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Dy. Cit Vs. Shree Synthetics Ltd.

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2004)88TTJIndore717

..... representative submitted that case law relied on by the learned authorised representative were no more applicable in view of the latest provisions of section 14a which was inserted by finance act, 2001. he further submitted that this provision has been made specifically applicable with effect from 1-4-1962. as far as dilution of this section by circular ..... of assessee. he further submitted that section 14a would not hit assessee's case because it applies only to the situations where income has been computed under chapter iv. he further submitted that it should be held that section 14a is prospective. he also referred to pages 2822 and 2823 of commentary of income-tax ..... : - "35d.(1) where an assessee, being an indian company or a person (other than a company) who is resident in india, incurs, after the 31-3-1970, any expenditure specified in sub-section (2)- (ii) after the commencement of his business, in connection with the extension of his industrial undertaking or in connection with his .....

D and H Secheron Electrodes (P.) Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)60ITD27Indore

..... 80b, according to which, 'gross total' income means the total income computed in accordance with the provisions of this act, before making any deductions under this chapter vi-a. he pointed out that though section 80ab was inserted by the finance (no. 2) act, 1980 w.e.f. 1-4-1981 but it has been held to be retrospective in nature in view of ..... in sub-section (3) of section 80j." in that case, there was profit of rs. 1,51,011 which was derived from the cold storage business in the assessment year 1970-71. the said profit was not liable to be reduced by adjustment of any part of the losses, depreciation allowance or development rebate for the past assessment years. in the ..... that the high court as well as the tribunal were right in adjusting a sum of rs. 83,391 being the relevant amount of capital employed during the assessment year 1970-71 as also amounts of deficiencies for the assessment years 1967-68 and 1968-69 against the profit of rs. 1,51,011 derived by the assessee from the cold .....

Shree Synthetics Ltd. Vs. Deputy Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1997)61ITD253Indore

..... of shri goyal, the ld. advocate for the assessee that if 'units' were shares, there would have been no need to amend the proviso to section 2(42a) by the finance act, 1994, w.e.f. 1-4-1995 to specifically include units for extending the benefit of the lower holding period of 12 months for the purpose of computing capital gains ..... contention of the assessee that units are different and distinct from shares of a company insofar as the provisions of i.t. act are concerned. referring to the provisions of section 80m and the amendment brought about by the finance act, 1993, w.e.f. 1-4-1994, the cit observed that if for the purpose of relief under section 80m, units ..... loss as is not so set off or the whole loss where the assessee had no income from any other speculation business, shall, subject to the other provisions of this chapter, be carried forward to the following assessment year, and - (i) it shall be set off against the profits and gains, if any, of any speculation business carried on by .....

Malwa Texturising (P) Ltd. and Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

..... made under section 158bc was challenged as illegal, arbitrary and without jurisdiction. in the meantime government of india started kvss, 1998, which was introduced by finance (no. 2) act, 1998.the assessee opted for this scheme in terms and provisions of this scheme and submitted a declaration under section 88 in the prescribed form to the ..... in case of v. bhaskaran v.asstt. cit (supra) is not correct interpretation and submitted that same requires reconsideration by the tribunal. he submitted that chapter xx of the act which deals with appeals and revisions has five sections, out of which part a deals with appeals before dy. cit(a) and cit(a) starting ..... , appeals before high court and supreme court and revisionary powers of the cit. according to this arrangement, though appeals and revisions have been included in one chapter but separate sub-parts deal with different subjects and each part is independent.therefore, provisions of section 249(4) which appear in part a cannot be applied .....

Smt. Josephine Pinto Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1982)1ITD615Indore

..... that date. in terms of the said ratio, the liability is said to arise only when the finance act becomes operative on the first day of april of the assessment year either by enactment of the act or by virtue of section 294 of the income-tax act. thus, in our view, the liability does not by itself automatically occur and the same is ..... case of kesoram industries & cotton mills ltd. v. cut [1966] 59 itr 767 (sc) and finally in the case of moti lal padampat sugar mills co. (p.) ltd. v. cwt [1970] 77 itr 583 (all.). the learned aac confirmed the assessment orders with the following observations : in the case of the appellant, the relevant income-tax returns were filed for the ..... order.3. the appellant-assessee is a resident individual/citizen of india and the assessment years involved are 1971-72 to 1974-75. the relevant valuation dates are 31-12-1970, 31-12-1971, 31-12-1972 and 31-12-1973, respectively. a perusal of the assessment orders dated 24-2-1978 shows that the returns of wealth were filed .....

Smt. Sitadevi Daga Vs. Assistant Commissioner of Income

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1998)67ITD151Indore

..... income under s. 158 bb(1)(c) ignoring the instructions of col. no. 5 of p. 2 of the return form 2b prescribed by the cbdt, ministry of finance, which is equivalent to board's circular as the return form is approved in rules by board and is of binding nature on all officers under the ..... other source of income except interest income, the books regularly maintained during the course of previous year cannot be called to have been maintained for any purpose other than the it act. during the course of search which was carried on on 20th november, 1995, the books of accounts regularly maintained by the assessee were seized by the department. the ..... reproduce the relevant provisions of cl. (b) of s. 158bb of the act: "158bb(1). - the undisclosed income of the block period, shall be the aggregate of the total income of the previous years falling within the block period computed in accordance with the provisions of chapter iv, on the basis of evidence found as a result of search or requisition .....

Meghji Girdharlal (Huf) Vs. Wealth-tax Officer

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1995)52ITD459Indore

..... the said report, the select committee had observed as under : with regard to the definition of 'net wealth', the committee have noted the assurance given by the minister of finance that if any asset referred to in the said definition was lost or stolen or destroyed, it would not be included in computing the net wealth of an assessee provided ..... order of the jaipur bench of the tribunal dated 30th september, 1986, in w.t.a. no. 158 & 46 to 52/jai/1986 pertaining to the a. ys. 1970-71 to 1977-78 has been placed on record. it has been pointed out that this fact was not known to the assessee earlier and as such the same was ..... markings. the silver found by the central excise authorities during the search operations was handed over to the district collector, chittorgarh, who initiated proceedings under the indian treasure trove act and declared the said silver to be a treasure' and vide his order dated 7th august, 1972, forfeited the entire silver to the government of rajasthan. against that order .....

indore Construction (P) Ltd Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

..... separately at a flat rate of 60 per cent. an appeal against the order can be filed directly before the tribunal." 16. in the explanatory note (para 39.2) on finance act, 1995, the cbdt in circular no. 717 dt. 14th august, 1995 [(1995) 215 itr (st) 70, 95], it is stated, thus : "in order to make the ..... an after thought.20. the assessment had also been assailed on the second preliminary ground that reference to valuation cell is not in accordance with the provisions of chapter xiv-b of the act. let us notice the relevant facts. the assessee had constructed three apartments, namely, varshadeep apartments from asst. yrs. 1990-91 to 1994-95, nayate apartments ..... completed unless some direct evidence comes to the knowledge of the department as a result of search which indicates clearly the factum of undisclosed income. the scheme of chapter xiv-b does not give power to the revenue to draw the presumption in regard to the undisclosed income. he submitted that in the case of the assessee-company .....

Eagle Seeds and Biotech Ltd. Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (2006)100ITD301Indore

..... is a case of block assessment in the case of the assessee and the assessment is framed under section 158bc of the act. the same falls under chapter xiv-b of the income-tax act which is a special provision for computing the income of the assessee.the block assessment could be made in respect of undisclosed ..... payment against it within a period of 15 days. due to time taken in payment, many times, these receipts are discounted by farmers with financers for early payment. in such cases, the financer produces the receipt, collects payment voucher from head office, gets it signed by farmers and collects payment from the head office. the payment ..... farmers supply goods to the assessee but do not finalise the rates in their quest for better realization. moreover, there are many financers like shri rajendra agrawal who bridge the gap and temporarily finance the farmers. as regards the contention of the assessing officer that bearer cheques bearing the signature of sitaram mittal, raju or rajendra .....

Sitaram Parita Vs. Assistant Commissioner of

Court : Income Tax Appellate Tribunal ITAT Indore

Reported in : (1994)51ITD65Indore

..... in accordance with section 44ac.5. we have heard the rival submissions in the light of material placed before us and precedents relied upon. section 44ac was introduced by the finance act, 1988, w.e.f. 1 -4-1989. this section begins with non obstante clause and has, therefore, overriding effect and prescribes a special modus for computing profits ..... and gains. apropos 'any other forest produce not being timber', the prescribed rates are 35%.further, the finance act, 1988 has also introduced section 206c in the act which provides for 'collection of tax at source' at the time of purchase of any of the goods specified in section 44ac of the ..... . 528, dated 16th december, 1988 is pertinent: para 24.9 : insofar as the deductions under chapter vi-a of the income-tax act are concerned, the same will be allowed from the income so determined under section 44ac of the income-tax act. for example, the income of a trader in biri leaves, who is an exporter, will be .....