Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Aug-01-2003
Reported in : (2004)84TTJ(Chd.)309
..... a result of reconstitution of the firms? before we answer this question, it would be necessary to reproduce herein the relevant provisions of the gift-tax act. sub-section (xii) of section 2 of the gift-tax act defines "gift" as under: "(xii) "gift" means the transfer by one person to another of any existing movable or immovable property made voluntarily and ..... rs. 12,09,390, rs. 12,09,390 and rs. 10,36,620 respectively. while doing so, the ao also referred to the provisions of sub-section (xxiv) of section 2 of the gift-tax act which defines "transfer of property" as to mean transfer, delivery of other alienation of property and other modes provided under clauses (b), (c) and (d) ..... the minor sons of the partners admitted to the benefits of partnership amounts to gift by father to his two minor sons as per sub-section (xii) of section 2 of the gift-tax act. the ao further examined the copies of accounts of new partners and found that they had not introduced any capital at the time of entry .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Jul-11-2003
Reported in : (2004)88TTJ(Chd.)979
..... of oxygen gas, he relied on the order of the commissioner (appeals).the learned departmental representative stated ' in rebuttal that as per provisions of section 253(4) of the income tax act, the assessing officer is empowered to file crossobjection within a period of 30 days of the receipt of the notice of an appeal filed by ..... assessee for the assessment year 1990-91 was accepted by the assessing officer and the assessment for the assessment year 1990-91 was completed under section 143(3) of the income tax act. a copy of the order is placed at pages 44e to 44k of the paper book. thus, the assessee had shown better results as ..... rejected. the assessing officer thus rejected the book results and estimated the income for both the assessment years under consideration by resorting to provisions of section 145(2) of the income tax act.for the assessment year 1991-92, the assessing officer observed that assessee had shown excess consumption of nickel catalyst as compared to assessment year 1986- .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Jun-26-2003
Reported in : (2004)86TTJ(Chd.)473
..... any information in this regard to the assessing officer despite various opportunities. hence, the assessing officer made direct enquiries from the insurance company by issuing summons under section 131 of the act.the united india insurance co., vide their letter dated 3-1-1991, informed the assessing officer that the assessee's claim of rs. 51,02,069 ..... the job work done on account of drawing and straightening of m.s. round and bright steel bars.. a search and seizure operation was carried out under section 132 of the act at the business premises of the assessee on 18-12-1990 and certain books of accounts and other papers were seized. from the consolidated profit & loss ..... relevant and material facts for the disposal of the issue involved in the grounds of appeals of the revenue are that in response to the notice under section 148 of the act, issued on 11-2-1993, the assessee filed its return declaring nil income. the assessee derived income from manufacturing and sale of shoddy yarn and from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Jun-11-2003
Reported in : (2004)88ITD557(Chd.)
..... originally transferred for inadequate consideration and not in connection with an agreement to live apart, repeats one after the other such transfers each time the benefit of section 53 of the act is availed of on the ground that the only capital asset which the transferee-spouse possessed was transferred by him/her for consideration, but the gain was ..... rent received or receivable by the owner in respect thereof is in excess of the sum referred to above, the amount so received or receivable. (see section 23 of the act). capital gain achieved by the method of the transfer of the house property to the spouse and thereafter to another through her, may escape the net of ..... earlier received in transfer by wife from her husband without adequate consideration was held to be taxable in the hands of the assessee husband without allowing benefit of section 53 of the act as the husband held property worth more than rs. 50,000/- on the relevant date.18. the above case has no application as in the above .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Apr-23-2003
Reported in : (2004)87TTJ(Chd.)425
..... .keeping in mind the above authoritative pronouncement of the hon'ble supreme court, it is an admitted position that the word 'sufficient cause' appearing in sub-section (3) of section 23 of the wealth tax act should receive a liberal construction so as to advance substantial justice.advertising to the facts of the present case, it is seen that the tax manager has ..... not aware of his responsibilities and to visit him with drastic consequences.9. it is axiomatic that condonation of delay is a matter of discretion of the court. sec. 5 of the limitation act does not say that such discretion can be exercised only if the delay is within certain limit.length of delay is no matter, acceptability of the explanation is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Apr-08-2003
Reported in : (2004)91TTJ(Chd.)449
..... the assessing officer had given a finding that the main issue as to whether huf can be a working partner, was clarified by explanation 4 to section 40(b) of income tax act, and so these submissions of the assessee were completely irrelevant and further observing that,the assessee's counsel has argued in its written submission that the ..... the orders of the tax authorities below and submitted that the assessing officer has rightly carried out rectification by withdrawing the claim of the assessee made under section 40(b) of the income tax act, because even in the case of income tax officer v. sain dass & co. decided by the tribunal, chandigarh bench, in ita no. 1472/chd/ ..... in the case of sain dass & co. (supra), it has been held that remuneration paid to the partner huf is not an allowable deduction under section 40(b) of the income tax act.for the reasons stated above, the order of dy. commissioner (appeals) upholding the order of the assessing officer in which he withdrew the deduction of rs .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Mar-21-2003
Reported in : (2004)91TTJ(Chd.)687
..... and their shares were also definite and ascertainable and, therefore, such property income was liable to tax in the hands of the co-owners alone as per provisions of section 26 of the act. as regards credit for the tax deducted at source, it is obvious that the fci had issued tds certificate in the name of m/s. jawahar jindal & ..... co-owners and not in the hands of the individual co-owners. as per provisions of section 199 of the act, as these stood at the relevant time, credit for the tds was required to be allowed in the hands of person from whose in me the deduction was ..... officer and refund was allowed. therefore, the issue being debatable, we are of the considered opinion that the assessing officer was not justified in rectifying the same under section 154 of the income tax act and the dy. commissioner (appeals) was not justified in upholding such order. in view of these facts, we set aside the order of the dy. commissioner .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Mar-11-2003
Reported in : (2004)85TTJ(Chd.)466
..... itr 496, 499 (sc) and gzt v. electro house (1971) 82 itr 824 (sc) the learned departmental representative submitted that under section 263 of the act, which corresponds to section 33b of the it act, 1922, there is no requirement to issue any notice by the cit before he assumes jurisdiction to proceed to revise an order passed by any ..... revenue must be satisfied simultaneously and in the present case, none of them having been satisfied there was no question of invoking the provisions of section 263(2) of the act.10.3 coming to the present case mr. gupta submitted that the order in question being neither erroneous nor prejudicial to the interest of the ..... need to refer to a specific citation.against the aforesaid submissions of mr. gupta the learned departmental representative submitted that according to the provisions of section 263 of the act what is required to be done by the cit is to provide an opportunity of being heard to the assessee. according to the learned departmental .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Mar-10-2003
Reported in : (2004)91TTJ(Chd.)1040
..... ) in which the hon'ble karnataka high court held that the overlooking of mandatory provisions of law is a mistake which can be rectified under provisions of section 154 of the act. we also respectfully follow the same ratio but the ratio of this case is not of any help to the case of department as the mandatory provisions were ..... can be rectified holding it to be a mistake apparent on record because in the light of various judicial pronouncement, the highly debatable issues cannot be rectified under section 154 of the act by the assessing officer.we have heard the rival submissions as advanced by the learned authorised representative of the appellant sh. y.k. sood, c.a., and ..... cit v. bagree estate (p) ltd. (1993) 201 itr 445 (cal), the hon'ble calcutta high court held that the question whether interest under section 214 of the income tax act is payable upto the date of giving effect of an appellate order is a debatable one and interest upto the date cannot be claimed in an application under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Decided on : Jan-24-2003
Reported in : (2004)87TTJ(Chd.)400
..... bench. as regards question no. 1, we hold that all items of receipts of eligible business are entitled'to deduction under section 32ab of the income tax act. however, receipts like construction, manufacture or production of articles specified in the list of the eleventh schedule as also receipts from business of leasing ..... accordance with parts ii and iii of sch. vi of the companies act for computing deduction under section 32ab, irrespective of heads under which such income is assessable under the income tax act "27. having analysed the provisions of section 32ab of the income tax act, we proceed to consider and answer the two questions referred to the special ..... not in accordance with provisions of the income tax act. we answer both the questions accordingly." the assessee has filed before us audited copy of p&l a/c, audit report computing deduction under section 32ab but the company's audited balance sheet and schedules forming part of the audited p&l a/c and balance .....
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