Judgment Search Results Home > Cases Phrase: depositories act 1996 22 of 1996 section 5 services ofdepository Court: income tax appellate tribunal itat pune Page 1 of about 4 results (0.126 seconds)

Shri Chatrapati Sahakari Sakhar Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Pune

..... chavan memorial fund, etc.this order clearly provided that if there is any non-compliance with that order, that would be construed as an infringement of the provisions of section 79a of the maharashtra state co-operative societies act, 1960, and the respective board of directors and the chief executive would be liable for penalties and legal actions. ..... 714 and 715/pn of 1989, respectively, the commissioner of income-tax, acting under section 263 of the income-tax act, 1961, set aside the assessments made and directed the income-tax officer to make fresh assessments by including these sums as trading receipts of the assessee. ..... the reason that prevailed with the commissioner of income-tax for initiating action under section 263 of the income-tax act was the judgment of the supreme court in the case of cit v. ..... the income-tax officer accepted the claim but the commissioner of income-tax, acting under section 263, directed its inclusion. ..... we have got to go by the bye-laws in good faith as they stand and taking them to be made bona fide, because the protection of the government supervision and control by the government under section 79a of the maharashtra state co-operative societies act, 1960, cannot be overlooked. ..... he also invoked section 43b of the income-tax act, 1961, to support the view that they are taxable. ..... the question was whether the collections by way of empty bottles return security deposit' were income assessable under section 10 of the indian income-tax act, 1922. .....

Shri Mahavir Nagari Sahakari Pat Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)74TTJ(Pune.)793

..... case also, if the depositors have introduced their black money in some bogus/benami names, the assessee, as, a credit society, should not be punished just because it cannot discharge the burden under section 68 of the act.shri pathak further submitted that apart from the deposits in the year of search, the assessing officer has asked the assessee the list of the depositors in all past years and made the additions ..... to the charge of the assessing officer and the learned departmental representative that the assessee had violated the bye-laws and hence, it ceased to be a co-operative society and accordingly, deduction under section 80p is not allowable, we hold that the bye-laws do not take the character of the statute as held by the hon'ble supreme court in the case of co-operative central bank case (supra). ..... assessing officer was not justified in holding that the assessee is not a co-operative society.accordingly, we hold that the assessee-society will continue to enjoy the status of a co-operative society and, therefore, deduction under section 80p will be available to the assessee.as regards the contention of the learned departmental representative that since the assessee had approached the settlement commission with an undisclosed income of rs. ..... search operation at the assessee's premises from 25-1-1996, to 9-2-1996. ..... cit (1996) 56 itd 67 (bom-trib) (tm), rest of such fds are also to be held to ..... upon to prove the genuineness of the deposits, the assessee filed a reply on 29-11-1996. .....

Shri Mahavir Nagari Sahakari Pat Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

..... corning to the charge of the ao and the learned departmental representative that the assessee had violated the bye-laws and hence, it ceased to be a co-operative society and accordingly, deduction under section 80p is not allowable, we hold that the bye-laws do not take the character of the statute as held by the hon'ble supreme court in the case of co-operative central bank case ..... charge of the ao that the assessee has violated the bye-laws and hence it ceased to be a co-operative society and accordingly the deduction under section 80p is not allowable, the learned counsel submitted that the bye-laws do not take the character of the statute. ..... where the accounts were maintained by the assessee and cash credits appear in such books of account, then provisions of section 68 would become applicable and the initial burden to prove the genuineness of the cash credits would be on the assessee, though the nature of onus may vary from ..... that the assessee had violated the bye-laws and the circulars of the registrar and hence, deduction under section 80p should not be allowed, the learned counsel submitted that presuming without admitting that the assessee has violated the bye-laws, necessary action has to be taken by the registrar and there is no provision in the co-operative societies act that violation of such bye-laws leads to cancellation of registration as a society. ..... cit (1996) 55 ttj (bom) (tm) 304 : (1996) 56 itd 67 (bom) (tm), rest of such fds are also to be held to ..... 1996 ..... 1996 ..... , 1996, .....

Muslim Urban Co-op. Credit Vs. Joint Cit, Sangli

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)96ITD83(Pune.)

..... to the members of the society and it is obvious that the assessee-society entertained a bona fide belief that no contravention of any provisions of income tax act is being made while making the repayments of loans/deposits in cash.in view of the above discussion, we are of the view that in the facts and circumstances of the present case, no penalty under section 269t, read with section 271e, can be imposed and, therefore, we cancel the impugned penalty. ..... assessment year 1995-96 held that genuine and bona fide transactions of deposits are taken out of sweep of section 269ss/269t of the act.further, it was held that imposition of penalty is discretionary. ..... there was no intention to contravene the provisions of section 269t of the act and the default was only accidental and unintentional and due to ignorance of ..... issued as how-cause notice under section 274 read with section 271e of the act to the assessee on 7-2-2002. ..... cit, sangli range, sangli, under section 271e of the income tax act, 1961, for the assessment year 1998-99.in this appeal, the assessee has raised as many as 21 grounds of appeal, but the main challenge of the assessee is that in the facts and circumstances of the present ..... held that levying of penalty by the officer is discretionary, if reasonable cause with in the meaning of section 273b of the act can be advanced by the assessee. ..... referred the matter to the jcit, sangli range, sangli, for initiating penalty proceedings under section 271e of the act against the assessee. .....

income Tax Officer Vs. Patil Automobiles

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2004)91ITD1(Pune.)

..... 1961 law, the cash credits were assessable only in the financial year in which they appeared, under section 68 of the 1961 act, the credit may be charged to tax as the income of the assessee of the relevant previous ..... am thus clarified the observation of the bombay high court to the effect that the position would have been different under the 1961 act and applying the decision to the present case held that it was open to the assessee to take up the plea that the ..... cash certificate was made on 14th march, 1984, by three persons of whom only one was a partner of the assessee-firm, which date fell in the financial year 1983-84 and as per section 69 of the act it could be assessed only in the asst. yr. ..... to under which provision this assessment was made because in the first page of the order, it is stated that the assessment was completed under section 143(3) r/w section 143(2)(b) whereas in the last portion of the assessment order below the computation of income, it is stated that the total income is assessed under section 143(3)/147(a) of the act. ..... , the income could have been assessed under section 68 to the act only in the asst. yr. ..... was completed under section 143(1) of the act on 9th ..... under section 28(1)(c) of the it act. ..... fact and similarly the finding that no actual concealment was established was also a finding of fact and, therefore, the assessee would be held to have discharged the onus under explanation to section 271(1)(c) of the it act.14. ..... under section 271(1)(c) of the act.2. .....

Muslim Urban Co-op. Credit Vs. Jt. Commissioner of It, Sangli

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2005)278ITR246(Pune.)

..... cit (a) that there was total identity between the assessee society and its members and, therefore, no deposit can be accepted by the assessee society or the deposits so received were not to be covered under the provisions of section 269t of the act.it was also contended before the cit (a) that provisions of section 269t were applicable only where a case of evasion of tax is made out by the ao. ..... there was no intention to contravene the provisions of section 269t of the act and the default was only accidental and unintentional and due to ignorance of legal position. ..... the jcit issued a show cause notice under section 274 read with section 271e of the act to the assessee on 7.2.2002. ..... cit, sangli range, sangli, under section 271e of the income-tax act, 1961, for the assessment year 1998-99.2. ..... a number of deposits in cash accepted from persons who were not regular members and even nominal members of the society.he further held that levying of penalty by the officer is discretionary, if reasonable cause within the meaning of section 273b of the act can be advanced by the assessee. ..... 3(5), sangli referred the matter to the jcit, sangli range, sangli for initiating penalty proceedings under section 271e of the act against the assessee. ..... jcit (supra), the competent authority imposed the penalty under section 271e for contravening the provisions of section 269t of the act. ..... that provisions of section 269ss/269t were incorporated in the income-tax act as a measure to evasion of tax. .....

Sangli Bank Ltd. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1983)6ITD92(Pune.)

..... and enforce the payment of the amounts, if any, awarded as damages by the high court against any promoter, director, manager or other officer of the transferor bank under section 45l of the banking companies act read with section 45h thereof and also with section 543 of the companies act, 1956 ; (iv) the transferee bank may, out of the realisations effected by it on account of the items mentioned in clauses (i), (ii) and (iii) above, make payment or provision ..... proceeding is in substance and effect in conformity with or according to the intent and purpose of this act.applying these provisions to the facts of the cases before us, can it be held that the notices under section 148 in question are in substance and effect in conformity with or according to the intent and purpose of the act what is the intent and purpose of the act with respect, we rely, for the answer to this question, on the dictum of lord ..... . then for those very years, the ito issued notice under section 148 of the act for taking action under section 147(a), against which the assessee filed writ petitions and thereupon the ito withdrew the notices by his letter dated 6-3-1974.the third attempt was made by notices issued under section 148 on 23-3-1974 for the assessment years 1965-66 and 1966-67 in pursuance of which the assessments were ..... bank thereupon proceeded by virtue of its powers in terms of sub-section (4) of section 45 of the said act to prepare schemes for the amalgamation of the three banks with the .....

Jalgaon Distt. Central Co-op. Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2000)70ITD290(Pune.)

..... there, the supreme court was concerned with the creation of contingencies reserve and development reserve and investment of the sums appropriated to the said reserve in securities authorised under the indian trusts act.referring to this activity on page 577, the supreme court held that creation of this reserve and investment is a condition statutorily incorporated in the licence granted to the assessee and, therefore, incidental to the carrying on of the business of ..... that while considering a similar issue the supreme court in the case of madhya pradesh co-op.bank ltd (supra), while interpreting section 81 of the income tax act, has held that only the income from the activity which can be regarded as essential part of the banking activity would be exempt and it may be noted that in both sections 81 and 80p the expression "derived from" which is considered not to have wider import is not used, yet the ..... in fact, the assessee has suffered a loss in that activity.service is being provided because it gives a facility to rural public who have no access otherwise to make the payments. ..... cit (1996] 218 itr 438 (sc).the assessee is in appeal before us. .....

Jalgaon District Central Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (1999)70ITD290(Pune.)

..... all such activities which a bank is required to undertake to exist and work as a bank and, therefore, the act has permitted banks to carry on such activities as they are incidental and having proximate relationship with the business of banking ..... all such activities which a bank is required to undertake to exist and work as a bank and therefore, the act has permitted banks to carry on such activities as they are incidental and having proximate relationship with the business of ..... with all their constituent parts harmoniously, it is very clear that all the activities mentioned therein which are authorised specifically by the act are to enable the banking company to do all such acts which are incidental or conducive to the promotion or advancement of the business of banking. ..... thus a condition of activity is something which has been statutorily incorporated in the banking regulation act, on the same reasoning as appealed to the hon'ble supreme court, the activities ..... which one of us (am) was a party and submitted that the ahmedabad bench has also followed the view of the pune tribunal that locker hiring activity is only on account of the permissive clause of banking regulation act, and income was not eligible for deduction under s. ..... service is being provided because it gives a facility to rural public who have no access otherwise to ..... itr 412 (sc) has recently held that liberal interpretation of incentive provisions is not to do violence to plain language of the section. ..... cit (1996) 218 .....

Deputy Commissioner of Vs. Dhanji R. Zalte

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2001)78ITD397(Pune.)

..... from the fact that in the concluding portion of the penalty order the assessing officer himself states as under : "considering the above discussion, i am of the confirmed opinion that the assessee has contravened the provisions of section 269t by repaying the loans or deposits exceeding certain limits otherwise than by an account payee cheques or account payee bank drafts. ..... to conclude, there is a marked distinction between 'loan' and 'deposit' as brought out 'supra; the assessee-repaid loans and not deposits; and, therefore, question of invoking provisions of section 271e for contravention of section 269t does not arise.accordingly, we uphold the orders of the cit(a) and decline to interfere, ..... various incriminating documents and records were seized by the department during the course of search and, accordingly, the assessing officer passed the assessment order on 24-8-1996 for the block period 1-4-1985 to 21-8-1995 under section 158bc read with section 143(3) of the act. ..... he drew our attention to the statement of the assessee recorded under section 132(4) placed in the compilation at pages 42 to 45 and submitted that the assessee has all along contended that he has raised loans. ..... the chambers 20th century dictionary, new edition 1983, defines a 'deposit' as "that which is deposited or put down; a sum of money paid to secure an article, service etc. .....