Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)55ITD249(Chd.)
..... of the learned departmental representative that the only remedy available to the assessee in such a case was to file an objection in a prescribed form under section 143(2) (a) of the act. the remedy chosen by the assesses was a valid remedy and was permitted by law. the assessees discretion of choosing a remedy cannot be questioned. ..... against the returned income of rs. 52,585. the assessee did not object to the said statement as contemplated by section 143(2) (a) of the act. instead, the assessee filed an application under section 154 of the act before the assessing officer on 19-5-1989. the assessing officer rejected the said application on the ground that the assessee ..... how much share income from the said firm was declared by the assessee in his return. the assessing officer passed an order under section 143(1) (a) of the income-tax act (herewith referred as the act). while passing the said order, the assessing officer included the revised share income from the said firm at rs. 2,08,710. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)83TTJ(Chd.)1057
..... date i.e., in the month of november, 1995. but this position is contrary to the provisions of sub-section (2) of section 50 of the act. sub-section (2) of section 50 has been reproduced by the cit(a) in the impugned order and the same has been extracted above. a ..... 3,99,181. the assessee had sold the machinery for rs. 5 lakhs and, therefore, surplus was liable to be added under section 50(2) of the act, the learned counsel for the assessee, on the other hand, heavily relied on the order of the cit(a) and reiterated the ..... (i.e. rs. 5 lakhs - rs. 3,99,181), being excess of sale proceeds over the wdv as per provisions of section 50(2) of the act. accordingly, the ao made an addition of rs. 1,00,819.3. aggrieved, the assessee carried the matter in appeal before the ..... ) was not justified in deleting the addition of rs. 1,00,819 made by the ao by applying the provisions of section 50(2) of the act. the facts of the case are that the wdv of the machinery as on the first day of the accounting year was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)99TTJ(Chd.)1159
..... amount has been given by the assessee to the extent to which the company possessed accumulated profits. now the only condition required to be fulfilled under section 2(22)(e) of the it act is that the impugned amount given by the assessee-company to its director/shareholder shri satish behal was a loan or advance by the company. in ..... that the imprest account with the director cannot be treated as short-term interest-free loan to the director within the ambit of deemed dividend under section 2(22)(e) of the act. it was also contended that even the imprest account was also fully utilised and this fact was duly proved during the course of assessment proceedings because ..... loan to the director shri satish behal. the ao was of the opinion that the amount so advanced clearly falls within the ambit of dividend under section 2(22)(e) of the act. the ao issued a detailed notice to the assessee-company inquiring about the nature of such transaction and in its reply, the assessee submitted that the .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)96TTJ(Chd.)896
..... the law that an assessment could not be reopened on a change of opinion was the same before and after amendment by the direct tax lass (amendment) act, 1987, of section 147, and (vi) as the notices were without jurisdiction, the assessee should not be relegated to the alternative remedy, the department preferred appeals to the ..... hand. in the said case, their lordships held as under:-cit v. sun engineering works p. ltd. (1992) 198 itr 297, when proceedings under section 147 of the act are initiated, the proceedings are open only qua items of underassessment. the finality of assessment proceedings on other issues remains undisturbed. it makes no difference whether the ..... would amount to giving a premium to an authority exercising quasi judicial function to take benefit of its own wrong. hence, it is clear that section 147 of the act does not postulate conferment of power upon the assessing officer to initiate re-assessment proceedings upon a mere change of opinion." 16. similar view has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2006)99TTJ(Chd.)1235
..... him separately from out of his share in the annual value of the said house property inasmuch as he had definite and ascertainable share therein. the language of section 26 of the act inserted w.e.f. 1st april, 1976 even without taking into account the explanation is clear enough. it provides that (where property consisting of building or ..... the rent has been paid by cheque/draft. so the proviso is not applicable. the case of the assessee being co-ownership is to be determined as per section 26 of the act. undisputedly, rent has been received through banking channel. on a specific query from the bench, the learned counsel for the assessee has produced the statement of ..... be deducted. our attention was also invited to circular no. 715, dt. 8th aug., 1995 issued by cbdt, that ownership is to be determined as per section 26 of the act. it was also contended that both the persons are having separate bank accounts and the rent has been received through banking channel.5. on the other hand, learned .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)86TTJ(Chd.)1075
..... officer did not accept the claim of the assessee and vide order dated 30-9-1993, levied penalty of rs. 59,400 by invoking expln.2 to section 2710)(c) of the act.on appeal, the learned commissioner (appeals) cancelled the levy with the following observations "2. it has again been stressed before me by the appellant's counsel ..... for assessment year 1990-91.- the said sum was disclosed in the revised return. the assessing officer also considered the question of levy of penalty under section 271(1)(c) of the act. after considering the explanation of the assessee, the penalty proceedings were dropped on merit. proceedings were not dropped because sum of rs. 1,10,000 ..... while making assessment made another ad hoc addition of rs. 50,000 apart from the amount surrendered by the assessee. he also initiated penalty proceedings under section 271(1)(c) of the act but subsequently dropped the same.the above referred to additional income of rs. 1,10,000 was not entered in the books of account relevant to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)1SOT193(Chd.)
..... is satisfied in this case. as held by their lordships of the supreme court, mere transfer of old machinery is not for disqualification from deduction under section 15c of the 1922 act (corresponding section 80-i). we, therefore, uphold the order of the cit (a) for the assessment year 1997-98. the order of the cit (a) ..... was new. once this test is satisfied, then clause should be applied reasonably and liberally keeping in view the spirit of 15c(i) of 1922 act (corresponding to section 80-i of 1961 act). in this case, assessee had established a new industrial undertaking in the year 1990. the said industrial undertaking had worked for more than 5 ..... the machinery. their lordships of the supreme court in the case of bajaj tempo ltd.s case (supra) with reference to section 15c of 1922 act held as under : "section 15c of the indian income tax act, 1922, read as a whole, is a provision directed towards encouraging industrialization by permitting an assessee setting up a new industrial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2007)106TTJ(Chd.)250
..... concluded that the amount of rs. 19,48,000 is a deemed dividend. before reaching to a conclusion, we are supposed to analyse sub-clause (e) of section 2(22) of the act which is reproduced herewith: any payment by a company, not being a company in which the public are substantially interested or any sum (whether as representing a part ..... of the company to give a loan. the learned departmental representative during arguments has not disputed the first three conditions and stressed about condition no. (iv) of section 2(22)(e) of the act. the learned cit(a) has also found that the amount in question was given by m/s super woollen (p) ltd. and if was a transfer ..... business of manufacturing and trading of knitted fibres and manufacturing and export of readymade garments. the main issue in the present appeal is whether deemed dividend under section 2(22)(e) of the act were given to the assessee-firm by a sister-concern, m/s ariel exports (p) ltd. the said firm advanced money to the assessee from time .....
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