Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)293ITR199(Kol.)
..... returning the correct income originally, (ii) the filing of the revised return offering additional income by adding interest expenditure could not be considered a bona fide act, and (iii) the assessing officer was fully justified in initiating and thereafter levying penalty under section 271(1)(c) of the act, after calling for explanation from the assessee, as the assessee failed to offer any convincing explanation and unless it was demonstrated that such indication by the ..... cit (supra) also dissented with the view taken by the hon'ble delhi high court and held as under: that the assessing officer had recorded his satisfaction regarding concealment of income by indicating in the assessment order that "penalty proceedings are initiated separately under sections 271 ..... of his contention he has relied upon the three decisions of hon'ble delhi high court and one decision of hon'ble jurisdictional high court. ..... from the perusal of above decisions, it is clear that the honble delhi high court at the one hand and the honble allahabad and madras high on the other hand has taken the ..... before initiating the penalty proceedings.therefore, their lordships of delhi high court held that no question of law arises out of the order of the ..... is also interesting to note that the hon'ble delhi high court in the case of ram commercial enterprises ..... we find that the hon'ble delhi high court in the case of ram commercial ..... supra) dissented from the decision of hon'ble delhi high court in the case of cit v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2004)82TTJ(Kol.)540
..... in the case before us, cit has considered the assessment order as erroneous and prejudicial to the interest of revenue merely because the ao has not recorded the specific findings by elaborating the details.delhi bench of tribunal held in the case of sunil lamba (supra) that if the ao does not deal with an issue or record specific findings in the assessment order it could not be said that ..... the question in favour of the assessee and against the revenue confirmed the order of the tribunal in setting aside the order passed under section 263 of the act and held that the ao made enquiries in regard to the nature of the expenditure incurred and the assessee had given detailed explanation in that regard by a letter ..... 230 itr 695 (mad), that the cit cannot set aside an assessment under section 263 of the act on the ground that verification of accounts was needed.the mumbai bench of the tribunal has held in the ..... we do agree with the learned departmental representative that the assessment order passed by the ao under section 143(3) of the act is a brief assessment order and the ao has not discussed in the said order the details of the discussions and details of examinations made by him, inter alia, in respect ..... incurred loss in share transaction in three successive years.he further submitted that the learned cit while invoking the jurisdiction under section 263 of the act was not justified to direct as to what enquiry was to be made by the ao before completing the assessment and what not. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD144(Kol.)
..... , the assessee raised another objection that if the case has been transferred to the iac, special range iii, it would mean that the said iac would be exercising concurrent jurisdiction under section 125a of the act, over the case of the assessee, and in that situation the assessee drew the attention of the iac to the provision of section 144b(7). ..... . cit [1967] 66 itr 14 (raj), it was held that the succeeding officer has the authority to continue the proceeding under section 28(3) of the 1922 act, after considering the written representation already filed by the assessee without giving a fresh opportunity of being heard ..... he was of the view that the words 'income-tax authority' do not restrict it to the ito only, and the iac was also one of the income-tax authorities mentioned in the act, who took up the proceedings under section 144b left by the iac, range vii. ..... . in this connection, reference may be made to the decision of the hon'ble delhi high court in the case of sudhir sareen v ..... it is also the appeal of the assessee that the assessment was otherwise bad in law and void, as no necessary opportunity demanded by the assessee under section 129 of the income-tax act, 1961 ('the act'), was given before the completion of the assessment.3. ..... it is pointed out that the iac in this context is not acting as an appellate authority, nor the iac can reframe such draft assessment. ..... . of course the decision was rendered before the introduction of section 5(7c) in 1953.23 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1992)40ITD117(Kol.)
..... directory enactments have to be construed the law has been clearly and succinctly lald down by lord halsbury in article 656 to the effect that -- where a statute requires an act to be done at or within a particular time, or in a particular manner, the question arises whether the validity of the act is affected by a failure to comply with what is prescribed. ..... conditions that the return of loss should be filed within the period lald sown under section 139(1) or within the extended time allowed by the ito as amended by taxation laws (amendment) act, 1984 relevant for the assessment year 1985-86. ..... intended disobedience to render the act invalid, the provision in question is described as 'mandatory', 'absolute', 'imperative' or 'obligatory', if, on the other hand, compliance was not intended to govern the validity of what is done, the provision is said to be 'directory'....we, therefore, hold that the provisions of section 80 are "mandatory" in nature and not "directory" and therefore strict compliance of the same is essential for availing the benefit under section 72 of the act.7. ..... of section 72 of the income-tax act, 1961.2. ..... the orders of the authorities below and hold that the assessee is not entitled to the carry forward and set off of the determined loss under section 72 of the act. ..... on the part of the ito to follow the rules of natural justice and since this was not done the appellant is entitled to a direction from us to allow him the benefit under section 72 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)79TTJ(Kol.)915
..... as secretary or by any other designation) of every political party shall, if the total income in respect of which the political party is assessable (the total income for this purpose being computed under this act without giving effect to the provisions of section 13a) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified ..... contributions referred to in sub-clause (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the ..... loss the ao failed to take note of several judicial decisions to the effect that return of income filed under section 139(4) should be deemed to have been filed under section 139 of the it act and consequently, the business loss determined on the basis of such belated return is required to be carried forward for set off with the business income of the assessee the subsequent assessment year, the ..... been placed under section 22(2a) of 1922 act by insertion of an amendment under the it (amendment) act, 1953, w.e.f. ..... of delhi v ..... on the decisions of the supreme court in the case of municipal corporation of delhi v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2003)85ITD215(Kol.)
..... no loss is allowed to be carried forward and set off under section 72(1), 73(2), 74(1) or 74a(3) unless such loss has been determined in pursuance of a return filed under section 139.14.2 the amending act has amended section 80 of the act to provide that such loss shall not be allowed to be carried forward and set off unless such loss is determined in pursuance of a return filed within the time allowed under section 139(1) for ..... contributions referred to in sub-clause (iia) of clause (24) of section 2, shall, if the total income in respect of which he is assessable as a representative assessee (the total income for this purpose being computed under this act without giving effect to the provisions of sections 11 and 12) exceeds the maximum amount which is not chargeable to income-tax, furnish a return of such income of the previous year in the prescribed form and verified in the ..... no loss is allowed to be carried forward and set off under section 72(1), 73(2), 74(1) or 74a(3) unless such loss has been determined in pursuance of a return filed under section 139.14.2 the amending act has amended section 80 of the act to provide that such loss shall not be allowed to be carried forward and set off unless such loss is determined in pursuance of a return filed within the time allowed under section 139(1) for ..... section 22 was inserted by the income tax (amendment) act, 1953, with effect from 1-4-1952 (emphasis here italicised in ..... 1953 (delhi ..... 195 (delhi) of 1990, order dated 31-3-1998) and in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1985)12ITD37(Kol.)
..... the president under section 63(11) of the estate duty act, 1953, read with section 5a(7) of the indian income-tax act, 1922, has referred the following question for the decision of the third member : whether the multiple to be adopted for the purpose of computing the market value of the property located at 25a, khagendra chatterjee road, ..... wto [1983] 3 itd 693 (delhi) (sb) under rule ibb of the wealth-tax rules, 1957. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1986)19ITD231(Kol.)
..... kanta devi taneja [1981] 132 itr 437 on the facts of that case held that the interest of a partner in the firm is a property within the meaning of section 2(15) of the estate duty act, 1953 ('the act'), and such interest extends to the share in the assets including goodwill.14. ..... court held that the share of the deceased in the partnership did not evaporate or disappear-it went together with other assets and should be valued in the manner contemplated under rule 7(c) of the estate duty rules, 1953.the assistant controller, therefore, should proceed to compute the value of the goodwill after bringing material facts on record as discussed earlier keeping in view the decisions mentioned above. ..... the accountable person appealed to the appellate controller that the inclusion of the lineal descendants' share under section 34(1)(c) of the act by the assistant controller was not proper as it was violative of article 14 of the constitution as decided by the hon'ble madras high court in the case of v. ..... it was held also that in view of section 14 of the indian partnership act, 1932, it cannot be denied that the goodwill of the partnership is an asset of the partnership, which, would not mean that every partnership has a goodwill, as it depends on various factors. ..... before we close, it is essential that we should refer also to a decision of the appellate tribunal, delhi bench 'c' in the case of k.b.rohetgi v. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1984)9ITD539(Kol.)
..... case the compensation was payable only to the intermediary, whose right was acquired by the government after the compensation roll was prepared and finally published under section 21 of the west bengal estates acquisition act, 1953, and no compensation roll had been prepared or published on the relevant valuation date, so that the assessee had no right on the valuation date, to receive any compensation for the acquisition of his asset ..... in this case itself the right to receive the compensation under the bihar land reform act, 1950, was determined by the tribunal at 65 per cent of the compensation determined by the compensation officer. ..... in the present case the amount of compensation payable in respect of the assets of the firm acquired was determined before the relevant valuation dates and it was specifically mentioned in the godhur coal mines nationalisation act that the amount of rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (1987)20ITD102(Kol.)
..... section 73(4) though provides that notwithstanding anything contained in the said section, where the accountable person has presented appeal under section 62 of the act, the controller may in his discretion treat the accountable person is not being in default as long as such appeal has not been disposed ..... imposed by the assistant controller under section 73(5) of the estate duty act, 1953 ('the act') to rs. ..... section 73(5) says that the provisions of section 46 of the indian income-tax act, 1922 would apply in case of non-payment of estate duty within the prescribed ..... subsequent act brings into itself by reference some of the clauses of a former act, the legal effect of that, as has often been held, is to write those sections into the new act just as if they had been actually written in it with the pen, or printed in it, and the moment you have those clauses in the later act, you have no occasion to refer to the former act at ..... been extended to the 1953 act. ..... first proviso to section 3(1) of the said act reads as under : provided that if as a result of any final order such government dues (other than annuity deposit) have been reduced and the penalty imposed on the assessee for default in payment thereof ..... to be noticed that for the purpose of imposition of penalty in the event of the accountable person being a defaulter and for recovery of duty and penalty sub-sections (1), (1a), (2), (3), (4), (5), (5a), (6) and (7) of section 46 of the indian income-tax act have been made applicable. .....
Tag this Judgment!