Court : Delhi
Reported in : [1989]30ITD269(Delhi)
..... the cwt, while disposing of the assesseds application, held that, for the assessment years 1965-66 to 1970-71, the assessed was not entitled to relief by way of waiver/reduction of penalty as the return had been filed after the issue of notices ..... relates to assessment years 1976-77 and 1979-80, the present appeal is directed against the aacs order, for the assessment year 1976-77 only ..... for the assessment year 1964-65, no notice under section 17 had been issued and for that year the cwt ..... of that case were, that the assessed had filed his return of wealth for the assessment years 1964-65 to 1970- 71 on ..... the case are, that the assessed did not file any return under section 139(1) for the assessment year 1976-77. ..... as the returns were not filed within the time allowed under section 14(1) of the wealth-tax act, the assessed applied to the cwt on 3-12-71 for the waiver of penalty for filing the returns late, as provided under section 18(2a) ..... it is assumed that the return filed by the assessed was under section 139(4) and was not in response to notice under section 148, the ito could have proceeded to make an ex parte assessment, because he could have as well come to the conclusion that the assessed had not filed any return pursuant to notice under ..... when the notice under section 148 was served on the assessed, it has been pointed out to the ito vide letter dated 24-4-79 that a return had already been filed on 30-3-79 within the stipulated time under section 139(4) and so the notice issued .....
Tag this Judgment!Court : Delhi
Reported in : [1990]33ITD44(Delhi)
..... of this chapter shall be treated as a payment of tax in respect of the income of the period which would be the previous year for an assessment for the assessment year next following the financial year in which it was payable, and credit thereforee, shall be given to the assessed in the regular assessment.section 140a (2) :after a regular assessment u/s 143 or section 144 has been made, any amount paid under sub-section (1) shall be deemed to have been paid towards ..... shall be payable for a period of one month from the date of the passing of the order in appeal or other proceeding :provided also that where any interest is payable to an assessed under this sub-section, no interest under sub-clause (1) shall be payable to him in respect of the amount so found to be in excess.6. ..... the section is reproduced hereunder for the sake of facility :-section 244 :(1) where a refund is due to the assessed in pursuance of an order referred to in section 240 and the (assessing) officer does not grant the refund within a period of (three months from the end of the month in which ..... as to whether a payment made u/s 140a is a payment in pursuance of any order of assessment or penalty and whether the assessed would be entitled to interest on such payments, if these are found to be in excess of ..... thereof having been found in appeal or other proceeding under this act to be in excess of the amount which such assessed is liable to pay as tax or penalty, as the case may be, under this act, the central govt. .....
Tag this Judgment!Court : Delhi
Reported in : [1990]33ITD369(Delhi)
..... 64,821 in respect of his estimated income of the accounting year ending 31-3-1975 assessable for assessment year 1975-76. ..... this is an assesseds second appeal arising out of his assessment for assessment year 1975-76. ..... building new delhi quoting the boards instructions as below, and praying to finalise the assessment :'government has authorised the ito to complete the assessment for the year 1975-76.in relaxation to the limits prescribed under sec. ..... 153 are beyond its powers then the assessed having accepted the boards instructions and having again requested the assessing officer to make an assessment accordingly is stopped from challenging the assessment order on the grounds of limitation. ..... the learned departmental representative, on the other hand, contended that the assessment having been made under instructions of the board was a valid one.3. ..... the amount of refund becoming due to the assessed on the basis of this assessment and the interest thereon was duly refunded to the assessed and there is no dispute in respect thereof. ..... ito viii (13) with the request to finalise the assessment and issue the assessment order along with the itro for the due amount. ..... thereforee, the governments right to tax on the assessed income existed in spite of the expiry of the period of limitation and the assessed having got the benefit of the refund in pursuance of the boards instructions cannot now be allowed to contend that the boards instructions exceeded its authority.4. .....
Tag this Judgment!Court : Delhi
Reported in : [1995]55ITD159(Delhi)
..... the parties ledger referred to by the assessed is for the year ending 30-6-1978 relevant for the assessment year 1979-80 and not for the year ending 30-6-1980 relevant for the assessment year 1981-82 under consideration. ..... the arguments of the assessees counsel were to the following effect : the balance sheet of the assessed as on 30-6-1980 (relevant for the assessment year 1981-82 under consideration) is given at page 517 (paper book no. 5). ..... the assessing officer after comparing the figures of realization from the debtors in the assessment years 1982-83, 1983-84 and 1984-85 concluded that it was unlikely that for the assessment year 1981-82 the assessed suddenly had realization from sundry debtors of about rs. ..... the assessing officer, on comparing the realization from the sundry debtors in the assessment years 1982-83, 1983-84 and 1984-85 observed that it was unlikely that in the assessment year under consideration the assessed suddenly had realization from sundry debtors of about rs. ..... in that view he concluded that it was unlikely that in the assessment year under consideration, namely 1981-82, the assessed suddenly had a realization from sundry debtors amounting to rs. ..... from the ledger for the year ended 30-6-1978, the assessed could have given the names of the debtors from whom the drafts were received during the year ended 30-6-1980 relevant for the assessment year 1981-82. .....
Tag this Judgment!Court : Delhi
Reported in : [2003]86ITD13(Delhi)
..... since the transaction relating to the investment was done during the financial year relevant to this assessment year, the same has been given effect in this assessment on protective basis and in view of the judgment of punjab & haryana high court in the case of raja ram kulwant rai (supra). ..... some more papers were also enclosed with this report which were sent to the forensic department for verifying the signature, those were copy of annexure a-3, copy of return filed for assessment year 1996-97 along with computation of taxable income, which were duly signed by shri a.s. ..... (g) sixthly, in the returns of income filed for the assessment year 1995-96, nowhere either of the three vendors have shown or declared the receipt of any extra consideration other than the disclosed or invested by the assessed, his wife and the huf and duly recorded in their books of account. ..... counsel of the assessed, we find that they are in fact summarised submissions of the oral arguments made on various dates of hearings, which were started from 5-10-2000 and to avoid the repetition of the arguments, we reproduce the summarised arguments filed on 31-5-2001 here as under:-'from the oral submissions made and the synopsis filed in short, it is submitted that:(a) there is no evidence to establish that the assessed, in the financial year 1994-95, relevant to the assessment year 1995-96, has invested .....
Tag this Judgment!Court : Delhi
Reported in : [2010]187TAXMAN327(Delhi)
..... has the reason to believe that, by reason of 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 assessment year for that year, income chargeable to tax has escaped assessment for that year.in my opinion prima facie, grounds exists for taking action under section 148 since the assessee has failed to disclose fully and ..... officer has reason to believe that, by reason of the omission or failure on the part of an 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 (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the assessee, the income-tax officer has ..... besides the letters referred to above, there is other correspondence between the ito and the assessee during the scrutiny of the returns of the assessment year 1983-84 whereby time and again the ito asked the assessee to file particulars with respect to the details of the persons with respect to whom the credits were appearing in the books of accounts as loans and .....
Tag this Judgment!Court : Kerala
Reported in : (2002)175CTR(Ker)285; [2002]255ITR77(Ker)
..... concentrate our attention on the proviso which contemplates that in named contingencies the reopening can be effected even after the expiry of four yearsif,-(i) any income chargeable to tax has escaped assessment for such assessment year by reason of the failure on the part of the assesses to make a return under section 139, or (ii) in response to a notice issued under sub-section (1) of section 142 or section 148 or his failure to disclose fully and truly all material facts necessary for ..... (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 : Gujarat
Reported in : [1965]55ITR171(Guj)
..... on the other band, it was contended on behalf of the revenue that considering the language of section 2(6a) defining the word 'dividend' as applicable for the assessment year 1958-59 and on a proper construction of the section in its entirety, the distribution which relates to the present matter would be caught as dividend as it fell within the purview of section 2(6a) (c) of the income-tax act. ..... this limitation was lifted by deleting the proviso by the finance act of 1955, with the result that from and after the assessment year 1955-56, the distribution of accumulated profits by a liquidator could be equated with a similar distribution by a company which was in actual working, irrespective of as to when the profits were accumulated. ..... section 2(6a) (c) was amended by the finance act, 1955 and the proviso was deleted with the result that from and after the assessment year 1955-56, any distribution made by a liquidator was liable to be treated as dividend under section 2(6a) (c) if it was 'out of accumulated profits' without any limitation of time. ..... if any accumulated profits were released to the shareholders as part of a distribution made by a liquidator in respect of the assessment year 1955-56 or any succeeding assessment year, such accumulated profits were liable to be fictionally regarded as dividend and taxed as such in the hands of the shareholders as if no liquidation had intervened and they had been distributed by the company as a going concern. 29. .....
Tag this Judgment!Court : Gujarat
Reported in : (1981)23CTR(Guj)307; [1982]133ITR23(Guj)
..... whether the assessee was justified in the negative andin working out notional profit for the against the assessee.assessment year 1970-71, in respect ofclosing stock, when the assessee hadnot owned any land but had acquiredonly the rights to ..... therefore, even assuming that the assessee-firm had stock at the close of the year of account relevant to the assessment year 1970-71, no profit could be said to have arisen out of the valuation ..... an appeal against the order of the aac, setting aside the protective assessment for the assessment year 1970-71 made by the ito by way of abundant caution in case the assessee's claim for bifurcation of the profits in the two assessment years, as stated above, was accepted by the tribunal. ..... whether the assessee was justified in working out the notional profit for the assessment year 1970-71, in respect of closing stock, when the assessee had not owned any land but had acquired only the right to purchase the ..... his assessment order for the assessment year 1970-71 held to the effect that since the assessee-firm had not acquired any title over the land which it had agreed to purchase, the profit or income shown by the assessee-firm in its return of income for the assessment year 1970-71 did not fall for consideration in the said assessment year. ..... entire profit arising out of the above transaction was earned by the assessee-firm in the year of account relevant to the assessment year 1971-72, and it was liable to be assessed in the assessment year 1971-72. .....
Tag this Judgment!Court : Gujarat
Reported in : (1964)0GLR746; [1965]56ITR621(Guj)
..... the section 34, the income-tax officer, had no jurisdiction to issue notices to the petitioners under sub-section (1)(a) of section 34 in respect of the assessment years 1943-44 and 1946-47 for which the corresponding previous years fell wholly within the period 1st september, 1939, to 31st march, 1946, and that so fare as the assessment year 1950-51 was concerned, the condition precedent to the jurisdiction of the income-tax officer to issue notice under sub-section (1)(a) of the section ..... 1,00,000 or more mentioned in the condition, the escaped income of the only those assessment years was liable to be taken into account in respect of which notice for reopening assessment could be issued under sub-section (1)(a) and since, as held by us, no notice for reopening assessment could be issued under sub-section (1)(a) in respect of the assessment years 1943-44 and 1946-47, the escaped income of those assessment years was not liable to be taken into account and if that was so, the escaped income ..... nanavati based on the provisions of these two sub-sections was that sub-section (1)(a) was general provisions applicable to all assessment years while sub-section (1a) was a special provision applicable only to those assessment year in respect of which the relevant previous years fell wholly or partly within the period 1st september, 1939, to 31st march, 1946, and that the general provision in sub-section (1)(a) must, therefore, in accordance with the maxim generally specialibus non .....
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