Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)73TTJ(Pune.)582
..... , 1990, inserted clause (iiib) in section 28 and clause (vb) in section 2(24) by virtue of which the receipts on account of export incentives in the nature of cash assistance was made retrospectively ..... section 234b and 234c of the act.the assessee-firm filed its return of income for the assessment year 1989-90 disclosing total income at rs. 90,870 on which the assessee paid the advance tax and tds as under : thus, the advance tax paid and the tds deducted was more than the tax payable on the returned income. however, the finance act ..... in the case of central provinces manganese ore co.ltd. (supra) was distinguishable and accordingly, no appeal lies under section 246 of the act against the levy of interest under section 234b and 234c of the act, charging of interest being mandatory as and when the default is occurred.we have considered the rival submissions. and .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)113TTJ(Pune.)857
..... levy of penalty under section 271(1)(c) of the act.before proceeding to answer this question we need to examine the provisions of section 44af r/w ss44aa and 44ab of the act.8. it needs to be noted that section 44af was inserted by the finance act, 1997, w.e. ..... rs. 40 lacs in the relevant year. therefore the case was surely covered by the provisions of section 44af of the act.during the survey conducted under section 133a at its business premises it was noticed that the assessee was maintaining books of account and that ..... total 2,90,504------------------------------------------------------------------------------less : set off of losses 2,90,504------------------------------------------------------------------------------ total income nil during a survey conducted under section 133a of the act, at the business premises of the assessee on 28th aug., 2002, it was noticed that the assessee was maintaining regular books .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1995)52ITD412(Pune.)
..... special meaning can be assigned to that term. we are, therefore, of the opinion that the case of the assessee cannot be put within the ken of section 68 of the act.24. once the factum of borrowing is accepted, it could very well be presumed that partners bishi contribution was made out of it. adverting to paras 12 and ..... 's books, confirmations were said to have been filed.3. the contention of the assessee was not accepted by the assessing officer. in the order passed under section 132(5) of the act, the amounts were treated as advances due. after considering the repayment of rs. 87,000, an amount of rs. 32,69,745 was proposed for addition ..... commissioner of income-tax (appeals)-i, pune, and pertains to the assessment year 1989-90.2. briefly the facts : there was a search action under section 132 of the income-tax act, 1961 (hereinafter called the 'act'), at the premises of kant electronics, a sister concern of the assessee-firm, among other things, a 'piece of paper' was found. it contained .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1997)59TTJ(Pune.)316
..... assessee, it is established beyond any doubt that not only the managing director, but the personal manager, purchase manager, production manager and chief executive officer, finance manager and marketing manager were all common.66. to refute the argument of the learned senior departmental representative and to prove his point, the learned counsel ..... capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act.as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and ..... of capital assets before the assets are put into operation have to be capitalised within the provisions of expln. 8 to s. 43(1) of the it act.(ii) other expenses including salaries, travelling, etc., incurred for acquisition of the capital assets and on putting these assets into operation is capital expenditure.(iii .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1997)62ITD233(Pune.)
..... assessee, it is established beyond any doubt that not only the managing director, but the personal manager, purchase manager, production manager and chief executive officer, finance manager and marketing manager were all common.66. to refute the argument of the learned senior departmental representative and to prove his point, the learned counsel ..... capitalisation implies inclusion of such interest in the "actual cost" of the asset for the purposes of claiming depreciation, investment allowance, etc., under the it act. as this was never the legislative intent nor does it conform to accepted accounting practices, with a view to counteracting tax avoidance through this method and ..... of capital assets before the assets are put into operation have to be capitalised within the provisions of expln. 8 to s. 43(1) of the it act. (ii) other expenses including salaries, travelling, etc., incurred for acquisition of the capital assets and on putting these assets into operation is capital expenditure. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1998)64ITD396(Pune.)
..... . dr. pathak, the learned counsel for the assessee took us through various provisions of chapter xiv-b consisting of section 158b to section 158bh as well as the budget speech of finance minister in the parliament and explanatory notes on the finance bill and finance act, 1985. his first contention was that the intention of the legislature is to assess only undisclosed income as is apparent ..... that a particular concern is a benamidar of the other. reference was made to the madras high court decision in the case of first ito v. m. r. dhanalakshmi ammal [1978] 112 itr 413. he pointed out that no evidence has been brought on record either to prove that the capital of the firm was contributed by the assessee or profits .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)104ITD199(Pune.)
..... . the cases of penwalt india ltd. and neopharama pvt. ltd. were also considered by him in the context of the definition of 'industrial company' given in section 2(7)(d) of the finance act, 1965. on the basis of the definition, he came to the conclusion that it was not sufficient if the assessee gets the whole work done from the vendors ..... for claiming deduction under section 80-ia. therefore, he did not agree with the assessee regarding deduction under this section on the same ground as mentioned by the ao ..... - i, pune, passed on 17.11.1999. the corresponding order of assessment was made by the dcit, sr-3, pune (hereinafter called the ao), under the provisions of section 143(3) of the it act, 1961, on 17.02.1998.2.1 ground no. 1 is against the finding of the learned cit(a) in which disallowance of rs. 1,33,400/-, made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)82TTJ(Pune.)667
..... the assessee, the addition made in respect of these very amounts, in the hands of mr. r.d. mehta, if any, may by deleted under section 154 of the act, in consonance with the circular issued by the board, it will be relevant here to reproduced the said circular as appearing in taxman's direct taxes circular ..... , had set aside the penalty order levied by the adjudicating authority and he remanded the matter back for passing a fresh order. the special director, enforcement ministry of finance, bombay vide order dt. 5th jan., 2001, has dropped the penalty proceedings against the assessee. the learned counsel submitted that no reliance should by placed on the ..... aggregate addition of rs. 70,18,175 made in the block assessment. the details as given in the said chart are reproducted below.investment on account of finance for arranging bogus nre gifts as discussed income on account ofunexplained investment in construction of house property 4. shri pathak contended that he would first like to make .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)301ITR247(Pune.)
..... the same company on lease. the assessee has claimed that in original assessment proceeding his claim for deprecation was accepted under section 143(3) of the income tax act therefore the matter has obtained finality. the assessee has further submitted that though the assessing officer has referred the matter to ..... like personal guarantee of managing director/ whole time director of the aforesaid company. also the company should obtain credit references from the financiers who have financed prakash industries limited. after obtaining satisfactory credit reference, personal guarantee etc., the company may go ahead with the proposal. mr. framed chaudhari, chairman ..... one, we submit that the conclusion of the a.o. is without any basis. as has been stated earlier, outside parties such as tata finance, chartered engineer, chartered accountant, insurance company etc. were involved in the transaction. the assessee has also obtained original transportation challans from prakash industries for .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2001)73TTJ(Pune.)649
..... procedure for registration of charitable trusts introduced by section 12aa with effect from 1-4-1997, by the finance (no. 2) act, 1996, it is no longer possible to accept the claim that registration of the trust under section 12a does not mean that the objects of ..... the teachings of acharya rajneesh have much wider acceptance than it had in 1988. the trust is therefore, eligible for exemption under section 11 of the act, being for charitable purposes." the revenue has challenged the order of the commissioner (appeals) and following grounds of appeal have ..... in para 40 has referred to the order of the tmb which in turn has referred to the accounts for the year 1978. in paras 41 and 42, he has referred to the accounts for the year under consideration in support of the view ..... recorded (p 224 of paper-book) : "further, we find on a scrutiny of the balance sheet for the year ended 31-12-1978, additions of assets of rs. 11,44,637 to motor vehicles, rs. 2,06,296 under generators and rs. 3,43,044 .....
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