Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2007)108TTJCtk678
..... for that not allowing the carry forward of loss to succeeding assessment years is unjust as the appellant has filed it return on 28th feb ..... the loss for the assessment year is not allowed to be carried forward to the succeeding assessment years.7. ..... in this case, as the returns have been treated as invalid, it follows that the assessee has failed to furnish the returns for the assessment years under reference. ..... was treated as invalid under section 139(9) of the act, it follows that the assessee has failed to furnish the return for this assessment year. ..... in the assessee's own case for the preceding assessment years. ..... further find that clause 9.2 of the (accounting standard) as-9 relied on by the learned counsel reads as under: 9.2 where the ability to assess the ultimate collection with reasonable certainty is lacking at the time of raising any claim e.g. ..... the said fact has also been indicated during assessment proceeding and there was enough indications in the return of income filed by the assessee on ..... he further contended that for the reasons as discussed in the assessment order and the appellate order of the learned cit(a), the action of the revenue on this issue or in this regard is as ..... per section 80, the right to carry forward the losses will be lost if the return is not filed in time for the year in which such loss was incurred. ..... defect mentioned by the ao himself by stating that "it is understood that the statutory audit for the financial year 1998-99 relevant to the asst. yr. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)92TTJCtk1199
..... penalty. a perusal of the decision shows that the facts of that case are entirely different from the facts of the present case as under: (a) the assessment year in that case was 1974-75 and hence well beyond the pale of the radically amended ..... this that the dg set had been commissioned on 31st march, 1990 he has also drawn our attention to the order of the tribunal, cuttack bench in the quantum appeal in the very same case for the same assessment year holding that the date of commissioning was long after 31st march, 1990 ..... the ao, therefore, reached to the conclusion that in the case of the assessee-company it has been conclusively established that "the asset in question was not used in the previous year relevant to the assessment year under consideration and, therefore, depreciation was not admissible".6. ..... decision, the learned authorised representative has contended that mens rea and deliberate intention to conceal must be proved by the revenue.this contention of the learned authorised representative is not tenable for the following reasons : (a) the assessment years mentioned in the case of ..... annex. 4, which is a document containing details of plant and machinery on which investment allowance was claimed for the relevant assessment year as submitted by the assessee in the course of assessment ..... sept., 1986 would not be applicable to the said assessment .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)101TTJCtk948
..... the proviso thereto says that in relation to any assessment year commencing on or after the 1st day of april, 1991, the expression 'total turnover' shall have effect as if it also exclude any sum referred to in clause (iiia), (iiib ..... bona fide and intended to be followed in the future years and it was not adopted for the same assessment year only but to be consistently followed for the subsequent years. ..... on the said 'actuarial valuation' and as per accounting standards and as approved by the judicial pronouncements of the hon'ble supreme court and other courts, is allowable under the act in the year under consideration and hence this direction of disallowance of liability towards 'leave encashment' for the period upto 31st march, 1996, is arbitrary, unwarranted, unjustified, wrong and legally not tenable.102. ..... in 1947 and used to value his stock at cost, wrote off seventy-five per cent of the book value of the spare parts and stores on the last date of the accounting year 1956-57 on the basis of a certificate of an engineer that twenty-five per cent of their original value can be taken to be the market value, and claimed as 'loss on revaluation of stores and ..... assessment of the assessee it was alleged that the silver bars had been sold to the partners for their domestic use but the it authorities held that the alleged sale was not genuine and the silver bars still formed part of the assessee's stock-in-trade at the close of the year ..... been carried forward to the next year and assessed as such. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2006)100TTJCtk632
..... facts and circumstances of the present case being identical to the facts of the cases referred to by the learned authorised representative and the assessment year concerned in the present case being 1984-85, we hold that the present case is fully covered by the aforesaid decisions. ..... it does not apply to the preceding assessment year i.e. ..... is evident from the contentions raised by learned departmental representative during the proceeding of hearing of this case, it transpires that necessary permission has been sought from the competent authority with regard to the reopening of the assessment proceedings but as it is apparent from the record, the assessee or her legal heirs has not been involved in the auction proceeding properly. ..... ram chand (1995) 129 ctr (raj) 457 : (1995) 216 itr 318 (raj); (k) it was not a case of regular assessment and as such interest under section 139(8) was not leviable--shakti tiles industries v. ..... agencies ; (j) interest cannot be charged under sections 139(8) and 217 where the assessment for the first time was framed under section 143(3)/147--cit v. ..... although there is little mention about the irregularities of the notices in the assessment order and the challenge made by the legal heirs in that regard, we do not think it proper to go into these details for taking decision on the issue agitated ..... this appeal filed by the deceased assessee's legal heir on behalf of the assesses, two grounds have been agitated before us against the order of cit(a)-ii, bhubaneswar .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1992)42ITD320Ctk
..... section 215(6): where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purposes of this section and section 216, 217 and 273.a reading of the above provisions would clearly show that if an assessment is made or the first time under section 147, in relation to an assessment year, the said assessment shall be regarded as a "regular assessment" for the purpose of section 139(8), and section 217 of the ..... it is beyond my understanding and comprehension that an assessee filing his returns for assessment years 1983-84 and 1984-85 or earlier years after 1 -4-1985 or say after delay of years should not be made liable to any interest but an assessee filing his return for assessment year 1985-86 with a delay of one or two months should be required to pay interest under sections 139(8) and 217 of the ..... amended provisions of explanation 2 and section 215(6) read as under: section 139(8): explanation 2: where, in relation to an assessment year, an assessment is made for the first time under section 147, the assessment so made shall be regarded as a regular assessment for the purpose of this sub-section. ..... it was submitted that since the return for the assessment year under consideration had been filed for the first time under section 147 and that too on 22-9-1986, when explanation 2 to section 139(8) and sub-section (6) of section 215, as amended by the aforesaid taxation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1993)45TTJCtk188
..... under : explanation 2 : where, in relation to an assessment year, an assessment is made for the first time under s. ..... was submitted that since the return for the assessment year under consideration had been filed for the first time ..... in relation to an assessment year, the said assessment shall be regarded as a "regular assessment" for the purpose of ..... considered to be effective with reference to the assessment year commencing from 1st april, 1985 i.e. ..... in respect of an assessment year was to be regarded as a "regular assessment, 170.this mandate contained in these amended provisions clearly makes an exception to the definition of the term "regular assessment" as given in ..... : where, in relation to an assessment year, an assessment is made for the first time ..... 1985-86 and not to earlier assessment years is not legally sound as it would, if accepted, lead to unjust and unfair consequences.it is beyond my understanding and comprehension that an assessee filing ..... 139(8) and 217 the assessment made in this case for the year under consideration on the basis of the return ..... provisions were in force when the return for the year under consideration was filed belatedly for the first time and which return, in view of the amended provisions of explanation, would be treated to be laying the foundation of a "regular assessment", interest under ss. ..... said provisions subsequently had materially changed the definition of the term "regular assessment" in so far as the question of levy of interest under ss. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1996)54TTJCtk644
..... penalty proceedings under the other sections of this chapter and also by respectfully following the judgment of the jurisdictional high court in the case reported in 1990 crlj 1110, maximum of two years from the end of the assessment year in which the assessments are completed, can be said to be a reasonable time within which the ao could have initiated the penalty proceedings. ..... act are applicable, whereby the audit report has to be obtained in the prescribed form on or before 31st day of july of the relevant assessment year. ..... the assessee has voluntarily filed the returns of income along with the tax audit reports and the assessments were completed on the basis of the said tax audit reports by duly accepting the tax audit ..... the present case, the penalty proceedings have been initiated about 43 months after the completion of the assessment, we are of the opinion that the penalty proceedings are barred by limitation and consequently penalties levied ..... audit report was obtained in all the three years in 1988 and the assessments were completed in 1989, whereas the penalty ..... for passing penalty order where no appeal is filed is reduced from two years from the end of the financial year, to the end of the financial year itself in which assessment order, etc. ..... , after more than three years from the date of completion of the assessment proceedings and nearly 4 years from the date of filing the ..... the first paragraph of the assessment orders for all the years it was mentioned that auditors report .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2007)106ITD45Ctk
..... purpose, the assessee has given a note in the computation sheet which reads as under: valuation of diamonds as on 01.04.1981 is taken for capital gain purpose as because the said diamonds was acquired by the assessee in the assessment year 1975-76.from the above material the assessing officer was of the view that the assessee apparently inflated the cost of diamond as on 1-4-1981 which was disclosed to have been acquired in the assessment year 1975-76 under vdis. ..... during the accounting year relevant to assessment year under consideration part of such diamonds were got processed and after processing the finished diamonds were sold for a sum of ..... diamonds with spot and cracks" for the assessment year 1975-76 which was accepted by the ld. ..... 1,39,020/- as on 01.04.1987 for the assessment year 1975-76, the valuation as on 01.04.1981 is unlikely to be ..... transferred the agricultural land during the previous year relevant to assessment year 1972-73. ..... and uncut diamond was got processed during the accounting year relevant to assessment year 1998-99. ..... the case under consideration before us admittedly the asset in the form of raw and uncut diamond was acquired during the financial year relating to assessment year 1975- 76. ..... acquired prior to 1-4-1981 was raw and uncut diamond, which was got cut/polished in the accounting year relevant to assessment year 1998-99. ..... that the assessee had acquired 16 pieces of diamond with cracks and spots during the accounting year relating to assessment year 1975-76. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (1987)21ITD4Ctk
..... assessee is a company and the assessment year involved in this appeal is 1984-85 with the year ended on 31-3-1984 as the relevant previous year.3. ..... has been filed by the assessee against the order dated 1-5-1985 of the commissioner (appeals) relating to the assessment year 1984-85.2. ..... the ito observed that this amount was collected during the year but not paid during the year and so he added back the said sum invoking the provision of section ..... similarly, if the said amount is not taken as a part of sale proceeds of the year of collection, then also it would not make any difference in the long run.all that has to be seen is whether the unpaid amount was really paid within the statutory date so that it ceased to ..... deserves to be deleted from the total income of the assessee and the assessment deserves to be modified accordingly. ..... words, even if it is regarded as income, it is to be allowed as expenditure in the year of payment or in the year in which it has become payable under the law. ..... assessee has been following this method of accounting regularly year after year, we do not see any reason to depart from the same during the year under consideration. ..... has been paid in the subsequent year just as a similar amount collected in the march quarter of the preceding year was paid at the beginning of the previous year under consideration. ..... remained unpaid as at the end of the previous year because it represented the collection made in the last quarter of the previous year under consideration. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Cuttack
Reported in : (2005)93TTJCtk245
..... before us, the learned counsel for the assessee has filed a thick paper book containing written submissions of the assessee for the respective assessment years under consideration, explanation filed before the dy. ..... 3 and 4 the assessee disputes the best judgment assessment and for the reasons stated by the authorities below in their orders with which we agree, we do not find any merit in the same and they are accordingly rejected.25. ..... thus, where an assessee erected permanent stalls on a leasehold land and let them out for commercial purposes, the rental income was assessable under section 22 only as income from house property. ..... 5 of his order and his observations are as under : "the fact of advancement of loans and accrual of interest thereon has been verified from the available assessment records and hence the same is allowed. ..... 4 of his order and by observing that the confirmation letters were submitted in the initial year and, therefore, the same need not be insisted once again, and hence the disallowance of interest was not in order which has been allowed in earlier years as claimed. .....
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