Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1982)2ITD388(Chd.)
..... to repay the money back confirmed the finding of the ito that the amount of rs. 2,14,131 was clearly taxable under the provisions of section 41(1) of the income-tax act, 1961 ('the act').4. it is this action of the commissioner (appeals) which is contested by the assessee before us. after narrating the above stated facts in brief, ..... the counsel of the assessee could not make a causeway in this particular firm's case as he has claimed an exemption by showing this amount taxable under section 41(1) of the act and mere issue of notice by the excise department does not lead to the conclusion that the assessee-firm has actually returned the amount of refund to the ..... inasmuch as the learned commissioner (appeals) gravely erred in upholding the action of the ito in bringing to tax a sum of rs. 2,41,131 under section 41(1) of the income-tax act, 1961 even though there was no cessation of liabilities. he failed to appreciate the facts and circumstances of the case and law applicable thereto. in any .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)83TTJ(Chd.)1057
..... date i.e., in the month of november, 1995. but this position is contrary to the provisions of sub-section (2) of section 50 of the act. sub-section (2) of section 50 has been reproduced by the cit(a) in the impugned order and the same has been extracted above. a ..... 3,99,181. the assessee had sold the machinery for rs. 5 lakhs and, therefore, surplus was liable to be added under section 50(2) of the act, the learned counsel for the assessee, on the other hand, heavily relied on the order of the cit(a) and reiterated the ..... (i.e. rs. 5 lakhs - rs. 3,99,181), being excess of sale proceeds over the wdv as per provisions of section 50(2) of the act. accordingly, the ao made an addition of rs. 1,00,819.3. aggrieved, the assessee carried the matter in appeal before the ..... ) was not justified in deleting the addition of rs. 1,00,819 made by the ao by applying the provisions of section 50(2) of the act. the facts of the case are that the wdv of the machinery as on the first day of the accounting year was .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)96TTJ(Chd.)896
..... the law that an assessment could not be reopened on a change of opinion was the same before and after amendment by the direct tax lass (amendment) act, 1987, of section 147, and (vi) as the notices were without jurisdiction, the assessee should not be relegated to the alternative remedy, the department preferred appeals to the ..... hand. in the said case, their lordships held as under:-cit v. sun engineering works p. ltd. (1992) 198 itr 297, when proceedings under section 147 of the act are initiated, the proceedings are open only qua items of underassessment. the finality of assessment proceedings on other issues remains undisturbed. it makes no difference whether the ..... would amount to giving a premium to an authority exercising quasi judicial function to take benefit of its own wrong. hence, it is clear that section 147 of the act does not postulate conferment of power upon the assessing officer to initiate re-assessment proceedings upon a mere change of opinion." 16. similar view has been .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1990)32ITD636(Chd.)
..... for filing the revised return was explained in the forwarding letter attached with the second return mentioning therein that on account of clause (ii) of sub-section (1) of section 64 of the act, the salary income of rs. 21,600 and director's fee amounting to rs. 1000 received by the assessee from m/s. murari woollen mills ..... a).6. after having heard the submissions made before the ld. cit(a), he noted the reasons recorded by the ld. ito for reopening the assessment under section 147 of the act. the said reasons, since are relevant, are being reproduced hereinbelow for ready reference:- during the relevant previous year, the assessee received salary of rs. 21, ..... various case laws which will be mentioned and discussed in the subsequent paragraphs. according to shri mehra, there was no justification for invoking the provisions of section 147(b) of the act as all material facts had initially been disclosed by the assessee and that the ld. ito's action was on account of mere change of opinion .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)86TTJ(Chd.)1075
..... officer did not accept the claim of the assessee and vide order dated 30-9-1993, levied penalty of rs. 59,400 by invoking expln.2 to section 2710)(c) of the act.on appeal, the learned commissioner (appeals) cancelled the levy with the following observations "2. it has again been stressed before me by the appellant's counsel ..... for assessment year 1990-91.- the said sum was disclosed in the revised return. the assessing officer also considered the question of levy of penalty under section 271(1)(c) of the act. after considering the explanation of the assessee, the penalty proceedings were dropped on merit. proceedings were not dropped because sum of rs. 1,10,000 ..... while making assessment made another ad hoc addition of rs. 50,000 apart from the amount surrendered by the assessee. he also initiated penalty proceedings under section 271(1)(c) of the act but subsequently dropped the same.the above referred to additional income of rs. 1,10,000 was not entered in the books of account relevant to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)1SOT193(Chd.)
..... is satisfied in this case. as held by their lordships of the supreme court, mere transfer of old machinery is not for disqualification from deduction under section 15c of the 1922 act (corresponding section 80-i). we, therefore, uphold the order of the cit (a) for the assessment year 1997-98. the order of the cit (a) ..... was new. once this test is satisfied, then clause should be applied reasonably and liberally keeping in view the spirit of 15c(i) of 1922 act (corresponding to section 80-i of 1961 act). in this case, assessee had established a new industrial undertaking in the year 1990. the said industrial undertaking had worked for more than 5 ..... the machinery. their lordships of the supreme court in the case of bajaj tempo ltd.s case (supra) with reference to section 15c of 1922 act held as under : "section 15c of the indian income tax act, 1922, read as a whole, is a provision directed towards encouraging industrialization by permitting an assessee setting up a new industrial .....
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