Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD113(Pat.)
..... found not to be storageworthy and the lessors have failed to make the godowns storageworthy after this fact has been intimated by the lessees to the lessors and the financing bank and reasonable time and appropriate opportunities have been afforded to the lessors to so, fci would have the right to terminate the lease by giving 15 days' notice and for recovering all the damages or losses on account of ..... the assessee for the purpose of 'its own business', a legal pre-condition and instead used for the purpose of earning income, they work liable to pay wealth-tax under section 40(3)(vi) of the finance act, the learned accountant member holding otherwise was of the opinion that the godowns, on the facts and in the circumstances of the case will stand excluded from the definition of term 'assets' as appearing ..... business in food grains which are stored in its own godown constructed for that purpose.the value of such godowns, in our view will not be regarded as assets for the purpose of section 40(3)(vi) of finance act, 1983 as the godowns are used by the assessee for its own business the business being purchase and sale of food grains and not as a means of earning income by letting out the godown as we find ..... of this view by an appropriate legal forum could create a dent in the finding of the tribunal referred to supra that the godowns in question were being used by the assessee for its business entitling them to jump out of the mischief of section 40(3)(vi) of the finance act.12. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD37(Pat.)
..... send an extract of paras 15 and 16 of his order to the commissioner of income-tax, ranchi (under whose jurisdiction the concerned assessing officer was functioning) with a direction to the cit to initiate appropriate departmental enquiry into the whole matter and fix responsibility of concerned officer(s) with a further direction to take suitable action as provided in law against delinquent departmental officers and to record their misconduct in the annual confidential ..... several courts have uniformly laid down in countless decisions that the power of remand by an appellate authority should be used very sparingly and in most deserving and appropriate cases when upon closer examination of the case it is noticed that the order of the inferior court or tribunal is palpably and patently erroneous and illegal or that great prejudice or justice ..... to presume that there was intentional and deliberate disobedience on the part of the departmental officers and they had rendered themselves liable for imposition of penalty as laid down in section 272a(1)(c) of the it act and had committed offences punishable under sections 175, 186, 187 and 188 of the indian penal code and were also liable for departmental action as provided in rule 3 of the ccs (conduct) ..... accountant member considered it appropriate and in the interest of justice to restore the matter to the file of the assessing officer, with specific directions, giving sufficient scope to the assessing officer to act in accordance with law, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2007)110TT(JP.)at366
..... that further the learned cit(a) misguided himself in having differed from the view of his predecessor holding that the receipts from ahd do not constitute income of shri dipesh chandak within the meaning of section 2(24) of the act relying on tribunal order in the case of indraprastha agencies, (supra) inasmuch as the facts of that case are distinguishable to the facts of the present case and modus operandi was clearly explained, as would be evident ..... at all anything is to be assessed, that should be considered in the hands of shri dipesh chandak only inasmuch as shri chandak himself admitted that the fraud having been committed by him and the receipt out of the fraudulent act having been shared amongst the co-accused persons as named in his statement, the right person to be taxed in this behalf is no one else but shri dipesh chandak, moreso when the department has also adopted ..... court held that whether legal or beneficial owner, it would not take away the right of the assessee to remain in possession of the property and to realize and receive the rents and profits therefrom to appropriate the entire income for its own use ..... the transfer of such income retains a lien or claim over such receipt, then such a receipt shall either be a loan or accommodation or illegal acquisition which can be recovered by the owner by appropriate legal action.8.3. ..... learned chief justice may either post the matter for direction before a bench presided over by him or constitute any other appropriate bench. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1993)45ITD63(Pat.)
..... 1971 and that earlier to such amendment the statute had not provided for any liability upon the trustees of the trust to file the return of income and only because of amendment appropriate rule was also inserted in the income tax rules prescribing the manner in which and the particulars required to be filed in the form newly inserted for charitable or religious trusts or institutions.interest ..... 1971 and that earlier to such amendment the statute had not provided for any liability upon the trustees of the trust to file the return of income and only because of amendment appropriate rule was also inserted in the income tax rules prescribing the manner in which and the particulars required to be filed in the form newly inserted for charitable or religious trusts or institutions.interest ..... proposition because i find that earlier to such amendment the statute had not provided for any liability upon the trustees of the trust to file the return of income and only because of amendment appropriate rule was also inserted in the income-tax rules prescribing the manner in which and the particulars required to be filed in the form newly inserted for charitable or religious trusts or ..... the controversy appropriate amendment was made to section 139 by inserting an explanation 2 to section 139 by the taxation laws amendment act, ..... restored to the division bench for passing an appropriate order in conformity with the majority views expressed on all the four points of law referred under section 255(4) of the act .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... in a little greater detail certain salient features and aspects of this case with reference to the relevant provisions of the act backed up by few decisions of courts discussed by me at appropriate places in this ..... upheld. since i am holding on the preliminary legal issue, that the assessee was unlawfully penalised under s.271(1)(c) of the act i am not going into the merits or demerits of the case as has been done by my learned brother.as we have differed in our views in the above mentioned it appeal, we refer the below given point ..... sunshine. it, therefore, did not support the assessee's case, so did certain other cases become legally incapable of acting as an effective precedent for the same reason.reference was thereafter made by him to several other decisions which included ..... genesis. since a need was felt for major amendments in respect of certain provisions of the it act, particularly those relating to avoidance of direct taxes, the government of india had appointed a committee of experts in march ..... assessees. appropriate penal provisions form a necessary complement to this approach as they impel compliance with the tax laws by imposing additional monetary burden on those who happen to go astray ..... .9. there is not a single provision under the entire scheme of the it act casting an obligation upon a person to file a return where he has incurred or ..... s. 271(1)(c) has been substituted by taxation laws (amendment) act, 1975, and penalty of "twice" the amount of tax sought to be evaded was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD49(Pat.)
..... seller is refusing to accept the payment by way of crossed cheque/draft and the purchaser's business interest would suffer due to non-availability of goods otherwise than from this particular seller; or (v) the seller, acting as a commission agent, is required to pay cash in turn to persons from whom he has purchased the goods; or (vi) specific discount is given by the seller for payment to be made by way of cash. ..... seller is refusing to accept the payment by way of crossed cheque/draft and the purchaser's business interest would suffer due to non-availability of goods otherwise than from the particular seller; or (e) the seller, acting as a commission agent, is required to pay cash in turn to persons from whom he has purchased the goods; or (f) specific discount is given by the seller for payment to be made by way of cash. ..... who originally heard the appeal, we hereby state the points on which we differ and refer the matter to the hon'ble president of the income-tax appellate tribunal for further appropriate action : "whether in the facts and circumstances of the case, a disallowance of rs. ..... & haryana high court as well as the decision thereon found extracted at pages 754 & 755 of the head note are as follows : "section 40a(3) of the act must not be read in isolation or to the exclusion of rule 6dd of the income-tax rules, 1962. ..... 1,22,077 made by the assessing officer under section 40a(3) of the income-tax act, 1961, and upheld by the cit(a), should be confirmed or deleted in full .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)54ITD88(Pat.)
..... the amount of income is not subsequently received by the assessee would also not detract from or efface the accrual of the income, although the non-receipt may, in appropriate cases, be a valid ground for claiming deductions. ..... the appropriate course would be to order release and refund of the seized amount and award interest as statutorily laid down in section 132b(4) of the act. ..... first and foremost we have to peruse and understand the effect of sub-section 4(a) and (b) of section 132b of the act which says : (4)(a) the central government shall pay simple interest at the rate of fifteen per cent per annum on the amount by which the aggregate of money retained under section 132 and of the proceeds, ..... the a/c further fortified his view on account of the provisions of sub-section (3a) of section 176 of the act which says that where any business is discontinued in any year, any sum received after the discontinuance shall be deemed to be the income of the recipient arid charged to tax accordingly in the year of ..... the interest received by the assessee in the instant case under section 132b(4) of the act has to be spread over and assessed in the concerned respective assessment years on accrual basis ..... whatever may be the situation, in the absence of specific provision in section 176(3a) of the act we have to agree with the a/c that the interest amount has to be deemed as the income of the assessee and has necessarily to be assessed under the head "income from other sources" and not as .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1996)56ITD194(Pat.)
..... made provision for known liabilities or losses and the same are indicated in the notes to accounts, it will be necessary to make appropriate adjustment while determining the figure of net profit as per audited accounts for the purpose of section 32ab(3). ..... in support of this contention, our attention was invited to sub-section (3) of section 32ab of the act relating to investment deposit account.here also, the profits were to be computed in accordance with the requirements of parts ii and iii of schedule vi to the companies act, 1956, and guidance notes issued by the institute of chartered accounts of india which had examined the matter in the " ..... the above compendium is given below : 5.3 the provisions of part ii of schedule vi to the companies act, have to be applied in the context of the method of accounting following by the assessee. ..... these are contained in explanation (c) below section 115j of the act, according to which, the "book profits" have to be increased by : (c) the amount or amounts set aside to provisions made for meeting liabilities, other ..... be added under explanation (c) below section 115j of the act, since it was an ascertained liability and not a ..... since the total income as per income-tax act, which was nil, was less than 30% of the ..... thereafter, an explanation below section 1153 of the act lays down that "book profit" means the net profit as shown in the profit & loss account for the relevant previous year prepared under sub-section (1a) as increased by items .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1987)20ITD358(Pat.)
..... at the time of his death an interest in a mitakshara coparcenary property, his interest in the property shall devolve by survivorship upon the surviving members of the coparcenary and not in accordance with this act : provided that, if the deceased had left him surviving a female relative specified in class i of the schedule or a male relative, specified in that class who claims, through such female relative, the interest of the ..... true that there is no clear evidence as to how the property was dealt with or as to the appropriation of the income thereof. ..... but there is no evidence on the record to show that by any conscious act or exercise of volition butchi tirupati surrendered his interest in the property devised in his favour under the will of venkata konda reddy so as to blend it with the ..... the separate property was utilised out of the generosity to support the person whom the holder was not bound to support, or from the failure to maintain separate accounts, abandonment cannot be inferred, for an act of generosity or kindness will not ordinarily be regarded as an admission of a legal obligation. ..... under section 3(2) and (3) of the hindu women's right to property act, 1937 her right to demand a partition in the joint family of the mitakshara joint family accrued on the death ..... section 6 of the hindu succession act reads, omitting portions which are not relevant for our ..... the hindu succession act made a radical departure in the devolution of interest of a coparcener in the joint family .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1995)52ITD142(Pat.)
..... it was only in consequence thereof that the powers of revision under section 263 of the act were given to the cit to take appropriate action in cases where an order passed by the assessing officer was erroneous in so far as it was prejudicial to the interest of the revenue ..... for the above reasons, it was submitted that section 263 could not be invoked in law to set aside an intimation under section 143(1)(a) of the act as has been done in the present case and so the order under section 263 should be quashed.9. ..... counsel for the assessee submitted that the above provisions related to section 143(1)(b) of the act only and not section 143(1)(a) and this also supported his submission that the intimation under section 143(1)(a) was not "an order" ..... if an interpretation was given that section 263 was not applicable to an intimation under section 143(1)(a)(0 of the act, then one of the wings of the act would be cut and it would not be possible to have smooth flight. ..... counsel for the assessee has invited our attention to section 263 (1) of the act according to which the section could be invoked if the cit "considers that any order passed therein by the assessing officer" is erroneous in so far as it is prejudicial to the interest of the revenue. he ..... (1)(a)(i) is not an `order' within the meaning of section 263 and is hence not revisable.the word "intimation" has been used for the first time in the income tax act by virtue of the amendment to the scheme of assessments with effect from 1-4-1989. .....
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