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United Phosphorus Ltd. Vs. Joint Commissioner of Income-tax

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)81ITD553(Ahd.)

..... 'profit and gains of business or profession' retrospectively for and from assessment year 1967-68; and - clause (iiic) read with section 2(24)(vc) (w.r.e.f 1-4-1972) so as to make any duty of customs and excise repaid or repayable as draw back to any person against exports under the customs and central excise ..... - clause (hid) read with section 2(24)(va) (w.r.e.f 1-4-1962) so as to make the profit on the sale of import entitlement licences taxable under the head 'profit and gains of business or profession' retrospectively for and from assessment year 1962-63; - clause (iiib) read with section 2(24)(vb) (w.r.e.f 1-4-1967) so as to make cash assistance (by whatever name called) received or receivable by any persons against exports under any scheme of the government of india taxable under the head ..... a deduction is allowable may be material when the rate of tax chargeable on the assessee in two different years is different; but in the case of income of a company, tax is attracted at a uniform rate, and whether the deduction in respect of bonus was granted in the assessment year 1952-53 or in the assessment year corresponding to the accounting year 1952, that is in the assessment year 1953-54, should be a matter of no consequence to the department; and one should have thought that the department would not fritter away .....

Puransingh M. Verma Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)78ITD277(Ahd.)

..... assessee that the income derived from nursery business was agricultural income was again rejected by the assessing officer on the ground that the cit(a)'s decision for assessment year 1986-87 was not accepted by the revenue and the appeal was pending before the itat. ..... the tribunal also went patently wrong when it said that an objection of not hearing by cit(a) for assessment years 1989-90 and 1990-91 is an afterthought and there is nothing to indicate that in the grounds of appeal when there is enough in the grounds of appeal pointing that out plus the statement at the bar of ..... argued, was whether the cit(a) was justified in not following his predecessor's order for the assessment year 1986-87 and not as to whether there were fresh materials before the assessing officer in the assessment years 1989-90 and 1990-91 for taking a different view. ..... perusal of the survey report, which is on record and the decisions of the c1t(a) for assessment years 1986-87 and 1989-90, does not leave one in doubt that this report had been considered in ..... when this report is read in conjunction with the decision of the cit(a) for assessment years 1986-97 and 1989-90, it becomes abundantly clear that the iac and the concerned income-tax officer had not accepted the opinion of the inspectors that the income derived ..... that the argument led by the counsel at the time of hearing was that though the appellate order for the assessment year 1986-87 was in favour of the assessee and that was filed before the ld. .....

Puransingh M. Verma and anr. Vs. Ito

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2001)72TTJ(Ahd.)399

..... any doubt left on this point after the supreme court decision, as held by jaipur bench of the tribunal.the tribunal also went patently wrong when it said that an objection of not hearing by commissioner (appeals) for assessment years 1989-90 and 1990-91 is an afterthought and there is nothing to indicate that in the grounds of appeal when there is enough in the grounds of appeal pointing that out plus the statement at the bar of the same advocate who ..... first objection raised by the assessee was in respect of observation made in the impugned order of the tribunal at para 4 wherein it has been mentioned that the learned commissioner (appeals) while disposing of the appeal for the assessment years 1978-79 and 1990-91, though fixed the date of hearing and allowed the presence of the assessees counsel, did not hear the appeals. ..... in fact, he submitted that the argument led by the counsel at the time of hearing was that though the appellate order for assessment year 1986-87 was in favour of the assessee and that was filed before the learned commissioner (appeals) at the time of hearing it was not followed by him by bringing out some facts on the basis of certain facts and ..... the claim of the assessee that the income derived from nursery business was agricultural income was again rejected by the assessing officer on the ground that the commissioner (appeals)s decision for assessment year 1986-87 was not accepted by the revenue and the appeal was pending before the tribunal. .....

Core Health Care Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

..... . dastur, the learned advocate for the assessee submitted that this special advertisement campaign expenditure was incurred by the company in the assessment year under consideration on advertisements in various newspapers, periodicals and magazines in different languages all over india and the advertisements were issued with the object of raising corporate image of the company and ..... judgment of the hon'ble gujarat high court in the aforesaid case fully and squarely applies to the facts of the present case.this is a case relating to assessment year 1993-94 and the judgment was delivered by the hon'ble gujarat high court on july 10-11- ..... and spend it on securing capital assets is the purpose at the time the loan is negotiated to be taken into consideration or the purpose for which it is actually used further suppose that in the accounting year the purpose is to borrow and buy raw material but in the assessment year the company finds it unnecessary to buy raw material and spends it on capital ..... us was a parly has held that the entire expenditure for raising partly convertible debentures is an allowable deduction as revenue expenditure if the partly convertible debentures are not converted into equity shares in the assessment year under consideration relying on the decision of the supreme court in the case of india cements ltd ..... cross appeals; one by the assessee and the other by the revenue relating to assessment year 1992-93 are taken up together and disposed of by a common order for the .....

Gujarat State Forest Development Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)51ITD147(Ahd.)

..... it was brought to our notice by the learned counsel that almost a similar point arose for consideration in assessee's appeal for assessment year 1985-86 and the tribunal has given certain directions and has restored back the issue in relation to grant of extra shift allowance on certain other items.he also placed reliance on the decisions reported in cit v. ..... a perusal of the statement of total income submitted for assessment year 1985-86 indicates that the assessee claimed deduction under section 43b in respect of certain expenditure pertaining to previous year and offered for tax in assessment year 1985-86 but claimed that on payment basis in assessment year 1986-87 under section 43b. ..... 2,71,855 fixed by the resolution of the gujarat government dated 2-1-1985 ought to be allowed in the assessment year 1986-87.the learned counsel was fair enough to admit that such an additional ground, after being entertained, will have to be decided against the assessee on merits. ..... the short provision made in the preceding year was adjusted in the year under consideration, namely, assessment year 1986-87 when the actual payment of short provision was ascertained.27. ..... the commissioner of income-tax observed that the balance-sheet of the assessee-company as at the close of the relevant previous year for assessment year 1985-86 disclosed an outstanding liability of royalty amounting to rs. .....

Vahid Paper Converters and ors. Vs. Ito and ors.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)98ITD165(Ahd.)

..... he therefore observed that the supreme court has decided the issue before them for the assessment year prior to 1-4-88 and this decision can not be applied for the assessment year starting from 1-4-1988 as not only the provisions of section 32 have been amended but-the vital section 34 has been omitted from the ..... the above decision of the supreme court, we hold that the observations of the supreme court in the case of mahendra mills (supra) be taken as applicable only in the context of computing normal income for assessment years prior to asstt.year 1988-89 and not for the computation of income for the purpose of chapter vi-a.52. ..... the learned counsel contended that the assessment year under consideration is asstt year 2001-2002 and therefore, explanation 5 to section 32 which is made effective from 1-4- ..... under consideration the assessment year under consideration are ..... firm engaged in the manufacturing of paper, the assessment year under consideration is asstt.year 2001-2002. ..... miscellaneous provisions) act, 1986 with effect from april, 1,1988, however, the answer to the question remains of substantial importance as various matters are stated to be pending, in the high courts relating to the assessment years prior to april 1, 1988.46. ..... and subject to the provisions of this section, be allowed, in computing the total income of the assessee, a deduction from such profits and gains of an amount equal to such percentage and for such number of assessment years as specified in this section. .....

Additional Commissioner of Vs. New Nandi Seeds Corpn.

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2006)99ITD702(Ahd.)

..... similarly from the two orders of the tribunal in assessee's own case (supra), it is further revealed that when assessee's appeals for assessment years 1992-93, 1993-94 & 1995-96 were heard by the tribunal (on 1-6-2005), the assessee had brought four decisions; namely, (i) tarai development ..... cit [2002] 255 itr 1782 (sc) : 123 taxman 221 (i) that, so far as tribunal's order (supra) in assessee's own case for assessment year 2000-01 which is dated 29-12-2004 is concerned, the same is no more a good decision for following two reasons:- (a) that, the facts stated by the hon'ble tribunal in this order, to the effect that the ..... notice of the bench, whereas at the time of hearing of the assessee's appeal for assessment year 2000-01, no such order or decision was brought to the notice of the bench. ..... ) and the order of tribunal in that case for assessment year 1983-84 allowing the deduction under section 80-i and under section 80hha of the act having been confirmed by the hon'ble apex court, there is no necessity to enter into the arguments as to which of the tribunal's ..... the assessee has submitted that similar issue had come up for consideration before the cit (appeals) in assessee's own case for assessment year 1997-98 and was decided in assessee's favour.the ld. ..... the assessee, has supported he order of the cit (appeals) by relying on the following decisions:- (a) decision of itat ahmedabad bench 'd' in assessee's own case for assessment years 1992-93, 1993-94 and 1995-96 in ita nos. .....

Dy. Commisioner of Income Tax Vs. Pramukh Builders

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2008)112ITD179(Ahd.)

..... revenue has objected to the order of the cit(appeals)-vii, ahmedabad dated 04/08/1999 passed for assessment year 1994-95 wherein the ld. cit( ..... has, further, supported his findings by another specific finding of fact to the effect that "the assessing officer has also not brought on record any cogent material and/or evidence in respect of 'on-money' receipts and also as evident from the assessment order, no incriminating records and materials have been identified from the seized records for making the additions on the basis of statements of shri kamal ..... the aforesaid findings of the cit (appeals), specially the finding that the assessing officer has also not brought on record any cogent material and or evidence in respect of 'on-money' receipts and also as evident from assessment order, no incriminating records and materials have been identified from the seized records for making the ..... the cit(a) to the effect that (a) the statement of shri kamal shah was taken on record based on mere suspicion, (b) the same cannot be treated as an admission and cannot be treated as material for framing the assessment and (c) the assessing officer has not brought on record any cogent material or evidence in respect of on-money receipts. ..... discussion, the submission of the assessee is totally incorrect, misleading and after thought therefore the same do not deserve for any consideration and the assessment order is being completed considering the facts and figures arising out of the search action.9. the .....

Sangita Trust No. 1 Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (1994)50ITD66(Ahd.)

..... from the aforesaid judgment of the hon'ble supreme court that in the case of a private discretionary trust where the shares are indeterminate or unknown, it is the beneficial interest alone which is assessed to wealth-tax in the hands of the trustees and not the corpus of the trust properties.13.8 the supreme court in the aforesaid judgment, inter alia, held that in a case where beneficiaries ..... law laid down by the hon'ble madras high court in the aforesaid judgment would be fully applicable in the cases of those trusts where the net wealth, as may be determined by the assessing officer in accordance with the guidelines and findings as may be given in the subsequent paragraphs in relation to determination of net wealth, did not exceed the basic exemption limits provided in the wealth- ..... this act or is a beneficiary under any other trust; or (ii) such assets are held under a trust created before the 1st day of march, 1970, by a non-testamentary instrument and the assessing officer is satisfied, having regard to all the circumstances existing at the relevant time, that the trust was created bona fide exclusively for the benefit of the relatives of the settlor or where the ..... position of law is effective from assessment year 1980-81 and onwards and supersedes partly ..... ) of 1987, dated 5-6-1989] for assessment year 1981-82, which is one of the appellants in the present group of ..... , for assessment year 1979-8$ ..... the case of brinda beneficiary trust (supra) pertained to assessment year 1979-80. .....

Smt. Farzana Farooq Desai Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2002)74TTJ(Ahd.)507

..... the satisfaction that any undisclosed income belongs to any person other than the one with respect to whom search was made or books of account, documents or assets requisitioned, may, in many cases be reached after the assessing officer starts the proceedings under section 158bc against the person with respect to whom the search was made, the shift of the commencement point of the limitation to the date of the notice, which could ..... acquired out of her own income and funds.we may now consider the question relating to nature of evidence, sought to be adduced as additional evidence in relation to explaining the source of various assets.the assessee explained before the assessing officer that the flat at 201, moin apartment, ahmedabad was purchased by her partly from her own funds and partly from the money loaned to her by her father-in-law, shri ibrahim desai. ..... " it is amply clear from the aforesaid observations made by the hon'ble high court and a plain reading of the section 158bd, that before assuming jurisdiction under section 158bd, the assessing officer should be satisfied that some of the undisclosed assets/income found during the course of search or discovered as a result of post-search/investigation does not belong to the raided person but it belongs to some other person, ..... 3,00,000 as undisclosed income for the assessment year 1994-95 allegedly as discussed in para 3.13 when no such addition is made in that para. .....