Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2004)91TTJ(Chennai)970
..... block period (1) the undisclosed income of the block period shall be the aggregate of the total income of the previous years falling within the block: period computed, in accordance with the provisions of chapter iv, on the basis of evidence found as a result of search or requisition of books of account or documents and such other materials or information as are available with the assessing officer, as reduced by the aggregate of the total income, or, as the case may ..... evident from the reading of section 158bc of the act.section 158ba of the act makes it clear that after 30-6-1995, when a search is initiated under section 132 of the act, assessing officer shall proceed to assess the undisclosed income in accordance with the ..... that they did not insist for any security and had not made any record of the same in their books because they had finance arrangement with their respective bankers and that they had removed the goods from godowns without informing their bankers because the arrangement was one of hypothecation and bank placed reliance on the stock statement supplied by the ..... have all held similar views as the delhi high court (supra).tribunal is a creature of law and is required to apply the law as it stands at the relevant point of time with no power to add or delete any of the words in the provisions of the act, and when it finds a certain action of the authorities not falling within the four corners of the provisions of the said chapter, it has the duty to state so .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)94TTJ(Chennai)649
..... stage and it was undisputed or unquestioned by the lower authorities at any time that is the reason why lease deeds relating to these transactions were not made part of the assessee's paper book and no adverse inference can be drawn against the assessee.the learned counsel for the assessee further argued that the department can confine itself only to the difference in valuation of the assets ..... of opportunity of cross-examination of the partner of the supplier, the assessee is duty-bound to prove the transaction and if it proves with evidence only then the cross-examination would have been fruitful and even though the ao provided the opportunity but the same was not availed by the ..... , was not found by the ao when enquiries were made under section 133(6) of the act.however, the assessee stated that the equipment is located at its factory at sitapur whereas ..... the ao is also required to give proper opportunity to the appellant as per provisions of law as also provide facilities to cross-examine the parties whose statements have been used by ..... ramamurthy is contradictory and he is signed the statement himself along with other bankers documents.he further argued that the circumstances under which the statements taken from shri k.n, ramamurthy were not amply clear as no opportunity of cross-examination was ..... matter, the department has made out totally a new case and the argument, if accepted, it would amount to enhancement by the tribunal which is beyond the scope and powers of the tribunal. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)93TTJ(Chennai)161
..... on or after the 1st day of april, 1997, but ending before the 1st day april, 2001, shall not be reduced from the book profit unless the book profit of such year has been increased by those reserves or provisions out of which the said amount was withdrawn under this explanation," this proviso has to be interpreted taking into consideration clause (b) of the explanation ..... is evident from the budget speech of the hon'ble finance minister, noted earlier, the main object of introduction of section 115ja was to tax those companies which had paid dividend and accordingly, a provision has been made to increase the book profit ..... depreciation to be provided in an accounting period involves the exercise of judgment by management in the light of technical, commercial accounting and legal requirements, and, accordingly, needs periodical review.therefore, he submitted that if section 205 is sacrosanct, where is the question of review therefore, he submitted that the decision of the bombay bench of the tribunal in (2001) 72 ttj (mumbai) 151 : (2001) 77 itd 462 (mumbai) ..... to contain or give by way of a note a statement showing the computation of net profits in accordance with section 349 of the act with relevant details of the calculation of the commissions payable by way of percentage of such profits to the directors. ..... further referred to section 57(i) and pointed out that the statute has also recognized only reasonable sum paid by way of commission or remuneration to a banker or any other .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chennai
Reported in : (2005)98TTJ(Chennai)32
..... approved as a hundred per cent export-oriented undertaking by the board appointed in this behalf by the central government in exercise of the powers conferred by section 14 of the industries (development and regulation) act, 1951 (65 of 1951)', and the rules made under that act; (ii) "relevant assessment years" means the ten consecutive assessment years referred to in sub-section (3); (c) recording of programmes on any disc, tape, perforated media or other information storage device; (iv) "produce", in relation to any ..... appellate authority failed to appreciate that establishment of letters of credit for import of raw materials and consequential margin money deposit earmarked by the bankers from the overdraft amount from the assessee and the interest earned by the assessee there-from are essential parts of the business activity. ..... for the assessee, shri j.batesubramnian, first of all argued that the assessing authority as well as the first appellate authority erred in ignoring the factual evidence and submissions made by the assessee and passing the order or confirming the additions based on misinterpretation of the principles of law. ..... first we have to go through the provisions of section 10b of the act and the relevant portion of section 10b of the act reads as under: "special provisions in respect of newly established hundred per ..... has earned interest from bank and claimed it as business income in its books of account and accordingly claimed exemption under section 10b of the act. .....
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