Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1999)70ITD77(Pat.)
1. This appeal by the assessee is under s. 253(1)(b) against the order dt. 27th December, 1996 of the Dy. CIT, Spl. Range, Jamshedpur passed under s. 143(3)/158BD of the IT Act.2. There was a search and seizure operation under s. 132 of the Act on 8th December, 1995 in the residential and business premises of Mr. N.D. Kamani, Mr. H. S. Grewal, Mr. Sanjeev Kapila and their family.During the course of that search operation in the residential premises of Mr. H. S. Grewal situated at 4-IC Road, Bistupur, Jamshedpur a bunch of loose sheets with identification mark HS-8 was seized from his possession. The AO noted that D. M. Kamani (HUF) had developed and constructed 18 flats at 4-IC Road, Bistupur, Jamshedpur during the period 1987-91 and out of which 16 flats were sold to different parties through agreement of sale. One of the flats was sold to Mr. H. S.Grewal vide agreement dt. 10th June, 1989. The document marked as p.No. 34 of the bunch of loose sheets marked as HS-8 seized from the po...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD237(Pat.)
1. This is an appeal by the assessee which is a Firm deriving income from commission as Agent of M/s. G. Premjee Ltd. and M/s. Stemcor UK Ltd., Hongkong.2. Search and seizure operation under section 132 of the IT Act was conducted in the case on 8-12-1995. In response to notice under section 158BC the assessee filed return on 19-7-1996 for the block period of 1-4-1985 to 8-12-1995. It had filed return of income for the first time on 31-1-1995 for the assessment year 1994-95. It had stated that the business was started from 2-3-1993 and the firm decided to close the accounts for its first year business on 31-3-1994 as it would not have been feasible to prepare the accounts for 28 days only, i.e., 2-3-1993 to 31-3-1993. It received commission of Rs. 23,46,650, Rs. 13,27,769 and Rs. 4,15,411 during the period relevant to the assessment years 1994-95, 1995-96 and 1996-97. It claimed deduction 50% of the aforesaid commission under section 80-O of the IT Act. From the balance commission it ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1988)25ITD587(Pat.)
1. Both these appeals are departmental appeals. Except for ground of appeal No. 1, for the assessment year 1978-79, the other grounds are common to both the years.2. Ground of appeal No. 1 for the assessment year 1978-79, reads as under : 1. That the learned Commissioner of Income-tax (Appeals) was not justified in deleting the disallowance of Rs. 8,20,347 on account of licence fee paid to the foreign collaborators.It was argued by the Standing Counsel on behalf of the Department that the licence fee was allowed by the ITAT in the preceding year under a misunderstanding that it was allowed by the Income-tax Appellate Tribunal in the case of the assessee for the assessment years 1974-75, 1975-76 and 1976-77. It was stated that actually in the assessment years 1974-75, 1975-76 and 1976-77, the ITAT had not allowed these expenses on licence fee as a revenue expenditure and had held that the same was a capital expenditure. In the assessment year 1977-78, the CIT (Appeals) by mistake held ...
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