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Dr. R.M. Saboo Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92TTJ(Hyd.)1076

..... officer giving effect to the decision of the appellate authority is as much an assessment order as the one passed by him by way of regular assessment under section 143 of the act." "132b(4)(a) the central government shall pay simple interest at the rate of fifteen per cent per annurn on the amount by which the aggregate of ..... the assessment year 1989-90) and may/september, 1994 to march, 1998 (for the assessment year 1990-91). the case of the assessee is that under section 132b(4) of the income tax act, 1961, interest is payable upto march, 2003, since the consequential order was passed in march, 2003.before the cit (a), it was contended that the ..... into consideration inasmuch as the interest is payable upto the date of 'last of such assessments'. he has also referred to section 2(40) and also section 2(0) of the act to submit that the definitions in the section do not make any distinction between the first assessment order and the last assessment order.on the other hand, the learned .....

Smt. Pushpalata Kanodia Vs. Wto

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD500(Hyd.)

..... held that the property under consideration falls within the expression 'building', the next question that arises for consideration is whether the assessee is entitled to exemption under section 5(1)(vi) of the act. section 5(1)(vi) reads as under:- "5(1) wealth-tax shall not be payable by an assessee in respect of the following assets, and such ..... or a 'building' it would have to be considered as an incomplete building in which event it cannot be considered as an 'asset' within the meaning of section 2(ea) of the act inasmuch as the definition covers either 'building' or an 'urban land' but not a land covered by a 'building under construction'. in other words, the moment ..... against the said investment.4. before the cit(a), it was contended that the property at jubilee hills is not an asset within the meaning of section 2(ea) of the act.explaining further, it was submitted that though the construction of the building is not complete by the end of the previous year, it would fall within .....

The D.C.i.T. Vs. Mangal Dayak Chit Fund (P) Ltd.

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD258(Hyd.)

..... uniform practice and adopting the guide on accounting issued by the institute of chartered accountants of india and are complying with the chit funds act, as violation of section 24 of the chit funds act, 1982, is punishable with imprisonment. the turnovers are only reckoned as per the practice of trade, statutory requirements and fundamental accounting principles ..... is additional tax but penalty proceedings and burden of proof in penalty proceedings are different. the argument of the department that as the maximum penalty under section 271b of the act is rs. 1,00,000/- there will be no occasion for the department to file appeals against such penalties before the tribunal and this might ..... and the assessing officer on the issue as to what constitutes turnover held that the assessee had reasonable cause in not getting his account audited under section 44ab of the act, applied the judgment of the hon'ble supreme court of india in the case of hindustan steel ltd. (83 itr 26) and cancelled the .....

T.C.i. Finance Ltd. Vs. Asstt. Cit, Range 3

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD573(Hyd.)

..... of taxation also notwithstanding the accrual of income under the income-tax law, is devoid of any legal merit and such contention would make the charging section of the income-tax act, section 5, nugatory. in this connection, he placed reliance upon the decision of hon'ble supreme court in the case of s. mohan lal v. r ..... perspective. it is an established principle of law that the provisions of any legislation operate in the respective field and not in the fields of other acts. what section 45q states is that the provisions of chapter iii-b shall have effect notwithstanding anything inconsistent therewith contained in any other law for the time being in ..... assessee is maintaining accounts on mercantile basis and therefore income should have been computed on the basis of accrual, in view of clear provisions of section 5 and section 145 of the income-tax act, 1961. as far as accounting standards prescribed by government vide notification no. so 69(e) dated 25-1-1996, are concerned, the learned .....

Smt. B. Subhadra L/R of B. Paparaju Vs. Income Tax Officer [Alongwith ...

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)92ITD285(Hyd.)

..... 'ble supreme court in the case of cit v. jai prakash singh (1996) 85 taxman 407 (sc), the bench held that bearing in mind the spirit of section 292b of the it act/section 41c of the gt act, the notice cannot be invalidated. the learned counsel further relied on the following case law : 1. parameswara ballakurya v. commr. of agrl it (1987) 164 ..... and the law that an assessment could not be reopened on a change of opinion was the same before and after amendment by the direct tax laws (amendment) act, 1987, of section we respectfully follow the decision of full bench of hon'ble delhi high court and uphold the contention of the assessees in this regard and hold that the ao ..... that if there is reason to believe for the ao after the date of completion of assessment, it may be a sound foundation for exercising powers under section 147 r/w section 148 of the act. in this connection, he referred to the judgment of the hon'ble supreme court in the case of phool chand bajrang lal (supra).41. he further .....

Godavari Capital Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)273ITR10(Hyd.)

..... off with carried forward business loss relating to asst. yr. 1996-97 and nil income was declared under regular assessment proceedings. the assessee computed income under section 115j of the it act, 1961, at rs. 32,960 and paid tax accordingly.3. the assessee during the year traded in purchase and sale of shares.this trading was divided ..... . 6,61,337. the division of the transactions into speculative transactions and non-speculative transactions was done by applying the definition of "speculative transaction" in section 43(5) of the it act.4. during the year, the assessee arranged for taking on lease the first floor of the building which is occupied by it and which is owned ..... and dismissed the appeal filed by the assessee.further aggrieved, the assessee is in appeal before us.6. the learned counsel for the assessee submitted that section 73 of the it act, 1961, does not apply to the facts of the assessee's case as the undisputed fact is that the assessee had no losses in speculative business. .....

Godavari Capital Ltd. Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... vol.2, which gives the scope and effect of the newly inserted explanation, is as follows:- "treatment of losses in speculation business - section 73. -19.1 section 73 of the income-tax act provides that any loss computed in respect of speculation business carried on by an assessee will not be set off except against the profits and ..... carried forward to the following assessment year and set off against the speculation profits, if any, in that year, and so on. the amending act has added an explanation to section 73 to provide that the business of purchase and sale of shares by companies which are not investment or banking companies or companies carrying on business ..... with carried forward business loss relating to asst. year 1996-97 and nil income was declared under regular assessment proceedings. the assessee computed income under section 115j of the income-tax act, 1961, at rs. 32,960 and paid tax accordingly.3. the assessee during the year traded in purchase and sale of shares.this trading .....

Amar Raja Batteries Ltd. Vs. Asstt. Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the assessment year 2000-2001.2. there are three issues that arise for consideration in this appeal.the first issue is the claim for deduction under section 35(2ab) of the income-tax act, 1961. the assessing officer restricted the allowance of expenditure on scientific research to 100% as against the weighted deduction of 125% claimed by the ..... of the facts and circumstances of the case, we set aside the issue to the file of the assessing officer with a direction to recompute the deduction under section 80-ib by recalculating the business income from industrial battery division.this alternate ground of the assessee is allowed for statistical purposes. the ground claiming weighted deduction of ..... is justified.8. assessee's case is that there is no concept of deferred revenue expenditure under the income tax act, and that the income has to be computed as per sections 28 to 43 of the act, and that there is no dispute of the fact that this is a revenue expenditure and that the entries made .....

Amar Raja Batteries Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2005)272ITR17(Hyd.)

..... the asst. yr. 2000-01.2. there are three issues that arise for consideration in this appeal.the first issue is the claim for deduction under section 35(2ab) of the it act, 1961. the ao restricted the allowance of expenditure on scientific research to 100 per cent as against the weighted deduction of 125 per cent claimed by the ..... received from apseb deposit 77,254 --------interest received from sale proceeds for delayed remittance 19,475profit of sale of miscellaneous assets 1,592rent received (already disallowed for claiming section 80-ia deduction) 1,13,000 ---------- on a careful consideration of the matter, we give our findings with regard to various items noted above hereunder and allow ..... by the ao is justified.8. assessee's case is that there is no concept of deferred revenue expenditure under the it act and that the income has to be computed as per sections 28 to 43 of the act, and that there is ho dispute of the fact that this is a revenue expenditure, and that the entries made .....

Assistant Commissioner of Vs. Shri Ramesh Pershad Goel, L/R. of

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2004)91ITD440(Hyd.)

..... revenue's appeal wta no. 26/hyd/95 and assessee's appeal wta no. 18/hyd/95, cancelled the assessment order dated 2.3.1990 passed under section 16(3) of the act, holding it to be a nullity and that therefore, it need not go into the grounds urged in both the cross-appeal, and consequently dismissed the revenue ..... in that, the name of the dead person had been given as the respondent, instead of the real assessee, viz. the estate represented by the executor. even section 42c of the wealth-tax act, 1961, could not be pressed into service by the revenue, for, it could not be stated that, in substance and effect, the appeals preferred by the ..... shri ganesh pershad goel, died. the letter dated 4.5.1987 of the legal representative was issued to the assessing officer pertaining to the penalty notice under section 273 of the income-tax act for the assessment year 1985-86. the legal representative's letter dated 16.5.1987 was also issued regarding the appeal filed against income-tax assessment for .....