Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2006)101TTJ(All.)810
..... view taken by the board regarding withdrawal of appeals filed by the department before the tribunal, i am of the view that in the cases of decentralisation where notices under section 143(2) have already been issued may be completed without insisting on the verification of purchases through production of karigars. cases deserving deeper investigation due to another factor should however ..... off in the subsequent year as in earlier years and apart from this, no other lacuna was pointed out by the ao. if these were the facts, then provisions of section 145(2) could not be invoked.15. it is also very significant to note that on a representation been made by the association of banarsi saree dealers, the cbdt has .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2007)111TTJ(All.)717
..... the quantum of tax payable and its mode of recovery are authorized by law. the liability to pay income-tax chargeable wider section 4 of the act does not depend on the assessment being made. as soon as the finance act prescribes the rate or rates for any assessment year, the liability to pay the tax arises. the assessee is himself required to ..... deceased. para 19 and 20 from the above decision are as under: 19. it is significant to note that like the provisions contained in the w.t. act, section 24ti of the i t. act, 1922 imposed a liability on the legal representatives only in respect of the tax payable by the deceased and not in respect of penalty or any other sum ..... section 4, a person is liable to pay tax as soon as he earns income. its quantification takes place at the end of financial year when he is required to file the return of income. prior to this, he is required to pay advance tax as and when he earns income. the liability to pay tax is further fixed by various finance acts .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1988)24ITD52(All.)
..... uphold.15. as regards the interest on the deposit of rs. 4 lakhs, the assessee placed reliance on motor credit co. (p.) ltd.'s case (supra) and ferosepur finance (p.) ltd.'s case (supra). in both these cases, the basic fact which was before their lordships of the madras and punjab and haryana high courts were that the ..... thirdly, it is not disputed by the assessee that the present system that he had tried to adopt was different from the one hitherto followed by him.according to section 145(1), the income that is chargeable under the head 'profits and gains of business or profession' shall be computed in accordance with the method of accounting regularly ..... which the assessee did not make any entries in its books. reliance was placed on cit v. motor credit co. (p.) ltd. [1981] 127 itr 572 (mad.), cit v. ferozepur finance (p.) ltd. [1980] 124 itr 619 (punj. & har,) and [1984] 149 itr (st.) 93.4. the learned departmental representative, relying on the orders of the authorities below, .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2008)110ITD391(All.)
..... the a.y. 2002-03 should have been considered by the a.o. as undisclosed income for the block period. the cit took recourse to the provisions of section (sic) substituted by the finance act, 2002 with retrospective effect from 1.7.1995 according to which no reduction on account of income disclosed in the return from a.y. 2002-03, which is ..... same in the block assessment of the assessee treating the same as undisclosed income within the meaning of section (sic) in response to this notice, the assessee took the following plea before the ld. cit: (1) that notice under section 263 dated 19.4.2005 is illegal and invalid since there was no valid basis or reason for issue of such notice. (ii ..... bc was passed on 30.9.2004 on an undisclosed income of rs. 1,48,94,580/- therefore ld. cit issued a notice under section 263 on 19.4.2005 wherein he mentioned that assessee had filed a regular return for the a.y. 2002-03 on 1.9.2004 disclosing an income of rs. 53,27,812/-. the ld. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (2008)111ITD339(All.)
..... and to substitute in its place the new assessment. the relevant part of head notes is as under: (i) that as a result of the retrospective amendment in section 5(1)(viii) of the act, the exemption on jewellery was not admissible and, therefore, the, net wealth chargeable to tax had escaped assessment f6r'that year. thus, the wealth-tax officer was ..... v. ito i, shahjahapur in i.t.a. no.255(luckn/k)/03. for the asstt. yr. 97-98 decided on oct. 28,04 and reported in 2005(6) mtc-175 tribunal and dubey land & finance ltd. 105, friends complex, hazratganj, lucknow v. ito in i.t.a. no. 653, 654 & 655/l/03 for the a.y. 91-92 to 93 ..... -94 decided by the tribunal, lucknow bench and reported in 2005, 5 mtc-736, trib: cit v.m.p. iron traders(04) 189 ctr-154 for the proposition that .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1989)28ITD85(All.)
..... visiting bombay for the purpose of the company's business. this argument was repelled by the income-tax officer in view of the provisions of section 37(5) of the act inserted by the finance act, 1983 with retrospective effect from 1-4-1979. it states that any accommodation, by whatever name called, maintained, hired, reserved or otherwise arranged ..... of assessee and its claim is, therefore, rejected.49. the last contention in the above appeal relates to the asses-see's claim under section 35c of the act. section 35c of the act states that where any company is engaged in the manufacture or processing of any article or thing, which is made from, or used in such ..... investment limit of about rs. 25 lakhs to rs. 30 lakhs. the income-tax officer treated the expenditure on capital account as referred to in section 35d of the act. this section refers to an expenditure in connection with the extension of the assessee's industrial undertaking or in connection with his setting up of a new industrial .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1996)59ITD210(All.)
..... income and the income after prima facie adjustments being losses. this direction has been given in view of the retrospective amendment of s.143(1a) brought about by the finance act, 1993, w.e.f. 1st april, 1989.the cit(a) has held that such additional tax can be charged in view of the decision of the supreme court ..... ao passed an order under s. 154 on 31st aug., 1992, deleting the additional tax. subsequently, there was an amendment of s. 143(1a) brought out by the finance act, 1993, with retrospective effect from 1st april, 1993, according to which additional tax could be charged even where the loss declared by the assessee in the return was reduced in ..... under s. 154 withdrawing excess depreciation in the intimation, sent earlier and levied additional tax.the cit(a) confirmed charging of additional tax under s. 143(1a) of the act. the tribunal observed that from a comprehensive reading of s. 143, it was clear that once notice under s. 143(2) is issued, the regular proceeding gets started .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)18ITD581(All.)
..... the equalization fund act were applicable to the above amount on 30-9-1976, the last date of the account year relevant to the assessment year under appeal. the interest of rs ..... mentioned as under : 34. we do not agree that with reference to all these realisations, the assessee's case is governed by clauses (4) and (5) of section 3 of the equalisation fund act as was canvassed by the learned departmental representative before us. we, however, find that the interim order relating to realisation of rs. 8,77,721.06 was vacated ..... by the high court only on 20-10-1976. this date falls in the assessment year 1978-79. in other words, clauses (4) and (5) of section 3 of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1988)26ITD25(All.)
..... claimed is a genuine loss and it is allowable as deduction. in view of the difference of opinion, the matter was referred to the president under section 255(4) of the income-tax act, 1961. the president of the income-tax appellate tribunal nominated the third member, who vide his, order dated 15-1-1988 held that the transactions ..... . i have already pointed out the evidence which goes to establish the genuineness of the transaction as also absence of any evidence against it. the department has acted on mere suspicion without reference to any legal material or evidence. it is settled principle of law that the income-tax officer must not ..... have been settled by payment of difference only.these were speculation losses according to the definition of speculative transaction given in the act. these losses, therefore, cannot be set off against the other profits as per provisions of the act. however, as this aspect of the matter has not been dealt with by the authorities below, we do not consider .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Allahabad
Reported in : (1986)16ITD202(All.)
..... in the business of constructing dams, bridges, buildings and other works. it was claimed that the assessee was entitled to a rebate from super tax under the finance act, 1964, on the ground that it was engaged in the manufacture or processing of goods. the tribunal found that though the assessee-company was required to carry ..... and the undertaking is an 'industrial undertaking'. the court had held that such an undertaking was entitled to the exemption under section 15c of the indian income-tax act, 1922 corresponding to section 80j of the 1961 act. in view of the above direct authority, it is not necessary to refer to other decisions cited at the bar.6 ..... i.e., construction of tunnels, projects and roads, etc. he further observed that jaiprakash associates (p.) ltd. had already been allowed the benefit of the above sections and, therefore, that benefit could not be granted to the assessee as it was doing only an ancillary job by supplying some ingredients required by the main contractors. .....
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