Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2007)110TT(JP.)at366
..... ) deleted the addition with the following observation: before me, the authorised representative has filed the copy of certificate of eligibility for exemption of tax under the bihar finance act, 1981 and the central sale-tax act, 1956 issued by the commercial taxes department in which deferment of sales-tax payment was allowed for five years commencing from 1st april, 1990. the authorised representative ..... aforesaid; (iva) the value of any benefit or perquisite, whether convertible into money or not, obtained by any representative assessee mentioned in clause (iii) or clause (iv) of sub-section (1) of section 160 or by any person on whose behalf or for whose benefit any income is receivable by the representative assessee (such person being hereafter in this sub-clause referred .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)84TT(JP.)at592
..... as aforesaid [not being a case falling under sub-section (1)],-- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged ..... of the aop. the aop being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the aop to file the return of income within the prescribed time if its income exceeds the maximum amount which is not ..... college. a building was constructed at khazanchi road, patna, which was originally shown as exclusively belonging to dr. (mrs.) leela prasad. there was a search operation under section 132 of the it act, 1961 in the residential premises of dr. narendra prasad/dr. (mrs.) leela prasad and at alok nursing home. after the search, dr. narendra prasad and dr, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (2004)91ITD173(Pat.)
..... individuals as aforesaid [not being a case falling under sub-section (1)],-- (i) the total income of any member thereof for the previous year (excluding his share from such association or body) exceeds the maximum amount which is not chargeable to tax in the case of that member under the finance act of the relevant year, tax shall be charged on the ..... of persons.the association of persons being a separate assessable entity is obliged to file the return of income and also pay taxes as per the provisions of the act. section 139(1) makes it obligatory for the association of persons to file the return of income within the prescribed time if its income exceeds the maximum amount which is ..... not chargeable to income-tax. the assessment in the case of an association of persons is required to be made under the provisions of the act, such as section 143 or 144 and/or 147.19. as pointed out elsewhere in this order, the supreme court in the case of i.t.o. v. ch. atchaiah [( .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1999)70ITD77(Pat.)
..... from fifteen flats buyers based on the said document recovered from shri h.s. grewal invoking the provisions of s. 145 of the it act. sec. 145 provides the method of accounting. according to this section income chargeable under the head "profits and gains of business or profession" or "income from other sources" is to be computed in accordance ..... vs. w.d. estate (p) ltd. (1993) 45 itd 473 (bom) the addition sustained by the cit(a) partly influenced by a report of the finance ministry wherein a notorious practice of payment of black money in real estate transaction in metropolitan city of bombay was discussed, was deleted by the tribunal treating the addition ..... were shown. that file and diary also disclosed the receipt of on money.the learned cit(a) confirmed the addition, because he noted that the ministry of finance had published a report in which practice of payment of black money in real estate transaction in metropolitan titles was discussed. the tribunal, bombay bench, however, deleted .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1999)69ITD207(Pat.)
..... were based on conjecture and surmises.9.2. against, there was on legal validity about the ao's estimates of the higher sale price and profit of the leased vehicles. sec. 52 of the it act had been omitted by the finance act, 1987, w.e.f. 1st april, 1988. thus, the ao had no power to estimate higher sale price.9.3 ..... on any material evidence on record.7.3. the learned counsel further submitted that the ao had not kept in view the fact that s. 52 of the it act had been omitted by the finance act, 1987, w.e.f. 1st april, 1988, and, as such, there was no legal sanction to estimate the sale price of the vehicles as done by the ..... . sec. 52 was omitted w.e.f. 1st april, 1988, after the introduction of the concept of "block assets" for the purpose of depreciation allowance. again, s. 41(2) was also .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD237(Pat.)
..... it negotiated commercial terms under despatch arrangements.it was further submitted that the words 'technical services' had been substituted by 'technical or professional services' in section 80-o vide finance act (2) of 1991. the assessee further submitted that 'technical' means a person having specialised knowledge and experience in 8.7 in its reply to ..... of steel, grading of steel, chemical properties, mode of finance and transportation. these services were of the nature of technical and professional services. it was, therefore, contended that the assessee fulfilled all the requisite conditions for allowance under section 80-o of the it act.8.9 the assessing officer examined the assessee's explanations; submissions ..... relied upon by the rival parties. we are of the view that the assessee is not entitled to the claim of deduction under section 80-o. section 80-o of the it act provides for a deduction of 50 per cent from the income of the assessee by way of royalty, commission, fees or any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)67ITD89(Pat.)
..... for exemption of encashment of leave on retirement from service from inclusion in the assessee's total income, was inserted into section 10 to be effective from april 1, 1978, by the finance act, 1982, no consequential amendment of section 17(3)(ii) was made. that demonstrates the intention of parliament to the effect that all categories of payment by way ..... a) "non-resident indian" and "foreign exchange asset" shall have the meanings assigned to them in chapter xii-a;" clause (iia) of section 204 was inserted w.e.f. 1-6-1986 by finance act, 1986. the reserve bank of india has given an elaborate circular dated 11-2-1987 for the computation of long-term capital gains of an ..... is served by restricting the facility of easy remittance of sale proceeds only to long-term capital gains as is done under section 204.7. part-ii of the first schedule to the relevant finance act stipulates the rates at which the tax is to be deducted at source from income subject to such deduction under the provisions .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1998)64ITD129(Pat.)
..... , such a meaning would not include "loss" and peculiar results would follow if income was clubbed with loss everywhere. our attention was invited to s. 167a of the act, inserted by the finance act, 1992, w.e.f. 1st april, 1993, according to which, in case of a firm which is assessable as a firm, tax shall be charged on its ..... ". this concept is statutorily clarified in expln. 4 to s. 271(1)(c), which is reproduced below : "explanation 4. - for the purposes of cl. (iii) of this sub-section, the expression "the amount of tax sought to be evaded" - (a) in any case where the amount of income in respect of which particulars have been concealed or inaccurate particulars ..... present in a particular provision of a statute. sometimes an explanation is added by the legislature nearer to a provision to define the particular phrase without adding to the definition section of a statute. a bare reading of expln. 4(a) extracted by my learned brother at pages 7 and 8 of his order clearly shows that it has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD257(Pat.)
..... until and unless income results from such borrowing and further such income exceeds the chargeable limit prescribed from year to year as per finance act of each year passed by the legislature. the provisions of section 68 says that if a person fails to explain satisfactorily, at the time of finalisation of the assessment, source of the ..... is, therefore, under no obligation to file a return as provided in section 139 declaring or disclosing the loan amount until and unless income results from such borrowing and further such income exceeds the chargeable limit prescribed from year to year as per finance act of each year passed by the legislature.... similarly, if any amount is ..... on by a mutual insurance company or by a co-operative society, computed in accordance with section 44 or any surplus taken to be such profits and gains by virtue of provisions contained in the first schedule; (viii) omitted by the finance act, 1988, w.e.f. 1-4-1988. originally sub-clause (vii) was inserted by .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Patna
Reported in : (1997)63ITD237(Pat.)
..... a default or contravention occurs in complying with the mandate contained in section 44ab of the act then the defaulter or the offender has to be penalised in the manner laid down therein.3. when the provisions of section 271b were first enacted and brought on the statute book through finance act, 1984 w.e.f. 1-4-1985 the legislature laid down ..... that if there existed "reasonable cause" for contravention of the provisions of section 44ab, then a person need not be penalised. thus, the existence of ..... .r.parmanand chichar [1995] 212 itr 536 at page 538/78 taxman 361 where the hon'ble high court held the following : "we find that for the assessment year 1978-79, the return was filed on march 2, 1981, that is to say, within two days of filing of the return for the previous year, namely, 1977-78. the .....
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