether the tribunal was justified in applying the proviso to section 13 of the old act (section 145 of the present act) because the assessee did not obtain bought note from purchases made from the farmers. ..... source thereof or the, explanation offered by him is not, in the opinion of the ao, satisfactory, the sum so credited may be charged to income-tax as the income of the assessee of that previous year.a bare reading of section 68 of the act shows that the expression used in the section is 'any sum' and it does not say that credit should be only in the nature of cash receipt. ..... the assessee that provisions of section 68 apply only to cash receipt/loans is without any merit. ..... , the ao co-operated with the assessee to such extent that he on his own issued summons under section 131 to these parties and sent the same through his ..... the credits shall also include both loans and trade credits and also other receipts, be that of ..... it covers all credits including loan, receipts and any other amount .....