Judgment Search Results Home > Cases Phrase: assessment year Court: income tax appellate tribunal itat pune Page 1 of about 544 results (0.037 seconds)

U.B. Engineering Ltd. Vs. Jt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)1113ITD577(Pune.)

..... request you to kindly pass the order under section 154 as requested by us and quantify the demand of tax for the above assessment year.from the above application, it is clear that the assessee requested the a.o to rectify the original assessment by disallowing depreciation which was originally allowed. ..... s/o shanicar purushottam bhide aged 54 years residing at a/3 moghul gardens, koregaon park, pune 411 001 solemnly affirm on oath and state as under: in pursuance of the letter written by ccit to our cmd shri vijay mallya, i alongwith my colleagues met the cit & the jcit on number of occasions and in particular on these dates: to discuss the issue of availing of kvss scheme for the assessment year 1995-96. ..... 3,05,05,014/- for the assessment year 1995-96 was a mistake apparent from the record which had to be rectified under section 154 of the income-tax act ..... the scheme is applicable to the entire demand of an assessment year.qtuestion no. ..... of income lor the assessment year 1995-96. ..... , the scheme is applicable to the entire demand of an assessment year. q. ..... scheme is applicable to the entire demand of an assessment year. q. 31. ..... was thereafter selected for scrutiny vide notice under section 143(2) issued to the assessee company, during the assessment proceedings, the assessee company was called to prove the genuineness of its claim of purchase of gas cylinders during the relevant accounting year and thereby to prove its claim for depreciation therein at the rate of 100% amounting to rs. .....

Dy. Commissioner of Income-tax, Vs. Spirax Marshall Ltd.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)110ITD229(Pune.)

..... 481/pn/99(supra), the facts mentioned in the order of learned cit(a) on this issue are somewhat different from the facts mentioned in the combined affidavit sworn by the finance controller of the assessee company for assessment years 1996-97 to 1999-00 however, the facts are taken as per the affidavit and the statement made by the learned counsel at the bar as the issue involved in that and this appeal are identical, ..... concerned documents, i confirm that the amounts shown as retention moneys for assessment years 1995-96 to 1999-00 being the years for which the appeals are pending before yourself are the amounts which have been retained by the customers from the sales invoice and which have not been received by the company during the relevant previous years.from the perusal of the order of the learned cit(a) and the ..... 3,67,404/-till he end of previous year relevant to the instant assessment year in view of the finding of the learned cit(a), this part of the affidavit can also ..... no reason to disbelieve the contents of the paragraph 6 of the affidavit paragraph 4 contains averment of the fact that certain portions of the retention money were received in assessment year 1994-95 and 1995-96 and some which were offered for taxation in those years. ..... from the assessment year 1965-66, it credited only 90% of such amount thus, the retention money was not credited to ..... to the assessee as pre the mercantile system and was hence rightly taxed by the ao in the assessment year under consideration. 3. .....

Dhariwal Industries Ltd. Vs. Acit (inv.) and Addl. Cit, Range-1

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)111ITD379(Pune.)

..... in its application seeking the constitution of a special bench, the assessee further pointed out that a division bench of this tribunal at pune has however taken a contrary view in the assessee's own case for the assessment years 1994-95 and 1995-96 and has held that gutkha manufactured by the assessee is a tobacco preparation within the meaning of item no.2 in the eleventh schedule and thus not eligible for deduction under section 80-i/80-ia. ..... he further submitted that each assessment year was a separate unit of assessment and therefore the issue in each; assessment year deeded to be decided on its own facts and in accordance with the prevailing law 60. ..... both the parties have argued the present bunch of appeals with reference to the assessment year 1997-98 and hence we shall take up that appeal first. 1. ..... ) by which the hon'ble high court has set aside the orders, passed by the division bench of this tribunal at pune for ays 1994-95 and 1995-96 and restored the appeals relating to the aforesaid assessment years for disposal afresh by this tribunal. ..... ) was engaged in the business of manufacture and sale, inter-alia, of gutkha during the previous years relevant to the assessment years under appeal. ..... 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 the percentage specified in sub-section (5) and for such number of assessment years as is specified in sub-section (6). .....

thermax Babcock and Wilcox Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... . easwar, sitting as third member by his opinion dated 10-4-2001 has concurred with the views of the judicial member that the provision made in the accounts for the assessment years under appeal in respect of warranty liability is not allowable as deduction in computing the profits of the assessee and answered the issue in the negative ..... accountants of india for arriving at the portion of the profit of the long-term contract for the assessment year 1990-91, whose execution spread over more than one accounting period based upon the extent of work performed during the year as measured in the assessee-company's case with reference to the value of the invoices raised during the previous year against despatches to the site of the components, equipment and material in terms of the billing schedule ..... . i therefore agree with the conclusion of the ld.jm that the provisior made in the accounts for the assessment years under appeal in respect of warranty liability is not allowable as deduction in computing the profits of the assessee ..... however, in the instant case, the receipts had been received by the assessee during the assessment year and that these receipts have been earned by the assessee by performing the job as envisaged in the contract. ..... d.r, in the instant case the receipts have been received by the assessee during the assessment year and that these receipts have been earned by assessee by performing the object as envisaged in the contract. .....

thermax Babcock and Wilcox Ltd. Vs. Addl. Commissioner of It, Spl.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)304ITR130(Pune.)

..... phalton sugar works ltd (supra), the hon'ble high court has held that where a liability arising out of contractual obligation is disputed, the assessee is entitled, in the assessment year relevant to the previous year in which the dispute is finally adjudicated upon or settled, to claim a deduction in that behalf. ..... the light of the arguments advanced by the id counsel for the assessee and finding that the issue is already decided against the assessee by this tribunal in assessee's own case in earlier assessment years, as admitted by the assessee itself, we decide this issue against the assessee. 2. ..... actuarially valued in accordance with the accepted accounting practice and mandatory accounting standard (as 15) regularly followed by the appellant.5.2 similar issue had come for consideration before this tribunal in assessee's own case for assessment year 94-95 where the tribunal vide its order dt 17.3.2006 in ita no. ..... issue had come for consideration before this tribunal in assessee's own case for assessment year 94-95 where the tribunal vide its order dt 17.3.2006 in ita no. ..... out that the identical issue based on similar facts has been decided by the itat 'a' bench, pune against the assessee vide its order dt 17.3.2006 in assessee's own case in ita no.1168/pn/97 for the assessment year 97-98, in respect thereof para 3 of the tribunal's order was referred to. ..... respectfully following the tribunal's order for the assessment year 95-96, this ground is thus decided against the assessee .....

Kirloskar Electrodyne Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... of such of the sales tax or other statutory dues as have been paid during the accounting period relevant to the assessment year 1985-86 or in the immediately succeeding accounting year, but within the due dates prescribed under the relevant laws shall be allowed, provided such deduction has not been allowed in any other year.in accordance with the provisions of section 255(4) of the income-tax act, 1961, the following points of difference of ..... the record also shows that the order of the learned cit(a) dated 19-6-1990 passed in relation to the assessment year 1986-87 which was followed by the learned cit(a) in his impugned order for the assessment year 1984-85 was neither filed before this bench during the course of the arguments on the three appeals nor was it before the learned accountant member when he authored ..... therefore, no option but to call for the order passed in the first appeal in relation to the assessment year 1986-87 and the same has since been filed and has been placed on the record. ..... as regards, the findings of the tribunal in maharashtra scooters' case (supra) by their order dated 29-9-1993 for assessment years 1984-85 to 1986-87, it may be mentioned that the order dated 28-9-1993, simply followed the order dated 30-11-1988, though they were for the subsequent to the insertion of section 43b of ..... learned counsel, such income can be accounted for only in the assessment year in which the assessment order allowing set off has been passed in the sales tax proceedings .....

Bhagwandas Associates, Trade Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

..... assessment year ..... we are expressing our view in the line of the settled principle that the a.o cannot assume jurisdiction to tax a new source of income while making an assessment in pursuance of an order of remand applies where there is a specific direction given in the order of remand.where, however, the remand is an open one, the a.o shall not be restricted to any particular source and all ..... the very basis of granting higher deduction under section 32ab no more exists because of the order of hon'ble itat, the assessing officer was justified in bringing the deduction under section 32ab to the correct figure which was claimed by the appellant as per the ..... which has not been the subject matter of decision at the level of cit(appeals) or the hon'ble itat, the assessing officer has rightly limited the deduction under section 32ab to the claim made by the appellant based on the audit report. ..... has also been explained that the powers of revision of an order under section 263 which lies with the commissioner of income tax within 2 years from the end of the financial year in which the order sought to be revised was passed, hence for invoking this section the prescribed time limit has expired for such revision ..... similar view 1was expressed by hon'ble madhya pradesh high court that in the fresh assessment proceedings after the original assessment had been set aside, the ito had no jurisdiction to tax new source of ..... since the assessment order was passed on 29.3.1989, hence four years have expired .....

Parakh Foods Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1998)64ITD396(Pune.)

..... chuni and husk retained by the assessee has been treated by the assessing officer as sale by pfi for the purpose of computing deduction under section 80hhc.it is pertinent to note that the assessing officer who assessed pfi for assessment year 1992-93 is also the assessing officer of the assessee-company. ..... that there was oral agreement/understanding between the assessee and pfi for processing of goods is accepted by the department, as is apparent from the order of assessment for assessment year 1992-93 in the case of pfi appearing at pages 71 to 73 of the paper book. ..... he drew our attention to the order of the assessing officer in the case of pfi for the assessment year 1992-93 wherein the assessing officer had taken cognizance of the fact that the assessee-company was doing processing job of pfi against consideration in kind by way of retaining chuni and husk under ..... argued that even assuming that addition is warranted, the same cannot be made under the provisions of chapter xiv-b because the assessee had disclosed the facts in respect of such expenditure in all the assessment years and nothing was hidden from the knowledge of the department. ..... total undisclosed income relating to the block period shall be charged to tax, at the rate specified in section 113, as income of the block period irrespective of the previous year or years to which such income relates irrespective of the fact whether regular assessment for any one or more of the relevant assessment years is pending or not. .....

The Dhanvarsha Builders and Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2006)102ITD375(Pune.)

..... the cheques have been duly shown in the regular books of accounts and the amounts shown under cash will be shown for 1996-97 assessment year as additional income over and above the book profits of dhanvarsh builders and developers pvt. ..... shri akalank to the effect that the cash will be shows for 1996-97 assessment year as additional income over and above the book profits of dhanvarsha builders and ..... seizure operation in a particular year does not lead to an inference that the undisclosed income detected as a consequence thereof has to be taxed in the assessment year relevant to the previous year in which search was conducted. ..... , the date of receipt of cash is not material for deciding the assessment year in which the profits embedded in such receipts are to be taxed. ..... case is whether the amount will be taxable in assessment year 1996-97 or in some other year. ..... ninety five thousand) for 1996-97 assessment year"(unquote). ..... on the declaration made under section 132(4) on 16.02.1996, which was retracted by way of filing a letter dated 10.04.1996.2.2 in the assessment order, it is mentioned that the assessee is a private limited company, and its shareholders consist of persons from mishrikotkar family and goyal ..... the assessee that it had been following project completion method and, therefore, profits are taxable in the year in which substantial part of the project was completed and sold, the learned dr pointed out that the assessee had not co-operated in the course of assessment proceedings. .....

Shri Lunawat Jayant Maniklal Vs. Dy. C.i.T.

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2008)112ITD268(Pune.)

..... we can be persuaded by this order because facts of that case have revealed that the commissioner was having a view that a particular amount was to be assessed but the ito has expressed the opinion that it should not be assessed but followed the instructions in obedience to the directions of the commissioner by assumption of jurisdiction under section 148 which was quashed being bad in law due to non-satisfaction ..... yielded useful material showing, the existence of undisclosed income is different from a situation, where no undisclosed income is in fact detected but the a.o only has a reason to believe that some income has escaped assessment in a particular assessment year. ..... the "undisclosed income" detected as a result of a search initiated after 30^th june 1995 is to be assessed separately as the income of a designated period termed as "block period" consisting of 10 previous years and the undisclosed income is subject to tax at a flat rate of 60%. ..... on the facts of the case, it was held that the ito never formed the requisite belief that there had been escapement of income or that income had escaped assessment by reason of omission or failure on the part of the assessee to disclose fully and truly the material facts for the assessment in that year. ..... that the; assessment was beyond a reasonable time because the action under section 132 was initiated out on purandhare group on 8.12.99 and the notices in the case of the assessee were issued after the lapse of 3 1/2 years on 27.3.2003. .....