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P. Rama Gopal Varma Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Hyderabad

..... the above-mentioned seized materials, the ao came to a conclusion that the appellant had undisclosed income to be assessed under the provisions of chapter-xiv-b of the it act as introduced by the finance act, 1995.3. therefore, he issued notice under section 158bc(a) calling for return for the block period. the appellant filed the block ..... contained in section 69c.19. it is because of this peculiarity that section 69c is inserted in chapter vi of the act which deals with "aggregation of income and set off or carry forward of loss". the chapter deals with the aggregation of different income already computed under different contexts and not deals with the computation ..... is now expressly declared by the proviso inserted at the end of section 69c by the finance (no. 2) act, 1998, w.e.f. 1st april, 1999, as follows : "provided that, notwithstanding anything contained in any other provision of this act, such unexplained expenditure which is deemed to be the income of the assessee shall not .....

P. Rama Gopal Varma Vs. Deputy Cit

Court : Income Tax Appellate Tribunal ITAT Hyderabad

Reported in : (2002)76TTJ(Hyd.)205

..... seized materials, the assessing officer came to a conclusion that the appellant had undisclosed income to be assessed under the provisions of chapter-xiv-b of the income tax act as introduced by the finance act, 1995.therefore, he issued notice under section 158bc(a) calling for return for the block period. the appellant filed the block ..... deeming provision contained in section 69c.it is because of this peculiarity that section 69c is inserted in chapter vi of the act which deals with "aggregation of income and set off or carry forward of loss". the chapter deals with the aggregation of different income already computed under different contexts and not deals with the ..... is now expressly declared by the proviso inserted at the end of section 69c by the finance (no. 2) act, 1998, with effect from 1-4-1999, as follows : "provided that, notwithstanding anything contained in any other provision of this act, such unexplained expenditure which is deemed to be the income of the assessee shall not .....

T. R. Ganapathy Chettiar Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Madras

Reported in : (1999)70ITD127(Mad.)

..... to withdraw the allowance granted by recomputing the income in case of any breach of the condition regarding transfer of the asset or utilisation of the reserve.9. the finance act of 1961 reduced the rate of development rebate and also provided that where a company is amalgamated with another company or where a firm is converted into a private ..... partners would fall within the prohibition contained in this section. the legislature, perhaps, took note of the hardship caused by this decision and that was the reason why the finance act, 1961 provided that a case of amalgamation or conversion of a firm into a company would not fall within the scope of a sale or transfer of the asset. ..... the question was whether the trust could come into existence even before the trust deed was executed. in the commentary of shri o. p. aggarawala on the indian trusts act, 1882 (1970) sixth edn., at p 223, the following is what is held : "where a transfer of property is made to a person in such a manner or in such .....

Telecommunications Consultants Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

..... has been mentioned in the said judgment. it, therefore, appears that the said judgment relates to a period prior to introduction of s. 80ab which was inserted by the finance (no. 2) act, 1980, w.e.f. 1st april, 1981.21. the learned counsel also relied upon the decision of tribunal in the case of punjab con-cast steel ltd. ..... the purpose of computing the deduction under that section, the amount of income of that nature as computed in accordance with the provisions of this act (before making any deduction under this chapter) shall alone be deemed to be the amount of income of that nature which is derived or received by the assessee and which is included in ..... amount eligible for deduction under ss. 80hhb and 80-o. the purpose of s. 80ab is only to prescribe the limit or restricting the various deductions allowable under chapter vi-a so that the aggregate amount of various deductions do not exceed the gross total income.9. the learned counsel also placed reliance on the following judgments to .....

Drill Well Associates Co-op. Vs. Income-tax Officer

Court : Income Tax Appellate Tribunal ITAT Ahmedabad

Reported in : (2000)73ITD240(Ahd.)

..... society was formed in response to the scheme issued by ongc with specific aims and objects and in consonance with the guidelines of bureau of public enterprises, ministry of finance, government of india, which envisages that there should be an ancillary unit in each public enterprise as a rule. it was contended that this society is registered as ..... in mysore spg. & mfg. co ltd. v. cit [1966] 61 itr 572 (bom.) which was affirmed by the supreme court in cit v. mysore spg. & mfg. co. ltd. [1970] 78 itr 4 and also on the decisions in cit v. gemini cashew sales corpn.[1967] 65 itr 643 and in cit v. hazaribagh coal syndicate (p.) ltd. [1989] 177 ..... where the detailed reasons are given for the disallowance. on the other hand, while disposing of the application for exemption certificate under section 194c of the income-tax act the assessing officer issued the certificate peremptorily without examining in depth the merits of the claim which is to be looked into because such an exercise is done only .....

Teletube Electronics Ltd. Vs. Joint Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Delhi

Reported in : (2002)80ITD251(Delhi)

..... book.according to him, it is nothing but the price of the property transferred which was paid in instalments along with interest. this arrangement was stated to be a financing arrangement and, therefore, it was pleaded that it could not be considered as lease.20. proceeding further he also pointed out that the sealing unit at bhiwadi had ..... ) wherein it has been held that divesting of exclusive possession and enjoyment would tantamount to "otherwise transferred". the decision of supreme court in the case of cit v. shan finance (p) ltd (1998) 231 itr 308 (sc) was distinguished by him on that ground that issue of 'transfer' was not before the supreme court and the court was ..... act at all." in view of the above legal position, the contentions of assessee's counsel that the definition of 'transfer' as given in clause (f) of section 269ua should also be considered, does not hold good. the meaning of the transfer in clause (f) of section 269ua has to be restricted only for the purpose of chapter .....

Ashok Kumar Kataria Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Jaipur

..... the said disclosures of shri ashok kataria huf and his wife, smt. saroj devi kataria to be a valid disclosures and issued certificates under section 68(2) of the finance act, 1997, on 9th march, 1998, and 20th march, 1998, respectively. the valuation reports of jewellery disclosures were also filed along with the disclosure made by the ..... after verification. the learned authorised representative further submits that the addition made by the ao and sustained by the cit(a) is beyond the scope of chapter xiv-b of the act, a no incriminating material or information was found to suggest that the marriage expenses are more that that declared. hence, in view of the various decisions ..... expenses in his regular returns, therefore, in the absence of any contrary material, we are of the view that the addition of marriage expenses cannot be made under chapter xiv-(b) and hence the cit(a) has erred in upholding the addition made on account of marriage expenses. accordingly, the addition of rs. 3,30,000 .....

Sangrur Vanaspati Mills Ltd. Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Chandigarh

Reported in : (2002)80ITD143(Chd.)

..... has been completed, the ao has a discretion to inflict penalty for the violation of statutory provisions. the area within which he has to operate is indicated in chapter xxi. penalty has been prescribed by the legislature for a very wide variety of defaults but the sequence of events clearly indicates that the cit's jurisdiction extends to ..... indicate that concealment of income was there. the hon'ble high court has placed reliance on the decision of the apex court in the case of cit v. anwai all (1970) 76 itr 696 (sc). further decision in the case of cit v. standard mercantile co. (1987) 166 str 39 (pat) was referred to in which the assessee ..... in the present cases the cit although not empowered to levy penalties, cancelled the orders of the ao dropping such penalties; (v) the manner in which the cit had acted under section 263 had made the provisions of section 275 pertaining to limitation nugatory; (vi) the cit could not tamper with penalty orders without cancelling the assessments; (vii) .....

Nirmal Ghosh Bag Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Kolkata

Reported in : (2002)82ITD788Cal

..... b and, therefore, the ao rightly assumed jurisdiction. ' 7. we have heard the parties and considered the rival submissions.chapter xiv-b is a special provision for assessment in cases of search and seizure inserted by the finance act, 1995, w.e.f. 1st july, 1995.section 158ba provides for assessment of undisclosed income as a result of ..... search and it is a non obstante clause excluding the applicability of the other provisions of the act. sub-section (1) of this section provides as under : ..... under section 132a was made much before 30th june, 1995. the invoking of the provisions of chapter xiv-b of the it act in the facts of this case is ab witio wrong, illegal and without jurisdiction, and the assessment framed under chapter xiv-b is a nullity and liable to be quashed. 2. that the conditions precedent for .....

Dhunjibhoy Stud and Agricultural Vs. Deputy Commissioner of Income Tax

Court : Income Tax Appellate Tribunal ITAT Pune

Reported in : (2002)82ITD18(Pune.)

..... preceding paragraphs. "on the facts, in the circumstances of the case and as per law, the learned ao was not justified in invoking provisions of chapter xiv-b of the act in making this assessment." dr. pathak, learned counsel for the assessee, submitted that provisions of section 158bd have been wrongly invoked in this case. he ..... real estate transaction in the metropolitan city of mumbai, though technically the report of national institute of public finance and policy, cannot be substituted for evidence, but one has to take note of this practice coupled with the attendant circumstances of this case. therefore, when ..... establish that this amount was paid for the purchase of the flat in cash to the assessee. a report was published by the national institute of public finance and policy in march 1985, titled "aspects of black money in india". the report has discussed the prevalence of notorious practice of payment of black money in .....