Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2004)88TTJ(Chd.)979
..... computed at the prescribed rates amount to an admission of tax liability, which the assessee admits to have incurred in accordance with provisions of the finance act and the income tax act. both the quantum of tax payable and its mode of recovery are authorized by law and do not depend on the assessment being made by ..... maintainability of cross-objection for the assessment year 1991-92, we do not find any substance in the submission of the learned counsel. the provisions of sub-section (4) of section 253 read as under : "(4) the assessing officer or the assessee, as the case may be on receipt of notice that an appeal against the order ..... . the assessing officer thus rejected the book results and estimated the income for both the assessment years under consideration by resorting to provisions of section 145(2) of the income tax act.for the assessment year 1991-92, the assessing officer observed that assessee had shown excess consumption of nickel catalyst as compared to assessment year 1986 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2005)96TTJ(Chd.)469
..... not fall within the ambit of lottery. the learned counsel also referred to the definition of 'lottery' under the lotteries (regulation) act, 1998. it was further contended that an explanation added to section 115bb by the finance act, 2001, is applicable w.e.f. 1st april, 2002, and is not retrospective.7. the learned departmental representative, on the ..... other hand, relied upon the order of the cit(a). it was contended that the definition of the lottery' under the lotteries (regulation) act, 1998, is relevant ..... dispute is about the assessment of a sum of rs. 3,72,644 assessed under section 115bb of the it act, 1961.4. the relevant facts in this case are that the punjab state through director, small savings, under the ministry of finance had formulated a lucky coupon scheme by virtue of which a person was eligible to .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1995)52ITD533(Chd.)
..... itr 652. in that case, it has been held that the burden of proof had shifted from the revenue to the assessee after the explanation was inserted in section 271(1)(c) by the finance act, 1964.10. we have considered the case law cited by the id. counsel as well as the id. d. r. and we are of the view ..... assessment year 1980-81, the only substantive ground is against confirmation of penalty by the cit(a).the assessing officer levied penalty of rs. 28, 800 under section 271(1)(c) of the income-tax act for concealment of income.2. return was filed declaring income at rs 1, 02, 491. the assessee derived income, as a partnership firm, by dealing in ..... partner of the firm, have been attached. these statements are said to have been given in criminal trial launched against the assessee-firm and its partners under the income-tax act for concealment of income.the id. counsel has stated that the papers contained in the paperbook vol. 1 are not by way of additional evidence because these are simply .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2003)87ITD551(Chd.)
..... order under section 147 or section 154 or section 155 or section 250 or section 254 or section 260 or section 262 or section 263 or section 264 [or an order of the settlement commission under sub-section (4) of section 245d] the amount on which interest was payable under sub-section (1) has been increased or reduced, as the case may be, the interest shall be increased or reduced accordingly.finance act, 1987 ..... taxman 352, has held that expression "shall" used in sections 234a, 234b and 234c cannot be construed as "may". prior to the finance act, 1987 corresponding sections in the income-tax act, 1961 empowered the assessing officer to reduce or waive the interest chargeable under section 139(8)/215/217. but the change brought about by the finance act, 1987 is clear indication that the intention of legislature .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)5ITD238(Chd.)
..... assessee made a claim for deduction under section 80j for filing the necessary particulars. however, by virtue of the provisions of sub-section (6a) of section 80j, which is effective from 1-4-1976 having been inserted by the finance act, 1975, the deduction under sub-section (1) of section 80j from the profits and gains ..... derived from an industrial undertaking shall not be admissible unless the accounts of the industrial undertaking for the previous year relevant to the assessment year for which the deduction is claimed have been audited by an accountant, as defined in the explanation below sub-section (2) of section ..... given careful consideration to the rival submissions and we find that insofar as section 139(9) is concerned, it came on the statute book with effect from 1-9-1980 as it was inserted by the finance (no. 2) act, 1980. we find that the orders of the authorities below were made .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1991)38ITD359(Chd.)
..... with contents of the assessee's paperbook (45 pages) have been considered and taken note of.section 115j finds mention in chapter xii-b and deals with the topic, 'special provisions relating to certain companies'. this chapter was inserted by the finance act, 1987, with effect from 1-4-1988 and reads as under:- 115 j(1) ..... required to set off against the profit of the relevant previous year as if the provisions of clause (b) of 1st proviso to section 1 of section 205 of the companies act is applicable. section 205 provides that, if the company has not provided any depreciation for any previous financial year, it shall before declaring or paying dividend ..... notwithstanding anything contained in any provision of this act, where in the case of an assessee being a company, the total income, as computed under .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (2000)67TTJ(Chd.)602
..... rs. 5,600 for assessment year 1991-92 on account of share of amount surrendered in super pipes after firm's tax. in view of the amendment by the finance act, 1996, with effect from 1-7-1995, undisclosed income of the firm so determined shall not be chargeable to tax in the hands of partners, whether on ..... vi-a would be admissible. we feel that the aforesaid observations of learned author deserve to be accepted and, therefore, we hold that the provisions of section 2(45) of the act would apply and the assessee would be entitled to deductions and adjustments under chapters iv, vi and vi-a while determining total income for each previous year ..... truck income was not shown. for assessment year 1996-97, the assessee never intended to disclose truck income of rs. 32,000. he referred to provisions of section 158ba, which start with non obstante clause and submitted that the said income had been rightly treated as undisclosed.we have carefully considered the rival submissions and have perused .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1983)3ITD119(Chd.)
..... , the assessee found that with effect from 1-4-1976, the finance act, 1976 had inserted section 32a for deduction of investment allowance, if the conditions prescribed in the section were fulfilled by the claimant. these conditions have been prescribed under sub-section (4) of this section and are that (i) the particulars prescribed on-this behalf have ..... the case of addl. cit v. saran engineering co. ltd. [1978] 115 itr 270. in this case, he submitted, in rectification proceedings under section 154 of the act, the ito held that the assessee was entitled to the development rebate, at a rate higher than that already allowed but, as the assessee had not ..... circumstances of the case, the commissioner (appeals) erred in upholding the disallowance of rs. 63,242 claimed on account of investment allowance under section 32a(4) of the income-tax act, 1961 ('the act')- insofar as this issue is concerned, the relevant facts are as under.2. the assessee swastika metal works, jagadhari, is a registered .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1994)48ITD210(Chd.)
..... be liable to pay, by way of penalty, a sum equal to the amount of the loan or deposit so taken or accepted.section 269ss deals with the topic "mode of taking or accepting certain loans and deposits". it was inserted by the finance act, 1984 w.e.f.1-4-1984. in relation to assessment year under appeal, it reads as under ..... : section 269ss. no person shall, after the 30th day of june, 1984, take or accept from any other person (hereafter in this section referred to as the deposit or), any loan or deposit ..... firm and, therefore, the deposit by the karta of the huf is a deposit by the partner himself also stood negatived. strict reliance was placed on section 269ss and penalty imposed under section 271d of the act.4. on appeal by the assessee, the ld. first appellate authority relying on the order-sheet entries dated 5-9-1990 and 17-9-1990 .....
Tag this Judgment!Court : Income Tax Appellate Tribunal ITAT Chandigarh
Reported in : (1994)50TTJ(Chd.)73
..... india & ors. (1988) 173 itr 708 (ap). the tribunal has taken a view that the first proviso to s. 43b had retrospective effect, though it was inserted by the finance act, 1987, w.e.f. 1st april, 1988. taking a consistent view in the matter, we find that if, on verification, it is found that the amount representing the sales- ..... any other bonus, if all the three conditions were fulfilled. therefore, it was necessary to see if the amount paid as bonus other than the bonus under the said act, was reasonable with reference to the three specific factors described therein. the learned counsel has argued that the assessee was a govt. corporation and higher incentive bonus was given ..... officer noted that the incentive bonus cash incentive had been paid, though certain amount as bonus was separately given to the employees under the payment of bonus act, hereinafter called the said act. it was noted that a sum of rs. 3,63,003 as bonus and rs. 22,925 as ex gratia payment had been paid to the employees .....
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