Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Jan-06-2006
Reported in : (2006)100TTJ(Kol.)790
..... placed on record in the paper book at p. 256. further, a rough idea of normal expected profits in case of retailers may be formed from the provisions of section 44af of the it act, 1961 which provides for assumption (deeming) of profits at the rate of 5 per cent of turnover in cases of retailers subject to the conditions specified in the ..... alia, of books marked sib-1 and sib-3 (cash books) and sib-20 (ledger). in course of search, statement of sri jai prakash singhania was recorded under section 132(4) of the act. when confronted with the said books, sri jai prakash singhania, in response to question nos. 15 and 16 stated that it was 2 am. (midnight) and after 18 ..... block assessment. any addition, if at all warranted on this count, can only be made in the hands of the concerned hufs and that too after issuing notices under section 158bd of the act. even in the cases of the hufs, since kvps had been acquired out of regular funds and duly disclosed in the returns of income of the hufs, the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-10-2006
Reported in : (2006)101TTJ(Kol.)829
..... action of ao in first apportioning the payment towards principal amount and thereafter adding the entire balance principal amount and the outstanding interest amount under section 41(1) of the act was not justified, keeping in view of the fact that the assessee has rightly offered the unpaid outstanding interest for taxation by crediting the same ..... was first to be apportioned against the principal amount, and, therefore, the balance outstanding principal amount along with interest thereon was to be taxed under section 41 (1) of the act.18. we have also considered the fact that the ao and learned cit(a) while holding that payment first to be apportioned against the outstanding ..... assessee to the lender m/s ngl should first be apportioned against the outstanding principal and balance principal amount together with interest should be added under section 41(1) of the act and has, therefore, confirmed the addition of rs. 5.20 crores in the hands of the assessee. the assessee on the other hand has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Feb-24-2006
Reported in : (2006)101ITD95Cal
..... stayed more rbnor than 182 days since none of the five assessees fulfilled one of the above two conditions as laid down in clause (a) of sub-section(6) of section 6 of income tax act, in our considered opinion the a.o. has rightly treated these assessees as ordinarily resident in india in lieu of non-ordinarily resident in india as claimed ..... or periods amounting in all to sixty days or more in that year.we observe that all the assessees were complying with the provisions as laid down in section 6, sub-section (1) of the act as evident from the chart of stay inside india as re-produced hereinabove elsewhere in the order as in the order and, therefore, the action of a ..... a resident in india for eight out of the ten preceding years and his case therefore could not full under the first part of clause (a) of sub-section (6) of section 6 of the act. his case would also not fall in the second part of that clause, because in the seven years preceding the relevant previous year, the assessee had been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : May-05-2006
Reported in : (2006)101ITD229(Kol.)
..... expenditure is an expression of wide import. however, in the context of disallowance of entertainment expenditure as a business expenditure by virtue of sub-section (2a) of section 37 of the income-tax act, 1961, the word "entertainment" must be construed strictly and not expansively. ordinarily "entertainment" connotes something which may be beneficial for mental or ..... on of the assessee's business or which results in benefit to the assessee's business has to be regarded as an allowable deduction under section 37(1) of the act. such a donation, whether voluntary or at the instance of the authorities concerned, when made to a chief minister's drought relief fund ..... include expenditure on food or beverages provided by the assessee to his employees in office, factory or other place of their work.the finance act, 1992 has substituted sub-section (2) for sub-sections (2) and (2a) with effect from 1.4.1993 provides a quantum of disallowance. the new provision provides that deduction on account .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Aug-25-2006
Reported in : (2007)107ITD1(Kol.)
..... part of rs. 21,50,850 could be regarded as undisclosed income of the appellant, which would qualify for levy of penalty under sub-section (2) of section 158bfa of the act. (viii) that the ao stated that this addition was not challenged by the assessee inasmuch as no appeal was filed against the assessment, ..... which was not reflected in its original return. therefore, there was a clear case of concealment of undisclosed income, inviting thereby penal consequences under section 158bfa(2) of the act. the cit(a), therefore, was perfectly justified in treating the difference between the disclosure made originally and the subsequently revising the same by way ..... hon'ble settlement commission for a practical and judicious adjudication of the complex case(s) and avoiding protracted litigations. accordingly, an application for settlement under section 245c(1) of the it act, 1961 was already filed by enfield industries ltd. for the block period as well as for the asst. yr. 2000-01 and the individuals .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-06-2006
Reported in : (2007)104ITD249Cal
..... subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32a or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74a. (4) save as otherwise provided in this section, all other provisions of this act shall apply to every assessee, being a company, ..... a statutory obligation also to examine and be satisfied that the accounts of the company are maintained in accordance with the requirements of the companies act. sub-section (1a) of section 115j does not empower the assessing officer to embark upon a fresh enquiry in regard to the entries made in the books of account of ..... the extent provided in theexplanation. the use of the words "in accordance with the provisions of parts ii and iii of schedule vi to the companies act" in section 151j was made for the limited purpose of empowering the assessing officer to rely upon the authentic statement of accounts of the company. while so looking into .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Decided on : Oct-06-2006
Reported in : (2006)105TTJ(Kol.)543
..... the subsequent year or years under the provisions of sub-section (2) of section 32 or sub-section (3) of section 32a or clause (ii) of sub-section (1) of section 72 or section 73 or section 74 or sub-section (3) of section 74a. (4) save as otherwise provided in this section, all other provisions of this act shall apply to every assessee, being a company, ..... has a statutory obligation also to examine and be satisfied that the accounts of the company are maintained in accordance with the requirements of the companies act. sub-section (1a) of section 115j does not empower the ao to embark upon a fresh enquiry in regard to the entries made in the books of account of the company. ..... the extent provided in the explanation. the use of the words "in accordance with the provisions of parts ii and iii of schedule vi to the companies act" in section 151j was made for the limited purpose of empowering the ao to rely upon the authentic statement of accounts of the company. while so looking into the .....
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