Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)91TTJ(Chd.)683
..... 1992, on account of which the total cash loan accepted by the assessee amounted to rs. 21,000 whereafter the assessee became guilty of violating the provisions of section 269ss of the income tax act.regarding the transaction of rs. 8,000, the assessee submitted that he had to take this amount in cash because the representative of m/s. amar chand ..... on 6-6-1992, otherwise prior to that, the amount taken in cash from smt.maya rani mittal was within the prescribed limit of rs. 20,000 under section 269ss of the income tax act. he also contended that as the total amount exceeded the limit of rs. 20,000 just by rs. 1,000 only on account of the fact that ..... , for the assessment year 1993-94, for sustaining the penalty of rs. 21,000 imposed by the assessing officer since the assessee has violated the provisions of section 269ss of the income tax act.briefly stated, the facts of the case are that the assessee is alleged to have raised loans/deposits front smt. maya rani mittal in cash as under : .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)92TTJ(Chd.)290
..... purchased by anand, to which the bank has described to be a walk-in-customer, in cash. until and unless all the three things are proved, we feel applicability of section 68 cannot be ruled out.the assessee did not produce the donor or even file confirmation from him. the story of gifts by dharam bhai/dharam sister can hardly be ..... amount to his wife smt. seema. no occasion for making the gifts was explained by the assessee. ao also relied on the decision in the case of cit v.precision finance (p) ltd. (1994) 208 itr 465 (cal). ultimately, ao made the impugned additions in the hands of the assessee and his wife, summarising as under : (i) only a sum of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90TTJ(Chd.)782
..... 1 of the appeal of the assessee is allowed.now we shall take up ground no. 2 relating to disallowance confirmed by the commissioner (appeals) under section 40a(12) of the income tax act.the assessee has claimed consultation fee amounting to rs. 26,000 (details given in the order of the commissioner (appeals). the assessing officer after taking into ..... (supra) decided by the gujarat high court. we find that at p. 524, their lordships have observed as under : "that the only reasonable interpretation of section 80vv of the income tax act, 1961, is to construe the limit of rs. 5,000 as relating to any one proceeding for the determination of any liability relating to a particular assessment year ..... to assessment years 1990-91 and 1991-92, and rs. 3,000 relating to assessment year 1980-81 are not hit by the provisions of section 40a(12) of the income tax act.from the ratio of the decision of hon'ble gujarat high court (supra), it also becomes clear that if any liability though relating to earlier .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)85TTJ(Chd.)543
..... in ita nos. 427 & 428/chd/1996 by the assessee for asst. yrs. 1992-93 & 1993-94 are directed against the orders dt. 5th jan., 1996, passed under section 263 of it act, 1961 by cit, patiala.the ground of appeal raised by the assessee in both the appeals are common and are being reproduced as below : "1. that, in the facts ..... harayana high court decision in cit v. r.k.metal works (1978) 112 itr 445 (p&h) for the proposition that in passing an order of revision under section 263 of the act, it is necessary for the cit to state in what manner he considered that the order of the ao was erroneous and prejudicial to the interests of the revenue ..... the nature of supervisory discretion and are of wide amplitude and section 263 confers powers on the cit to call for and to examine the record of any proceeding, subsequent events relating to assessment and he can base his decision/satisfaction upon any record relating to any proceedings under this act available at the time of examination by the cit. she .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)86ITD156(Chd.)
..... incoming over outgoing. had the legislature used the word "income", the word may have negative connotation also in the light of the inclusive definition of income under section 2(24) of the act. the fact that the word "profit" is intended by the legislature to have positive connotation, as commonly understood in the commercial world, is further manifested by ..... of goods, manufacture or processed by him and of trading goods. therefore, firstly the profits under clauses (a), (b) and (c) are to be computed under section 80hhc(3) of the it act, 1961, if there is a loss computed from the business of the nature referred under clauses (a), (b) or (c) and there is profit computed from ..... 45 ttj (hyd) 282 in the case of prasad & co. v. dy. cit, relying on the supreme court judgment in the case of union of india v. kamalakshi finance corporation limited (1991) 53 elt 433 held as under: 'judicial propriety demands that the order of the tribunal should not only be respected but it should be followed by a .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90ITD124(Chd.)
..... of judgments mentioned in the preceding paragraphs, which show that these issues were highly contentious. therefore, the same fell outside the scope of provisions of section 154 of the income-tax act.reliance in this regard is placed on the judgment of hon'ble supreme court in the case of t.s. balaram ito v. volkart brothers, ..... the cit(a) was not justified in holding that these were mistakes apparent from record and, therefore, the ao had rightly resorted to provisions of section 154 of the income-tax act. accordingly, all these appeals deserve to be allowed on this ground itself.8. now, the next issue that requires to be considered is whether interest ..... can only be charged in regular assessment proceedings. the interest can only be charged in regular assessment proceedings. regular assessment has been defined in section 2(4) and 215(6) of the i.t. act, 1961. 4. that the learned commissioner of income-tax (appeals) has not passed a speaking order, which is illegal and against the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)84ITD505(Chd.)
..... stock of finished goods by excluding the value of excise duty (modvat). this resulted in undervaluation of closing stock to the tune of rs. 45,50,618. the asses-sec's explanation before the assessing officer was that the method of accounting now followed by the assessee was more scientific and logical and was approved by the accounting standards. however ..... addition called for on this account was rs. 12,24,688 and not rs. 41,24,374. the facts of the case are that due to changes introduced in the act, the previous year of the assessee was of 21 months i.e., from 1-7-1987 to 31-3-1989. the assessing officer observed that prior to the assessment ..... the ld. d.r. didn't advance any specific arguments.15. we have heard both the parties. while we confirm the order of the commissioner (appeals) in charging interest under sections 234b and 234c, as the same is mandatory in nature, we direct the assessing officer to allow consequential relief after giving effect to this order. this ground of appeal is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)86ITD291(Chd.)
..... . in fact, there is ample evidence in the statute itself to show that the quantum of deduction provided by sub-section (3) for several years was not considered sufficient and through amendment made by finance act, 1992, it has been thought proper by legislature to increase the amount of deduction by 90 per cent of sums ..... referred to in clauses (iiia), (iiib) & (iiic) of section 28 of the income tax act. therefore, any interpretation of the provision which seeks to reduce ..... information relating to assessment is being made out by the revenue on the basis of its interpretation of expression "total turnover of the business" in section 80hhc(3) of the act. according to revenue, the total turnover must necessarily include the excise duty recovered by the assessee and as above was not included in the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)84ITD108(Chd.)
..... of the assessee are that the assessee had argued before the bench: (i) that the conditions envisaged in clauses (a), (b) and (c) of sub-section (1) of section 132 of it act, were not satisfied. so the search operation conducted by the department was illegal. (ii) that the assessee had argued before the tribunal that the whole search proceedings ..... that 'the search operation conducted by the department under section 132 of it act was illegal'.no such specific ground was taken before the bench by the assessee in its appeal because the only specific ground taken by the assessee before the ..... care of in the order by the tribunal for deciding ground no.2 of the appeal of the assessee. secondly, that the search operations being violative of section 132 of it act were argued before the bench but the same have not been decided by the bench in the impugned order.15. in this regard we would like to observe .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)86ITD58(Chd.)
..... current year's net profit, computed in accordance with the regular method of determination of income of the assessee as per the normal provisions of the income tax act (sections 28 to 43) for the purpose of carrying forward such losses/ allowances to the next year, without paying any attention to the fact that actually the ..... loss remained to be carried forward, the same alone is allowed to be carried forward irrespective of the book profit computed under section 115j.(ii) sub-section (2) of section 115j of the income tax act is a saving provision and does not confer any further right. the amount of income arrived at for the purpose of exigibility ..... amount cannot be considered as having gone out of the hands of the assessee irretrievably and cannot, therefore, be considered as an item of deduction even under section 28 of the act. we, therefore, hold that this item along with three earlier items discussed above have been correctly disallowed as a deduction by the revenue authorities. this .....
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