Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1995)52ITD493(JP.)
..... residential premises a blue diary was seized. this diary contained the account of certain transactions. on being examined on oath on 27-3-1989 under section 131 of the act in the course of present proceedings sri duggar stated that the transactions related to the purchases and sales of rep licences of various parties and that ..... eligible for import replenishment of a specified percentage of the licence value (rep entitlement) of the material of import. as per provisions of the import & export (central) act, 1947 and the import (central) order, 1955 issued thereunder the rep licence were transferable.4. for the year under consideration, ending on diwali 1985, the assessee- ..... industry an import licence no. 3085023/c/xx/96/2/86 under import (control) order, 1955 dated 7-12-1955 issued under the imports and exports (control) act, 1947. the licence authorised the assessee-firm to import (a) rough diamonds, uncut and unset precious or semi-precious stones, uncut and unset rough synthetic stones .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2000)73ITD304(JP.)
..... and that is like a scrap. therefore, the cases are distinguishable. in support of his contention, the ld. a/r has placed reliance on cit v.ciba of india ltd. [1968] 69 itr 692 (sc), cit v. british india corpn.ltd. [1987] 165 itr 51/30 taxman 546 p (sc) and alembic chemical works co. ltd. v. cit [1989] 177 itr .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)92ITD161(JP.)
..... required to be resolved by one or more members of the tribunal as may be nominated by the hon'ble president, income-tax appellate tribunal in terms of section 255(4) of the act.accordingly, the following questions of difference are referred: - "whether on the facts, whether the finding that the amount of 'on money' of rs. 1, 18,000 available ..... the case briefly stated are that m/s. godfrey philips (india) ltd. (gpi for short) and its allied companies and their associates were subjected to search operation under section 132 of income-tax act on 9-1-1986. m/s. vaishali enterprises, ajmer was a wholesale dealer of gpi and assessee as a partner of above concern was also searched. a sum ..... question no. 6 that whole of cash in his house was his own money and no cash belonged to any other person. however, in the final statement under section 132(4) of the act, the assessee has stated that out of rs. 2, 56, 689, sum of rs. 2, 00,000 belonged to m/s. vaishali enterprises. still in the subsequent .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)97ITD105(JP.)
..... as given by the learned authorised represented has no help in disposal of this appeal as the provisions of section 194h are inserted recently by finance act, 2001 with effect from 1-6-2001. the explanation (i) to section 194h defines the "commission or brokerage" which includes any payment received or receivable, directly or indirectly, ..... by a person acting on behalf of another person for services rendered not being professional services) or for any services ..... and law in holding that the appellant's transactions with its distributors were subject to deduction of tax at source as per the provisions of section 194h of the act.' "the impugned order has been passed in gross violation of the principles of natural justice as the commissioner (appeals) has disregarded the evidences .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1992)42ITD589(JP.)
..... a result of different systems prevailing in different states the term "purchase price" used in section 44ac of the income-tax act was being understood in different ways. in order to clarify this point, the finance act, 1990 has amended the said section to provide that the purchase price would mean any amount (by whatever name called) paid ..... or payable by the buyer to obtain the goods referred to in the section except the bid amount in an auction. accordingly, the excise ..... involved in the assessment in this case and which is, reportedly, in the process of being made consequent to action by assessing officer under section 143(2) of the act. in the regular assessment proceedings the assessing officer, after giving the assessee a proper opportunity of explaining its case and adducing evidence in this .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1995)52ITD488(JP.)
..... material evidence could with due diligence have been discovered by the assessing officer will not necessarily amount to disclosure within the meaning of this sub-section.the change brought about by the direct tax laws (amendment) act, 1987 in the above position of law may be referred to as under :- production before the assessing officer of account books or other ..... cit(a) relied upon the supreme court decisions in maharaj kumar kamal singh v. cit [1959] 35 itr 1, cit v. a. raman & co. [1968] 67 itr 11, r.b. bansilal abirchand firm v. cit [1968] 70 itr 74, bankipur club ltd. v. cit[1971] 82 itr 831 and indian & eastern newspaper society v. cit [1979] 119itr 3. inviting our ..... attention to sub-clause (iv) of clause (c) below expl 2 to section 147, the id. d/r urged that grant of excessive loss or depreciation .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1996)56ITD90(JP.)
..... 0001986-87 1,91,36,8501987-88 2,26,58,7001988-89 2,66,75,000 5. however, by the time these assessments were completed, section 4(3) of the finance act, 1983 was amended by finance act, 1988, whereby it was provided that certain assets which were held by a company as stock-in-trade in a business carried on by it ..... had made substantial enhancement in the value of all the assets, the assessee has raised those grounds also in the present appeals.17. as per sub-section (4) of section 40 of the finance act, 1983, the basis for valuation is the open market price. the said open market price could be decided either by the assessing officer or the valuation ..... is changed, provided, of course, that no injustice is done.19. in the instant case, the proceedings not having reached finality as yet, and sub-section (4) of section 40 of the finance act, 1983 having been rendered redundant, we remand back the matter to the learned cwt(a) with a direction that the impugned properties be valued as per schedule .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)92TTJ(JP.)119
..... by supreme court in the case of gurbux singh v. kartar singh (2002) 254 itr 112 (sc), where it was observed that due to section 47 of the registration act, a document on subsequent registration will take effect from the time when it was originally executed and not from the time of registration. the learned ..... consideration of rs. 24,45,452. the sale deed was executed on 1st feb., 1982. the seller company applied for the income-tax clearance certificate under section 230a of the act vide application filed on 14th jan., 1982. the ito after verification and complete satisfaction issued the said certificate. however, the sub-registrar, jodhpur, registered the ..... opposed by learned authorised representative.3. by considering the totality of the facts and circumstances, it appears that in the instant case, the order under section 269f(6) of the it act was passed at jaipur. both the parties have the addresses at jaipur. the appellant samittee is assessed at jaipur. cause of action has arisen at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)13ITD467(JP.)
..... involved in the retirement of a partner, the decision in narayanappd's case air 1966 sc 1300 could not have been what it was. section 17(1)(c) of the registration act requires compulsory registration of a document where it acknowledges receipt or payment of any consideration not only on account of creation, declaration, assignment or ..... referring to this judgment the gujarat high court in cit v. mohanbhai pamabhai [1973] 91 itr 393, where they have considered the extended definition of section 2(47) of the income-tax act, 1961, their lordships observed as under: ...but, even in this artificially extended sense, there is no transfer of interest in the partnership assets ..... owned 9 godowns which were let out to food corporation of india and which were financed by the bank of baroda and whereas this godown section was branch of the firm and whereas the partners have by mutual consent dissolved that branch section and have divided among themselves the cost of godowns and the bank loan and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1986)18ITD176(JP.)
..... examined the details of the commission paid and perhaps compared them with the earlier year and found them to be reasonable. there is a specific provision in section 36(1) of the act in respect of any sum paid to an employee as bonus or commission for services rendered, where such sum would not have been payable to him as ..... shri h.s. sethi, general manager of the assessee-firm. after some scrutiny the iac allowed these claims. subsequently, the iac started fresh proceedings under section 154 of the income-tax act, 1961 ('the act') in which it was contended that the salary and commission paid to shri h.s. sethi exceeded the limit of rs. 60,000 provided for in ..... was on 17-9-1979. the present proceedings were initiated on 19-8-1983.therefore, at that time the assessing authority had jurisdiction to proceed both under sections 147 and 154 of the act. in fact, the ultimate orders were also passed within limitation, i.e., on 16-9-1983.the mere fact that the commission was claimed separately from .....
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