Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)113ITD72(Pune.)
1. These nine appeals filed by the assessee, directed against the orders of the CIT(A) dated 15.03.2004 for A.Y 1993-94 to 2000-01 and dated 31.03.2005 for A.Y 2001-02, involving an identical issue, were heard together and therefore these are being disposed off by a common order for the sake of convenience.2. The first and the main issue involved in these appeals relates to the decision of A 0 and the CIT(A) holding that the four family members -father and his three sons, formed an 'association of persons' (AOP) for carrying on their dairy business.3. The eight appeals in ITA No. 1173 to 1180/PN/04 for A.Y 1993-94 to 2000-01, were disposed off by the Tribunal vide consolidated order dated 14.10.2005, and the matter was restored back to the file of the CIT(A) with directions given in paragraph 4 of its order as under: We have considered the facts of the case and rival submissions. Prima-facie, notice Under Section 143(2) has not been issued within the statutory period prescribed in pro...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)45ITD500(Pune.)
1. These appeals by the revenue are consolidated and disposed of by a common order for the sake of convenience, as they relate to same assessee and involve common issue.2. These appeals pertain to assessment years 1984-85, 1985-86, 1986-87 and 1987-88 and arise out of the common orders passed by the CWT (Appeals), Belgaum for these years dated 26-9-1991. wherein he has cancelled the re-assessments made by the Assessing Officer for the assessment years 1984-85, 1985-86 and 1986-87 and allowed the appeal for the assessment year 1987-88. According to the CWT (Appeals), the Assessing Officer had no fresh material enabling him to re-open the assessments. Even after re-opening, the assets brought to tax would have been exempt under Section 40 of the Finance Act, 1983. Revenue is in appeal on the following common grounds, viz. : (1) The order of the CWT (Appeals) is opposed to law and facts of the case. (2) The CWT (Appeals) erred in cancelling the assessment on the ground that the Assessing...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
1. In this appeal directed against the CIT(A)'s order dated 5-2-2004 in the matter of block assessment made Under Section 158BC(c) of the IT.Act, by the A.O for the block period 1-4-1990 to 9-11-2000 the assessee has taken the following grounds of appeal. 1. The ld. CIT(A) has erred in law and facts in passing the order confirming the addition of Rs. 18,80,870. 2. The ld. CIT(A) has erred in adding buck the amount of Rs 18,80,870 being losses incurred by the appellant. 3. The ld. CIT(A) has (ailed to appreciate the provisions of Section 158BB(i)(c) of the Act regarding set off of losses during the block period in true and natural spirit. 4. The ld. CIT(A) has erred in disallowing sol off of losses without giving proper reasoning for the same.2. The facts giving rise to the aforesaid grounds of appeal may be set out as under. The assessee is a registered partnership firm consisting of Mr. Rajan H. Khinvasara and Mr. H. Khinvasara as partners sharing profits and losses equally. The firm...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1995)54ITD579(Pune.)
Per Shri G. K. Israni, Judicial Member - These three appeals by the assessee are directed against the consolidated order of the learned CWT(A) for the assessment years 1984-85, 1985-86 and 1986-87.2. In all the three appeals, following common grounds have been raised : "(1) The learned CIT(A) has erred in applying the provisions of section 40(3) of the Finance Act, 1983 in the case of appellants share from the firm.(2) The learned CIT(A) has erred in applying the provisions of section 4(1)(b) of Wealth-tax Act in the case of company (which is a partner in a firm) when the said section specifically applies only to Individual.(3) Assuming without admitting that the provisions of section 40(3) of the Finance Act, 1983 is applicable, the assessee would not be liable to wealth-tax as all assets are used for the purpose of business of the firm in which appellant is a partner." 3. The assessee is a private limited closely-held company. The assessee is a partner in the firm of M/s. Rajathadri...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2004)82TTJ(Pune.)363
1. This is appeal of the assessee directed against the order passed by the learned CIT(A) 1, Pune, dt. 28th June, 2002, relevant to the block period 1st April, 1989 to 24th Nov., 1999, wherein the following ground has been raised. "On the facts and circumstances of the case and in law, the learned CIT(A) erred in confirming the levy of surcharge on tax calculated on undisclosed income for the block period amounting to Rs. 14,924 by rejecting the appellant's contention that the surcharge was not leviable." 2. Facts indicate that an action under Section 132(1) of the Act was carried out on 24th Nov., 1999, and in pursuance of the same, notice under Section 158BC was served on the assessee. The assessee filed the block return showing undisclosed income of Rs. 2,48,734. The undisclosed income so returned was accepted in the assessment and the block assessment was completed at the returned undisclosed income.However, the AO levied surcharge also in addition to tax under Section 113 of the ...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1993)46ITD343(Pune.)
1. The appellant company has filed all these appeals against the consolidated order of the CIT(A) Kolhapur, Camp : Satara dated 10-5-19... wherein the common ground was that the CIT(A) erred in upholding the order of the WTO by bringing to wealth-tax the theatre building (Cinema house) inasmuch as the appellant company's contention was that this theatre building is exclusively used for the purpose of business of the company in the exhibition of cinema and hence exempt under Section 40(3) of the Finance Act, 1983. As these appeals were heard together they are, therefore, disposed of by this consolidated order for the sake of convenience.2. At the outset, it would be better to mention here the provisions of Section 40(3)(vi) of the Finance Act, 1983 which are as under : 40(3)(bt). Building or land appurtenant thereto, other than building or part thereof used by the assessee as factory, godown, warehouse, hotel or office for the purposes of its business or as residential accommodation fo...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2007)109ITD241(Pune.)
1. In these eight appeals, four appeals each filed by two different assessees, pertaining to the assessment years 1999-2000, 2000-01.2001-02 and 2002-03, a common and identical issue is involved as to whether the following properties fall within the definition of ''assets" defined Under Section 2(ea) of the Wealth-tax Act, 1957 and are thus liable to wealth-tax: New Budhwar Peth. Pune 411002 Rs. 5,92.493/-b. Office at 24 East Street, Yogesh Hlouse. Rs. 93,21,358/- Pune 411 001 Pune 411001 Rs. 1,30,16.044/-d. 1/2 share of office at ground floor.2. The grounds of appeal taken by both the assessees in the assessment years 1999-2000 to 2002-03 are mostiy identical and related to the same issue mentioned above only with a little variation as to the amount of the value of the property. Therefore, the ground of appeal taken in assessment year 1999-2000 would throw light as to the issue involved in these appeals. Therefore, grounds taken in assessment year 1999-2000 in one of the assessee's c...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (2008)302ITR136(Pune.)
1. All these three appeals have been filed by the revenue for A.Y 1991-92, 1992-93 and 1994-95.2. the issues involved in all these appeals are common and identical, hence these appeals were consolidated and heard together.3. The grounds of appeal raised by the revenue in these three assessment years are similarly worded, raising identical and common issue. The grounds raised by the revenue read as under: 1. On the facts and in the circumstances of the case, the learned CTI(A) erred in treating tote receipts as income from business to be charged to tax Under Section 28 when in fact the A.O. has rightly taxed under the had 'ncome from other sources' in view of specific provisions of Section 56 of the I.T. Act, 1961, 2. On the facts and in the circumstances of the ease, the Ld. CIT(A) failed to appreciate the fact that the income received by the assessee from tote receipts is in fact winnings from horse race and is liable to be taxed (a) 40% as provided under Section 115BB of the I.T. Ac...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1990)34ITD15(Pune.)
1. These four appeals by the department relating to assessment years 1984-85 to 1987-88 pertain to the assessee Industrial Oxygen Co. (P.) Ltd. 2. In Sub-section (1) of Section 40 of the Finance Act, 1983, it has been provided that notwithstanding anything contained in Section 13 of the Finance Act, 1960 relating to exemption of companies from levy of wealth-tax under the Wealth-tax Act, 1957, wealth-tax shall be charged under said Act for every assessment year commencing from 1st day of April, 1984 in respect of the net wealth on the corresponding valuation date of every company, not being a company in which public are substantially interested, at the rate of 2% of such net wealth.3. In Sub-section (2) of Section 40 of the said Finance Act, 1983, it has been provided that for the purposes of Sub-section (1), the net wealth of a company shall be the amount by which the aggregate value of all the assets referred to in Sub-section (3) belonging to the company on the valuation date is in...
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Pune
Reported in : (1996)57ITD171(Pune.)
1. This appeal by the assessee for assessment year 1991 -92 has challenged the determination of the status as that of Association of Persons. The assessee had filed the return of income on 31 -10-1991 declaring income of Rs. 4,45,000. The said return was filed by the assessee in the status of a registered firm.2. Previous to its dissolution, the assessee was carrying on the business as promoters and builders. The said firm was dissolved as per the dissolution dated 6-4-1989. After the dissolution, the capital assets belonging to the assessee-f irm were distributed amongst the partners. On the plot of out of Sr. No. 686/3 Bibwewadi, Pune, the assessee computed the fair market value as on 5-4-1989 at Rs. 9,00,000.After claiming the deduction under Section 48(2) of the Income-tax Act, 1961, the assessee arrived at net capital gain of Rs. 4,45,000 which was offered for taxation. The return of income was filed by the .assessee in pursuant to the deeming provision of Section 45(4) of the Ac...
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