Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD63(Pat.)
..... ignores the prevalent malpractice that was noticed by the direct taxes enquiry committee and the recommendation made by the said committee which led to the amendment of the act by the finance act of 1972, whereby the exemption from tax that was available in respect of winnings from lotteries, crossword puzzles, races, etc., was withdrawn. similarly ..... credit. in our opinion, therefore, the tribunal was wrong in ignoring the decision of tolaram daga stating inter alia that this judgment was rendered under the it act, 1922. the tribunal did not consider the materials available in record. no reason was given as to how the conclusions arrived at by the cit(a) ..... commissioner in first appeal that the two out of three creditors were summoned by the assessing officer and their oath statements recorded under section 131 of the act wherein they had accepted having advanced loan to the assessee. these pleadings and arguments were abortive before both the lower tax authorities. the matter, therefore, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD237(Pat.)
..... section 44ab, then the defaulter has to be penalised in the manner laid down therein. then he went on tracing the development of section 271b and the amendments which occurred in that section. he came to the conclusion that after 10-9-86, it is for the assessee to prove the existence of reasonable cause ..... "without reasonable cause" not only from section 271b but also from different penal provisions contained in it act by virtue of taxation laws (amendment and miscellaneous provisions) act, 1986 w.e.f. 10-9-1986 and new provision section 273b was inserted in the it act, 1961. this new provision (section 273b) in clear terms lays down that a person who ..... of proof from the revenue to the person charged for the alleged offence or contravention in respect of various obligations and mandates contained in different provisions of the it act, 1961. therefore, mere making a submission or tendering an explanation about a reasonable cause by a person/assessee will not be adequate discharge of onus or .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at570
..... must have reason to believe that there escaped assessment of income.earlier, the ao was required to make it in writing the same but after the amendment brought in provision of section 147 of the it act, w.e.f.1st april, 1988 no such record of satisfaction is required but there is introduction of strong words "has reason to believe" in ..... plenary. that 'reason to believe' does not mean 'reason to suspect'.6. while applying the case laws discussed above, we have also to keep in mind that under section 147 amended w.e.f. 1st april, 1989, it is only to be seen whether the ao had adequate materials on the basis of which he could have reasons to believe that ..... income of the assessee from assessment. the fact that the words "definite information" which were there in section 34 of the act of 1922 at one time before its amendment in 1948 are not there in section 147 of the act of 1961 would not lead to the conclusion that action can now be taken for reopening the assessment even if the information .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1982)1ITD36(Pat.)
..... the arguments of the assessee, the aac stated as hereunder : "i have gone through the submissions of the counsel for the appellant and of the opinion that after the amendment of section 64 by the taxation laws (amendment) act, 1970, with effect from 1-1-1971 and sub-section (1) as so renumbered has further been substituted by the taxation laws ..... (amendment) act, 1975 with effect from 1-4-1976, the position after 1976 has changed completely : income arising to a minor child from admission to the benefits of partnership, directly or ..... assessee disclosed the income of rs. 44,467 but deducted the same amount indicating that the amount was taxable under section 64(1) (iii) of the income-tax act, 1961 ("the act"), in the hands of his guardian.therefore, the nil return was filed. the ito allowed several opportunities to the assessee to indicate whether the income has been disclosed in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD181(Pat.)
..... answer obviously will have to be "no".8. the valuation cell of the department was established after the insertion of section 16a in the w.t. act by virtue of tax laws (amendment) act, 1972, w.e.f. 1-1-1973 for the purpose of determining fair market value of properties belonging to assessee and declared in the wealth-tax ..... returns. the provisions of section 55a were also inserted in the income-tax act by the said tax laws (amendment) act, 1972. the purpose of insertion of this provision in income-tax act was to determine and ascertain the fair market value of a capital asset for the purpose of levy of capital gains ..... provisions relating to the institution of a registered valuer as it is quite significant for our purposes.16. clause (oaa) of section 2 of the wealth-tax act, inserted by the taxation laws (amendment) act, 1972 w.e.f. 15th of november, 1972 defines a "registered valuer" a person registered as a valuer under section 34ab of the same .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at592
..... similar was the position in the case of the firm which was sought to be assessed as unregistered firm. however, in 1956 there was an amendment in section 23(5) of the 1922 act by virtue of which both firm as well as its individual partners were made exigible to tax in the manner provided therein. as a result ..... derived therefrom was rightly disclosed in the hands of two individuals and there does not exist any aop which could be assessed separately under the provisions of the it act. the learned counsel contended that existence of the aop has not been established by the revenue and as such the issue of notice under section 148 and assessment ..... a building was constructed at khazanchi road, patna, which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the it act, 1961 in the residential premises of dr. narendra prasad/dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr, (mrs.) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)91ITD173(Pat.)
..... similar was the position in the case of the firm which was sought to be assessed as unregistered firm. however, in 1956 there was an amendment in section 23(5) of the 1922 act by virtue of which both firm as well as its individual partners were made exigible to tax in the manner provided therein. as a result ..... of persons being recognized as an entity in itself is separately assessable to tax dehorse the assessment of the individual members. as per the scheme under the 1961 act, the individuals, hufs, shareholders of companies or others being partners of a firm or members of an association of persons are also separately assessable to tax besides ..... constructed at khazanchi road, patna which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the i.t.act, 1961 in the residential premises of dr. narendra prasad/ dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr.(mrs.) .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1994)50ITD539(Pat.)
..... 155(7a) were omitted from 1-4-1992 by the direct tax laws (amendment) act, 1987. the provisions of section 45(5) were expressly made applicable only from the assessment year 1988-89. therefore they are not applicable for the year under appeal ..... the first instance would continue to be chargeable as income under the head 'capital gains' in the previous year in which the transfer took place. 24.7 these amendments will come into force with effect from 1st april, 1988, and will, accordingly apply from the assessment year 1988-89 and subsequent years. the provisions of section ..... present case.8. the judgments relied on by the ld. d.r. were concerned with the amendment to the laws of procedural nature and were therefore held to act retrospectively. those judgments do not apply to the present case where the amendment is to a substantive provision which has been held to be a charging section.9. for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at547
..... assessee from assessment. the fact that the words "definite information" which were there in section 34 of the act of 1922 at one time before its amendment in 1948 are not there in section 147 of the act of 1961 would not lead to the conclusion that action can now be taken for reopening the assessment even ..... meantime. i would also direct the it department through the chief cit, bihar, to initiate such action as may be considered fit, necessary and expedient under the it act, wt act, etc., against persons whom he reasonably thinks to be involved in the 'scam' and possess unaccountable wealth and property, and take the proceedings to their logical conclusions ..... need not necessarily result into reassessment. the material sufficient for formation of the belief need not be sufficient for making the assessment/reassessment. the ao should not act arbitrarily, nor should he pretend of having a reasonable belief for reopening of an assessment, reopening is also not valid if there is no live link or .....
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