Explanative - Judgment Search Results

R.P.C. Industries Ltd. Vs. Asstt. Cit

Court: Income Tax Appellate Tribunal ITAT Kolkata

Reported in: (2003)85ITD105(Kol.)

..... fall within the ambit of section 73 read with explanation as the explanation does not apply to such cases whose main ..... income of the assessee without applying the provisions to explanation 73 the learned departmental representative supported the orders of ..... not speculative business reference was also made to section 28 explanation 2which provides that the business in speculative transaction shall .....

Asian Hotels Ltd. Vs. Deputy Commissioner of Income Tax

Court: Income Tax Appellate Tribunal ITAT Delhi

Reported in: (2002)81ITD127(Delhi)

..... further that presumption against retrospective operation is not applicable to declaratory statutes the above explanation was an attempt made by legislature to remove doubts existing as to the common ..... was entitled under section 80hhd and considering all these aspects of the matter the explanation was required to be considered as explanatory declaratory and therefore retrospective in operation rather .....

Jamnadas T. Mehta Vs. Income Tax Officer

Court: Income Tax Appellate Tribunal ITAT Pune

Reported in: (2002)81ITD103(Pune.)

..... the time when the original returns were filed therefore the explanation of the assessee that no concealment had been detected in ..... in my opinion none of the aspects of assessee s explanation was relevant for dropping the penalty proceedings consequently the cit ..... issuance of notice under section 148 the ao considered the explanation and dropped the penalty proceedings the cit assumed jurisdiction under .....

Gulabrai V. Gandhi Vs. Assistant Commissioner of

Court: Income Tax Appellate Tribunal ITAT Mumbai

Reported in: (2003)84ITD370(Mum.)

..... course of search he will not attract the presumption of explanation 5 the explanation 5 will be a non starter in case of ..... of the assessee during search according to the commissioner appeals explanation 5 was inapplicable to the remaining amount of rs 94 ..... in the present context of applicability of exception provided in explanation 5 containing deeming provision we therefore do not consider it .....

Paharpur Cooling Towers Ltd. Vs. Dy. Cit

Court: Income Tax Appellate Tribunal ITAT Kolkata

Reported in: (2003)85ITD745(Kol.)

..... and mutually exclusive in our considered view however definition of speculation loss as given under explanation to section 73 is supplementing and has application only in the cases of certain companies ..... original assessment proceedings the assessing officer had simply not taken into account the provisions of explanation to section 73 and the admitted facts of the case warranted application of the .....

Paharpur Cooling Towers Ltd. Vs. Deputy Commissioner of

Court: Income Tax Appellate Tribunal ITAT Kolkata

..... and mutually exclusive in our considered view however definition of speculation loss as given under explanation to section 73 is supplementing and has application only in the cases of certain companies ..... original assessment proceedings the assessing officer had simply not taken into account the provisions of explanation to section 73 and the admitted facts of the case warranted application of the .....

income-tax Officer Vs. R.K. Bros.

Court: Income Tax Appellate Tribunal ITAT Allahabad

Reported in: (2003)87ITD649(All.)

..... no discretion conferred on the assessing officer as to whether he can invoke the explanation or not explanation 1 which primarily concerns the case at hand automatically comes into operation when in ..... facts material to the computation of total income the assessee fails to offer an explanation or the explanation offered by the assessee is found to be false by the assessing officer or .....

Kumar Agencies (India) Vs. Assistant Commissioner of

Court: Income Tax Appellate Tribunal ITAT Mumbai

Reported in: (2004)265ITR57(Mum.)

..... nutshell the learned authorised representative of the assessee argued that merely because the assessee s explanation regarding cash credit was not accepted did not justify levy of penalty under section ..... the amount for addition penalty proceedings were initiated the assessing officer did not accept the explanation of the assessee penalty was imposed the tribunal cancelled the penalty on the ground .....

H and R Johnson (India) Ltd. Vs. Central Board of Ex. and Cus.

Court: Karnataka

Reported in: 2002(83)ECC393; 2002LC516(Karnataka); 2002(144)ELT506(Kar)

..... the appellant has urged the following grounds a even though explanation 2 envisages payment of excise duty on the maximum retail ..... therefore contends that the retail sale price referred to in explanation 2 is not the retail price declared on the package ..... declaration contemplates only one retail sale price being declared and explanation 2 contemplates more than one retail sale price being declared .....

R.M. Appavu Chettiar Sons Vs. Cit

Court: Chennai

Reported in: (2002)174CTR(Mad)198

..... the division bench however observed that recognising this hardship the section was amended and the explanations to section 40 b recognising the representative capacity of a partner in case of payment ..... the correct law the only concerned issue was relating to the prospectivity on retrospectivity of explanation 2 to section 40 b and only the view regarding the retrospectivity alone which was .....