Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2005)92ITD84(Hyd.)
..... at the time of receipt of the order of the appellate tribunal dated 15-11-1989, limitation period for two assessment years expired.perhaps, for this reason, the itat observed that "it will be open to the ito to examine the receipt of income by all these assessees from the angle of computation of capital gains".15. ..... even if it is presumed that the order of the tribunal contains a finding or direction, in so far as the first two assessment years are concerned, the reassessments are barred by limitation by virtue of section 150(2) of the act. ..... in the instant case, the time limit for issuance of notice under section 148 expired on 31-3-85 and on 31-3-86 in respect of assessment years 1980-81 and 1981-82 respectively, whereas the order of the itat is dated 15-11-89. ..... the income on sale of plots is not assessable either in different assessment years or in the hand of different persons and thus explanations 2 and 3 to section 153(3) also do not come to the aid of the revenue to reopen the assessment beyond the normal period of limitation prescribed under section 149 of the act. ..... so far as the income-tax assessment orders are concerned, they cannot be reopened on the score of income escaping assessment under section 147 of the act of 1961 after the expiry of four years from the end of the assessment year unless there be omission or failure on the part of the assessee to disclose fully and truly all material facts necessary for the assessment. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2003)87ITD359(Hyd.)
..... in schedule-iii.section 16a, involving reference to valuation officer, to the extent relevant for our purposes, reads as under:- 16a(1) for the purpose of making an assessment (including an assessment in respect of any assessment year commencing before the date of coming into force of this section) under this act, where under the provisions of section 7 read with the rules made under ..... errors and the values determined by him were an under-statement of the real values and so, it is claimed that the report given by him either for the assessment year 1988-89 or for the assessment year 1989-90 is nowhere near the fair market value of the jewellery in question and the only basis for arriving at the fair market value is the compensation ..... , within the meaning of section 5(1)(xii) of the wealth-tax act.30.6 next, reliance is placed on the order of the assistant commissioner of income-tax in income-tax proceedings for the assessment year 1995-96, wherein the value of the 23 items declared as antiquities and 7 items declared as art treasures and the jacob diamond were exempted from the levy of tax on capital ..... without conceding, that the valuation officer's report is to be held by hon'ble itat as the binding valuation, the question arises : which valuation is to be considered for valuation for assessment year 1989-90-the valuation as on 31-3-1989 or as on 31-3-1988 the cit(a) adopted the valuation report relevant for 31-3-1989, by stating that the 226 itr 111 order indicated that ap .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)268ITR23(Hyd.)
..... of these three decisions goes contrary to the decision of the jurisdictional high court in the case of gopikrishna granites, wherein, dealing with the prima-facie adjustment made by the assessing officer under s.143(1) (a) in respect of interest payable to financial institutions in succeeding assessment years and not concerned assessment year, it was, as per the relevant portion of the head-note, held as under - "held (i) that in accordance with the terms and conditions of the agreement governing the loan between ..... thus, the change in the method of accounting effected by the assessee in the assessment year under appeal by excluding excise duty on the unsold goods from the figure of closing stock was a bona fide one, finding support from a direct decision of the supreme court as aforesaid, and there being no specific ..... for the assessment year 1987-88, irrespective of the year in which the assessee incurred the liability on the basis of the method of accounting regularly adopted by him section 43b in clear terms provides that the deduction claimed by the assessee in respect of any sum paid by way of tax, duty, cess or fee, shall be allowed only in computing the income referred to in section 28 of that previous year in which it was actually paid, irrespective of the previous year in which the liability was incurred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)106ITD256(Hyd.)
..... the substantive right of the party would be affected, and more so when it is not merely a matter of procedure as submitted by the revenue, besides the fact that granting of exemption is done by the assessing officer on year to year basis being himself also fully equipped to reject such claim for exemption if the circumstances of any case so warrants, the theory of useless formality, propounded by the hon'ble supreme court in the aforesaid case ..... of any retrospective effect to such provisions, this proviso cannot have any impact with regard to any default relating to the assessment year 1989-90 requiring the assessee to file the return on or before april 30, 1989, for the period ending on ..... to the said date of 1.6.2001 but which has not come up for hearing until the said date of 1.6.2001, but in the instant stay petitions except for the assessment year 1997-98, orders had been passed by the tribunal very much prior to the date of 1.6.2001 ..... 10(22) of the act till the assessment years 1998-99, and from 1999-2000 onwards it has been claiming the benefit of exemption under section 11 and 12 of the act.assessments were completed under section 143(3) of the act for the assessment years 1993-94 to 1996-97. ..... . similarly, strange is the fact that there is no assessment year involved in these proceedings initiated by the cit central hyderabad, as the matter apparently relates to cancellation of benefit of registration to the assessee in so far as concurrent or other proceedings that may be .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2007)108ITD639(Delhi)
..... . block period for which the assessment is to be made under chapter xiv-b means the period comprising previous years relevant to ten assessment years preceding a previous year in which the search was conducted under section 132 or any requisition was made under section 132a, and also includes in the previous year in which such search was conducted or requisition made, the period up to the date of the commencement of such search or, as the case may be, ..... assessee further submitted that even on merits the assessing officer is not justified in making the addition under section 68 of the act for the following reasons: the appellant is a company in which the public are substantially interested and during the previous year relevant for the assessment year 1996-97, it issued the shares to the public ..... found that the assessee's income from interest, salary and rent was reflected in the audited balance-sheet of the respective assessment years of the firm and, therefore, the tribunal deleted the addition ..... to be the aggregate of the total income of the previous year falling within the block period computed in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as are available with the assessing officer and relatable to such evidence as reduced by the aggregate of the losses of such previous years determined and provided in clauses (a) to (f) of section .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2004)91ITD573(Hyd.)
..... the gist of that decision is as follows:- "section 145 of the income-tax act, 1961, read with sections 45q and 45ja of the reserve bank of india act, 1934 - method of accounting -system of accounting - assessment year 1998-99 - whether rbi act is a special act applicable to a class of assessees as opposed to income-tax act, 1961 which is applicable to assessees at large which can be considered to be a general act - held, yes - whether ..... to hold that there was real accrual of income to the assessee-company in respect of the enhanced charges for supply of electricity which were added by the income-tax officer while passing the assessment orders in respect of the assessment years under consideration. ..... in the year of account relevant to the assessment year 1996-97. ..... did not accept it as company had not been registered as non-banking financial institution with rbi -assessing officer also viewed that provisions of income-tax act were to be applied rather than any other contrary view taken by any notifications; therefore, he added same to income of assessee as income accrued in year under consideration - whether addition made by assessing officer by ignoring provisions of chapter iiib of rbi act and directions issued by rbi on prudential ..... tax on the total income as per section 4 and further section 5 of the act defines the scope of total income, as per which all income which accrues or arises to the assessee in a previous year in india has to be taxed in the relevant assessment year. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2006)100TTJ(Hyd.)236
..... held that investment of surplus funds with corporate member of the club does not tantamount to a mutual concern indulging in any trading activity or carrying on the business.6.8 the itat, hyderabad bench 'a' in its decision dated 15.8.03 for assessment years 1983-84 to 1997-98 held that interest earned by a club on investment ot its surplus funds does not amount to carrying on the business or cannot be classified as an activity tainted with commerciality. ..... is covered in its favour by the decisions of the tribunal in the case of bangalore club(supra) and in the case of fateh maidan club(supra); and that the single member decision in assessee's own case for the assessment years 1990-91 and 1991-92 in ita nos. ..... no.1072 & 1073/hyd/93 for the assessment years 1988-89 ad 1989-90 in the case of the assessee relied on by the revenue the assessee contended that it has no application at all to the present case because that decision relates to taxability of interest received from third parties and ..... these are appeals by the assesee directed against the common order dated 28.7.2004 passed by the commissioner of income-tax (appeals)-vi for the assessment years 1996-97 and 1998-99 to 2002-03.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)47ITD122(Hyd.)
..... the tribunal's order in quantum appeals was already extracted above and this tribunal fully agrees with the said finding of the learned tribunal that the intangible additions made in assessment years 1968-69 to 1975-76, have nothing to do with the inflation found in the accounts of the trade creditors and the said intangible additions were made on altogether different grounds and therefore, telescoping cannot ..... 89,135 were made and since the aggregate of these intangible additions exceeded the difference in the trade creditors' balances, there is nothing to make further addition in assessment year 1974-75.this contention of the assessee was negatived and the ito held that the case of the assessee was not that the intangible additions were relatable to incorrect deduction of trade creditors ..... if the assessee did not succeed in explaining away the admission, then the concealment of its income in assessment years 1974-75 and 1975-76 should be taken to have been admitted by the assessee, for which the assessee is liable to penalty under ..... here itself be mentioned that against the additions sustained by the first appellate authority, for assessment years 1974-75 and 1975-76, assessee went in appeal before the itat, vide ita nos.1600/hyd ..... first, let us take up the facts relating to assessment year 1974-75.original assessment for assessment year 1974-75 for which the previous year ended by 30-6-1973 was completed on 21-3-1977 and under it, the total income of the assessee was determined .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1996)59ITD282(Hyd.)
..... this shows that there was some scope up to assessment year 1974-75 to allow certain deductions even from salary, but from the assessment year 1975-76 onwards only deduction to be allowed under section 16(1) is the standard deduction and ..... in this connection, it may also be mentioned that for the assessment years 1962-63 to 1974-75, section 16 provided for deductions on account of purchase of books, entertainment allowance, professional ..... also held in the same case that incentive bonus is part of salary.those were the cases for the assessment years 1981 -82 and 1982-83.but, the present appeals are for the assessment years 1989-90 and onwards. ..... this amended provision is applicable for the assessment year 1989-90 onwards which stipulates that no deductions under section 10(14) should be allowed unless central government notifies to ..... but, there is a change from the assessment year 1975-76 regarding deductions to be allowed under section 16 of the income ..... as regards the appeals prior to assessment year 1989-90 and onwards, we have already discussed the points at issue in preceding paras of this order, that the salaried employees are entitled for the ..... already been stated that for the assessment year 1975-76 and onwards salaried employee is entitled for standard deductions only and no more.therefore, this decision also does not hold good for the years under appeal. ..... dayakar (supra) for the assessment years 1981-82 and 1982-83 has also held that the incentive bonus is part of salary but .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (2001)76ITD423(Hyd.)
..... assessing officer had completed the assessment for the relevant assessment year without questioning the cost of construction declared by the assesses. ..... while regular assessments deal with the computation of total income or loss of the assessee for each assessment year, the new procedure provided for determination of undisclosed income of the appellant during the block ..... 9,46,920 for the assessment years relevant to the period of ..... also submitted that the property stands in the names of three joint owners and the same was disclosed in their hands for the respective assessment years. ..... the provisions of section 69b read as under : "where in any financial year the assessee has made investments or is found to be the owner of any bullion, jewellery or other valuable article, and the assessing officer finds that the amount expended on making such investments or in acquiring such bullion, jewellery or other valuable article exceeds the amount recorded in this behalf in the books of account maintained by the assessee for ..... section provides that the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of chapter iv, on the basis of evidence found as a result of search or requisition of books of account or documents and such other material or information as are available with assessing officer as reduced by aggregate of the total income provided under clauses (a) to (f). .....
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