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Bhadarmal Hazarimal Vs. Income-tax Officer, a Ward

Court : Guwahati

..... 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 ..... made under section 147- (a) where the assessment or reassessment or recomputation is to be made under clause (a) of that section, after the expiry of four years from the end of the assessment year in which the notice under section 148 was served; (b) where the assessment, reassessment or recomputation is to be made under clause (b) of that section, after- (i) the expiry of four years from the end of the assessment year in which the income was first assessable, or (ii) the expiry of one year from the date of service of the notice ..... under section 147(a) of the 1961 act the income-tax officer may subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned if the income-tax officer has reason to believe that income chargeable to tax has escaped assessment for that assessment year by reason of the omission or failure on the part of an assessee to make a return under section 139 for .....

Cit Vs. Gujarat Alkalies and Chemicals Ltd.

Court : Guwahati

..... that the tribunal had committed an error in law in taking into consideration various extraneous f actors like assessment of assessment year 1977-78, which was completed on 10-3-1981, without appreciating that the tribunal was dealing with assessment year 1982-83 and in the intervening period, various assessment years had gone by; in other words, the contention is that only the immediate previous year's income was required to be taken into consideration for the purposes of ascertaining, and that too, only if pre-condition stipulated ..... applying the aforesaid scheme of the act to the facts of the case, it is seen that the assessment for assessment year 1977-78 was completed on 10-3-1981 and the income determined was loss. ..... the assessment year is 1982-83 and the relevant accounting period is the financial year ended on 31-3-1982. ..... stipulate that a person is liable to pay advance tax which is computed by adopting as the first base his total income of the latest previous year in respect of which he has been assessed by way of regular assessment, and, the second base would be the total income of the latest previous year [being a year later than the previous year specified in clause (a) of sub-section (1)], on the basis of which, such person has paid tax by way of self-assessment under section 140a of the act. .....

Methoni Tea Co. Ltd. Vs. State of Assam and ors.

Court : Guwahati

..... of facts with regard to the appeal proceedings taken out by the petitioners as against the assessment made under the central act, it is clear that as far back as in the year 1998 the assessments of the petitioner for the assessment years 1989-90, 1990-91 and 1991-92 were pending finalisation at the level of the commissioner of income ..... saraf, by referring to the averments made in the writ petition, has submitted that in so far as the assessment of the petitioner to income-tax for the assessment year 1989-90 is concerned, against the assessment made by the primary authority, the petitioner had filed an appeal before the commissioner of income-tax (appeals) who by order dated july 7, ..... letters written on behalf of the petitioner-assessee dated october 6, 1999, january 18, 2001 and september 14, 2000 (annexures i, j and k to the writ petition), to contend that for the assessment years 1999-2000, 2000-01 and 2001-02 refund of tax under the assam act is due and payable to the petitioner. ..... 2001, issued under section 23 of the assam agricultural income-tax act, 1939 (hereinafter referred to as 'the assam act'), in respect of the assessment years in question, details of which will be noticed later, are the subject matter of challenge in the present writ application. ..... saraf, learned counsel for the petitioner, the demand for the earlier assessment years as made by issuing the impugned notices under section 23 would be wholly illegal, without jurisdiction and authority of law and therefore .....

F.C. Agarwal Vs. Commissioner of Income-tax

Court : Guwahati

..... the tribunal was correct in holding that penalties under section 271(1)(c) of the income-tax act read with explanation to that section were justified in respect of the assessment years 1963-64, 1964-65 and 1965-66 (2) whether, on the facts and in the circumstances of the case, the tribunal was justified in holding that for the purpose of calculation of penalty the difference between the tax on the ..... when these amendments were introduced in parliament, the hon'ble minister for revenue and civil expenditure gave an assurance that outstanding loans and advances which are otherwise liable to be taxed as dividends in the assessment year 1955-56 will not be subjected to taxif it is shown that they had been genuinely refunded to the respective companies before the 30th june, 1955. ..... the following two questions of law as arising out of the consolidated order of the income-tax appellate tribunal in respect of the assessment years 1963-64, 1964-65 and 1965-66 have been referred by the tribunal under section 256(1) of the income-tax act, 3961 (hereinafter referred to as ' the act'): '(1) whether, on the facts and in the circumstances of the case, ..... the revised returns in the instant cases, however, were filed on march 20, 1968, for the assessment years 1963-64, 1964-65 and 1965-66 and the assessments were made on march 23, 1968, and the orders of penalty in the cases were passed by the inspecting assistant commissioner of income-tax on march .....

Saurabh Kumar Pandey and Nitish Kumar Pandey Vs. Commissioner of Incom ...

Court : Patna

..... omission or failure as mentioned in clause (a) on the part of the assessee, the assessing officer has in consequence of information in his possession reason to believe that income chargeable to tax has escaped assessment for any assessment year, he may, subject to the provisions of sections 148 to 153, assess or reassess such income or recompute the loss or the depreciation allowance, as the case may be, for the assessment year concerned (hereafter in sections 148 to 153 referred to as the relevant assessment year).' 9. mr. k. k. ..... of the income-tax act, 1961, asking them to file return within 30 days of the notice for reassessment on the ground that income chargeable to income-tax for the assessment year 1988-89, had escaped assessment within the meaning of section 147 of the said act. ..... , contended that the assessment of the petitioners for the assessment year 1989-90 having been completed on the basis of the returns in which all material facts had been fully and truly disclosed under section 143(1) of the act, there was no justification for the assessing officer to reopen the assessments. ..... sheet (annexure-4), it would appear that the assistant commissioner of income-tax, dhanbad circle, had advised the assessing officer (of the petitioners) to take necessary action under section 263 of the aet, vide his letter no ..... while completing his assessment for the year 1988-89 on march 30, 1989, he made certain additions, as detailed below, which his assessing officer had tried to explain in .....

Commissioner of Income-tax, Bombay City Ii Vs. Estate and Finance Ltd.

Court : Mumbai

Reported in : [1978]111ITR119(Bom)

..... clause (vi) of sub-section (2) of section 10 of the indian income-tax act, 1922, the assessee was entitled to set off the aforesaid unabsorbed depreciation against the profits and gains of the business for the two assessment years in question although it was not carrying on the business of manufacturing and sale of rubber shoes in those two ..... on behalf of the revenue in laxmi printing's case : [1968]70itr148(bom) that for an allowance of depreciation in the assessment year the buildings, plant or machinery in respect of the allowance claimed must be in use in the said year; and only if it so exists can the fiction enacted in the proviso be given effect to. ..... 70,700 brought forward since 1952-53 could be off against the business income assessed in the assessment year 1963-64 when the source in respect of which the depreciation was computed had ceased to ..... and had stopped the business with effect from the previous year relevant to the assessment year 1955-56, though it continued to own the plant, machinery ..... of the proviso and the main provision, it has been observed that it is not necessary that the plant or machinery in respect of which the benefit of unabsorbed depreciation is claimed must still be in use in the assessment year in question, but that it was enough if the business carried on is the same. ..... the unabsorbed depreciation of the assessee of these three years was as follows : assessment year depreciationrs.1950-51 25,7061951-52 23,4431952-53 21,551-----------------total .....

Commissioner of Income-tax, Bombay City-ii Vs. C.K. Thakore

Court : Mumbai

Reported in : (1981)24CTR(Bom)162; [1982]136ITR464(Bom)

..... naturally, learned counsel for the revenue has heavily relief on the decision of the supreme court in the case of the assessee for the assessment years 1952-53 and 1953-54 and it is contended that inasmuch as the supreme court has in the earlier years positively held that the amounts received by the assessee in excess of what he was otherwise entitled to receive was income, for the same reasons the amounts in question has also ..... is necessary to refer to the fact that in view of the decision of the high court in the reference for the assessment years 1952-53 and 1953-54 that the assessee had recovered more than what he was entitled, the syndicate filed a special civil suit ..... it is at this stage convenient to refer to the assessment proceedings in respect of the assessment years 1952-53 and 1953-54 because in respect of the assessment years 1954-55 to 1959-60, the assessment has proceeded on the position of law as determined in respect of the assessment years 1952-53 and 1953-54 during which period the assessee had ..... besides rents and royalty, the assessee received from the syndicate several amounts during the assessment years 1954-55 to 1959-60 as local fund cess, the liability for which was, at all material times, said to be that of the ..... ]45itr512(bom) , which decision arose out of a dispute with regard to certain amounts received by the assessee during the assessment years 1952-53 and 1953-54 in terms of the said lease of 1947, 'the syndicate'), was to pay annually a sum .....

Ram Lal Ganpat Rai Vs. Commissioner of Income-tax, Bombay

Court : Mumbai

Reported in : [1978]112ITR462(Bom)

..... kaluram puranmal and ishwardas hanuman parshad were traceable to the initial amounts which appeared in the books of the assessee in the year 1943 it could not be said that these amounts were not referable to the three assessment years in question and since this aspect of the matter was not raised before the taxing authorities or even before the tribunal, it would not be open to the assessee to raise it before ..... he urged that prima facie the cash credits appeared under dates which fell within the years relevant for the assessment years in question and in the absence of any material brought on record to show that these cash credits which appeared in the books ..... 1,40,000 (rupees one lakh forty thousand) was income of the assessee from undisclosed source for the assessment year 1948-49 and 1949-50 respectively (2) whether there is any material, data or evidence on record to support the finding of the tribunal that the] sum ..... material to show that these amounts belonged to the hindu undivided family and that these were of revenue nature, the material on record clearly showed that these were not referable to the three assessment years in question and as such the additions made to the assessee's income in the three relevant ..... stood in the name of shrimati parwatibai in the books of ishwardas hanuman parshad under dates december 30,1949, and february 10,1950, respectively, within the year relevant for the assessment year 1950-51, these were stated to have come out of interest amounting to rs. .....

Commissioner of Income-tax Vs. Anil Hardboards Ltd.

Court : Mumbai

Reported in : [1994]207ITR802(Bom)

..... amounts shown in the account books of the assessee-company as due from the insulation board unit for the three assessment years in question as well as for the three preceding years (1961-62 to 1966-67) are as under : assessment year amount shown due fromthe insulation unit to thehard board unitrs.1961-62 40.11 lakhs1962-63 27.96 lakhs1963-64 24.40 lakhs1964-65 24.48 ..... and of the advances made by the hardboard unit to the insulation unit as appearing in the books of account of the hardboard unit for the assessment year 1964-65, 1965-66 and 1966-67 were as under : ----------------------------------------------------------------assessment share reserve and year end balancecapital surplus of advance toinsulation unit---------------------------------------------------------------1964-65 59.90 lakhs 29.18 lakhs 24.48 lakhs1965-66 72.00 lakhs 34.02 lakhs 29.16 lakhs1966-67 72.00 lakhs 37.67 lakhs 36.29 ..... to; the assessee was, hence, estopped from denying the said factual situation for claiming benefit under section 84 of the act for the subsequent assessment years, unless the assessee placed before the authorities and/or the tribunal cogent material to show that the situation had drastically changed. ..... 2 : in our view the entire amount of advances made by the hardboard unit to the insulation board unit in the relevant assessment years is deductible for the purpose of calculating the capital under section 84 of the act since there has been no change in the character of the advances, .....

Commissioner of Income-tax Vs. Star Andheri Estate

Court : Mumbai

Reported in : (1994)120CTR(Bom)254; [1994]208ITR573(Bom)

..... of the income-tax officer was erroneous, initiated proceedings for suo motu revision of the orders of assessment for the assessment years 1975-76 and 1976-77 under section 263 of the income-tax act and on hearing the parties, held that the orders of the income-tax officer for the above assessment years were erroneous and prejudicial to the interests of the revenue since the income-tax officer had failed to ..... foregoing discussion, we are of the opinion that the tribunal was justified in holding that the receipt of the amount by the assessee during the previous year relevant to the assessment year 1976-77 was assessable in its hands in the said assessment year despite dissolution of the firm and discontinuance of the business on march 31, 1975. 18. ..... the expenditure incurred by the assessee in connection with the above venture and allocated the same in proportion to the receipts in the two years and determined the net receipts assessable for the two assessment years as under : assessment year 1975-76 :rs.receipts 3,10,000less : expenses 80,330------------2,29,670-------------assessment year 1976-77 :rs.receipts 9,80,000less : expenses 2,53,940-------------7,26,060--------------6. ..... has referred the following question of law to this court for opinion : 'whether, on the facts and in the circumstances of the case, having particular regard to section 176(3a), the income-tax assessment could be filed for the assessment year 1976-77, even if the firm was dissolved on march 31, 1975 ?' 2. .....