Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD198(Chd.)
..... was on when this issue cropped up. in a detailed order, made under section 143(3)/144b, the ito rejected the claim of investment allowance made under section 32a. this section 32a was inserted by the finance act, 1976 with effect from 1-4-1976. the relevant portions of this section are as under : 32a. (1) in respect of a ship or an ..... aircraft or machinery or plant specified in sub-section (2), which is owned by the assessee and is ..... of the amount spent, if it was a permissible allowance on another ground. whether the allowance was admissible under one head or another of sub-section (2) of section 10 of the 1922 act, the subject-matter for the appeal remained the same. we thus find that if the subject-matter of appeal remains the same, the tribunal is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)89ITD96(Chd.)
..... the said audit report in the prescribed form duly signed and verified in the prescribed manner.the words "obtained before" have been substituted by words "furnishing by" in section 44ab by finance act, 1995 w.e.f. 1.7.1995. prior to the aforesaid amendment, there was no specific penalty provided for failure to furnishing of the report. the said provisions ..... the return of income filed u/s 139(1) or alongwith the return of income filed in response to a notice u/s 142(1) of the act. the substantial requirement of section 44ab are i) to get the audit of accounts completed before the specified date and also ii) to furnish the said audit report before that date alongwith ..... in the circumstances of the case, the id. cit (a) (c) has erred in deleting the penalty imposed u/s 271b of i.t. act, 1961 for not complying with the provisions of section 44ab within the stipulated period." 2. the relevant and material facts for the disposal of this ground of appeal are that the assessee firm was required .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)86TTJ(Chd.)496
..... 1 lacs made by the assessing officer by making following observations in his order : "the assessing officer has made the impugned addition under section 68 of the income tax act. this section requires the assessee to identify the creditor, establish his creditworthiness and prove the genuineness of the credit transaction. the identity and genuineness of ..... such there was a delay in the return of the deposit. it was maintained that the impugned addition has been made under section 68 of the income tax act. as per this section, the assessee is required to identify the creditor, prove his creditworthiness and establish the credit transaction. according to the learned counsel ..... on record to make out a case against the assessee. as is clear from the above, the appellant satisfied the additions (sic-conditions) laid down in section 68. once, these conditions are satisfied, no addition would be called for." before us, the learned departmental representative for the revenue placed reliance on the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90TTJ(Chd.)754
..... year in question was entirely based on the quantum of income assessed in the immediately preceding assessment year which was an ex parte assessment order made under section 144 of the act. though the past history might be legitimate material, that by itself may not be sufficient to sustain an assessment order in every case without something more." ..... (appeals) took up the case and upheld the original assessment order dated 29-1-1980, wherein income was accepted at rs. 75,000 under section 143(3) of income tax act, 1961. we were told that aforesaid order has become final and in this manner income has been computed by taking commission at 1 per cent subject ..... assessee for assessment years 1974-75 to 1978-79 are directed against the consolidated order of the commissioner (appeals) upholding the levy of penalty under section 271(l)(c) of income tax act, 1961, by holding that the assessee has concealed the particulars of income.the facts of the case are that the assessee in the period .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)87TTJ(Chd.)1078
..... (appeals) took the status of the assessee as urf.in the above background, the learned counsel for the assessee has contended that notices issued under section 148 of the act without mentioning the status were illegal and consequently assessments made without jurisdiction. in support of above proposition, the learned counsel for the assessee relied on the ..... the parties, i am inclined to cancel all these assessments for reasons alternatively stated and circumstances explained here-in-below.the assessing officer issued notices under section 148 of the act for all the assessment years under consideration to the assessee with the following description "m/s hotel white, lakkar bazar, shimla." he did not ..... his share of profit in the assessments of the firm for the assessment years 1962-63 and 1963-64. much later in 1967 and 1968 liabilities under the income tax act were raised. almost after 9 years of his retirement and on 23-2-1972, the assessing officer sought to recover from him the arrears .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)82TTJ(Chd.)857
..... , passed by learned cit(a) relates to the deletion of addition of rs. 10,07,000 made by the ao in contravention of the provisions of section 40a(3) of the it act, 1961.2. brief facts of the case are that the ao noted that the assessee had paid a sum of rs. 10,07,000 in cash in ..... by learned departmental representative. both the assessee and the supplier are regular assessees under the it act as well as registered under the sales-tax act. the parties were identifiable.5.1 in the case of attar singh gurmukh singh (supra), the constitutional validity of section 40a(3) was challenged. the apex court while deciding the writ has specifically held ..... as under; "there is no restriction on the assessee in his trading activities. section 40a(3) only empowers the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)100TTJ(Chd.)748
..... well as the pleas of the assessee for considering the allowability of lease rent claimed by the assesses as business expenditure under the relevant provisions of section 37(1) of it act. under section 37(1) any expenditure laid out or expended wholly and exclusively for the purposes of business or profession shall be allowed in computing the income ..... capital borrowed for purposes of the business and disallowed the difference between the interest paid to the banks, their lordships held : that the assessee was not a finance company. it was engaged in the manufacture of sugar. no business purpose was served by the advances to its directors. the amount of interest payable in each ..... in establishing that the assets were taken on lease for commercial exploitation or for commercial expediency. in support thereof he has placed reliance on meatties ltd. v. cit (1968) 68 itr 79 (del) and ciba dyes ltd. v. cit . further, in order to support his contention that in case no manufacturing was done by the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)87TTJ(Chd.)829
..... case of the assessee was reopened by recording that the assessee also received bogus gifts from aforesaid sh. naresh kapoor. there might be justification for taking action under section 147 of the income tax act in the case of the assessee. but in the re-assessment proceedings, the assessee proved through documentary evidence that no gift was received from the said sh .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)83TTJ(Chd.)1057
..... date i.e., in the month of november, 1995. but this position is contrary to the provisions of sub-section (2) of section 50 of the act. sub-section (2) of section 50 has been reproduced by the cit(a) in the impugned order and the same has been extracted above. a ..... 3,99,181. the assessee had sold the machinery for rs. 5 lakhs and, therefore, surplus was liable to be added under section 50(2) of the act, the learned counsel for the assessee, on the other hand, heavily relied on the order of the cit(a) and reiterated the ..... (i.e. rs. 5 lakhs - rs. 3,99,181), being excess of sale proceeds over the wdv as per provisions of section 50(2) of the act. accordingly, the ao made an addition of rs. 1,00,819.3. aggrieved, the assessee carried the matter in appeal before the ..... ) was not justified in deleting the addition of rs. 1,00,819 made by the ao by applying the provisions of section 50(2) of the act. the facts of the case are that the wdv of the machinery as on the first day of the accounting year was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)89ITD377(Chd.)
..... hardships is caused in case compensation awarded is reduced in further appeal. the legislature has taken care of above situation by introducing clause (c) to sub-section (5) of section 45 by the finance act, 2003 w.e.f. 1.4.2004. at present, we are not concerned with the application of above clause as the court has not yet reduced ..... under the head "capital gains", of such other person.9.1. clause (a) & (b) were inserted by the finance act, 1987 w.e.f.1.4.1988. certain changes made in the above clauses by finance (no. 2) act, 1991 were also made applicable with retrospective effect from 1.4.1988. therefore, the above provisions were to be applied to the ..... was further not to be determined on account of any potential use of the land. the learned commissioner of income-tax (appeals) further held that provisions of section 2 (14) of the act were not applicable in this case. for all the reasons given above, the learned commissioner of income-tax (appeals) held that the enhanced compensation of rs .....
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