Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2006)99TTJ(JP.)744
..... the vdis declaration by the family members has been accepted and certificate under section 68(2) of the finance act, 1997, has been issued by the learned cit. ..... vijaya devi to be valid disclosures and issued certificate under section 68(2) of the finance act, 1997 on 22nd feb. ..... cit (2003) 79 ttj (jd) 1, where it was held as under: in our considered opinion, it may hardly be deniable that the indian evidence act or for that matter the statutory provisions of the indian evidence act may not be applicable strictly to the proceedings under the it act but the basic/broad principle of the law or evidence do apply to the said proceedings, it is settled position of law that the slips or loose sheets do not fall within the purview of 'book'. ..... no presumption can be drawn against the assessee under section 132(4a) of the it act, 1961, in respect of a paper not (recovered) from him. ..... the learned cit(a) held that interest under section 158bfa should not be imposed for the period of delay in the supply of photocopy of the seized material to the appellant.54. ..... 13 : directing the ao not to charge interest under section 158bfa(1) for the period of delay in supply of photocopies of the seized material particularly when the charging of interest under section 158bfa(1) is mandatory 52. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2001)73TTJ(JP.)851
..... ) 66 itr 443 (sc) still holds the field.thus the principle emerging from the aforenoted pronouncement of the supreme court is, that the first appellate authority is invested with very wide powers under section 251(1)(a) of the act and once an assessment order is brought before the authority, his competence is not restricted to examining only those aspects of the assessment about which the assessee makes a grievance and ranges over the ..... the commissioner (appeals) gave a further finding that the interest income of the appellant was not even its income from business and the same is under challenge before us.section 14 of the income tax act, 1961, specifies distinct heads of income indicating the sources which are mutually exclusive and income derived from different sources falling under the specified heads have to be computed for the purpose of ..... account of interest shall be reduced even if it is in the nature of profits and gains of business and that is why the specific meaning appears to have been assigned to the 'profits and gains of business' for the purpose of section 80hhc by reducing 90 per cent of certain items as specified therein.in the decision of the hon'ble rajasthan high court in the case of murli investment co. ..... receipt was only a meagre amount and the resultant amount after reducing the receipts on account of interest showed a higher amount of expenditure on interest and finance charges, though the issue related to the same assessment year i.e. ..... cit (1987) 167 itr 368 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2006)101TTJ(JP.)192
..... under the unamended law, applicable before 1st april, 1989, the notice could have been issued within 8 years from the end of the relevant assessment year, but as a result of amendment under section 149, such notice can be issued within 10 years from the end of relevant assessment year, as enlarged period of limitation became effective before the expiry of the then existing period of ..... we part on this issue, we may observe that, by the finance bill, 1992, the definition of the term 'small scale industrial undertaking' in section 80-ia has been amended to the effect that, the said expression cover only those small-scale industrial undertakings which are regarded as such undertakings under section 11b of the industries (development and regulation) act, 1951. ..... as per the amended provisions of section 148(1) (operative from 1st april, 1989, it mandated that a section 148 notice not giving a minimum period of 30 days for furnishing the return could not be sustained in view of the expression, 'not being less than 30 days' in the said section 148(1).but by finance (no. ..... under section 149(1)(b) of the act, as per amended provisions as applicable on date of issue of the notice, the notice under section 148 shall not be issued for the relevant assessment year if seven years, but not more than 10 years, have elapsed from the end of the relevant assessment year, unless the income chargeable to ..... yr.1987-88 are within the jurisdiction of the ..... -85, 1985-86 and 1987-88. ..... -87 and 1987-88, dt. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1993)45ITD634(JP.)
..... respects to the learned author of the decision in the case of anuj (toffee) garg (supra), finds it difficult to agree with his further views that "mere fact that section 5 would be applicable does not automatically mean that all the provisions of it act and the finance act would be applicable". ..... , which are relevant for our purpose, run as under:- (k) all laws in force immediately before the appointed day in the territories comprised in the state of sikkim or any part thereof shall continue to be in force therein until amended or repeated by a competent legislature or other competent authority,(1), (m) ** ** ** (n) the president may, by public notification, extend with such restriction as he thinks fit to the state of sikkim any enactment which is in force in a state in ..... section 23(5) provides for the machinery for collection and recovery of the tax, once the legislature has, in clear terms, indicated that the income of the firm can be taxed in accordance with the finance act of 1956 as also the income in the hands of the partners, the distinction a charging and a machinery section ..... in this decision applies on all fours to the facts of the instant case.therefore, deduction under section 80tt had rightly been allowed to the assessee after deduction of agent's/seller's commission of the gross ..... prohibition against double taxation even if it be assumed that such a taxation is involved in the case of a firm and its partners after the amendment of section 23(5) by the act of 1956. ..... 1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2003)78TTJ(JP.)692
..... " the notes accompanying the finance act, 2002, provided as under in respect of above referred to amendment : "the existing provisions contained in clause (iii) of the aforesaid sub-section (1) provides for a penalty, in addition to any tax payable, of a sum which shall not be less than, but which shall not exceed three times the amount of tax sought to be evaded, for concealing particulars of income, or furnishing ..... there is no dispute that in case in hand no tax was payable and, therefore, question of levy of penalty would not arise.the above position was also recognised by the legislature and clause (iii) to section 271(1)(c) was amended by finance act, 2002, w.e.f. ..... the first legal submission which i would like to consider, relates to non-recording of satisfaction by the ao in the course of the assessment proceedings, before initiating proceedings under section 271(1)(c) of the it act.the learned am had made a reference to the fact that the satisfaction in accordance with law has not been recorded. ..... would be imposed, was a finding of fact.similarly, the finding that no actual concealment was established was also a finding of fact and, therefore, the assessee would be held to have discharged the onus under the explanation to section 271(1)(c).accordingly, the tribunal was justified in cancelling the penalty.whereas in the case before us, the loss claimed was such as could not be substantiated. ..... (1987) 168 itr 705 (sc); 2. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1989)28ITD69(JP.)
..... member as in the instant case, where on the question whether the commissioner could have jurisdiction over an order passed by iac prior to 1-10-1984, and it was concluded that on a harmonious construction of the sections, it should be taken as effective even prior to 1-10-1984, which decision would apply in case of any evidence of the iac having provided the direction.since on facts it was founded in the instant case ..... of the trust being enjoyed by the trustee himself, was neither disclosed by the assessee nor was examined by the wto, which could and would affect the grant of exemption under section 5(1)(i) (a) is the dropping of proceedings an order contemplated under the act (b) is the noting in the order sheet tantamount to an order passed by the wto (c) is the non-service of the order sheet noting fatal to the jurisdiction of the ..... would have no application for the reason that the money which was to belong to the trust, on which the settlor had full control but considering the finances of the company, he had allowed it to remain with the company, and this would be therefore quite different from the money received was a deposit ..... the proviso to section 5(1)(i) was not effective for the years in question, as the amendment was brought ..... in reply to this notice of the cwt, the assessee filed a reply dt.5-3-1987, contending that it had complied with the notices and had filed the returns, and had discussed with the concerned ..... , anupam charitable trust [1987] 167 itr 129, ..... [1987] ..... 1987 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2007)106TTJ(JP.)1109
..... assessee for the delay.3.2 the submission of learned authorised representative in this regard remained that the assessee was under the bona fide belief that the income in the case of assessee is not taxable under section 10(20) of the act as the board was exempted of the income-tax liability under section 10(20) of the it act prior to amendment vide finance act, 2002.the department also did not issue any notice till asst. yr. ..... the exemption enjoyed by the applicant under section 10(20), taken away by inserting explanation in section 10(20) by finance act, 2002 can be enjoyed by such assessee by claiming exemption under section 11 on fulfilment of certain conditions like the assessee will have to apply for registration under section 12a and that the market committee established under a statute can be treated as charitable institution and exemption can be allowed under sections 11 and 12 subject to specific restriction under sections 11 to 13 of the act, the applicant applied for granting of registration ..... prior to amendment by finance act, 2002. ..... 1st june, 1993 leading to certain definition about local body, which required amendment in section 10(20) of the it act. ..... there were assurances by the union finance minister for exemption under sections 11-13 of the act. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (1985)14ITD429(JP.)
..... furthermore, there is an amendment which is there in section 40a of the act vide the finance act, 1985 and the parliament has taken away even this relief to the assessee, which proves the intention of the parliament vis-a-vis for ..... respect of any proceedings before any income-tax authority or the appellate tribunal or any court relating to the determination of any liability under this act, by way of tax, penalty or interest : provided that no deduction under this section shall, in any case, exceed in the aggregate five thousand rupees.according to section 40(a)(ii), any amount that is paid as tax and which has a characteristic of tax, the assessee shall be allowed the same as a business ..... to me elaborate arguments.the departmental representative contended that under the scheme of the act even though every expenditure necessary for the purpose of business could be allowed as a deduction in computing the business income, yet limitations were placed by the act under different sections and the allowance of the expenditure must be subject to those limitations.section 80vv was one of the sections which placed a limit on the deduction in respect of expenses incurred in connection ..... that for interpretation of the provisions of the act or section, the succeeding amendment is the proof for the intention of the ..... argued that the ito's action was justified and reference was also made to section 40(a)(ii) of the act according to which such payments which are incurred for the determination of tax, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2008)115TTJ(JP.)351
..... years the ao specifically recorded a finding that the appellant was an educational institution solely existing for education and not for the purpose of profit and therefore, was entitled to exemption under section 10(22) of the act.adverting to the various allegations made by the ao in the assessment order, the learned authorised representative further submitted that the other allegations of the ao were that appellant did not file ..... 2,000,000|| |per aicte | | | | | | | || | norms | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________||7 | total | | | | | | | || |application| | |33,488,636|47,971,290|45,792,927|78,269,134|64.804,614|| | under | | | | | | | || | section | | | | | | | || | 10(23) | | | | | | | ||__|___________|__________|__________|__________|__________|__________|__________|__________| a bare perusal of the above chart (paper book 1) reveals that the surplus remaining after meeting revenue expenditures, has again been utilised in the additions ..... included- (22) any income of a university or other educational institution, existing solely for educational purposes and not for purposes of profit; further clauses (22) and (22a) are now re-enacted in section 10(23c): (vi) any university or other educational institution existing solely for educational purposes and not for purposes of profit, other than those mentioned in sub-clause. ..... finance act ..... (fourteenth amendment) rules, ..... the cbdt to make suitable amendment accordingly. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Jaipur
Reported in : (2005)92ITD125(JP.)
..... section 145 of the income-tax act as amended by the finance act, 1995 with effect from 1-4-1997 and quoted three sub-sections. ..... from the assessment order that the assessing officer was not aware of amendment made in section 145 of the income-tax act and therefore, applied unamended provision i. e. ..... the learned jm thereafter observed that in the following three circumstances, the assessing officer could make best judgment assessment under section 144 of the income-tax act: - (i) if the method of accounting adopted is neither pure cash nor pure mercantile, in other words, if a mixed ..... reasonable and justified and the same is, accordingly, confirmed.it is to be noted from above that the learned cit(a) applied provisions of section 145(3) of the income-tax act and rejected the accounts on the ground that quantitative details of goods purchased were not available. ..... found by him, he held that there was no case to reject books of account by invoking provisions of section 145(2) of the income-tax act or of section 145(3) as done by the learned cit(a) without any cogent reason. ..... is relevant to note here that the assessing officer applied provisions of section 145(2) of the income-tax act without making any reference to accounting standards made applicable in the assessment year ..... express any such inability in the assessment order.even the enabling provision for resorting to special audit as provided under section 142(2a) of the income-tax act, 1961 were not invoked by the assessing officer. .....
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