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Deputy Commissioner of Income Tax Vs. Murrah Live Stock Agency

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)84TT(JP.)at547

..... facts for his assessment for any assessment year. non-disclosure of material facts by the assessee becomes relevant when an assessment made under sub- section (3) of section 143 of the act or section 147 is sought to be reopened after expiry of 4 years from the end of the relevant assessment year. the words "escaped assessment" used ..... a complete disclosure of all relevant facts upon which a correct assessment could have been passed.2. essential requirement for initiating reassessment proceedings under section 147 r/w section 148 of the act is that the ao must have reason to believe that any income chargeable to tax has escaped assessment for any assessment year. second limb ..... of the requirement is that the ao shall record his reasons before issuing notice as contemplated by the provisions of sub-section (2) of section 148 of the act. the requirement necessarily postulates that the ao must record his reasons in writing as to why he holds an opinion or belief that income .....

Deputy Commissioner of Income Tax Vs. Narendra Mohan Bagroy

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)84TT(JP.)at570

..... as under : "from a combined review of the judgments of this court, it follows that an ito acquires jurisdiction to reopen an assessment under section 147(a) r/w section 148 of the it act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must record ..... v. lakhmani mewal das (supra), their lordships of the supreme court held as under : "the reasons for the formation of the belief contemplated by section 147(a) of the it act, 1961, for the reopening of an assessment must have a rational connection or relevant bearing on the formation of the belief, rational connection postulates that there ..... (sic-assessments) have been reopened. in this view of the matter i do not find any valid reason for reopening of the assessments by taking action under section 147 of the it act for asst. yrs. 1990-91 to 1993-94." 8. this order has been challenged by the revenue. shri s. ghosh, learned departmental representative of the .....

Dy. Commissioner of Income-tax Vs. Murrah Live Stock Agency

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)91ITD198(Pat.)

..... and freight expenses have been claimed at rs. 5958454 and rs. 580594/- respectively. the assessment for assessment year 87-88 was not made under section 1453(3) or 147 of the act. on account of above, i have reason to belief that the assessee has under stated its profit for this financial year by inflated purchases and ..... "from a combined review of the judgments of this court, it follow that an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must ..... i.t.r. 437 (sc)], their lordships of the supreme court held as under:- "the reasons for the formation of the belief contemplated by section 147(a) of the income-tax act, 1961, for the reopening of an assessment must have a rational connection or relevant bearing on the formation of the belief. rational connection postulates that .....

Dy. Commissioner of Income-tax, Vs. Sri Narendra Mohan Bagroy

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)90ITD90(Pat.)

..... "from a combined review of the judgments of this court, it follows that an income-tax officer acquires jurisdiction to reopen an assessment under section 147(a) read with section 148 of the income-tax act, 1961, only if on the basis of specific, reliable and relevant information coming to his possession subsequently, he has reasons, which he must ..... i.t.r. 437 (sc)], their lordships of the supreme court held as under:- "the reasons for the formation of the belief contemplated by section 147(a) of the income-tax act, 1961, for the reopening of an assessment must have a rational connection or relevant bearing on the formation of the belief. rational connection postulates that ..... collected for the asstt. year 1994-95 that certain creditors were bogus reopening of the assessment for the asstt. year 1993-94 can be made under section 147 of the i.t. act? 2. parties have been heard and record perused. in order to recapitulate, the relevant facts may be reiterated. the assessee is engaged in contract .....

Deputy Commissioner of Income Tax Vs. Dr. (Mrs.) Leela Prasad

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)84TT(JP.)at592

..... of the aop. the aop being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the aop to file the return of income within the prescribed time if its income exceeds the maximum amount which is not ..... of the firm. receivers were appointed for carrying on the business on behalf of the partners. it was contended before the supreme court that for purposes of section 3 of the it act, an aop must mean an association in which two or more persons voluntarily join in common purpose or common action. it was further contended that for ..... teaching college. a building was constructed at khazanchi road, patna, which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the it act, 1961 in the residential premises of dr. narendra prasad/dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr, .....

Dina Metal Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)84TT(JP.)at761

..... according to her, the undisclosed income as determined by the ao, was correct and that has rightly been brought to tax in view of the provisions under section 158bc of the it act.8. i have gone through the appeal records including the papers compiled in the paper book. from the panchnama dt. 20th dec., 1996 with the inventory ..... weighment was not properly done. according to it (assessee-company) apart from the iron materials which were kept under the deemed seizure in view of proviso to section 132(1) of the it act, the current stocks were also weighed and to this regard an objection was recorded in the panchnama. the ao, however, did not accept the objection of ..... the assessee. thus, in our opinion, the ao was quite justified in treating the value of this unexplained stock as representing undisclosed income of the assessee under section 69a of the act. we accordingly confirm the ao's action on this point.1. i have gone through the proposed order of my learned brother. i am, however, unable .....

Dy. Commissioner of Income-tax Vs. Dr. (Mrs.) Leela Prasad

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2004)91ITD173(Pat.)

..... association of persons.the association of persons being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the association of persons to file the return of income within the prescribed time if its income exceeds the maximum amount which is not ..... chargeable to income-tax. the assessment in the case of an association of persons is required to be made under the provisions of the act, such as section 143 or 144 and/or 147.19. as pointed out elsewhere in this order, the supreme court in the case of i.t.o. v. ch. atchaiah [(supra) held ..... it gave an option to the a.o. to levy tax on either the association of persons or the members of the association individually.on the terms of section 3 of the 1922 act, it was held that if anyone or more members of an association of persons had already been assessed to tax in respect of his or their share income .....

Dina Metal Ltd. Vs. Dy. Commissioner of Income-tax,

Court : Income Tax Appellate Tribunal ITAT Patna

..... by the assessee. thus, in our opinion, the ao was quite justified in treating the value of this unexplained stock as representing undisclosed income of the assessee under section 69a of the act. we accordingly confirm the ao's action on this point.1. i have gone through the proposed order of my ld. brother. i am, however, unable to ..... weighment was not properly done. according to it (assessee company) apart from the iron materials which were kept under the deemed seizure in view of proviso to section 132(1) of the it act, the current stocks were also weighed and to this regard an objection was recorded in the panch nama. the ao, however, did not accept the objection of ..... to her, the undisclosed income as date mined by the ao, was correct and that has right been brought to tax in view of the provisions under section 158bc of the it act.8. i have gone through the appeal records including the papers complied in the paper boom. from the panch nama dated 20.12.96 with the inventory sheets .....

Joint Commissioner of Income-tax Vs. Smt. Dr. Reeta Singh

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (2002)80ITD503(Pat.)

..... a manner and to the authority concerned so that it may charge or deduct income-tax out of the said income. the provisions of sub-section (1) of section 192 of the act enjoins duty on an employer to deduct tax at the average rate of income-tax computed on the basis of the rates in force on the ..... working out total income is devised for the purpose of assessment of undisclosed income and would be alien to regular assessment under the provisions of sub-section (3) of section 143 of the act. any undisclosed income detected as a result of any search or requisition made shall be assessed separately as the income of the block years.12. ..... in any earlier block assessment, the same shall be reduced from the total income for determining the undisclosed income. (vii) where any order of assessment under section 245d of the act has been passed by the settlement commission, the income determined in such order shall be reduced accordingly. (viii) brought forward losses or unabsorbed depreciation will be .....

D. N. Kamani (Huf) Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Patna

Reported in : (1999)70ITD77(Pat.)

..... from fifteen flats buyers based on the said document recovered from shri h.s. grewal invoking the provisions of s. 145 of the it act. sec. 145 provides the method of accounting. according to this section income chargeable under the head "profits and gains of business or profession" or "income from other sources" is to be computed in ..... income and also any other income chargeable to tax which has escaped assessment and which comes to his knowledge subsequently in the course of proceedings under this section or recompute the loss or the depreciation allowance or any other allowance as the case may be for the assessment year concerned. thus for assessing an ..... flat from the assessee. after this finding by him the seized documents became relevant documents for the determination of the sale price or other flats in the same building. sec. 158b(b) defines "undisclosed income" as under : "(b) 'undisclosed income' includes any money, bullion, jewellery or other valuable article or thing or any income .....