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The A.C.i.T. Vs. Aggarwal Construction Co.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... the history of not maintaining books of accounts.this conclusion is further fortified by the fact and the assertion of the assessee itself that penalty was deleted during the assessment year 1996-97, 1997-98 and 1998-99 by the id cit(a) as is evident from page 1 of the order of the id first appellate authority, meaning thereby the assessee is not bothered about the provisions of law and has not learnt any ..... it has been observed by the learned commissioner of income-tax (a) that similar penalties imposed on the assessee for assessment years 1996-97, 1997-98 and 1998-99 were cancelled on appeal by the commissioner of income-tax (a). ..... . 1250/chandi/2004 for assessment year 2001-02 decided vide order dated 2.11.2005 by itat chandigarh bench (smc) is against the assessee wherein penalty levied by the assessing officer and confirmed by the ..... . 842 & 879/clumcli/2004 for assessment years 2001-02 & 2003-03 order dated 19 9.2005, confirmed the order of the ..... . 842 & 879/chandi/2004 for assessment year 2001-02 & 2002-03 order dated 19.9.2005) unicon builders & contractors, ludhiana ..... . 842 & 879/chandi/2004 for assessment year 2001-02 & 2002-03 order dated 19.9.2005) ..... . 850/chandi/2005 for assessment year 2000-01 order dated 24.11.2005 in the case of ito ward vii(1), ludhiana ..... . 827/chandi/2004 for assessment year 2001-02 in the case of acit, range vi, ludhiana v.supreme builders, ..... . acit circle 2(ii), ludhiana for assessment year 1994-95, the relevant findings given therein read as under: .....

A.C.i.T. Vs. Steel Strips Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)108ITD720(Chd.)

..... hence, the tribunal in the case of the assessee for the assessment year 1985-86 had correctly interpreted and understood the ratio of the judgment of the hon'ble supreme court in sahney steel & press works ltd's case (supra).in the present case also the objective of the ..... the said order had also been followed for assessment year 1996-97 in ita no.929/chandi/2000 vide order dated 12.10. ..... cit(a) vide order dated 1g.10,.2003 for assessment year 1992-93 and 1994-95 in itas ..... addition so made was deleted by following the earlier orders for assessment year '1990-91 to 1992-93 and 1994-95.7. ..... 1167 & 1168/chandi/97 for assessment years 1992-93 and 1994-95 respectively and vide order dated 12.102004 in ita ..... was, therefore, entitled to the benefits of the said government order in the calendar year 1973, which meant the assessment year 1974-75. ..... 1081/chandi/97 for assessment year 1 993-94 order dated 27.2,2004) virender agro chemicals ltd, ludhiana ..... facts in this case are that the assessee had filed the return of income for assessment year 95-96 on 30.11 95 declaring loss of rs. ..... 347/chandi/97 assessment year 1992-93, 1993-94 and 1994-95 order dated 26.5.2004.12 we have considered the rival submissions and carefully gone through the material available on ..... chandi/2000 for assessment year 1996-97.4. ..... the income-tax officer, while making the assessment for the year 1974-75, included the said amount in the assessable income of the assessee which was confirmed on appeal by the commissioner of income-tax( .....

S.A. Builders Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2003)86ITD58(Chd.)

..... though as per computation of income made under the normal provisions, the entire loss was given set off against the income of the current assessment year this issue also came to be considered by the hon'ble andhra pradesh high court in the case of suryalalha spinning mills ltd. v. ..... we confirm his orders and dismiss this common ground of appeals for both the assessment years under reference.the next ground of appeal for the assessment year 1989-90 relates to the fact that the commissioner (appeals) was not justified in sustaining ..... view of the clear provisions of section 115j(2), we hold that the assessee is not entitled to claim of set-off of unabsorbed depreciation for assessment year 1990-91, as the same had already been set off while computing income as per provisions of the act. ..... facts of the case are that while completing the assessment for the assessment year under, reference, the assessing officer observed that the assessee had made cash payments ..... this ground of appeal is dismissed.the last ground of appeal for the assessment year 1990-91 relates to the fact that the commissioner (appeals) was not justified in directing the assessing officer to calculate and disallow the interest on account of diversion of borrowed funds to the ..... (supra), we set aside the orders of commissioner (appeals) for both the assessment years under reference and restore those of the assessing officer in disallowing the claims of the assessee for investment allowance and deductions under sections .....

income Tax Officer Vs. Tirlok Tirath Vidyavati Chuttani

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)90ITD569(Chd.)

..... the facts discussed above show that while completing the assessment for the assessment year under reference (1996-97), the ao did not doubt the charitable character of the assessee-trust. ..... vii) no separate accounts for the income from property held under trust, as the property was immovable property and the sales realization therefrom was accounted for by the assessee trust in the year relevant to assessment year 95-96 when it made its first donation to the recipient society. ..... in the present case, we find that the details of income for the assessment year under reference are at page 4 of the paper book. ..... 2 lacs for gujarat relief fund given in the year 1999-2000 pertaining to the assessment year 2000-01 when the appeal is question was for the assessment year 1996-97. ..... page 33 of the paper book for the assessment year 97-98 further shows that even in the past, net result from running of a nursing home was a loss.thus profit motive does not seem to be the dominant objective of cmc.in any case, even if there is a little surplus ..... a copy of order dated 19.5,1997 of cit, patiala placed on our file, shows that the assessee trust was allowed exemption under section 80g for the period from 31.3.93 to 31.3.97 relevant to assessment years 93-94 to 97-98, which also covers the assessment year under reference. ..... we find that the facts for the assessment year 97-98 are slightly different and relate to accumulation of income on which we feel that both the parties need to be further heard. .....

The A.C.i.T. Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

..... such arrangements.in the light of the above guidelines, the company had no option but to reserve 5% of the further issue of share capital for employees/workers.it is also not disputed that in the previous year, relevant to the assessment year 92-93, the assessee had enabled the employees/workers to acquire the shares of the company to the extent of 5% of further capital by advancing loans to them for the purpose of acquisition of such shares. ..... the facts and circumstances of this case into consideration, i concur with the view expressed by the co-ordinate bench of the tribunal for the assessment years 92-93 to 94-95 and the learned president that the interest-free loans to the employees was purely for the purposes of business.12. ..... light of these facts, we are of the considered opinion that the facts of the case for the assessment year under reference are similar to the facts of the case for the assessment years 1992-93 and 1993-94 and, therefore, the ratio of the aforesaid decision for the above mentioned assessment years would equally apply to the facts of the present case. ..... the learned judicial member following the earlier orders of the tribunal in assessee's own case for assessment years 1992-93, 1993-94 and 1994-95, upheld the order of the commissioner of income-tax (appeals) ..... not following the decision cited before us has merely observed that each assessment year is an independent assessment year and finding in one assessment year is to be followed when facts are the same. .....

Assistant Commissioner of Vs. Nahar International Ltd.

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2006)98ITD96(Chd.)

..... assessee submitted that it was consistently following the same system of accounting as in the earlier years and also during assessment years 1992-93, 1993-94 and 1994-95 and deduction claimed was allowed by the tribunal during assessment years 1989-90 to 1991-92 accepting the system of accounting regularly followed by the assessee.the assessing officer, however, invoking the provisions of section 80-i(6), 80-i(8) and 80-i(9) recomputed deduction under section ..... facts and circumstances of this case into consideration, i concur with the view expressed by the co-ordinate bench of the tribunal for the assessment years 1992-93 to 1994-95 and the learned president that the interest-free loans to the employees was purely for the purposes of business.12. ..... these facts, we are of the considered opinion that the facts of the case for the assessment year under reference are similar to the facts of the case for the assessment years 1992-93 and 1993-94 and, therefore, the ratio of the aforesaid decision for the above-mentioned assessment years would equally apply to the facts of the present case. ..... that each assessment year is an independent assessment year and the finding given by the tribunal in one assessment year is applicable to the subsequent assessment year if the facts ..... the order of the cit(a) is in conformity with the orders of the tribunal for the earlier three assessment years.respectfully following the aforesaid orders of the tribunal, we are of the opinion that the order of the cit .....

Nahar Exports Ltd. Vs. A.C.i.T. C.C. V. [Alongwith Ita

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2005)92ITD484(Chd.)

..... (supra) is quoted herein below: "since the turnover of the assessee for the assessment year 1992-93 included exports, it had claimed deduction under section 80 hhc of the i.t. ..... 1248/mum/2002 for the assessment year 1998-99, the itat 'i' bench mumbai observed in para 13 as under: "13 for the above reasons, we are of the view that the judgment of the bombay high court in ipca laboratories (supra) is not of assistance to the revenue in the ..... 116/chand/97 for the assessment year 1994-95, itat chandigarh bench 'a' held that - "the machinery to compute the income from export activity is provided in section 80 hhc(3) and after computing such income, such income is required to be deducted from the gross total ..... in her return for the assessment year 1987-88, the assessee claimed a deduction from the profits of business, of a sum representing loss in chit fund. ..... decided the issue by considering the matter in detail, the claim of the assessee was supported by auditor's certificate which was rightly allowed by the assessing officer and the view taken by him was one of the possible view allowable in accordance with law, therefore, when the assessing officer had decided the issue on the basis of one of the possible view the order can neither be erroneous nor pre judicial to the interest of ..... " "that the dispute related to the assessment year 1987-88. ..... these appeals by the assessees are directed against the orders of the cit(c) ludhiana dated 18.2.98 and 20.1.99 for the assessment year 1994-95.2. .....

Punjab Communications Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2003)84ITD505(Chd.)

..... ground of appeal is also allowed.the facts of the present case are similar to the facts of the case for the assessment year 1991-92 except that the assessment year under reference was the first assessment year when change in the method of valuation of closing stock was made. ..... briefly stated, the facts of the case are that the assessing officer observed that prior to assessment year under reference, the assessee used to value the closing stock of finished goods by including excise duty (modvat), but for the assessment year under reference, the assessee changed the method of valuation of closing stock of finished goods by excluding the value of excise duty ( ..... mere fact that the change in the method of valuation of closing stock has resulted in reducing the income of the assessment year under reference does not make the change in the method of valuation of closing stock as mala fide. ..... the mere fact that such changed method results in reducing the income for one assessment year does not mean that change in the method of accounting is cither not bona fide or is not to be ..... the light of these facts and circumstances of the case and respectfully following the aforesaid order of the itat for the assessment year 1991-92, we set aside the order of the commissioner (appeals) and delete the impugned addition. ..... fact that the change in the melhod of valuation of the closing stock has resulted in reduction of income for the assessment year under reference does not make such change as non-bona fide. .....

Bhagyoday Investments (P) Ltd. Vs. Asstt. Cgt

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2004)90ITD57(Chd.)

..... position with regard to the case of brij mohan lals case (supra), for the assessment year 1970-71, a copy placed on our file.in the list of cases relied upon by the ..... hon'ble supreme court also approved the following judgments: it is not in dispute that goodwill computed by the assessee based on average profits of the earlier assessment years was not the goodwill of these firms. ..... the cases substantial withdrawals were made in the accounting year relevant to assessment year under reference. ..... value of these assets was taken as per value shown in the respective balancesheets and as declared in the wealth tax returns for the assessment year 1992-93. ..... the assessment year ..... appeals, filed by the different assessees, directed against the respective orders of commissioner gift tax (appeals)(c), ludhiana for the assessment year 1993-94. ..... contract or other actionable claim or of any interest in property by any person, the value of the release, discharge, surrender, forfeiture or abandonment to the extent to which it has not been found to the satisfaction of the assessing officer to have been bona fide, shall be deemed to be a gift made by the person responsible for the release, discharge, surrender, forfeiture or abandonment. ..... the reduced share of these partners was given in favour of the 5 new partners.during the course of assessment proceedings, the assessing officer called upon the assessees to furnish details of the capital brought by the new partners and the requirements of labour by the .....

Punjab State Co-op. Milk Producer Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2007)104ITD408(Chd.)

..... not form part of the total income under this act: provided that nothing contained in this section shall empower the assessing officer either to reassess under section 147 or pass an order enhancing the assessment or reducing a refund already made or otherwise increasing the liability of the assessee under section 154, for any assessment year beginning on or before the 1st day of april, 2001.the question that assumes importance in the light of the contentions ..... appeal of the assessee for assessment year 2002-03 is directed against the order dated 31^ ..... , 2002 for assessment year under appeal declaring nil ..... for assessment year 64-65, 65-66 and 66-67, the assessee claimed exemption from income tax under section 80(i)(d) of the income-tax act, 1961 on the gross profits and gains of business with its ..... the id.counsel for the assesses further relied upon the decision of the punjab & haryana high court in the case of cit ..... the ao accordingly made an assessment at an income of ..... the assessing officer further proceeded to hold that even if the assessee is presumed to be entitled to deduction under section 80p(2)(d), the same is permissible on the income to be determined after deduction of expenses a.p.ovided under section 14a of the income- ..... the assessing officer accordingly held that assessee was not entitled to deduction under section ..... for the first two years, the appellate tribunal accepted the claim of the assessee but for the third year the tribunal rejected the claim and upheld the ito' .....