Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2007)107ITD1(Kol.)
..... section (2) of section 158bfa and the explanation to section 271(1)(c) as inserted by the finance act ..... reads as under: explanationwhere the total income returned by any person is less than eighty per cent of the total income (hereinafter in this explanation referred to as the correct income) as assessed under section 143 or section 144 or section 147 (reduced by the expenditure incurred bona fide by him for the purpose of making or earning any income included in the total income but which has been disallowed as a deduction), such ..... (1) there must be some material or circumstances leading to the reasonable conclusion that the amount does represent the income of the assessee, and, (ii) the mere fact that the amount has been assessed as income is not sufficient for the purpose of levying penalty but the circumstances must show that there was conscious and deliberate concealment of income or conscious furnishing of inaccurate particulars thereof on the ..... based on the applicability of the explanation to section 271(1)(c) which was inserted by section 40 of the finance act, 1964 w.e.f. ..... thoroughly all the seized documents and ultimately with a view to remove the defects occurred for the said reasons in its return under section 158bc and to make the block return as also block assessment error-free, filed additional information by way of a declaration showing resultant positive income replacing loss originally declared in the block return. ..... suresh kumai (2005) 95 ttj (kol) 926 : (2005) 97 ttd .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101ITD229(Kol.)
..... incurred by the assessee in providing ordinary meals to outstation customers according to established business practice, was a permissible deduction under section 37(2a), to which the assessees were entitled in the computation of their total income for the purpose of payment of tax under the 1961 act during the relevant period prior to 1.4.1976.5.10 however, sub-section (2) of section 37 was substituted by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993. ..... counsel for the assessee arc prior to the substitution of sub-section (2) of section 37 of the income-tax act by the finance act, 1992 with effect from 1.4.1993 and later on amended by the finance act, 1994 with retrospective effect from 1.4.1993, therefore, in view of the non obstante clause provided in sub-section (2) of section 37, the decisions relied on by the ld. ..... therefore, taking into consideration the facts and circumstances coupled with the authoritative pronouncements we allow the assessee's ground of appeal in assessment year 1993-94 and reject the ground of appeal taken by the department in assessment year 1991-92.5.19 we further find that the assessing officer in the assessee's own case for the assessment year 1995-96 while passing setting aside order pursuant to the direction of the tribunal has allowed the entertainment expenses amounting to rs. ..... 28,69,679.002004-2005 rs. .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)790
..... and subsequent purchases of land had been duly disclosed in the regular balance sheets of hufs, the logic behind receiving such advances prior to completion of purchase of land can only be questioned in course of regular assessments of the hufs and not in the case of the assessee-individuals.8.4 we further find that even the ao did not feel the need to conduct any further enquiry into the matter by summoning the representatives of ..... learned departmental representative, on the other hand, contended that it was against the general trend of the business the assesse'e does that the goods were primarily sent for approval of the intending customer and on their approval, the sale took ..... showing undisclosed income as under : block assessments under section 158bc of the act. ..... the basis of unsigned mou, we, therefore, affirm the finding of the cit(a) in this regard.13.4 in the instant case also, as stated above, sri jai prakash singhania has led ample evidence to rebut the presumption under section 132(4a) of the act and to prove that what was apparent from the seized books was not true. ..... the assesses's learned counsel submitted that the said books do not portray the real transactions of the singhania grouo (except the bank transactions and part of regular transactions), which he has corroborated by mentioning the facts and surrounding circumstances.according to him, in course of search in the office premises of m/s vinimay leasing & finance ..... 70 and 72/pat/2005 are allowed and ..... 71/pat/2005 is .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)224
..... , substituted by sections 80-ia and 80-ib by finance act, 1999, w.e.f ..... that the impugned goods are import substitute and no other unit manufactures nh coke in india, the landed cost (import value) thereof would be indicative of the market value in terms of the explanation appended to section 80-ia(8) for the purpose of deduction under section 80-ib; or (ii) whether, the price at which the goods (have) actually been exported to sister concern out of compulsion as per stipulations of the government of india could be termed as 'market value' in terms ..... wherein it was held as under : the doctrine of res judicata does not apply to income-tax proceedings since each assessment year is independent of the other but where an issue had been decided consistently in a particular manner for earlier assessment years, for the sake of consistency the same view should continue to prevail for subsequent years unless there is material change ..... since in the instant case there was no single distinguishing feature prompting a different view, the income was liable to be assessed as business income.7.17 the aforesaid view is further fortified by the direct authority of the hon'ble supreme court in the case ..... valuation of internal transfers of nh coke at landed cost was accepted in earlier assessment years, it was not open for the ao to take a different view in the matter in the assessment year under consideration in the absence of any fresh material being placed before him. ..... aiyar, 3rd edition, 2005 (book 3) at .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)99TTJ(Kol.)898
..... in the circumstances, there being no order of assessment as envisaged under the provisions of the act, a revised return under section 139(5) could have been submitted by the petitioner on or before 31st march, 2003, and, in fact, was so submitted on 24th ..... in the facts and circumstances of the case, learned cit failed to appreciate that second revised return was validly filed and so second intimation under section 143(1) processing the second revised return, being one of the prescribed courses for dealing with it returns, was validly issued which cannot be subjected to cancellation by git in absence of any erroneous elements therein. ..... it was further submitted by the assessee that processing of the return under section 143(1) 'cannot be equated to the assessment and for this proposition, the reliance was placed on the following decisions :elegant chemicals enterprises (p) ltd. ..... 30th june, 2004.2.1 on examination of the assessment records, it was found by the learned git that more than one processing order under section 143(1) of the it act have been passed by the ao for the impugned ..... as under : on a plain reading of the said explanation, which was omitted by the finance act, 1999, w.e.f. ..... , 2005 has taken additional ground of appeal which reads as under : whereas first intimation under section 143(1) ..... , 2005 was issued to the assessee to show cause as to why the second processing order under section 143(1), ..... 17th march, 2005 for the asst. ..... , 2005 has taken one more additional ground of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD462(Kol.)
..... to believe that by reason of the omission or failure on the part of the assessee to make a return under section 7 for any assessment year or to disclose fully and truly all material facts necessary for his assessment for any assessment year, chargeable interest for that year has escaped assessment or has been underassessed or has been made the subject of excessive relief under this act, or (b) notwithstanding that there has been no omission or failure as mentioned in clause (a) on the part of the ..... sub-section (2) of this section provides that there shall be charged on every credit institution/finance company for every assessment year commencing on and from 1st day of april, 1992, interest-tax in respect of its chargeable interest of the previous year @ 3 per cent of such chargeable interest. ..... defines the meaning of 'financial company' and clause (iv) of the section clarifies that a company which carries on, as its 'principal business', the business of providing finance, whether by making loans or advances or otherwise shall come under this definition.the learned counsel invited our attention to the audited accounts for three years under appeal to strengthen his arguments that the principal .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100ITD387(Kol.)
..... zam tanners [2005] 279 itr 197 : 149 taxman 55 in which it has been held that clause (iii) of explanation 4 to section 271(1)(c) as amended by finance act, 2002, are applicable prospectively and do not apply the relevant assessment year 1985-86 and, therefore, in the absence of positive assessed income penalty under section 271(1)(c) was not ..... cit(a) while upholding the disallowance made by the assessing officer directed the assessing officer to allow correct unabsorbed depreciation under section 32 as also the business loss for carry forward as per law and passed a speaking order in respect of levy of interest charged under section 234b of the income-tax act and accordingly, partly allowed the assessee's appeal ..... the factory of the assessee remained under lockout throughout two previous years relevant to assessment years 1983-84 and 1984-85 and during the lock out period, the plant and machinery had not been actually used for the purpose of the business, the depreciation under section 32 of the act was not allowable on such plant and machinery, is dated 4-1-1994, i.e. ..... that from the last para of the impugned assessment order that the assessing officer has merely stated that "penalty under section 271(1)(c) of the income-tax act is initiated for furnishing inaccurate particulars". ..... ) of 2005, dated 8-8-2005] for the assessment year 1998-99, we find that deduction under section 80hhc was claimed by the assessee on the basis of the decision of the itat, mumbai bench in the case of .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)100TTJ(Kol.)613
..... books of accounts are not genuine, the credit under consideration could not be said to be undisclosed income detected as a result of search and hence the same were out of the purview of the assessment under chapter xiv-b.we find that facts in the present case is almost identical to the facts of the above case decided by the jabalpur bench as in the present case also all the above ..... . the existing provisions contained in chapter xtv-b of the income tax act provide for a single assessment of undisclosed income of 3 block period of six years in cases of search under section 132 or requisition under section 132a and lay down the manner in which such income is to be computed and the interest or penalty ..... be the aggregate of the total income of the previous years falling within the block period computed, 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 are available with the assessing officer and relatable to such evidence, as reduced by the aggregate of the total income, or as the case may be, as increased ..... per law lexicon 13l edition, the word "discover " (occurring in memorandum explaining the provisions of finance act, 2002) indicates a detection as result of uncovering, revealing and laying of open to view ..... the provisions of finance act, 2002 is ..... itat in different cases like bangalore bench in the case of kirloskar investments finance ltd. v .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2006)101TTJ(Kol.)258
..... clause (i) of sub-section (1) of section 142 was amended by finance act, 1990, so that if a person fails to furnish a return of income by the due date mentioned in section 139(1), a notice calling upon him to file the return can be sent to him within the relevant assessment year itself. ..... applying the retrospective amendment by the finance act, 2001 to section 36(1)(vii), when amended section has not been made available to the assessee at the time of framing the assessment. ..... , the basis of levy of interest is not known to the assessee and whether any interest is leviable on the addition in respect of bad debts sustained by the bench on the basis of retrospective amendment of section 36(1)(vii) of the finance act, 2001, has not been examined by the bench. ..... has elaborately discussed the provisions of sections 139(1), 142, 148, 153 and also related section 239, vis-a-vis, the provisions of sections 11, 14 of old it act, 1922 and he has come to the conclusion that "where the assessee had not filed the returns suo motu within the time prescribed under section 139(1), the revenue had not issued any notice under section 142(1) before the end of the assessment year and the returns furnished by the ..... it act of 1939, it act of 1922, 1948 and 1961 have been compared and exhaustively dealt both in (1996) 58 itd 339 (hyd) (supra) and by tribunal, delhi special bench in (2005) 96 ttj (del)(sb) 1 : (2005) 95 itd 269 (del)(sb) (supra) mentioned ..... cit (2005) 96 ttj (del) i : (2005) 95 itd 269 (del .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Kolkata
Reported in : (2005)96TTJ(Kol.)1041
..... . 2nd april, 1982, by virtue of which the cbdt has clarified that in the event of conflict between the provisions of the it act, 1961, and the provisions of dtaa, the provisions of dtaa would prevail over the provisions of the it act.according to the learned counsel for the assesses, explanation to section 90 incorporated by the finance act, 2001, with retrospective effect from 1st april, 1962, is inapplicable in view of the clarification of the cbdt relating to the rate of tax chargeable in the ..... . we would have no difficulty in following the elaborate decision of our co-ordinate bench, but for the amendment in section 90 of the it act, 1961, by the finance act, 2001, with retrospective effect from 1st april, 1962 ..... . the learned departmental representative, on the other hand, contended that the issue relating to the rate of tax is to be decided in the light of the explanation to section 90(2) inserted by finance act, 2001, with retrospective effect from 1st april, 1962 ..... the cit(a) has referred to the decision of the tribunal in favour of the assessee, but has pointed out that after the decision of the tribunal, there has been amendment by the finance act of 2001, in section 90 of the it act, 1961, by virtue of which an explanation to section 90(2) was added. ..... . 1996-97 and on consideration of the explanation to section 90(2) of the it act as discussed above, i direct the ao to recalculate the tax in accordance with the provisions of finance act relating to the asst. yr .....
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