Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Jan-06-2006
Reported in : (2006)101TTJ(JP.)1028
..... that the assessee derives income from trading in gold and silver ornaments and also from job work. a search and seizure operation was carried out under section 132(1) of the it act, 1961 ('the act' for short) on 3rd jan., 1997, at the house and business premises of shri shree chand soni, the assessee.during the search operation ..... the block period. admittedly no incriminating document was found to support the impugned addition. this bench has been continuously taking the view that a statement recorded under section 132(4) of the act does not tantamount to unearthing any incriminating evidence, during the course of search, therefore, no addition can be made on that score alone. therefore, in ..... department's appeal stands dismissed.46. now coming to ground no. 10 of the assessce's appeal, the facts are that while making statement under section 132(4) of the act, the assessee had disclosed income of rs. 2.5 lakhs as bogus capital formation in the names of his two daughters-in-law. in the entire .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Jan-25-2006
Reported in : (2006)101TTJ(JP.)192
..... the view that the assessee failed to seek benefit of depreciation because it neither filed the revised return, nor moved an application under section 264. of the act. the proceedings under section 147 are for the benefit of the revenue only and not for the assessee. therefore, the claim of the assessee in reassessment proceedings ..... cit v. mannalal nirmal kumar , a question though different but having some resemblance, came up for consideration before this court. the question was whether section 217 of the act applies to reassessment proceedings as well. the view taken was that since interest was payable only in regular assessment, the same could not be applied ..... the decision in the case of indian communication network ltd. v. iac (supra) the assessee is entitled to the deduction of investment allowance, under section 32a of the act. the ao has not examined the allowability of the investment allowance and creation of investment allowance reserve. therefore, the ao has to examine and satisfy .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : May-26-2006
Reported in : (2007)107TTJ(JP.)120
..... handed over to the ao having jurisdiction over that other person. to put it straight, existence of material is a sine qua non for taking action under section 158bd of the act. if the above requirement is fulfilled in a given case, then omission to record satisfaction may not, in the facts and circumstances of the case, vitiate ..... revise the assessment. 10. on the facts and circumstances and in the light of the foregoing discussions, we are of the view that issuance of notice under section 158bd of the act is not justified. it is not justified merely on the ground that there was no material at all indicating any undisclosed income. the learned standing counsel who ..... court. the satisfaction of the authority was based on no material either legal or factual, which would have given by him the jurisdiction to take action under section 263 of the act. even in this case, there is no iota of material, which could not lead to any reasonable belief to come to a conclusion that undisclosed income .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Jun-30-2006
Reported in : (2007)108TTJ(JP.)393
..... , 2003 was asked why this claim of depreciation should not be disallowed as it is not allowable because there is no business income. the claim of depreciation under section 32 of it act is allowable only when there is business income. the assessee vide reply dt. 26th march, 2003 stated that in assessee's case, the depreciation is allowable as ..... asst. yr. 1988-89 (supra) and consistency thereafter, we are of the view that the assessee is a charitable institution under section 2 sub-section (15) of the act and is eligible to exemption under section 11 of the act. the main decisions relied upon by the ao were in respect of delhi stock exchange, madias stock exchange, and ahmedabad stock exchange ..... under kvss was only with a view to settle the arrears of demand and it had nothing to do with any surrender of the claim of exemption under section 11 of it act. the tax demand was created vide assessment order dt. 20th march, 1997 passed to give effect to the order of hon'ble tribunal in ita no. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Dec-22-2006
Reported in : (2007)106TTJ(JP.)1109
..... genuineness of activities of the institution and its charitable purposes. the tribunal, therefore, did not see any hurdle in their claim relating to registration under section 12aa of it act. (para no.14).4.13 we are thus of the view that the learned cit was not justified in raising the other objections like non ..... 710 and 711 paras 9, 13 thereof dealing with similar projects and activities as in the present case. the learned authorised representative also referred section 2(15) of the act wherein "charitable purpose" has been shown includes relief of the poor, education, medical relief and the advancement of any other object of general public ..... stage. the writ is still pending. 4. punjab state agricultural marketing board, haryana state agricultural marketing board, etc. were advised to make application under section 12a of the it act to the concerned cits. the cits rejected the applications. the applicants filed appeals before the tribunal, delhi bench, delhi. the hon'ble tribunal by order .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Decided on : Dec-22-2006
Reported in : (2008)299ITR94(JP.)
..... with the prior approval of the government, any other purpose connected with agricultural marketing.17. the applicant-samiti works through a committee constituted under section 7 of the markets act which consists of 15 members elected directly or indirectly by the inhabitants of the area, i.e., 7 by agriculturists, 2 by traders, 2 ..... tribunal have allowed the applications for condonation of delay and directed the learned commissioner of income-tax to allow the applications for registration under section 12a(a) of the act. on the application for condonation of delay, the learned authorised representative submitted that earlier, the assessee-samiti was considered to be a 'local ..... and sub-market yard, etc. thereof were declared by the notification dated october 30, 1965. the applicant-samiti works through a committee constituted under section 7 of the markets act, which consists of 15 members elected directly or indirectly by the inhabitants of the area, i.e., 7 by agriculturists, 2 by traders, .....
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