Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)45ITD319(Hyd.)
..... if the assessee wanted assistance from the ito, a specific request should have been made by the assessee to the ito to issue a notice under section 131 of the it act to sri ramavatar sharma. the ito could have enforced the attendance of the creditor and the creditor could have been examined or cross-examined or re-examined ..... an evidence. the testimony given by the creditor, sri ramavatar sharma, was, therefore, ignored by their lordships for the purpose of prosecution under section 276c of the it act. however, for the purpose of section 271(1)(c), the testimony of sri ramavatar sharma and the sworn deposition of sri omprakash, the managing partner, are before us which have ..... learned counsel, can easily be proved by the assessee's letter dated 4-4-1985. vide the said letter, the assessee had filed a petition under section 273(a) of (he it act before the commissioner of income-tax. the said petition had been filed within days of the completion of the assessment. in the said petition, it was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)1ITD45(Hyd.)
..... expenditure.32. in surana steels pvt. ltd. (i. t. a. no. l845/(hyd) of 1990), the assessee has challenged the order made under section 263. the commissioner, before acting under that section, is expected to know the object of that exercise. as explained by the madras high court in venhatakrishna rice co. v. cit [1987] 163 itr ..... cent. of its book profit. this measure will yield a revenue gain of approximately rs. 75 crores." 12. consequently, section 80wa was omitted by section 40 of the finance act, 1987, and section 115j was introduced by section 43 of the finance act, 1987 (see [1987] 166 itr (st.) 26). in the bill as introduced, the provisions of item (iv) ..... years of losses, and sick companies that have just turned the corner, will become subject to minimum tax. there is merit in this suggestion. under section 205 of the companies act, 1956, past losses or unabsorbed depreciation, whichever is less, are allowed to be set off against the book profits of the current year for determining .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46TTJ(Hyd.)458
..... the case of surana steels pvt. ltd. (ita no. 1845/hyd/90), the assessee has challenged the order made under s. 263. the commissioner before acting under that section is expected to know the object by that exercise. as explained by the madras high court in the case of venkatakrishna rice co. vs. cit (1987) ..... forward losses or unabsorbed depreciation whichever is less as computed under the provisions of s.205(1)(b) of the companies act, 1956, for the purposes of declaration or dividends. sec. 205 of the companies act requires every company desirous of declaring dividend to provide for depreciation for the relevant accounting year. further, the company is required ..... an additional demand. if only a little care had been taken to ascertain the rationale behind s.205(1)(b) of the companies act, certain interesting facts would have been discovered. even that section did not find a place in the companies (amendment) bill, 1959. it was the select committee which recommended its inclusion [see ( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46ITD236(Hyd.)
..... to the estimate of profit mentioned above, the assessing officer also found that the interest payment to certain extent was also to be disallowed under the provisions of section 40a(8) of the it act.by applying the said provisions, the assessing officer added the interest of rs. 44,473 for assessment year 1981-82, rs. 86,798 for assessment year 1982- ..... had objected to the estimate of profit at 8 per cent of the receipts for all the three years under consideration and also the disallowance of interest under section 40a(8) of the it act. the commissioner of income-tax (appeals) examined the issue on both the counts and was of the view that the estimate of business at 8 per cent ..... on 12-3-1986 and served on the assessee on 14-3-1986. thus, the assessment in question cannot be termed as a regular assessment as defined in section 2(4) of the it act. the issue is, therefore, covered by the decision of the jurisdictional high court in the case of cit v.padma timber depot [1988] 169 itr 646 (ap). .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD248(Hyd.)
..... ended on 31-12-1981, the assessee-firm filed its return disclosing a loss of rs. 31,143 from its business. however, the assessment was completed under section 143(3) of the income-tax act on 27-12-1982 on a positive income of rs. 15,960. during the course of the assessment proceedings, the assessing officer had the occasion to examine ..... were stated by the income-tax officer in his penalty order dated 21-3-1985. he stated in the penalty order as follows: a penalty notice under section 271(1)(c) of the act was initiated for concealing particulars of such income.thus, it can be seen that the income-tax officer had issued notice under the two limbs of the main ..... section and he never touched explanation 1 to section 271(1)(c) or he never wanted to justify the penalty under explanation 1 to section 271(1)(c). thus when there .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46TTJ(Hyd.)706
..... the official gazette;" a plain reading of s. 2(14) demonstrates that agricultural land in india is not an asset within the meaning of the said section of the it act. however, the section itself has provided the exception to this general rule and according to this exception, agricultural land in india would be a capital asset under s. 2 ..... in our view, that there is a distinction between municipal corporation, municipality, cantonment board etc. on the one hand and gram panchayat on the other. sec. 2(14) of the it act excludes from the purview of the definition of capital asset lands which are situate outside municipal limits etc., and, therefore, it is clear to our mind ..... is more than 10,000, such land would be a capital asset within the meaning of s. 2(14) of the it act. such a proposition, in our view, is not in accordance with law. the section speaks of agricultural land in india, not being land situate within the jurisdiction of a municipality, municipal corporation or cantonment board .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1993)46ITD484(Hyd.)
..... our view, that there is a distinction between municipal corporation, municipality, cantonment board etc. on the one hand and gram panchayat on the other. section 2(24) of the i.t. act excludes from the purview of the definition of 'capital asset' lands which are situated outside municipal limits etc., and, therefore, it is clear to our ..... . there is an enactment governing the affairs of municipalities for the state of andhra pradesh which is known as the andhra pradesh municipalities act, 1965. the provisions of section 2(22) of the said act assign the following meaning to the word "municipality" :- municipality' means any of the following grades of municipality declared as such by ..... v. ito [1987] 35 taxman 298. he did not discuss the issue whether the agricultural land was a capital asset within the meaning of section 2(14) of the i.t. act as the said land admittedly was situated in a gram panchayat and not within municipal limits.6. the revenue is aggrieved. the learned departmental .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD72(Hyd.)
..... under an english mortgage of those assets. the high court, with the approval of the assessee-company as well as its creditors evolved a scheme under section 153 of the indian companies act, 1913, whereunder the business assets were let on a rent of rs. 2.50 lakhs per year for 10 years with an option for renewal for ..... was only rental income. there was a temporary suspension of business for a temporary period with the object of tiding over the crisis condition. there was never any act indicating that the company never intended to carry on the business in the future. the high court was right in its view that the income derived by the respondent ..... over such machinery on payment of 60% of the purchase value, including installation cost of the machinery of huller section, and on payment of 75% of the purchase value including cost of installation in respect of machinery in expeller section. in respect of machinery additionally installed after 1-1-1987, the lessor shall have the option to take over .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48TTJ(Hyd.)71
..... in pursuance of notice issued under s. 139(2) would not extinguish the default already committed under s. 139(1) in not filing a return as required by that section." thus, simply because a notice was issued under s. 139(2)/148, it cannot be said that the penalty proceedings validly started under the original assessment proceedings would come ..... in the headnote of the decision which is as follows : "where the original assessment for the relevant assessment years were completed by the ito under s. 143 of the it act, 1961, and though there was some delay in filing the returns in respect of all the assessment years and penalty notices under s. 148 were issued to the assessee, ..... the madhya pradesh high court in cit vs. marfatia & co. (1982) 136 itr 159 (mp) was relied upon. it is contended that according to s. 275 of the it act, 1961, the limitation will not be extended in respect of penalty proceedings initiated in the original assessment by issue of notice under s. 148.the dy. cit(a) held that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Hyderabad
Reported in : (1994)48ITD501(Hyd.)
..... computation of total income filed for assessment year 1986-87.8. now let us consider what is meant by business. the definition of it is given under section 2(13) of the income-tax act. the definition is as follows: 'business' includes any trade, commerce or manufacture or any adventure or concern in the nature of trade, commerce or manufacture.as ..... view, holding that in the absence of any claim made by the assessee before the ito regarding relief, he is not entitled to raise the question of exemption under section 84 of the act before the aac hearing appeal against the order of the ito. in that case the assessee had made no claim before the ito for exemption under ..... & co. before the income-tax officer. the total incomes were accepted. however, tax was levied at maximum marginal rate by the income-tax officer by applying the provisions of section 161(1a) of the income-tax act in the case of each of these assessees. these assessments were completed in the case of each of these assessees under .....
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