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In Re: Parasrampuria Trading and Finance Ltd.

Court : Allahabad

Reported in : [2006]131CompCas834(All); [2006]70SCL342(All)

..... 5.1, 5.4 and 5.7 of the assistant inspecting officer's report dated july 31, 1995, appointed by the central government under section 209a of the companies act, up to the year 1993-1994 and thereafter certified that the company has not granted any loans to the parties listed in the registration of contract under section 301 and thereby confirming that the auditors ..... liquidator, annexing therewith copy of the inspection report with the findings against the ex-directors to be guilty of violating sections 43a, 227, 269/390/198, 211, 292, 295, 299/301 and 372 of the companies act, 1956, to take action against them and to file an application for misfeasance and misappropriation of funds against the ex-directors. ..... 5.4 of the companies contravened section 43a of the companies act inasmuch as during the year ending june 30, 1983, june 30, 1984, and june 30, 1985, the turnover was rs. ..... information and explanation which was necessary for the purpose of the audit and thus could not discharge their duties as auditors, have contravened the provisions of sections 292, 295 and 227 of the companies act, 1956 and thereby committed offence under section 542(3) of the companies ..... parasrampuria trading and finance ltd. ..... parasram puria trading and finance ltd. ..... parasram puria trading and finance ltd. ..... parasrampuria trading and finance ltd. ..... parasrampuria trading and finance ltd. ..... parasrampuria trading and finance (p. .....

Jagmohan Ram Ram Chandra Vs. Cit

Court : Allahabad

Reported in : [2004]141TAXMAN574(All)

..... he submitted that there is no question of double taxation in the present case as different provisions of the act, namely, sections 68 and 69 have been applied in two cases-section 68 in the case of firm and section 69 in the case ..... jaiswal motor finance : [1983]141itr706( ..... total income of the firm by invoking the provisions of section 68 of the act and, therefore, it should not have been assessed in his name. ..... present case the explanation offered by the firm has been disbelieved the provision of section 68 of the act are fully attracted and, therefore, the amount of rs. ..... the income tax appellate tribunal, allahabad, has referred the following question of law under section 256(1) of the income tax act, 1961, hereinafter referred to as the act, for opinion to this court. ..... can be added if the explanation offered has not been accepted and in that event the amount can be treated as unexplained investment on the hands of the said person and treated to be an income under section 69 of the act.he relied upon the following decisions :1. ..... entry of cash credits is found in the books of account of a firm, it is for the firm to give explanation regarding identity and source of such deposits and if the explanation is disbelieved then it is be added as an income under section 68 of the act in the hands of the firm. ..... which is at the instance of the assessee, the income tax appellate tribunal, allahabad has referred the following question of law under section 256(1) of the act for opinion to this court. .....

Jagmohan Ram Ram Chandra Vs. Commissioner of Income Tax

Court : Allahabad

Reported in : (2005)193CTR(All)153; [2005]274ITR405(All)

..... 327 of 1982 which is at the instance of the assessee, the tribunal, allahabad has referred the following question of law under section 256(1) of the act for opinion to this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the addition of rs. ..... 325 of 1982, the tribunal, allahabad, has referred the following question of law under section 256(1) of the it act, 1961, hereinafter referred to as the act, for opinion to this court :'whether, on the facts and in the circumstances of the case, the tribunal was justified in upholding the addition of rs ..... he submitted that there is no question of double taxation in the present case as different provisions of the act, namely, sections 68 and 69 have been applied in two cases--section 68 in the case of firm and section 69 in the case of partner.11 ..... jaiswal motor finance : [1983]141itr706(all) 4 ..... 7,500 in the total income of the firm by invoking the provisions of section 68 of the act and, therefore, it should not have been assessed in his name. ..... in the present case, the explanation offered by the firm has been disbelieved, the provisions of section 68 of the act are fully attracted and, therefore, the amount of rs. ..... account, it can be added if the explanation offered has not been accepted and in that event, the amount can be treated as unexplained investment in the hands of the said person and treated to be an income under section 69 of the act.he relied upon the following decisions :1. .....

In Re: Parasram Puria Trading and Finance Ltd. (In Liquidation)

Court : Allahabad

Reported in : [2007]135CompCas65(All); (2007)1CompLJ138(All); [2007]76SCL223(All)

..... in the present case he submits that the directors are being prosecuted under sections 542 and 543 of the companies act, 1956, which provides that where a company is wound up and it is shown that proper books of account were not kept by the company throughout the period of two years immediately preceding the commencement of winding up or the period ..... inspecting officer's report dated july 31, 1995, appointed by the central government under section 209a of the companies act, up to the year 1993-94 and thereafter certified that the company has not granted any loans to the parties listed in the registration of contract under section 301 and thereby confirming that the auditors ..... and explanation which was necessary for the purpose of the audit and thus could not discharge their duties as auditors, have contravened the provisions of sections 292, 295 and 227 of the companies act, 1956, and thereby committed offence under section 542(3) of the companies act.list this matter on november 21, 2005, for recording evidence to be led by the official liquidator. ..... the company became a public limited company under section 43a of the companies act, 1956 ('the act') with effect from october 1, 1985, but the company did not make any disclosure and it is only when the matter was taken up with the company by the central government on march 24, 1995, that ..... parasram puria trading and finance ltd. ..... (in liquidation) having registered the turnover of the company during the financial years june 30, 1983, rs. .....

inspecting Assistant Vs. S.R. Bhawsinghka

Court : Income Tax Appellate Tribunal ITAT Allahabad

Reported in : (1986)15ITD25(All.)

..... this clause has been omitted by the finance act, 1985, with effect from 1-4-1985, which alone extended the definition of perquisite to a concession granted by an employer to an employee.according to him, other concessions did not amount to perquisite.11. ..... yard by the company.according to him, this concession amounted to 'perquisite' in terms of section 17(2)(iii)(c) of the income-tax act, 1961 ('the act').according to this section, perquisite includes the value of any benefit or amenity granted at concessional rate by an employer (including a company) to an employee whose income under the head 'salaries', exclusive of the value of all benefits or amenities not ..... since this amount had not been taxed in the original assessment and had also not been shown in the return or disclosed to the department, proceedings under section 147(a) of the act were started against the assessee. ..... ito [1983] 6 itd 483 (bom. ..... ito [1983] 3 itd 46 (mad. ..... ito [1983] 3 itd 194 (hyd. ..... ).he also referred to sub-clause (vi) of section 17(2), which was added by the taxation laws (amendment) act, 1984. ..... inclusion of the plot in the wealth-tax return was of no consequence as that disclosure was not under the act. .....

Vijay Bihari Srivastava Vs. U.P. Postal Primary Co-operative Bank Ltd. ...

Court : Allahabad

Reported in : (2003)1UPLBEC1

..... including those relating to audit, enquiry and surcharge contained in chapter viii and the power to annul any resolution passed by the co-operative society as visualised by section 128 of the act, the registrar exercises control over co-operative societies and as stated herein above the registrar is also vested with the power to determine terms and conditions of employment including disciplinary control of employees in a co-operative society or ..... transport corporation (supra), the central inland water transport corporation limited, registered as a government company as defined under section 617 of the companies act, 1956, was held as 'state' as it was financed by the government and carrying out governmental functions. ..... such factors are missing, the mere fact that the control is regulatory of a society created or recognized under an act will not itself make the society a 'state' or 'other authority' as contemplated under article 12 of the constitution ..... thus :'it is obvious that a juristic personality like a co-operative society which is registered under the act but is otherwise free of governmental control will not be an authority within meaning of article 12. ..... 1988) 1 scc 236 the question was whether the institute of constitutional and parliamentary studies (icps), registered under the societies registration act, 1860 is 'state' or 'other authority' within the meaning of article 12 of the constitution of india. ..... , (1983) 4 scc 582, the petitioner filed a petition challenging the .....

Commissioner of Income Tax Vs. Motor Sales Ltd.

Court : Allahabad

Reported in : (2006)202CTR(All)509; [2006]283ITR186(All)

..... 1.06,142 as, according to him, it was an office appliance and did not fall under the provisions of section 32a(b)(ii) of the act as it was not used for the purpose of manufacture or production of any article or thing and mainly was used for its own office work. ..... briefly stated, the facts giving rise to the present reference are as follows:the assessee is a limited company and deals in vehicles and financing of vehicles on hire-purchase basis. ..... , 2005, has held that the investment allowance under section 32a of the act was admissible.we accordingly answer the question no. ..... was held that computer does 'manufacture or produce' within the meaning of section 32a of the act and hence is entitled for investment allowance?2. ..... the tribunal, allahabad bench, allahabad, has referred the following five questions of law under section 256(1) of the it act, 1961 (hereinafter referred to as 'the act'), for opinion to this court:1. ..... the department appealed to the tribunal, which was dismissed.another issue related to the claim of investment allowance on computer under section 32a of the act @ 25 per cent on rs. ..... 1983-84.3. .....

Farrukhabad GramIn Bank Vs. Additional Commissioner of Income Tax and ...

Court : Allahabad

Reported in : (2005)197CTR(All)366; [2005]277ITR320(All)

..... in the present case, the ao did not have any reason to believe that if full period of 30 days is allowed to the petitioner for payment of the amount specified in the notice of demand under section 156 of the act, it would be detrimental to the revenue inasmuch as the petitioner is a body owned by the central government, the state government and a nationalised bank which is owned and controlled by the central government. ..... 1 has recorded reasons while reducing the period as mentioned in the notice of demand and being the authority thereafter pursuing the same as provided under the act, also approved the same and there is no infirmity or irregularity in issuing the demand notice.as the affidavit of sri rakesh kumar srivastava did not deal with the averments made in the various paragraphs ..... from seeking interim relief from the cit(a) before whom it had filed an appeal along with an application for grant of stay on 4th april, 2005, garnishee proceedings under section 226(3) of the act were initiated on 6th april, 2005 and on 7th april, 2005, without even serving the notice upon the petitioner, a huge sum of rs. ..... rejoinder affidavit filed by the petitioner to the counter-affidavit of nizamuddin, it has been stated that even though the petitioner-bank has been established under section 3 of the regional rural banks act, 1976, it is a cooperative society for the purposes of the act and entitled to exemption under section 80p of the act as per minister of finance's letter dt. ..... , 1983 and .....

Commissioner of Income-tax Vs. Jindal Polyester and Steel Ltd.

Court : Allahabad

..... fact that the assessee did not furnish any explanation either before the assessing officer or before the commissioner of income-tax (appeals) for claiming excess depreciation than admissible under the income-tax act and explanation 1 to section 271(1)(c) clearly states that where in respect of any facts material to the computation of income of any person, such person fails to offer an explanation, the amount added in computing the total income of such ..... he further submitted that for the purposes of levy of penalty the book profit for the purpose of determination of liability under section 115j is relevant and not the income as per the income-tax act and since the book profit disclosed by the assessee for the purpose of levy of tax under section 115j has been accepted by the tribunal has rightly deleted the penalty as there was no concealment. ..... if we examine the said provision in the above background, we notice that the use of the words in accordance with the provisions of parts ii and iii of schedule vi to the companies act was made for the limited purpose of empowering the assessing authority to rely upon the authentic statement of accounts of the company. ..... ) 1, 14) of the then hon'ble finance minister of india made in parliament while introducing the said section. ..... in 1983, a new section 80vva was inserted in the act so that all profitable companies pay some tax. .....

Chandra Prakash Agrawal Vs. Assistant Commissioner of Income-tax and o ...

Court : Allahabad

Reported in : (2006)206CTR(All)505; [2006]287ITR172(All)

..... of account or documents and such other materials or information as are available with the assessing officer' occurring in sub-section (1) of section 158bb of the act by the finance act, 2002, with retrospective effect from july 1, 1995, by the following phrase 'in accordance with the provisions of this act, on the basis of evidence found as a result of search or requisition of books of account or other documents and such other materials or information as ..... undisclosed income determined as a result of search which is assessed separately as the income of a designated period consisting of ten previous years, now reduced to six previous years by the finance act, 2001, with effect from june 1, 2001, preceding the previous year in which the search was conducted and also the previous year of the current year up to the date of search.13. ..... or authority under any other law for the time being in force, or(b) any books of account or other documents will be useful for, or relevant to, any proceeding under the indian income-tax act, 1922 (11 of 1922), or under this act and any person to whom a summons or notice as aforesaid has been or might be issued will not, or would not, produce or cause to be produced, such books of account or other ..... however, after the amendment made by the finance act, 2002, the assessment of undisclosed income can only be based on the evidence found in the search and the material or information gathered in post-search ..... been inserted by the finance act, 1995, with effect .....