Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1994)48ITD210(Chd.)
..... be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.section 269ss deals with the topic "mode of taking or accepting certain loans and deposits". it was inserted by the finance act, 1984 w.e.f.1-4-1984. in relation to assessment year under appeal, it reads as under ..... : section 269ss. no person shall, after the 30th day of june, 1984, take or accept from any other person (hereafter in this section referred to as the deposit or), any loan or deposit ..... firm and, therefore, the deposit by the karta of the huf is a deposit by the partner himself also stood negatived. strict reliance was placed on section 269ss and penalty imposed under section 271d of the act.4. on appeal by the assessee, the ld. first appellate authority relying on the order-sheet entries dated 5-9-1990 and 17-9-1990 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1992)42ITD267(Chd.)
..... the impugned order, the ld first appellate authority has confirmed the withdrawal of investment allowance amounting to rs. 2,55,436 made by the assessing officer under section 155(4a) of the income-tax act, 1961, in relation to assessment year 1980-81.2. it was submitted by sh. subhash aggarwal, ld counsel for the assessee, that the ld ..... excess to the cost of machinery. on those facts, the hon'ble supreme court held that no capital gain was leviable under section 45 as there was no transfer within the meaning of section 2(47) of the act. it was submitted by sh. arun kumar that the case of the assessee was distinguishable from the case of vania silk mills ..... first appellate authority has wrongly confirmed the order of the assessing officer passed under section 155(4a). it was submitted by sh. aggarwal that the assessing officer while .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1993)46ITD497(Chd.)
..... a registered firm which has financial year as its accounting year. the assessee firm is carrying on cloth business. on 23-5-1985, survey under section 133a of the income-tax act was conducted at the business premises of the assessee. during the course of survey operations, shri ram lubhaya kapoor partner made a surrender of rs. ..... signed or initialled by the income-tax officer, it is certainly an order in writing by the income-tax officer determining the tax payable within the meaning of section 143(3). it may be only a tax calculation form for departmental purposes as it also contains columns and code numbers to facilitate computerisation of the particulars ..... reddy v. cit [1987] 165 itr 673 : 30 taxman 252 it was submitted that assessee objecting to assessment could legitimately raise a question regarding levy of interest under section 217. the ld.counsel also relied on rajasthan high court decision in ramesh chandra v. cit [1987] 166 itr 8 : 31 taxman 303. for the proposition that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1993)45ITD85(Chd.)
..... depreciation and the depreciation allowance should be deducted therefrom. the circular of the board is as under : " profit estimated invoking proviso to section 13 of the 1922 act (corresponding to section 145 of the 1961 act) --depreciation allowance how to be computed by the income-tax officer. 1. .numerous instances have come to the notice of the ..... -tax officer because the books of account produced were not properly maintained and it was necessary to estimate the profits by invoking the proviso to section 13 of the 1922 act. the course generally followed in such cases was to estimate the net income. the decision of the appellate authorities in such cases that the ..... commissioner (appeals) contending, among other things, that the assessing officer had erroneously rejected the book version and took recourse to the provisions of section 145(2) of the income-tax act, 1961. objection was also taken to the estimate of net profit at ten per cent, submitting that it was a flat rate imaginary in .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1994)50ITD360(Chd.)
..... shown as and when the assessee's insurance claim was settled. according to the learned counsel for the assessee, the income was to be disclosed under section 41(1) of the act. it was vehemently argued that there was neither any warrant nor any justification nor any obligation for disclosing the factum of having received the insurance amount of ..... suffered by the assessee on january 26, 1968. the assessee claimed before the assessing officer that a sum of rs. 20,135 only was taxable under section 41(1) of the act during assessment year 1969-70. this sum was arrived at after deducting some credits of rs. 56,042 from the insurance receipts. the assessing officer rejected ..... the hands of the assessee-firm for assessment year 1983-84 not on merits but on a technical ground against which a reference has been granted under section 256(1) of the act. the learned d.r. has further submitted that it is not necessary that additional material should always be available for levy of penalty in addition to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)54ITD139(Chd.)
..... a limited period and the assessee incurred expenditure on fixing a false ceiling, painting and making some structural changes. it was held that the expenditure was deductible under section 37(1) of the act for facilitating carrying on of business.7. the learned counsel for the assessee also placed reliance on another decision of the delhi high court in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)90TTJ(Chd.)789
..... and power of the tribunal by such like notions as finality, subject-matter of appeal, and the like. the statutory provision in section 33(4) of the 1922 act and section 254 of the 1961 act which confers appellate jurisdiction on the tribunal clearly lays down that the tribunal, in disposing of an appeal, may pasa such orders thereon ..... but elaboration of ground no. 1.ground no. 1 of the appeal reads as under : "that learned assessing officer has completed the assessment under section 158bc(c) of income tax act in utter disregard of the legal provisions and in violation of the principles of natural justice and is thus liable to be annulled being beyond the ..... i.e., in the interests of substantial justice. there no provision in the act prescribing any restrictions on the admission of new or additional grounds of appeal. it follows the pattern of second appeals before the civil courts.the marginal heading to section 254 would also not assist the department, in its interpretation as above. it has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)87TTJ(Chd.)400
..... the special bench. as regards question no. 1, we hold that all items of receipts of eligible business are entitled'to deduction under section 32ab of the income tax act. however, receipts like construction, manufacture or production of articles specified in the list of the eleventh schedule as also receipts from business of ..... attributable to'. while interpreting the word 'attributable to' relying on its earlier decision in the case of cambay electric supply industrial co. ltd. v. cit (1978) 113 itr 84 (sc). it was held that the expression attributable to' has been used to cover receipts from sources other than the actual conduct of the ..... specific provisions for disallowance of an expenditure, special provision has to prevail over general provisions, otherwise the special provision will become redundant and the provisions of section 30 to 36 have not to be applied for guest house expenditure because they represent the general provisions. after hearing the rival submissions and going through .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)86TTJ(Chd.)861
..... the present assessing officer would have no jurisdiction over the case and hence the impugned order passed by the assessing officer after initiating proceedings under section 148 of income tax act is also without jurisdiction and since the assessee was regularly assessed for income-tax in new- delhi, so the present assessing officer would not ..... permanently residing at delhi and was filing his return of income which was apparent from the assessment order itself. since the notices issued under section 148 of the income tax act by the assessing officer were out of jurisdiction, therefore, the assessment framed by the assessing officer was also out of jurisdiction and, therefore, ..... along been objecting to the assumption of the jurisdiction by the assessing officer, ward 2(3), chandigarh, and so, the notices issued under section 148 of the income tax act by the income tax officer were without any jurisdiction because the assessee had already been assessed by.the income tax officer, ward 15(1), .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88ITD445(Chd.)
..... ) & (v) of section 40(&) of the income-tax act. clause (v) is relevant for our purposes and is reproduced as below :- (v) any ..... salary/remuneration or interest paid by a firm to a partner was totally disallowed under section 40(b) of the income-tax act till assessment year 1992-93. however, w.e.f. 1-4-1993 changes have been made in the income-tax act by the finance act, 1992 allowing interest and remuneration to partners and working partners as per clauses (iv ..... remuneration which was actually paid was less than the maximum amount payable under the statute. the sentence "subject to overall limit as laid down under section 40(b) of income-tax act" is not a term of partnership deed. it is a statutory provision which is applicable to all partnerships whether provided in the instrument of partnership .....
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