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Singh Construction and Co. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)64ITD153(Pat.)

..... provision. according to him, whether disallowances were made individually or overall net profit rate was applied, both would fall within the realm of sub-section (1) of section 145 of the act, the principle being that income from profits and gains of business was required to be computed in accordance with the method of accounting regularly employed ..... of increase in net profit on contracts on account of these disallowances was not kept in mind. about the applicability of the proviso to sub-section (1) of section 145 of the act, the learned accountant member observed that although no specific mention was made by the assessing officer, it was apparent that the disallowances were made ..... . after narrating that in respect of the assessment years 1989-90 and 1990-91 book results were rejected under the proviso appended to sub-section (1) of section 145 of the act and the manner in which the income was computed, he refers to the observations made by the assessing officer in respect of the assessment .....

Shanti Complex Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1997)63ITD181(Pat.)

..... in a civil court, they alia, in the matter of issuing commissions. in this connection, reference could also be advantageously made to the provisions of sub-section (6) of section 133 of the act which permits an assessing officer as follows :- "133. power to call for information. - the (assessing officer), the deputy commissioner (appeals), the (deputy ..... the above-mentioned i.t. appeals we refer below given two points for determination by the third member in accordance with the provisions of sub-section (4) of section 255 of the act and we request the hon'ble president for making suitable reference :- "1. whether, on the facts and in the circumstances of the case, ..... of the dvo on the cost of construction should be the basis for making addition as undisclosed income of the assessee from some undisclosed sources under section 69 of the act. their lordships of the rajasthan high court in the said case of pratapsingh amrosingh rajindra singh and deepak kumar (supra) were not considering whether .....

Abhay Kumar Shroff Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1997)63ITD144(Pat.)

..... our views in the above-mentioned i. t. appeals, we refer the below given points for the consideration of third member as provided in sub-section (4) of section 255 of the act and request the hon'ble president accordingly.(1) whether the judicial member is justified in admitting additional evidence from pages 2 to 7 of the ..... of the assessing officer rejecting the claim of allowance of interest against the rental income received from sub-letting." a cursory glance at the provisions of section 57(iii) of the act reveals that 'any other expenditure (not being in the nature of capital expenditure) laid out or expended wholly and exclusively for the purpose of making ..... the head 'income from other sources'. while disallowing this amount, the assessing officer has observed that the disallowance has been made within the meaning of section 57(iii) of the act which is discernible from page 4 of the assessment order filed along with the appeal papers before this tribunal.27. the a/c in first appeal .....

Sunderdas Haridas Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)67ITD89(Pat.)

..... long-term capital gains of an non-resident indian for enabling the banks or foreign exchange dealers to deduct tax at source as required under clause (iia) of section 204 of the it act and a copy of the circular may be seen at page - 5126, vol. v, 8th edition of sampat iyengar. it is to be noticed that only ..... . for reaching this conclusion, the learned members took into account certain decisions given in relation to taxability of capital gain on transfer of agriculture land under section 45 of the i.t. act. certain high courts have held that such income is not liable to be taxed. these decisions are relevant as in the definition of "agricultural income" ..... 758, held such capital gains to be income. it is also pertinent to bear in mind that under the proviso to sub-section (3) of section 10 of the 1961 act capital gains chargeable under the provisions of section 45 are expressly excluded from receipts which are of a casual and a non-recurring nature. thus, capital gains statutorily are of .....

Dina Metal Ltd. Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Patna

..... by the assessee. thus, in our opinion, the ao was quite justified in treating the value of this unexplained stock as representing undisclosed income of the assessee under section 69a of the act. we accordingly confirm the ao's action on this point.1. i have gone through the proposed order of my ld. brother. i am, however, unable to ..... weighment was not properly done. according to it (assessee company) apart from the iron materials which were kept under the deemed seizure in view of proviso to section 132(1) of the it act, the current stocks were also weighed and to this regard an objection was recorded in the panch nama. the ao, however, did not accept the objection of ..... to her, the undisclosed income as date mined by the ao, was correct and that has right been brought to tax in view of the provisions under section 158bc of the it act.8. i have gone through the appeal records including the papers complied in the paper boom. from the panch nama dated 20.12.96 with the inventory sheets .....

Assistant Commissioner of Income Vs. Sharma Cold Storage and Ice Facto ...

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)64ITD129(Pat.)

..... "tax sought to be evaded" and this phrase was defined by cl. (a) of expln. 4 below s. 271(1)(c) of the act as under : "expln. 4 : for the purposes of cl. (iii) of this sub-section, the expression "the amount of tax sought to be evaded", - (a) in any case where the amount of income in respect of which particulars ..... sought to be evaded", which phrase was defined by cl. (a) of expln. 4 appended below s. 271(1)(c) of the act. it runs as under : explanation 4 : for the purposes of cl. (iii) of this sub-section, the expression 'the amount of tax sought to be evaded' - (a) in any case where the amount of income in respect of which ..... main definition s. 2 or could have added an explanation anywhere near to s. 271(1)(c) of the act as it did in sub-s. (2) to s. 64, where expln. 2 is added which says that for the purpose of this section "income include loss".18. a careful reading of sub-cl. (iii) and expln. 4(a) to s. 271 .....

Joint Commissioner of Income-tax Vs. Smt. Dr. Reeta Singh

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2002)80ITD503(Pat.)

..... a manner and to the authority concerned so that it may charge or deduct income-tax out of the said income. the provisions of sub-section (1) of section 192 of the act enjoins duty on an employer to deduct tax at the average rate of income-tax computed on the basis of the rates in force on the ..... working out total income is devised for the purpose of assessment of undisclosed income and would be alien to regular assessment under the provisions of sub-section (3) of section 143 of the act. any undisclosed income detected as a result of any search or requisition made shall be assessed separately as the income of the block years.12. ..... in any earlier block assessment, the same shall be reduced from the total income for determining the undisclosed income. (vii) where any order of assessment under section 245d of the act has been passed by the settlement commission, the income determined in such order shall be reduced accordingly. (viii) brought forward losses or unabsorbed depreciation will be .....

Dina Metal Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)84TT(JP.)at761

..... according to her, the undisclosed income as determined by the ao, was correct and that has rightly been brought to tax in view of the provisions under section 158bc of the it act.8. i have gone through the appeal records including the papers compiled in the paper book. from the panchnama dt. 20th dec., 1996 with the inventory ..... weighment was not properly done. according to it (assessee-company) apart from the iron materials which were kept under the deemed seizure in view of proviso to section 132(1) of the it act, the current stocks were also weighed and to this regard an objection was recorded in the panchnama. the ao, however, did not accept the objection of ..... the assessee. thus, in our opinion, the ao was quite justified in treating the value of this unexplained stock as representing undisclosed income of the assessee under section 69a of the act. we accordingly confirm the ao's action on this point.1. i have gone through the proposed order of my learned brother. i am, however, unable .....

A.K. Mishra Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)64ITD37(Pat.)

..... any person or authority and it is for this purpose that the legislature has enacted and empowered the tribunal as per the provisions of sub-section (6) of section 255 of the it act, 1961. this is precisely what i have done. in law it is not incumbent upon any judge or tribunal member while discharging judicial function ..... examination. he, therefore, formed a belief that income chargeable to tax for the assessment year 1989-90 had escaped assessment. accordingly, a notice under section 148 of the act was issued on 6-1-1992 for the assessment year 1989-90. the assessee did not furnish the return but filed a letter requesting to treat the ..... could place full, relevant and important facts commencing from the filing of the original return till the completion of the reassessment proceedings pursuant to notice under section 148 of the act. the assessment records were, therefore, directed to be produced for examination and verification of true facts. but as recorded by me earlier elsewhere above, .....

Kamkap (India) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1998)67ITD237(Pat.)

..... cases relied upon by the rival parties. we are of the view that the assessee is not entitled to the claim of deduction under section 80-o. section 80-o of the it act provides for a deduction of 50 per cent from the income of the assessee by way of royalty, commission, fees or any similar ..... were of the nature of technical and professional services. it was, therefore, contended that the assessee fulfilled all the requisite conditions for allowance under section 80-o of the it act.8.9 the assessing officer examined the assessee's explanations; submissions, replies and letters of tisco and rashtriya ispat nigam limited. he held that the ..... it negotiated commercial terms under despatch arrangements.it was further submitted that the words 'technical services' had been substituted by 'technical or professional services' in section 80-o vide finance act (2) of 1991. the assessee further submitted that 'technical' means a person having specialised knowledge and experience in 8.7 in its reply to .....