Court : Chennai
Reported in : [2001]247ITR465(Mad)
..... .sub-section (2) : no order of assessment, reassessment or recomputation shall be made under section 147 after the ..... section 153 of the income-tax act reads as follows :'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 1st 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 ..... it was a case where two buildings belonging to a firm comprising a father and his two major sons as partners were treated so by the income-tax officer concerned and for the assessment years 1955-56 and 1956-57, he estimated the cost of construction of those buildings at a higher figure than that disclosed and brought to tax the excess as income in the hands of the firm. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)127CTR(Mad)3; [1995]213ITR502(Mad)
..... the appellate order in relation to the assessment year 1973-74 is dated november 20, 1981, and gives the following direction : 'the wealth-tax assessment for 1973-74 assessment year is set aside with the direction to the wealth-tax officer to make a fresh assessment for that assessment year in accordance with law, after valuing the appellant's share in the firm, ..... dated june 23, 1980, also follows the order in relation to the assessment year 1970-71 and gives the following directions : 'in the circumstances and in view of the fact that the appellate assistant commissioner had set aside the assessments for the year 1970-71 and onwards for being redone after referring the question of valuation to the valuation officer, i would set aside the assessments with directions to the wealth-tax officer to pass a speaking order ..... counsel also submitted that in case the notices as such are quashed, the proceedings in relation to the assessment years where the assessment has not been completed will also be affected creating complication in the matter. ..... it has already been noticed that appeals filed against the assessments relating to the assessment years 1976-77 and 1977-78 are pending hence assessments for these years must be deemed to be final, subject to the ..... those notices are also quashed in relation to the assessment years 1976-77 and 1977-78 inasmuch as the original assessment orders for those two years are pending consideration of the appellate authority and hence no such notice could .....
Tag this Judgment!Court : Chennai
Reported in : [1998]232ITR367(Mad)
..... that the issue as to the correct rate of depreciation that would be allowable to the staple fibre yarn machinery was not in issue before the commissioner of income-tax (appeals) for this assessment year though the issue was considered for an earlier assessment year 1979-80 and hence it is submitted that by reason of explanation (c) to section 263(1) extracted earlier, the issue of the impugned notice by the commissioner of income-tax was perfectly in order and cannot be taken exception ..... on the staple fibre machinery for the assessment year 1982-83 was prejudicial to the interests of revenue and hence the commissioner of income-tax, madurai, exercised his suo motu revisional power under section 263 of the income-tax act, 1961, in order to revise the assessment and grant only 10 per cent. ..... granted by the inspecting assistant commissioner of income-tax madurai, and that the order of the commissioner of income-tax (appeals), madurai, dated october 14, 1985, referred to above dealt with the appeal relating to the three assessment years 1978-79, 1979-80 and 1982-83. ..... in respect of the assessment year 1979-80, one of the issues that was considered and decided in the said order related to the amount of depreciation that will be allowable in respect of staple fibre machinery ..... should be allowed on these machines which manufacture staple fibre yarn and the appellant says that the inspecting assistant commissioner himself has allowed this higher rate for the subsequent assessment year 1981-82. .....
Tag this Judgment!Court : Chennai
Reported in : [2001]247ITR528(Mad)
..... (a) the return is furnished by him before the expiry of the assessment year ; or (b) the tax payable by him on the total income determined on regular assessment, as reduced by the advance tax, if any, paid, and any tax deducted ..... there is only a single charge framed which reads as follows :'that you wilfully and deliberately failed to furnish in due time the return of income for the assessment years 1991-92, 1992-93 and 1993-94 which was required to be furnished under sub-section (1) of section 139 and by the notice issued under sections 142(1) and 148 ..... not be less than three months but which may extend to three years and with fine : provided that a person shall not be proceeded against under this section for failure to furnish in due time the return of income under subsection (1) of section 139- (i) for any assessment year commencing prior to the 1st day of april, 1975 ; or (ii) for any assessment year commencing on or after the 1st day of april, 1975, if- ..... according to the complainant, the accused wilfully and deliberately failed to file the returns of income for the assessment years 1991-92, 1992-93 and 1993-94 within due time and in spite of repeated statutory notices and, therefore, he has committed specific offences and is liable to be proceeded .....
Tag this Judgment!Court : Chennai
Reported in : [1974]97ITR474(Mad)
..... that by reason of the omission or failure on the part of the assessee to make a return under section 139 for any assessment year to the income-tax officer or to disclose fully and truly all material facts necessary for his assessment for that year, income chargeable to tax has escaped assessment for that year or alternatively notwithstanding that there has been no omission or failure as mentioned above on the part of the assessee, the income-tax ..... looked into the statements of those persons from whom the petitioner is stated to have borrowed money during the relevant assessment years 1960-61 and 1961-62 to find out whether there is any particular reference to the transactions they had with ..... statement shows that particular individual could not have lent any money to the petitioner during the assessment years in question and that the entries in his name in the account books of the petitioner ..... the reasons given in column 7 of the report states that;' the assessee, during the accounting year relevant to the assessment year 1960-61, had taken loans on hundi from seth arthmal motilal, khubchand vashumal and others, madras, ..... fact or circumstance which forms the reason for the income-tax officer to believe that there was an omission or failure to disclose fully and truly all material facts necessary for the assessment must relate to the assessee and in particular to the assessment year in question and not a general doubt based on general information not related to the particular case. .....
Tag this Judgment!Court : Chennai
Reported in : (1995)129CTR(Mad)103; [1995]214ITR778(Mad)
..... order holding that the amount seized could not represent the income of the assessment year and, therefore, there was no concealment of income. ..... petitioners have stated : 'that the fact explained to the income-tax officer that the seized records relied upon by him, for initiating reassessment proceedings did not relate to the previous year ended on march 31, 1981, and that there was no basis or material for the income-tax officer's presumption that the income relevant to the assessment year had escaped the assessment'. ..... 1992]195itr910(mad) , justice arunachalam has taken a consistent view that when a prima facie case is disclosed in the complaint, setting aside the order of assessment by the appellate authority will not be a bar for criminal process and when especially no finding by the appellate authority that the statement made by the ..... section 276c of the act, prosecution could be launched against a person if he attempted to evade any tax or penalty chargeable or imposable under this act indicating that even if the assessment proceedings was not complete, if tax is chargeable or imposable upon that person, that itself is sufficient to prosecute him for his attempt to evade the tax. ..... thiruvengadathan [1989] 179 itr 558, justice janarthanam has held that the fact that the tribunal had passed an order of remand in assessment proceedings would not be a bar to prosecution for offences under the act and the mere expectancies should not stand in the way of the criminal proceedings in .....
Tag this Judgment!Court : Chennai
Reported in : [1998]232ITR864(Mad)
..... inasmuch as the tribunal being the highest fact-finding authority, after perusing the memorandum issued by the iac, came to the conclusion that the iac has interpreted the law and directed the assessing authority to reopen the assessment, it is not possible to come to a different conclusion as suggested by the learned standing counsel for the department that the iac has merely pointed out the law and not interpreted the law. ..... it appears that these amounts transferred to the wife and minor son of the kartha of each huf, were fetching interest and that this interest income relatable to each assessment year involved that has been sought to be included in the reassessments. 3. ..... the reassessments are challenged by the assessee on the ground that all the relevant facts including the relevant copies of accounts were already before the ito/wto, when the assessments were made originally and there was no new information, which came into the possession of the ito/wto, warranting a re-opening and that the reopening has been done only on the change of the opinion ..... 1972-73 to 1974-75, and two appeals relating to wt assessment for the years 1972-73 and 1973-74, while in the case of sri s. ..... muthukumarasamy udayar, there are only two appeals relating to wt assessments for the years 1972-73 and 1973-74. .....
Tag this Judgment!Court : Chennai
Reported in : [1973]91ITR116(Mad)
..... down that if the income-tax officer who issued a notice under section 34 did not have any material before him for believing that there had been any material nondisclosure by reason of which an under-assessment has taken place, he had no jurisdiction to issue a notice after the expiry of four years from the end of the assessment year and that the income-tax officer cannot take any action on the basis of the said notice. ..... or failure as mentioned in clause (a) on the part of the assessee, the income-tax officer has in consequence of information in his possession reason to believe that income, profits or gains chargeable to income-tax have escaped assessment for any year, or have been under-assessed, or assessed at too low a rate, or have been made the subject of excessive relief under this act, or that excessive loss or depreciation allowance has been computed, he may in cases falling under clause (a) at any time ..... in that case the reassessment notice under clause (a) of section 147 was issued on 14th march, 1966, in respect of the assessment year 1958-59 and the assessee's contention was that as the case clearly came within section 147(b) of the act, the proceedings initiated though under clause (a) of section 147 is barred by limitation and, therefore, the notice .....
Tag this Judgment!Court : Chennai
Reported in : (1966)2MLJ452
..... 1,50,000 was before the assessing officer, before he completed the assessment for the assessment year 1944-45, though the receipt was denied by the assessee and that if he required further materials, he should have asked for the same or proceeded with his investigation before completing the assessment and not completed the assessment and postponed investigation and gathering ..... 1,50,000 should come up for consideration in the next assessment year cannot be regarded as a determination of the question, because in point of fact he was unable, on the materials before him to arrive at a finding that the amount had ..... not be income of the assessment year 1944-45 but of 1945-46 and that, therefore, the second income-tax officer could not reasonably believe that the income had escaped assessment in the assessment year 1944-45. ..... in that clause is not on receipt of subsequent information giving rise to a belief in the income-tax officer that the income, profits or gains chargeable to tax had escaped assessment in a year but on the omission or failure on the part of the assessee to make a return of his income under section 22 of any year or to disclose fully and truly all material facts necessary for assessment for that year. ..... investigation, the income-tax officer acting under section 34(1)(a) and section 23(3) issued a notice to the assessee dated 9th march, 1953 in answer to which the assessee filed a return as before for the assessment year 1944-45 again denying receipt of the sum of rs. .....
Tag this Judgment!Court : Chennai
Reported in : [1973]91ITR224(Mad)
..... share income from kaloogala estate in ceylon in the hands of the assessee-family for the assessment years 1951-52 to 1953-54, the inclusion and assessment of the interest from the fixed deposits which represented the sale consideration of the estate in the hands of the assessee-family for the assessment years 1959-60 to 1961-62 and the inclusion and assessment to wealth-tax of the value of the share in kaloogala estate in the net ..... the facts' and circumstances of the case, the reassessment made on the assessee-family for the assessment years 1951-52 to 1953-54, under section 34(1)(a) of the indian income-tax act, 1922, are ..... the assessment year 1950-51, though the tribunal held that the initiation of the proceedings under section 34 was justified, since the material by way of entries in the account books of nagappan chettiar which corroborated and clinched the latter statement of karuppan chettiar was not available at the time of completion of the assessment on february 29, 1960, the inclusion of the share income from the kaloogala estate for the assessment year 1950 ..... ceylon in the hands of the assessee-family for the assessment years 1951-52, 1952-53 and 1953-54, respectively, are justified in ..... had been used in the purchase of the share in kaloogala estate and that, therefore, the inclusion of the share income and the interests from fixed deposit in the assessments of the assessee-family was justified in respect of the assessment years 1951-52 to 1953-54 and 1959-60 to 1961-62.8. .....
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