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Principal Officer, Somani Iron Vs. Income Tax Officer

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)86ITD750Luck

..... -tax at source was there. the ao further held that the assessee had defaulted with respect to the compliance of the provisions contained under section 194c and under section 201 of the act and is, therefore, liable for income-tax deduction at source as well as interest leviable on the amount of income-tax deduction. he, ..... carrying any work for their principal or professionals rendering professional services by charging fees during the course of the profession, are not amenable to the provisions of section 194c of the act. the earlier circular no. 86 dt. 29th may, 1972, and circular no. 93 dt. 26th sept., 1972, contemporaneously clarifying the ambit and scope ..... not involve contract for carrying out any work itself, or a contract for labour for carrying out such services, are not within the purview of section 194c of the act as it exists. therefore, the contract for advertising, contract of goods transport simpliciter, persons engaged in the business of brokers as commission agents without .....

Meenakshi Synthetics (P) Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)84ITD563Luck

..... a).50. before us, the contention of the learned counsel for the assessee was that in the case of the company, the disallowance was not legally maintainable under section 40a(2) of the act, because company is a separate person and cannot do anything personally. according to the learned counsel for the assessee, addition on account of personal user of the ..... c) that the assessee must have paid interest on the said amount and claimed it as a deduction." 22. the scope of term "the purposes of business" appearing in section 10 of old act, 1922, was considered by the hon'ble calcutta high court in the case of cit v. tingri tea company (1971) 79 itr 294 (cal). in that case, the ..... 265 (bom). in that case, it was held by the hon'ble bombay high court that where the assessee claims deduction of interest paid on capital borrowed under section 10(2)(iii) of it act, all that the assessee had to show is that the capital, which was borrowed, was used for the purposes of the business of the assessee in the .....

U.P. State Bridge Corpn. Ltd. Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)79TTJLuck814

..... cit(a), only the amount of income-tax is to be excluded, according to the learned counsel for the assessee, the amount of interest payable under sections 215 and 217 of the it act, 1961, being part of income-tax has also to be excluded. it may be pointed out that neither the learned senior departmental representative nor the ..... of appeal were not pressed, we are not required to adjudicate the same and they are rejected as not pressed.4. the ao completed the assessment under section 6 of the companies (profits) surtax act, 1964, vide his order dt. 15th sept., 1992. the method of computation of chargeable profits was challenged before the cit(a) by the assessee. ..... our decision is, as to whether, while computing the chargeable profits in accordance with rule 2 of first schedule of the companies (profits) surtax act, 1964, the amount of interest payable under sections 215 and 217 shall also be excluded along with the amount of income-tax. the provisions of rule 2 of the first schedule of the .....

U.P. State Bridge Corpn. Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2003)84ITD452Luck

..... were not pressed, we are not required to adjudicate the same and they are rejected as not pressed.the assessing officer completed the assessment under section 6 of the companies (profits) surtax act, 1964, vide his order dated 15-9-1992.the method of computation of chargeable profits was challenged before the commissioner (appeals) by the assessee ..... decision is, as to whether, while computing the chargeable profits in accordance with rule 2 of first schedule of the companies (profits) surtax act, 1964, the amount of interest payable under sections 215 and 217 shall also be excluded alongwith the amount of income tax. the provisions of rule 2 of the first schedule of the ..... only the amount of income tax is to be excluded, according to the learned counsel for the assessee, the amount of interest payable under sections 215 and 217 of the income tax act, 1961, being part of income tax has also to be excluded. it may be pointed out that neither the learned senior departmental representative .....

Smt. Savitri Devi Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)76TTJLuck628

..... a special procedure for assessment of search cases and provides for assessment of undisclosed income as a result of search. according to him, under section 158bb(1) read with section 158bc of income tax act, 1961, what is assessed is the undisclosed income of the block period and not the total income or loss of the previous years required ..... of the same are given at page 13 of paper book. since regular assessment for these two years has been made by the assessing officer under section 143 of the income tax act, 1961, addition if any on account of renovation or repairs could at the most have been made in such regular assessments. however, since no ..... a similar point and have observed that in the scheme of chapter xiv-b of the act. section 158ba, which is a charging section, will prevail over the other section included in chapter xiv-b. it may be pointed out that sub-section (1) of section 158ba, empowers the assessing officer to proceed to assess the undisclosed income in accordance with .....

Smt. Savitri Devi, Anil Kumar Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... the details of the same are given at p. 13 of paper book. since regular assessment for these two years has been made by the ao under section 143 of the it act, 1961, addition if any on account of renovation or repairs could at the most have been made in such regular assessments. however, since no material was found ..... down a special procedure for assessment of search cases and provides for assessment of undisclosed income as a result of search. according to him, under section 158bb(1) r/w section 158bc of it act, 1961, what is assessed is the undisclosed income of the block period and not the total income or loss of the previous years required to be ..... a similar point and have observed that in the scheme oi chapter xiv-b of the act.section 158ba, which is a charging section, will prevail over the other section included in chapter xiv-b. it may be pointed out that sub-section (1) of section 158ba, empowers the ao to proceed to assess the undisclosed income in accordance with the provisions .....

L.H. Sugar Factories Ltd. Vs. Asstt. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2004)86TTJLuck1012

..... be any difficulty in working out the cost of depreciable assets, which can be done in the present case by applying the provisions of section 48 read with section 55 and section 50 of the act.thus, we are unable to accept the alternative plea of the assessee, which is rejected by us, but the main plea taken in ..... in the case of land which is a non-depreciable asset, the long-term capital gain is to be computed as per the provisions contained under section 48 read with section 56 of the act. the assessing officer is, therefore, directed to work out capital gains accordingly.through ground no. 2, the assessee has pleaded that the learned commissioner ..... was transferred to the company and the firm was converted into company. he further contended that in view of the provisions contained under section 41(2) of the act and section 54 of transfer of property act, the sale was not contemplated of individual assets under the mou, which specifically mentions the transfer of unit as a whole. according .....

Satnam Singh Chhabra Vs. Dy. Cit

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2002)74TTJLuck976

..... appeals). according to him, the assessee, subsequently made improvement. the learned senior departmental representative also submitted that the assessment of huf was completed under section 143(1) of the act and after the date of search.we have carefully considered the facts and circumstances relating to this addition. the assessee explained the availability of the ..... the learned senior departmental representative was that the document was found in the possession of the assessee and there was presumption under sub-section (4a) of section 38 (sic-132) of income tax act, according to which it shall be presumed that the books of account or article found in possession of the assessee belonged to ..... in relation to the entries.in this regard, the learned senior departmental representative invited our attention to the statement of satnam singh chhabra, recorded under section 132 of the act on 17-10-1997, a copy of which has been filed by the department and which is available on pages 9 to 18 of the .....

Satnam Singh Chhabra Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Lucknow

..... of the learned senior departmental representative was that the document was found in the possession of the assessee and there was presumption under sub-section (4a) of section 38 (sic-132) of it act, according to which it shall be presumed that the books of account or article found in possession of the assessee belonged to him.the ..... (a).according to him, the assessee, subsequently made improvement. the learned senior departmental representative also submitted that the assessment of huf was completed under section 143(1) of the act and after the date of search.48. we have carefully considered the facts and circumstances relating to this addition. the assessee explained the availability of ..... court.44. in view of the above-mentioned factual and legal position, we are of the considered view that the addition made by raising presumption under section 132(4a) of it act, in the present case, cannot be sustained. hence, we delete the addition of rs. 13,50,000. ground no.1 stands allowed in favour .....

Late Sir Padampat Singhania Vs. Deputy Cwt

Court : Income Tax Appellate Tribunal ITAT Lucknow

Reported in : (2004)89TTJLuck646

..... commencing on the 1st april 197 1, whichever valuation date is later;" (2) the central board of revenue in pursuance of the rule-making power conferred by section 46 of the act promulgated rules known as wt rules, 1957. there were amendments from time to time. rule 1bb was inserted with effect from 1st april, 1979. thereafter, replacing it ..... which it was submitted on behalf of the assessee that revised return filed on 26th march, 1998 may be treated as reply in response to notice under section 17 of the act.in the return of wealth-tax, the assessee had shown value of jaipur house at rs. 26,77,995. this value was based upon the valuation ..... below the market value of the property. hence, after making local inquiries about the prevalent market rents, the assessing officer made reference to valuation officer under section 16a of the wealth tax act, who estimated the value of the property at rs. 5,82,09,605 which was accepted by the assessing officer.during the assessment proceedings, the .....