Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : Dec-18-2003
Reported in : (2004)84TTJ(Jodh.)337
..... , the resultant assessed income was at a loss of rs. 96,776 (sic). the ao noted that search under section 132 of the act was conducted in october, 1987 at the residence of the assessee and in his statement the assessee stated that the explosives purchased at rs. 1,73,107 on 27th july, 1987 and rs. 1,49,488 on 24th aug ..... the income which he noted at rs. 3,22,587 in the form of unrecorded purchases. the ao, therefore, levied penalty of rs, 1,47,574 under section 271(1)(c) of the it act being 100 per cent of the tax sought to be evaded.4.2 aggrieved, the assessee carried the matter in appeal before the cit(a) and submitted that ..... the assessee that the entries were made on the basis of the payment. it is also seen that the amendment had been made in expln. 4 to section 271(1)(c) by the finance act. (no. 2) w.e.f. 1st april, 2003 and it has been inserted that : "in any case where the amount of income in respect of which particulars .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : Dec-22-2003
Reported in : (2005)93ITD78(Jodh.)
..... allowed by 1t0 but withdrawn in revision proceedings and allowed again on further appeal--no failure to disclose material facts regarding deduction--reassessment not valid--income-tax act, 1961, sections 147, 48. i. cit v. sambhar salt ltd. (2003) 262 itr 675 (raj) reassessment--information that income had escaped assessment-one possible ..... reassessment--assessee allowed adjustment in valuation of his closing stock--subsequent reassessment proceedings on ground that adjustment was erroneous--reassessment proceedings were not valid--income-tax act, 1961, sections 147, 148.cit v. corporation bank ltd. (2002) 254 itr 791 (sc) held, affirming the decision of the high court, that since ..... of opinion is not sufficient--original assessment after considering explanation of assessee--no new information that income had escaped assessment--reassessment was not valid--income-tax act, 1961, section 147. d. jindal photo films ltd. v. dy. cit and anr. (1998) 234 itr 170 (del) where the income-tax officer .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : May-09-2003
Reported in : (2003)81TTJ(Jodh.)253
..... ao to assessee wherein it has been simply mentioned that the approval from learned cit was obtained prior to referring the accounts to the auditor under section 142(2a) of the act and the objection raised by the assessee was declined. but when the learned counsel for the assessee has pointed out that for satisfaction of the assessee ..... have entertained some doubts regarding the assessment order being passed by the learned ao.that is why, for the first time he resorted to the provisions of section 142(2a) of the act, simply stating that the accounts were complex and interest of revenue is involved. we are also convinced by the arguments of learned counsel for the assessee ..... the other grounds of appeal in view of this finding.4. against the order of the learned cit(a) holding the order of the ao passed under section 158bc of the act, as barred by limitation, the revenue has preferred this appeal and the assessee has filed the cross-objection on various grounds which include the grounds taken .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : Mar-28-2003
Reported in : (2003)80TTJ(Jodh.)356
..... for the reason of the assessee being an employee/servant of the company. that being the situation, the assessee is found to be entitled to deduction under section 16(i) of the act out of his remuneration as director of the company. as such the impugned order of learned dy. cit(a) in allowing standard deduction under ..... section 16(i) to the assessee out of the remuneration/salary is quite justified and suffers from no infirmity.we, therefore, decline to interfere with the learned cit( ..... standard deduction. we, therefore, follow our above decision on similar ground and accordingly find no fault with the learned cit(a)'s impugned direction in allowing standard deduction under section 16(i) out of assessee's salary/remuneration from the company as director thereof. we, therefore, decline to interfere with the same.28. ground no. 2 disputes the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : May-28-2003
Reported in : (2004)82TTJ(Jodh.)446
..... but only has raised objection that these expenditure are not relatable to the business of the assessee, so they are not allowable under the provisions of section 37 of the it act. now we have to decide as to whether the expenditure in question is related with the assessee's business or not. the learned authorised representative has ..... court in the case of krishna sahkari sakhar karkhana ltd. v. cit (1998) 229 itr 577 (bom) wherein it has been held as under: "section 37 of the it act, 1961, provides for deduction of any expenditure laid out or expended wholly and exclusively for the purposes of the business in computing the income chargeable under the head ..... and gains of business or profession". the only exception is capital expenditure or personal expenses of the assessee or expenditure of the nature described in other sections of chapter iv of the act. the expression "for the purpose of the business" is wider in scope than the expression "for the purpose of earning profits". its range is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jodhpur
Decided on : Sep-10-2003
Reported in : (2004)82TTJ(Jodh.)1
..... headnote of this decision gives an impression that in any penalty proceedings where concealment of income has been committed by the assessee, the explanation added to the section by the finance act, 1964, requires from the assessee, by casting a burden on him, to prove that there has been no concealment. the onus to disprove concealment or ..... deciphered by applying judicious mind to the given facts and circumstances of a particular case.21. we would take a case of addition under the provisions of section 68 of the act, in which the ao, while making the assessment, is empowered to charge to income-tax any sum found credited in the books of an assessee ..... -- 18. the expressions "has concealed the particulars of his income" and "has furnished inaccurate particulars of his income" have not been defined either in this section or elsewhere in the act. these two expressions are not at all identical in details but they may lead to the same effect, that is, keeping off a certain portion of income .....
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