Court : Income Tax Appellate Tribunal ITAT Indore
..... act as was applicable to the ay in appeal reads as under: (1) no order of assessment shall be made under section 143 or section 144 at any time after the expiry of- (a) two years from the end of the assessment year in which the income was first assessable; or (b) one year from the end of the financial year in which a return or a revised return relating to the assessment year commencing on the 1^st day of april, 1988, or any earlier assessment year, is filed under sub-section (4) or sub-section (5) of section 139, whichever is later ..... and (2), in relation to the assessment year commencing on the 1^st day of april, 1971, and any subsequent assessment year, an order of fresh assessment under section 146 or in pursuance of an order, under section 250, section 254, section 263 or section 264, setting aside or cancelling an assessment, may be made at any time before the expiry of two years from the end of the financial year in which the order under section 146 cancelling the assessment is passed by the assessing officer or the order under section ..... . - where, by an order [referred to in clause (ii) of sub-section(3)], any income is excluded from the total income of the assessee for an assessment year shall, for the purposes of section 150 and this section, be deemed to be one made in consequence of or to give effect to any finding or direction ..... in 221 itr 240 has held as under: the assessee firm's original assessment for the assessment year 1978-79 was completed on september, 29, 1981 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
..... according to section 43a mentioned above, the additional liability due to foreign exchange fluctuation should be added/reduced to actual cost of the asset irrespective of the fact whether it was paid actually in the previous year relevant to the assessment year under appeal we may mention that section 43a was substituted by the finance act, 2002 with effect from 1.4.200.3 whereby any adjustment towards liability due to foreign exchange fluctuation is to be made only on actual payment by ..... counsel for the assessee further submitted that since the assessee is maintaining books of accounts on mercantile system of accounting, the liability which accrued in the previous year relevant to the assessment year in question, the assessee correctly added the same to the cost of the asset and claimed depreciation accordingly. ..... counsel for the assessee reiterated the submissions made before the authorities below and submitted that the assessee is maintaining books of accounts on mercantile basis and that the assessment years involved in the present appeals are 1990-91 and 1991-92 which were prior to amendment in section 43a. ..... l.4.2003 whereby any adjustment towards liability due to foreign exchange fluctuation is to be made only on actual payment by the assessee towards the cost of the assets irrespective of method of accounting adopted by the assessee.therefore, prior to the assessment year 2003-04 such liability was being adjusted and allowed on accrual basis at the close of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
..... ) to direct the production of any document, or the examination of any witness, to enable him to dispose of the appeal, or for any other substantial cause including the enhancement of the assessment or penalty (whether on his own motion or on the request of the assessing officer under clause (a) of sub-section (1) of section 251 or the imposition of penalty under section 271 considering the above rule 46a, the commissioner (appeals) should have given opportunity to the ..... (appeals) oras the casemay be, the commissioner (appeals), any evidence, whether oral or documentary, other than the evidence produced by him during the course of proceedings before the assessing officer, except in the following circumstances, namely:- (a) where the assessing officer has refused to admit evidence which ought to have been admitted; or (b) where the appellant was prevented by sufficient cause from producing the evidence which he was called upon ..... the commissioner (appeals) and restore the matter to the file of commissioner (appeals) with direction to re-examine the whole issue by giving reasonable sufficient opportunity of being heard to the assessee as well as to the assessing officer.with these observations and discussion, the order of commissioner (appeals) is set aside and matter is restored to the file of commissioner (appeals) to re-decide this issue as per above directions.10. ..... are directed against the order of commissioner (appeals)-i, indore dated 30-12-1999 for assessment year 1996-97.2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
..... addition can be made in any of the assessment year of the block period regarding which no material or ..... had filed the returns of income for the subsequent assessment years as under : ------------------------------------------------------------------- asst. yr. ..... determining undisclosed income on the basis of the material seized from the residence of the company's director, he embarked upon a roving enquiry in respect of completed assessments by referring the three apartments to the valuation cell 'to ascertain the correct investment made by the assessee' and on receipt of reports of the valuation cell proceeded ..... pause for a moment and analyse the reason why the ao mentioned wrong facts in the opening paragraph of the assessment order.before that, we have to bear in mind that the ao was not in the picture in the entire ..... 158ba does not provide a licence to the revenue for making roving enquiries connected with completed assessment and it is beyond power of the ao to review the assessments completed unless some direct evidence comes to the knowledge of the department as a result of search ..... our attention to such audit reports, shri sarda submitted that in respect of debits for construction material consumed in p&l a/c of each of the aforesaid years, details had been furnished in note on accounts giving therein the items like iron and steel, cement, bricks, sand, gitti, other material, etc ..... to the different years in which the income was earned and as such assessments are unduly delayed. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2005)92TTJIndore481
..... verifying the genuineness of credits introduced in various names, enquiries were conducted through adi, ahmedabad and ad, indore and as per their report the following unsecured loans were bogus : during the course of the assessment proceedings for assessment year 1994-95, while verifying the genuineness of creditors introduced in various names, enquiries were conducted through adi, ahmedabad and adi, indore and as per their reports the following unsecured loans were bogus : during ..... conducted proper enquiries to look into the genuineness of cash credits with reference to credit, worthiness, identity of the creditor and genuineness of the transactions taken in the assessment years 1991-92 and 1992-93, on which interest has been claimed to have been paid during the year relevant for the assessment year, under consideration.against this revisional order, the assessee is in appeal before us on the aforesaid grounds.so far as the matter relating to payment of interest to creditors on the credits ..... -93, the assistant commissioner ' circle-i, ujjain vide his letter dated 20-6-1997, addressed to the assessee has stated the reasons as under: "during the course of assessment proceedings for assessment year 1994-95 while verifying the genuineness of credits introduced in various names, enquiries were conducted through adi, ahmedabad and assessing officer, indore and as per their report the following unsecured loans were bogus: you are again directed to submit your return in response to the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2007)106ITD10Indore
..... if there was indication in sub-section (1) that the refund issued is an assessment order, one could perhaps argue that having made an assessment under sub-section (1), the assessing officer could not take steps to make a regular assessment and issue notice under sub-section (2) of section 143 as two assessments in the case of the same assessee for the same assessment year are not authorized under the statute unless the case falls under section 147 ..... arihant builders, developers & investors private limited for earlier assessment year 1991-92, the reference was dismissed due to non-appearance of the applicant revenue and, therefore, the hon'ble high court had declined to answer the question referred ..... . no.1014 of 1993 for assessment year 1991-92, in which the tribunal decided the referred question in favour of the assessee, which is heavily relied ..... developers & investors private limited in assessment year 1991-92 while deciding i.t.a. no ..... dated 19^th july, 1994, for assessment year 1991-92 in the case of ..... of 1996 for the assessment year 1992-93 considered the appeal ..... . though it is a case of assessment year 1992-93, but we find that the provisions of section 44ad of the income-tax act, 1961, have been inserted into the income-tax act, 1961, with effect from 1.4.1994 provided in ..... the contention advanced by the ld.representatives of both the parties, it would be relevant to reproduce the relevant provisions attracted in this case, which are relevant to the assessment year in question.143. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (2007)106ITD541Indore
..... the income tax act and wealth tax act, though operate in different field as the first deals with the income received or accrued throughout the assessment year, the other deals with net wealth as on valuation date, yet however does not make any significant difference to the interpretation of section 19a of wealth tax act as section 168 of the income tax act, in so far as ..... 42/ind/94.by impugned appellate order, the tribunal was pleased to dispose of other connected appeal arising out of different assessment years relating to same assessee (respondent herein) because in all appeals, common question of law based on same fact was involved. ..... while the first deals with income received or accrued throughout the assessment year, the other deals with net 'wealth as on the valuation date. ..... in relation to one assessee except the difference being that the appeals arise out of different assessment years and lastly, common question of law is involved in all these appeals.4. ..... the assesses filed separate income tax and wealth tax returns of the estate of her late husband for the assessment years 81-82 to 87-88 declaring net income and net wealth of the estate before assessing officer indore for these assessment years. ..... for the assessment years which preceded the date of the settlement, the daughter-in-law whose status during those years was very much in dispute could not be assessed to tax by treating her as one of the sharers in the income of the estate of her husband.13. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1985)14ITD132Indore
..... for the remaining assessment years, apart from the grounds taken by the assessee for the assessment years 1963-64 and 1965-66, has taken the following grounds : 3. ..... these appeals of the assessee relate to the assessment years 1963-64, 1965-66 and 1967-68 to 1970-71 and arise out of the order of the commissioner (appeals), indore. ..... badamibai were completed and gift-tax was paid, accordingly.though the learned departmental representative pointed out that the gift-tax assessments were made only on protective basis, we find that for the assessment years 1968-69 and 1970-71, the gift-tax assessments of smt. ..... for the assessment year 1962-63.since the partial partition- was not accepted, the entire income of the firm was treated as the income of the assessee-huf and was so assessed.an assessment on s.r. ..... in the assessment proceedings for the assessment year 1962-63, the assessee claimed that an huf business was converted into a partnership firm between shri s.r. ..... the matter was, accordingly, sent back for fresh assessment for the assessment year 1962-63. ..... 4 for the assessment years 1967-68 to 1970-71, on a perusal of the order of the commissioner (appeals), we find that the commissioner (appeals) considered the various submissions made on this point ..... 5 for the assessment years 1967-68 to 1970-71, the learned counsel for the assessee contended before us that smt.badamibai made gift by way of cash and also by cheques to her grand children vijayakumar and narendrakumar, the minor sons of shri .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)58TTJIndore300
..... in the books of the next assessment year and the balance amount of rs ..... the assessee wants to raise the claims in the subsequent assessment year on the basis of its finalisation, the assessee had to place evidence on record in respect of the finalisation of the contractual liabilities, but during the course of assessment the assessee did not place any relevant documents or record to evidence that these contractual liabilities have been finally settled during the current accounting year. ..... , the learned departmental representative submitted that the assessee has been maintaining accounts on mercantile basis.whatever expenses were incurred by the assessee, it should have been claimed in the same assessment year in which they became due. ..... counsel for the assessee submitted that the above liabilities arose in the earlier year but the liabilities were finalised in the previous year relevant to the assessment year. ..... has been charged on revenue account in the books of account present assessment year and rs. ..... has been capitalised by the assessee itself in the next assessment year. ..... during the assessment the ao was not satisfied with the explanation of the assessee about the repair expenses and came to the conclusion, after examining the various aspects of the damages caused to the plant, that the plant was totally destroyed and it has been reconstructed during the year and treated the expenses as capital expenditure and declined to allow the claim of the assessee under s.30, or 31 or 37 of the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Indore
Reported in : (1997)61ITD390Indore
..... in the books of the next assessment year and the balance amount of rs ..... the assessee wants to raise the claims in the subsequent assessment year on the basis of its finalisation, the assessee had to place evidence on record in respect of the finalisation of the contractual liabilities, but during the course of assessment the assessee did not place any relevant documents or record to evidence that these contractual liabilities have been finally settled during the current accounting year. ..... , the learned departmental representative submitted that the assessee has been maintaining accounts on mercantile basis.whatever expenses were incurred by the assessee, it should have been claimed in the same assessment year in which they became due. ..... counsel for the assessee submitted that the above liabilities arose in the earlier year but the liabilities were finalised in the previous year relevant to the assessment year. ..... has been charged on revenue account in the books of account present assessment year and rs. ..... has been capitalised by the assessee itself in the next assessment year. ..... during the assessment the ao was not satisfied with the explanation of the assessee about the repair expenses and came to the conclusion, after examining the various aspects of the damages caused to the plant, that the plant was totally destroyed and it has been reconstructed during the year and treated the expenses as capital expenditure and declined to allow the claim of the assessee under s.30, or 31 or 37 of the .....
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