Court : Kolkata
Reported in : [1981]128ITR326(Cal)
..... the assessee of the bogus cash credits appearing in the account of the assessee and required the assessee to furnish an explanation as to why they should not be treated as concealed business income of the assessee for the respective assessment years and observed as follows (p, 84): 'in paragraph 7 of the counter-affidavit in the high court the income-tax officer controverted the allegation of the assessee that all material facts were fully and truly disclosed at the original ..... the reasons recorded by the ito who filed an affidavit stating that the reasons for reopening the said assessment were that in the course of the assessment of the assessee for the assessment year 1963-64, it was discovered and found that various items shown as loans against hundis in the previous year relevant to the assessment year 1959-60 were fictitious and not genuine and thus it appears that the assessee had failed to disclose fully and truly all the ..... (1) no notice under section 148 shall be issued,--(a) in cases falling under clause (a) of 147-- (i) for the relevant assessment year, if eight years have elapsed from the end of that year, unless the case falls under sub-clause (ii);(ii) for the relevant assessment year, where eight years, but not more than sixteen years, have elapsed from the end of that year, unless the income chargeable to tax which has escaped assessment amounts to or is likely to amount to rupees fifty thousand or more for that .....
Tag this Judgment!Court : Kolkata
Reported in : [1986]17ITD942(Cal)
..... was, accordingly of the opinion that the itos order of assessment in respect of the assessment year 1976-77 was erroneous insofar as it was prejudicial to the ..... with the learned counsels contention in this regards as, in our opinion, the discrepancy pointed out by the commissioner clearly implies that the balance sheet drawn up as at the end of the accounting year relevant for the assessment year 1976-77 did not reflect the true state of affairs as on 5-2-1976. ..... respect of the assessment year 1976-77, the firms assessment was completed on ..... the departmental representative, their lordships observed that 'where an appeal has been preferred by the assessee to the aac from an order of assessment made by the ito in respect of only some of the items covered by the itos order and the remaining items, forming part of the itos assessment order, were not agitated by either party, though it was open also to the revenue to agitate them or the aac to consider ..... was considered and decided by the aac but the matters which are not covered by the appellate order of the aac are left untouched and to that extent the itos assessment order survives, permitting exercise of revisional jurisdiction by the commissioner under section 263 of the income-tax act, 1961'. (p. ..... that under section 263 of the income-tax act, 1961, the commissioner has no jurisdiction to set aside on order of assessment passed by the ito when that order is the subject-matter in an appeal preferred by the assessee before the aac (p. .....
Tag this Judgment!Court : Kolkata
Reported in : [1995]55ITD13(Cal)
..... case, the calculations made by the assessee show that to the extent of the income assessed under section 115j(1) of the act for the assessment years 1989-90 and 1990-91, the assessee is prepared to concede that set off has been actually ..... borne in mind, the result would be that the brought forward losses and allowances cannot be set off against the income for the assessment year under appeal, since they are deemed to have been adjusted in the assessments for the assessment years 1989-90 and 1990-91 where the provisions of section 115j were invoked. ..... admittedly, the total income computed under the provisions of the income-tax act for the assessment years 1989-90 and 1990-91 was less than 30 per cent of the assessees book profits and, therefore, the assessee was charged to tax on 30 per cent of its book profits, ..... even where the income of the company for a particular assessment year is determined by applying the deeming provision of section 115j, the losses and allowances relating to that year are eligible to be carried forward to the subsequent year or years as made clear by sub-section (2) of section ..... appears to be some arithmetical mistake in the figures relating to the assessment year 1989-90 which may be corrected while giving effect to our order. ..... that in any case the investment allowance relating to the assessment year 1990-91, to the extent to which it remains unabsorbed has to be absorbed against the income for the assessment year 1991-92, in accordance with section 115j(2). .....
Tag this Judgment!Court : Kolkata
Reported in : [1987]20ITD72(Cal)
..... in compliance with that letter of the ito [iac (assessment)] the assessee filed return of income for the assessment year 1975-76 on 30-5-1980. ..... return of income for the assessment year 1975-76 was not filed by her by the due date, i.e ..... firm itself filed return of its income for the said assessment year on 2-9-1977. ..... , the ito by letter dated 28-4-1980 required the assessee to file, inter alia, the return of income for the assessment year 1975-76. ..... similarly, in the instant case, while initiating penalty proceedings on the basis of the later assessment order the ito had no jurisdiction to take into account the delay in filing the return in earlier ..... computing the period of delay did not take into account the application filed for extension of time up to 30-9-1975 and further that the assessee could not file return of income after making of the assessment under section 144 on 4-5-1977 till it was set aside by the commissioner on 31-3-1979. ..... ito did not proceed with the penalty proceedings initiated on the basis of the earlier assessment order and even otherwise they became barred by limitation by 31-3-1980.8. ..... commissioner allowed the application by order dated 31-3-1979, set aside the assessment and directed the ito to make a fresh assessment after taking into account all relevant material. ..... ito should have calculated the period of delay from 30-9-1975 (till which date extension to file the return was sought) to 4-5-1977 on which date assessment under section 144 was framed.7. .....
Tag this Judgment!Court : Kolkata
Reported in : (2005)195CTR(Cal)598,[2005]274ITR25(Cal)
..... the assessment year 1992-93 which was carried forward to subsequent years and adjusted as below : rs.loss for the assessment year 1992-93 34,40,715less : taxable income for the assessment year 1993-94 adjusted 4,39,719___________30,00,996less : taxable income for the assessment year 1994-95 adjusted 1,17,295___________28,83,701less : taxable income for the assessment year 1995-96 adjusted 2,82,220___________26,01,461less : taxable income for the assessment year 1996-97 adjusted 7,45,464balance unabsorbed losses___________18,56,017since in the opinion of the then assessing officer the cases for the above assessment years were ..... (hereafter in this section and in sections 148 to 153 referred to as the relevant assessment year):provided that where an assessment under sub-section (3) of section 143 or this section has been made for the relevant assessment year, no action shall be taken under this section after the expiry of four years from the end of the relevant assessment year, unless any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assessee to make a return under .....
Tag this Judgment!Court : Kolkata
Reported in : [1972]84ITR71(Cal)
..... under article 226 of the constitution for quashing the notice under section 34 of the indian income-tax act, 1922, on two grounds, namely, (a) that the income for the assessment year had already been assessed in the hands of the members and therefore it could not be assessed again as the income of the family, and (b) that the family had ceased to exist and the partition had been recognised and as such no valid notice could be issued ..... the respondents are directed to cancel, withdraw and rescind the notices dated the 27th february, 1965, issued under section 148 of the income-tax act, 1961, for the assessment years 1960-61 to 1963-64 and to cancel the notices of the 23rd march, 1965, for the assessment years 1956-57 to 1959-60, issued under section 148 of the income-tax act, 1961, and to desist from taking any further proceedings in respect thereof. ..... partition and the joint status comes to an end, it must be held that since there is no evidence or grounds to believe that the suit was filed mala fide or as a colourable device, it cannot be said that during the relevant assessment years there was this joint hindu undivided family or that there were any grounds for holding such a belief. ..... on the 23rd march, 1965, notices were issued under section 148 of the income-tax act, 1961, for the assessment years 1956-57 to 1959-60, with the approval of the commissioner of income-tax, west bengal iii. .....
Tag this Judgment!Court : Kolkata
Reported in : [1997]63ITD235(Cal)
..... as per the balance-sheet of the assessee-firm, in the accounting year, relevant to the assessment year 1991-92, a sum of rs. ..... as could be seen from the order-sheet entry, the return filed by the assessee for the assessment year 1991-92 was processed under section 143(1)(a) on 7-2-1992 which was reopened by issuing notice under section 143(2) and converted it into a scrutiny assessment. ..... counsel further submitted that the books were maintained regularly and all the expenditure were properly recorded in the books and hence the assessing officer is not justified in referring the matter to the valuation officer as regards the probable cost of construction, without pointing out any specific defect in the books of account. ld. ..... manmohan, jm - this is an appeal filed at the instance of the assessee-firm and it relates to the assessment year 1991-92.2. ..... in fact, at the time of making the reference to the valuation officer under section 131(1)(d) of the act, the assessing officer did not seem to have rejected the books of account maintained by the assessee and it was only at the time of making an assessment, in order to justify the addition to be made on the basis of the dvos report, it was observed that the assessee has not produced vouchers before the valuation officer. .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]33ITD202(Cal)
..... shri vimal gandhi, jm - this appeal by the assessee for the assessment year 1984-85 is directed against the order of the commissioner of income-tax revising assessment under section 263 of the income-tax act, 1961 and directing the assessing officer to recompute amount disallowable under section 37(3a) of the act.2. ..... in its return for the assessment year 1984-85, it claimed deductions of ..... he, accordingly, issued a show-cause notice asking the assessee company to explain to why assessment made should not be revised as the same was erroneous in so far as it was prejudicial to the interests of the revenue ..... there was failure to examine the case with reference to provisions of section 37(3a), the assessment order was erroneous and prejudicial to the interests of the revenue. ..... ' therefore, on merit also it could not be argued that the assessing officer allowed the claim without considering the provisions of section 37(3a) of the ..... the departmental representatives objection that the assessing officer did not examine the case in the light of provision of section 37(3a) is factually ..... above deductions were allowed to the assessee by the assessing officer in the assessment made by order dated 28-1-1986. ..... in other words, the assessing officer, while accepting the claim of the assessee, did not give any reason as he should have, and, therefore, the assessment was erroneous in so far as it was prejudicial to the interests of the revenue under section 263 of the act and was rightly revised by the .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]33ITD471(Cal),(1990)37TTJ(Cal)71
..... decision the tribunal dated 4-7-1989 in the assessees case for the assessment years 1981-82, 1982-83 and 1983-84 is not helpful to the assessee. ..... but in the assessment year under consideration, the addition has been made in the regular assessment made u/s 143 ..... assessees counsel filed a copy of order of the tribunal dated 4-7-1989 in the assessees case for the assessment year 1981-92, 1982-83 and 1983-84. ..... assessment year 1982-83 reflected the same pattern as in assessment year ..... 1,20,000 each in the assessment years 1982-83, 1983-84 and 1984 ..... 000 in the assessment year 1981-82, and rs ..... 2,27,561 in the assessment year 1984-85 while the fixed deposits in the corresponding period were ..... 470 in the assessment year 1983-84 and rs ..... 546 in the assessment year 1982-83, rs ..... 472 in the assessment year 1981-82, rs ..... in assessment year 1981-82 prasanta ..... in assessment year 1983-84 also total fixed deposits in the names of partners was ..... this appeal filed by the revenue is against order of the cit (a) dated 3-8-1987 for the assessment yea 1984-85 for which the previous year ended on 31-3-1984.2. ..... such a situation, the fixed deposits have to be taken as the properties of the firm and the interest thereon has to be assessed in the hands of the firm. ..... in the assessment made under section 143(3), the ito added ..... this is the first year where the assessee firm had investment in fixed deposit in the mane of a ..... in those years, the ito made the additions towards the interest on the fixed deposits by resorting to orders u/s .....
Tag this Judgment!Court : Kolkata
Reported in : [1990]33ITD702(Cal)
..... it should, therefore, follow that the cit (appeals) was justified in holding, in the assessees appeal relating to the assessment year 1981-82, that the contingency reserve in question is really a provision and it should, therefore, be excluded from the capital base of the company ..... (supra) the supreme court has held that in cases where no appropriation for dividend is made out of assessment years profit and where dividend is paid out of general reserve must be diminished by the amount of the dividend distributed.22 ..... the cit (appeals) allowed the assessees appeal relating to the assessment year 1982-83 observing as follows :'for the assessment year 1982-83, the factual position is entirely different. ..... in the course of the surtax proceedings relating to the assessment year 1982-83, the ito found that the assessee had transferred the said contingency reserve to the general reserve and had computed the capital base on that basis ..... to turn to the departmental appeal relating to the assessment year 1982-83 : we consider that the department is entitled to ..... as respects the departmental appeal for the assessment year 1982-83, the learned departmental representative drew our appointed attention to the fact that it was the assessee which transferred the contingency reserve to the general reserve, and contended that this unilateral action on the ..... the assessees grievance is that, for the assessment year 1981-82, the cit (appeals) was not justified in treating the contingency reserve as a .....
Tag this Judgment!