Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)92TTJ(Delhi)1087
..... and the material pointed out by parties in their paper books.6. chapter xiv-b starts with s, 158b and provides the definition of "block period" and "undisclosed income". "undisclosed income" is relevant in this case, which is reproduced below as amended by the finance act, 2002, w.e.f. 1st july, 1995 : "section 158b(b ..... matter of khopade kishan rao manik rao (supra) held that the provisions of section 145 can be applied while assessing the undisclosed income under chapter xiv-b of the it act. since various seized materials found during the course of the search suggest that assessee has made undisclosed sales and purchases and also made unexplained investments ..... the matter of khopade kishan rao manik rao (supra) held that provisions of section 145 can be applied while assessing the undisclosed income under chapter xiv-b of the it act.16. in this appeal, the revenue department during the course of the search recovered incriminating evidence from the assessee showing undisclosed income from .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2005)92TTJ(Delhi)300
..... insurance corporation on the realisation of the investment shall not be allowed as a deduction in computing the profits chargeable to tax." 17. the learned counsel argued that the finance act, 1988, had not amended sub-rule (b), but omitted it. as a result, no exemption was provided in respect of the profits earned on the sale of ..... notes had no statutory basis : "to enable the general insurance corporation and its subsidiaries to play more active role in capital markets for the benefit of policyholders, the finance act has amended sub-rule (b) of rule 5 of the first schedule to provide for exemption of the profits earned by them on the sale of investment. as a ..... assessee in relation to assessment order under section 143(3) for asst. yr. 1990-91. in this appeal the assessee has claimed following reliefs : (iii) deduction under chapter vi-a be further allowed at rs. 1,78,043.12. during the course of hearing before us, the learned counsel for the assessee pointed out that government of india .....
Tag this Judgment!Court : Delhi
Reported in : (2004)191CTR(Del)422; [2004]271ITR320(Delhi)
..... the court :whether on the facts and in the circumstances of the case, the assessed company was an 'industrial company' within the meaning of clause 8(c) of chapter 2 of the finance act, 1977?2. the assessed is deriving income from supervision and commissioning of heaters and erection of gas generation plants, furnaces and also manufactures equipment for these purposes and imparts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Delhi
Reported in : (2004)83TTJ(Delhi)860
..... a) is contrary to the very object and purpose of introducing the provisions of section 115j, 115ja and 115jb in the it act, 1961. a new chapter xii-b containing section 115j has been inserted by the finance act, 1987 which levies minimum tax on book profits of certain companies. the scope and ambit of these provisions have been ..... . in the backdrop of the aforesaid discussion, we feel that the present case before us clearly falls outside the conceptual framework of mat enshrined in chapter xii-b of it act, 1961 since, the assessee-company was running into commercial losses from year to year and such losses were not in any manner attributable to the ..... the object and purpose of introducing the concept of mat (minimum alternate tax) is manifestly clear from the aforesaid circular as well as the speech of the finance minister which shows that the it authorities were unable to bring certain companies within the net of income-tax because these companies were adjusting their accounts in such .....
Tag this Judgment!Court : Delhi
Reported in : (2004)83TTJ(Del)692
..... the first issue as indicated above concerns the scope and ambit of undisclosed income as contemplated under chapter xiv-b of the income tax act. chapter xiv-b consisting of section 158b to section 158bh was introduced by the finance act, 1995 with effect from 1-7-1995 to make procedure of assessment of search cases more ..... effective, the chapter is titled 'special procedure for assessment of search cases'. the scheme of block assessment enacted under this chapter laying down procedure for block assessment proceedings is ..... materials or information as are available with the assessing officer and relatable to such evidence.' the expression 'relatable to such evidence' has been inserted by the finance act, 2002, retrospectively, with effect from 1-7-1995. a bare reading of this provision would indicate that undisclosed income has to be computed on the .....
Tag this Judgment!Court : Delhi
Reported in : (2004)188CTR(Del)277; 109(2004)DLT811; 2004(73)DRJ95; [2004]269ITR268(Delhi)
..... substantial questions of law.8. on a plain reading of the relevant provisions contained in chapter xiv-b of the act, inserted by the finance act, 1995, we do not find any substance in the contention urged on behalf of the assessed.9. chapter xiv-b lays down a special procedure for assessment of cases where a search is conducted ..... under section 132 of the act or books of account, other documents etc., are requisitioned under section 132a of the act ..... or books of account, other documents or any asset etc., are requisitioned under section 132a of the act in the case of any person, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of chapter xiv-b. section 158bc, with which we are concerned in the instant case , lays down the .....
Tag this Judgment!Court : Delhi
Reported in : [2004]136TAXMAN94(Delhi)
..... substantial questions of law.8. on a plain reading of the relevant provisions contained in chapter xiv-b of the act, inserted by the finance act, 1995, we do not find any substance in the contention urged on behalf of the assessed.9. chapter xiv-b lays down special procedure for assessment of cases where a search is conducted under ..... section 132 of the act or books of account, other documents, etc., are requisitioned under section 132a of the act ..... or books of account, other documents or any asset etc., are requisitioned under section 132a of the act in the case of any person, the assessing officer shall proceed to assess the undisclosed income in accordance with the provisions of chapter xiv-b. section 158bc, with which we are concerned in the instant case, lays down the .....
Tag this Judgment!Court : Delhi
Reported in : (2004)86TTJ(Del)50
..... there was no justification for the learned dy. cit to have computed any undisclosed income.5. that the learned dy. cit has failed to appreciate that under chapter xiv-b of the act, an assessment has to be made of an undisclosed income and such impugned assessment made by merely re-assessing the income, lacks jurisdiction to frame the instant assessment ..... following judicial pronouncements in support that what has not accrued, could not be held and assessed as an income :a. cit v. a. raman & co. : [1968]67itr11(sc) ;b. india finance & construction co. (p) ltd. v. b.n. panday, dy. cit : [1993]200itr710(bom) relevant at 713;c. state bank of travancore v. cit : [1986]158itr102(sc) ;d. uco ..... the assessed is against the cannon of principles of judicial propriety as set out by the hon'ble supreme court in the case reported in union of india v. kamalksi finance corpn. ltd. 5 elt 433.8.3. that further he has erred in concluding that the facts of the assessed's case were not brought before the hon' .....
Tag this Judgment!Court : Delhi
Reported in : (2004)86TTJ(Del)74
..... and without any valid material on record and instead are based on mere surmises and conjectures.9. that, in any case, the order of assessment made under chapter xiv-b of the act is untenable, as the learned dy. cit completed the assessment without fulfilling the mandatory requirement of law of seeking the due approval of the learned cit in ..... there was no justification for the learned dy. cit to have computed any undisclosed income.5. that the learned dy. cit has failed to appreciate that under chapter xiv-b of the act, an assessment has to be made of an undisclosed income and in such the impugned assessment made by merely reassessing the income, lacks jurisdiction to frame the ..... as such, the can one of principles of judicial propriety as set out by the hon'ble supreme court in the case reported in union of india v. kamalakshi finance corpn. ltd. 55 elt 433, have been fully complied with, is based on complete misconception and misreading of the judgment of the apex court. that once the hon .....
Tag this Judgment!Court : Delhi
Reported in : (2004)91TTJ(Del)185
..... beyond limitation since no satisfaction as envisaged by section 158bd has been recorded by the assessing officer of shri alok aggarwal within the time prescribed under the chapter. the learned departmental representative was afforded an opportunity to verify from the records and state whether any satisfaction in terms of section 158bd has been recorded ..... of the apex court in cit v. stellar investments (2001) 155 taxman 99 (sc) and of full bench of delhi high court in cit v. sophia finance & investment ltd. : [1994]205itr98(delhi) .3.1 that the order charging of interest under section 158bfa and initiating penalty proceedings under section 158bfa in the ..... 132 against shri alok aggarwal.2.2 that the learned assessing officer ignored the material evidence showing the established identity and creditworthiness of the shareholders and acted illegally and improperly in assessing the entire paid-up share,capital of the company as undisclosed income of the appellant in disregard of the ratio of .....
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