Court : Supreme Court of India
Reported in : AIR1969SC1262; [1969]74ITR72(SC); (1969)2SCC84; [1970]1SCR1
..... tribunal then observed that the ships brought into the indian trade were not new in the years of account relevant to the five years of assessment, but the assessee was still qualified under section 10(2) (vi-a) to additional depreciation for a continuous period of five years, and 'the fact in the first of these years the new ships did not call at the indian ports in one assessment year did not disentitle the assessee to the benefit not only for that ..... brought into use in 1953.brought into use in the indian trade in 1954.claim for the assessment years 1955-56 and1956-57.the assessee and the commissioner were agreed that the taxable income of the assessee had to be determined by the application of the second method in rule 33 of the indian income-tax rules, ..... double or multiple shift working of the machinery or plant and the initial depreciation allowance admissible under that clause for the first year of erection of the building or the installation of the machinery or plant) in not more than five successive assessments for the financial years next following the previous year in which such buildings are erected and such machinery and plant installed and falling within the period commencing on the 1st day ..... however, did not allow initial depreciation and additional depreciation in respect of the ships of the assessee in any of the assessment years, because the ships acquired by the assessee were not introduced into the indian business in the years in which they were newly acquired. .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1971SC730; 1972(0)BLJR528; [1971]79ITR603(SC); (1971)1SCC453; [1971]3SCR442
..... muzaffarpur.whereas (i) have reason to believe that your income chargeable the income of 1960-1961 in respect of which you are assessable to tax for the assessment year 1919 has escaped assessment within the meaning of section 147 of the income tax act, 1961.i therefore propose to re-assess the income for the said assessment year and i hereby require you to deliver to me within 30 days from the date of service of this notice a return ..... reason of the omission or failure on the part of these 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 not with standing that there has been no omission or failure as mentioned above on the part of the ..... section 139(2) says :in the case of any person who, in the income-tax officer's opinion, assessable under this act, whether on his own total income or on the total income of any other person during the previous year, the income-tax officer may, before the end of the relevant assessment year, serve a notice upon him requiring him to furnish, within thirty days from the date of service of the ..... 151(2) of the act reads:no notice shall be issued under section 148 after the expiry of four years from the end of the relevant assessment year, unless the commissioner is satisfied on the reasons recorded by the income-tax officer that it is a .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1981SC1562; (1981)21CTR(SC)356; [1981]129ITR314(SC); 1981(1)SCALE694; (1981)3SCC77; [1981]3SCR402
..... of march, 1965, under the indian income-tax act, 1922 (xi of 1922), or the income-tax act, 1961 (xliii of 1961), or(b) which has escaped assessment for any assessment year for which an assessment has been made before the 1st day of march 1965, under either of the said acts, or(c) for the assessment of which no proceeding under either of the said acts has been taken before the 1st day of march, 1965,he shall, notwithstanding anything contained ..... act, 1922 and income-tax act, 1961 : (i) the charge under the income-tax act is on the total income of the previous year and not on any particular item of income but that is not so under section 68, (ii) payment of tax under section 68 has no reference to any assessment year and unless it is correlated to an assessment year it can not be ordinary income-tax and (iii) the disclosed income is chargeable to tax without allowing usual deductions and without providing for ..... since it is contended by the assessee that the tax so paid was the tax which he was liable to pay under the relevant income-tax law in force during the assessment years in question and it is urged by the department that the said payment was in discharge of a liability created for the first time by the finance act, it is necessary to examine the provisions of section 68 of the finance act in some detail, in so .....
Tag this Judgment!Court : Supreme Court of India
Reported in : AIR1972SC2319; [1972]83ITR92(SC); (1971)3SCC621; [1972]1SCR470
..... reason of the omission or failure on the part of the assessee to make a return of his expenditure under section 13 for any assessment year, or to disclose fully and truly all material necessary for his assessment for that year, the expenditure chargeable to tax has escaped assessment for that year, whether by reason of under-assessment or assessment at too low a rate or otherwise; or(b) has in consequence of any information in his possession reason to believe notwithstanding that there has ..... (a), that the expenditure chargeable to tax has escaped assessment for any assessment year, whether by reason of under-assessment or assessment at too low a rate or otherwise; he may, in cases falling under clause (a) at any time within eight years and in cases falling under clause (b) at any time within four years of the end of that assessment year, serve on the assessee a notice under sub-section (2) of section 13 and may proceed to assess or reassess such expenditure and the provisions of this act shall ..... thus the notices which were issued on that date relating to the assessment years 1959-60, 1960-61 and 1961-62 were within the period of four years which was the limit prescribed with regard to action under clause (b) ..... provided that no expenditure tax shall be payable by anassessee for any assessment year if the income from all sources derived by the assessee and his dependents during the previous year as reduced by the amount of taxes which such income may be liable under any law for the .....
Tag this Judgment!Court : Supreme Court of India
Reported in : (2007)207CTR(SC)733; [2007]289ITR83(SC); JT2007(3)SC125; 2007(2)SCALE612; (2007)9SCC665
..... the impugned judgment by contending that provisions of section 271(1)(c)(iii) prior to 1.4.1976 and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same, the high court in the impugned order erred in distinguishing prithipal singh's case (supra), and taking a view contrary to the view taken in the said case. ..... the provisions of section 271(1)(c)(iii) prior to 1.4.1976, and after its amendment by the finance act, 1975 with effect from 1.4.1976, later provisions being applicable to the assessment year in question, being substantially the same except that in place of the word 'income' in sub clause (iii) to sub clause (c) of section 271 prior to its amendment by finance act, 1975, the expression 'amount of tax sought to ..... was that prithipal singh's case (supra) decided by the punjab and haryana high court pertaining to the assessment year 1970-71 was prior to the amendment of finance act, 1975 and therefore, was not applicable. ..... had allowed the assessee's appeal remitting the penalty imposed by the assessing officer under section 271(1)(c) relating to the assessment year 1996-97, relying upon the decision of the punjab high court in ..... decision of the punjab and haryana high court in prithipal singh's case (supra), which was affirmed by this court on the ground that it related to the assessment year 1971-72 when explanation 4 to section 271(1)(c) had not been introduced. .....
Tag this Judgment!Court : Delhi
Reported in : (1986)58CTR(Del)34; [1986]160ITR840(Delhi)
..... , the tribunal was correct in law in holding that the income-tax officer was not right in coming to the conclusion that there was a transfer of the whole property in the accounting period relevant to assessment year 1972-73 (vi) whether, on the facts and in the circumstances of the case, the tribunal is correct in law in holding that a sum of rs. ..... was correct in law in holding that the income-tax officer was not right in coming to the conclusion that there was a transfer of the whole property in the accounting period relevant to the assessment year 1972-73 (iv) whether, on the facts and in the circumstances of the case, the tribunal is correct in law in holding that a sum of rs. ..... several points were in issue but so far as we are concerned, three of these points are relevant : (1) whether the capital gains in respect of the transaction in question were to be assessed in the assessment year 1972-73 or in the assessment years 1972-73 to 1975-76 and, if so, in what manner; (2) whether the assesseds could claim that a payment of rs. ..... filed two sets of two applications, one each pertaining to the assessment years (1972-73 and 1975-76) and virendra nath has preferred itc no. ..... the terms of the sale deeds dated march 27, 1972, march 23, 1973, april 16, 1973, and july 31, 1974, only one-fourth of each of the assessed's interest in the said property passed in each of the relevant previous years and capital gains was assessable on this footing in the assessment years 1972-73 to 1975-76. .....
Tag this Judgment!Court : Delhi
Reported in : [1984]149ITR318(Delhi)
..... 45,000 occurring in the assessed firm's calcutta books pertaining to the assessment year 1965-66 could be said to be covered by the items of intangible addition made in the firm's assessment for the year 1961-62 the tribunal held that any assessment of the unexplained deposits against the intangible additions made for the assessment year 1961-62 would have to be made within the four corners of the income-tax appellate tribunal's order dated july 18, 1970, in i.t.a. no. ..... 45,000 considered in the firm's assessments for the assessment years 1963-64 and 1965-66 respectively had actually come from these two parties and the amounts could be legitimately treated as the firm's own money, no addition to cover the amounts of unexplained cash credit for these two years would be justified in view of the additions in the firm's assessment for the assessment year 1961-62. 5. ..... the tribunal observed, 'it could be said that this sum was available with the assessed provided it is shown that the entire sum added back in the year 1961-62 was withdrawn in the assessment year 1962-63 and was so available with the assessed for introduction'. ..... sureka jute company for the assessment year 1965-66 could have been sustained in the background of substantially larger additions made, on an agreed basis, in the firm's assessment for the assessment year 1961-62. .....
Tag this Judgment!Court : Delhi
Reported in : 1994IAD(Delhi)1100; (1994)119CTR(Del)84; 54(1994)DLT642; [1994]210ITR557(Delhi)
..... income-tax act, 1961, the provision relevant for the present purpose, reads as under : 'where an allowance or deduction has been made in the assessment for any year in respect of loss, expenditure or trading liability incurred by the assessed (hereinafter referred to as 'the first-mentioned person') and subsequently during any previous year, - (a) the first-mentioned person has obtained, whether in cash or in any other manner whatsoever, any amount in respect of such loss or expenditure or some benefit ..... ' in compliance with this settlement, the assessed filed revised returns for the three assessment years, consistently with the order of the commissioner of income-tax. ..... in paragraph 1, he wrote as follows : 'your proposal to offer for taxation the following amounts under section 41 of the income-tax act, 1961, is accepted : rs.assessment year 1965-66 28,51,593assessment year 1966-67 4,27,168assessment year 1967-68 2,57,500 5. ..... the assessed had failed to prove that the impugned settlement or impugned assessment order for the assessment year 1965-66 suffered from a patent lack of jurisdiction. ..... the tribunal accordingly allowed the assessed's appeal for the assessment years 1966-67 and 1967-68. 8. ..... in fact, the department had made an assessment for the assessment year 1961-62 making an addition of rs. ..... in both the cases, the parties and the facts and the question of law arising for decision are common except for a change of the assessment year and the amount of taxable income. .....
Tag this Judgment!Court : Delhi
Reported in : [2009]28SOT503(NULL)
..... the appeal was dismissed.2.2 before us, the learned counsel for the assessee pointed out that the, revenue had filed appeal against the order of the learned cit (appeals) in respect of assessment year 2001-02, in which the assessee had been granted relief against the addition of rs. ..... may be clarified here that the relief was received for assessment year 2001-02 and not the earlier year, as mentioned by the learned cit (appeals). ..... the relevant portion of annexure 'a' is reproduced below:assessment years : 1999-2000 and 2000-01amount date import date of detail of amount date ofof invoice import expenditure paymentadvance ..... two appeals of the assessee emanate from a consolidated order passed by the cit (appeals)-xxvi, new delhi, for assessment years 1999-2000 and 2000-01 in appeal nos. ..... the facts of this year are similar to the facts of assessment year 1999-2000, which have also been discussed in ita ..... during the course of assessment proceedings for assessment year 2001-02, it was noticed that she received an amount of ..... lakhs as deemed dividend under section 2(22)(e) of the income-tax act, 1961, ignoring the fact that the similar addition made earlier in respect of assessment year 2001-02 was deleted. ..... the ground for assessment year 1999-2000 is to the effect that on the facts and in the circumstances of the case, the learned cit (appeals) erred in confirming the addition of ..... emerge clearly from annexure 'a' to the written submissions, reproduced in the order for assessment year 1999-2000. .....
Tag this Judgment!Court : Delhi
Reported in : [1998]232ITR381(Delhi)
..... that the appeal before him was incompetent and superfluous in view of the order of the commissioner of income-tax on the same point for the same assessment year (3) whether, on the facts and in the circumstances of the case, the appellate tribunal was justified in holding that the assessed was a manufacturing company and was, thereforee, liable to tax at the lesser rate (4) whether, on the facts and in the circumstances of the case, the appellate ..... the income-tax officer completed the assessments under section 143(3) of the act on the dates given hereunder : assessment year date of assessment1965-66 5-1-19701966-67 5-1-19701967-68 19-1-19701968-69 7-2-1970for all the four assessment years, the assessed was treated as a non-manufacturing company liable to income-tax at higher rate of tax, though such a finding is not specifically mentioned in the ..... the course of hearing before the appellate assistant commissioner, the assessee-company's representative referred to an order dated february 14, 1972, passed by the predecessor-in-office of the then appellate assistant commissioner for the assessment year 1969-70 wherein the claim of the company to treat it as a manufacturing company was upheld. ..... on the facts and circumstances of the case, the appellate tribunal was not justified in holding that the assessee-company was to be taxed at the lesser rate being a manufacturing company (for the assessment year forming the subject-matter of appeals before the income-tax appellate tribunal). .....
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